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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, May 16, 2024, Vol. 27, No. 99
Headlines
A U S T R A L I A
BONZA AVIATION: Staff Stand-Down Extended Until May 29
GMARCHITECT PTY: First Creditors' Meeting Set for May 21
GOOD GROUP: Ceases All Operations, 200 Staff Terminated
MEDIPAY FINANCIAL: Second Creditors' Meeting Set for May 21
PETER SOMERS: Second Creditors' Meeting Set for May 20
SURE SEAL: Second Creditors' Meeting Set for May 21
THEATRE AT HOME: Second Creditors' Meeting Set for May 21
C H I N A
AGILE GROUP: Misses Interest Payments on Two Offshore Bonds
CHINA VANKE: Borrows USD1.2BB From Chinese Banks in Four Days
I N D I A
AAA VEHICLEADES: CRISIL Withdraws B+ Rating on INR82cr Cash Loan
ALEPH ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
BALA BALAJI: CRISIL Moves B+ Debt Ratings to Not Cooperating
BANKE BIHARI: CRISIL Lowers Rating on INR19cr Cash Loan to D
CHAGI AGRO: CARE Keeps B Debt Ratings in Not Cooperating Category
D.M.P. NIRMAN: CARE Lowers Rating on INR8.0cr LT Loan to B+
GO FIRST: Lessors to Wait Further; NCLT to Study Delhi HC Order
HARINARAYAN KHANDELWAL: CARE Keeps B- Rating in Not Cooperating
HARYANA ROLLING: CARE Keeps B- Debt Rating in Not Cooperating
HIND CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR3cr Loan
INCREDIBLE REALCON: CARE Keeps D Debt Rating in Not Cooperating
INDROYAL PROPERTIES: CARE Keeps D Debt Rating in Not Cooperating
JAYARAM TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating
JC FENACIA: CARE Keeps B- Debt Rating in Not Cooperating Category
KHODAL DEVELOPERS: CRISIL Moves D Debt Ratings to Not Cooperating
KOVAI KALAIMAGAL: CARE Keeps D Debt Ratings in Not Cooperating
LAKHANI RUBBER: CRISIL Moves D Debt Ratings to Not Cooperating
LAKHANI SHOES: CRISIL Moves D Debt Ratings to Not Cooperating
LAKSHMI NARAYAN: CARE Keeps B- Debt Rating in Not Cooperating
LAXMI VINAYAKA: CARE Keeps B- Debt Rating in Not Cooperating
NEYSA JEWELLERY: CRISIL Moves D Debt Ratings to Not Cooperating
R. D. FORGE: CARE Keeps B+ Debt Ratings in Not Cooperating
RAMS ASSORTED: CARE Keeps D Debt Ratings in Not Cooperating
RHJ TUBES: CRISIL Lowers Rating on INR50cr Proposed Loan to D
RISHABH CONSTRUCTIONS: CARE Keeps D Ratings in Not Cooperating
RR METALMAKERS: CARE Places B+ Debt Rating on Watch Negative
SOLAN SPINNING: CARE Keeps B- Debt Rating in Not Cooperating
M A L A Y S I A
ANNUM BHD: Slips Into PN17 After Auditor's Disclaimer Opinion
IVORY PROPERTIES: Gets More Time to File Regularization Plan
N E W Z E A L A N D
MT SMART: Waterstone Insolvency Appointed as Receivers
RAPP HOSPITALITY: Court to Hear Wind-Up Petition on Nov. 13
SSB TRADERS: Court to Hear Wind-Up Petition on May 24
WARTHOG BUILDERS: Court to Hear Wind-Up Petition on May 30
WILLIAM MANNING: Khov Jones Appointed as Receivers
P H I L I P P I N E S
ROXAS & CO: Faces Closure After Failure to Pay Property Taxes
S I N G A P O R E
25 HOLDINGS: Commences Wind-Up Proceedings
AGILIS HR: Creditors' Proofs of Debt Due on June 15
HORTI-FLORA SERVICES: Court Enters Wind-Up Order
SHINSEI KOBELCO: Creditors' Proofs of Debt Due on June 18
- - - - -
=================
A U S T R A L I A
=================
BONZA AVIATION: Staff Stand-Down Extended Until May 29
------------------------------------------------------
News.com.au reports that employees of failed airline Bonza have
been stood-down another two weeks as administrators frantically
seek formal offers from interested parties.
The budget carrier entered into voluntary administration on April
30, less than 18 months after launching its first passenger
flights.
Leading accountancy firm Hall Chadwick has since acted as
administrators and on May 14 revealed it has extended the
stand-down of more than 200 employees until May 29, according to
news.com.au.
"The administrators have continued to be in discussions and
meetings with various investors, other airlines and companies from
the travel industry over the weekend and early this week," it said
in a statement. "The administrators advised creditors at last
Friday's [May 10] meeting that a time frame for interested parties
would be set."
The deadline for expressions of interest has been set for today,
May 16, according to the ABC, with the publication reporting
there's up to 20 potential buyers, news.com.au relays.
"To finalise those negotiations, the administrators have cancelled
flights up to and including May 29, 2024 and those impacted
customers should not travel to the airport unless they have made
other travel arrangements," the statement read. "In addition the
Administrators stood down the majority of the Company's employees
up to and including 29 May, 2024."
It comes as cabin crew members were served a crushing blow about
their pay during a late-night meeting held by Hall Chadwick in
early May, news.com.au says.
During the video meeting with 260 employees, it was alluded
employees had not been paid for their hours worked in April of this
year, and will not be receiving any payment for hours worked at
this stage.
It is understood prior to the airline entering voluntary
administration, employees received wage payments on the 5th of each
month.
One source told the ABC that employees were "screaming and crying"
as they received the news.
"They [Bonza and administrators] said they can't do anything - they
are not in a position to pay anyone," the source said.
News.com.au understands payment for entitlements - such as salary
and annual leave - was a grey area.
Essentially, employees were told that if they remained employed by
the airline while they are stood down - at that stage until May 7 -
there was a chance they would be paid for their labour, but only if
the airline was still in a financial position to do so, news.com.au
relays.
It was suggested by a spokesperson for Hall Chadwick that if they
were to resign from the airline and take up full-time employment
elsewhere over the next few days that would not be deemed as
‘casual work', their chances of receiving that payment would be
reduced even further.
It comes as the Sunshine Coast-based carrier suspended flights
across the country on April 30, with staff waiting in limbo since
then.
The company remains under administration, with debts totalling more
than AUD116 million, news.com.au discloses.
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.
GMARCHITECT PTY: First Creditors' Meeting Set for May 21
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Gmarchitect
Pty Ltd will be held on May 21, 2024 at 10:00 a.m. at the offices
of O'Brien Palmer at Level 9, 66 Clarence St in Sydney and via Zoom
videoconferencing.
Daniel John Frisken of O'Brien Palmer was appointed as
administrator of the company on May 9, 2024.
GOOD GROUP: Ceases All Operations, 200 Staff Terminated
-------------------------------------------------------
News.com.au reports that a fine dining restaurant chain which owes
AUD23 million to creditors has ceased trading while all 200 staff
have been terminated.
Last month, hospitality business Good Group Australia, which
operated a high-end string of steak restaurants and several other
Asian venues across three Australian states and territories, went
into administration.
Its Botswana Butchery chain sold steak for as much as AUD500 a
piece and had restaurants in Sydney, Melbourne and Canberra with
200 staff between them.
