/raid1/www/Hosts/bankrupt/TCRAP_Public/240508.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, May 8, 2024, Vol. 27, No. 93
Headlines
A U S T R A L I A
ALLPRO OPERATIONS: First Creditors' Meeting Set for May 13
BONZA AVIATION: Almost 60K Customers Left Out of Pocket
DEEDS BREWING: To Wind Down Operations after No Buyer Found
EDGE FIRE: First Creditors' Meeting Set for May 10
HITECH PLUMBING: First Creditors' Meeting Set for May 10
MP01 PTY: First Creditors' Meeting Set for May 14
REDBACK TECHNOLOGIES: Enters Into Voluntary Administration
ROYAL TOBACCO: First Creditors' Meeting Set for May 10
SOUTHERN CROSS: Appoints Jirsch Sutherland as Administrators
C H I N A
BEST INC: Ernst & Young Hua Ming Raises Going Concern Doubt
CHINA VANKE: Tells Investors It Readied Money to Pay Bond
COOTEK CAYMAN: Shandong Haoxin Raises Going Concern Doubt
COUNTRY GARDEN: Deadlines Pose First Big Test of Bond Guarantees
H O N G K O N G
SEGANTII CAPITAL: Hong Kong Regulators Start Insider Dealing Case
I N D I A
AIRCEL CELLULAR: CARE Keeps D Debt Rating in Not Cooperating
AIRCEL LIMITED: CARE Keeps D Debt Rating in Not Cooperating
AIRCEL SMART: CARE Keeps D Debt Rating in Not Cooperating Category
ALOM POLY: CARE Keeps C Debt Rating in Not Cooperating Category
ARISTOL PRIVATE: Voluntary Liquidation Process Case Summary
ATS HEIGHTS: NCLT Begins Insolvency Process Against Realty Firm
BABA BHUMAN: CARE Lowers Rating on INR14.28cr LT Loan to D
BALAJI TIMBER: CARE Keeps C Debt Rating in Not Cooperating
COUPLE INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating
CUCKU ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
DISHNET WIRELESS: CARE Keeps D Debt Rating in Not Cooperating
ESSEL HOME: Insolvency Resolution Process Case Summary
G.S. BUILDTECH: CARE Keeps C/A4 Debt Ratings in Not Cooperating
GANAPATI BUILDERS: CARE Keeps C Debt Rating in Not Cooperating
GEETAPURAM PORT: Liquidation Process Case Summary
GUJARAT STEEL: CARE Keeps D Debt Ratings in Not Cooperating
JARYAL MOTOR: Insolvency Resolution Process Case Summary
KHANAPUR TALUKA: CARE Keeps C Debt Rating in Not Cooperating
KIRAN GLOBAL: CARE Keeps D Debt Ratings in Not Cooperating
KU-KOO-CH-KU POULTRY: CARE Keeps D Debt Rating in Not Cooperating
LANDMARK SIZING: CARE Lowers Rating on INR17.70cr LT Loan to D
LOGANAYAGI TIMBERS: CARE Keeps C Debt Rating in Not Cooperating
MARUTI NANDAN: CARE Keeps D Debt Rating in Not Cooperating
NUWAY ORGANIC: Insolvency Resolution Process Case Summary
POINT TEXTILES: CARE Keeps C Debt Ratings in Not Cooperating
PRASAD AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
PRICOMM MEDIA: Insolvency Resolution Process Case Summary
RAJGURU DEVELOPERS : Insolvency Resolution Process Case Summary
REXON LABORATORIES: CARE Keeps C Debt Ratings in Not Cooperating
ROCKDUDE IMPEX: CARE Keeps D Debt Ratings in Not Cooperating
ROSEWOOD PROJECTS: Insolvency Resolution Process Case Summary
RSI PRIVATE: Insolvency Resolution Process Case Summary
SOTHEBY'S ART: Voluntary Liquidation Process Case Summary
SUPREME OVERSEAS: Liquidation Process Case Summary
SUSHEEL ENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating
TAMOGNA ENTERPRISES: CARE Lowers Rating on INR9cr LT Loan to C
VARRON INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
WEST COAST FROZEN: CARE Keeps D Debt Ratings in Not Cooperating
WEST COAST: CARE Keeps D Debt Ratings in Not Cooperating Category
I N D O N E S I A
SEPATU BATA: Shoe Factory Shuts Down After 30 Years
N E W Z E A L A N D
APAMOA PLAZA: Court to Hear Wind-Up Petition on May 20
BUTTAR BROTHERS: Court to Hear Wind-Up Petition on May 10
OKANA NEW ZEALAND: Court to Hear Wind-Up Petition on June 21
PROPERTY PARTNERS: First Creditors' Meeting Set for May 13
SS (HOT): BDO Auckland Appointed as Receivers and Managers
S I N G A P O R E
ENSBURY KALTENG: Creditors' Proofs of Debt Due on June 7
NR CAPITAL: Creditors' Meetings Set for May 14
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A U S T R A L I A
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ALLPRO OPERATIONS: First Creditors' Meeting Set for May 13
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Allpro
Operations Pty Ltd will be held on May 13, 2024 at 2:00 p.m. via
teleconference only.
Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on May 1, 2024.
BONZA AVIATION: Almost 60K Customers Left Out of Pocket
-------------------------------------------------------
News.com.au reports that over 60,000 customers have been left out
of pocket following the collapse of budget airline Bonza, a court
has heard.
The company entered voluntary administration last week, less than
18 months after launching its first flights.
Accountancy firm Hall Chadwick has been appointed as
administrators, with the first meeting of creditors scheduled to be
held on Friday [May 10].
According to news.com.au, a court heard on May 7 that the company
had over 60,000 creditors - including 323 employees who were owed
wages and annual leave and 120 trade creditors.
There were a further 57,933 customers who had bookings with the
company, barrister James Hutton SC, who is acting for the
administrators, told the Federal Court on Tuesday morning [May 7],
news.com.au relates.
"Here we have a potential for 60-odd thousand creditors," the
report quotes Mr. Hutton as saying. "And of that we gave email
notification yesterday . . . and as at this morning over 41,000
people had opened up those emails."
News.com.au says the court heard it was estimated that upwards of
20,000 creditors could seek to take part in the creditors' meeting
and the administrators were working through the practicalities
including how a poll could be taken.
As well, it's unclear where the creditors were concentrated, but it
was estimated that they were based around the regional routes where
the airline operated.
"It is very difficult to see how 20,000-odd people could ever be
accommodated in a physical meeting, that would require a stadium,"
Mr. Hutton told Justice Elizabeth Cheeseman.
As well, Mr. Hutton told the court that the administrators were not
in possession of the six aircraft which made up the Bonza fleet,
according to news.com.au.
The planes were leased while the airline was operating and the
lessor had terminated its agreement with Bonza before it entered
administration.
"The company does not have access to any of the six aircraft which
it was presently using," Mr. Hutton said.
News.com.au adds the court heard that the aircraft were located at
airports around Australia, including Queensland's Sunshine Coast,
and the lessor intended to return them overseas.
About Bonza
Sunshine Coast-based Bonza was unveiled in October 2021 and its
first flight took off in January 2023. It operates Boeing
737-Max-8 planes and is backed by 777 Partners, an investment group
based in Miami, Florida. It originally flew 27 routes to 17
destinations but started cutting services during its first six
months.
Richard Albarran, Kathleen Vouris, Brent Kijurina and Cameron Shaw
of Hall Chadwick were appointed Administrators of the Company on
April 30, 2024.
DEEDS BREWING: To Wind Down Operations after No Buyer Found
-----------------------------------------------------------
The Crafty Pint reports that Deeds Brewing, along with the
brewery's Glen Iris taproom and affiliated spirits brand Future
Proof Distilling, are to cease operating. The decision to wind down
the business follows the appointment of Deloitte as voluntary
administrators in March.
The Crafty Pint relates that the brewery made the announcement on
social media, saying that since going into administration they had
been searching for a buyer or investor to keep the business alive.
"[U]nfortunately, this hasn't come to fruition," the post reads.
"Our hearts are broken. Since launching Deeds Brewing in 2012, our
mission has always been about passion and people. We'll deeply miss
our dedicated staff, who have become like family to us, and our
incredible fans who've stood by us through thick and thin
throughout the years."
In the short term, the brewery said they will continue to fulfil
all orders to wholesale customers so they can deplete their stock,
while anyone who has recently ordered from the brewery's online
store needn't worry about their order being fulfilled, The Crafty
Pint relays. They added that they will be running a 30 percent
discount off orders made online through their Glen Iris taproom,
which will operate as a bottleshop for the time being.
It's a sad end for the brewery, which started out as Quiet Deeds,
and their staff who just 12 months ago were celebrating a
triumphant night at the Australian International Beer Awards, where
they picked up Best Specialty Flavoured Beer for their BBA Peanut
Butter Imperial Stout, Best Specialty Beer for Ruminations, plus
Champion Victorian Brewery and Champion Medium Australian Brewery,
according to The Crafty Pint. Just 11 days ago, one of their
brewers took part in the collab brew featuring the 2023 champions
that will debut at next week's AIBA Trophy Presentation Night at
the Melbourne Showgrounds.
