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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, February 16, 2024, Vol. 27, No. 35
Headlines
A U S T R A L I A
G N CONSTRUCTION: First Creditors' Meeting Set for Feb. 21
LA TROBE 2024-1: S&P Assigns B (sf) Rating to Class F Notes
LEVIATHAN DESIGN: First Creditors' Meeting Set for Feb. 21
ROTHSCHILD INVESTMENT: First Creditors' Meeting Set for Feb. 21
SCRAP HOLDCO: Second Creditors' Meeting Set for Feb. 20
ST HILLIERS: Director Wants to Keep Insolvent Builder Going
SYDNEY COLLECTIVE: Creditors Accept DOCA Proposal
THAI SQUARE: First Creditors' Meeting Set for Feb. 22
C H I N A
CIFI HOLDINGS: To Offload Australian Assets at a Loss
JINGBO TECHNOLOGY: Effects 1-for-200 Reverse Stock Split
SENMIAO TECHNOLOGY: Raises Going Concern Doubt
I N D I A
ADANI GREEN: Moody's Alters Outlook on 'Ba3' Ratings to Stable
AHINSHA BUILDERS: CARE Keeps D Debt Rating in Not Cooperating
ALMIGHTY AGROTECH: CARE Keeps B- Debt Rating in Not Cooperating
ANTONY ROAD: CARE Keeps B Debt Rating in Not Cooperating Category
ANUGRAH STOCK: CARE Keeps D Debt Ratings in Not Cooperating
BANSAL RICE: CARE Keeps D Debt Rating in Not Cooperating Category
DAS PROCESSORS: CARE Lowers Rating on INR4.00cr LT Loan to D
DHABALESWAR TRADERS: CARE Keeps B- Debt Rating in Not Cooperating
HARI OM: CARE Keeps B- Debt Rating in Not Cooperating Category
HELIOS PHOTO: Insolvency Resolution Process Case Summary
INDOUNIQUE FLAME: Insolvency Resolution Process Case Summary
JAGANNATH PLASTIPACKS: CARE Lowers Rating on INR5.00cr Loan to C
JAGANNATH POLYMERS: CARE Lowers Rating on INR7.00cr LT Loan to C
JAGANNATH POLYPACKS: CARE Lowers Rating on INR7.50cr LT Loan to C
JM FERRO: CARE Keeps D Debt Ratings in Not Cooperating Category
KHODAY INDIA: CARE Assigns B+ Rating to INR35cr LT Loan
KISAAN STEELS: CARE Lowers Rating on INR12.42cr LT Loan to B+
KISHORE TRANSPORT: Insolvency Resolution Process Case Summary
MARUTHI TUBES: CARE Keeps D Debt Ratings in Not Cooperating
NANDI PIPES: CARE Keeps D Debt Ratings in Not Cooperating Category
NAV BHARAT: CARE Keeps C Debt Rating in Not Cooperating Category
OSR MP: CARE Keeps C Debt Rating in Not Cooperating Category
P.G. SETTY: CARE Keeps D Debt Ratings in Not Cooperating Category
P.L. INDUSTRIES: Insolvency Resolution Process Case Summary
PRAVARA RENEWABLE: CARE Keeps D Debt Rating in Not Cooperating
RAJAMAHAL INTERNATIONAL: CARE Keeps C Rating in Not Cooperating
SAI BALAJI: CARE Keeps D Debt Ratings in Not Cooperating Category
SPICEJET LTD: Ready to Return Leased Engine to Brussels
STRAIGHT EDGE: CARE Keeps D Debt Rating in Not Cooperating
VK WAREHOUSING: CARE Keeps C Rating in Not Cooperating Category
WIND WORLD: NARCL, Omkara ARC in Fray to Acquire Company
J A P A N
JAPAN: Slips Into Recession, Loses Spot as 3rd Largest Economy
RAKUTEN GROUP: Posts Second-Largest Annual Net Loss of JPY339.4BB
M A C A U
WYNN MACAU: Fitch Assigns 'BB-' First-Time IDR, Outlook Stable
N E W Z E A L A N D
BIRDSNEST ENTERTAINMENT: Creditors' Proofs of Debt Due on March 6
CLICKWORKS DESIGN: Bankrupt Director Jailed Over Unpaid Tax
CLIFFY'S FLAME: Creditors' Proofs of Debt Due on March 1
JTS TRANSPORT: Court to Hear Wind-Up Petition on March 14
PUNCH LIMITED: Court to Hear Wind-Up Petition on Feb. 23
REMARKABLE HOLDINGS: Creditors' Proofs of Debt Due on March 21
S I N G A P O R E
FABU PACKAGING: Court Enters Wind-Up Order
MANSANG PTE: Court Enters Wind-Up Order
RISEBRID PTE: Court Enters Wind-Up Order
SOON HIAN: Court Enters Wind-Up Order
YAU SHING: Court Enters Wind-Up Order
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A U S T R A L I A
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G N CONSTRUCTION: First Creditors' Meeting Set for Feb. 21
----------------------------------------------------------
A first meeting of the creditors in the proceedings of G N
Construction (Aust) Pty Ltd will be held on Feb. 21, 2024 at 9:00
a.m. at Duxton Hotel Perth at 1 St Georges Terrace in Perth and via
virtual meeting technology.
Cameron Shaw and Richard Albarran of Hall Chadwick were appointed
as administrators of the company on Feb. 10, 2024.
LA TROBE 2024-1: S&P Assigns B (sf) Rating to Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to eight of the 10 classes
of residential mortgage-backed securities (RMBS) issued by
Perpetual Corporate Trust Ltd. as trustee for La Trobe Financial
Capital Markets Trust 2024-1. La Trobe Financial Capital Markets
Trust 2024-1 is a securitization of nonconforming and prime
residential mortgages originated by La Trobe Financial Services Pty
Ltd. (La Trobe Financial).
The ratings reflect the following factors.
The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support is provided by
subordination and excess spread. The assessment of credit risk
takes into account La Trobe Financial's underwriting standards and
approval process, and La Trobe Financial's servicing quality.
The transaction's cash flows can meet timely payment of interest
and ultimate payment of principal to the noteholders under the
rating stresses. Key factors are the level of subordination
provided, an amortizing liquidity facility sized at 1.5% of the
note balance, the principal draw function, the yield reserve, the
retention amount built from excess spread before the call date, the
amortization amount built from excess spread after the call date or
upon a servicer default, and the provision of an extraordinary
expense reserve. All rating stresses are made on the basis that the
trust does not call the notes at or beyond the call date, and that
all rated notes must be fully redeemed via the principal waterfall
mechanism under the transaction documents.
S&P said, "We also have factored into our ratings the legal
structure of the trust, which has been established as a
special-purpose entity and meets our criteria for insolvency
remoteness.
"Our ratings also reflect the counterparty support provided by
National Australia Bank Ltd. as liquidity facility provider and
Commonwealth Bank of Australia as bank account provider. The
transaction documents for the liquidity facility and bank accounts
include downgrade language consistent with our "Counterparty Risk
Framework: Methodology And Assumptions" criteria, published on
March 8, 2019, that requires the replacement of the counterparty or
other remedy, should our rating fall below the applicable level."
Ratings Assigned
La Trobe Financial Capital Markets Trust 2024-1
Class A1S, A$312.50 million: AAA (sf)
Class A1L, A$662.50 million: AAA (sf)
Class A2, A$125.00 million: AAA (sf)
Class B, A$71.50 million: AA (sf)
Class C, A$30.00 million: A (sf)
Class D, A$20.75 million: BBB (sf)
Class E, A$12.75 million: BB (sf)
Class F, A$8.50 million: B (sf)
Equity 1, A$3.37 million: Not rated
Equity 2, A$3.13 million: Not rated
LEVIATHAN DESIGN: First Creditors' Meeting Set for Feb. 21
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Leviathan
Design Pty Ltd will be held on Feb. 21, 2024 at 10:30 a.m. at the
offices of Worrells at Level 14, 570 Bourke Street in Melbourne.
Con Kokkinos of Worrells was appointed as administrator of the
company on Feb. 21, 2024.
ROTHSCHILD INVESTMENT: First Creditors' Meeting Set for Feb. 21
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Rothschild
Investment Pty Ltd will be held on Feb. 21, 2024 at 11:00 a.m. at
Level 14, 3 Parramatta Square, 153 Macquarie Street in Parramatta.
Ernie Chou and Trent McMillen of MaC Insolvency were appointed as
administrators of the company on Feb. 9, 2024.
SCRAP HOLDCO: Second Creditors' Meeting Set for Feb. 20
-------------------------------------------------------
A second meeting of creditors in the proceedings of:
- Scrap Holdco Pty Ltd;
- Scrap Finco Pty Ltd;
- Scrap Bidco Pty Ltd;
- Tosami Pty Limited;
- Cougar Holdco Pty Ltd;
- Cougar Newco Pty Ltd; and
- MST 1 Pty Limited
has been set for Feb. 20, 2024 at 10:30 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 Feb. 18, 2024 at 5:00 p.m.
Christopher Johnson and Joseph Hayes of Wexted were appointed as
administrators of the company on Jan. 15, 2024.
ST HILLIERS: Director Wants to Keep Insolvent Builder Going
-----------------------------------------------------------
The Australian Financial Review reports that St Hilliers director
Tim Casey will make an offer to creditors - including
subcontractors owed at least AUD7.1 million - to revive his
cash-strapped contracting business and trade out of
administration.
Mr. Casey, who was working with administrators of the seven
contracting companies - St Hilliers real estate development arm is
not in administration - to try to keep 19 of their 21 live projects
going, was working on a proposal, WLP Restructuring partner Glenn
Livingstone said on Feb. 14, AFR relates.
"The director has indicated he wants to propose a deed of company
arrangement, which would see the business continue and trade past
administration," Mr. Livingstone told The Australian Financial
Review before the first creditors' meeting.
"He's actively involved in helping, working with the administrators
to form up what the proposal may look like. It's still early
days."
Such a proposal would need to be accepted by a majority of
creditors, but the move - if successful - would repeat a manoeuvre
Mr. Casey successfully made 11 years ago, when he pulled his
building business out of administration and kept trading, AFR
says.
Fixed-price contracts sank St Hilliers' contracting businesses, Mr.
Livingstone said.
"The increased costs of labour, increased cost to subcontractors,
supply chain issues and also interest rates and the holding costs
of completing developments has all contributed to its financial
problems," he said.
"When you have variables such as that impacting the ultimate bottom
line it leads it into trouble."
Since their appointment last week, two clients – of unidentified
private projects in Queensland – had terminated their contracts
with St Hilliers and were looking at alternative ways to complete
their projects, Mr. Livingstone said. This meant the termination of
a further six employees, on top of the original 22 redundancies.
It left administrators negotiating with clients of the remaining 19
projects, 10 of which were for the Department of Defence, he said.
"It's about talking to those individual clients, explaining what we
think it will cost to complete, working with them to see if that's
something that can be achieved," AFR quotes Mr. Livingstone as
saying. "It's time-critical. It's really, from our point of view, a
go [or] no-go [decision] in a week or so."
He declined to give further information about any of the projects,
or the total value of work on the company's books. Apart from
defence projects such as a sewage treatment plant at RAAF Base
Amberley, facilities for armoured vehicles at Puckapunyal base in
Victoria and Lavarack military base in Townsville, St Hilliers'
other projects include the AUD40 million Kirwan Health Campus
expansion in Townsville and the AUD6.1 million expansion of
Stanthorpe Library and Art Gallery in Queensland's Southern Downs
region.
Claims of unsecured subcontractors - of whom there were about 80 -
were likely to rise to AUD10 million once all claims were
submitted, Mr. Livingstone, as cited by AFR, said.
"Overall, there are insufficient funds to pay everyone 100¢ in the
dollar and for the company to complete its projects, which is why
we've paused work and are trying to renegotiate with key clients,"
he said.
AFR relates that the administrators were likely to seek court
approval to extend the 28-day time frame from point of appointment
until the second creditors' meeting to three months, to give them
time to work on a proposal for the future of the company, Mr.
Livingstone said.
In November 2022, the now-disbanded Australian Building and
Construction Commission published the results of an audit of St
Hilliers Contracting, which - along with an internal investigation
by the company - found that over seven years, eight St Hilliers
employees falsely inflated subcontractor invoices on 25 Defence
Department projects to the tune of nearly AUD1.4 million, AFR
reports.