On May 14, the company's appointed administrators, Andrew Sallway
and Duncan Clubb of insolvency firm BDO Australia, pulled the plug
and closed down all three stores, news.com.au reports.
"Due to the significant cash losses being incurred in operating the
restaurants, the group's shareholders are no longer able to fund
the ongoing trading and restructuring costs," they said in a
statement to news.com.au.
An earlier report from the administrators found that continuing to
operate the three steak houses racked up operating losses of
AUD207,000 in the space of just over a month.
Some customers might be left out of pocket from the decision if
they had prepaid vouchers or prepaid reservations, news.com.au
notes.
According to news.com.au, Good Group Australia's directors have
advised that they will provide a full refund or voucher to those
customers to dine at the company's New Zealand restaurants - which
continue to trade and are unaffected by the Australian
administration proceedings.
Another arm of the business - White and Wong's, based in Martin
Place in Sydney and Chadstone in Melbourne, and Wong Baby in
Melbourne's Chapel St - had already ceased trading, news.com.au
notes.
According to news.com.au, administrators had recommended to
creditors that Good Group Australia be placed into liquidation but
the company received a 45 day delay to make a decision.
Now they have advised that the directors have proposed a deed of
company arrangement (DOCA) which might see creditors receive a
return on some of the money owed to them.
In a report to creditors sent out earlier this month, the
administrators revealed that Good Group Australia has a whopping
AUD23 million debt hanging over its head, news.com.au discloses.
Of Good Group Australia's large debt, the Commonwealth Bank is owed
AUD9.7 million, but through secured facilities meaning it will
likely get it all back.
A further AUD4.5 million is owed to other creditors, including
landlords, suppliers and employees, while an additional AUD9.3
million is owed in inter-company loans.
Landlords alone are owed AUD1.81 million by way of unpaid rent.
In fact, the landlord of the company's head office in Melbourne
evicted the group over failure to pay up before the chain went
bust.
These landlords are expected to recover some of their money through
security bonds, news.com.au states.
Good Group Australia also appears to owe a lot of money to the tax
man - about AUD3.6 million.
However, administrators have not included that debt in the total
amount because the tax department has not yet lodged any proof of
debt claims.
Staff are owed AUD523,804 from unpaid annual leave and long service
leave entitlements. Workers are also owed a further AUD92,000 from
superannuation that was never paid, adds news.com.au.
MEDIPAY FINANCIAL: Second Creditors' Meeting Set for May 21
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Medipay
Financial Services Pty Ltd has been set for May 21, 2024 at 3:00
p.m. via virtual meeting by Zoom.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 20, 2024 at 4:00 p.m.
Antony Resnick and Suelen McCallum of dVT Group were appointed as
administrators of the company on April 15, 2024.
PETER SOMERS: Second Creditors' Meeting Set for May 20
------------------------------------------------------
A second meeting of creditors in the proceedings of Peter Somers
Hospitality Pty Ltd has been set for May 20, 2024 at 1:00 p.m. via
Microsoft Teams video conference.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 17, 2024 at 4:00 p.m.
Shaun Matthews and Daniel Juratowitch of Cor Cordis were appointed
as administrators of the company on May 13, 2024.
SURE SEAL: Second Creditors' Meeting Set for May 21
---------------------------------------------------
A second meeting of creditors in the proceedings of Sure Seal
Sealants Australia Pty Ltd has been set for May 21, 2024 at 10:30
a.m. virtually via Zoom.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 20, 2024 at 5:00 p.m.
Matthew Kucianski of Worrells was appointed as administrator of the
company on April 16, 2024.
THEATRE AT HOME: Second Creditors' Meeting Set for May 21
---------------------------------------------------------
A second meeting of creditors in the proceedings of Theatre at Home
(Australia) Pty Ltd has been set for May 21, 2024 at 11:00 a.m. at
Mediation Central, 162 Goulburn Street in Sydney and via virtual
meeting technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 20, 2024 at 4:00 p.m.
Steven Nicols of Nicols + Brien was appointed as administrator of
the company on April 15, 2024.
=========
C H I N A
=========
AGILE GROUP: Misses Interest Payments on Two Offshore Bonds
-----------------------------------------------------------
Yicai Global reports that shares in Agile Group Holdings plummeted
on May 14 after the struggling Chinese real estate developer, which
has already said it will be unable to pay interest on its US dollar
bonds next year, missed the extension deadline on the interest
payments of two offshore bonds.
Agile's share price [HKG: 3383] was trading down 14.2 percent at
HKD060 (USD0.08) as of 3:30 p.m., giving it a market capitalization
of HKD3 billion (USD384 million), Yicai discloses.
According to Yicai, the grace period for the interest payments of
two senior US dollar notes with a combined principal of USD483
million expired May 13, the Guangzhou-based developer said May 14.
The two bonds were issued on Oct. 8 and Nov. 10, 2020 with a coupon
rate of 6.05 percent, it added.
Agile is considering all possible courses of action, including debt
management solutions, to meet its overseas debt obligations, it
said, Yicai relays. It will continue to maintain normal operations
and will accelerate pre-sales and the recovery of invoiced funds to
improve its asset-liability position.
Yicai says Agile has been badly affected by a prolonged downturn in
the country's real estate sector. The firm's sales revenue plunged
68 percent in the first four months from a year earlier and 74
percent from 2022 to CNY6.5 billion (USD900 million).
About Agile Group
China-based Agile Group Holdings Limited operates as a real estate
development company. The Company develops and markets residential
areas, office buildings, hotels, restaurants, and other related
areas. Agile Group Holdings also provides property management and
educational services.
As reported in the Troubled Company Reporter-Asia Pacific in late
March 2024, Moody's Ratings has downgraded Agile Group Holdings
Limited's corporate family rating to Caa2 from Caa1.
At the same time, Moody's has downgraded the following ratings:
-- The senior unsecured rating on Agile's senior unsecured notes
maturing in 2025 to Caa3 from Caa2; and
-- The senior unsecured rating on Agile's senior unsecured
perpetual notes to Ca from Caa2.
Moody's has maintained the negative outlook on the ratings.
CHINA VANKE: Borrows USD1.2BB From Chinese Banks in Four Days
-------------------------------------------------------------
Yicai Global reports that troubled property developer China Vanke
has obtained a total of CNY8.6 billion (USD1.2 billion) worth of
bank loans in only four days.
Yicai relates that Vanke got a three-year CNY690 million (USD95.3
million) loan from the Shenzhen branch of Bank of China and three
three-year loans with a total principal of CNY2.2 billion from the
Shenzhen branch of Agricultural Bank of China, the Shenzhen-based
real estate giant said May 13. Moreover, it was granted a CNY4.4
billion credit line from the Shenzhen branch of Bank of Beijing.
According to Yicai, Vanke's holding units will provide guarantees
for the loans by pledging their stakes in project firms or assets,
Vanke noted, adding that some holding units will help repay the
debts as co-borrowers.
On May 10, Vanke announced it got a three-year CNY1.3 billion loan
from the Luohu district branch in Shenzhen of Postal Savings Bank
of China, Yicai notes.
After the pledges, Vanke's external guarantees, including those of
its units, totaled CNY35.9 billion (USD 5 billion), equal to 14.3
percent of the parent company's unaudited net assets last year.
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.