Upon entering voluntary administration in March, co-founder Patrick
Alé told The Crafty Pint that major factors in their decision at
the time were debt to the Australian Taxation Office (ATO) accrued
during COVID, for which they'd been unable to agree a payment plan,
and the rejection of an insurance claim related to "a significant
amount of beer" brewed with "contaminated malt which impacted the
flavour of their beer".
The Crafty Pint notes that Deeds are one of more than a dozen local
brewing companies to enter voluntary administration over the past
18 months. In the majority of cases, the owners have agreed a DOCA
(Deed of Company Arrangement) that has allowed them to continue at
the helm following a restructuring of finances, typically including
a payment to creditors of around ten cents on the dollar. In
others, new owners – or a combination of existing and new owners
– have brought the businesses out of administration.
EDGE FIRE: First Creditors' Meeting Set for May 10
--------------------------------------------------
A first meeting of the creditors in the proceedings of Edge Fire
Pty Ltd will be held on May 10, 2024 at 11:00 a.m. at the offices
of Dye & Co. at 165 Camberwell Road in Hawthorn East.
Nicholas Giasoumi and Shane Leslie Deane of Dye & Co. were
appointed as administrators of the company on May 1, 2024.
HITECH PLUMBING: First Creditors' Meeting Set for May 10
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Hitech
Plumbing Industries Pty Ltd will be held on May 10, 2024 at 10:30
a.m. by virtual technology.
Andrew Scott and Daniel Walley of PwC were appointed as
administrators of the company on April 30, 2024.
MP01 PTY: First Creditors' Meeting Set for May 14
-------------------------------------------------
A first meeting of the creditors in the proceedings of MP01 Pty Ltd
will be held on May 14, 2024 at 10:00 a.m. at 22 Market Street in
Brisbane and via electronic meeting.
David Michael Stimpson and Adam Kersey of SV Partners were
appointed as administrators of the company on May 1, 2024.
REDBACK TECHNOLOGIES: Enters Into Voluntary Administration
----------------------------------------------------------
pv magazine Australia reports that Brisbane-based inverter and
battery company Redback Technologies has entered voluntary
administration and is now actively seeking new investment.
McGrathNicol Restructuring has been appointed as voluntary
administrators of Redback Operations Pty Ltd, with McGrathNicol
confirming partners Anthony Connelly, Mark Holland and Jamie Harris
were appointed on March 5, 2024, the report discloses.
According to pv magazine Australia, the administrators said they
are working with Redback Operations' employees, customers and
suppliers while they "call for expressions of interest for the sale
or recapitalisation of all or part of the business."
Redback Technologies was exhibiting in Sydney's Smart Energy Expo
this week. It has a range of new products expected to hit the
market in the next eight to 12 months, including its next
generation hybrid battery system, for which commercial shipments
are slated for June.
The company was also previewing its latest hybrid 3-phase inverter,
which it hopes to launch late this year or early next.
"We firmly believe there is a place in the market for
Australian-engineered products," Aaron Moreton, the company's Head
of Sales and Partnerships, told pv magazine Australia.
Redback Technologies exclusively distributes through electrical
wholesalers, meaning warranties on its products will be honoured
should it fail to secure adequate investment, pv magazine Australia
says. Its distributors include Greentech, Krannich, Rexel, Solar
Plus Solutions (SPS), Middy's Electrical and others.
Pylontech, which supplied the battery technology used in its latest
hybrid battery product, will also honour warranties, the report
adds.
Redback's installer and distribution channels have been alerted.
ROYAL TOBACCO: First Creditors' Meeting Set for May 10
------------------------------------------------------
A first meeting of the creditors in the proceedings of Royal
Tobacco Pty Ltd will be held on May 10, 2024 at 10:00 a.m. at the
offices of O'Brien Palmer at Level 9, 66 Clarence Street in Sydney
and via Zoom teleconferencing facilities.
Daniel John Frisken of O'Brien Palmer was appointed as
administrator of the company on May 1, 2024.
SOUTHERN CROSS: Appoints Jirsch Sutherland as Administrators
------------------------------------------------------------
Business News Australia reports that high debt levels and
insufficient working capital have pushed one of Australia's leading
fresh produce suppliers to Australian supermarkets, Southern Cross
Produce, into administration.
According to the report, Sydney Markets-based Southern Cross has
appointed Jirsch Sutherland partners Andrew Spring and Melissa Lau
as voluntary administrators with the first creditors' meeting
expected to be held on May 16.
Mr. Spring and Ms. Lau are currently undertaking an extensive
investigation into the financial affairs of the company, with hopes
that a viable proposal for a Deed of Company Arrangement (DOCA)
will be received, BNA relates.
"High levels of debt coupled with insufficient working capital are
hindering the business from operating profitably. The director is
looking for an external injection of funds to recapitalise the
business," the report quotes Ms. Lau as saying.
Mr. Spring said the moratorium provided by the voluntary
administration provides an opportunity for the business to reset.
"It is hoped that effective communication with the key
stakeholders, such as employees, customers, growers and financiers,
will allow each party to work together to find a solution to the
current financial circumstances," Mr. Spring said.
A spokesperson for the administrators said the Southern Cross group
has around 20 staff, while the administration itself applies to
seven entities: Southern Cross Produce Melbourne, Southern Cross
Produce Farming, Southern Cross Produce Wholesale, Southern Cross
Produce (Sydney), Southern Cross Holdings (Aust), King Choi, and
Wang Family Investments.
Southern Cross Produce (Sydney) Pty Limited was founded in 1992.
The company's line of business includes the wholesale distribution
of fresh fruits and vegetables.
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C H I N A
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BEST INC: Ernst & Young Hua Ming Raises Going Concern Doubt
-----------------------------------------------------------
BEST, Inc. disclosed in a Form 20-F Report filed with the U.S.
Securities and Exchange Commission for the fiscal year ended
December 31, 2023, that its auditor has expressed substantial doubt
about the Company's ability to continue as a going concern for the
next 12 months.
Shanghai, The People's Republic of China-based Ernst & Young Hua
Ming LLP, the Company's auditor since 2016, issued a "going
concern" qualification in its report dated April 30, 2024, citing
that the Company has suffered recurring losses from operations and
had a working capital deficiency.
According to the Company, "The intense market competition continues
to have an adverse impact on the Company's business operations and
liquidity. We have incurred net losses from continuing operations
of RMB908.6 million (US$128.0 million) and generated negative cash
flows from continuing operating activities of RMB545.1 million
(US$76.8 million) during the year ended December 31, 2023, and had
an accumulated deficit of RMB19,749.3 million (US$2,781.6 million)
and a working capital deficiency of RMB1,762.0 million (US$248.2
million) as of December 31, 2023. As of December 31, 2023, the
balance of our total cash and cash equivalents, current restricted
cash and short-term investments was RMB1,470.2 million (US$207.1
million)."
"These adverse conditions indicate that there is substantial doubt
about our ability to continue as a going concern. Our management
has implemented cost saving plans to reduce discretionary
operational expenses and secure additional financing including, but
not limited to, obtaining additional credit facilities from banks
in the normal course of business, and re-financing certain existing
notes payables. In the first quarter of 2024, we have successfully
obtained new financing of RMB220,000 (US$30,986) short-term bank
loans on credit maturing in one year, which allows us to enhance
liquidity. Although we have achieved encouraging initial results
from our plans to reduce our costs and expenditures in the first
quarter of 2024 for certain business segments, if we are
unsuccessful in our efforts or are unable to raise additional
financing in the near term, we may be required to significantly
reduce or scale back our operations. There are uncertainties as to
whether, and there can be no assurance that the aforesaid plans can
be successfully executed."
A full-text copy of the Company's Form 20-F is available at
https://tinyurl.com/mrxcr87r
About BEST, Inc.
Zhejiang Province, China-based BEST Inc. (NYSE: BEST) --
http://www.best-inc.com/en/-- is an integrated smart supply chain
solutions and logistics services provider in China and Southeast
Asia. Through its proprietary technology platform and extensive
networks, BEST offers a comprehensive set of logistics and
value-added services, including freight delivery, supply chain
management, and global logistics services. BEST's mission is to
empower business and enrich life by leveraging technology and
business model innovation to create a smarter, more efficient
supply chain.
As of December 31, 2023, the Company has US$106.51 million in total
assets, US$120.33 million in total liabilities, and US$13.83
million in total shareholders' deficit.
CHINA VANKE: Tells Investors It Readied Money to Pay Bond
---------------------------------------------------------
Bloomberg News reports that one of China's most-watched developers
has told some investors that it readied cash for an upcoming yuan
bond payment, a move that may boost a firm that's faced concern
about its liquidity amid a broader property debt crisis.