Meanwhile, The Australian Financial Review reports that insolvency
statistics corporate regulator ASIC published on Feb. 14 show there
have been 1,517 construction industry insolvencies in the financial
year to date, nearly double the 846 of the accommodation and food
services sector - the second-largest category - and nearly 28 per
cent of the total 5,492.
Glenn Livingstone and Alan Walker of WLP Restructuring were
appointed as administrators of STH Holdings Pty Limited, St.
Hilliers Pty Limited, St Hilliers Contracting Pty Limited, SHC
Civil Pty Limited, St Hilliers Incentive Pty Limited, STH Bonding
Pty Limited, and SH Newstead Pty Limited on Feb. 4, 2024.
SYDNEY COLLECTIVE: Creditors Accept DOCA Proposal
-------------------------------------------------
The Australian Financial Review reports that the final chapter in
the unwinding of Fraser Short's once mighty hospitality empire has
closed after creditors of The Sydney Collective - the business that
once operated some of the country's most successful pubs, hotels
and restaurants - voted to accept his deed of company arrangement
(DOCA) proposal.
Coming almost a year to the day since Mr. Short stunned the
industry with the sale of his interest in five trophy venues to
long-term business partners and Rich Listers the Laundys, the DOCA
will return between 11 cents and 15 cents in the dollar to
creditors including the Australian Tax Office and those who
supplied goods and services to his venues, AFR relates.
(The alternative - to liquidate the company - would have provided
an estimated return of 13 cents to 14 cents in the dollar.)
According to AFR, the meagre return to creditors comes despite Mr.
Short receiving tens of millions of dollars in October last year
when he settled the sale of his interests in venues like the
Watson's Bay Hotel, Northies at Cronulla and The Farm at Byron Bay
(as well as additional proceeds from the sale of numerous other
venues he co-owned with others such as The Imperial Hotel in
Erskineville and The Fitzroy Hotel on the Hawkesbury).
The actual size of the Laundy payout remains shrouded in secrecy -
documents provided to administrator Adam Farnsworth from Farnsworth
Carson were redacted - but well-placed sources told The Australian
Financial Review Mr. Short received well below the previously
reported figure of AUD150 million.
Given the still sizeable payout, some in the industry have been
scratching their heads as to why Mr. Short elected to put a no
longer operating business - The Sydney Collective ceased trading
when the Laundy deal was sealed - into administration rather than
use a relatively small portion of his windfall to resolve its
financial affairs privately, AFR says.
"He sold his legacy for AUD300,000 when he got paid out millions,"
said one industry figure who asked not to be named.
According to AFR, the publishing of an administrator's report (a
public document that anyone can purchase) revealed The Sydney
Collective's deteriorating financial position and the likelihood
that it had traded insolvent since June 2022. Mr. Short, who was
the company's sole director and secretary, denies any liability for
insolvent trading.
In addition, the report discloses an unresolved dispute with one of
its service providers as well as a series of financial entries
across the company's accounts that turned The Sydney Collective's
sole shareholder – an entity directed by Mr Short's wife Allyson
– from a AUD3.5 million debtor to a AUD4.4 million creditor at
the time the Laundy deal was finalised in early October, AFR
relates.
These transactions, Mr. Farnsworth said, could potentially be
unwound by a liquidator, had creditors voted for that option.
However, he recommended creditors accept the DOCA proposal because
of the certainty of payment and timing of that payment into the
deed fund. A winding up, Mr. Farnsworth said, would require funding
and "then [have to] be successful on multiple litigation fronts" to
make a distribution, AFR relays.
"In my experience, that is unlikely and would be many years hence
in any event," he said.
Under the DOCA, Mr. Short will tip AUD325,000 into a deed fund to
be distributed to creditors after payments of amounts owed to the
administrator. Upon payment of the final dividend, all creditor
claims against the company will be discharged.
While the collapse of The Sydney Collective left creditors owed a
total of AUD5.8 million, the majority of this amount (AUD4.6
million) is owed to a related party entity called Warwick & Yates,
the sole shareholder of Sydney Collective, AFR notes.
Warwick & Yates is excluded from any distributions to creditors
under the DOCA.
Just over AUD1 million is owed to the Australian Tax Office, with
almost AUD300,000 owed to supplier creditors, AFR discloses.
Warwick & Yates, a company directed by Mr. Short's wife Allyson
(whose maiden name is Yates) "appears to hold shares in the company
beneficially for another", according to the administrator.
"Inquiries suggest that W&Y holds the issued shares in the Company
upon trust," AFR quotes Mr. Farnsworth as saying.
Later on in the report, it is disclosed that Warwick & Yates was
the "ultimate beneficiary" of the sale of Mr. Short's interests in
the venues co-owned with the Laundys, adds AFR.
THAI SQUARE: First Creditors' Meeting Set for Feb. 22
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Thai Square
Corporations Pty Ltd will be held on Feb. 22, 2024 at 10:00 a.m.
via virtual meeting only.
Christopher Damien Darin of Worrells was appointed as administrator
of the company on Feb. 15, 2024.
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C H I N A
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CIFI HOLDINGS: To Offload Australian Assets at a Loss
-----------------------------------------------------
South China Morning Post reports that CIFI Holdings has agreed to
sell a 60 per cent stake in 16 parcels of land in Sydney to an
Australian company for AUD6.3 million (US$42.9 million), booking an
estimated loss of AUD11.1 million in the process, the distressed
Chinese developer said.
This is the third time in two months that CIFI Holdings has
revealed a plan to dispose of its assets at a loss, as the
developer continued to restructure its debt, the Post says.
The Post relates that Zerlina Zeng, analyst at CreditSights, said
the divestment of the Sydney project showed the developer's
willingness to sell assets at a loss to replenish liquidity, but it
was way too early to conclude that CIFI has the willingness and
ability to work out a debt restructuring plan with creditors.
"We expect CIFI's liquidity condition to remain strained in 2024
with contracting contracted sales, limited new funding from banks
and the onshore bond markets, and difficulties in disposing its
China investment/residential property assets amid a prolonged
property downturn," the Post quotes Ms. Zeng as saying.
According to the Post, the company said in its stock exchange
filing that it had been actively exploring opportunities for
offshore asset disposal to ease the group's offshore liquidity
pressure and to finance its business operation.
"Due to the interest rate hikes and the rise in construction costs
in Australia, the financing costs and development costs of the
property are expected to increase. The directors consider that the
CIFI disposal allows the group to prevent incurring the said extra
costs and further tightening the offshore liquidity, and capture
the good opportunity to sell the interest in the property under the
prevailing property market in Sydney."
Despite the loss, the Shanghai-headquartered developer said the
transaction "is not expected to have immediate material impact on
the financial position of the group". It also said the properties
did not generate any profits in 2022 and 2023, the Post relays.
According to the Post, the asset comprises of 16 adjacent plots of
land on Berry Road, Holdsworth Avenue and River Road in St
Leonards, a Sydney suburb about a 10-minute drive from the city's
central business district.
SH South St Leonards, a company incorporated in Australia, agreed
to buy the parcels of land subject to official approval, CIFI
Holdings said.
In December, CIFI Holdings said it raised CNY436 million (US$61
million) by selling its 49 per cent stake in Tianjin Chuangda Real
Estate Development, suffering a loss of CNY28 million, the Post
discloses.
In the same month, CIFI subsidiary Liaochen Xuyin sold a majority
stake in its Dezhou residential project in Shandong province at a
loss of CNY215 million.
The Post says CIFI's woes began in late 2022, when it defaulted on
a US$318 million offshore bond and terminated debt restructuring
talks to creditors.
In March last year, CIFI said it was looking to sell its prime
assets in Shanghai, including its headquarters, after a
state-guaranteed CNY1.5 billion bond issue failed to materialise.
To solve the liquidity crisis, CIFI chairman Lin Zhong and his
family have put up five luxury homes for sale in Hong Kong's
Southern district, even as the city's property market continued to
slide, the Post relates.
In its delayed earnings release, the company said it had swung to a
CNY9 billion loss in the first half of 2023 from a profit of CNY1.9
billion in the year ago period. Its annual loss was CNY13 billion
in 2022, the Post discloses. But the company's long-term
liabilities shrank to CNY34.8 billion by the end of June, from
CNY41.3 billion at the end of 2022, while its working capital
dropped to CNY30.6 billion from CNY49 billion in the same period,
indicating balance-sheet downsizing.
About CIFI Holdings
CIFI Holdings (Group) Co. Ltd. is an investment holding company
principally engaged in property businesses. The Company mainly
operates through three segments. Property Development segment is
engaged in the development and sales of office properties,
commercial properties and residential properties in China. Property
Investment segment is engaged in the leasing of investment
properties developed or purchased by the Company for the rental
income and the appreciation of the properties' values. Property
Management, Project Management and Other Property Related Services
segment is engaged in property management and project management in
China.
As reported in the Troubled Company Reporter-Asia Pacific, in
October 2022, Fitch Ratings has downgraded China-based property
developer CIFI Holdings (Group) Co. Ltd.'s Long-Term Foreign- and
Local-Currency Issuer Default Ratings to 'CC' from 'BB-'. Fitch has
also downgraded CIFI's senior unsecured rating and the ratings on
the outstanding notes to 'CC' with a Recovery Rating of 'RR4', from
'BB-'. All the ratings have been removed from Rating Watch
Negative.
The downgrade reflects CIFI's rising liquidity risks, amid market
reports that it failed to make an interest payment for its
convertible bonds (maturing April 8, 2025) that was due in early
October, and that it was also seeking to delay certain principal
and interest payment for other financial obligations.
The TCR-AP also reported on Oct. 19, 2022, that Moody's Investors
Service has downgraded CIFI Holdings (Group) Co. Ltd.'s corporate
family rating to Ca from B3 and senior unsecured rating to C from
Caa1. The outlook remains negative.
JINGBO TECHNOLOGY: Effects 1-for-200 Reverse Stock Split
--------------------------------------------------------
Jingbo Technology, Inc. (formerly known as Savmobi Technology,
Inc.) disclosed in a Form 8-K filed with the Securities and
Exchange Commission that the reverse stock split that was
previously approved was effected by the Company filing a
Certificate of Change pursuant to NRS Section 78.209 with the
Secretary of State of the State of Nevada on Feb. 5, 2024.
As previously reported, on Dec. 14, 2023, the sole director of the
Company approved a reverse stock split of the Company's issued and
outstanding shares of common stock, par value $0.001 per share, at
a ratio of 1-for-200. Under Nevada Revised Statutes ("NRS") Section
78.207, the Company may decrease its authorized shares of Common
Stock and correspondingly decrease its number of issued and
outstanding shares of Common Stock by resolution adopted by the
board of directors, without obtaining the approval of the
stockholders.
As a result of the filing of the Certificate, the number of shares
of the Company's authorized Common Stock was reduced from
10,000,000,000 shares to 50,000,000 shares and the issued and
outstanding number of shares of the Company's Common Stock was
correspondingly decreased to 5,309,500. There was no change to the
par value of the Company's Common Stock.
Split Adjustment; Treatment of Fractional Shares:
The total number of shares of Common Stock held by each stockholder
of the Company will be converted automatically into the number of
shares of Common Stock equal to (i) the number of issued and
outstanding shares of Common Stock held by each such stockholder
immediately prior to the Reverse Stock Split, divided by (ii) 20,
with such resulting number of shares rounded up to the nearest
whole share upon the effectiveness of the Reverse Stock Split. The
Company will issue one whole share of the post-Reverse Stock Split
Common Stock to any stockholder who otherwise would have received a
fractional share as a result of the Reverse Stock Split. As a
result, no fractional shares will be issued in connection with the
Reverse Stock Split and no cash or other consideration will be paid
in connection with any fractional shares that would otherwise have
resulted from the Reverse Stock Split.
Certificated and Non-Certificated Shares:
Stockholders who are holding their shares in electronic form at
brokerage firms do not need to take any action, as the effect of
the Reverse Stock Split will automatically be reflected in their
brokerage accounts. Stockholders holding paper certificates may
(but are not required to) send the certificates to the Company's
transfer agent and registrar, TRANSFER ONLINE, INC. at the address
set forth below. Transfer Online, Inc. will issue a new stock
certificate reflecting the Reverse Stock Split to each requesting
stockholder.