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I N D I A
=========
AAA VEHICLEADES: CRISIL Withdraws B+ Rating on INR82cr Cash Loan
----------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
AAA Vehicleades Private Limited (AVPL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL Rating's policy on
withdrawal of its rating on bank loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 82 CRISIL B+/Stable/Issuer Not
Cooperating (Withdrawn)
Inventory Funding 3.5 CRISIL B+/Stable/Issuer Not
Facility Cooperating (Withdrawn)
Proposed Long Term 40.5 CRISIL B+/Stable/Issuer Not
Bank Loan Facility Cooperating (Withdrawn)
Rupee Term Loan 4 CRISIL B+/Stable/Issuer Not
Cooperating (Withdrawn)
CRISIL Ratings has been consistently following up with AVPL for
obtaining information through letters and emails dated March 14,
2023 and March 18, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AVPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on AVPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Ratings has
Continued the ratings on the bank facilities of AVPL to 'CRISIL
B+/Stable Issuer not cooperating'.
AVPL was incorporated in 2008 by Mr Devender Rana and his wife, Mrs
Gunjan Rana. It is an exclusive dealer for all passenger cars of
MSIL in New Delhi.
ALEPH ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Aleph
Enterprises (AE) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 7.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 28,
2023, placed the rating(s) of AE under the 'issuer non-cooperating'
category as AE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 14, 2024, January 24, 2024, February 3, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Aleph Enterprises (AE) was established in 1996 as a proprietorship
concern for processing and exports of cashew. Mrs. Leelama John is
the proprietor. The operations are also supported by her husband
Mr. John. M. George. The firm owns three processing units located
in Mampuzha, Puthensagatm and Villur in Kerala with a combined
installed capacity of 2000 MT (80 kg per bag). All the three
processing units are semi-automated. APE also purchases and sells
cashew kernel from other processing units in Kerala when the
particular variety ordered by customers is not available with APE
and to fulfil the demand of customers in a timely manner. Some of
the cashew varieties processed is white wholes (W180, W210, W240,
W280, W320, and W450), butts, splits, pieces, small pieces, baby
bits etc. The products are packed in 25 and 50 pounds packs and
then into cartons and exported depending upon the requirement of
customers.
BALA BALAJI: CRISIL Moves B+ Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Bala
Balaji Srinivasa Poultry Complex (BBSPC) to 'CRISIL B+/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 17 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 10 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with BBSPC for
obtaining information through letter and email dated April 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BBSPC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BBSPC
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of BBSPC to 'CRISIL B+/Stable Issuer not
cooperating'.
BBSPC was set up in year 2018. BBSPC is engaged in poultry and
hatchery business. BBSPC is owned & managed by Dr. G.V.
Subramaniam, Mr. G.V. Subramanyam and other family members.
BANKE BIHARI: CRISIL Lowers Rating on INR19cr Cash Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Shree Banke Bihari Oil Mills (SBBOM) to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 19 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Proposed Cash 8 CRISIL D (ISSUER NOT
Credit Limit COOPERATING; Downgraded from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with SBBOM for
obtaining information through letter and email dated November 15,
2023, among others, apart from telephonic communication. However,
the issuer has remained non cooperative. The rating on the
long-term bank facilities of SBBOM has been downgraded to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not
Cooperating'
Investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'issuer not cooperating' as the rating is arrived
at without any management interaction and is based on
best-available or limited or dated information on the entity. Such
non-cooperation by a rated entity may be a result of deterioration
in its credit risk profile. A rating with a 'issuer not
cooperating' suffix lacks a forward-looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SBBOM, which restricts the
ability of CRISIL Ratings to take a forward-looking view on the
credit quality of the firm. CRISIL Ratings believes that the rating
action on SBBOM is consistent with 'Assessing Information Adequacy
Risk'.
Based on the last-available information, CRISIL Ratings has
downgraded its rating on the long-term bank facilities of SBBOM to
'CRISIL D Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not
Cooperating'. As per information available in the public domain,
there remains delinquency in the account of the firm; clarity about
the same from the management and bankers remains awaited.
Set up in 2000, SBBOM is engaged in processing edible oils, cotton
seeds oil cake, ginning and pressing of cotton for cotton bales and
delinted cotton seeds. Its facility is at Rohtak in Haryana. The
firm is owned and managed by Ms Shakuntla Devi, Mr Vipul Singla and
Ms Sonam Bansal.
Status of non-cooperation with previous CRA
SBBOM did not cooperate with Credit Analysis & Research Ltd (CARE),
which classified it as non-cooperative vide release dated February
09, 2023. The reason provided by CARE was non-furnishing of
information for monitoring of the rating.
CHAGI AGRO: CARE Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Chagi Agro
Industries Private Limited (CAIPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.81 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/Short 6.19 CARE B; Stable/CARE A4;
Term Bank 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 28,
2023, placed the rating(s) of CAIPL under the 'issuer
non-cooperating' category as CAIPL 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. CAIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated April 22, 2024, April 25,
2024, April 26, 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).
Chagi Agro Industries private limited (CAIPL) is established in
October 2019 and has started commercial operations from March 2020.
The company is into rice milling and processing and the promoter
has the business vintage of over two decades in the
rice milling business through group Company Chagi Narasaiah Agro
foods. It has production capacity of 6 M.T per hour.
D.M.P. NIRMAN: CARE Lowers Rating on INR8.0cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
D.M.P. Nirman Private Limited (DNPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB-; Stable
Short Term Bank 8.00 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 15,
2023, placed the rating(s) of DNPL under the 'issuer
non-cooperating' category as DNPL 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. DNPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 1, 2024, January 11, 2024, January 21,
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 DNPL have been
revised on account of non-availability of requisite information.
The revision also factored in decline in overall profitability
during FY23.
D.M.P Nirman Private Ltd. (DNPL) was incorporated in April 1994 by
Shri Syed Mortuza Ali, Shri Manash Roy Chowdhury, Shri Debashis
Sengupta and Shri Parameshwar Palai. Since its inception, the
company has been engaged in civil construction activities in the
segment of building construction like construction of schools,
hospitals, thermal power plants, university buildings, factory
sheds, warehouse etc. DNPL is classified as 'Class A' contractor by
the Government of West Bengal which enables it to participate in
higher value contracts. DNPL participates in tenders and executes
orders for the various departments of Government of West Bengal.
GO FIRST: Lessors to Wait Further; NCLT to Study Delhi HC Order
---------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) on May 13 noted that it would take a call on the fate of
engine lessors for beleaguered airline Go First after studying the
Delhi High Court order.
The Delhi HC, last month, had allowed aircraft lessors to retake
possession of its aircraft telling the civil aviation regulator
Director General of Civil Aviation to de-register the 54 aircraft,
ET recalls.
ET relates that the development followed the Ministry of Corporate
Affairs issuing a notification in October last year claiming that
aircraft and aircraft engines were not within the remit of Section
14 of the Insolvency and Bankruptcy Code, 2016, which places a
moratorium on recovery of any property by the lessor.
The bench, in this case, responding to pleas by engine lessors,
noted that it should take cognizance of Delhi HC order before
passing any orders of its own.
According to ET, the lessors demanded urgency in the matter as they
noted serious consequences as the equipment had fallen into
disrepair and needed maintenance.
In another matter, the tribunal granted 10 days for both parties to
file written arguments, as Mumbai-based firm Mack Star Marketing
Pvt Ltd has filed a petition to enforce the cancellation of its
land lease to Go First, ET reports.