State-backed builder China Vanke Co. told some investors recently
that it has readied cash to repay its CNY1.45 billion (US$201
million) note due May 25, according to people familiar with the
matter, Bloomberg relays.
The security is indicated at CNY97.6, suggesting investors' high
conviction that the issuer will be able to repay the debt at
maturity, according to Bloomberg-compiled data.
According to Bloomberg, the state-backed developer has become the
latest flashpoint in the nation's property crisis, and sought to
assuage concern about its ability to stave off default after a
market selloff in recent months. The company will exit non-core
operations and divest assets as the developer seeks to boost
liquidity amid the sector's unprecedented downturn, according to a
memo from a shareholder meeting in April.
Vanke has another offshore bond due this year, a US$600 million
bond that will mature on June 7, according to Bloomberg-compiled
data. The bond is traded at 96.9 cents on the dollar,
Bloomberg-compiled data shows.
But the company's longer-duration dollar bonds maturing in 2028 and
2029 are still traded below 60 cents on the dollar, a territory
usually considered distressed.
About China Vanke
China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.
As reported in the Troubled Company Reporter-Asia Pacific on May 1,
2024, Moody's Ratings has downgraded the following ratings of China
Vanke Co., Ltd. and its wholly-owned subsidiary, Vanke Real Estate
(Hong Kong) Company Limited.
1. China Vanke's corporate family rating to Ba3 from Ba1;
2. Backed senior unsecured rating on the medium-term note (MTN)
program of Vanke Real Estate to (P)B1 from (P)Ba2; and
3. Backed senior unsecured rating on the bonds issued by Vanke Real
Estate to B1 from Ba2.
The MTN program and senior unsecured bonds are supported by a deed
of equity interest purchase undertaking and a keepwell deed between
China Vanke, Vanke Real Estate and the bond trustee.
The entities' outlooks have been revised to negative. Previously,
their ratings were on review for downgrade.
The TCR-AP recently reported that S&P Global Ratings lowered its
long-term issuer credit rating on China Vanke Co. Ltd. to 'BB+'
from 'BBB+', and its long-term issuer credit rating on China
Vanke's subsidiary, Vanke Real Estate (Hong Kong) Co. Ltd. to 'BB'
from 'BBB'. S&P also lowered the issue rating on Vanke HK's senior
unsecured notes to 'BB' from 'BBB'.
The negative outlook on China Vanke reflects S&P's expectation that
the company's contracted sales could decline further over the next
12 months amid a prolonged industry downturn. China Vanke's
financial position could also weaken if the company fails to
execute its asset disposal plans.
COOTEK CAYMAN: Shandong Haoxin Raises Going Concern Doubt
---------------------------------------------------------
CooTek (Cayman) Inc. disclosed in a Form 20-F Report filed with the
U.S. Securities and Exchange Commission for the fiscal year ended
December 31, 2023, that its auditor expressed substantial doubt
about the Company's ability to continue as a going concern.
Shandong Haoxin Certified Public Accountants Co., Ltd., based in
Weifang, The People's Republic of China, the Company's auditor
since 2022, issued a "going concern" qualification in its report
dated April 30, 2024, citing that the Company accumulated and had
recurring losses from operations, negative cash flows from
operating activities and negative working capital as of December
31, 2023. These adverse conditions indicate that there is
substantial doubt about its ability to continue as a going
concern.
The Company's revenue declined from US$272.1 million in 2021 to
US$83.9 million in 2022 and further to US$32.0 million in 2023. As
of December 31, 2023, its current liabilities exceeded its current
assets by US$1.2 million, compared to US$0.3 million as of December
31, 2022. The Company incurred a net loss of US$2.6 million and
negative cash flows from operating activities of US$6.6 million in
2023, and recorded an accumulated deficit of US$216.9 million as of
December 31, 2023.
These adverse conditions and events indicate raise substantial
doubt about the Company's ability to continue as a going concern.
The Group's ability to continue as a going concern is dependent on
management's ability to execute its business plan covering the next
12 months to enhance its operating cash flow, obtain capital
financing from investors and borrowings from commercial banks to
fund its general operations including its marketing activities.
A full-text copy of the Company's Form 20-F is available at
https://tinyurl.com/mrxm9u29
About CooTek
Shanghai, China-based CooTek (Cayman) Inc. (OTC: CTKYY) is a mobile
internet company with a global vision that offers pan-entertainment
mobile applications, focusing on online literature and mobile
games.
As of December 31, 2023, the Company has US$9.3 million in total
assets, US$9.7 million in total liabilities, and US$389,655 in
total shareholders' deficit.
COUNTRY GARDEN: Deadlines Pose First Big Test of Bond Guarantees
----------------------------------------------------------------
Bloomberg News reports that a Chinese program providing state
guarantees to developer bonds will be put to the test this week,
when payments come due from one of the most indebted builders.
Bloomberg says the sum owed by Country Garden Holdings Co. is
relatively small - CNY65.95 million (US$9.1 million) for two
interest payments. Both notes are guaranteed by China Bond
Insurance Co., a state-owned credit-support provider at the heart
of a program introduced by authorities in August 2022 to help
private developers avoid liquidity crunches.
Bloomberg relates that none of the builders that have used the
program have missed payments on the guaranteed securities. Yet
while Country Garden itself recently dodged its first local default
on yuan bonds, strains have mounted after it missed payments on
dollar notes last year. The builder is fighting a liquidation
petition filed by a creditor in a Hong Kong court, and the first
hearing is scheduled for May 17.
"It is unclear whether Country Garden has the cash and willingness
to pay the coupon given the sharp and continued contraction of its
contracted sales," Bloomberg quotes Zerlina Zeng, senior credit
analyst at Creditsights Inc., as saying. "However, we expect China
Bond to step in if Country Garden misses the payment as failing to
do would shake market confidence towards the bond guarantee
program."
So far at least 33 bonds have been issued by private developers via
the program, with CNY33.7 billion raised in total, according to
Bloomberg-compiled data. Because payments on most of these bonds
won't be due until 2025 or 2026, the program hasn't faced a real
test so far.
Country Garden's sheer size - with more than 3,000 housing projects
in mainly smaller cities, according to its 2023 interim report -
underscores its importance to the broader economy and the stakes
for government if the guarantee program has to be tapped, the
report states.
Aside from Country Garden, private developers that have issued
bonds via the program include defaulted builder CIFI Holdings Group
Co., as well as Longfor Group Holdings Ltd. and Seazen Group Ltd.,
among others, Bloomberg discloses.
Bloomberg says the program is aimed at shoring up a sector that is
still deeply mired in debt. During the boom years, many home buyers
paid developers in advance for unfinished apartments. Now Chinese
private developers face a CNY4 trillion funding gap to complete
pre-sold homes, according to a research report by Goldman Sachs
Group Inc.
Once China's largest developer by sales, Country Garden has been
hit hard by the property crisis and now is saddled with CNY1.36
trillion of total liabilities, according to its unaudited 2023
interim results, Bloomberg relays.
The Foshan-based company reported contracted sales for April of
CNY3.9 billion, compared with CNY22.7 billion in the same period
last year.
About Country Garden
Country Garden Services Holdings Co Ltd (HKE:6098) is an investment
holding company, invests, develops, and constructs real estate
properties primarily in Mainland China. The company operates in two
segments, Property Development and Construction. It develops
residential projects, such as townhouses and condominiums; and car
parks and retail shops. The company also develops, operates, and
manages hotels. In addition, it researches and develops robots;
sells electronic hardware and food; and provides interior
decoration, agriculture, landscape design, investment and
management consulting, cultural activity planning, and real estate
consulting services.
As reported in the Troubled Company Reporter-Asia Pacific on Dec.
18, 2023, Fitch Ratings has maintained Country Garden Services
Holdings Company Limited's (CGS) Long-Term Issuer Default Rating
(IDR) of 'BB+' on Rating Watch Negative (RWN). At the same time,
Fitch has withdrawn the rating.
The RWN captures the risk of an erosion in CGS's liquidity and
working capital, as well as any change in its financial policies,
in light of the heightened liquidity pressure at its sister
company, Country Garden Holdings Company Limited (CGH). The 'BB+'
IDR is supported by CGS's leading market position, sustained
operating and free cash flow (FCF) generation from its stable,
asset-light business and robust net cash position.
Fitch has chosen to withdraw CGS' ratings for commercial reasons.
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H O N G K O N G
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SEGANTII CAPITAL: Hong Kong Regulators Start Insider Dealing Case
-----------------------------------------------------------------
The Wall Street Journal reports that Hong Kong's securities
regulator has started criminal proceedings against hedge fund
management firm Segantii Capital Management, the firm's founder and
a former trader over insider dealing.
The Journal relates that the city's Securities and Futures
Commission said May 2 that it had begun proceedings against
Segantii founder Simon Sadler and Daniel LaRocca, a former trader
for the firm. It said no plea was taken by defendants in an
appearance before a Hong Kong court, with the case subsequently
adjourned to June 12.