Transfer Online, Inc.
512 SE Salmon St.
Portland, OR 97214
Capitalization:
The Reverse Stock Split has no effect on the par value of the
Common Stock. Immediately after the Reverse Stock Split, each
stockholder's percentage ownership interest in the Company and
proportional voting power will remain unchanged, except for minor
changes and adjustments that will result from the treatment of
fractional shares. The rights and privileges of the holders of
shares of Common Stock will be substantially unaffected by the
Reverse Stock Split.
Change of Company Name:
On March 8, 2023, the Company changed its name from Savmobi
Technology, Inc. to Jingbo Technology, Inc. by filing a certificate
of amendment with the Nevada Secretary of State.
On Feb. 8, 2024, Financial Industry Regulatory Authority ("FINRA")
announced the Company's Name Change and Reverse Stock Split, which
became effective on Feb. 9, 2024.
The Common Stock is quoted for trading on the OTC Markets Inc. OTC
Pink Market under the symbol "SVMB." The change in the shares will
be effective at the open of business on Feb. 9, 2024, under a new
symbol "SVMBD". The "D" will be removed in 20 business days and
the symbol will then change back to "SVMB."
About Jingbo Technology
Jingbo Technology, Inc. (formerly known as Savmobi Technology,
Inc.) provides application software. The Company designs and
operates an online marketing platform for users to manage and
monitor promotions around the world.
Singapore-based Pan-China Singapore PAC, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated Oct. 2, 2023, citing that the Company had incurred
substantial losses during the year, and has a working capital
deficit, which raises substantial doubt about its ability to
continue as a going concern.
SENMIAO TECHNOLOGY: Raises Going Concern Doubt
----------------------------------------------
Senmiao Technology Ltd disclosed in a Form 10-Q Report filed with
the U.S. Securities and Exchange Commission for the quarterly
period ended December 31, 2023, that there is substantial doubt
about its ability to continue as a going concern.
The Company's business is capital-intensive. According to the
Company, its management has considered whether there is substantial
doubt about its ability to continue as a going concern due to:
1) the net loss of approximately $2.5 million for the nine
months ended December 31, 2023, compared to a net loss of $1.9
million for the same period in 2022;
2) accumulated deficit of approximately $40 million as of
December 31, 2023;
3) the working capital deficit of approximately $0.4 million
as of December 31, 2023; and
4) one purchase commitment of approximately $0.8 million for
100 automobiles.
As of the issuance date of these unaudited condensed consolidated
financial statements, the Company has entered into one purchase
contract with an automobile dealer to purchase a total of 100
automobiles in the amount of approximately $1.5 million, of which,
and approximately $0.7 million has been remitted as purchase
prepayments. The remaining purchase commitment of approximately
$0.8 million shall be remitted in installment to be completed
before December 31, 2024.
Management has determined there is substantial doubt about its
ability to continue as a going concern. If the Company is unable to
generate significant revenue, the Company may be required to
curtail or cease its operations. Management is trying to alleviate
the going concern risk through the following sources:
* Equity financing to support its working capital;
* Other available sources of financing (including debt) from
PRC banks and other financial institutions; and
* Financial support and credit guarantee commitments from the
Company's related parties.
Based on the above considerations, management is of the opinion
that the Company will probably not have sufficient funds to meet
its working capital requirements and debt obligations as they
become due one year from the issuance date of these unaudited
condensed consolidated financial statements if the Company is
unable to obtain additional financing. There is no assurance that
the Company will be successful in implementing the foregoing plans
or that additional financing will be available to the Company on
commercially reasonable terms, or at all. There are a number of
factors that could potentially arise that could undermine the
Company's plans, such as (i) changes in the demand for the
Company's services, (ii) PRC government policies, (iii) economic
conditions in China and worldwide, (iv) competitive pricing in the
automobile transaction and related service and ride-hailing
industries, (v) changes in the Company's relationships with key
business partners, (vi) the ability of financial institutions in
China to provide continued financial support to the Company's
customers, and (vii) the perception of PRC-based companies in the
U.S. capital markets. The Company's inability to secure needed
financing when required could require material changes to the
Company's business plans and could have a material adverse effect
on the Company's ability to continue as a going concern and results
of operations.
For the three months ended December 31, 2023, the Company reported
a net loss of $893,928 on $1,618,410 of total revenues, compared to
a net loss of $986,269 on $1,740,920 of total revenues for the
three months ended December 31, 2022.
As of December 31, 2023, the Company had $12.14 million in total
assets, $6.04 million in total liabilities, $234,364 in mezzanine
equity and $5.87 million in total equity.
A full-text copy of the Form 10-Q is available at
http://tinyurl.com/4z6v258u
About Senmiao Technology
Chengdu, China-based Senmiao Technology Limited is a U.S. holding
company incorporated in the State of Nevada on June 8, 2017. The
Company operates its business in two segments: (i) automobile
transaction and related services focusing on the online
ride-hailing industry in the People's Republic of China through the
Company's wholly-owned subsidiaries, and (ii) online ride-hailing
platform services through its own platform (known as
Xixingtianxia).
=========
I N D I A
=========
ADANI GREEN: Moody's Alters Outlook on 'Ba3' Ratings to Stable
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on eight Adani
Group companies.
At the same time, Moody's has changed the outlook on four issuers
to stable from negative, and maintained the stable outlook on the
other four companies.
The eight companies affected are:
1. Adani Green Energy Limited (AGEL) - Ba3 ratings affirmed;
outlook changed to stable from negative
2. Adani Green Energy Restricted Group (AGEL RG-1) comprising Adani
Green Energy (UP) Limited, Parampujya Solar Energy Private Limited
and Prayatna Developers Private Limited - Ba2 ratings affirmed;
outlook changed to stable from negative
3. Adani Green Energy Restricted Group (AGEL RG-2) comprising
Wardha Solar (Maharashtra) Private Limited, Kodangal Solar Parks
Private Limited and Adani Renewable Energy (Rj) Limited - Ba1
ratings affirmed; outlook remains stable
4. Adani Transmission Step-One Limited (ATSOL) - Baa3 ratings
affirmed; outlook changed to stable from negative
5. Adani Electricity Mumbai Limited (AEML) - Baa3 ratings affirmed;
outlook changed to stable from negative
6. Adani Energy Solutions Limited Restricted Group 1 (AESL RG1)
comprising Barmer Power Transmission Service Limited,
Raipur-Rajnandgaon-Warora Transmission Ltd, Sipat Transmission
Limited, Thar Power Transmission Service Limited, Hadoti Power
Transmission Service Limited and Chhattisgarh-WR Transmission
Limited - Baa3 ratings affirmed; outlook remains stable
7. Adani Ports and Special Economic Zone Limited (APSEZ) - Baa3
ratings affirmed; outlook remains stable
8. Adani International Container Terminal Private Ltd (AICTPL) -
Baa3 ratings affirmed; outlook remains stable
In February 2023, Moody's revised the outlook on four rated Adani
Group companies to negative reflecting concerns over their access
to capital and a potential increase in capital costs following the
release of a report from a short-seller highlighting concerns over
the Adani Group's governance practices, which led to significant
and rapid declines in the market value of the Adani Group companies
securities.
In the ensuing period, the Group has completed a number of debt
transactions, including refinancing as well as obtaining new loan
facilities, demonstrating its continued access to debt capital at a
reasonable cost. At the same time, several high profile equity
transactions by large institutional and strategic investors, such
as GQG and Qatar Investment Authority, also demonstrated the
Group's continued equity market access.
Whilst an investigation by Securities and Exchange Board of India
(SEBI) - India's securities market regulator - is still ongoing,
the Supreme Court's decision to entrust SEBI to complete the
investigation on the Adani Group and the court's view that there is
no apparent regulatory failure attributable to SEBI have curbed the
potential tail risk in a downside scenario.
A List of Affected Credit Ratings is available at
https://urlcurt.com/u?l=HhGtnu
RATINGS RATIONALE
AFFIRMATION OF RATINGS AND CHANGE IN OUTLOOK TO STABLE FROM
NEGATIVE FOR AGEL, AGEL RG-1, ATSOL and AEML
The affirmation of AGEL's senior secured bond rating reflects its
predictable cash flow backed by long-term power purchase agreements
(PPAs); its large and diversified portfolio of solar and wind
generation projects; and its high financial leverage.
The change in outlook to stable from negative considers AGEL's
improved financial flexibility and reduced refinancing risk after
the company announced plans to repay the $750 million senior notes
from financial reserves and equity proceeds from the sale of a
stake in a joint venture to TotalEnergies SE (A1 stable) and a
preferential allotment to the Adani family.
The affirmation of AGEL RG-1's senior secured bond rating considers
its predictable revenues from a diversified set of projects in
India, operating under long-term PPAs with fixed tariffs. AGEL
RG-1's underlying credit quality also reflects the uneven past
performance of the restricted subsidiaries' projects and its high
financial leverage.
The change in outlook to stable from negative considers Moody's
view that AGEL RG-1 will have continued market access to refinance
the senior notes due December 2024. This view is further evidenced
by the Adani Family's track record of supporting Group companies in
general and the recent equity preferential allotment in AGEL
specifically.
The affirmation of ATSOL's senior secured bond ratings reflects the
company's close credit linkage with its wholly-owned parent, Adani
Energy Solutions Limited (AESL), owing to the parental guarantee
provided by AESL over the rated bonds and the event of default
provisions linked to AESL's solvency. AESL's credit profile, in
turn, reflects the predictable revenue from its diversified
portfolio of quality regulated or contracted transmission and
distribution assets; exposure to execution risks associated with
the group's aggressive debt-funded growth strategy; and high
financial leverage.
The stable outlook reflects Moody's expectation that AESL will be
able to deliver its substantial planned capital expenditure –
including its material investment to roll out smart meters – on
time and within budget, and would implement timely countermeasures
as required to preserve financial metrics at a level consistent
with its Baa3 rating.
The affirmation of AEML's senior secured bond ratings reflects the
predictable revenue from its integrated utility business in Mumbai,
all of which are regulated. At the same time, the rating
affirmation considers AEML's elevated financial leverage partly due
to its large capital spending in recent years.
The change in outlook to stable from negative reflects AEML's
improved financial flexibility as a result of a recently completed
bond buyback, management's decision to minimize the use of debt to
fund capital expenditure in the past two years and higher capital
expenditure allowance approved by its regulator during the mid-term
review process.
The stable outlook on AGEL, AGEL-RG1, ATSOL and AEML further
assumes that there will be no material adverse effect from any
potential regulatory or legal investigations or increase in
related-party transactions to provide funding support to other
group entities.
AFFIRMATION OF RATINGS AND STABLE OUTLOOK MAINTAINED FOR APSEZ,
AICTPL, AGEL RG-2 AND AESL RG1
The affirmation of APSEZ's issuer ratings considers the company's
strong market position as the largest port developer and operator
in India by cargo volume and its strong liquidity and financial
profile. The stable outlook on the ratings reflects Moody's
expectation that APSEZ would continue to generate relatively steady
cash flow over the next 12-18 months.
The affirmation of AITCPL's senior secured bond ratings considers
the company's strategic location and access to a large catchment
area that generates strong origin-destination cargo demand. It also
reflects the fully amortizing fixed-cost debt structure that helps
to improve the company's credit profile, its strong operating
history and strong and committed shareholders. The stable outlook
on the ratings reflects the project finance features of the senior
secured bonds including restrictions on debt incurrence and
distributions, and the reserving of cash that supports debt
servicing. These features ring fence AITCPL from any contagion risk
from the broader Adani Group.
The affirmation of AGEL RG-2's ratings considers the group's
predictable revenues from a diversified set of projects in India,
operating under long-term PPAs with fixed tariffs; and the group's
dependence on sovereign-owned entities, such as Solar Energy
Corporation of India, for more than 70% of the offtake from its
power projects. The stable outlook on the ratings reflects the
project finance features of the senior secured bonds including
restrictions on debt incurrence and distributions, the absence of a
growth capital spending requirement and the reserving of cash that
supports debt servicing. These features ring fence AGEL RG-2 from
any contagion risk from the broader Adani Group.