ET says the counsel for the firm noted that it had terminated its
lease before Go First filed for voluntary insolvency in May last
year and should thus be able to get back its premises from the
airline.
It also noted that Go First's resolution professional was delaying
payments for the rental and had raked up dues of INR5.26 crore.
The counsel for Go First, on the other hand, contended that it was
paying the full amount of INR57 lakh and the payment for March will
be made May 13.
ET notes that the parties have been contesting on the amount of
lease rental. The Mumbai-based firm claims a rental of INR74 lakh
per month, whereas Go First argues INR57 lakh.
The Go First counsel noted that the company kept taking payments
despite claiming lease cancellation.
The counsel also noted that there was also a jurisdictional issue,
as the matter pertained to civil courts and not the insolvency
tribunal, adds ET.
All the matters are likely listed for a hearing on July 11, ET
discloses.
About Go First
Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra. Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.
Go First filed an application for voluntary insolvency resolution
proceedings before National Company Law Tribunal (NCLT) on May 2,
2023.
The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.
Go First owes INR6,521 crore to its financial creditors, Bank of
Baroda, IDBI Bank, and Deutsche Bank. The airline has a total
liability of about INR11,463 crore to banks, other creditors,
vendors, and others.
On May 10, 2023, the NCLT accepted Go First's voluntary insolvency
petition. The NCLT bench appointed Abhilash Lal as the interim
resolution professional to look after the affairs of Go First and
also suspended its board as part of the insolvency resolution
process.
HARINARAYAN KHANDELWAL: CARE Keeps B- Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Harinarayan Khandelwal (HK), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Short Term Bank 19.00 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 April 13, 2023,
placed the rating(s) of HK under the 'issuer non-cooperating'
category as HK 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. HK continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 27, 2024, March 8, 2024, March 18, 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 HK have been revised
on account of non-availability of requisite information.
Jaipur (Rajasthan) based HNK was formed in 1985 by Mr. Hari Narayan
Khandelwal as a proprietorship concern. Subsequently, it changed
its constitution to partnership concern in 1995 with the family
members joining the firm as partners. HNK is mainly
engaged in the business of civil construction for Government and
private sectors It is registered AA class contractor with JDA and
RHB.
HARYANA ROLLING: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Haryana
Rolling Mills (Bhilai) Private Limited (HRMPL) continue to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.70 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 22,
2023, placed the rating(s) of HRMPL under the 'issuer
non-cooperating' category as HRMPL 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. HRMPL 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).
Haryana Rolling Mills (Bhilai) Private Limited was incorporated in
August 2004. Since its inception the company is engaged in
manufacturing of MS wire, HB wires and GI wires. The manufacturing
unit of the company is located at 71, Light Industrial Area, Bhilai
with an installed capacity of 8900 metric tons for HB wires and
17500 metric tons for GI wires. The registered office of the
company is located at 71, Light Industrial Area, Dist-Durg, Bhilai-
490026 Mr. Ashish Dinaudia (Director) and Mrs. Vimla Dinaudia
(Director) having 18 years and 05 years of experiences
respectively, in the similar line of business, look after the day
to day operation of the company. They are supported by a team of
experienced professionals.
HIND CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR3cr Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Hind Construction (HC).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 20 CRISIL A4 (Reaffirmed)
Bank Guarantee 10 CRISIL A4 (Reaffirmed)
Cash Credit 2 CRISIL B+/Stable (Reaffirmed)
Proposed Cash
Credit Limit 3 CRISIL B+/Stable (Reaffirmed)
The ratings continue to reflect the tender-based nature of business
and large working capital requirement. These weaknesses are
partially offset by improving market position with growing scale of
business & operating margin and moderate financial risk profile of
the company.
Analytical Approach
CRISIL Ratings has considered the standalone business and financial
risk profiles of HC.
Key Rating Drivers & Detailed Description
Weaknesses:
* Tender-based nature of business: The firm's top line fluctuates
as it remains dependent on tenders awarded to it. Order book of
around INR150 crore provides revenue visibility over the medium
term. However, HC has won no new awards in the fiscals 2023 and
2024. The ability to win new tenders and ensure regular operations
will remain monitorable as in fiscal 2022 the firm reported revenue
of INR36 lakh only.
* Large working capital requirement: Gross current assets were high
at 200-250 days as on March 31, 2024, driven by large receivables
and inventory. It follows the milestone/stage-wise billing pattern
and gets the realisation within 30-60 days, but receivables also
include the retention amount which are realised anywhere between
six months to two years, depending on the terms. Furthermore, to
maintain strong product quality and ensure uninterrupted
production, the firm holds sufficient inventory. Over the period
improvement and efficient management of working capital will remain
key monitorable.
Strengths:
* Improving market position with growing scale of business and
operating margin: Revenue declined to INR36 lakh in fiscal 2022,
from INR20-30 crore historically. The firm reported sales of INR20
crore in fiscal 2023 and INR40 crore till January 31, 2024, and
expects sales of INR45-50 crore for the full fiscal 2024, supported
by unexecuted orders of around INR150 crore. Operating margin is
likely to recover to 8-9% in fiscal 2024 and beyond. Growth in
revenue with sustenance of the operating margin will be
monitorable.
* Moderate financial risk profile: Over the year, the company's net
worth position got strengthen supported by the continuous accretion
of reserves and estimated to be at INR7-8 crores in fiscal 2024.
With the moderate operating profitability of 8-9% in the business,
the networth is expected to get further strengthen. The moderate
reliance on external debt supports the capital structure and debt
protection metrics. Gearing and interest coverage ratio are
estimated to be at 1.6 times and 3 times respectively in fiscal
2024. With no major debt funded capex over the medium term and
efficient management of working capital, the fin risk profile will
continue to be healthy and comfortable over the medium term.
Liquidity: Stretched
Cash accrual is expected to be INR2.5-3 crore per fiscal against
nil term debt obligation. Bank limit utilisation was 30% on
average for the 12 months through November 2023. However, the firm
is availing a bank guarantee which remains 70-80% utilised. The
current ratio is likely to be moderate at 1.16 times as on March
31, 2024. The promoters will extend support through equity and
unsecured loans to cover the working capital requirement and debt
obligation.
Outlook: Stable
CRISIL Ratings believes HC will continue to benefit from the
extensive experience of its promoters and established relationships
with clients.
Rating Sensitivity factors
Upward factors:
* Continuous award of new orders providing growth in revenue above
INR75 crore with steady operating margin of 9-10%
* Improvement in the working capital cycle
Downward factors:
* Decline in revenue or operating margin leading to net cash
accrual less than INR1 crore.
* Any large, debt-funded capital expenditure or high utilization of
working capital limits. Thus weakening the liquidity risk profile
HC was set up in 1996 as a proprietorship concern of Mr Girdharilal
Bargoti and was reconstituted as a partnership firm in 2014 when Mr
Ram Kishor Bargoti joined as a partner. The firm undertakes
electrification work, including underground cabling and substation
work and transmission line projects for government departments in
Rajasthan. The firm has also started dealing in solar power
projects.