Sadler and LaRocca were released on conditions including cash bail
of 1 million Hong Kong dollars ($128,000) and HK$500,000,
respectively, the Journal says.
According to the Journal, the case relates to what the SFC
described as the offense of insider dealing in the shares of a Hong
Kong-listed company before a block trade in June 2017. The SFC
didn't name the listed company nor provide further details about
the case in a statement posted to its website. It added that it
wouldn't comment further with legal proceedings now under way.
Segantii Capital Management Limited operates as an investment
management firm. The Firm manages securities, a well as offers
asset management and advisory services. Segantii Capital Management
serves customers in Hong Kong.
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AIRCEL CELLULAR: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aircel
Cellular Limited (ACL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17,479 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CARE Ratings), vide its press release dated
February 13, 2023, continued to place ratings of ACL under the
'Issuer Not Cooperating' category, as the company had failed to
provide requisite information required for monitoring of ratings as
agreed to in its rating agreement. ACL continues to be
non-cooperative, despite repeated requests for submitting
information through phone calls and emails dated December 30, 2023,
January 9, 2024, and January 19, 2024.
In line with the extant SEBI guidelines, CARE Ratings has reviewed
the rating based on best available information, which however, in
CARE Ratings' 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 considering
the above ratings.
Detailed description of key rating drivers
At the time of last rating on February 13, 2023, following were the
rating weaknesses:
Key weaknesses
* Delays in resolution process under National Company Law Tribunal
(NCLT): The company has been admitted in the NCLT and its
resolution process for debt is pending with the judiciary.
AL, together with its two wholly owned subsidiaries ACL and DWL,
provides 2G wireless telecom services in 22 circles of India and 3G
services in 13 circles. ASML, another wholly owned subsidiary of
AL, provides mobile banking services. Maxis Communications Berhad
(MCB), through Global Communication Service Holdings Limited and
Deccan Digital Networks Private Limited, effectively holds
approximately 73.99% equity interest in AL. Further, AL filed a
etition under Section 10 of the Insolvency and Bankruptcy Code,
2016 before the National Company Law Tribunal, Mumbai Bench.
AIRCEL LIMITED: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aircel
Limited (AL) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17,479 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CARE Ratings), vide its press release dated
February 13, 2023, continued to place ratings of AL under the
'Issuer Not Cooperating' category, as the company had failed to
provide requisite information required for monitoring of ratings as
agreed to in its rating agreement. AL continues to be
non-cooperative, despite repeated requests for submitting
information through phone calls and emails dated December 30, 2023,
January 9, 2024, and January 19, 2024.
In line with the extant SEBI guidelines, CARE Ratings has reviewed
the rating based on best available information, which however, in
CARE Ratings' 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 considering
the above ratings.
Detailed description of key rating drivers
At the time of last rating on February 13, 2023, following were the
rating weaknesses:
Key Weaknesses
* Delays in resolution process under National Company Law Tribunal
(NCLT): The company has been admitted in the NCLT and its
resolution process for debt is pending with the judiciary.
AL, together with its two wholly owned subsidiaries ACL and DWL,
provides 2G wireless telecom services in 22 circles of India and 3G
services in 13 circles. ASML, another wholly owned subsidiary of
AL, provides mobile banking services. Maxis
Communications Berhad (MCB), through Global Communication Service
Holdings Limited and Deccan Digital Networks Private Limited,
effectively holds approximately 73.99% equity interest in AL.
Further, AL filed a etition under Section 10 of the Insolvency and
Bankruptcy Code, 2016 before the National Company Law Tribunal,
Mumbai Bench.
AIRCEL SMART: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aircel
Smart Money Limited (ASML) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17,479 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CARE Ratings) had, vide its press release
dated February 13, 2023, continued to place ratings of ASML under
the 'Issuer Not Cooperating' category as the company had failed to
provide the requisite information required for monitoring of
ratings as agreed to in its rating agreement. ASML continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated November 23, 2022,
December 6, 2022 and January 16, 2023, among others.
In line with the extant Securities and Exchange Board of India
(SEBI) guidelines, CARE Ratings has reviewed the rating based on
the best available information which however, in CARE Ratings'
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 ratings.
Analytical approach: Consolidated -Ratings consider a consolidated
view on credit risk profiles of Aircel Limited and its whollyowned
subsidiaries namely Aircel Smart Money Limited, Aircel Cellular
Limited and Dishnet Wireless Limited (AL- Aircel Limited, ASML –
Aircel Smart Money Limited, ACL – Aircel Cellular Limited, DWL
– Dishnet Wireless Limited). Refer to Annexure 6 for the list of
consolidated entities.
Detailed description of the key rating drivers
At the time of last rating on February 13, 2023, following were
rating weaknesses:
Key Weaknesses
* Delays in resolution process under NCLT: The company has been
admitted in NCLT and its resolution process for the debt is pending
with the judiciary.
Aircel Limited (AL), together with two of its wholly owned
subsidiaries ACL and DWL, provides 2G wireless telecom services in
all 22 circles of India and 3G services in 13 circles. ASML,
another wholly owned subsidiary of AL, provides mobile banking
services. Maxis Communications Berhad (MCB), through Global
Communication Service Holdings Limited and Deccan Digital Networks
Private Limited, effectively holds approximately 73.99% equity
interest in AL. Aircel had filled before the National Company Law
Tribunal, Mumbai Bench ("NCLT") in terms of Section 10 of the
Insolvency and Bankruptcy Code, 2016.
ALOM POLY: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Alom Poly
Extrusions Limited (APEL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.65 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 February 21,
2023, placed the rating(s) of APEL under the 'issuer
non-cooperating' category as APEL 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. APEL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 7, 2024, January 17, 2024, January 27,
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).
Alom Poly Extrusions Limited (APEL) was incorporated in June 1990
and currently it is managed by Mr. Ajay Prakash Jhunjhunwala, Mr.
Shree Prakash Jhunjhunwala, Mr. Pravin Agarwal, Mr. Anil Kumar Seth
and Mr. Arnav Jhunjhunwala. The company is into manufacturing of
corrugated polyethylene pipes for sewage, drainage and cables
protection. The company is manufacturing of Double Wall Corrugated
(DWC) High Density Polyethylene (HDPE) Pipes in diameters upto 1000
MM. The manufacturing facility of the company is located at
Banganagar, West Bengal, with an installed capacity of 1000 metric
tones per annum (MTPA), has the latest plant and machinery and
fully equipped QA laboratory for testing and establishment of
highquality products.
ARISTOL PRIVATE: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Aristol Private Limited
18th Floor, Building No. 5,
Tower A, Phase 3,
Cyber City Gurgaon, Gurugram
Liquidation Commencement Date: April 26, 2024
Court: National Company Law Tribunal Delhi Bench
Liquidator: Rahul Jindal
109, Surya Kiram Building, KG Marg,
Connaught Place, New Delhi - 110001
Email: vliquidationaristol@gmail.com
Tel No: +9811305334
Last day for
submission of claims: May 26, 2024
ATS HEIGHTS: NCLT Begins Insolvency Process Against Realty Firm
---------------------------------------------------------------
Hindustan Times reports that the National Company Law Tribunal has
started corporate insolvency resolution process against ATS
Knightsbridge project, a luxury project located in Noida's sector
124.
The NCLT has appointed an interim resolution professional after the
builder, ATS, failed to pay dues on time, said the order.
According to Hindustan Times, the ASK Trusteeship Services Private
Limited representing ASK Real Estate Special Opportunities Fund and
ASK Real Estate Special Opportunities Fund II in capacity of being
its investment manager, ASK India Real Estate Special Opportunities
Fund PTE Ltd and ASK Investment Managers Limited (collectively
referred to as "ASK Entities/Petitioners") initiated corporate
insolvency resolution professional process against realty firm ATS
Heights Private Limited that is developing Knightsbridge project.
ATS Heights Private Limited allegedly defaulted in payment of
INR285 crore and INR47 crore to the lender thus inviting the CIRP,
said the order.
"For the reasons stated therein, the application is allowed and the
name of newly proposed interim resolution professional (IRP) Gaurav
Katiyar having Registration No: IBBI/IPA001/IP-P00209/2017-18/10409
is taken on record as an IP proposed by the petitioners to
appointed as IRP," said the NCLT bench of justice Ashok Kumar
Bhardwaj and Subrata Kumar Dash member technical delivered the
order on April 22, 2024, Hindustan Times relays.
"The prayer made in the captioned petition is that the construction
work should not be hampered and the home buyers should not be
adversely affected. We have already passed an order in this regard
in C.P (IB)-570/ND/2023.Nevertheless, it is further directed that
the IRP would ensure that the project continue and construction
work is not hampered. The suspended promoters/management of
corporate debtor would ensure full compliance of Section 19(1) of
IBC, 2016," said order.
Hindustan Times says the ATS promoter Getamber Anand argued that it
was no default on the company's part because INR285 crore or INR47
crore was not a 'debt as it was an equity'. But the NCLT went on
admitting the plea and started the CIRP considering the default
commissioned by the realty company.