The affirmation of AESL RG1's ratings factors in the group's
predictable revenues from a portfolio of transmission projects in
India, operating under long-term transmission service agreements
with fixed tariffs; the essential nature of the transmission grid
as part of India's decarbonization plans; and the group's moderate
financial leverage. The stable outlook reflects AESL RG1's full
amortization structure and absence of growth capital spending
requirements, which minimize the need for additional funding from
its shareholders or the capital markets. It further recognizes the
ring-fencing in place to reduce potential contagion risk from the
Adani Group.
The stable outlook on APSEZ, AICTPL, AGEL RG-2 and AESL RG1 further
assumes that there will be no material adverse effect from any
potential regulatory or legal investigations or increase in
related-party transactions to provide funding support to other
group entities.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
For AGEL, upward rating momentum is unlikely over the next 12-18
months based on AGEL's business profile and financial strategy.
Nonetheless, Moody's could upgrade the rating over time if AGEL
maintains higher consolidated cash flow from operations (CFO)
pre-working capital (WC)/debt, at above 6%, on a sustained basis.
Conversely, Moody's could downgrade its rating if (1) it becomes
clear that the company is facing challenges in refinancing its
large maturing debt in a timely manner; (2) its credit profile
deteriorates, such that its CFO pre-WC/debt declines below 3% or
its interest coverage falls below 1.25x on a sustained basis,
potentially because of weaker operational performance, a delay in
the commissioning of new projects, aggressive acquisitions and
capital spending beyond Moody's expectations; and (3) support from
its shareholders, Adani Group and TotalEnergies, weakens.
For AGEL-RG1, an upgrade of the rating is unlikely because of the
limited opportunities available to the Restricted Group (RG) to
significantly increase its revenue, both organically and during the
short remaining bond tenor.
The rating could come under downward pressure if it becomes clear
that AGEL-RG1 is facing challenges in refinancing its maturing debt
in a timely and cost-effective manner; if AGEL-RG1's FFO/debt falls
below 5% on a consistent basis and/or Moody's assessment of the
credit profile of the off-taker of AGEL-RG1's assets changes.
ATSOL's ratings are unlikely to be upgraded given the substantial
debt-funded capital expenditure AESL has planned over the next
18-24 months, which will likely keep AESL's financial metrics near
the minimum tolerance level set for ATSOL's ratings.
On the other hand, Moody's could downgrade ATSOL's ratings if
AESL's FFO/net debt were to drop below 7.5% on a sustained basis,
which could be the result of (1) mis-steps in the execution of its
growth projects, in particular the smart meter roll-outs and its
high-voltage direct-current (HVDC) transmission project, or (2)
additional projects being added to its pipeline of growth projects
beyond Moody's current expectation.
The ratings could also be downgraded if there is (1) a material
increase in AESL's exposure to higher-risk businesses, (2) increase
in related-party transactions to provide funding support to other
Adani group entities, or (3) any material adverse effect from
potential regulatory or legal investigations. In addition, the
rating will be downgraded if the sovereign rating is downgraded.
Moody's could upgrade APSEZ's rating if (1) the sovereign rating is
upgraded; (2) the company continues to improve its operating
performance and business mix; and (3) it undertakes permanent
leverage reduction, with its FFO/debt above 22% on a sustained
basis.
Conversely, Moody's could downgrade APSEZ's rating if (1) the
sovereign rating is downgraded; or (2) its cargo volumes decline,
resulting in its financial metrics deteriorating beyond the
parameters of the Baa3 rating category. In particular, Moody's
would consider downgrading APSEZ's rating if the company's FFO/debt
falls below 14% on a sustained basis and cash interest coverage
remains below 2.75x-3.00x. A reinstatement of related-party loans
could also strain the rating.
Moody's could upgrade AICTPL's rating if (1) the sovereign rating
is upgraded and (2) the company improves its financial profile such
that its average debt service coverage ratio (DSCR) exceeds 3.0x.
However, Moody's could downgrade AICTPL's senior secured bonds
ratings if (1) India's sovereign rating is downgraded; (2) the
company's average DSCR declines below 1.7x over the next 3-5 years
or FFO/debt falls below 12% on a sustained forward-looking basis;
(3) its ability to retain sufficient cash to meet the last three
years' debt servicing is severely compromised; and/or (4) support
from its shareholders weakens to the extent that it affects its
operations.
Moody's could upgrade AGEL RG-2's rating if (1) the sovereign
rating is upgraded and (2) the RG's and AGEL's underlying credit
profiles do not significantly deteriorate.
Conversely, Moody's could downgrade AGEL RG-2's bond ratings if (1)
the sovereign rating is downgraded, (2) the company's DSCR
deteriorates toward 1.20x-1.30x on a sustained basis, and/or (3)
Moody's view on the off-taker credit profile of the RG's assets
changes.
Moody's could upgrade AEML's ratings could if there is (1) a
sovereign rating upgrade and (2) its FFO/debt increases above 15%
on a sustained basis. Any upgrade will also be predicated on no
significant increase in related-party transactions to provide
funding support to other group entities and no material adverse
effect from any ongoing regulatory or legal investigations.
Moody's could downgrade AEML's ratings if (1) the sovereign rating
is downgraded or (2) if AEML's CFO pre-WC/debt falls below 9% on a
sustained basis. Such weakening could stem from deterioration in
the company's underlying operations, a significant increase in
capital spending above the level approved by the regulator or a
material increase in funding costs. The ratings could also be
downgraded if there is an increase in related-party transactions to
provide funding support to other group entities or a material
adverse effect from any potential regulatory or legal
investigations.
Moody's could upgrade AESL RG1's rating if (1) the sovereign rating
is upgraded and (2) if there is a sustained improvement in its
financial profile, indicated by its average DSCR improving to more
than 1.6x on a sustained basis.
On the other hand, Moody's will downgrade AESL RG1's rating if the
sovereign rating is downgraded. Furthermore, downward pressure
could develop on the bond ratings if (1) AESL RG1's average DSCR
remains below 1.30x on a consistent basis or (2) there are signs
that the essentiality of its transmission lines as part of the
power grid has declined.
A List of Affected Credit Ratings is available at
https://urlcurt.com/u?l=0HGmxh
AHINSHA BUILDERS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ahinsha
Builders Private Limited (ABPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 37.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 26,
2022, placed the rating(s) of ABPL under the 'issuer
non-cooperating' category as ABPL 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. ABPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 11, 2023, November 21, 2023, December
1, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Ahinsha Builders Private Limited (ABPL) was incorporated in April
2004. The company is promoted by Mr. Ghasitumal Jain and Mr. Vipin
Jain. The company is engaged in the business of real estate
development which involves development of residential projects.
ALMIGHTY AGROTECH: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Almighty
Agrotech Private Limited (AAPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.36 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 December 14,
2022, placed the rating(s) of AAPL under the 'issuer
non-cooperating' category as AAPL 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. AAPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 30, 2023, November 9, 2023, November 19,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Rajkot- Gujarat based AAPL was established as a partnership firm in
1977 by Bhalani family which has been subsequently converted to
private limited company in the year 2007. AAPL is managed by Mr.
Maheshkumar Bhalani, Mr. Jamanbhai Bhalani, Mr. Dharmeshkumar
Bhalani, Mr.Pareshkumar Bhalani, Mrs. Sheetalben Bhalani, Mrs.
Hetalben Bhalani and Mrs. Chandrikaben Bhalani. AAPL is engaged in
the business of manufacturing of Plant Protection Equipments since
its inception. AAPL is selling its products under brand name of
'Alap' and 'Milap'. The manufacturing facility is located at Metoda
G.I.D.C. with an area of 12,000 Sq. Mt. Land and installed capacity
of 450,000 agricultural sprayers. AAPL currently possess in-house
facilities for Blow Molding, Fabrication, Heat Treatment, Coating,
Welding and Brazing, etc. Also have in-house inspection and testing
facilities as per I.S.I. standards.
ANTONY ROAD: CARE Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Antony Road
Transport Solutions Private Limited (ARTSPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 41.43 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 December 16,
2022, placed the rating(s) of ARTSPL under the 'issuer
non-cooperating' category as ARTSPL 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. ARTSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 1, 2023, November 11,
2023, November 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).
Incorporated in 2010 by Mr. Jimmy Kallarakkal and Mr. Edison
Thomas, Antony Road Transport Solutions Private Limited (ARTS) is
engaged in providing public bus transport services in cluster no. 7
of New Delhi. ARTS is an SPV (Special Purpose Vehicle) incorporated
by Antony Garages Private Limited (AGPL) so as to operate the bid
won by the latter on September 3, 2012, from the Department of
Transport, Delhi (DoT) to run the buses in cluster no. 7 of New
Delhi. ARTS belongs to the Antony Group, and is a subsidiary of
AGPL which is engaged in the body building of buses, tempos, trucks
and other commercial vehicles; and providing public bus transport
services in Pune.
ANUGRAH STOCK: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Anugrah
Stock & Broking Limited (Anugrah) continue 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
Short Term Bank 25.00 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 March 30, 2020
placed the ratings of Anugrah under the 'issuer non-cooperating'
category as Anugrah 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. Anugrah
continues to be noncooperative despite repeated requests for
submission of information through e-mails January 21, 2024, January
11, 2024 and January 1, 2024.
In line with the extant SEBI guidelines, CARE ratings have reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings on bank facilities of Anugrah are denoted as
CARE D, INC.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Anugrah was incorporated in 1996, is primarily in business of
retail equity broking. The company is Mumbai based and has network
of 6 branches in states of Maharashtra, Gujarat, Rajasthan and
Andhra pradesh. The margin financing business is also carried out
through a promoter related company and not under Anugrah. Anugrah
has a network of over 409 franchisee providing services to more
than 20207 number of clients across the country.
BANSAL RICE: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bansal
Rice Mills (BRM) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 9,
2023, placed the rating(s) of BRM under the 'issuer
non-cooperating' category as BRM 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. BRM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 25, 2023, December 5, 2023, December
15, 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).
Bansal Rice Mill (BRM) was established in April, 2007 as a
partnership firm and is currently being managed by Mr. Sandeep
Kumar, Mr. Amandeep Bansal, Mr. Badri Prasad, Mrs Rashmi Bansal and
Mrs Manisha Bansal as its partners sharing profit and loss equally.
The firm is engaged in processing of paddy and milling of rice at
its manufacturing facility located at Sangrur (Punjab).
DAS PROCESSORS: CARE Lowers Rating on INR4.00cr LT Loan to D
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Das Processors (DP), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.00 CARE D; ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-; Stable
Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
Category and Revised from
CARE A4
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 9, 2023,
placed the rating(s) of DP under the 'issuer non-cooperating'
category as DP 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. DP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 7, 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 DP have been revised
on account of delays in debt servicing recognized from Lender's
feedback.
Das Processors (DP) was set up as a partnership firm in 2012 by Das
family of Rajnandgaon, Chhattisgarh. The firm undertakes civil
construction projects, primarily building and road construction,
for state and local government agencies in Chhattisgarh. DP secures
all its contracts through tender driven open bidding process and
has an order book position of INR38.99 crore as on July 31, 2018
which is 2.03x of FY18 revenue. Mr. Dushyant Das (Partner) is
having more than two decades of experience in the construction
industry. He looks after the day to day operations of the firm and
is supported by a team of professionals.
DHABALESWAR TRADERS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dhabaleswar
Traders (DT) 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 January 9,
2023, placed the rating(s) of DT under the 'issuer non-cooperating'
category as DT 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. DT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 25, 2023, December 5, 2023, December 15, 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).
Dhabaleswar Traders was established as a partnership firm in the
year 2005 by Mr. Ch. Nageswar Patra, Mr. Nandulal Patra, Mrs. Ch.
Rasmita Patra, Mrs. Bandita Patra, Mr. Madhaba Patra of Berhampur,
Odissa. Since its inception, the firm has been engaged in trading
of agricultural products mainly pulses. The firm procures its
traded goods from across India and sells happens mainly in the
state of Odisha.
HARI OM: CARE Keeps B- Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hari Om
Retail Private Limited (HORPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B-; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 22,
2022, placed the rating(s) of HORPL under the 'issuer
non-cooperating' category as HORPL 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. HORPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 7, 2023, November 17,
2023, November 27, 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).