INCREDIBLE REALCON: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Incredible
Realcon Private Limited (IRPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non Convertible
Debentures 600.00 CARE D; ISSUER NOT COOPERATING;
Rating continues to remain
Under ISSUER NOT COOPERATING
Category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 18, 2023,
placed the rating of IRPL under the 'issuer non-cooperating'
category as IRPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. IRPL continues
to be non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter dated April 2,
2024, April 12, 2024, April 22, 2024, and May 3, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating takes into account the constraints relating to delays in
the servicing of the debt obligations by IRPL.
Analytical approach: Standalone
Detailed description of the key rating drivers:
At the time of last rating on May 18, 2023, the following were the
rating weaknesses:
Key weaknesses
* Delays in debt servicing: The company had not made the payment of
interest/redemption due on NCDs on account of insufficient cash
flow as per public available information.
Liquidity: Poor
IRPL has poor liquidity position since, the company had not made
the payment of interest/redemption due on NCDs on account of
insufficient cash flow.
Incredible Realcon Private Limited (IRPL) incorporated in 2013 is
part of Ireo Group (IREO) and is a SPV being promoted for business
of promotion, development and construction of real estate. However
presently there is no ongoing project in IRPL.
INDROYAL PROPERTIES: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Indroyal
Properties Private Limited (IPPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 23.50 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 16,
2023, placed the rating(s) of IPPL under the 'issuer
non-cooperating' category as IPPL 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. IPPL
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).
About the Company Trivandrum based Indroyal Properties Private
Limited (IPPL) is engaged in development of real estate projects.
The ongoing project "The Uptown" is a high-end luxury residential
project comprising of 3 bed room condominiums, penthouses and
garden houses and a total of 213 units. The project was launched in
February 2015 and is located at PMGKannammoola Road, Trivandrum.
JAYARAM TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jayaram
Textiles (JT) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.36 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.18 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 28,
2023, placed the rating(s) of JT under the 'issuer non-cooperating'
category as JT 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. JT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 14, 2024, January 24, 2024, February 3, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Jayaram Textiles (JT) was established as a partnership firm in 1985
by Mr. P.M. Thirumoorthy, Mr. P.M. Balasubramaniam and Mr. P.M.
Ganeshmoorthy (brothers). The firm was started as a fabric
manufacturing unit with an initial capacity of 78 power
looms in Tirupur, Tamil Nadu. Since then, the firm has expanded its
weaving operations to the current levels. The firm procures raw
materials from Tamil Nadu, Andhra Pradesh, Telangana and Karnataka.
The present installed capacity is 12,000 spindles, 150 power looms
and 32 suzler looms. The firm produces yarn in counts of 32's, 40's
and 60's which is used for its own fabric production. The fabric
produced by JT finds application in linen, curtains etc. The firm
sells the fabric to a number of distributors and agents in the
markets like Tirupur, Jaipur, Ahmedabad, Mumbai, Kolkata and New
Delhi, who in turn sells the fabric to linen and garment
manufacturing units.
JC FENACIA: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of JC Fenacia
Exports Private Limited (JFEPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 15,
2023, placed the rating(s) of JFEPL under the 'issuer
non-cooperating' category as JFEPL 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. JFEPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 1, 2024, January 11,
2024, January 21, 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).
West Bengal based J.C. Fenasia Exports Pvt. Ltd. (JFEPL)
incorporated in February 2005, was promoted by Mr. Naresh Kumar
Juneja, Mrs. Minnie Juneja and Mr. Nirvik Juneja. Since its
inception, JFEPL has been engaged in manufacturing and exporting of
leather goods and trading of finished leathers and leather
chemicals. The manufacturing facility of the company is located at
Kasba, West Bengal with an installed capacity of 10000 pieces per
month (leather bags) and 25000 pieces per month (wallets). The
company earns major revenue from trading activities accounting for
around 72% of total operating income in FY20 (prov.) and remaining
from manufacturing and license sales. The manufacturing facility of
the company has an ISO 9001:2008 certification which enables wide
acceptance of its products in the market. The company procures its
entire raw materials from domestic market whereas it sells its
products both in the domestic as well as international market. The
major export destinations of the company are various European
Countries and gulf countries. J.C. Fenasia Exports Pvt. Ltd. has an
associate concern 'Fenasia Limited.' which is engaged in
manufacturing of leather chemicals.
KHODAL DEVELOPERS: CRISIL Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Khodal
Developers (KD) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Mortgage Loan 6.5 CRISIL D (ISSUER NOT
Facility COOPERATING; Rating Migrated)
Proposed Fund- 0.95 CRISIL D (ISSUER NOT
Based Bank Limits COOPERATING; Rating Migrated)
Term Loan 6.55 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with KD for
obtaining information through letter and email dated April 15, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KD is
consistent with 'Assessing Information Adequacy Risk'. Therefore,
on account of inadequate information and lack of management
cooperation, CRISIL Ratings has migrated the rating on bank
facilities of KD to 'CRISIL D Issuer not cooperating'.
Established in 2009, KD is engaged in real estate development in
Mehsana- Gujarat. Its owned and managed by Mr. Pravinkumar Sanghvi,
Mr. Lalitkumar Shah, Mr. Nikunj P. Sanghvi and Mr. Rasiklal
Juharmal Sanghvi.
KOVAI KALAIMAGAL: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kovai
Kalaimagal Educational Trust (KKET) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.66 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.14 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 21,
2023, placed the rating(s) of KKET under the 'issuer
non-cooperating' category as KKET 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. KKET
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).
Kovai Kalaimagal Educational Trust (KKET) was set up as a
charitable trust under section 12A of Income Tax Act by Mr.
K.AChinnaraju and Mrs P. Shanmugadevi of Coimbatore, Tamil Nadu in
the year 1992. The trust currently operates four educational
institutes:
1. Kovail Kalaimagal College of Arts & Science (KKCAS)
2. Coimbatore Institute of Management & Technology (CIMAT)
3. Coimbatore Institute of Engineering & Technology (CIENT)
4. Kovai Kalaimagal Matriculation School (from K-10)
LAKHANI RUBBER: CRISIL Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of
Lakhani Rubber Products Pvt Ltd (LRPPL; part of the Lakhani group)
to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL D/CRISIL
D'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 8.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Letter of Credit 10 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 23.48 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL Ratings has been following up with LRPPL and has sought
information through letter and emails, dated December 12, 2023,
January 2, 2024, April 2, 2024, April 11, 2024 and April 22, 2024,
apart from telephonic communication. However, the issuer has
remained non-cooperative.
'Investors, lenders, and all other market participants should
exercise due caution while using the rating/s assigned/reviewed
with the suffix 'issuer not cooperating'. These ratings lack a
forward-looking component as they are arrived at without any
management interaction and are based on the best available, limited
or dated information on the company'.
Detailed Rationale
Despite repeated attempts to engage with the management of LRPPL,
CRISIL Ratings has not received any information on either the
financial performance or strategic intent of the company, which
restricts the ability to take a forward-looking view on its credit
quality. CRISIL Ratings believes that the rating action on LRPL is
consistent with 'Assessing Information Adequacy Risk'.
Therefore, citing inadequate information, lack of management
cooperation and delay in meeting debt obligation, CRISIL Ratings
has migrated the ratings on bank facilities of LRPPL to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL D/CRISIL D'.
Analytical Approach
CRISIL Ratings has combined the business and financial risk
profiles of LRPPL, Lakhani Rubber Works, Lakhani Footwear Pvt Ltd
and Lakhani Shoes and Apparels Pvt Ltd (all rated 'CRISIL D'). This
is because these entities, collectively referred to as the Lakhani
group, are in the same business, and have common promoters, senior
management, procurement, marketing, and finance teams.