"Thus, even the non-payment of a part of debt when it becomes due
and payable will amount to default on the part of a corporate
debtor. In such a case, an order of admission under Section 7 IBC
must follow. If NCLT finds that there is a debt, but it has not
become due and payable, the application under Section 7 can be
rejected. Otherwise, there is no ground available to reject the
application . . ." the order, as cited by Hindustan Times, said.
The ATS Group had in 2012 bought 11.5 acres land for 604 crore from
another Noida based realty firm Logix Group. The developer was
supposed to develop 60% commercial and 40 residential on this land
located along Noida-Greater Noida Expressway.
In May 2016, the Noida authority had approved building layout maps
and then allowed the construction in this project measuring 11.5
acres in sector 124. The ATS was supposed to develop residential
first in phase I and then the commercial development was supposed
to be started. The building consists of 5 towers of 47 storeys in
the residential phase. The developer has partially developed the
residential towers.
"We are talking to the entities, which have filed the petition to
initiate the CIRP against our company. Hopefully the matter will be
settled amicably any time. Also the important thing is that the
issue was not related to debt or default. It was equity that was
invested in the company. Therefore, the issue will be resolved,"
the report quotes Getamber Anand, promoter of ATS Group, as
saying.
BABA BHUMAN: CARE Lowers Rating on INR14.28cr LT Loan to D
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Baba Bhuman Shah Ji Rice Mills (BBSJRM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.28 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 23,
2023, placed the rating(s) of BBSJRM under the 'issuer
non-cooperating' category as BBSJRM 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. BBSJRM continues to be non-cooperative despite
repeated requests for submission of information through e-mail,
phone calls and a letter/email dated May 1, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information. The rating revision also considers delays in
debt servicing as recognized from publicly available information.
Baba Bhuman Shah Ji Rice Mills (BBSJRM) was established in 2013 as
a partnership firm by Mr Kewal Krishan, Mr Kharait Lal, Mr Sandeep
Kumar, Mr Subhash Chander, Mr Rajinder Kumar, Mr Surinder Kumar and
Mrs Kanta Rani. The commercial operations started from November
2013. The firm is engaged in processing of paddy at its
manufacturing facility located in Fazilka, Punjab.
BALAJI TIMBER: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri Balaji
Timber Mart (SBTM) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 14.50 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 February 23,
2023, placed the rating(s) of SBTM under the 'issuer
non-cooperating' category as SBTM 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. SBTM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 9, 2024, January 19, 2024, January 29,
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).
Analytical approach: Combined
For arriving at the ratings, CARE has combined the business and
financial risk profiles of Sri Loganayagi Timbers and Sri Balaji
Timber Mart. This is because both the entities, have business
synergies, common promoters and fungible cash flows.
Outlook: Stable
Tamil Nadu based, Sri Balaji Timber Mart (SBTM) was established in
2001 as a proprietorship concern by Mr. I.S. Murugan who is the key
managerial personnel for Sri Balaji Timber Mart and Sri Loganayagi
Timbers. Both the firms are engaged in trading and processing of
different types of timber logs, sawn timber and timber products.
The timber logs are imported from Malaysia, Singapore, Burma,
Brazil etc., which are subsequently sized into various commercial
sizes as per requirement of the customers and sells the end
products to wholesalers, retailers and others. The firm's has
presence and widespread distribution network in the states of Tamil
Nadu, Kerala and Karnataka.
COUPLE INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Couple
International Private Limited (CIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.70 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 February 13,
2023, placed the rating(s) of CIPL under the 'issuer
non-cooperating' category as CIPL 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. CIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 30, 2023, January 9, 2024, January 19,
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).
Vardhan. CIPL is engaged in the manufacturing of garments and
accessories (scarfs). Its manufacturing plant is located in Noida,
Uttar Pradesh.
CUCKU ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Cucku
Enterprises Private Limited (CEPL) 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
Long Term/ 6.50 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 22,
2023, placed the rating(s) of CEPL under the 'issuer
non-cooperating' category as CEPL 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. CEPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 8, 2024, January 18, 2024, January 28,
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).
Delhi-based CEPL was incorporated in 2008 and is currently being
managed by Mr Chirag Goel and Mr Chaman Goel. The company is
engaged in processing of spices such as whole, grounded and blended
spices at its processing unit in Delhi. Besides this, the company
is also engaged in trading of rice. The company procures the raw
material such as turmeric, coriander, chillies, black pepper,
ginger powder and mustard powder from suppliers located in Delhi
region and nearby areas and traded good i.e. rice is procured from
brokers in Haryana and Punjab. The company sells its products
domestically and also exports the products to UK, Australia,
Canada, USA and South Africa.
DISHNET WIRELESS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dishnet
Wireless Limited (DWL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17,479 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CARE Ratings) had, vide its press release
dated February 13, 2023, continued to place the rating of DWL under
the 'Issuer Not Cooperating' category as the company had failed to
provide the requisite information required for monitoring of
ratings as agreed to in its rating agreement. DWL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated December 30, 2023,
January 9, 2024, and January 19, 2024.
In line with the extant Securities and Exchange Board of India
(SEBI) guidelines, CARE Ratings has reviewed the rating based on
the best available information, which however, in CARE Ratings'
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.
Analytical approach: Consolidated- The rating considers a
consolidated view on credit risk profiles of Aircel Limited and its
wholly owned subsidiaries, namely, Aircel Smart Money Limited,
Aircel Cellular Limited, and Dishnet Wireless Limited (AL- Aircel
Limited, ASML – Aircel Smart Money Limited, ACL – Aircel
Cellular Limited, and DWL – Dishnet Wireless Limited).
Detailed description of the key rating drivers
At the time of last rating on February 13, 2023, following were the
rating weaknesses:
Key weaknesses
* Delays in resolution process under NCLT: The company has been
admitted in National Company Law Tribunal (NCLT) and its resolution
process for the debt is pending with the judiciary.
Aircel Limited (AL), together with two of its wholly owned
subsidiaries, ACL and DWL, provides 2G wireless telecom services in
all the 22 circles of India and 3G services in 13 circles. DWL,
another wholly owned subsidiary of AL, provides mobile banking
services. Maxis Communications Berhad (MCB), through Global
Communication Service Holdings Limited and Deccan Digital Networks
Private Limited, effectively holds approximately 73.99% equity
interest in AL. Aircel had filled before the National Company Law
Tribunal, Mumbai Bench (NCLT) in terms of Section 10 of the
Insolvency and Bankruptcy Code, 2016.
ESSEL HOME: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Essel Home Pvt Ltd
35, Continental Building
Dr. A. B. Road
Worli Mumbai, Mumbai - 400018
Insolvency Commencement Date: April 25, 2024
Estimated date of closure of
insolvency resolution process: October 22, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Ravi Prakash Ganti
Flat no 2, Ashiana CHS
Plot no 60-A, Sector-21, Kharghar
Navi Mumbai - 410210
Email - gantirp@gmail.com
Last date for
submission of claims: May 10, 2024
G.S. BUILDTECH: CARE Keeps C/A4 Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of G.S.
Buildtech Private Limited (GSBPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 6.80 CARE C/CARE A4; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain Under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 10,
2023, placed the rating(s) of GSBPL under the 'issuer
non-cooperating' category as GSBPL 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. GSBPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 27, 2023, January 6,
2024, January 16, 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).
New Delhi-based GSBPL was incorporated in July 2009 and is engaged
in turnkey solutions for interior works such as furniture and
furnishing, flooring, false ceiling and wall finishing, civil and
plumbing work, installation of security systems and external
building work. It is currently being managed by Mr. Gopal Das
Khandelwal and his son, Mr. Vikas Khandelwal. All the processes of
the company are ISO 9001-20008 certified. The company caters to the
needs of various corporate houses primarily in the private sector
and receives orders through tenders. The company operates on Pan
India basis and procures the raw material from the various dealers
and traders in the domestic market on order to order basis.
GANAPATI BUILDERS: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ganapati
Builders Limited (GBL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 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 February 9,
2023, placed the rating(s) of GBL under the 'issuer
non-cooperating' category as GBL 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. GBL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 26, 2023, January 5, 2024, January 15,
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).
Odhisa based GBL was incorporated on March 29, 1995 and it is
currently managed by Mr. Santosh Agarwal, Mr. Anand Agarwal and Mr.
Krishna Kumar Agarwal. Since its incorporation, the company has
been engaged in development of commercial and
residential real estate projects. In past, the company has
developed various real estate projects in the state of Odhisa
namely Ganapati Villa, Ganapati residency, Ganapati Market Complex,
New Ganapati Villa, KRP Residency Block A. The company gives
construction activities of its projects to contractor and it focus
mainly on marketing aspects. The promoters have satisfactory
business experience of more than two decades in real estate
industry.