Hari Om Retail Private Limited (HORPL) was incorporated in 2011 by
Mr. Gaurav Juneja, Mr. Sunil Juneja and Ms. Seema Juneja. The
company is engaged in retail trading of electronic products such as
LED, AC, Refrigerator, Washing Machine, Mobile phones etc. HOR has
4 retail outlets/showrooms located at Ashok Vihar, Lajpat Nagar,
Kamla Nagar, Rohini and Kingsway Camp, Delhi.
HELIOS PHOTO: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Helios Photo Voltaic Limited
1st Floor, OKHLA INDUSTRIAL ESTATE,
PHASE 4, NEW DELHI 110020
43 B, OKHLA INDUSTRIAL ESTATE,
PHASE 4, NEW DELHI 110020
Insolvency Commencement Date: January 12, 2024
Estimated date of closure of
insolvency resolution process: July 9, 2024
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Alok Kumar Agarwal
ASC INSOLVENCY SERVICES LLP
166, DDA SFS Flats, Hauz Khas,
New Delhi 110016
E-mail: alok@insolvencyservices.in
E-mail: ibc24helios@gmail.com
C-100, Sector 2, Noida,
Uttar Pradesh 201301
E-mail: helios.claims@gmail.com
Last date for
submission of claims: January 26, 2024
INDOUNIQUE FLAME: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Indounique Flame Ltd
Kothari Building 1st Floor 301 WHC Road,
Dharampeth Nagpur, Maharashtra, India 440010
Insolvency Commencement Date: January 11, 2024
Estimated date of closure of
insolvency resolution process: July 10, 2024 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: IP Megha Agrawal
001, Shivranjini Apartments
in Circle of Congress Nagar Garden,
Congress Nagar, Nagpur-440012 (M.S)
E-mail: ip.meghaagrawal@gmail.com
Synergy Insolvency Professionals LLP
Plot No. 72, Anjaneya Niwas,
Opp. Dew Trinity Hospital,
Hindustan Colony, Near Sai Mandir
Wardha Road, Nagpur 440015
E-mail: cirp.iufl@gmail.com
Last date for
submission of claims: January 27, 2024
JAGANNATH PLASTIPACKS: CARE Lowers Rating on INR5.00cr Loan to C
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Jagannath Plastipacks Limited (JPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B-; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 20,
2022, placed the rating(s) of JPL under the 'issuer
non-cooperating' category as JPL 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. JPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 5, 2023, November 15, 2023, November
25, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating assigned to the bank facilities of JPL have been revised
on account of non-availability of requisite information.
Analytical approach: Combined For arriving at the ratings, CARE has
combined the financial profiles of Jagannath Polypacks Limited,
Jagannath Polymers Limited, and Jagannath Plastipacks Limited as
all the three companies are under common management and in the same
line of business.
All the three companies commonly refer as the group.
Outlook: Stable
Incorporated in 1984, Jagannath Plastipacks Limited (JPL) was
promoted by Subudhi family managed by Mr. Manoj Kumar Subudhi, Mr.
Saroj Kumar Subudhi and Mr. Kshirod Kumar Subudhi for almost two
decades. JPL is involved in the business of manufacturing of
polypropylene and HDPE woven sacks and bags with installed capacity
of 45 Lakh pcs per month with the manufacturing unit located at
IDCO New Industrial Estate, Jagatpur, Cuttack. The promoter also
owns an associate company in the mane of Jagannath Polymers Limited
which is involved in manufacturing of PP/HDPE woven sacks and bags
from its manufacturing unit located at Cuttack, Odisha which has a
capacity to manufacture 50 lakhs pieces every month. Another
associate company in the name of Jagannath Polypacks Limited which
is involved in manufacturing of PP/HDPE woven sacks and bags from
its manufacturing unit located at Cuttack, Odisha which has a
capacity to manufacture 50 lakhs pieces every month. Mr. Manoj
Kumar Subudhi (Director) and Mr. Saroj Kumar Subudhi (Director)
having around three decades of experience in plastic industry,
looks after the day to day operations of the company. They are
supported by other promoter Mr. Kshirod Kumar Subudhi along with a
team of experienced personnel.
JAGANNATH POLYMERS: CARE Lowers Rating on INR7.00cr LT Loan to C
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Jagannath Polymers Limited (JPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B-; Stable
Short Term Bank 5.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 20,
2022, placed the rating(s) of JPL under the 'issuer
non-cooperating' category as JPL 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. JPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 5, 2023, November 15, 2023, November
25, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating assigned to the bank facilities of JPL have been revised
on account of non-availability of requisite information.
Incorporated in 1984, Jagannath Polymers Limited (JPL) was promoted
by Subudhi family managed by Mr. Manoj Kumar Subudhi, Mr. Saroj
Kumar Subudhi and Mr. Kshirod Kumar Subudhi for almost two decades.
JPL is involved in the business of manufacturing of polypropylene
and HDPE woven sacks and bags with installed capacity of 45 Lakh
pcs per month with the manufacturing unit located at IDCO New
Industrial Estate, Jagatpur, Cuttack. The promoter also owns an
associate company in the mane of Jagannath Polymers Limited which
is involved in manufacturing of PP/HDPE woven sacks and bags from
its manufacturing unit located at Cuttack, Odisha which has a
capacity to manufacture 50 lakhs pieces every month. and another
associate company in the name of Jagannath Polypacks Limited which
is involved in manufacturing of PP/HDPE woven sacks and bags from
its manufacturing unit located at Cuttack, Odisha which has a
capacity to manufacture 50 lakhs pieces every month. Mr. Manoj
Kumar Subudhi (Director) and Mr. Saroj Kumar Subudhi (Director)
having around three decades of experience in plastic industry,
looks after the day to day operations of the company. He is
supported by other promoter Mr. Kshirod Kumar Subudhi along with a
team of experienced professional.
JAGANNATH POLYPACKS: CARE Lowers Rating on INR7.50cr LT Loan to C
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Jagannath Polypacks Limited (JPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B-; Stable
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 December 20,
2022, placed the rating(s) of JPL under the 'issuer
non-cooperating' category as JPL 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. JPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 5, 2023, November 15, 2023, November
25, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating assigned to the bank facilities of JPL have been revised
on account of non-availability of requisite information.
Incorporated in 1984, Jagannath Polypacks Limited (JPL) was
promoted by Subudhi family managed by Mr. Manoj Kumar Subudhi, Mr.
Saroj Kumar Subudhi and Mr. Kshirod Kumar Subudhi for almost two
decades. JPL is involved in the business of manufacturing of
polypropylene and HDPE woven sacks and bags with installed capacity
of 45 Lakh pcs per month with the manufacturing unit located at
IDCO New Industrial Estate, Jagatpur, Cuttack. The promoter also
owns an associate company in the mane of Jagannath Polymers Limited
which is involved in manufacturing of PP/HDPE woven sacks and bags
from its manufacturing unit located at Cuttack, Odisha which has a
capacity to manufacture 50 lakhs pieces every month. And another
associate company in the name of Jagannath Polypacks Limited which
is involved in manufacturing of PP/HDPE woven sacks and bags from
its manufacturing unit located at Cuttack, Odisha which has a
capacity to manufacture 50 lakhs pieces every month. Mr. Manoj
Kumar Subudhi (Director) and Mr. Saroj Kumar Subudhi (Director)
having around three decades of experience in plastic industry,
looks after the day to day operations of the company. He is
supported by other promoter Mr. Kshirod Kumar Subudhi along with a
team of experienced professional.
JM FERRO: CARE Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of JM Ferro
Alloys Private Limited (JFAPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 12.00 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 December 15,
2022, placed the rating(s) of JFAPL under the 'issuer
non-cooperating' category as JFAPL 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. JFAPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 31, 2023, November 10,
2023, November 20, 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).
Incorporated in 2011 as private limited company, J M Ferro Alloys
Private Limited (JFAPL) is engaged in the business of trading of
steel products namely Hot Rolled (HR) sheets/coils/CTL, Galvanized
Plain (GP) coil/sheet, scrap, Pipe, Tube, TMT bars and others.
JFAPL's products find application mainly in automobile, electrical,
construction and consumer durable industry.
KHODAY INDIA: CARE Assigns B+ Rating to INR35cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Khoday
India Limited (KIL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 35.00 CARE B+; Stable; Assigned
Facilities
Rationale and key rating drivers
The rating assigned to the bank facilities of KIL factors in
declining scale of its liquor manufacturing operations impacting
its cash accrual generations vis-à-vis high upcoming debt
repayments translating into stressed debt service coverage ratio.
The rating also takes into account long operating cycle, company's
presence in highly regulated environment and competitive nature of
the industry. The rating, however, positively factor in
well-established presence of the company, resourceful promoters and
their century long experience in diverse business operations.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Scale of operations of IMFL above INR100 Cr along with segment
earning PBDIT margins of more than 9% so that DSCR is above 1.05x.
Negative factors
* Lower than envisaged support from promoters.
* Any additional debt availed by the company leading to moderation
in debt coverage indicators.
Analytical approach: Standalone
Outlook: Stable
CARE Ratings believes that KIL will continue to sustain its
performance aided by its long presence in Southern India region and
will continue to benefit from long-standing experience of its
promoters.
Detailed description of the key rating drivers:
Key weaknesses
* Moderate performance when compared to pre covid level: Though
company witnessed increase in revenue in FY23 to INR120 Cr (FY22:
INR81 Cr) owing to temperate demand for its products, however, due
to high competition, liquor sales were impacted over the last 2
years. Sales of liquor division declined from ~Rs 500 Cr during
pre-covid level to merely INR130 Cr in FY24. Company has registered
revenue of INR22 Cr in H1FY24. Nevertheless, PBILDT margins of the
company improved and stood at 12.38% as on March 31, 2023, as
against 9.34% as on March 31, 2022, as the company earned realty
income during the year. As such, liquor segment business continues
to incur losses.
* Competitive nature of the industry: The domestic Indian made
foreign liquor (IMFL) industry is characterised by intense
competition, presence of large players with well established brands
and distribution network impacts the sales of the company. Further,
the organized alcohol industry is dominated by very few large
players. Further, high taxation and heavy regulation also make the
industry dynamics complex. The regulations at state levels are
prone to unanticipated changes which exposes the industry to such
regulatory risk. Consequently, it is very difficult for a new
entrant to operate in such a regulated environment which provides a
competitive advantage to the
existing players.
* Expose to regulatory risk: The industry is vulnerable to the
norms and regulations imposed by the government. Also, the prices
are controlled by government regulations. The industry is tightly
governed by state government which holds the power to control sales
and distribution. Ban on all forms of direct and indirect
advertising for liquor in the country makes difficult for a company
to advertise their products in the market and thus affects sales of
the company. Further Government levies various duties like excise
duty, sales tax, license fee, Counter veiling Duty etc. which
varies from state to state, fluctuation in the same impacts the
profitability margins of the company.
* Long working capital cycle: Given nature of business, company has
to keep inventory for maturation which varies from 3 years to 8
years because of which the working capital cycle of the company
remains elongated. In FY23, the operating cycle stood at 490 days
(FY22: 664 days). Average collection period increased from 84 days
in FY22 to 96 days in FY23. The average working capital utilisation
during the 12 months ended December 31, 2023 stood at 90%.
Key strengths
* Diverse presence in pan India: The company has an extensive
operational track record and an established presence in the
domestic IMFL market through its flagship brand, Khoday XXX rum.
KIL's portfolio includes other established brands like Peter Scot
Whiskey, Red Knight Whiskey, Khodays XXX Rum, Hercules XXX Rum,
Hercules XXX White Rum, Hercules Beer, Constantino Brandy and
Honeywell Brandy. The company has diverse distribution network and
has a strong presence in the southern region. In FY23, southern
region contributed 58% of the total sales.
* Steady support in the form of unsecured loans from promoters: The
promoters have infused INR184.03 crore in the form of unsecured
loans till March 31, 2023, to fund KIL's losses and
repayment obligations. These loans have no interest or scheduled
repayment obligations and are subordinated to the external debt.
During H1FY24, promoters have infused around INR18 Cr in the
business. In addition to continuing to support company's liquidity
and cash flow needs, the promoters also hold substantial land
parcels either in personal capacity or through group entities
which can be liquidated to support KILs' operations.
* Established track record and experienced promoter: The Khoday
group was founded by Khoday Eshwarsa in 1906 and was inherited by
his sons Khoday Venkusa, Khoday Lakshmansa and Khoday Krishnasa.
Venkusa and Lakshmansa expanded the Group's business activities by
creating distillery and stationery divisions. Khoday Distilleries
Ltd was incorporated as a private limited company in September
1965. With more than 100 years of existence Khoday group has
extensive experience in diverse business activities. Through their
vast experience in the distillery industry, company has established
a strong presence in the southern region.
Liquidity: Stretched
Liquidity of the company is constrained marked by low envisaged
cash accruals as against relatively high repayment obligations of
~INR9 Cr in next 4 quarters. Average working capital utilization
for last 12 months ended Dec 31, 2023, also stood high at 90%.
However, given the nature of business, company has receivables of ~
INR15 Cr as on December 31, 2023, which is likely to provide
liquidity cushion. Further company consistently receives promoters
support to fund losses and for meeting day-to-day business
requirements. In CFY, promoters already infused around INR18 Cr.
The company has current ratio of 2.77x as on March 31, 2023.
KIL, incorporated on September 28, 1965, as Khoday Distilleries
Limited, primarily manufactures and markets IMFL such as malt
whisky, gin, brandy and rum. KIL is promoted by House of Khodays,
an Indian multi-service business group based in Bengaluru,
Karnataka. The group was founded in 1906 by Khoday Eshwarsa. KIL
manufacturing facility is located in Bengaluru with installed
capacity of 63,000 KLPA. It manufactures whisky, brandy, rum, and
beer Some of its alcohol brands include Peter Scot Whiskey,
RedKnight Whiskey, Khodays XXX Rum, Hercules XXX Rum, Hercules XXX
White Rum, Hercules Beer, Sovereign Brandy and Hercules XXX Deluxe
Rum.
KISAAN STEELS: CARE Lowers Rating on INR12.42cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Kisaan Steels Private Limited (KSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.42 CARE B+; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE BB
Short Term Bank 0.40 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 21,
2022, placed the rating(s) of KSPL under the 'issuer
non-cooperating' category as KSPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. KSPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 6, 2023, November 16, 2023, November
26, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information. Further, the rating revision also considers
an increase in overall debt in FY23 compared to FY22.
Uttar Pradesh-based KSPL was incorporated in January, 1973. The
company is currently being managed by Mr. Nitin Choudhary and Mr.
Sahil Choudhary. The company is engaged in the manufacturing of
industrial machinery parts (used in sugar mill, thermal power,
cement industry, etc.). The manufacturing facility of the company
is located in Ghaziabad, Uttar Pradesh.
KISHORE TRANSPORT: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Kishore Transport Services Private Limited
Unit No. 712, 7th floor, World Trade Center No.1,
Cuffe Parade, Colaba, Mumbai-400005
Insolvency Commencement Date: January 11, 2024
Estimated date of closure of
insolvency resolution process: July 9, 2024
Court: National Company Law Tribunal, Mumbai Bench-Court IV
Insolvency
Professional: Shailesh Desai
Headway Resolution and Insolvency Services Pvt. Ltd.
708, Raheja Center, Nariman Point,
Mumbai-400021 Maharashtra
E-mail: ip10362.desai@gmail.com
E-mail: cirpkishore@gmail.com
Last date for
submission of claims: January 25, 2024
MARUTHI TUBES: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Maruthi
Tubes Private Limited (MTPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 10.00 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 December 28,
2022, placed the rating(s) of MTPL under the 'issuer
non-cooperating' category as MTPL 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. MTPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 13, 2023, November 23, 2023, December
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).
Maruthi Tubes Private Limited (MTPL) is a special class contractor
under Telangana State and was incorporated in March 1995 by Mr. M.
Raaghavendra, Mr. M. Nagesh Kumar and Mr. M. Chandraiah. The
company manufactures HDPE Pipes under the brand name "SUPER FLOW".
As on 27th July 2018, the installed capacity of the company is 4000
metric tons per annum. MTPL undertakes water supply projects
including construction of pipelines, civil structures such as
overhead tanks, sumps, staff quarters and installation of pumps
etc. including supply of HDPE pipes for the projects.
NANDI PIPES: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Nandi
Pipes Private Limited (NPPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.40 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 1.00 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 December 27,
2022, placed the rating(s) of NPPL under the 'issuer
non-cooperating' category as NPPL 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. NPPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 12, 2023, November 22, 2023, December
2, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Nandi Pipes Private Limited (NPPL) was incorporated in October,
2011 by Mrs. V. Aravinda Rani, Mrs. S. Sujala and Mrs. S. Parvathi.
The company is engaged in manufacturing of PVC pipes with an
installed capacity of 6000 Metric tons. The manufacturing
facility is located at Nandyal, Andhra Pradesh.
NAV BHARAT: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Nav Bharat
Trading Company (NBTC) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 10.00 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 January 16,
2023, placed the rating(s) of NBTC under the 'issuer
non-cooperating' category as NBTC 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. NBTC
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 2, 2023, December 12, 2023, December
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).
Allahabad based Nav Bharat Trading Company (NBTC) is a partnership
firm established in April, 1999 and is currently being managed by
Mr. Bhishm Singh, Mr. Srikant Singh, Mr. Ajai Pal Singh and Mrs.
Shashi Kala Singh. The firm is engaged in civil construction works
such as construction of roads, highways and buildings only for
government departments. In order to get the business, firm has to
participate in bids/tenders floated by government. The raw
materials namely, bricks, sand, cement, steel, tiles, plywood, tar
etc. which the firm procures from various domestic manufacturers
and wholesalers.
OSR MP: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of OSR MP
Warehousing Enterprises (OMWE) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.18 CARE C; 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 January 10,
2023, placed the rating(s) of OMWE under the 'issuer
non-cooperating' category as OMWE 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. OMWE
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 26, 2023, December 6, 2023, February 5,
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).
Hyderabad based, OSR MP Warehousing Enterprises (OMWE) was
established as a partnership firm in the December 2012 by Mr.
Vamsidhar Maddipatla and Mrs. Kalpana Prasad. The firm is engaged
in providing ware house on lease rental to Food Corporation of
India (FCI) and other local traders. Mr. Vamsidhar Maddipatla and
family runs seven other entities namely OSR Infra Private Limited,
OSR UP Warehousing Enterprises, Annapurna Saraswathi Warehousing
Enterprises, Annapurna Kalpana Warehousing Enterprises, KPM
Warehousing Enterprises and VK Warehousing Enterprises which is in
the same line of business and have operational linkages. The
property of OSRMP, located at Sonebhadra, Uttar Pradesh, which is
built on a total land area of 152,024 square feet comprises of two
godowns, with an aggregate storage capacity of 9,600 MT (Metric
Tons) for agricultural products and consumer goods. The total
project cost for the construction of two godown was INR3.76 crore
which was funded through bank term loan of INR3.18 crore and
promoters fund of INR0.58 crore. The firm started the project work
in February 2015 and is expecting to start the commercial
operations from December 2018. As on September 19, 2018, the firm
has incurred the entire cost i.e the project has been completed
100%.
P.G. SETTY: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of P.G. Setty
Construction Technology Private Limited (PSCTPL) continue to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.57 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 15.00 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 December 27,
2022, placed the rating(s) of PSCTPL under the 'issuer
non-cooperating' category as PSCTPL 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.
PSCTPL continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated November 12, 2023, November 22, 2023, December
2, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
P G Setty Construction Technology Private Limited (PSCTPL) was
established by Mr. P Gopala Setty as a proprietorship concern under
the name M/s. P G Setty in 1964. During 1970s, the family business
was converted to a partnership firm in the name of M/s. P
Gopalasetty, registered as class I contractor for the Government of
Karnataka. Subsequently in 1999, the firm was incorporated as a
private limited company with its current nomenclature. PSCTPL is
engaged in the business of civil contractor for execution of
low-cost houses and layout construction services.
P.L. INDUSTRIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: P.L Industries Private Limited
29A, Cantonment, Goenka Market
East Khasi Hills,
Shillong, Meghalaya 793001
Insolvency Commencement Date: January 12, 2024
Estimated date of closure of
insolvency resolution process: July 10, 2024
Court: National Company Law Tribunal, Guwahati Bench
Insolvency
Professional: CS Ujwal Kumar Kalita
H. No. 15, Chandra Choudhury Path,
1st Bye-Lane (Rudrapur Path)
Bhetapara, Beltola,
Guwahati 781028, Assam
E-mail: ujwalkalita1@gmail.com
E-mail: ip.plindustries@gmail.com
Last date for
submission of claims: January 30, 2024
PRAVARA RENEWABLE: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pravara
Renewable Energy Limited (PREL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 186.08 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 December 22,
2022, placed the rating(s) of PREL under the 'issuer
non-cooperating' category as PREL 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. PREL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 7, 2023, November 17, 2023, November
27, 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).
Pravara Renewable Energy Limited (PREL) is a special purpose
vehicle, incorporated as a wholly owned subsidiary of Gammon
Infrastructure Projects Limited (GIPL), to implement the 30 MW
bagasse-based co-generation power project adjacent to the sugar
mill of Padmashri Dr. Vithalrao Vikhe Patil, Sahakari Sakhar
Karkhana Limited (Karkhana) at Pravaranagar, District Ahmednagar,
Maharashtra on Build Own Operate and Transfer basis (BOOT).
RAJAMAHAL INTERNATIONAL: CARE Keeps C Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rajamahal
International Private Limited (RIPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 7.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 8,
2022, placed the rating(s) of RIPL under the 'issuer
non-cooperating' category as RIPL 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. RIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 24, 2023, November 3, 2023, November 13,
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).
Incorporated in 1991, Rajamahal International Private Limited
(RIPL) is promoted by Mr. Syed Aslam Pasha and Mr. Syed Sardar
Pasha. The company is engaged in trading of silk waste, iron ore
fines, granite, fabric and TMT bars. The company has a major focus
on the domestic market of Karnataka and the remaining through
exports mainly to Singapore, China and Taiwan. RIPL procures mainly
from domestic suppliers based out in Karnataka from the regions of
Sidlaghatta, Ramanagar, Kolar etc.
SAI BALAJI: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri Sai
Balaji Associates (SSBA) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 0.60 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 6.90 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 January 9,
2023, placed the rating(s) of SSBA under the 'issuer
non-cooperating' category as SSBA 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. SSBA
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 25, 2023, December 5, 2023, December
15, 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).
Kadapa (Andhra Pradesh) based, Sri Sai Balaji Associates was
established as a partnership firm in 2002 by Mr. Venkata Subba
Reddy and Mr. Pal Reddy. SSBA is engaged in civil construction
works like construction of canals, water tanks and under wiring
works relating to Department of Power Grid Corporation of India, in
Andhra Pradesh and Telangana. The firm purchases materials like
cement, steel, metal and CWD pipes from local suppliers located in
and around Andhra Pradesh and engage into construction works. Till
now, the firm has completed around 20 projects with total value of
about INR200.00 crore.
SPICEJET LTD: Ready to Return Leased Engine to Brussels
-------------------------------------------------------
Livemint.com reports that troubled low-cost airline SpiceJet has
informed the Delhi High Court that it is prepared to return a
leased engine to its lessor, Engine Lease Finance BV, in Brussels,
Belgium, at its own expense, following failed settlement talks
between the two parties.
According to Livemint.com, the court has asked both SpiceJet and
the lessor to nominate a third-party agency to inspect the engine's
condition before it is flown back to Brussels. It has also ordered
that the engine be kept in its current condition for inspection, in
accordance with the aircraft engine general agreement.
Both sides are yet to nominate a third-party agency for the
inspection. This case will next be heard on Monday [Feb. 19].
The lessor had approached the high court to hold SpiceJet
responsible for covering the costs of returning the engine and
restoring it to a usable state, Livemint.com recalls. The lessor
claims the engine is currently unfit for service and cannot be
returned to Europe, alleging SpiceJet's negligence in maintaining
it.
SpiceJet denies these accusations, citing normal wear and tear as
the cause of the engine's current condition, Livemint.com relates.