The Lakhani group has established the Lakhani brand in the footwear
and rubberised automotive components businesses over the past four
decades. Between fiscals 2006 and 2008, the split between Mr KC
Lakhani and his younger brother, Mr PD Lakhani, led to
reorganisation of the business and its assets. The group has
production plants in Faridabad (Haryana), Dhar (Madhya Pradesh),
Haridwar (Uttarakhand) and Noida (Uttar Pradesh) to produce sports,
leather and canvas shoes and ethylene-vinyl acetate slippers, with
a total capacity of 55.5 crore pairs per annum.
LAKHANI SHOES: CRISIL Moves D Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Lakhani Shoes and Apparels Pvt Ltd (LSAPL; part of the Lakhani
group) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL D'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.32 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Term Loan 36.13 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been following up with LSAPL and has sought
information through letter and emails, dated December 12, 2023,
January 2, 2024, April 2, 2024, April 11, 2024 and April 22, 2024,
apart from telephonic communication. However, the issuer has
remained non-cooperative.
'Investors, lenders, and all other market participants should
exercise due caution while using the rating/s assigned/reviewed
with the suffix 'issuer not cooperating'. These ratings lack a
forward-looking component as they are arrived at without any
management interaction and are based on the best available, limited
or dated information on the company'.
Detailed Rationale
Despite repeated attempts to engage with the management of LSAPL,
CRISIL Ratings has not received any information on either the
financial performance or strategic intent of the company, which
restricts the ability to take a forward-looking view on its credit
quality. CRISIL Ratings believes that the rating action on LSAPL is
consistent with 'Assessing Information Adequacy Risk'.
Therefore, citing inadequate information, lack of management
cooperation and delay in meeting debt obligation, CRISIL Ratings
has migrated the rating on bank facilities of LSAPL to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL D'.
Analytical Approach
CRISIL Ratings has combined the business and financial risk
profiles of LSAPL, Lakhani Rubber Works, Lakhani Footwear Pvt Ltd
and Lakhani Rubber Products Pvt Ltd (all rated 'CRISIL D'). This is
because these entities, collectively referred to as the Lakhani
group, are in the same business, and have common promoters, senior
management, procurement, marketing, and finance teams.
The Lakhani group has established the Lakhani brand in the footwear
and rubberised automotive components businesses over the past four
decades. Between fiscals 2006 and 2008, the split between Mr KC
Lakhani and his younger brother, Mr PD Lakhani, led to
reorganisation of the business and its assets. The group has
production plants in Faridabad (Haryana), Dhar (Madhya Pradesh),
Haridwar (Uttarakhand) and Noida (Uttar Pradesh) to produce sports,
leather and canvas shoes and ethylene-vinyl acetate slippers, with
a total capacity of 55.5 crore pairs per annum.
LAKSHMI NARAYAN: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shree
Lakshmi Narayan Sugar Industries Private Limited (SLNSIPL) continue
to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 17,
2023, placed the rating(s) of SLNSIPL under the 'issuer
non-cooperating' category as SLNSIPL 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.
SLNSIPL 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, April 30, 2024, May 3, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Uttar Pradesh based, Shree Lakshmi Narayan Sugar Industries Private
Limited is a private limited company incorporated on April 9, 2020.
The company is managed by Mr. Rajat Agarwal, Mr. Pranshu Agarwal,
Mr. Durgesh Kumar Vishwakarma, Mrs. Anu Agarwal and Mr. Simarjeet
Ajmani. The company is proposing to put up a Khandsari Udyog plant
for manufacturing of sugar by open pan Khandsari process and its
by-products i.e. bagasse, molasses etc. The raw material of the
company is sugarcane which the company will procure from farmers
based in nearby areas. The product will be provided to the
distributors under the brand name of "SLN Sugar".
LAXMI VINAYAKA: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri Laxmi
Vinayaka Agro Foods (SLVAF) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.80 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 20,
2023, placed the rating(s) of SLVAF under the 'issuer
non-cooperating' category as SLVAF 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. SLVAF continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 6, 2024, January 16,
2024, January 26, 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).
Sri Laxmi Vinayaka Agro Foods (SLVAF) is a Koppal (Karnataka) based
firm which was established in the year 2014 and commercial
operations were started from April 2015.The firm was promoted by
Mr. N. Suri Babu along with his wife Mrs. N. Leelarani. The rice
milling unit of the firm is located at Near Dasnal Bridge,
Venkatagiri, Gangavathi, Dist. Koppal, Karnataka. Apart from rice
processing, the firm is also engaged in selling its by-products
such as broken rice, husk and bran.
NEYSA JEWELLERY: CRISIL Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Neysa
Jewellery Limited (NJL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing 4.87 CRISIL D (ISSUER NOT
Credit COOPERATING; Rating Migrated)
Export Packing 7.83 CRISIL D (ISSUER NOT
Credit COOPERATING; Rating Migrated)
Packing Credit 0.92 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Packing Credit 4.90 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Post Shipment 11.70 CRISIL D (ISSUER NOT
Credit COOPERATING; Rating Migrated)
Post Shipment 1.33 CRISIL D (ISSUER NOT
Credit COOPERATING; Rating Migrated)
Proposed Term 1.71 CRISIL D (ISSUER NOT
Loan COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with NJL for
obtaining information through letter and email dated April 12, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NJL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NJL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of NJL to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Set up in 1996, NJL is promoted by Mr Pravin Shah and his family
members. The company manufactures and exports gold and silver
jewellery. Its manufacturing unit is in Santacruz Electronic Export
Processing Zone (SEEPZ), Mumbai.
R. D. FORGE: CARE Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of R. D.
Forge (A Unit of R. D. Chemicals Private Limited) (RDF) continue to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/Short 1.00 CARE B+; Stable/CARE A4;
Term Bank 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 2, 2023,
placed the rating(s) of RDF under the 'issuer non-cooperating'
category as RDF 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. RDF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 16, 2024, January 26, 2024, February 5, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
R D Forge (a unit of RD Chemicals Private Limited) (RDF) was
incorporated as a private limited company in June 1984 by Mr.
Subhash Garg. The company is currently managed by Mr. Subhash Garg,
Mr. Saurabh Garg and Mr. Gaurav Garg. The company
is engaged into manufacturing of forged flanges through steel
forging process which finds its application in different industries
like oil & gas, automobiles and refinery, etc The company offers
wide range of steel forging like stainless steel forging, alloy
steel forging & carbon steel forging. The facility is ISO 9001:2000
certified and is located at Ghaziabad, Uttar Pradesh (U.P.) with a
total installed capacity of 20,000 metric tons per annum (MTPA) as
on February 21, 2019. Flanges find its usages.
RAMS ASSORTED: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rams
Assorted Cold Storage Limited (RACSL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 45.00 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 February 15,
2023, placed the rating(s) of RACSL under the 'issuer
non-cooperating' category as RACSL 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. RACSL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 1, 2024, January 11,
2024, January 21, 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).
RACSL, incorporated in May 1986, is engaged in processing and
export of seafood. The company is promoted by Mr. Amarendra Dash
who has more than four decades of experience in shrimp industry.
The group has interest across diverse sectors like shrimp
processing, shrimp feed trading, hospitality and print media. RACSL
procures the prawns from farmers for processing in units located in
Cuttack and Paradip. RACSL has taken the hatcheries and farms owned
by group company Suryo Foods and Industries Limited on lease for
hatching and shrimp farming.