GEETAPURAM PORT: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Geetapuram Port Services Limited
Office No. 219, Vardhaman Chambers, Sector 17,
Plot No. 84, Vashi
Navi Mumbai, Mumbai City 400705
Liquidation Commencement Date: April 17, 2024
Court: National Company Law Tribunal Mumbai Bench
Liquidator: Girish Krishna Hingorani
5C, Mehta Sadan, S H Parelkar Marg,
Dadar, Mumbai 400028
Email: girish2207@rediffmail.com
Email: ip.geetapuram@gmail.com
Last Day of
submission of claims: May 22, 2024
GUJARAT STEEL: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Gujarat
Steel & Pipes (GSP) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 24.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 10, 2023,
placed the rating(s) of GSP under the 'issuer non-cooperating'
category as GSP 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. GSP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 24, 2024, March 5, 2024, March 15, 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).
Constituted in 1983, Ahmedabad based Gujarat Steel & Pipes (GSP)
was promoted by Mr. Rajnikant P. Shah. Entity is primarily engaged
in the trading of long steel products like rounds, billets, angles,
beams, bloom, pipes, sheets, plates, TMT bars and
wires.
JARYAL MOTOR: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Jaryal Motor Finance Company Limited
Ward No. 11 Dosharka Subhash Nagar
P.O. Mohin Tehsil and Disst
Hamirpur, Himachi Pradesh
India, 177001
Insolvency Commencement Date: April 24, 2024
Estimated date of closure of
insolvency resolution process: October 21, 2024
Court: National Company Law Tribunal, Chandigarh Bench
Insolvency
Professional: Deepankur Sharma
H.No, 272, Second Floor
Sector 37-A, Chandigarh-160036
Email: cirp.jaryal@gmail.com
Email: deepankursharma@yahoo.com
Last date for
submission of claims: May 8, 2024
KHANAPUR TALUKA: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Khanapur
Taluka Co-Operative Spinning Mills Limited (KTCSML) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 23.31 CARE C; 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 1, 2023,
placed the rating(s) of KTCSML under the 'issuer non-cooperating'
category as KTCSML 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.
KTCSML continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated January 15, 2024, January 25, 2024, February 4,
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).
KTCSML is a not-for-profit co-operative society established in
1974. The society is engaged in the business of cotton spinning
with its sole manufacturing unit of spread over an area of 1 acre
located in Khanapur, Maharashtra.
KIRAN GLOBAL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kiran
Global Chems Limited (KGCL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 93.15 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 108.50 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 6,
2023, placed the rating(s) of KGCL under the 'issuer
non-cooperating' category as KGCL 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. KGCL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 23, 2023, January 2, 2024, January 12,
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).
Established in 1989, Chennai based KGCL is one of India's leading
manufacturer of sodium silicate. KGCL is the flagship company of
the MS Jain group which is engaged in various businesses such as
manufacturing and trading of chemicals, food processing and
shipping and logistics.
KU-KOO-CH-KU POULTRY: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Ku-Koo-Ch-Ku Poultry Farm Private Limited (KPFPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 31.80 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 February 23,
2023, placed the rating(s) of KPFPL under the 'issuer
non-cooperating' category as KPFPL 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. KPFPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 9, 2024, January 19,
2024, January 29, 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).
Alibag (Maharashtra) based Ku-Koo-Ch-Ku Poultry Farm Private
Limited (KPFPL) was initial established as partnership firm in 1988
and later in October 2020 converted to Private Limited Company.
KPFPL is promoted by Mr. Dilip Pathre, Mr. Kunal Pathre, Mrs.
Madhavi Pathre and Mrs. Vinita Pathre. The entity is engaged in
poultry farming business and has a total installed capacity of 1.00
lacs broiler chickens per week as on March 31, 2021. The day-old
chicks are further provided to farmers who look after their
nurturing process, feeding, medicine, vaccination, etc. The entity
has its own retail outlet located at Alibaug, Maharashtra to sell
chilled chickens as well as live birds.
LANDMARK SIZING: CARE Lowers Rating on INR17.70cr LT Loan to D
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Landmark Sizing (LS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.70 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-; Stable
Long Term/ 0.01 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B-; Stable/
CARE A4
Short Term Bank 1.85 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 June 16, 2023,
placed the rating(s) of LS under the 'issuer non-cooperating'
category as LS 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. LS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 29, 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 LS have been revised
on account of delays in debt servicing recognized from lender's
feedback.
Coimbatore based, Landmark Sizing (LS) was established on February
8, 2005 as a partnership concern by Mr. S. Aruchamy and Mr. S.
Sethuramasamy. Later due to death of Mr. S. Aruchamy, his son Mr.
A. Selvakumar inherited the interest in the partnership firm with
recon.LS is engaged in weaving and sizing of yarn.
LOGANAYAGI TIMBERS: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri
Loganayagi Timbers (SLT) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 0.60 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 6.00 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 February 23,
2023, placed the rating(s) of SLT under the 'issuer
non-cooperating' category as SLT 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. SLT
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 9, 2024, January 19, 2024, January 29,
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).
Analytical approach: Combined
For arriving at the ratings, CARE has combined the business and
financial risk profiles of Sri Loganayagi Timbers and Sri Balaji
Timber Mart. This is because both the entities, have business
synergies, common promoters and fungible cash flows.
Outlook: Stable
Sri Loganayagi Timbers was established in 2003 as a partnership
firm by Mr. I.S. Murugan, Ms. M. Arunachala Vadivu and Mr. M.
Shivgan Balaji. Mr. Shunmugam Murugan (Managing Partner) who is the
key managerial personnel for Sri Loganayagi Timbers and Sri Balaji
Timber Mart. Both the firms are engaged in trading and processing
of different types of timber logs, sawn timber and timber products.
The timber logs are imported from Malaysia, Singapore, Burma,
Brazil etc., which are subsequently sized into various commercial
sizes as per requirement of the customers and sells the end
products to wholesalers, retailers and others. The firm's has
presence and widespread distribution network in the states of Tamil
Nadu, Kerala and Karnataka.
MARUTI NANDAN: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Maruti
Nandan Food Products Private Limited (MNFPPL) continues to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 22,
2023, placed the rating(s) of MNFPPL under the 'issuer
non-cooperating' category as MNFPPL 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. MNFPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 8, 2024, January 18,
2024, January 28, 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).
Maruti Nandan Food Products Pvt. Ltd (MNFPPL), incorporated in
July, 2007, was promoted by two brothers Shri Abhimanyu Kumar Singh
and Shri Abhijeet Kumar Singh of Patna to set up a flour mill (both
Roller Flour Mill and Atta 'Chakki'). The company is engaged in
manufacturing of different flour qualities like "Atta", "Maida" and
"Suzi". MNFPPL commenced commercial production on February 9, 2011,
upon commissioning of its plant at Arrah (Bihar). MNFPPL's
manufacturing facility is well equipped with modern amenities which
have been reflected from the ISO 22000:2005 certification that it
has received for maintaining a standard quality system. MNFPPL
procures wheat from wholesalers and commission agents present in
local grain markets and sell its products to wholesale traders in
the states of Bihar, Orissa and West Bengal. The day-to-day affairs
of the company are looked after by Shri Abhimanyu Kumar Singh, with
adequate support from other two directors and a team of experienced
personnel.
NUWAY ORGANIC: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Nuway Organic Naturals India Limited
Registered Address:
N.H. I, Mile Stone 232, Delhi-Amritsar
Village Devi Nagar Rajpura PB 140401
India
Insolvency Commencement Date: April 24, 2024
Estimated date of closure of
insolvency resolution process: October 21, 2024
Court: National Company Law Tribunal, Chandigarh Bench
Insolvency
Professional: Mr. Jalesh Kumar Grover
SCO-818, 2nd Floor, NAC Manimajra,
Chandigarh, 160101
Email: jk.grover27@gmail.com
Email: irp.nuway@gmail.com
Mobile: +91-98759-21492
Last date for
submission of claims: May 9, 2024
POINT TEXTILES: CARE Keeps C Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Point
Textiles Private Limited (PTPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.64 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 1.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 13, 2023,
placed the rating(s) of PTPL under the 'issuer non-cooperating'
category as PTPL 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. PTPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 27, 2024, February 6, 2024, February 16, 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).
Tiruppur (Tamil Nadu) based Point Textiles Private Limited (PTPL)
was incorporated in January 2005 as a Private Limited Company
promoted by Mr. P Balasubramaniam and Mr. N Shanmuga Sundara m. The
promoters of the company have two decades of experience in textile
industry. PTPL is involved in dyeing process of all types of
fabrics and yarn with capacity of 9 tonnes per day. The company
provides its dying process services to government contractors which
in turn exported to overseas customers. The company is not directly
involved in exports. Presently, the day to day operations of the
company is managed by Mr. P Balasubramaniam.
PRASAD AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prasad Agro
Industries (PAI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.20 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 February 16,
2023, placed the rating(s) of PAI under the 'issuer
non-cooperating' category as PAI 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. PAI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 2, 2024, January 12, 2024, January 22,
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).
