/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/240104.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, January 4, 2024, Vol. 27, No. 4 Headlines A U S T R A L I A FAIRDEAL GEN: Creditors' Proofs of Debt Due on Jan. 31 HIRO BRANDS: First Creditors' Meeting Set for Jan. 11 LEOLIN FENCE: Commences Wind-Up Proceedings PERMACONN TOPCO: Cliffwater Marks AUD2.8MM Loan at 37% Off REDZED TRUST 2022-2: Fitch Hikes Rating on Two Tranches to 'BB+sf' SURELINE INVESTMENTS: Commences Wind-Up Proceedings C H I N A CHINA FORTUNE: Bond Investors Get Partial Payment Only DALIAN WANDA: Sells Shanghai Bund Hotel to Tanoto's Pacific Eagle DALIAN WANDA: Unit Sells More Shopping Malls to Tackle Debt Woes ZEE ENTERTAINMENT: Promoter Ordered to Deposit INR61cr Over Default I N D I A ADORE SUITINGS: CARE Keeps B Debt Rating in Not Cooperating AMRIT HOMES: CARE Keeps D Debt Rating in Not Cooperating Category BALAJI TRADING: CARE Keeps C Debt Rating in Not Cooperating CONTOUR STEEL: CARE Lowers Rating on INR6.00cr LT Loan to D DEEP TIMBERS: CARE Keeps D Debt Ratings in Not Cooperating ESVEE ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating GOEL SCIENTIFIC: CARE Keeps B Debt Rating in Not Cooperating GUPTA TEX: CARE Keeps D Debt Ratings in Not Cooperating Category HYGEN PACKS: CARE Keeps B- Debt Rating in Not Cooperating KARPADHA AGRO: CARE Keeps D Debt Rating in Not Cooperating KISSAN SOLVEX: CARE Lowers Rating on INR14cr LT Loan to B LIFE INSURANCE: Gets GST Demand Notice of INR116cr for Telangana M. K. GUPTA: CARE Keeps B- Debt Rating in Not Cooperating MANJUBHARGAVA COT: CARE Keeps D Debt Rating in Not Cooperating MECHATRONICS SYSTEMS: CARE Keeps D Debt Ratings in Not Cooperating NADHI BIO: CARE Lowers Rating on INR33.04cr LT Loan to D PMT MACHINES: CARE Keeps D Debt Rating in Not Cooperating Category RAGHAV SULZCON: CARE Keeps B- Debt Rating in Not Cooperating RAJKAMAL ELECTRIC: CARE Keeps B- Debt Rating in Not Cooperating REETA AND SONS: CARE Lowers Rating on INR10cr LT Loan to B SANKAR MARINE: CARE Keeps C Debt Rating in Not Cooperating SATMAN AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating SPGV PETROCHEM: CARE Keeps D Debt Ratings in Not Cooperating ULTRA DRUGS: CARE Keeps B+ Debt Rating in Not Cooperating Category UNIVERSAL POLYSACK: CARE Lowers Rating on INR8.20cr LT Loan to C V.S. SHAH: CARE Keeps B- Debt Ratings in Not Cooperating Category S I N G A P O R E AGATHESE PTE: Creditors' Proofs of Debt Due on Jan. 29 CLEANSING & MAINTENANCE: Court to Hear Wind-Up Petition on Jan. 12 KEPPEL DIGIHUB: Creditors' Proofs of Debt Due on Jan. 29 REYDORN PTE: Creditors' Proofs of Debt Due on Jan. 29 XING HUA: Court to Hear Wind-Up Petition on Jan. 12 S O U T H K O R E A [*] Korea Banks and Builders Slide as JPMorgan Warns of Risks - - - - - ================= A U S T R A L I A ================= FAIRDEAL GEN: Creditors' Proofs of Debt Due on Jan. 31 ------------------------------------------------------ Creditors of Fairdeal Gen Pty Limited are required to file their proofs of debt by Jan. 31, 2024, to be included in the company's dividend distribution. The company's liquidator is: Jeffrey Allan Shute Shaw Gidley Level 1 160 Pacific Highway Charlestown, NSW 2290 HIRO BRANDS: First Creditors' Meeting Set for Jan. 11 ----------------------------------------------------- A first meeting of the creditors in the proceedings of: - Hiro Brands Limited - Chimera Laboratories Pty Limited - Doward International Pty Limited - Greenacre Developments Pty Limited - Scental Pacific Pty Limited - The Heat Group Pty Limited - Aware Environmental Pty Limited -Aware Environmental Products Pty Limited will be held on Jan. 11, 2024, at 2:00 p.m. via Microsoft teams. David Hardy, James Dampney and James Stewart of KPMG were appointed as administrators of the company on Jan. 2, 2024. LEOLIN FENCE: Commences Wind-Up Proceedings ------------------------------------------- Members of Leolin Fence Pty. Ltd. on Jan. 2, 2024, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Joshua Philip Taylor Taylor Insolvency 13U/175 Lower Gibbes Street Roseville, NSW 2069 PERMACONN TOPCO: Cliffwater Marks AUD2.8MM Loan at 37% Off ---------------------------------------------------------- The Cliffwater Corporate Lending Fund has marked its AUD2,800,000 loan extended to Permaconn TopCo Pty, Ltd to market at AUD1,754,955 or 63% of the outstanding amount, as of September 30, 2023, according to a disclosure contained in Cliffwater's Form N-CSR report for the fiscal year ended September 30, 2023, filed with the Securities and Exchange Commission. The Cliffwater Corporate Lending Fund is a participant in a First Lien Term Loan to Permaconn TopCo Pty, Ltd. The loan accrues interest at a rate of 10.43% (BBSY+625) per annum. The loan matures on December 8, 2027. The Cliffwater Corporate Lending Fund is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company operating as a diversified interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. Cliffwater LLC serves as the investment adviser of the Fund. The Investment Manager is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended. The Fund intends to continue to qualify and has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986, as amended). The Fund commenced operations on March 6, 2019. Permaconn is the market leader in mission-critical signaling solutions for the alarm security industry. It is based in New South Wales, Australia. REDZED TRUST 2022-2: Fitch Hikes Rating on Two Tranches to 'BB+sf' ------------------------------------------------------------------ Fitch Ratings has upgraded four and has affirmed five tranches from two RedZed Trust Series RMBS transactions. The transactions are backed by first-ranking Australian conforming and non-conforming residential full- and low-documentation mortgage loans originated by RedZed Lending Solutions Pty Limited. The notes were issued by Perpetual Trustee Company Limited in its capacity as trustee of the series. Entity/Debt Rating Prior ----------- ------ ----- RedZed Trust Series 2021-2 A-1 AU3FN0061701 LT AAAsf Affirmed AAAsf A-2 AU3FN0061719 LT AAAsf Affirmed AAAsf RedZed Trust Series 2022-2 A-1-L AU3FN0069886 LT AAAsf Affirmed AAAsf A-2 AU3FN0069894 LT AAAsf Affirmed AAAsf B AU3FN0069902 LT AA+sf Affirmed AA+sf C AU3FN0069910 LT AA-sf Upgrade A+sf D AU3FN0069928 LT BBB+sf Upgrade BBBsf E AU3FN0069936 LT BB+sf Upgrade BBsf F AU3FN0069944 LT BB+sf Upgrade BB-sf KEY RATING DRIVERS Deteriorating Asset Performance, but Sufficient Credit Enhancement: The 30+ day arrears at end-November 2023 were 5.6% for 2021-2 and 5.4% for 2022-2, both tracking above Fitch's 3Q23 non-conforming Dinkum RMBS 30+ day index of 3.45%. The 90+ day arrears at 2.7% for both 2021-2 and 2022-2, tracked above Fitch's 3Q23 90+ day index of 1.37%. Loans in hardship are excluded from arrears. The high arrears follow faster and higher interest rate hikes by the issuer than by the central bank and persistent inflation that has pressured borrowers' repayment capacity. Overall, performance has deteriorated, but credit enhancement has built up and the notes have sufficient subordination to support the respective ratings. The 'AAAsf' weighted-average foreclosure frequency (WAFF) for 2022-2 of 19.1% is driven by the weighted-average (WA) unindexed current loan/value ratio (LVR) of 64.5% with a 'AAAsf' WA recovery rate (WARR) of 56.3%. This is driven by the portfolio's WA indexed scheduled LVR of 70.7%. Asset and cash flow modelling were not performed for the review of 2021-2, in line with Fitch's APAC Residential Mortgage Rating Criteria. The 'AAAsf' rated notes for 2021-2 have subordination of at least 3.9x the 'AAAsf' portfolio loss from the asset model analysis at closing. Credit Enhancement Supports Ratings: The 2021-1 transaction is paying down pro rata and will revert to sequential paydown, building up credit enhancement, if performance deteriorates significantly, as triggered by 90+ day arrears of 4%, or at the call option date. As of the November 2023 payment date, 2022-2 was paying principal sequentially, with the ability to switch to pro rata pay down when the pro rata criteria are satisfied, which Fitch expects in August 2024. Low Operational and Servicing Risk: RedZed was established in 2006 and is an experienced specialist lender for self-employed borrowers. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with market standards. Tight Labour Market to Support Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market, despite numerous interest rates hikes between May 2022 and November 2023. GDP growth in the year to September 2023 was 2.1% and unemployment was 3.9% in November 2023. Fitch expects GDP growth of 1.5% in 2024, with unemployment increasing to 4.2%. This reflects the economic impact from China's property downturn and the lagged effect of tighter monetary policy on consumption. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce the credit enhancement available to the notes. Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than Fitch's base case and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - WAFF or WARR - are modified, while holding others equal. The modelling process uses the modification of default and loss assumptions to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. RedZed Trust Series 2022-2 Notes: A-1-L / A-2 / B / C / D / E / F Rating: AAAsf / AAAsf / AA+sf / AA-sf / BBB+sf / BB+sf / BB+sf Increase defaults by 15%: AAAsf / AAAsf / AA+sf / AA-sf / BBB+sf / BB+sf / BB+sf Increase defaults by 30%: AAAsf / AAAsf / AA+sf / AA-sf / BBB+sf / BB+sf / BB+sf Reduce recoveries by 15%: AAAsf / AAAsf / AA+sf / AA-sf / BBB+sf / BB+sf / BB+sf Reduce recoveries by 30%: AAAsf / AAAsf / AA+sf / Asf / BBsf / BB-sf / BB-sf Increase defaults by 15% and reduce recoveries by 15%: AAAsf / AAAsf / AA+sf / A+sf / BBB-sf / BBsf / BBsf Increase defaults by 30% and reduce recoveries by 30%: AAAsf / AAAsf / AAsf / BBB+sf / B+sf / Bsf / Bsf Fitch's rating sensitivities for the RedZed Trust Series 2021-2 were discussed in Fitch Assigns Final Ratings to RedZed Trust Series 2021-2; Outlook Stable Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. All rated notes for 2021-2 and class A-1-L, A-2 and B notes for 2022-2 are at the highest level on Fitch's scale and cannot be upgraded. Therefore, upgrade sensitivity stresses are not relevant. Sensitivity stress results for the remaining 2022-2 rated notes are as follows: Note: B / C / D / E / F Rating: AA+sf / AA-sf / BBB+sf / BB+sf / BB+sf Reduce defaults by 15% and increase recoveries by 15%: AAAsf / AAAsf / AA-sf / Asf / Asf DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transactions. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information as part of its ongoing monitoring. Prior to the transactions' closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch for these transactions. As part of its ongoing monitoring, Fitch reviewed a small targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. ESG CONSIDERATIONS The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. SURELINE INVESTMENTS: Commences Wind-Up Proceedings --------------------------------------------------- Members of Sureline Investments Pty Ltd Formerly Known as M.C Harris Investments Pty Ltd on Dec. 13, 2023, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: David Michael Stimpson SV Partners 22 Market Street Brisbane, QLD 4000 ========= C H I N A ========= CHINA FORTUNE: Bond Investors Get Partial Payment Only ------------------------------------------------------ Bloomberg News reports that some holders of China Fortune Land Development Co. dollar bonds have received less than a third of the payments due Dec. 31 from a debt restructuring agreement, according to people familiar with the matter. Bloomberg relates that creditors who participated in the offshore debt restructuring received about 0.55% of the principal as of Tuesday afternoon [Jan. 2] in Hong Kong, the people said, asking not to be identified as the information is private. The distressed builder, which was obliged to repay 1.8% of the principal, said the delay was due to a technical problem, the people said. According to Bloomberg, the development underscores how some Chinese builders may be still struggling with debt payment post-restructuring despite Beijing's recent efforts to revive home sales and smooth financing. The nation's home sales plunged 34.6% in December from a year earlier, steeper than an almost 30% decline in the prior month, Bloomberg discloses citing preliminary data from China Real Estate Information Corp. last week. Beijing-based China Fortune Land didn't immediately reply to a request for comment, Bloomberg notes. Modern Land (China) Co. also demonstrated lingering liquidity stress after it completed restructuring and asked for dollar bond payment delay, Bloomberg reported last month. About China Fortune China Fortune Land Development Co., Ltd. offers real estate development and investment services. The Company develops industrial parks and industrial town projects. China Fortune Land Development also provides related industrial solution services. As reported in the Troubled Company Reporter-Asia Pacific in March 2021, China Fortune Land Development Co. Ltd. again defaulted on billions of yuan in debt as it struggled to scrape together enough cash to meet its commitments amid a tightening regulatory environment. China Fortune said that it and its subsidiaries have recently failed to repay CNY8.38 billion ($1.3 billion) in principal and interest on a mishmash of new debt, including bank loans, trust loans, bonds and other debt financing tools, according to a March 10 filing to the Shanghai Stock Exchange. DALIAN WANDA: Sells Shanghai Bund Hotel to Tanoto's Pacific Eagle ----------------------------------------------------------------- Mingtiandi reports that embattled mainland developer Dalian Wanda Group has sold its Wanda Reign on the Bund hotel in Shanghai to the family office of Indonesian pulp and paper billionaire Sukanto Tanoto in a rare purchase of a mainland hotel asset by a foreign investor. The luxury hotel located in a southern extension of Shanghai's famed Bund waterfront was acquired last month by a unit of Singapore-based Pacific Eagle Real Estate, the property investment and development arm of Tanoto's conglomerate RGE Group, a Pacific Eagle representative confirmed to Mingtiandi. "As a long term investor, Pacific Eagle Real Estate is acquiring Shanghai Wanda Reign on the Bund Hotel for capital appreciation," Pacific Eagle's spokesperson told Mingtiandi. While the acquisition price was undisclosed, Mingtiandi has learned from market sources that the asset changed hands at a price estimated at CNY1.44 billion to CNY1.66 billion ($204 million to $234 million). Wanda is selling the hotel at nearly the same CNY1.7 billion price at which the company had reportedly acquired the waterfront site in 2011, Mingtiandi notes. Including the site acquisition, Wanda had reportedly invested CNY3.4 billion ($516 million) in the property, making it the most expensive hotel ever built in China, according to local media. Wanda had reportedly been shopping the hotel since at least May 2023, with Chinese conglomerate Fosun, which owns the Shanghai Bund Finance Center where the hotel is located, said to have been in discussions to acquire the asset, although no transaction followed those reported talks, according to Mingtiandi. Opened in June 2016, the 193-key hotel spans 36,000 square metres (387,501 square feet) of floor area, with standard rooms starting at 45 square metres and suites ranging as large as 288 square metres. The reported transaction price represents a price per key of CNY7.5 million to CNY8.6 million, or CNY40,000 to CNY46,111 per square metre. Mingtiandi says billed as Shanghai's first "seven-star" hotel, the property has received publicity for its lavish decor and over-the-top opulence including personalised butlers, Rolls Royce car service, and an on-site KTV room. Situated opposite the Shiliupu Marina along Zhongshan Road, the property boasts views of the Bund, the Lujiazui skyline and Yu Garden. Positioned as Wanda's answer to Hilton's Waldorf Astoria and Marriott's St. Regis and Ritz Carlton, the flagship hotel was the third location under Wanda's Reign brand of ultra-luxury hostelries after Wuhan and Chengdu. According to local media, the hotel is set to retain the Wanda brand after the transaction and will continue to be managed by the company's hotel division, Mingtiandi relays. Following the sale, Wanda will own six hotels in its portfolio. About Dalian Wanda Dalian Wanda Group Co., Ltd. operates real estate business. The Company develops commercial property including commercial centres, urban pedestrian streets, hotels, office buildings, and apartments. Dalian Wanda Group also operates tourism investment, cultural, and department store businesses. As reported in the Troubled Company Reporter-Asia Pacific in early December 2023, Bloomberg News saidDalian Wanda Group's founder Wang Jianlin is planning to sell the rest of the firm's film unit as the troubled Chinese conglomerate faces increasing debt repayment pressure. The billionaire plans to transfer his 51 per cent stake in Beijing Wanda Investment, which controls Wanda Film Holding, to a subsidiary of China Ruyi Holdings, according to a Shenzhen Stock Exchange filing on Dec. 6. That will give Ruyi full ownership after its July purchase of 49 per cent of Beijing Wanda Investment for CNY2.3 billion. Investors in November rejected Wanda's proposal to extend the deadline for the repayment of CNY30 billion plus interest if its mall unit fails to list shares by the end of this year, Bloomberg said. Its property arm only recently managed to obtain consent from creditors to push back the maturity date for a US$600 million US dollar bond. DALIAN WANDA: Unit Sells More Shopping Malls to Tackle Debt Woes ---------------------------------------------------------------- Caixin Global reports that the troubled property-to-entertainment conglomerate run by billionaire Wang Jianlin has offloaded more assets in an effort to raise money amid a mounting liquidity crisis. Dalian Wanda Commercial Management Group Co. Ltd. (DWCM), a property management subsidiary of Dalian Wanda Group Co. Ltd., sold four more of its flagship Wanda Plaza commercial complexes in Suzhou, Huzhou, Shanghai and Guangzhou, Caixin discloses citing business database Tianyancha. About Dalian Wanda Dalian Wanda Group Co., Ltd. operates real estate business. The Company develops commercial property including commercial centres, urban pedestrian streets, hotels, office buildings, and apartments. Dalian Wanda Group also operates tourism investment, cultural, and department store businesses. As reported in the Troubled Company Reporter-Asia Pacific in early December 2023, Bloomberg News saidDalian Wanda Group's founder Wang Jianlin is planning to sell the rest of the firm's film unit as the troubled Chinese conglomerate faces increasing debt repayment pressure. The billionaire plans to transfer his 51 per cent stake in Beijing Wanda Investment, which controls Wanda Film Holding, to a subsidiary of China Ruyi Holdings, according to a Shenzhen Stock Exchange filing on Dec. 6. That will give Ruyi full ownership after its July purchase of 49 per cent of Beijing Wanda Investment for CNY2.3 billion. Investors in November rejected Wanda's proposal to extend the deadline for the repayment of CNY30 billion plus interest if its mall unit fails to list shares by the end of this year, Bloomberg said. Its property arm only recently managed to obtain consent from creditors to push back the maturity date for a US$600 million US dollar bond. ZEE ENTERTAINMENT: Promoter Ordered to Deposit INR61cr Over Default ------------------------------------------------------------------- Livemint.com reports that the Bombay high court has directed Cyquator Media, a promoter company of Zee Entertainment Enterprises Ltd (ZEEL), to deposit INR61.64 crore, after it defaulted on loan repayments to Axis Finance. The order was delivered on December 13, but was made public only on Jan. 2. Axis Finance is a non-banking subsidiary of private lender Axis Bank. Livemint.com relates that Axis Finance had petitioned the high court to help recover the loans given to Cyquator Media under an agreement signed in June 2018. Under the loan pact, Axis Finance had agreed to grant a term loan of INR100 crore to Cyquator Media. The INR100-crore loan facility was for three years from the date of initial disbursement and carried an interest of 10.35 % per annum. Additionally, any delay or default in repayment of the loan was to entail a default interest at 2% per annum. In September 2019, Cyquator started defaulting on the interest payments and despite repeated requests, it defaulted on multiple occasions, Axis Finance said in its petition. Mint has reviewed a copy of the petition. Meanwhile, companies such as Direct Media Distribution Ventures, Essel Corporate, Primat Infrapower and Multiventures had pledged their shares in favor of Axis Finance to secure the loan, Livemint.com reports. They are among other respondents in Axis Finance's petition. Zee Entertainment founder Subhash Chandra, and his son and managing director of Zee Punit Goenka were also made parties to the suit. According to the order cited above, Axis Finance filed a separate summary suit against the Goenkas for recovery of its dues, alleging that Chandra was a guarantor for the outstanding loans. Axis Finance further contended that Cyquator continued to pledge shares selectively in favour of other lenders and creditors in preference over it, while persistently defaulting on obligation towards Axis, Livemint.com relays. "It is submitted that this demonstrates the company's mala fides and clear lack of intention to rectify defaults towards the loan account of the Axis," the petition stated. In this case, lawyers Karl Tamboly along with Hrushi Narvekar were instructed by managing partner Nishit Dhruva and associate partner Niyati Merchant of MDP & Partners, the law firm which represented Axis Finance, Livemint.com discloses. The Economic Times reported in March 2022 that when Zee promoters sold their stock in the company to repay lenders, Axis Finance also participated and allowed the Goenka family to sell the shares pledged with it, Livemint.com recalls. Axis Finance recovered INR41.36 crore of the loan amount at the time. However, the rest of the dues remained unpaid by the company, the high court order showed. Meanwhile, in December 2021, Axis had written to Zee threatening legal action against the company for non-payment of dues, but Zee had denied all allegations. Separately, the non-bank lender moved the National Company Law Appellate Tribunal (NCLAT) on Sept. 14, 2023, against NCLT's Aug. 10, 2023, order approving the Zee-Sony merger deal, Livemint.com notes. The matter is, however, still pending before the appellate tribunal. About Zee Entertainment Based in Mumbai, India, Zee Entertainment Enterprises Limited, together with its subsidiaries, engages in broadcasting satellite television channels. As reported in the Troubled Company Reporter-Asia Pacific in early September 2023, the National Company Law Appellate Tribunal (NCLAT) on Aug. 31 issued notice to Zee Entertainment Enterprises Ltd (ZEEL) in a plea by IDBI Bank to initiate insolvency proceedings against the company. According to Hindu BusinessLine, IDBI Bank, in its plea, said it was unable to recover unpaid dues of around INR150 crore from Zee. Many banks, including IndusInd, Standard Chartered, Axis Bank and IDBI, have initiated insolvency proceedings against Zee ahead of its merger with Sony. So far, Zee has reached a settlement with IndusInd and Standard Chartered. ========= I N D I A ========= ADORE SUITINGS: CARE Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Adore Suitings Private Limited (ASPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.73 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 2, 2022, placed the rating(s) of ASPL under the 'issuer non-cooperating' category as ASPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. ASPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 18, 2023, September 28, 2023, October 8, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). ASPL was incorporated in 2003 by Mr Paras Mal Gokhru and Mr Roop Chand Gokhru of Bhilwara, Rajasthan. ASPL is engaged in the business of manufacturing of synthetic grey fabrics at its sole manufacturing facility located at Bhilwara, Rajasthan, a textile hub. AMRIT HOMES: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Amrit Homes Private Limited (AHPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.90 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated October 20, 2022, placed the rating(s) of AHPL under the 'issuer non-cooperating' category as AHPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. AHPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 5, 2023, September 15, 2023, September 25, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Bhopal (Madhya Pradesh) based Amrit Homes Private Limited (AHPL) was incorporated by Mr. Dalip Singh Bindra and Mr. Pritpal Singh Bindra in 1995 with an objective to carry out real estate activity. The company has completed various real estate projects which include 6 residential and 2 commercial complexes. BALAJI TRADING: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sri Balaji Trading Corporation (SBTC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated December 14, 2022, placed the rating(s) of SBTC under the 'issuer non-cooperating' category as SBTC had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SBTC continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 30, 2023, November 9, 2023, November 19, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Sri Balaji Trading Corporation (SBTC) was promoted by Mrs. Potluri Sitaratnam in year 2011 as a sole proprietorship firm. SBTC is engaged in trading of cotton lint and cotton yarn. The firm primarily supplies cotton lint to one of its group companies; Vantage Spinners Private Limited (VSPL) which is engaged in manufacturing of cotton yarn and has an installed capacity of 31,500 spindles and also to other spinning units located in Krishna District, Andhra Pradesh. CONTOUR STEEL: CARE Lowers Rating on INR6.00cr LT Loan to D ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Contour Steel Engineering India Private Limited (CSEIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B-; Stable Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category and Revised from CARE A4 Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 29, 2022, placed the rating(s) of CSEIPL under the 'issuer non-cooperating' category as CSEIPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. CSEIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 15, 2023, October 25, 2023, November 4, 2023, December 29, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of CSEIPL have been revised on account of delays in debt servicing recognized from publicly available information i.e. Audit Report of FY23, available from registrar of the companies. Contour Steel Engineering India Private Limited (CSEIPL), incorporated in August 2007, and has been promoted by Mr. Shivanand Sudhakar Gokhale and Mr. Mohammed Adil Riaz. The company is primarily engaged in manufacturing of PreEngineered metal buildings, pre-painted steel profiled roofing & cladding sheets and cold formed steel sections. The promoters have about 25 years of experience in the industry and by virtue of that have developed established relationships with both suppliers and clients. DEEP TIMBERS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Deep Timbers Private Limited (DTPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated December 2, 2022, placed the rating(s) of DTPL under the 'issuer non-cooperating' category as DTPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. DTPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 28, 2023, November 7, 2023, December 28, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). DTPL was incorporated in 2009 and is managed by Mr Kamal Deep Garg, Mr Pradeep Garg and Mr Chander Shekhar Garg. The company commenced its operations in December 2008. DTPL is engaged in trading and sawing of timber in the form of timber blocks. The company has its processing facility located at Gandhidham, Gujarat. Deep Lumbers Pvt. Ltd. is a group associate and engaged in a similar line of business. ESVEE ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Esvee Enterprises (EE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 23, 2022, placed the rating(s) of EE under the 'issuer non-cooperating' category as EE had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. EE continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 9, 2023, October 19, 2023, October 29, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Bangalore based, Esvee Enterprises (EE) was established in the year 1983 as a proprietorship concern by Mr. S.V. Kishore. The firm is engaged in trading and distribution line of business. The firm trades rice and jute twine in the domestic market after procuring the same from its regular suppliers established across India. The rice is procured from local dealers and supplied to domestic rice mills. The jute twines traded by the firm are purchased by customers who use them for all kinds of agricultural and packing purposes. Esvee also engages in distribution of FMCG products in Kolar District. It has been recognized as an authorized distributor for the Kolar District by Britannia Industries Limited. The firm earns 50% of its revenue from its trading line of business and the remaining 50% from distribution business. GOEL SCIENTIFIC: CARE Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Goel Scientific Glass Works Limited (GSGWL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.99 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.50 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated October 13, 2022, placed the rating(s) of GSGWL under the 'issuer non-cooperating' category as GSGWL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. GSGWL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 29, 2023, September 08, 2023, September 18, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Established in the year 1998, Baroda-based GSGWL is a closely held public limited company engaged in the business of manufacturing glass. GSGWL manufacture industrial glassware, laboratory glassware and home decor. GSGWL is promoted by three directors led by Mr Hemant Goel, Managing Director. Its plant, located at Vadodara, Gujarat. GUPTA TEX: CARE Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Gupta Tex Prints Private Limited (GTPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.76 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 7.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 0.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated October 18, 2022, placed the rating(s) of GTPPL under the 'issuer non-cooperating' category as GTPPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. GTPPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 3, 2023, September 13, 2023, September 23, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). GTPPL was initially formed as Gupta Dyeing and Printing Mills (GDPM), a partnership firm in 1979 by Gupta family of Surat. Later on, in 2007, GDPM was converted into a private limited company. GTPPL is primarily engaged in fabric processing (bleaching, printing, dyeing & embroidery) and also does the job work activities as well as trading of grey yarn and finished fabric. The fabric processed by GTPPL is primarily used for making sarees& ladies dress material. The finished fabric is marketed under the brand name of 'Gupta Sarees'. GTPPL has an installed capacity of 1.25 lakh meters per day for processing of grey fabric at its sole processing unit located in Surat (Gujarat). HYGEN PACKS: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Hygen Packs (HP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.19 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 24, 2022, placed the rating(s) of HP under the 'issuer non-cooperating' category as HP had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. HP continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 10, 2023, October 20, 2023, October 30, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Hygen Packs (HP) was established in September 2014 as a partnership firm and is currently being managed by Mr. Naval Singla, Mr. Sumeet Gupta, Mr. Navneet Gupta and Ms. Namrata Gupta sharing profit and loss equally. The commercial operations of the firm commenced in May 2015. HPS is engaged in processing of fruit juices at its manufacturing facility in Faridkot, Punjab. KARPADHA AGRO: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shri Karpadha Agro Foods (SKAF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.40 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 24, 2022, placed the rating(s) of SKAF under the 'issuer non-cooperating' category as SKAF had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SKAF continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 10, 2023, October 20, 2023, October 30, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Shri Karpadha Agro Foods (SKAF) is a partnership firm engaged in rice milling business and the present partners are Mr. Arul and Ms. Lalithambigai. Originally the firm was established in 2006 in the name of "Karpadha Agro Foods" (KAF) promoted by Mr. P. Palanisamy, Mrs. P. Dhanam, Mr. P. Kalaivanan and Mr. P. Arul. Subsequently the partnership was reconstituted in April 2015. KISSAN SOLVEX: CARE Lowers Rating on INR14cr LT Loan to B --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Kissan Solvex Private Limited (KSPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated October 31, 2022, placed the rating(s) of KSPL under the 'issuer non-cooperating' category as KSPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. KSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 16, 2023, September 26, 2023, October 6, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information. The revision also factored decline in scale of operations as well as a leveraged capital structure owing to increased debt levels in FY22 compared to FY21. Kissan Solvex Private Limited (KSPL) was incorporated as a private limited company in February 1988 and is currently being managed by Mr. Inderjit Singh and Mr. Kirandeep Singh. The company is engaged in the extraction of rice bran oil at its processing facility located in Jalalabad, Punjab. The company manufactures rice bran oil in semi-edible form for industrial use. The company is also engaged in the trading of rice bran. LIFE INSURANCE: Gets GST Demand Notice of INR116cr for Telangana ---------------------------------------------------------------- Business Standard reports that Life Insurance Corporation of India (LIC) on Jan. 2 said tax authorities have slapped a demand notice of about INR116 crore on it for short payment of Goods and Services Tax (GST) for 2017-18. The company has received communication/demand order for interest and penalty for Telangana state on January 2, LIC said in a regulatory filing, Business Standard relays. The corporation shall file an appeal before Joint Commissioner (ST), Hyderabad Rural Division against the said order within the prescribed timelines, it said. There is no material impact on financials, operations or other activities of the corporation, it added. According to Business Standard, the demand for Telangana came a day after LIC on Jan. 1 received a similar notice demanding about INR806 crore for short payment of GST for 2017-18 along with interest and penalty for Maharashtra. M. K. GUPTA: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of M. K. Gupta And Company (MKGC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.64 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 13.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated November 24, 2022, placed the rating(s) of MKGC under the 'issuer non-cooperating' category as MKGC had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. MKGC continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 10, 2023, October 20, 2023, October 30, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). M.K. Gupta and Company (MKGC) was established in 1998 as a proprietorship entity by Mr. Amit Agrawal. Later on in year 2006 the firm was reconstituted as partnership firm with its office located at 154, Indira Commercial Complex Transport Nagar, Korba, Chhattisgarh. Since its inception, the entity has been engaged in civil construction business in the segments like building and roads. Further, the entity is also classified as class 'I' contractor in civil (B&R) under the department of PWD Government of Chhattisgarh. Class 'I' contractor can bid for all types and higher value of contracts of Public Works Department (PWD) in Chhattisgarh. The firm also executes projects in concrete foundation work for Indian Railways and National Highways. Mr. Anup Agrawal (Partner) and Mr. Deepak Agrawal (Partner) have more than a decade of experience in civil construction industry. They are ably supported by other partners (i.e. Amit Kumar Agrawal, Mr. Ashok Kumar Agrawal, Mr. Rakesh Kumar Agrawal, Mr. Shiv Shankar Agrawal, Mr. Uma Shankar Agrawal) who are also having satisfactory experience in civil construction business. Partners along with the team of experienced professionals look after the day to day activities of business. MANJUBHARGAVA COT: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Manjubhargava Cot Fibres Private Limited (MCFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated October 31, 2022, placed the rating(s) of MCFPL under the 'issuer non-cooperating' category as MCFPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. MCFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 16, 2023, September 26, 2023, October 6, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Guntur based, ManjuBhargava Cot Fibers Private Limited (MCFPL) was incorporated in 2016 as a Private Limited Company by Mr. C.V. Bhargava Reddy and his relatives but the commercial operations were started from July 2017. The company is engaged in cotton ginning and pressing activity with a total installed capacity of 200 bales per day. The manufacturing unit of the company is located at Guntur, Andhra Pradesh state. The company purchases raw cotton from local farmers located in and around Andhra Pradesh and Telangana. The company sells its final products such as cotton lint, cotton seed and cotton yarn to the customers located in Andhra Pradesh, Maharashtra and Tamil Nadu. MECHATRONICS SYSTEMS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Mechatronics Systems Private Limited (MSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 30.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 18, 2022, placed the rating(s) of MSPL under the 'issuer non-cooperating' category as MSPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. MSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 4, 2023, October 14, 2023, October 24, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). MSPL a Pune based ISO 9001:2008 Certified Company was incorporated in 1991 as a partnership concern in the name and style of Mechatronics. The firm was converted to Private Limited in 1996 and its nomenclature changed to MSPL. The company is engaged in comprehensive Turnkey, Technology driven, cost-effective, Real-time Automation and Management solutions for Water Resources, Dams, Canals, Water Treatment Plant, Pumping Stations, Lift Irrigation Schemes and Water Supply Schemes has successfully completed various projects in India and abroad. The company is spearheaded by Mr. Ashok Karva a first generation entrepreneur. NADHI BIO: CARE Lowers Rating on INR33.04cr LT Loan to D -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Nadhi Bio Products Private Limited (NBPPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 33.04 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE BB+; Stable Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated November 10, 2022, placed the rating(s) of NBPPL under the 'issuer non-cooperating' category as NBPPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. NBPPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 26, 2023, October 06, 2023, October 16, 2023, December 29, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of NBPPL have been revised on account of on-going delays in debt servicing recognized from lender's feedback. Nadhi Bio Products Private Limited (NBPPL) was incorporated on September 2, 2009 and is promoted by Mr. B. Krishna Kanth (Managing Director), Mr. Ajay Pinapati, Mr. D Srinivasulu, Mr. B Murali Krishna Murthy, and Mr. Suresh Pinapati. Promoters of NBPPL are technocrats with prior experience in the IT sector and have about a decade of industry experience. NBPPL manufactures Extra Neutral Alcohol (ENA) and Impure Spirit from maize, jowar, broken rice and grain starch based cereals in its manufacturing plant located at Manopad Mandal, near Kurnool, Telangana. By-products from the plant include Distillery Dry Grain Soluble (DDGS) and Distillery Wet Grain Soluble (DWGS). PMT MACHINES: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of PMT Machines Limited (PML) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 428.27 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated October 26, 2022, placed the rating(s) of PML under the 'issuer non-cooperating' category as PML had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. PML continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 11, 2023, September 21, 2023, October 1, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). PMT Machines Ltd (PMT) was incorporated on September 8, 1961 as Traub India Pvt Ltd, promoted by TRAUB, a leading German Machine Tool Company with a major shareholding of 70%, along with Mr D. L. Shah. In 1979, TRAUB divested its entire stake in favour of Mr D. L. Shah. Later on, in September 1989, it became deemed public limited company and was renamed as PMT Machines Ltd. Subsequently in 1994, Mr D. L. Shah sold the company to the Sandesara group. It is one of the oldest machine tools producers in India. It specializes in production of metal-working machine tools. Sterling Biotech Ltd (SBL) is the flagship company of the Vadodara based Sandesara group. It is mainly engaged in the manufacturing of pharmaceutical grade gelatin which has wide range of applications such as capsules, tablets, etc. RAGHAV SULZCON: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Raghav Sulzcon Private Limited (RSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 2, 2022, placed the rating(s) of RSPL under the 'issuer non-cooperating' category as RSPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. RSPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 18, 2023, September 28, 2023, October 8, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Bhilwara (Rajasthan) based Raghav Sulzcon Private Limited (RSPL) was incorporated in 2000 by Mr. Rameshwar Lal Samdhani and Mr. Kapil Samdhani. RSPL is engaged in the business of manufacturing of grey fabrics and trading of finished fabrics. It also manufactures grey fabrics on job work basis for others. The company outsources the processing work required for the manufacturing of finished fabrics. The weaving unit of RSPL is located at Bhilwara, Rajasthan. RAJKAMAL ELECTRIC: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rajkamal Electric Press (REP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.72 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated December 2, 2022, placed the rating(s) of REP under the 'issuer non-cooperating' category as REP had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. REP continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 28, 2023, November 07, 2023, December 28, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Rajkamal Electric Press (REP) was established in 1977 as a partnership firm by two partners namely Mr. Lalit Seth and Mr. Vinod Seth sharing profit and losses equally. REP is engaged in printing of textbooks for various publishing house such as Macgrwahill, Oxford University Press, etc. The firm is into offset printing, pre-press and post-press (i.e. binding, stitching, lamination etc.) activities. The raw material used in manufacturing includes paper reels/rolls, chemicals & inks, printed covers, films, and nylo polymer plates which the firm procures mainly from paper mills located in Andhra Pradesh, Tamil Nadu, Punjab, Uttrakhand, Kolkata and Delhi. REETA AND SONS: CARE Lowers Rating on INR10cr LT Loan to B ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Reeta And Sons (RS), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated December 5, 2022, placed the rating(s) of RS under the 'issuer non-cooperating' category as RS had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. RS continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 21, 2023, October 31, 2023, November 10, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of RS have been revised on account of non-availability of requisite information. Reeta and Sons was established in 2014 and is engaged in the retail business of trading of gems & jewellery. The entity deals in Gold, Silver and Diamond Jewellery through its retail shop situated at Janpath, Satyanagar, Bhubaneswar. This well-known establishment acts as a one-stop destination servicing customers both local and from other parts of Odisha. In Bhubaneshwar, the retail shop occupies a prominent location in Satya Nagar and is easily accessible through various modes of transport. Mr. Gopal Krishna Patra and Kusum Kumari Patra has more than two decades and one decade of experience, respectively, in the same line of business. They look after the day-to-day operations of the entity supported by other partners along with a team of experienced personnel. SANKAR MARINE: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sankar Marine Aquarium (SMA) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.05 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.30 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated December 21, 2022, placed the rating(s) of SMA under the 'issuer non-cooperating' category as SMA had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SMA continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated November 6, 2023, November 16, 2023, November 26, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). M/S Sankar Marine Aquarium (SMA) was established in the year 2015 as a proprietorship entity by Mr. Swadesh Ranjan Nayak with an objective to enter into business of processing and trading of sea fish. Later on in May 2016 the firm was converted into partnership firm by admitting Mr. Debabrata Nayak (son of Mr. Swadesh Ranjan Nayak). The processing unit of the entity is located in Shankarpur, West Bengal with an installed capacity of 30 ton per day. SMA mainly deals in sea fish (i.e. black and white pomfret, ribbon fish, macramé fish etc.) which they procure directly from auction in Digha estuary and caters the same to local exporters after processing, freezing and packing. The firm has license from Food Safety and Standards Authority of India (FSSAI) for processing and exporting of seafood. Mr. Swadesh Ranjan Nayak having more than four decades of experience in the business of trading of sea fishes, looks after the day to day operations of the firm along with his son Mr. Debabrata Nayak along with a team of experienced professionals who have rich experience in the similar line of business. The name has been changed from Sankar Marine Aquarium to Sankar Marine Aqurium Private Limited. SATMAN AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Satman Automobiles Private Limited (SAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated December 2, 2022, placed the rating(s) of SAPL under the 'issuer non-cooperating' category as SAPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 28, 2023, November 7, 2023, December 28, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). SAPL was incorporated in 2012 by Ms. Meghna Haren Choksey and Mr. Konark Nanda. The company is currently being managed by Ms. Meghna Haren Choksey, Mr. Konark Nanda and Mr. Kunal Ramchandani. It is engaged in the business of automobile dealership 3S (sales, service and spares). SAPL is an authorized dealer of Skoda Auto India Private Limited (SAIPL) vehicles. The company was appointed dealer for sales and service of passenger vehicles for SAIPL in 2012 and commenced operations with single showroom in June 2012. The showroom has attached workshop facility for the post sales services of cars at Okhla, New Delhi. SPGV PETROCHEM: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of SPGV Petrochem India Private Limited (SPIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 24.80 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated October 21, 2022, placed the rating(s) of SPIPL under the 'issuer non-cooperating' category as SPIPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SPIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 6, 2023, September 16, 2023, September 26, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Ahmedabad Gujarat based SPGV Petrochem (India) Pvt. Ltd. (SPIPL) is engaged in the trading of petroleum products such as bitumen, furnace oil and pet coke. SPIPL was initially incorporated in October 2010 as a partnership firm by Mr. Sanjeev Shah and Mr. Dharmesh Shah as partners. Subsequently, in May 2012, it was converted into a private limited company. ULTRA DRUGS: CARE Keeps B+ Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Ultra Drugs Private Limited (UDPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated October 21, 2022, placed the rating(s) of UDPL under the 'issuer non-cooperating' category as UDPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. UDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 06, 2023, September 16, 2023, September 26, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Ultra Drugs Private Limited (UDPL) was incorporated as a private limited company in 2006 with Mr Sangram Singh as its Managing Director and Dr Minna Jakhar and Mr Malwinderjeet Singh as its directors. The company undertakes contract manufacturing of pharmaceutical formulations at its manufacturing facility located in Baddi, Himachal Pradesh. UNIVERSAL POLYSACK: CARE Lowers Rating on INR8.20cr LT Loan to C ---------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Universal Polysack (india) Private Limited (UPPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.20 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B-; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated October 27, 2022, placed the rating(s) of UPPL under the 'issuer non-cooperating' category as UPPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. UPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 12, 2023, September 22, 2023, October 2, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of UPIPL has been revised on account of non-availability of requisite information. Further, the revision considers the decline in Total Operating Income and net loss reported in FY23 over FY22. Beawar (Rajasthan) based UPPL, incorporated in February 2010, was promoted by Mr. Govind Goyal along with Ms. Indu Goyal. UPIPL was incorporated with an objective for manufacturing of woven sack bags at its sole manufacturing facility located at Beawar (Rajasthan). V.S. SHAH: CARE Keeps B- Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of V.S. Shah And Co. (VC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/Short 4.70 CARE B-; Stable/CARE A4; Term Bank ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated November 11, 2022, placed the rating(s) of VC under the 'issuer non-cooperating' category as VC had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. VC continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 27, 2023, October 7, 2023, October 17, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Vadodara-based (Gujarat) VC was established in 1991 by Mr Alkesh Shah. VC is registered as 'AA' class approved contractor by Government of Gujarat and is primarily engaged in the execution of government tendered civil construction contracts of roads and buildings for various state government departments. ================= S I N G A P O R E ================= AGATHESE PTE: Creditors' Proofs of Debt Due on Jan. 29 ------------------------------------------------------ Creditors of Agathese Pte. Ltd. are required to file their proofs of debt by Jan. 29, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 26, 2023. The company's liquidators are: Leow Quek Shiong Gary Loh Weng Fatt Seah Roh Lin c/o BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 CLEANSING & MAINTENANCE: Court to Hear Wind-Up Petition on Jan. 12 ------------------------------------------------------------------ A petition to wind up the operations of Cleansing & Maintenance Services Pte Ltd will be heard before the High Court of Singapore on Jan. 12, 2024, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on Dec. 21, 2023. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 KEPPEL DIGIHUB: Creditors' Proofs of Debt Due on Jan. 29 -------------------------------------------------------- Creditors of Keppel Digihub Holdings Ltd are required to file their proofs of debt by Jan. 29, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 26, 2023. The company's liquidators are: Leow Quek Shiong Gary Loh Weng Fatt Seah Roh Lin c/o BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 REYDORN PTE: Creditors' Proofs of Debt Due on Jan. 29 ----------------------------------------------------- Creditors of Reydorn Pte. Ltd. and Orizona Pte. Ltd. are required to file their proofs of debt by Jan. 29, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 26, 2023. The company's liquidators are: Leow Quek Shiong Gary Loh Weng Fatt Seah Roh Lin c/o BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 XING HUA: Court to Hear Wind-Up Petition on Jan. 12 --------------------------------------------------- A petition to wind up the operations of Xing Hua Classic Pte Ltd will be heard before the High Court of Singapore on Jan. 12, 2024, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on Dec. 21, 2023. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 ===================== S O U T H K O R E A ===================== [*] Korea Banks and Builders Slide as JPMorgan Warns of Risks ------------------------------------------------------------- Bloomberg News reports that jitters about South Korea's credit market extended into Jan. 2, with bank and developer shares sliding and JPMorgan Chase & Co. warning of insolvency risks for financial firms and developers due to real estate exposure. According to Bloomberg, leading the drop among lenders was Shinhan Financial Group Co., which recorded its biggest intraday decline in a year. Shares of builders including Samsung Engineering Co. Ltd. also retreated on a day the country's stock benchmark hit a 19-month high. The bonds of Shinsegae Engineering & Construction Co. dropped by the most since October, according to Bloomberg-compiled data. Bloomberg says investors are on edge after builder Taeyoung Engineering & Construction last week announced plans to reschedule its debt, reigniting concerns about a 2022 credit crunch triggered by the default of a property developer on debt for project financing. Bank of Korea Governor Rhee Chang-yong warned in a New Year's speech of the risk of financial instability due to the central bank's restrictive monetary policy. "Given a prolonged high rate interest environment, we expect that some mid-to-small sized non-bank lenders and/or developers are likely to go insolvent," JPMorgan analyst Jihyun Cho wrote in a note, Bloomberg relays. "Asset quality issue remains the key agenda item for the financial industry as non-bank lenders may face more challenging situations." Bloomberg notes that Taeyoung's trouble is the result of a slump in South Korea's real estate market coupled with high interest rates and some lenders' over-reliance on property-related loans as a source of profit. Although Taeyoung was particularly exposed to the project financing sector, according to officials, it's a toxic mix that may cause trouble for others in the sector as well. Korea's financial industry has KRW577 billion ($442 million) of direct exposure to Taeyoung E&C's loans, according to Korea Investors Service, in addition to the developer's KRW280 billion of outstanding bonds. That suggests it is not likely to cause significant pressure on financial institutions, the ratings agency said. With the memory of the 2022 crisis triggered by the default of an amusement park developer on its project financing debt still alive, Korean authorities have pledged to step up support to stabilize markets, if needed. They are considering expanding the size of a bond market stabilization fund size to KRW30 trillion from the current KRW20 trillion, Maeil Business Newspaper reported. Korea's Financial Services Commission declined to comment on the newspaper's report. Having lost roughly a third of their value in December, Taeyoung E&C's shares jumped as much as 20% in Seoul on Jan. 2. The price of its July 2024 bond recorded its biggest single-day rise since at least June 2023, according to Bloomberg-compiled data. Even so, the note was indicated at 64% of par, a level typically considered distressed. Shinsegae's bond was indicated at 101% of par, Bloomberg adds. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2024. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***