RHJ TUBES: CRISIL Lowers Rating on INR50cr Proposed Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of RHJ Tubes Pvt Ltd (RHJ) to 'CRISIL D' from 'CRISIL
BB-/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
Proposed Fund- 50 CRISIL D (Downgraded from
Based Bank Limits 'CRISIL BB-/Stable')
The rating downgrade reflects instances of delays by RHJ in
interest servicing on its term loan and overdrawing of funded
working capital facilities with overdue beyond thirty days in the
months of March and April 2024.
The rating continues to reflect modest scale of operations and poor
financial risk profile. These weaknesses are partially offset by
the extensive industry experience of the promoters.
Analytical Approach
Unsecured loans from promoters and other related parties standing
at INR24.5 crores as on 31st March 2023, is treated as debt.
Key Rating Drivers & Detailed Description
Weaknesses:
* Delay in the servicing: RHJ has delayed the interest payments
towards term loan in the month of April 2024. Furthermore, there
was a delay in interest servicing towards the cash credit facility
as well in the month of March and April 2024.
* Modest scale of operations amidst intense competition: Though the
scale of operations has been steadily increasing for the past few
fiscals, revenues continue to remain moderate at around INR217
crore in fiscal 2023, on account of intense competition in the
industry. The consequent intense competition along with limited
product differentiation may continue to constrain scalability,
pricing power and profitability.
* Poor financial risk profile: Capital structure of the company is
aggressive due to modest networth of INR24.6 crores as on March 31,
2023 and high reliance on outside borrowings. As a result, total
outside liabilities to adjusted net worth ratio and gearing were
high at 5.31 times and 4 times, as on March 31, 2023, respectively.
Going forward, capital structure is expected to improve driven by
increase in accretion to reserves and remains a key monitorable.
Operations are working capital intensive with gross current assets
(GCAs) at 182 days as on March 31, 2023, driven by inventory of 90
days and debtors of 85 days. The company generally provides a
moderate credit period of 60 to 90 days to its customers. Most of
the inventory is order backed, however, the company always
maintains an average inventory of about 3 months. Inventory levels
are on a higher side since the company has to maintain a large
variety of stock, in terms of different size and quality, as per
business requirement. Working capital is partially supported by
creditors of 50-60 days extended by the suppliers. Working capital
cycle is expected to remain large over the medium term.
Strength:
* Extensive industry experience of the promoters: The promoters
have more than two decades of experience in the metal pipes
industry. This has given them a strong understanding of market
dynamics and has further established long-standing relationships
with the suppliers and customers. Healthy demand from long
associated customers has further led to a steady increase in the
revenues to INR217 crores in fiscal 2023 from INR206.53 crore in
fiscal 2022 and is further estimated to generate INR263-268 crores
in fiscal 2024.
Liquidity: Poor
Liquidity is poor as reflected in delays in interest payment
obligations and overutilization of working capital limits beyond 30
days.
Rating Sensitivity Factors
Upward factors
* Timely debt servicing continuously for at least 90 days.
* Substantial increase in revenues and profitability leading to
higher cash accrual
RHJ was incorporated in 2000 and is promoted by Mr. Naresh Dhakad.
The company is engaged in manufacturing pipes and ingots made from
nonferrous metals such as copper, zinc, brass and aluminium.
RISHABH CONSTRUCTIONS: CARE Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rishabh
Constructions Private Limited (RCPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 56.24 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 24,
2023, placed the rating(s) of RCPL under the 'issuer
non-cooperating' category as RCPL 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. RCPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 10, 2024, January 20, 2024, January 30,
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).
Jaipur (Rajasthan) based RCPL was incorporated in November 1984 and
is promoted by Mr. Mahendra Kumar Sethi and Mr. Madan Lal Sethi.
RCPL is engaged in execution of civil construction contract works
with major focus on construction of buildings,
refurbishment/modification of buildings, hospitals, sophisticated &
complex laboratories, water supply & sewage disposal and electrical
engineering works. It is a 'SS' (highest in the scale of SS to E)
class approved contractor from Military Engineer Services (MES) and
'AA' class approved contractor from Central Public Work Department
(CPWD). The company also undertakes civil construction work for
private clients. It also has a windmill in Jaisalmer with a total
installed capacity of 1.25 Mega Watt (MW).
RR METALMAKERS: CARE Places B+ Debt Rating on Watch Negative
------------------------------------------------------------
CARE has placed the rating of bank facilities of RR MetalMakers
India Limited (RRMIL) on "Rating Watch with Negative Implications
(RWN)" following the company's announcement dated April 30, 2024,
of Corporate Insolvency Resolution Process (CIRP) initiated against
the company by one of its operational creditors on April 22, 2024.
Subsequently, the company has filed an Appeal before the Hon'ble
National Company Law Appellate Tribunal, Principal Bench, New Delhi
("NCLAT"). The Appeal was accepted by the NCLAT on April 24, 2024,
ordering that no further steps shall be taken in the CIRP initiated
against the Company till the next hearing date. Considering the
amount involved, any payment arising out of the said proceedings
would remain a key monitorable as significant outflow may
negatively impacts the financial risk profile of the company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.50 CARE B+ (RWN) Placed on Rating
Facilities Watch with Negative Implications
Short Term Bank 18.50 CARE A4 (RWN) Placed on Rating
Facilities Watch with Negative Implications
CARE will monitor the progress of the said proceedings and evaluate
the impact on company's operational and financial performance and
review the rating once clarity emerges of the same.
Rationale and key rating drivers
The reaffirmation in the ratings assigned to the bank facilities of
RR MetalMakers India Limited is constrained by the highly
competitive and cyclical nature of industry, moderate albeit
fluctuating scale of operations and low networth base and thin
operating profitability margin with losses at net level and
susceptibility of profit margins to price fluctuation in prices of
products traded. The ratings further considered its weak capital
structure and weak debt coverage indicators, working capital
intensive nature of operations and its stretched liquidity.
The ratings, however, derive strength from the experienced &
resourceful promoters and their long track record of operations in
steel industry. The established relationship with diversified
customer base and moderately concentrated supplier base also
provides strength to its ratings. Ratings also takes note of
planned debt funded capex of the company.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Improvement in scale of operation over INR150 crores on sustained
basis.
* Improvement in operating margin to above 5.00% and net profit
margin to above 3.00% on a sustained basis.
* Improvement in capital structure with overall gearing below 2.0x
on sustained basis.
* Timely conversion of iron-ore inventory into sales with profits.
Negative factors
* Substantial elongation in working capital cycle marked by
operating cycle days of above 75 days.
* Deterioration of current ratio to less than 1.00x on sustained
basis
* Significant deterioration in credit profile of the company as a
result of availing of higher than envisaged debt for its planned
capex.
* Additional debt being availed resulting in deterioration in
overall gearing exceeding 5.00x on a sustained basis.