Prasad Agro Industries (PAI) was established in November 2013 and
is based out of Latur, (Maharashtra). The firm is engaged in the
business of processing of Toor dal at its processing facility
located at Latur.
PRICOMM MEDIA: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Pricomm Media Distribution Ventures Pvt Ltd
613, 6th Floor, Kohinoor City
Kirol Road, Kurla West
Mumbai - 400070
Insolvency Commencement Date: April 25, 2024
Estimated date of closure of
insolvency resolution process: October 22, 2024
Court: National Company Law Tribunal, Navi Mumbai Bench
Insolvency
Professional: Ravi Prakash Ganti
Flat no 2, Ashiana CHS
Plot no 60-A, Sector-21,
Kharghar, Navi Mumbai 410210
Email: gantirp@gmail.com
404, Mayuresh Cosmos
Plot no 37, Sector-11
CBD Belapur, Navi Mumbai 400614
Email: gantirp@gmail.com
Last date for
submission of claims: May 10, 2024
RAJGURU DEVELOPERS : Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s. Rajguru Developers Pvt. Ltd
139, Seksaria Chambers
2nd Floor, Nagindas Master Road
Fort Mumbai 400001, Maharashtra
Insolvency Commencement Date: April 24, 2024
Estimated date of closure of
insolvency resolution process: October 21, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Shekhar Arvind Parkhi
A-303, Yashwin Society
Susgaon Road, Behind Mercedes Benz showroom
Near Vibgyor School
Pune, Maharashtra, 411021
Registered e-mail: ip.shekharparkhi@gmail.com
A-904, Malpani Vivanta, Laxman Nagar
Behind Baner D-Mart,
Balewadi, Pune 411045
Email: cirp.rajgurudpl@gmail.com
1. Shashant Sudhakar Yeola
Flat No. 7, Indrayani, Ganesh Nagar
Opp. Lekha Nagar, Agra Road
Nashik, Maharashtra 422009
2. Pankaj Govindlal Khadloya
202 Vishnu Sadashiv Apartment
1754 Sadashiv Peth
Near Udayan Mangal Karyalay
Opp Scout Ground
Pune, Maharashtra ,411030
3. Vikas Gopichand Khiyani
Flat no. 103, 1st Floor, Palm Acre CHS Ltd
Sunder Nagar, Kolekalyan Village
Kalina, Santacruz East
Mumbai Suburban, Maharashtra, 400098
Last date for
submission of claims: May 8, 2024
REXON LABORATORIES: CARE Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rexon
Laboratories Limited (RLL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.00 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 & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 21,
2023, placed the rating(s) of RLL under the 'issuer
non-cooperating' category as RLL 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. RLL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 7, 2024, January 17, 2024, January 27,
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 entity was initially established as a public limited company
under the name of 'Priya Drugs Limited' in 1995. Later on, in 2002,
the company got renamed to 'Rexon Laboratories Limited' (RLL). The
company is currently being managed by Mr. Rakesh
Sharma, Mr. Vijay Bharat and Mr. Pankaj Sharma. RLL is mainly
engaged in the trading of diversified products such as packaging
material (PVC film & Aluminium foil), allopathic medicines and
construction material (PVC panel) and is also involved in
manufacturing of pharmaceutical formulations which are available in
the form of injections at its manufacturing facility located in
Jalandhar, Punjab.
ROCKDUDE IMPEX: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rockdude
Impex Private Limited (RIPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.90 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 11.00 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 February 13,
2023, 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 December 30, 2023, January 09, 2024, January 19,
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).
Incorporated in 2009, Rockdude Impex Private Limited (RIPL) is
engaged into manufacturing and trading of aluminium foil,
reprocessed plastic granules and steel. RIPL generates more than
90% of its total operating income from aluminium foil business and
rest through trading of reprocessed plastic granules. RIPL sells
aluminium foils by resizing it as per customer's requirements and
has also exported aluminium foils and containers. Further, company
also imports aluminium foils from China.
ROSEWOOD PROJECTS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Rosewood Projects Private Limited
63/1, Charu Chandra Place East
Ground Floor, Tolly Gunge
Kolkata, West Bengal - 700033
Insolvency Commencement Date: April 24, 2024
Estimated date of closure of
insolvency resolution process: October 21, 2024 (180 Days)
Court: National Company Law Tribunal, Kolkata Bench-I
Insolvency
Professional: Shailendra Singh
6- Birbal Road, Ground Floor
New Delhi - 110014
(Applied for change of registered address
with IBBI, however, same is pending for
approval)
Registered Email: shailendralaw@gmail.com
Correspondence Email: cirp.i-ppl@gmail.com
Last date for
submission of claims: May 8, 2024
RSI PRIVATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: RSI Private Limited
138, Biplabi Rash Behari Basu Road
Kolkata, West Bengal, India PIN-700001
Insolvency Commencement Date: April 24, 2024
Estimated date of closure of
insolvency resolution process: October 21, 2024
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Mr. Pratap Mukherjee
27A, Bhattacharjee Para Road
Paschim Barishna,
P.O Thakurpurkur
Kolkata-700063 West Bengal
Email: pratapmukherjee62@gmail.com
Email: ibc.rsipltd@gmail.com
Last date for
submission of claims: May 8, 2024
SOTHEBY'S ART: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Sotheby's Art Services (India) Private Limited
Office Suite No. 229 & 230. DBS Business Centre,
Raheja Chambers, 2nd F.L Bldg No. 213 Nariman Point,
Mumbai Maharashtra 4000211
Liquidation Commencement Date: April 25, 2024
Court: National Company Law Tribunal Mumbai Bench
Liquidator: Anish Gupta
105 Lutos Business Park, Ram Baug Lane,
Off S V Road, Malad West Mumbai-4000 64
Phone:+91 9821099720
Email: ipanishgupta@gmail.com
Last date for
submission of claims: May 25, 2024
SUPREME OVERSEAS: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Supreme Overseas Exports India Pvt. Ltd
44/1, 16th Cross, K.R.Road
Jayanagar, 7th Block,
Bangalore KA 560082, India
Liquidation Commencement Date: April 24, 2024
Court: National Company Law Tribunal Bengaluru Bench
Liquidator: Smt. Ramanathan Bhuvaneshwari
C-006, Pioneer Paradise, 24th Main Road,7th Phase,
JP Nagar, Bangalore-560078
Mobile: 09945527606
Email: bhoona.bhuvan@gmail.com
Email: supremeoverseasliquidation@gmail.com
Last date for
submission of claims: May 24, 2024
SUSHEEL ENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Susheel
Engineers (SE) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.50 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 February 14,
2023, placed the rating(s) of SE under the 'issuer non-cooperating'
category as SE 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. SE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 31, 2023, January 10, 2024, January 20, 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).
SE was established in 1994 by Mr. Sidram. G. Sidrure and is engaged
in manufacturing and servicing of boiler components, steel casing,
industrial chimney, collector columns, industrial duct etc. The
manufacturing facility of SE is located at Bhosari, Pune
(Maharashtra).
TAMOGNA ENTERPRISES: CARE Lowers Rating on INR9cr LT Loan to C
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Tamogna Enterprises Private Limited (TEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 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 February 22,
2023, placed the rating(s) of TEPL under the 'issuer
non-cooperating' category as TEPL 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. TEPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 8, 2024, January 18, 2024, January 28,
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 TEPL have been
revised on account of non-availability of requisite information.
Hyderabad-based Kommineni Fintech Consultants Private Limited was
incorporated in the year 1996 and promoted by Mr. K Venkata
Ramanappa (Late), Mr. K Praveen Kumar, Mr. P Eswar Reddy and Mr. E
Venkateswara Rao. Later on, the name of the entity changed to
current nomenclature, i.e., Tamogna Enterprises Private Limited
(TEPL). TEPl is presently engaged in providing services like
mobilizing and servicing financial Products like bill discounting,
letter of credit and recovery agency services to various private
and nationalized banks. TEPL provides consultancy and document
handling services through its employees for the entire process of
opening, processing and closing of bank guarantees (BGs), letter of
credit (LCs) and other bank facilities between its client, client
bank, suppliers of its clients and suppliers bank. The company has
around 150 to 200 clients. During FY17, the company entered into
trading of Petcoke (Petroleum Coke) and Iron Ore.
VARRON INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Varron
Industries Private Limited (VIPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.94 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 109.10 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 142.80 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 February 17,
2023, placed the rating(s) of VIPL under the 'issuer
non-cooperating' category as VIPL 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. VIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 3, 2024, January 13, 2024, January 23,
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).
Varron Industries Private Limited (VIPL) is engaged in the
manufacturing of alloy and aluminium based ingots, aluminium
castings and steel forgings utilized in the production of
automotive components and forgings. It manufactures aluminium
ingots of all grades by recycling of aluminium scrap material. The
manufacturing plant of the company is located at Ratnagiri,
Maharashtra, VAPL has installed eight furnaces for the
manufacturing of aluminium ingots.
WEST COAST FROZEN: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of West Coast
Frozen Foods Private Limited (WCFFPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.75 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 106.25 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 February 10,
2023, placed the rating(s) of WCFFPL under the 'issuer
non-cooperating' category as WCFFPL 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. WCFFPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 27, 2023, January 6,
2024, January 16, 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).
Analytical approach: Standalone
Combined till FY21. CARE had taken combined approach for West Coast
Fine Foods India Private Limited and West Coast Frozen Foods
Private Limited till FY21 as both these entities have common
management and financial linkages. However, updated information is
not available to ascertain financial linkages that warrant a
continuation of combined approach thus the analytical approach has
been changed to Standalone.
West Coast Frozen Foods processes and exports shrimps,
predominantly the Black tiger and Vannamei variety. The company's
hatchery, located in Diu, has a production capacity of
approximately 120 million larvae. The company's prawn farms are
spread across 400 acres of land in the coastal region of Gujarat.
The company is part of West Coast Group (WCG) promoted by Mr.
Kamlesh Gupta, an integrated aquaculture enterprise operating in
the West Coast of India and in the Gulf of Cambay in Gujarat State.
The Group is engaged in the business of prawn hatching, farming,
processing, freezing, trading and exporting of prawns, distribution
of frozen food products, trading/distribution of aquatic feed and
feed supplement products and running quick service restaurants to
serve seafood products.
WEST COAST: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of West Coast
Fine Foods India Private Limited (WCFFIPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 24.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 15.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 1.11 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 February 10,
2023, placed the rating(s) of WCFFIPL under the 'issuer
non-cooperating' category as WCFFIPL 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.
WCFFIPL continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated December 27, 2023, January 6, 2024, January 16,
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).
Analytical approach: Standalone
Combined till FY21. CARE had taken combined approach for West Coast
Fine Foods India Private Limited and West Coast Frozen Foods
Private Limited till FY21 as both these entities have common
management and financial linkages. However, updated information is
not available to ascertain financial linkages that warrant a
continuation of combined approach thus the analytical approach has
been changed to Standalone.
Outlook: Not Applicable
West Coast Fine Foods is into the supply of farm bred shrimps and
prawns in the domestic market. The trading, distribution and Quick
Service Restaurants (under the brand name Fisheteria) are operated
through this entity. In the trading/distribution business, the
company is the sole dealer of aquatic feed and feed supplement
products of CP Aqua (a part of Charoen Pokphand Group, Thailand -
one of the leading conglomerates of the seafood and aquaculture
industry in the world), for the states of Gujarat and Maharashtra.
The company is part of West Coast Group (WCG) promoted by Mr.
Kamlesh Gupta, an integrated aquaculture enterprise operating in
the West Coast of India and in the Gulf of Cambay in Gujarat
State.
The Group is engaged in the business of prawn hatching, farming,
processing, freezing, trading and exporting of prawns, distribution
of frozen food products, trading/distribution of aquatic feed and
feed supplement products and running quick service restaurants to
serve seafood products.
=================
I N D O N E S I A
=================
SEPATU BATA: Shoe Factory Shuts Down After 30 Years
---------------------------------------------------
The Jakarta Globe reports that footwear company Sepatu Bata
announced last week the closure of its factory in Purwakarta after
30 years of operation due to declining demand and continuous losses
over the past four years. As a result, 233 employees lost their
jobs.
President Joko "Jokowi" Widodo commented on the closure of the Bata
shoe factory, attributing it to the company's inefficiency and
competition with new products, the Jakarta Globe says.
"When a factory closes, it's due to various reasons like efficiency
or losing out to new products. Many factors are at play," the
former furniture businessman said in Depok, West Java, on May 7.
However, he emphasized that the closure of the factory does not
reflect Indonesia's overall economic condition, the Jakarta Globe
relates.
The Central Statistics Agency (BPS) reported that Indonesia's
economy grew by 5.11 percent annually (year-on-year/yoy) in the
first quarter of 2024.
The Jakarta Globe, citing a disclosure to the Indonesia Stock
Exchange, says the company stated that the decision to halt
production activities at the Sepatu Bata factory in Purwakarta was
made by the board of directors on April 30, 2024.
According to the Jakarta Globe, Bata's Director and Corporate
Secretary, Hatta, said the company could no longer sustain
production at the Purwakarta shoe factory due to declining customer
demand for the products manufactured there.
"The production capacity of the factory far exceeds the supply from
local suppliers in Indonesia," he explained.
Hatta added that the company had tried to maintain operations at
all production centers, including its largest shoe factory in
Purwakarta, the Jakarta Globe relays.
"Sepatu Bata has made various efforts over the past four years amid
losses and industry challenges due to the pandemic and rapidly
changing consumer behavior," explained Hatta.
Now, the employees hope to receive severance pay with the maximum
value according to applicable regulations.
"I feel saddened by this layoff. There's no other source of income,
especially for a mother like me who has to support her children.
I've worked for over 20 years, and I'm the main provider for my
children who are still in school. I hope to find a new job soon,
and I hope to receive the best severance pay," said one of the
affected workers to Beritasatu.com, the Jakarta Globe's sister
publication, on May 7.
According to the company's financial report as of December 31,
2023, Bata recorded a current-year loss of IDR190.5 billion ($11.84
million), compared to IDR106.1 billion in the previous year,
Jakarta Globe discloses. Meanwhile, Bata's net sales were recorded
at IDR609.61 billion in 2023, down from IDR643.45 billion in the
previous year.
Founded in 1894 by Czech shoe entrepreneur Thomas Bata, Bata's
presence in Indonesia began in 1931. Initially, Bata collaborated
with the colonial company, Netherlandsch-Indisch, as a shoe
importer operating in Tanjung Priok.
Six years later, Thomas Bata established a factory in the middle of
a rubber plantation in the Kalibata area, located on Kalibata Raya
Street, South Jakarta. Shoe production began in 1940. The Bata
factory in Kalibata no longer exists.
In 1982, Sepatu Bata was listed on the Jakarta Stock Exchange with
the code BATA. In 1994, the construction of the Sepatu Bata factory
in Purwakarta was completed. When it was established, this factory
was one of the largest factories in Indonesia.
Currently, Bata operates a retail chain of 435 stores nationwide,
Jakarta Globe discloses. Bata is known for producing school shoes
and adult men's and women's shoes. The company also oversees
several other brands, including Marie Claire, Comfit, Power,
Bubblegummers, North Star, B-First, and Weinbrenner.
=====================
N E W Z E A L A N D
=====================
APAMOA PLAZA: Court to Hear Wind-Up Petition on May 20
------------------------------------------------------
A petition to wind up the operations of Apamoa Plaza Post Shop
Limited will be heard before the High Court at Tauranga on May 20,
2024, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on March 12, 2024.
The Petitioner's solicitor is:
Timothy Saunders,
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
BUTTAR BROTHERS: Court to Hear Wind-Up Petition on May 10
---------------------------------------------------------
A petition to wind up the operations of Buttar Brothers Limited
will be heard before the High Court at Auckland on May 10, 2024, at
10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on March 19, 2024.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
OKANA NEW ZEALAND: Court to Hear Wind-Up Petition on June 21
------------------------------------------------------------
A petition to wind up the operations of Okana New Zealand Limited
will be heard before the High Court at Auckland on June 21, 2024,
at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on April 17, 2024.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
PROPERTY PARTNERS: First Creditors' Meeting Set for May 13
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Property
Partners Limited will be held on May 13, 2024 at 10:00 a.m. at The
Maritime Room at Princes Wharf in Auckland.
Stephen Speers Keen and Malcolm Russell Moore of Grant Thornton
were appointed as administrators of the company on May 3, 2024.
SS (HOT): BDO Auckland Appointed as Receivers and Managers
----------------------------------------------------------
Rees Logan and Andrew McKay of BDO Auckland on May 2, 2024, were
appointed as receivers and managers of SS (Hot) Limited and SS
(Clubhouse) Limited.
The receivers and managers may be reached at:
BDO Auckland
PO Box 2219
Auckland 1140
=================
S I N G A P O R E
=================
ENSBURY KALTENG: Creditors' Proofs of Debt Due on June 7
--------------------------------------------------------
Creditors of Ensbury Kalteng Pte. Ltd. are required to file their
proofs of debt by June 7, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 6, 2024.
The company's liquidators are:
Lim Soh Yen
Loh Li Er Lydia
c/o 133 New Bridge Road
#24-01/02 Chinatown Point
Singapore 059413
NR CAPITAL: Creditors' Meetings Set for May 14
----------------------------------------------
NR Capital Pte Ltd, which is in liquidation, will hold a meeting
for its creditors on May 14, 2024, at 3:00 p.m. at 600 North Bridge
Road, #23-01 Parkview Square, in Singapore 188778.
Agenda of the meeting includes:
a. to provide an update on the status of the liquidation;
b. to seek funding to pursue a potential claim; and
c. discuss other business.
The liquidators may be reached at:
Leow Quek Shiong
Gary Loh Weng Fatt
c/o 600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
*********
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-
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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.
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