Livemint.com says Engine Lease Finance had moved to court in
December after unsuccessful settlement talks with SpiceJet,
alleging partial payments and failure to meet the terms of their
agreement.
In October, SpiceJet had agreed to pay over $2 million by 25
January and return the leased engine by that date.
Engine Lease Finance had initially approached the court in
September, stating that it had terminated its lease with SpiceJet
and received back eight of nine engines. The lessor sought a court
order to restrain SpiceJet from using the one engine that had not
been returned after the termination of the lease.
According to the agreement, SpiceJet cannot use the engine once the
lease ends.
The financially strained airline is facing legal battles over
unpaid dues in various courts. On 29 January, the Delhi High Court
ordered SpiceJet to pay $4 million to two engine lessors by 15
February or risk grounding of the leased engines.
In a cost-cutting move, the airline announced layoffs of 1,400
employees and plans to reduce its fleet, aiming to save around
INR100 crore annually.
About Spicejet
SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier. The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.
As recently reported in the Troubled Company Reporter-Asia Pacific,
aircraft lessor Wilmington Trust SP Services (Dublin) Ltd has filed
a petition for initiating the corporate insolvency resolution
process against SpiceJet.
This is the third case filed against the airline, according to The
Economic Times. Two other cases under Section 9 of the Insolvency
and Bankruptcy Code, 2016, have been filed by aircraft lessor
Aircastle (Ireland) Ltd and engine lessor Willis Lease Finance
Corporation.
Aircastle (Ireland) filed a CIRP petition against Spicejet on April
28, 2023, while Willis Lease Finance Corporation filed its petition
on April 12, 2023.
The National Company Law Tribunal (NCLT) on Dec. 4 dismissed Willis
Lease' insolvency petition.
In August 2023, aircraft lessor Celestial Aviation Services Ltd had
approached the tribunal to initiate insolvency proceedings against
the low-cost airline for a default of $29.9 million for nine
aircraft.
STRAIGHT EDGE: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Straight
Edge Contracts Private Limited (SECPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 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 December 19,
2022, placed the rating(s) of SECPL under the 'issuer
non-cooperating' category as SECPL 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. SECPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 4, 2023, November 14,
2023, November 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).
Straight Edge Contracts Private Limited (SEPL) was incorporated in
2009 by Mr. Rajesh Nagpal, Mr. Sahil Nagpal and Mr. Divam Kapoor.
The company is currently promoted by Mr. Rajesh Nagpal and Mr.
Sahil Nagpal. Earlier Mr. Rajesh Nagpal was engaged in trading of
building material and thereafter, he has worked with GulshanHomz
Pvt. Ltd which is engaged into construction of residential and
commercial structures. The company is engaged in civil construction
mainly for multistoried residential buildings for its associate
concern which operates in Delhi-NCR region. The company is also
engaged in real estate business; sale and purchase of
residential/commercial plots.
VK WAREHOUSING: CARE Keeps C Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of VK
Warehousing Enterprises (VWE) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 34.90 CARE C; 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 January 10,
2023, placed the rating(s) of VWE under the 'issuer
non-cooperating' category as VWE 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. VWE
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 26, 2023, December 6, 2023, February 5,
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).
Hyderabad based, VK Warehousing Enterprises (VWE) was established
as a partnership firm in January 2013 by Mrs. Kalpana Prasad and
Mrs. Sarala Devi. Mr. Vamsidhar Maddipatla, the managing director
of OSR Infra Private Limited (associate concern) is the chief
executive of VWE and handles the overall operations of the firm.
The firm is engaged in providing ware house on lease rental to
Uttar Pradesh State Warehousing Corporation (UPSWC) and other local
traders. Mr. Vamsidhar Maddipatla and family runs seven other
entities namely OSR Infra Private Limited, OSR MP Warehousing
Enterprises, OSR UP Warehousing Enterprises, Annapurna Saraswathi
Warehousing Enterprises, Annapurna Kalpana Warehousing Enterprises
and KPM Warehousing Enterprises which is in the same line of
business and have operational linkages. The property of VWE,
located at various districts of Uttar Pradesh, which is built on a
total land area of 1344,087 square feet comprises of 18 godowns,
with an aggregate storage capacity of 102,000 MT (Metric Tons) for
agricultural products and consumer goods. The total project cost
for the construction of 18 godowns was INR51.21 crore which was
funded through bank term loan of INR34.87 crore and promoters fund
of INR16.34 crore.
WIND WORLD: NARCL, Omkara ARC in Fray to Acquire Company
--------------------------------------------------------
The Economic Times reports that state-owned National Asset
Reconstruction Company (NARCL) and Manish Lalwani-promoted Omkara
Assets Reconstruction Company (ARC) are in the fray to acquire the
debt of wind turbine manufacturer Wind World (India) that has been
under corporate insolvency process for over five years.
NARCL has offered INR670 crore to lenders, which mainly includes
government-owned banks, while Omkara ARC has offered INR550 crore
as upfront cash, ET relates.
=========
J A P A N
=========
JAPAN: Slips Into Recession, Loses Spot as 3rd Largest Economy
---------------------------------------------------------------
Bloomberg News reports that Japan's economy unexpectedly slipped
into recession after shrinking for a second quarter due to anemic
domestic demand, prompting some central bank watchers to push back
bets on when the nation's negative interest rate policy will end.
Gross domestic product contracted at an annualized pace of 0.4% in
the final three months of last year, following a revised 3.3%
retreat in the previous quarter, the Cabinet Office reported Feb.
15, Bloomberg relays. Economists had expected the economy to expand
by 1.1%. The report showed both households and businesses cut
spending.
Bloomberg relates that the data also confirmed that Japan's economy
slipped to fourth-largest in the world in dollar terms last year.
Germany now has the world's third-largest economy.
The weaker-than-expected result will complicate the BOJ's case to
conduct the first rate hike in Japan since 2007, a step most
economists surveyed last month predicted the bank will take by
April.
According to Bloomberg, the BOJ's policy board has recently ramped
up discussions surrounding an exit from the subzero rate policy and
sought to assure markets that a rate hike wouldn't signal a sharp
shift in policy.
Governor Kazuo Ueda told parliament last week that financial
conditions in Japan will remain accommodative for the time being
even after the end of the negative interest rate, echoing one of
his deputies, Shinichi Uchida.
Bloomberg says the latest data underscored the case for keeping
policy loose by reflecting Japan's reliance on external demand. Net
exports contributed 0.2 percentage point to growth. Exports jumped
in December, led by automobiles to the US and chip manufacturing
gear to China. Inbound tourism, classified as service exports, also
saw continued growth, with the number of visitors setting a record
for the month in December.
Bloomberg adds that the figures show domestic activity remains
anemic, with inflation crimping spending. Private consumption
subtracted 0.2 percentage point, as households contending with
rising costs of living tightened their budgets. Household spending
fell 2.5% in December versus a year earlier, a 10th straight month
of declines, as wage gains lagged inflation.
Business spending was also weak last quarter, weighing on growth by
0.1 percentage point.
RAKUTEN GROUP: Posts Second-Largest Annual Net Loss of JPY339.4BB
-----------------------------------------------------------------
The Japan Times reports that Rakuten Group on Feb. 14 reported a
group net loss of JPY339.4 billion for the year through December,
its second-largest annual loss ever, as its mobile phone operations
continued to struggle.
The Japanese cybermall and mobile phone company incurred a net loss
for the fifth straight year, though the loss was smaller than the
year-before level of JPY377.2 billion, The Japan Times discloses.
Rakuten will skip a dividend payment for the first time in 23 years
to prioritize its financial stability.
According to The Japan Times, the mobile phone business posted an
adjusted operating loss of JPY337.5 billion, smaller than the
year-before loss of JPY479.2 billion. The number of subscribers
rose to 6.09 million as of the end of 2023 from 4.46 million a year
before.
The Japan Times says the company aims to raise the number of
subscribers to 8 million by the end of this year, the minimum level
needed to turn around its mobile phone operations. As part of the
effort, the company will offer a new discount program for families
on Feb. 21.
Rakuten needs to redeem corporate bonds totaling about JPY800
billion in 2024 and 2025, raising concerns about the company's
financing.
The company plans to effectively delay the redemption of some
bonds, including by buying bonds due in November this year using
proceeds from issuance of $1.8 billion worth of bonds maturing in
February 2027.
"The refinancing risk for 2024 has disappeared," The Japan Times
quotes Rakuten Chairman and CEO Hiroshi Mikitani as saying during a
news briefing. "There's not much to worry about after that."
The Rakuten Ichiba cybermall and other online services fared well,
as did financial technology operations, including the Rakuten Card
credit card business, adds The Japan Times.
About Rakuten Group
Japan-based Rakuten Group provides e-commerce, fintech, digital
content, and communications products and services.
As reported in the Troubled Company Reporter-Asia Pacific in late
January 2024, S&P Global Ratings assigned its 'BB' issue credit
rating to the proposed U.S. dollar-denominated senior unsecured
bonds that Rakuten Group Inc. (BB/Negative/--) has announced.
S&P equalizes the issue rating on Rakuten's proposed U.S.
dollar-denominated senior unsecured bonds with its long-term issuer
credit rating on the company. This reflects its view that more
senior debt (secured debt and subsidiaries' debt) accounts for a
very small portion of the nonfinancial unit's debt and does not
significantly subordinate the proposed bonds to other debt.
In addition to issuing the bonds, the company also announced that
it would prepay the U.S. dollar bonds due in November 2024 through
a tender offer.
=========
M A C A U
=========
WYNN MACAU: Fitch Assigns 'BB-' First-Time IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has assigned a first-time 'BB-' Issuer Default Rating
(IDR) to Wynn Resorts, Limited (WRL), Wynn Resorts Finance, LLC
(WRF), Wynn Las Vegas, LLC (WLV), Wynn Macau, Limited (WML), and WM
Cayman Holdings Limited II (WMC), or collectively, "Wynn". Fitch
has also assigned a 'BB+'/'RR1' to all first lien secured debt of
Wynn and a 'BB-'/'RR4' to all unsecured debt of Wynn. The Rating
Outlook is Stable.
The ratings reflect the high-quality portfolio of its gaming
assets, the expected improvement in Macau's gaming market in terms
of visitation and gaming activity that is expected to drive further
improvement in credit metrics, strong results in Las Vegas, and
robust liquidity that should fund near-term capital projects and
could lead to further debt reduction. This is somewhat offset by
the company's average diversification, although it operates in two
of the largest gaming markets in the world, and the capital
required to fund current and potential capital projects, which
could affect the pace of more meaningful credit improvement.
The Stable Outlook reflects Fitch's view that the Macau market will
continue to recover from the removal of travel restrictions due to
the pandemic, healthy Las Vegas market, and strong liquidity.
KEY RATING DRIVERS
Macau Recovery Builds Strength: The strong rebound in Macau gaming
revenues following the removal of the travel restrictions in
early-2023 is expected to be an important driver of Wynn's overall
credit improvement. Fitch estimates that mass market baccarat has
almost fully recovered to 2019 levels, particularly in the premium
mass, which is Wynn's target market. Mass market baccarat was 91%
of full year 2019 levels, although 4Q23 levels exceeded the 4Q19.
Despite the rapid growth in gaming revenues, visitation and airline
capacity remain below 2019 levels, and the rebound in those metrics
should provide another source of further revenue growth over the
near term. Results at Wynn Palace has responded strongly, with mass
market revenues and property EBITDAR margins for 3Q23 already above
2019 levels. Wynn Macau has rebounded a bit slower as the property
continues to focus away from the VIP market while increasingly
catering more to the premium mass market.
Improving Credit Story: As results in Las Vegas and Macau continue
to improve, Fitch expects EBITDAR leverage to improve from slightly
below 7x in 2023 to the low-5x range by 2025 through EBITDA growth
and partial debt reduction. Fitch expects Wynn to be FCF positive
over the forecast horizon. Meanwhile, liquidity is robust, which
includes $2.8 billion in cash, $792 million in short-term
investments, and $737 million of availability on the WRF revolver.
Fitch expects the credit will continue to improve despite the
existence of several material capital projects in Macau, Las Vegas,
Boston and the United Arab Emirates. Other potential projects could
include a casino development in New York if the company is awarded
a license by the state gaming commission.
Management does not have an explicit financial policy on leverage,
although the balance sheet has been managed prudently over the
years, despite taking on development projects that increase
leverage for a short period of time. The company repurchased shares
in 2023, but Fitch expects further repurchases will be
opportunistic and the dividend program will be the cornerstone of
capital return to shareholders.
Robust Las Vegas Results: Wynn's Las Vegas properties have improved
strongly as the impact of the pandemic weakened. The high-quality
nature of the properties combined with its favorable reputation
attracts a more affluent customer, which allows the company to
charge at a higher price point without affecting occupancy. There
is some belief that gaming revenues in Las Vegas could decline over
the next two years as the impact of pent-up demand recedes.
However, this could be offset by stronger room rates from the
return of the group and convention customer and visitation driven
by the attraction of entertainment offerings in Las Vegas (the Wynn
properties have benefited from the opening of The Sphere) and
sporting events.
Development Pipeline: Wynn plans to expand its Boston Harbor
complex through the addition of parking and other amenities. The
project is expected to begin in 2024 and be completed in 2026. In
Macau, the company is committed to $2.2 billion of investment over
10 years, which is split between $1.2 billion in capex and $1
billion for non-gaming focused operations, such as concerts and
events. The commitment could increase by 20% if total Macau gross
gaming revenue exceeds $22.5 billion. Room renovations in Las Vegas
are expected in 2024 and 2025 along with other smaller food and
beverage projects. Finally, the company is moving forward with a
resort development in Ras Al Khaimah in the United Arab Emirates.
Wynn is a 40% owner of the destination resort and the total cost is
expected to be $4 billion.
Strong Parent and Subsidiary Linkage: Fitch views Wynn on a
consolidated basis because the linkage between the parent, Wynn
Resorts Finance, and the operating subsidiaries is strong. The
parent has no unencumbered property cash flows, but benefits from a
meaningful royalty stream from the three distinct subsidiaries.
Wynn Resorts Finance, the primary debt-issuing entity in the U.S.,
is considered a stronger parent relative to the weaker Las Vegas
and Macau subsidiaries, given it benefits from ownership in three
district geographies (including Massachusetts).
As a result, Fitch applied the strong parent/weak subsidiary
approach under its Parent and Subsidiary Linkage Rating Criteria.
The linkage is strong because of perceived high strategic and
operational incentive, as the subsidiaries share brands and
customers across the system. Of note, there are no material
ring-fencing mechanisms to block cash movement from the
subsidiaries. WRF's bonds are cross-defaulted with Wynn Las Vegas'
bonds.
DERIVATION SUMMARY
Wynn historically maintained a 'BB' credit profile except in times
of large development spending or economic crisis, such as COVID or
the global financial crisis. The company has high-quality assets
and operates in attractive regulatory regimes, while typically
maintaining strong liquidity. Fitch expects Wynn to continue to
pursue development projects and expansions/renovations on existing
properties, but will do so in a prudent manner that preserves
liquidity.
Las Vegas Sands (BB+/Positive) has a larger presence in Macau with
five gaming properties and also is one of two operators in
Singapore. EBITDAR leverage at 4.0x is lower than Wynn and
operations have rebounded quickly given that Singapore was not
subject to the same travel restrictions as Macau. The company has a
strong commitment to a conservative financial policy and also
maintains very strong liquidity.
The Seminole Tribe of Florida (BBB/Stable), maintains lower
leverage, enjoys a degree of exclusivity in a deep Florida market,
and stronger credit metrics. Conversely, Seminole has less
discretionary distributions, which partially fund tribal government
operations, and is less diversified.
KEY ASSUMPTIONS
Macau operations are expected to have mid-teens revenue growth as
easy comparisons in early 2024 slowly decline to more normalized
levels. EBITDAR margins are expected to improve by 100-150bp in
2024 and improve slightly over the forecast horizon.
Las Vegas operations are expected to realize low single-digit
growth as lower casino revenues are offset by higher room, food and
beverage, and entertainment revenues. EBITDAR margins are expected
to remain flat over the forecast horizon.
Encore Boston Harbor revenues are expected to be slightly lower in
2024 due to disruption at the property from the Sumner Tunnel
construction project. Revenues are expected to improve post 2025 as
the road construction is completed and later in 2026 from the
expansion of the casino.
Capex and investment activity include the Encore Boston Harbor
expansion, the Macau concession agreements, the UAE resort
development, and expected room renovations in Las Vegas. There is
no assumption for investments in a potential New York casino
license.
Wynn has repurchased stock in 2023, but Fitch believes capital
allocation to shareholders will focus primarily through the
dividend. A nominal amount of share repurchases is estimated over
the forecast horizon as opportunistic purchases.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- EBITDAR leverage declining below 5.0x;
- EBITDAR fixed charge coverage above 3.0x;
- Maintain strong liquidity in order to ensure capital spending
and
working capital needs are sufficiently financed.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- EBITDAR leverage exceeding 6.0x on a sustained basis;
- EBITDAR fixed charge coverage sustaining below 2.5x;
- An increase in financial commitments due to new development
projects or increased capital allocations to shareholders that
anticipates the company will breech the EBITDAR leverage or EBITDAR
fixed charge coverage targets described above.
LIQUIDITY AND DEBT STRUCTURE
Strong liquidity: Liquidity includes $2.8 billion in cash, $792
million in short-term investments, and $737 million of availability
on the WRF revolver. Fitch expects the credit will continue to
improve despite the existence several material capital projects in
Macau, Las Vegas, Boston and the United Arab Emirates, which should
be primarily through FCF and cash on hand. Other potential projects
could include a casino development in New York if the company is
awarded a license by the state gaming commission. Management does
not have an explicit financial policy on leverage, although the
balance sheet has been managed prudently over the years, despite
taking on development projects that increase leverage for a short
period of time. During 2023, Wynn addressed current maturities and
a significant portion of 2025 maturities. Fitch believes that
remaining maturities should be manageable over the forecast
horizon.
The company repurchased shares in 2023, but Fitch expects further
repurchases will be opportunistic and the capital allocation to
shareholders will primarily be through the recently enacted
dividend program.
ISSUER PROFILE
Wynn Resorts, Ltd. owns and operates Encore Boston Harbor, Wynn Las
Vegas (including Wynn Encore) and through its 72% owned subsidiary,
Wynn Macau Limited, Wynn Macau and Wynn Palace in Macau, SAR. The
company also operates Wynn Interactive in Nevada, Massachusetts,
New York and Michigan.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
DATE OF RELEVANT COMMITTEE
January 26, 2024
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
WM Cayman Holdings
Limited II LT IDR BB- New Rating
senior unsecured LT BB- New Rating RR4
Wynn Macau, Limited LT IDR BB- New Rating WD
senior unsecured LT BB- New Rating RR4
USD 1 bln 5.5%
bond/note 15-Jan-2026
98313RAG1 LT BB- New Rating RR4
=====================
N E W Z E A L A N D
=====================
BIRDSNEST ENTERTAINMENT: Creditors' Proofs of Debt Due on March 6
-----------------------------------------------------------------
Creditors of Birdsnest Entertainment Limited are required to file
their proofs of debt by March 6, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Feb. 7, 2024.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
CLICKWORKS DESIGN: Bankrupt Director Jailed Over Unpaid Tax
-----------------------------------------------------------
Stuff.co.nz reports that a bankrupt Dunedin company director whose
failure to pay PAYE gave him a "competitive and lifestyle
advantage" over other taxpayers has been jailed.
According to Stuff, Leslie John McKenzie pleaded guilty to 48
charges of aiding and abetting his three companies to deduct tax
from workers' wages, which were never passed on to Inland Revenue.
He was sentenced to two-and-a-half years in jail in the Dunedin
District Court on Feb. 13.
Inland Revenue said Mr. McKenzie was convicted in 2016 for
identical offending involving PAYE of NZD333,470. He was sentenced
to nine months home detention for that offending.
It said the most recent offending started soon after that sentence
and involved three companies: Clickworks Design, Clickworks
Manufacturing, and Moduletec. The total unpaid tax was NZD560,000.
The companies were put into liquidation in 2022 and 2023 but
liquidators said it was unlikely money would be recovered, Stuff
relates.
The failure to account for PAYE deductions occurred over a
four-year period and was premeditated and deliberate, Inland
Revenue said.
Stuff relates that the department said in a statement that when
Clickworks Manufacturing and Clickworks Design were liquidated, Mr.
McKenzie simply carried on offending using a new company until it
too was liquidated.
"His use of the tax money as working capital and personal income
gave Mr. McKenzie a competitive and lifestyle advantage over other
taxpayers who paid their tax. The seriousness of the offending made
a prison sentence inevitable, even with a discount for early guilty
pleas."
It said he was an undischarged bankrupt.
As reported in the Troubled Company Reporter-Asia Pacific in late
October 2022, two Dunedin-based companies owned by the same man
have gone into liquidation over unpaid debts to Inland Revenue of
more than NZD1.2 million.
Clickworks Design Ltd and Clickworks Manufacturing Ltd were put
into liquidation in September 2022, after both companies were
served with demands for payments, Stuff said.
They were owned by sole director and shareholder Leslie John
McKenzie, of Dunedin.
Both companies failed to comply with the demands for payments,
according to their respective statements of claim.
CLIFFY'S FLAME: Creditors' Proofs of Debt Due on March 1
--------------------------------------------------------
Creditors of Cliffy's Flame, Grill and Spa Limited are required to
file their proofs of debt by March 1, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Feb. 1, 2024.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
JTS TRANSPORT: Court to Hear Wind-Up Petition on March 14
---------------------------------------------------------
A petition to wind up the operations of JTS Transport Limited will
be heard before the High Court at Palmerston North on March 14,
2024, at 10:00 a.m.
T R Group Limited filed the petition against the company on Dec. 8,
2023.
The Petitioner's solicitor is:
Edward Michael Somers Cox
Gibson Sheat, Lawyers
Level 2, 50 Customhouse Quay
Wellington 6011
PUNCH LIMITED: Court to Hear Wind-Up Petition on Feb. 23
--------------------------------------------------------
A petition to wind up the operations of Punch Limited will be heard
before the High Court at Auckland on Feb. 23, 2024, at 10:00 a.m.
MASH Holdings Limited filed the petition against the company on
Nov. 23, 2023.
The Petitioner's solicitor is:
Peter James Broad
Level 1
1/208 Great South Road
Papatoetoe
Auckland
REMARKABLE HOLDINGS: Creditors' Proofs of Debt Due on March 21
--------------------------------------------------------------
Creditors of Remarkable Holdings (New Zealand) Limited are required
to file their proofs of debt by March 21, 2024, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on Feb. 8, 2024.
The company's liquidators are:
Tony Leonard Maginness
Jared Waiata Booth
Baker Tilly Staples Rodway Auckland Limited
PO Box 3899
Auckland 1140
=================
S I N G A P O R E
=================
FABU PACKAGING: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Feb. 9, 2024, to
wind up the operations of Fabu Packaging Pte. Ltd.
Maybank Singapore Limited filed the petition against the company on
Jan. 15, 2024.
The company's liquidators are:
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
MANSANG PTE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Feb. 9, 2024, to
wind up the operations of Mansang Pte. Ltd.
Maybank Singapore Limited filed the petition against the company on
Jan. 18, 2024.
The company's liquidators are:
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
RISEBRID PTE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Feb. 9, 2024, to
wind up the operations of RISEBRID Pte. Ltd.
Maybank Singapore Limited filed the petition against the company on
Jan. 15, 2024.
The company's liquidators are:
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
SOON HIAN: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Feb. 9, 2024, to
wind up the operations of Soon Hian Engineering Pte Ltd.
Maybank Singapore Limited filed the petition against the company on
Jan. 17, 2024.
The company's liquidators are:
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
YAU SHING: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Feb. 9, 2024, to
wind up the operations of Yau Shing (Frozen Sharksfin Pte Ltd).
Poon Wee Huat (Fang Weifa), in his capacity as sole executor and
trustee of the estate of Chew Peck Kwee, filed the petition against
the company on Jan. 19, 2024.
The company's liquidator is:
Chan Li Shan
Agile 8 Solutions
133 Cecil Street
Singapore 069535
*********
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
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Information contained herein is obtained from sources believed
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thereof are US$25 each. For subscription information, contact
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*** End of Transmission ***