* Any adverse outcome of court proceedings impacting the liquidity
position of the company
Analytical approach: Standalone
Outlook: Not Applicable
Detailed description of the key rating drivers:
Key weaknesses
* CIRP Proceedings filled against the company: The CIRP has been
initiated against the company by one of its operational creditors
on April 22, 2024. The total amount of dues stood at ~INR4.36 crore
including ~INR2.16 crore against operational dues and ~INR2.21
crore as demurrage. Subsequently, the company has filed an Appeal
before the Hon'ble National Company Law Appellate Tribunal,
Principal Bench, New Delhi ("NCLAT"). The Appeal was accepted by
the NCLAT on April 24, 2024, ordering that no further steps shall
be taken in the CIRP initiated against the Company till the next
hearing date. Considering the amount involved, any payment arising
out of the said proceedings may negatively impacts the financial
risk profile of the company.
* Moderate albeit fluctuating scale of operations and low networth
base: The Total operating income (TOI) of RRMMIL remained moderate
and fluctuating in the past. RRMMIL was previously involved in
trading of steel products and iron ore. However, in FY21, there
were several restrictions on the trading of iron ore. This coupled
with the fluctuating demand and prices of steel led to fluctuating
scale of operation in past (FY19-22). The TOI of RRMMIL declined
from INR124.20 crore in FY22 to INR84.17 crore in FY23,
(registering a decline of 32.23%) due to the lower demand of
their steel products and fluctuations in steel prices. resulting
which the scale continues to remain moderate. Further during 9MFY24
(from April to December 2023) the company recorded sales of
INR76.56 crore due to an industry wide increase in demand lead by
stable prices of steel. Further, the tangible net-worth base
remained low at INR6.43 crore as on March 31, 2023 (vis-àvis
INR6.46 crore as on March 31, 2022).
* Moderate operating margin with losses: The profitability margins
of RRMMIL remained low and fluctuating as it directly linked with
the raw material prices of steel. Further, operating profit margin
of RRMMIL largely remained moderate majorly due to trading nature
of the business where there is limited value addition along with
intense competition in the steel industry. The PBILDT margin,
improved from 0.52% in FY22 to 3.42% in FY23 mainly on account of
improved realisations on traded goods. With above coupled with high
interest cost and depreciation cost, the company continued to
report losses at net level in FY23. Further for 9MFY24, The PBILDT
margins stood at 6.90% and PAT margins stood at 1.50%.
* Weak capital structure and debt coverage indicators: The capital
structure of the company continues to remain leveraged marked by
higher working capital borrowings and higher purchase of goods on
LC given its trading nature of business. Also, given its limited
value addition as a result of trading nature of business debt
coverage indicators continue to remain weak. RRMMIL's overall
gearing stood at 3.35x as on March 31, 2023, as against 3.38x as on
March 31, 2022. Further, TDGCA stood negative in FY22 and FY23 due
to negative gross cash accruals in both the years. The interest
coverage ratio stood weak, however improved marginally to 0.72x in
FY23 (vis-à-vis 0.23x in FY22). The networth base further improved
to INR7.70 crore as on December 31, 2023, and the overall gearing
was at 4.09x as on December 31, 2023. Lead by improvement in GCA as
a result of stable prices of steel and improvement in demand for
its product sold, total debt/GCA and interest coverage ratio
improved and stood moderate at 5.86 times and 1.45 times in
9MFY24.
* Project risk due to debt-funded capex: The company is planning to
purchase a land of 10 acres in FY24 at Wada, the company plans to
set up dry fruits processing plant on half of the land and in other
half the company plans to make soft drink plant and bottled water.
60% of the soft drink manufactured will be under a reputed brand
and the remaining 40% under the company's brand. The promoters also
have prior experience of trading of dry fruits and will be setting
up processing and packing units for American almonds and walnuts.
The products will be imported, processed and packed into 20g, 50g
and 100g packs. The plant is to be set up in Wada and is expected
to start in September 2024. The planned capex is about INR80
crores. The company plans to avail a term loan of INR40 crores and
rest will be through issuance of rights and preference shares which
is expected in April 2024. The promoter holding after the equity
infusion is expected to reduce to about 50%. The company will also
receive subsidy for the Wada plant at about 80% of land, building
and machinery.
* Working capital intensive nature of operations: The operations of
RRMMIL stood working capital intensive in nature with majority of
funds being utilized in inventory, since the company is required to
maintain a steady level of inventory for a wide portfolio of
products in order to meet the regular flow of demand. The inventory
days deteriorated to 98 days in FY23 (vis-à-vis 76 days in FY22).
The company also provides a credit period 30-45 days to its
customers due to intense competition in the industry. The
collection period also deteriorated from 39
days in FY22 to 49 days in FY23. RRMMIL had receivables of INR7.22
crores, out of which INR0.90 crores are receivables aged more than
180 days. As on December 31, 2023, the total receivables stood at
INR6.01 crores.
* Highly competitive and cyclical nature of industry: RRMIL is
operating in a highly competitive industry due to the presence of
various organized and unorganized players involved in the trading
of various steel products. Although, over the years the industry
has become more organized with the share of unorganized players
reducing, but margins continue to be under pressure due to
fragmentation of the industry. Also, the steel industry is
sensitive to the shifting business cycles including changes in the
general economy, interest rates and seasonal changes in the demand
and supply conditions in the market.
Key strengths
* Long track record of operations in manufacturing & trading of
steel products: Established in the year 1995, RR Metalmakers is
primarily engaged in trading of iron ore, steel and steel products.
So RRMMIL possesses a long track record of about three decades of
operations in manufacturing & trading of various steel products.
Until FY21, the company was involved in only trading of steel and
iron products. However, since FY21 onwards, it set up its
manufacturing units in Gujarat which has a capacity of 800 MT per
month and started manufacturing ERW pipes and roofing sheets. The
company has a portfolio of over 20 products and cateres to
customers across the globe over the years. As a result of its
long-standing existence, the company has established long-term
relationships with its various customers, suppliers and other
stakeholders.
* Experienced and resourceful promoters: The company is promoted by
Mr. Virat Shah and Mr. Alok Shah. RRMMIL possesses a long track
record of about three decades of operations in manufacturing &
trading of various steel products. The company has a portfolio of
over 20 products and has catered to over customers across the globe
over the years. As a result of its long-standing existence, the
company has established long-term relationships with its various
customers, suppliers and other stakeholders. Established
relationship with diversified customer base and moderately
concentrated supplier base. RRMMIL has a portfolio of over 20
products with products ranging from profile sheets, corrugated
sheets and ERW pipes. As a result, the customer base for the
company remains diversified. The customer profile of the company is
well diversified with the top 10 customers comprising 14.91% of the
net sales in FY23. The supplier profile of the company is also well
diversified, however TATA steel contributed to 34.57% of the Top 10
purchases in FY23.
Liquidity: Stretched
The liquidity position remained stretched marked by tightly matched
accruals to repayment obligations. The company reported Gross Cash
Accruals (GCA) of INR1.85 crore during FY23 against repayment
obligations of INR3.20 crores in same year. However, the company
has already repaid INR2.76 crores of its debt repayment obligation
as on December 31, 2023. Its working capital limits were fully
utilized during past twelve months ended December-2023.
The current ratio stood low at 1.00x as on March 31, 2023
(vis-à-vis 1.23x as on March 31, 2022) while the quick ratio stood
weak at 0.38x as on March 31, 2023 (vis-à-vis 0.57x as on March
31, 2022) owing to higher inventory maintained by the company. The
company also had cash and liquid investments of INR2.04 crores as
March 31, 2023, and INR0.06 crores as on December 31, 2023.
Established in the year 1995, RR Metalmakers is primarily engaged
in trading of iron ore, steel and steel products. The company is
promoted by Mr. