/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/240112.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 Friday, January 12, 2024, Vol. 27, No. 10 Headlines A U S T R A L I A BLACKWATER MINE: Second Creditors' Meeting Set for Jan. 16 CALIA AUSTRALIA: Restaurant Goes Into Liquidation EADES TRANSPORT: Second Creditors' Meeting Set for Jan. 18 IMIS PTY: Second Creditors' Meeting Set for Jan. 18 TLH SERVICES: Second Creditors' Meeting Set for Jan. 18 W.T.D. FENCING: Second Creditors' Meeting Set for Jan. 18 C H I N A CHINA GRAND: Mulls Repayment Options as Debt Matures JIAYUAN INT'L: High Court Appoints Deloitte as Liquidators I N D I A ADITYA BIRLA: NCLAT Rejects Insolvency Plea Against Company ANANDA EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating ANUP MALLEABLES: CARE Keeps B Debt Ratings in Not Cooperating ASACO PRIVATE: CARE Keeps B+ Debt Ratings in Not Cooperating ASTALAXMI SPINNING: CARE Keeps B Debt Rating in Not Cooperating BTW ATLANTA: CARE Lowers Rating on INR75cr LT/ST Loans to C/A41 D. D. AGRO: CARE Keeps C Debt Rating in Not Cooperating Category DIGITAL CIRCUITS: CARE Keeps D Debt Ratings in Not Cooperating EPHYSX TECHNOLOGIES: CARE Keeps D Debt Ratings in Not Cooperating GANGAPADA SUPER: CARE Keeps B- Debt Rating in Not Cooperating HARIOM AQUA: CARE Lowers Rating on INR13.70cr LT Loan to B+ KNISS LABORATORIES: CARE Keeps D Debt Ratings in Not Cooperating LAXMISREE RICEMILL: CARE Keeps D Debt Ratings in Not Cooperating MAHA ASSOCIATED: CARE Keeps D Debt Ratings in Not Cooperating MARVEST AQUA: CARE Keeps B Debt Rating in Not Cooperating Category NATRAJ ELECTROCASTING: CARE Keeps B+ Ratings in Not Cooperating NORTH EAST: CARE Keeps B- Debt Rating in Not Cooperating Category NUTRIENT MARINE: CARE Keeps D Debt Ratings in Not Cooperating PADMAVATI GINNING: CARE Keeps D Debt Rating in Not Cooperating PROODLE HOSPITALITY: CARE Keeps B Debt Rating in Not Cooperating RAYMIX CONCRETE: CARE Keeps D Debt Rating in Not Cooperating SAI SWARUPA: CARE Keeps B- Debt Rating in Not Cooperating SHIV AGREVO: CARE Lowers Rating on INR20cr LT Loan to B+ SHIV EDIBLES: CARE Lowers Rating on INR20cr LT Loan to B+ SHIV ONKAR: CARE Keeps D Debt Rating in Not Cooperating Category SHIV VEGPRO: CARE Lowers Rating on INR30cr LT Loan to B+ SUJATA UDIT: CARE Keeps B+ Debt Rating in Not Cooperating Category SURJEET AUTO: CARE Keeps B+/A4 Rating in Not Cooperating Category TUTICORIN COAL: NCLAT Reject Jindal Power's Plea to Allow Bid VAIDYA V: CARE Keeps B- Debt Rating in Not Cooperating Category M A L A Y S I A 1MDB: Ex-Malaysia PM Najib Seeks to Remove Netflix's 1MDB Show N E W Z E A L A N D AMS GROUP: BDO Auckland Appointed as Receiver and Manager ELE GROUP: Most Former Workers Issued With New Visas ELE LIMITED: Deloitte Appointed as Receiver and Manager HOBSON NINETY: Creditors' Proofs of Debt Due on Jan. 26 LCCF LIMITED: Creditors' Proofs of Debt Due on Jan. 26 WINETI FORMWORK: Grant Bruce Reynolds Appointed as Liquidator S I N G A P O R E 36 CLEANING: Court to Hear Wind-Up Petition on Jan. 26 BCBC SINGAPORE: Creditors' Meetings Set for Jan. 18 BESPOKE DESIGN: Court to Hear Wind-Up Petition on Jan. 26 ECOSYS DISTRIBUTION: Court to Hear Wind-Up Petition on Jan. 26 MARITIME INTERNATIONAL: Court to Hear Wind-Up Petition on Jan. 19 TEE INT'L: Auditor Issues Disclaimer of Opinion on FY2023 Reports S O U T H K O R E A TAEYOUNG ENG'G: Creditors Set to Decide on Debt Restructuring - - - - - ================= A U S T R A L I A ================= BLACKWATER MINE: Second Creditors' Meeting Set for Jan. 16 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Blackwater Mine Workers' Club Limited has been set for Jan. 16, 2024 at 9:30 a.m. at Blackwater Country Club, 2 Mulga Street in Blackwater and via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 15, 2024 at 4:00 p.m. Peter Anthony Lucas of P A Lucas & Co was appointed as administrator of the company on Dec. 11, 2023. CALIA AUSTRALIA: Restaurant Goes Into Liquidation ------------------------------------------------- Eli Green at News.com.au reports that top Melbourne restaurant Calia Australia will forever close its doors after going into liquidation. According to the report, the business submitted a notice to wind up the company to the Australian Securities Investment Commission (ASIC) on Jan. 8, less than two weeks after informing staff they would be out of a job via email. Glenn Crisp and Andrew Mattison from Jirsch Sutherland have been announced as liquidators, news.com.au discloses. Calia management emailed about 100 staff on December 28 to inform them they would be out of a job in the new year with stores in the Emporium shopping centre and Chadstone to shutter, news.com.au recalls. The email told staff management had attempted to revive the chain, but "Covid-related debt" and inflation had pushed it to the brink. "It is with a heavy heart and great sadness that we must convey the unfortunate news that Calia will be closing all Australian stores and ceasing operations effective today, 28th December 2023," the email reads. "We understand that this news might come as a shock to you, but this decision has not been taken lightly and we have been working tirelessly since the Covid lockdowns to keep our stores open." News.com.au relates that staff were told not to come to work and to address any questions to the liquidator as company emails would no longer be monitored. "As of now, all supplier arrangements will cease and all employment positions have been made redundant," the email continued. "This means that all employees will not be required to attend any future shifts from now. "We want to express our deepest gratitude for the hard work, dedication, and commitment that each of you has contributed to Calia and for the thousands of customers you have helped us serve over nearly the past decade." The restaurant chain entered voluntary administration in June last year, but was still able to trade as it attempted to overcome financial difficulty. According to news.com.au, Calia co-founder and City of Melbourne councillor Jason Chang has shared his struggles with keeping the business afloat post pandemic on social media, revealing six months ago that he "broke down" while discussing challenges facing small businesses. "Like many other struggling small business owners in Melbourne, my own hospitality businesses have been faced with many financial challenges with the rise of operational costs (wages, COGS, rent, borrowing costs, etc)," he wrote. "As I broke down, I realised that I needed help to carry the emotional stress I faced. It was a humbling experience to acknowledge I could no longer do this alone." The Australian branch of Calia was created in 2016 in Melbourne and the restaurants website boasts it serves "over 10,000 customers per week" in the city. "The menu has been created with everyday dining in mind, as well as the option to scale up for a touch of indulgence," the website reads. "With a modern yet timeless approach, Calia unveils a new standard in fine foods and dining." Glenn Anthony Crisp and Andrew Mattinson of Jirsch Sutherland were appointed as administrators of the company on June 28, 2023. EADES TRANSPORT: Second Creditors' Meeting Set for Jan. 18 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Eades Transport Pty Ltd has been set for Jan. 18, 2024 at 11:00 a.m. via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 16, 2024 at 5:00 p.m. Stuart Otway and Alan Scott of SV Partners were appointed as administrators of the company on Sept. 5, 2023. IMIS PTY: Second Creditors' Meeting Set for Jan. 18 --------------------------------------------------- A second meeting of creditors in the proceedings of IMIS Pty Ltd has been set for Jan. 18, 2024 at 10:30 a.m. at the offices of Worrells at Level 5, 34 East Street in Rockhampton City and via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 17, 2024 at 5:00 p.m. Michael Beck of Worrells was appointed as administrator of the company on Dec. 12, 2023. TLH SERVICES: Second Creditors' Meeting Set for Jan. 18 ------------------------------------------------------- A second meeting of creditors in the proceedings of TLH Services Pty Ltd has been set for Jan. 18, 2024 at 11:30 a.m. at the offices of O'Brien Palmer at Level 9, 66 Clarence Street in Sydney and via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 17, 2024 at 4:00 p.m. Daniel Frisken of O'Brien Palmer was appointed as administrator of the company on Dec. 4, 2023. W.T.D. FENCING: Second Creditors' Meeting Set for Jan. 18 --------------------------------------------------------- A second meeting of creditors in the proceedings of W.T.D. Fencing Pty. Ltd. has been set for Jan. 18, 2024 at 3:00 p.m. via Microsoft Teams meeting. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 17, 2024 at 4:00 p.m. Gavin Moss and Henry Kwok of Chifley Advisory Pty Ltd were appointed as administrators of the company on Dec. 13, 2023. ========= C H I N A ========= CHINA GRAND: Mulls Repayment Options as Debt Matures ---------------------------------------------------- Bloomberg News reports that one of China's biggest auto dealers is working with bankers to explore repayment options as its dollar bond comes due soon, highlighting how cash woes are spreading beyond the ailing real estate sector. China Grand Automotive Services Limited is mulling various strategies for its 9.125% note maturing Jan. 30, including offering some cash payment upfront and extending the remainder of the principal by more than a year, according to people familiar with the matter, Bloomberg relays. Deutsche Bank AG and China International Capital Corporation have reached out to some investors to discuss the plan, the people said, asking not to be identified as the matter is private. Bloomberg says the move underscores efforts by China's high-yield issuers to preserve cash as they struggle to refinance debt. The country's slow economic recovery and a record number of defaults by property developers over the past years have created strains in the broader credit market. "We won't be very surprised if the company enters into an exchange offer as its liquidity position has deteriorated over 2023 and its maturity wall is hefty in the first quarter," Bloomberg quotes Zerlina Zeng, senior credit analyst at Creditsights Inc as saying. "Grand Automotive's attempt to shift to electric cars, which would incur large investment but bring lower gross margin, will also limit the auto dealer's ability to generate free cash flow for debt servicing." The firm may make the offer as early as this week if it opts for the plan, according to the people. The plan isn't final and is subject to changes, and Grand Automotive may still choose to repay the bond in full as originally scheduled, they said. It's not clear if DB and CICC have been officially mandated as advisers, the people said. DB declined to comment, while Grand Automotive and CICC didn't immediately reply to Bloomberg queries. Grand Automotive sold the most number of cars in 2022 in China, according to China Automobile Dealers Association. Grand Automotive currently has $231.7 million outstanding for the 9.125% note, according to data compiled by Bloomberg. The bond was indicated at 93.6 cents on the dollar Monday afternoon [Jan. 8], a sign that investors are still expecting payment. "Details are scarce, but the market may be overly optimistic regarding Grand Automotive's 9.125% notes," Bloomberg quotes Brock Silvers, chief investment officer at private equity firm Kaiyuan Capital, as saying. "The discussions already raise serious doubt that Grand Auto will make full payment by Jan. 30." About China Grand Automotive China Grand Automotive Services Group Co., Ltd. operates as an auto dealership. The Company sells luxury passenger cars, second hand cars, and auto parts. China Grand Automotive Services Group also conducts vehicle maintenance and financial leasing businesses. As reported in the Troubled Company Reporter-Asia Pacific in late September 2023, Fitch Ratings has downgraded China-based auto dealer China Grand Automotive Services Group Co., Ltd.'s (CGA) Long-Term Issuer Default Rating (IDR) to 'CCC-', from 'CCC+', and senior unsecured rating to 'CCC-', from 'CCC+', with a Recovery Rating of 'RR4'. The downgrade reflects CGA's lower liquidity headroom after its operating results were weaker than Fitch expected. The revenue and profitability recovery was not as robust as Fitch had anticipated, and further cash burn in 1H23 has made the execution of refinancing plans critical for its upcoming capital-market debt maturities due in 1Q24. The company requires a successful operational turnaround to deleverage meaningfully even if the refinancing is completed. This has inherent execution risk and relies on market dynamics becoming more favourable. Fitch believes there is uncertainty in timing, given the weak performance of some mass-market joint venture (JV) brands and a structural decline in demand for traditional internal combustion engine vehicles in China. JIAYUAN INT'L: High Court Appoints Deloitte as Liquidators ---------------------------------------------------------- South China Morning Post reports that Jiayuan International Group, the developer of Hong Kong flats so small they inspired the coining of the term "micro flats", is inching closer to its corporate demise after record interest rates weighed on its debts following poor sales of its minuscule apartments. The Nanjing-based developer lost a winding-up case over a HK$14.5 million (US$1.85 million) debt in Hong Kong last May, the Post recalls. It said in a filing on Jan. 11 that the Hong Kong High Court appointed Derek Lai Kar-yan, Ivan Chan Man-hoi and Cato Hau Kai-ling of the firm Deloitte Touche Tohmatsu as its liquidators, taking over from a provisional liquidator appointed at the time of the decision, the Post discloses. The company's shares were first suspended in May 2022, but resumed trading a month later, only to be suspended again in April 2023. Jiayuan, founded by Shum Tin-ching, made a splash in 2019 with the launch of an apartment tower called T Plus in Tuen Mun. Some of the flats measured 131 sq ft - smaller than a standard Hong Kong car-parking space - and were priced at HK$2.85 million. At the time, the micro apartments were among the cheapest newly built homes available in Hong Kong, which has been the world's least affordable urban centre since 2011, according to US-based think tank Demographia. Despite the initial buzz, the project failed to sell, and Jiayuan ended up discounting its catalogue price by as much as 37.6 per cent to clear its inventory, the Post says. Analysts at the time suggested this meant little or no profit from the project. In the first half of 2022, Jiayuan's net profit fell 75 per cent to CNY536 million (US$74.6 million) compared with the same period in 2021, the Post discloses citing the company's latest financial report. Sales fell 59 per cent to CNY19.13 billion. At the time, the group had a land bank of 16.6 million square metres in the Yangtze River Delta Area, the Guangdong-Hong Kong-Macau bay area and in Shandong Province. In August 2022, the company sought to restructure US$1.17 billion in debts, or 90 per cent of the outstanding principal amount of its maturing US$1.3 billion in debts at the time, according to the financial statement. "As a non-state-owned real estate enterprise that has been one of the outstanding enterprises in the 'three red lines' assessment since 2020, the company, under the current liquidity crisis faced by the real estate industry in China, has chosen to actively manage its outstanding debts by way of the exchange offer," the company said, the Post relays. Unveiled by Beijing in 2020, the three red lines policy aimed to curb risky borrowing. Unable to tap more loans, China Evergrande Group and other developers have defaulted on their bond payments, setting off a debt and property crisis in the world's second-largest economy, the Post notes. Jiayuan International Group Limited develops mass-market residential properties mainly in Jiangsu and Anhui provinces. The company had a total land bank of around 17.4 million square meters as of the end of December 2021. It also develops and operates commercial properties as well as residential property projects. ========= I N D I A ========= ADITYA BIRLA: NCLAT Rejects Insolvency Plea Against Company ----------------------------------------------------------- The Economic Times reports that the National Company Law Appellate Tribunal (NCLAT) on Jan. 9 dismissed a plea of an operational creditor to initiate insolvency proceedings against Aditya Birla Fashion and Retail Ltd (ABFRL). The appellate tribunal upheld the order of the Mumbai bench, which had on Oct. 11, 2023, dismissed the plea of In Style Fashion on the ground of pre-existing dispute. "Considering the overall facts and circumstance of the present case and in view of the foregoing discussion, we are satisfied that the Adjudicating Authority (NCLT) did not commit any error in rejecting the Section 9 Application filed by the Appellant on the ground of pre-existing dispute," said the NCLAT. In Style Fashion was a franchisee and commission agent for running the showroom of ABFRL. However, the NCLAT also said, "We do not agree with the finding of the Adjudicating Authority that the Section 9 application was time-barred and hit by limitation," ET relates. Meanwhile, the appellate tribunal said the operational creditor has the liberty to seek remedy of its contractual disputes before any other appropriate forum. It entered into an agreement to run showrooms for Planet Fashion and Allen Solly in 2011. However, it was closed in February 2016. Following the closure of the showroom, the stock in trade was sent back to ABFRL by the Operational Creditor. However, it made only part payment of INR51,283.28 on April 28, 2017, according to ET. Aggrieved by this, it sent a demand notice of INR1.05 crore and moved the NCLT. However, the NCLT dismissed it, which was later challenged before the appellate tribunal NCLAT, ET notes. Aditya Birla Fashion and Retail Ltd -- https://www.abfrl.com/ -- manufactures and retails branded apparel and runs a chain of apparels and accessories retail stores in India. ANANDA EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Ananda Exports (AE) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 7.00 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 November 25, 2022, placed the rating(s) of AE under the 'issuer non-cooperating' category as AE 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. AE continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 11, 2023, October 21, 2023, October 31, 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). Delhi based, Ananda Exports was established in 2010 as a partnership firm with the purpose of trading of human hair. The firm is managed by Mr. Suresh Kumar Nangia and his son Mr. Gaurav Nangia. Mr. Suresh Kumar Nangia has 48 years of experience in the trading industry. The firm exports to Tunisia, Italy, China, Honk Kong, etc. The firm procures the traded products from the South India and West Bengal from local traders. ANUP MALLEABLES: CARE Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Anup Malleables Limited (AML) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.20 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.20 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 November 28, 2022, placed the rating(s) of AML under the 'issuer non-cooperating' category as AML 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. AML continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 14, 2023, October 24, 2023, November 3, 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). Anup Malleables Limited (AML) was incorporated in 1981 and was taken over by Dhanbad-based Khaitan and Agarwalla family in 2013. AML is engaged in steel casting and fabrication work for locomotive parts mainly for Indian Railways. ASACO PRIVATE: CARE Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Asaco Private Limited (APL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.66 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 20.00 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 7, 2022, placed the rating(s) of APL under the 'issuer non-cooperating' category as APL 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. APL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 23, 2023, October 3, 2023, January 3, 2024. 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). Asaco Private Limited (APL) was promoted by Mr. K Mohandas in 1969. APL is engaged in manufacturing of equipment for Aerospace and defence applications and is one of the leading suppliers of critical aerospace components in the country. APL has its manufacturing facilities located in Samuha Aerospace Park, Ibrahimpatnam, Telangana. APL has a marquee clientele comprising of names such as Liquid Propulsion Systems Centre (LPSC), Vikram Sarabhai Space Centre (VSSC) and Hindustan Aeronautics Limited (HAL) etc. ASTALAXMI SPINNING: CARE Keeps B Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sree Astalaxmi Spinning Mills Private Limited (SASMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.84 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 30, 2022, placed the rating(s) of SASMPL under the 'issuer non-cooperating' category as SASMPL 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. SASMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 16, 2023, October 26, 2023, November 5, 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). Sree Astalaxmi Spinning Mills Private Limited (SASMPL) was incorporated in the year 2001 by Mr. Mahesh Kumar, Mr. Raghunath Mittal, Mr. Mukesh Agarwal and Mr. Athimoolam Perumal Samy. The company is engaged in cotton yarn spinning with a capacity of 41,328 spindles as on March 31, 2016 and the manufacturing facility is located at Adilabad, Telangana. BTW ATLANTA: CARE Lowers Rating on INR75cr LT/ST Loans to C/A41 --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of BTW Atlanta Transformers India Private Limited (BATIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 75.00 CARE C; Stable/CARE A4; ISSUER Short Term NOT COOPERATING; Rating Bank Facilities continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable/CARE A4 Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 17, 2022, placed the rating(s) of BATIPL under the 'issuer non-cooperating' category as BATIPL 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. BATIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 3, 2023, October 23, 2023, January 2, 2024. 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 BATIPL have been revised on account of non-availability of requisite information. The ratings further consider decline in operating income, continued losses which led to deterioration in debt coverage indicators during FY23 over FY22. BTW India (CIN: U31102GJ2012PTC069372) was incorporated in March 2012, as a Joint Venture between BTW China, and Atlanta Electricals Private Limited, India (AEP). Subsequently, during FY17, AEP transferred its holding in BTW India to one of the group companies of Atlanta group, viz. Atlanta UHV Transformers LLP. BTW India is primarily set up as an Indian manufacturing base of BTW group of China to manufacture distribution transformers and reactors up to 1200 KVA to cater to the domestic market. The company has its manufacturing facility at Vadodara, Gujarat with an installed capacity of 15,000 MVA. BTW India concluded the project and started commercial production in November 2017. BTW China is promoted by Beijingbased China South Industries Group Corporation; a Government of China entity. BTW China is engaged in manufacturing and distribution of power transmission products including power transformers, distribution transformers, traction transformers and reactors. Apart from above, BTW China also manufactures energy products including wind power equipment sets, wind power turbines, multi-crystalline silicon products and thin-film solar batteries. D. D. AGRO: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of D. D. Agro Industries Limited (DDAIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.29 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.50 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 November 17, 2022, placed the rating(s) of DDAIL under the 'issuer non-cooperating' category as DDAIL 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. DDAIL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 3, 2023, October 23, 2023, January 3, 2024. 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). D.D. Agro Industries Limited (DDAIL) was incorporated in April, 1999 and is being managed by Mr Amritdeep Singh, Mr Dinesh Kumar and Mr Kamaljeet Kaur. DDAIL is engaged in the manufacturing of PET preforms and chemicals like zinc sulfate and zinc oxide. The company has its two manufacturing facilities located at Ludhiana, Punjab and Samba, Jammu & Kashmir. DIGITAL CIRCUITS: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Digital Circuits Private Limited (DCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.80 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 1.20 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 November 28, 2022, placed the rating(s) of DCPL under the 'issuer non-cooperating' category as DCPL 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. DCPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 14, 2023, October 24, 2023, November 3, 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). Digital Circuits Pvt Ltd (DCPL), incorporated in 2004, is engaged in providing electronic manufacturing services (EMS) primarily in the consumer durable segment. The company provides Electronic Manufacturing Services (EMS) involving manufacturing printed circuit board (PCB) assemblies and delivering end to end solution to companies in the field of telecom, power, automobiles, medical, consumer durables and energy. The company has been under operation for 25 years initially as a proprietorship concern and was converted to private limited company in 2004. EPHYSX TECHNOLOGIES: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of EPHYSX Technologies Private Limited (ETPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 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 28, 2022, placed the rating(s) of ETPL under the 'issuer non-cooperating' category as ETPL 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. ETPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 14, 2023, October 24, 2023, November 3, 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). Telangana based, EPHYSX Technologies Private Limited (Erstwhile Smarttrak Solar Systems Private Limited) was incorporated in the year 2011 and promoted by Mr. G. Bhagawan Reddy and his spouse Mrs. P. Pratibha. The company is engaged in the manufacturing of solar trackers and providing services like civil construction work, sale of structure material and tracker (single axis and dual axis), installation and erection in solar power business segment. The company purchases the raw materials like Steel, Motor, Bearing, Tubes and GI sheet among others from local traders of Telangana. GANGAPADA SUPER: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gangapada Super Speciality Hospital Private Limited (GSSHPL) continues to remain in the 'Issuer Not Cooperating' category. 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 Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 22, 2022, placed the rating(s) of GSSHPL under the 'issuer non-cooperating' category as GSSHPL 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. GSSHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 8, 2023, October 28, 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). Gangapada Super Speciality Hospital Private Limited (GSSHPL), incorporated on August, 05, 2015, was promoted by Mr. Goutam Sarkar and Mrs. Soma Sarkar for providing healthcare services by setting up a super specialty hospital in Murshidabad, West Bengal. The hospital will be equipped with state of the art technology and well qualified & experienced doctors, surgeons and support staffs, also there will be 65 beds including 10 ICU beds, 10 NICU beds, 5 HTU beds, 4 dialysis beds, 2 emergency beds and rest general and cabin beds. The aggregate estimated project cost for setting up the aforesaid project is Rs.21.39 crore which is to be financed by term loans of Rs.13.91 crore and promoter's capital of Rs.7.48 crore. The financial closure for the debt portion of the project is yet to be tied –up. However, the company has already spent around Rs.7.00 crore (32.73% of total project cost) on the aforesaid project funded by promoter's contribution till May 15, 2019. The commercial operation is estimated to commence from November 2019. HARIOM AQUA: CARE Lowers Rating on INR13.70cr LT Loan to B+ ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Hariom Aqua Culture Private Limited (HACPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.70 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE BB-; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 22, 2022, placed the rating(s) of HACPL under the 'issuer non-cooperating' category as HACPL 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. HACPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 8, 2023, October 28, 2023, January 2, 2024. 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 HACPL have been revised on account of non-availability of requisite information. The ratings further consider decline in operating income, overall profitability, capital structure and debt coverage indicators during FY23 over FY22. HACPL was incorporated during January 2010 by Mr. Suresh Patel and Mr. Hitesh Patel. The company is engaged into aquaculture business i.e. contract farming and trading of products related to shrimp farming such as feeds, seeds, probiotics and bleaching powder. The company took over the business operations of a proprietorship concern, 'Hariom Aquaculture Farm' which was established in 1992. The company has employed more than 20 farmers on contract farming basis for production of shrimp. Under the agreement company provides the seeds and other required materials for production and benefits from having guaranteed supply of fish that meet their specifications regarding quantity, quality and timing of delivery. HACPL is also authorized dealer of Avanti Feeds Limited, Godrej Agrovet Limited and Intron Life sciences from which it occupies probiotics, feeds and seeds. The same are either traded or used in contract farming as per the requirement of the company. KNISS LABORATORIES: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Kniss Laboratories Private Limited (KLPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 3.50 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 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 17, 2022, placed the rating(s) of KLPL under the 'issuer non-cooperating' category as KLPL 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. KLPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 3, 2023, October 23, 2023, January 1, 2024. 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). Kniss Laboratories Private Limited (KLPL) was established in 1989 and it was converted into a Private Limited Company on November 17, 1998. KLPL is engaged in manufacturing and marketing of allopathic and ayurvedic formulations. The company procures its major raw materials like Paracetamol and vitamins from local suppliers and exports the same to various countries in Asia and Africa apart from selling it domestically within India. The company markets its drugs in the name of Kniss Laboratories Private Limited. The registered office of the company is located at Ashok Nagar, Chennai and the manufacturing unit is located at Gerugambakkam, Chennai. LAXMISREE RICEMILL: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Laxmisree Ricemill Private Limited (LRPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.59 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.05 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 28, 2022, placed the rating(s) of LRPL under the 'issuer non-cooperating' category as LRPL 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. LRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 14, 2023, October 24, 2023, November 3, 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). Laxmi Sree Rice Mill Private Limited (LRPL) was incorporated in November 2013 by taking over their existing partnership firm 'M/s Laxmi Sree Rice Mill' which was into rice milling business since 2006. The company was promoted by Mr. Sanjoy Ghosh and Mr. Chitta Ranjan Ghosh. Since its inception, the company has been engaged in processing and milling of non-basmati rice. The manufacturing facility of the company is located at Birbhum, West Bengal with aggregate installed capacity of 37500 metric ton per annum, which is in the vicinity to a major rice growing area. Mr. Sanjoy Ghosh has around 12 years of experience in rice milling industry, looks after the overall management of the company along with Mr. Chitta Ranjan Ghosh who has 41 years of experience in transportation, construction materials and rice milling industry. MAHA ASSOCIATED: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Maha Associated Hotels Private Limited (MAHPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 70.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 5.00 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 November 15, 2022, placed the rating(s) of MAHPL under the 'issuer non-cooperating' category as MAHPL 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. MAHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 1, 2023, October 11, 2023, October 21, 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). Maha Associated Hotels Private Limited (MAHPL), incorporated on December 23, 2009, is engaged in development of a threestar mid-market hotel and a hotel training facility at New Industrial Complex, Neemrana, Alwar District, and Rajasthan. The hotel is being developed under the brand name of 'Hampton by Hilton'with Hampton Inns International Franchise LLC (HIIL, subsidiary of international hospitality major Hilton Worldwide LLC) as the technical partner for the project. MAHPL has a franchise agreement with HIIL, primarily for the use of brand name and also a program fee agreement for marketing related activities of HIIL. MARVEST AQUA: CARE Keeps B Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Marvest Aqua Protein Private Limited (MAPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.16 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 10, 2022, placed the rating(s) of MAPPL under the 'issuer non-cooperating' category as MAPPL 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. MAPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 26, 2023, October 6, 2023, October 16, 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). Marvest Aqua Protein Private Limited (MAPPL) was incorporated on March 9, 2018 under companies' act 2013. It is based on Nagapattinam, which is a coastal area in Tamil Nadu. The company proposes to engage in manufacturing of fish meals, used as feeds in commercial fish farms mainly for Shrimps, and fish oil. The company intends to exports its products to countries such as China, Vietnam. Mr. K Muhammed Ashraf, Mr. Pathoor Hussain Mohamed Ismail and Mr. Sheik Dawoodh are the directors of the company. With the upgraded manufacturing unit the company will have a production capacity of 22 tonnes of fish meals per day. NATRAJ ELECTROCASTING: CARE Keeps B+ Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Natraj Electrocasting Private Limited (NEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.60 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/Short 2.90 CARE B+; Stable/CARE A4; Term Bank ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.54 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 November 25, 2022, placed the rating(s) of NEPL under the 'issuer non-cooperating' category as NEPL 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. NEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 11, 2023, October 21, 2023, October 31, 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). NEPL was incorporated in May 2004 at Durgapur in West Bengal. However, the company started its commercial operation from November 2017 and setup a Kraft Paper manufacturing unit at Aushgram in Burdwan district with an installed capacity of 54,000 MTPA. The company manufactures kraft paper from waste paper. The day-to-day affairs of the company are looked after by Mr. Vivek Kumar Banka (Director) along with adequate support from other director Mr Niraj Kumar Banka and a team of experienced personnel. NORTH EAST: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of North East Ferro Alloys Company Private Limited (NEFACPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.95 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 29, 2022, placed the rating(s) of NEFACPL under the 'issuer non-cooperating' category as NEFACPL 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. NEFACPL 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. 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). North East Ferro Alloys Co. Pvt. Ltd. (NEFACPL) incorporated in July, 2008 and having commenced commercial operation from April, 2009 was promoted by Goyal Family of Darjeeling, West Bengal. The company is engaged in manufacturing of mild steel (MS) Ingots (capacity - 24,000 MTPA) with plant being located at Darjeeling, West Bengal. Apart from manufacturing, it is also involved in trading activities of sponge iron. Apart from India, the company also sells MS Ingots internationally by exporting the same to Bhutan. NUTRIENT MARINE: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Nutrient Marine Foods Limited (NMFL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 40.00 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 November 18, 2022, placed the rating(s) of NMFL under the 'issuer non-cooperating' category as NMFL 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. NMFL continues to be noncooperative 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). Nutrient Marine Foods Limited (NMFL) was incorporated in the year 2011, promoted by Shri G Rama Reddy, Shri G Rama Krishan Reddy and Shri G Venkat Reddy. NMFL is a part of Reddy & Reddy group and also has five other associate companies. NMFL started its business operations from April, 2012 with FY13 being first full year of operations. NMFL is engaged in the processing and exporting of shrimps (Black Tiger and Vannamei) of different varieties like Head-On, Head-less, Tail-on, Tail-off, De-veined etc. mainly to China, Vietnam, Malaysia, Germany and UK. It has a processing-cum-storage facility with a processing capacity of 30MTPD (metric tonnes per day) of shrimp, four plate freezers with a freezing capacity of 15 MTPD and Individual Quick Freezer with a freezing capacity of 10 MTPD and two flake ice machines with a capacity of 30 tonnes per day and cold storage facilities with a capacity of 600 MT for preserving processed sea food. The processing facility has been taken on lease, close to aquaculture zone in Bhimavaram. PADMAVATI GINNING: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Padmavati Ginning and Pressing Private Limited (PGPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 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 28, 2022, placed the rating(s) of PGPPL under the 'issuer non-cooperating' category as PGPPL 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. PGPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 14, 2023, October 24, 2023, November 3, 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). Padmavati Ginning and Pressing Private Limited (PGPPL) was originally incorporated in 2000 by Mr. O. H. Agrawal, however, the control of the company was taken over by Mr. Shyam Sunder Goyal in August 2011. Post the takeover; the company resumed operations in November 2011. It is engaged in manufacturing of cotton bales through cotton ginning & pressing. The company operates 4 branches located in Maharashtra (Ralegaon, Bori, Parbhani and Tamsa) which does the work on job-work basis. The plant of the company is located in Dhule, Maharashtra. PROODLE HOSPITALITY: CARE Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Proodle Hospitality Services Private Limited (PHSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.48 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.50 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 November 10, 2022, placed the rating(s) of PHSPL under the 'issuer non-cooperating' category as PHSPL 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. PHSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 26, 2023, October 6, 2023, October 16, 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). Proodle Hospitality Services Private Limited (PHSPL) was established by Mr. Kavi Prasad and Mr. Srinath Ragavan in the year 2010. PHSPL is engaged in food catering services for leading manufacturing and IT companies including educational institutions. The company enters into catering contracts with its customers for a period of 1-3 years for providing food service from its inhouse kitchen at client's location. Further the company has availed moratorium on their existing bank facilities announced by the RBI due to COVID-19 pandemic from March to August 2020. RAYMIX CONCRETE: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Raymix Concrete India Private Limited (RCIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 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 10, 2022, placed the rating(s) of RCIPL under the 'issuer non-cooperating' category as RCIPL 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. RCIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 26, 2023, October 6, 2023, October 16, 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). Tamil Nadu based, Raymix Concrete was incorporated as a Private Limited Company in 2005 by Mr. Antony Francis and his family members. RCIPL is engaged in the mixing and supply of ready-mix concrete to the customers engaged in the infrastructure works such as construction of roads and buildings etc. The company purchases materials like cement, rock, metal and sand from local suppliers located in and around Chennai and supplies its finished product to the customers located in and around Tamil Nadu. SAI SWARUPA: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Sai Swarupa Seeds Private Limited (SSSSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 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 8, 2022, placed the rating(s) of SSSSPL under the 'issuer non-cooperating' category as SSSSPL 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. SSSSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 24, 2023, October 4, 2023, October 14, 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 Sai Swarupa Seeds Private Limited (SSSSPL) incorporated in February, 2009 belongs to KPR group of companies promoted by Mr. K Papa Reddy. SSSSPL is engaged in processing Paddy, Cotton, Maize, Sunflower, Pulses and Vegetable seeds at its seeds processing plant located at Warangal, Andhra Pradesh. SSSSPL caters to Andhra Pradesh and Telangana region through the well-established distribution network of KPR Agrochem Limited, the holding company. SHIV AGREVO: CARE Lowers Rating on INR20cr LT Loan to B+ -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Shiv Agrevo Limited (SAL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE BB+; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 16, 2022, placed the rating(s) of SAL under the 'issuer non-cooperating' category as SAL 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. SAL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 2, 2023, October 12, 2023, October 22, 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 SAL have been revised on account of non-availability of requisite information. The revision also factored in increase in debt levels and deterioration in debt coverage indicators in FY22 over FY21. Analytical approach: Standalone CARE has considered combined view of the group entities, Shiv Agrevo Ltd. (SAL), Shiv Edible Ltd. and Shiv Vegpro Pvt. Ltd., as all these entities are in same line of business, have been promoted by same promoter family as well as have operational linkages. Further, due to non-availability of information for Shiv Agrevo Limited (SAL) standalone financials for all the entities have been considered from FY23 onwards. Baran (Rajasthan)-based SAL was incorporated in 1995 by Mr. Vishnu Kumar Saboo and his family members. SAL is engaged in extraction of edible oil from mustard seeds, soya seeds and oil cakes as well as refining of crude edible oil. SAL also does trade of agri commodities. The solvent extraction plant and refinery of the company are located in Baran (Rajasthan) and have solvent extraction capacity of around 250 Tons Per Day (TPD). SAL also sells its products under the brand name of 'Shiv'. SAL is part of Kota based Shiv Group of Industries comprising of SAL, Shiv Edibles Limited, and Shiv Vegpro Private Limited engaged in processing of edible oil and Shiv Health Food LLP engaged in processing of dairy products. Besides these, Shiv Trading Company and Maheshwari Udyog are the associate entities engaged in the trading of soya products. SHIV EDIBLES: CARE Lowers Rating on INR20cr LT Loan to B+ --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Shiv Edibles Limited (SEL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 40.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE BB+; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 16, 2022, placed the rating(s) of SEL under the 'issuer non-cooperating' category as SEL 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. SEL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 2, 2023, October 12, 2023, October 22, 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 SEL have been revised on account of non-availability of requisite information. The revision also factored in incurred losses, increased debt levels and deterioration in debt coverage indicators in FY23 over FY22. CARE has considered combined view of the group entities, Shiv Agrevo Ltd. (SAL), Shiv Edible Ltd. and Shiv Vegpro Pvt. Ltd., as all these entities are in same line of business, have been promoted by same promoter family as well as have operational linkages. Financials of group entities have been combined after adjusting inter-company transactions. Further, due to nonavailability of information for Shiv Agrevo Limited (SAL) standalone financials for all the entities have been considered from FY23 onwards. Outlook: Stable Incorporated in December 2003, SEL is a closely-held public limited company based out of Kota (Rajasthan). SEL is engaged in solvent extraction along with refining of soya and mustard crude oil. SEL's primary products include refined soya and mustard oil, Soya Meal (SM) and other by products like fatty acids, gums and acid oils, etc. It has an installed capacity of 300 Tons per Day (TPD) for solvent extraction and 140 TPD for refining as on March 31, 2020. SEL is part of Kota based Shiv Group of Industries comprising of SEL, Shiv Agrevo Limited, Shiv Vegpro Pvt Ltd engaged in processing of edible oil and Shiv Health Food LLP engaged in processing of dairy products. Besides these, Shiv Trading Company and Maheshwari Udyog are the associate entities engaged in the trading of soya products. SHIV ONKAR: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shiv Onkar Plasto Private Limited (SOPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.73 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 28, 2022, placed the rating(s) of SOPPL under the 'issuer non-cooperating' category as SOPPL 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. SOPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 14, 2023, October 24, 2023, November 3, 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). SOPPL was incorporated in July 2009 in the name of Shiv Onkar Constructions Private Limited. However, the name of the company was changed to current one with effect from April 2015. Initially the company was into civil construction and restaurant business. However, the company had discontinued the civil construction and restaurant business since April 2016. After change of its name, the company had started setting up manufacturing plant for molded plastic chair. In April 2017, SOPPL has completed the project with aggregate cost of Rs.5.20 crore. SOPPL has commenced commercial operations from April 2017 onwards. The manufacturing facility of the company is located at Sitamarhi, Bihar with aggregate installed capacity of 432000 chairs per annum. SHIV VEGPRO: CARE Lowers Rating on INR30cr LT Loan to B+ -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Shiv Vegpro Private Limited (SVPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE BB+; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 16, 2022, placed the rating(s) of SVPL under the 'issuer non-cooperating' category as SVPL 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. SVPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 2, 2023, October 12, 2023, October 22, 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 SVPL have been revised on account of non-availability of requisite information. The revision also factored in decline in incurred losses, increased debt levels and deterioration in debt coverage indicators in FY23 over FY22. Analytical approach: Standalone CARE has considered combined view of the group entities, Shiv Agrevo Ltd. (SAL), Shiv Edible Ltd. and Shiv Vegpro Pvt. Ltd., as all these entities are in same line of business, have been promoted by same promoter family as well as have operational linkages. Financials of group entities have been combined after adjusting inter-company transactions. Further, due to nonavailability of information for Shiv Agrevo Limited (SAL) standalone financials for all the entities have been considered from FY23 onwards. Outlook: Stable Kota-based (Rajasthan) SVPL was incorporated in March 2006 by Saboo family. SVPL is engaged in solvent extraction of crude soya edible oil and manufacturing of soya grit and flour from soda DOC. SVPL's primary products include refined soya and Soya Meal (SM) and Soya grits & flour. It has an installed capacity of 400 Tons per Day (TPD) for soya oil processing as on March 31, 2020. SVPL is part of Kota based Shiv Group of Industries comprising of SVPL, Shiv Agrevo Limited, Shiv Edibles Limited engaged in processing of edible oil and Shiv Health Food LLP engaged in processing of dairy products. Besides these, Shiv Trading Company and Maheshwari Udyog are the associate entities engaged in the trading of soya products. SUJATA UDIT: CARE Keeps B+ Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Sujata Udit Builders Private Limited (SUBPL) 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 Short Term Bank 4.31 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 November 28, 2022, placed the rating(s) of SUBPL under the 'issuer non-cooperating' category as SUBPL 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. SUBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 14, 2023, October 24, 2023, November 3, 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). Sujata Udit Builders Private Limited was incorporated in September 1999 with its office located at Ranchi, Jharkhand814112. Since its inception, the entity has been engaged in civil construction business in the segment like building, bridges and roads. Further, the entity is also classified as class 'I' contractor in civil (B&R) under the department of PWD Government of Jharkhand and PWD Government of Bihar. Class 'I' contractor can bid for all types and higher value of contracts of Public Works Department (PWD) in Jharkhand. The entity is also engaged in contractor business with PWD Government of Jharkhand and Road construction Department of Jharkhand. Mr. Shankar Kumar Kunwar has more than two decades of experience in civil construction industry. He looks after the day to day operations of the entity along with other director (i.e. Mrs. Sujata Kumari Sinha). Directors are ably supported by other technical and non-technical professionals who are having long experience in this industry. SURJEET AUTO: CARE Keeps B+/A4 Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Surjeet Auto Private Limited (SAPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 11.25 CARE B+/CARE A4; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term 0.75 CARE A4; ISSUER NOT Bank 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 18, 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 noncooperative 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). SAPL was incorporated in 2010 as an authorized dealer and as an authorized service center for HMIL. The company owns two sales showrooms cum service centers in Bhopal, Madhya Pradesh. Mr. Tulsi Das Nenwani and Mr. Ramesh Nenwani are actively looking after the entire operations of the company. In addition to SAPL, the promoters also run a Bajaj Auto dealership in the name of M/s. Surjeet Auto Agency since 2000 and an auto ancillary unit by the name M/s. Alert Engineering Enterprises which is engaged in manufacturing of precision mechanical components since 1976. TUTICORIN COAL: NCLAT Reject Jindal Power's Plea to Allow Bid ------------------------------------------------------------- The Economic Times reports that the National Company Law Appellate Tribunal (NCLAT) on Jan. 8 dismissed an appeal by Jindal Power Limited against Mumbai National Company Law Tribunal (NCLT) ruling that disallowed the company from submitting a resolution plan in Tuticorin Coal Terminal's insolvency process. ET relates that the appellate tribunal said they didn't find any merits in the appeal and allowing it would violate the Corporate Insolvency Resolution Process (CIRP) regulation while dismissing the appeal. ET says Jindal Power wanted to be considered as an applicant for the acquisition of insolvent Tuticorin Coal Terminal Pvt Ltd. The NCLT had allowed Jindal Power to participate in resolution process only if its name appeared in final list of Prospective Resolution Applicants (PRA) prepared by the Committee of Creditors (CoC). Jindal Power had argued that another company, Seapol, was allowed to submit a resolution plan, even though its name had not appeared on the final list of PRA prepared by the CoC and wanted the same right to be extended to it. According to ET, the NCLAT had observed in its previous hearing that if Jindal Power is allowed to submit a resolution plan, it will also have to ask other entities interested in taking control of the insolvent company to submit fresh resolution plans. About Tuticorin Coal Tuticorin Coal Terminal Private Limited (TCTPL) provided marine services. The Company managed bulk ports including coal, fertilizer, and general cargo terminals. Tuticorin Coal Terminal served customers in India. In 2020, Bank of India initiated insolvency proceedings against TCTPL due to unpaid dues amounting to INR90.87 crore. TCTPL was admitted to insolvency in February 2020. VAIDYA V: CARE Keeps B- Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vaidya V And I Infrastructure Private Limited (VVIIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.10 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 29, 2022, placed the rating(s) of VVIIPL under the 'issuer non-cooperating' category as VVIIPL 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. VVIIPL 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. 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). Vaidya V and I Infrastructure Private Limited (VVIIPL) was established in the year 2006. However, the company started commercial operations from January 2013 and was engaged in installation of grill and gate. Later on, the company changed the line of business and started manufacturing of Modular Table, Desk, Bench and Modular Storage from April 2014 onwards. The manufacturing facility of the company is located at Nagpur, Maharashtra. =============== M A L A Y S I A =============== 1MDB: Ex-Malaysia PM Najib Seeks to Remove Netflix's 1MDB Show -------------------------------------------------------------- Bloomberg News reports that Malaysia's jailed former prime minister Najib Razak wants the newly released Man on the Run documentary dropped from Netflix for contemptuous content that his lawyer said would be prejudicial against his ongoing trials. Interviews featured in the documentary on the multibillion-dollar 1MDB scandal suggest Najib was at the center of the fraudulent scheme, his lawyer, Muhammad Shafee Abdullah, said in Kuala Lumpur on Jan. 8. This is a matter for the courts alone to decide, he added. "I have made an application in the court so that the program titled Man on the Run on Netflix is removed from Netflix's program, at least in Malaysia, for reasons that it is contemptuous of court," Bloomberg quotes Shafee as saying at the briefing streamed live on Facebook. 1MDB was a national strategic development company that took shape in 2009 under Najib, who led its advisory board as prime minister and finance minister. Najib is serving a 12-year prison term over the transfer of MYR42 million (US$9 million) belonging to former 1MDB unit SRC International. Najib, who has maintained his innocence, faces several other 1MDB-related trials. According to Bloomberg, Shafee said the documentary included "rather unfair" comments from interviewees, such as suggestions that the entire scheme was a decision between Najib and fugitive businessman Jho Low. They also linked Najib to the murders of Mongolian Altantuya Shaariibuu and deputy prosecutor Kevin Morais, he said, adding that such claims were false and unrelated to 1MDB. "From a simple 1MDB case, Najib is now being insinuated to be a serial killer," Shafee said. "Many things seem to be up against him." Najib was also interviewed for the documentary prior to his jailing in Aug. 2022. The directors approached him and he agreed to participate after being told the program would only be about Low, Shafee said. "Everything Najib said in the program was 100% true," the lawyer said. "I watched it, and everything Najib said, we can justify." About 1MDB Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent Malaysian strategic development company, wholly owned by the Malaysian Minister of Finance. 1MDB was established in 2009 to foster long-term economic development for the country by forging global partnerships, particularly in energy, real estate, tourism, and agribusiness. The Company was founded shortly after Dato Sri Najib Razak became Prime Minister of Malaysia in July 2009. Najib said the establishment of 1MDB into a federal entity was to benefit a majority of Malaysians. 1MDB is said to have raised billions of dollars in bonds, for investment projects and joint ventures, between 2009 and 2013. Among those projects are the Tun Razak Exchange, Tun Razak Exchange's sister project Bandar Malaysia, and the acquisition of three independent power producers. The Company came into heavy scrutiny in 2015 for suspicious money transactions and evidence pointing to money laundering, fraud and theft. The corruption scandal in 1MDB has implicated high-level officials, including Prime Minister Najib Razak, as wells as banks and financial institutions around the world. In 2016, the U.S. Department of Justice filed a lawsuit, alleging that at least US$3.5 billion has been stolen from 1MDB. In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be US$7.8 billion. Malaysia has been filing lawsuits over the years in an effort to recover the missing billions of dollars. Among others, in May 2021, Malaysia filed 22 civil suits against entities and people involved in the corruption scandal, including units of Deutsche Bank and JP Morgan. Malaysia said in September 2020 it has so far recovered about US$3.24 billion in assets linked to the 1MDB matter. This amount includes about US$600 million cash and assets returned by U.S. authorities; about US$2.5 billion paid by Goldman Sachs as settlement; as well as US$780 million in settlement amounts from Malaysian banking group AmBank and audit firm Deloitte. ===================== N E W Z E A L A N D ===================== AMS GROUP: BDO Auckland Appointed as Receiver and Manager --------------------------------------------------------- Rees Logan, Paul Manning, and Thomas Rodewald of BDO Auckland on Dec. 21, 2023, were appointed as receivers and managers of AMS Group Limited. The receivers and managers may be reached at: BDO Auckland PO Box 2219 Auckland 1140 ELE GROUP: Most Former Workers Issued With New Visas ---------------------------------------------------- Radio New Zealand reports that a union organiser said progress is being made on the plight of jobless Filipino workers following a meeting on Jan. 11. More than 500 migrant workers lost their jobs after labour hire group ELE went into liquidation, RNZ says. Up to 24 of them were sleeping in cars because they could not afford to pay their rent. According to RNZ, Union Network of Migrants coordinator Mikee Santos said about two-thirds of the workers had now received a new visa. "They are now walking towards employment, which is good, but still it's a long process and there's still many questions out there," the report quotes Mr. Santos as saying. Mr. Santos said many of the workers were still looking for jobs. He was also wary of the workers being taken advantage of due to their vulnerable position, and had given them advice about selecting a good employer, RNZ relates. It was "disgusting" that some of them were being asked to work without a visa, Mr. Santos said. He hoped that by next week Deloitte, who are the liquidators for ELE, would be able to provide more information on the situation, RNZ adds. About ELE Group ELE Group provides labour hire support to the construction, civil, manufacturing and healthcare sectors, permanent recruitment refrigerated transport and customised freight services to clients. On Dec. 20, 2023, David Webb and Robert Campbell were appointed Receivers and Managers of ELE Group comprising of ELE Holdings Limited, ELE Management Limited, ELE Limited, Tranzport Solutions Limited, and RISQ New Zealand Limited. The appointment was made at the request of the Companies' Director, following efforts to seek additional investment and a sale of the business and/or assets. ELE LIMITED: Deloitte Appointed as Receiver and Manager ------------------------------------------------------- David Sean Webb and Robert Edward Campbell of Deloitte on Dec. 20, 2023, were appointed as receivers and managers of Ele Limited, Ele Management Limited, Risq New Zealand Limited, Ele Holdings Limited and Tranzport Solutions Limited. The receivers and managers may be reached at: Deloitte Level 18, Deloitte Centre 80 Queen Street Auckland 1010 HOBSON NINETY: Creditors' Proofs of Debt Due on Jan. 26 ------------------------------------------------------- Creditors of Hobson Ninety Two Limited are required to file their proofs of debt by Jan. 26, 2024 to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 22, 2023. The company's liquidators are: Gareth Russel Hoole Raymond Paul Cox Ecovis KGA Limited PO Box 37223 Parnell LCCF LIMITED: Creditors' Proofs of Debt Due on Jan. 26 ------------------------------------------------------ Creditors of LCCF Limited are required to file their proofs of debt by Jan. 26, 2024 to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 21, 2023. The company's liquidators are: Gareth Russel Hoole Raymond Paul Cox Ecovis KGA Limited PO Box 37223 Parnell WINETI FORMWORK: Grant Bruce Reynolds Appointed as Liquidator ------------------------------------------------------------- Grant Bruce Reynolds of Reynolds & Associates Limited on Dec. 21, 2023, was appointed as liquidator of Wineti Formwork Limited. The liquidator may be reached at: Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 ================= S I N G A P O R E ================= 36 CLEANING: Court to Hear Wind-Up Petition on Jan. 26 ------------------------------------------------------ A petition to wind up the operations of 36 Cleaning & Landscaping LLP will be heard before the High Court of Singapore on Jan. 26, 2024, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Jan. 4, 2023. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 BCBC SINGAPORE: Creditors' Meetings Set for Jan. 18 --------------------------------------------------- BCBC Singapore Pte. Ltd., which is in creditors' voluntary liquidation, will hold a meeting for its creditors on Jan. 18, 2024, at 11:00 a.m., at 12 Marina View, #15-01 Asia Square Tower 2, in Singapore and via electronic means. Agenda of the meeting includes: a. to provide an update to the creditors on the latest development in the winding up of the Company; b. to confirm the appointment of solicitors to assist the Liquidators in the administration of the winding up of the Company; and c. any other business The company's liquidators are: Toh Ai Ling Chan Kwong Shing, Adrian Bob Yap Cheng Ghee KPMG Services 12 Marina View #15-01 Asia Square Tower 2 Singapore 018961 BESPOKE DESIGN: Court to Hear Wind-Up Petition on Jan. 26 --------------------------------------------------------- A petition to wind up the operations of Bespoke Design & Interiors Pte Ltd will be heard before the High Court of Singapore on Jan. 26, 2024, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on Jan. 4, 2024. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 ECOSYS DISTRIBUTION: Court to Hear Wind-Up Petition on Jan. 26 -------------------------------------------------------------- A petition to wind up the operations of Ecosys Distribution Asia Pte Ltd will be heard before the High Court of Singapore on Jan. 26, 2024, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on Jan. 4, 2024. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 MARITIME INTERNATIONAL: Court to Hear Wind-Up Petition on Jan. 19 ----------------------------------------------------------------- A petition to wind up the operations of Maritime International Offshore Pte Ltd will be heard before the High Court of Singapore on Jan. 19, 2024, at 10:00 a.m. IL&FS Energy Development Company Limited filed the petition against the company on Dec. 27, 2023. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00 AIA Tower Singapore 048542 TEE INT'L: Auditor Issues Disclaimer of Opinion on FY2023 Reports ----------------------------------------------------------------- The Business Times reports that Tee International, independent auditor, Foo Kon Tan, has issued a disclaimer of opinion relating to the group's financial statements for the financial year ended Sept. 30, 2023. In a report posted by Tee International to the Singapore Exchange late on Jan. 9, the auditor said that firstly it was unable to determine whether adjustments are required to the group's FY2023 financial statements. This stems from uncertainty over the group's opening balances as at Oct. 1, 2022, which "form the basis of determining the financial performance, changes in equity and cash flows of the group" for FY2023, it noted. Foo Kon Tan had previously expressed a disclaimer of opinion in its independent auditor's report dated Jan. 13, 2023, in respect of the group's FY2022 financial statements, BT notes. It said that matters contributing to the modification of its audit report for FY2022 include "limitation of scope on opening balances, insufficient information to complete the audit of the consolidated financial statements of the group, completeness of liabilities, and appropriateness of the going concern assumption". According to the report, the auditor said that it is still unable to obtain sufficient appropriate information to determine whether any adjustments might be necessary to the amounts and disclosures shown in the group's FY2022 financial statements. This includes the group's closing balances as at Sep 30, 2022, and opening balances as at Oct. 1, 2022. It added that its opinion on the FY2023 financial statements is also modified "because of the possible effect of the comparability of the FY2023 financial statements and the FY2022 financial statements". Secondly, Foo Kon Tan cited insufficient information to complete the audit of the group's consolidated financial statements, BT relays. For one, it pointed out that the profit or loss for the period Oct. 1, 2022, to Feb. 19, 2023, of a significant subsidiary, PBT Engineering, was not audited as the subsidiary was disposed of on Feb. 20, 2023. Foo Kon Tan added that the group's management also did not provide sufficient information for it to complete the audit on certain financial statements' captions of PBT for FY2022. This prevented it from determining if adjustments are needed to PBT's financial information, which has already been incorporated into the group's FY2022 and FY2023 financial statements, BT relates. Thirdly, the auditor said that it was unable to obtain sufficient appropriate information on the completeness of claims against Tee International. This was because the company had provided corporate guarantees in respect of contracts of former subsidiaries in the engineering and construction segment, and a number of these contracts are still ongoing. The company's scheme of arrangement with unsecured creditors has also not been completed, it added. Lastly, the auditor cited the existence of material uncertainties, which "may cast significant doubt" about the group's and company's ability to continue as going concerns. According to BT, Foo Kon Tan flagged factors such as the group's FY2023 net loss of SGD257,000 from continuing operations, the amount of its total and current liabilities and assets, as well as the company's current scheme of arrangement. BT adds that the auditor noted that the group's and the company's ability to continue as going concerns "is dependent mainly on the successful implementation of the restructuring plan and successful outcome of the scheme of arrangement, the ability to secure financing as and when required, the profitability of future operations, and the continuing support of banks, suppliers, and other parties, and/or an injection of capital or business by a white knight". In view of these multiple uncertainties, it therefore said that it was unable to determine if the going concern basis of preparation of these financial statements is appropriate, as well as the adjustments that may be necessary. BT adds that in a separate bourse filing on Jan. 9, Tee International reported differences between its audited and unaudited financial statements for the financial year ended Sept. 30, 2023. It attributed some of these variances to an audit adjustment for expected credit loss of the company's inter-companies' receivables of SGD537,000, or an audit adjustment for allowance for impairment loss on investment in subsidiaries of SGD3,957,000. Both of these adjustments were eliminated at group consolidation level. Other variances were attributed to reclassifications made for presentation purposes, while the rest were listed as immaterial adjustments, BT relays. Trading in the shares of Tee International has been suspended since June 2021. About Tee International TEE International Limited (SGX:M1Z) -- http://www.teeintl.com/-- an investment holding company, engages in engineering, real estate, and infrastructure businesses. TEE International Limited has operations in Singapore, Malaysia, Thailand, Vietnam, Hong Kong, Australia, and New Zealand. ===================== S O U T H K O R E A ===================== TAEYOUNG ENG'G: Creditors Set to Decide on Debt Restructuring ------------------------------------------------------------- Yonhap News Agency reports that creditors of Taeyoung Engineering & Construction were set to make a decision Jan. 11 on whether to allow the ailing builder to move forward with a debt restructuring program. Taeyoung, the 16th-largest builder in Korea in terms of construction capacity, applied for a debt restructuring program late last month due to a liquidity shortage over real estate project financing (PF) loans, Yonhap notes. Yonhap says the state-run Korea Development Bank (KDB), the builder's main creditor, will receive documents from creditors on the decision, which is likely to be announced later in the day. Earlier this week, Yoon Se-young, founder and honorary chairman of Taeyoung, presented a fresh self-rescue measure, saying that he would put shares of terrestrial TV network SBS and TY Holdings up as collateral if needed, according to Yonhap. TY Holdings is a holding company of the builder, and SBS is a cash-generating affiliate of Taeyoung Group. Taeyoung has been suffering from a liquidity shortage amid high interest rates and a slumping property market, and its outstanding PF loans came to KRW3.2 trillion ($2.4 billion), Yonhap notes. About Taeyoung E&C Taeyoung Engineering & Construction provides civil engineering, architectural, and plant construction services. The Company concentrates on public civil engineering projects including highways, water drainage systems, and bridges. Taeyoung also operates leisure and broadcasting businesses through its affiliates, such as Taeyoung Leisure, and Seoul Broadcasting System (SBS) Production. As reported in the Troubled Company Reporter-Asia Pacific in late December 2023, Taeyoung Engineering & Construction Co. applied for a debt-restructuring program Dec. 28, 2023, to tide over a cash crunch, raising concerns over troubled peers in South Korea. Taeyoung E&C submitted the application to its main creditor, the state-run Korea Development Bank (KDB), after its board decided to request a debt workout, the company said in a regulatory filing. Yonhap News said the company also promised to take self-help measures, including the sale of affiliates and the contribution of major shareholders' private fortunes. ********* 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 ***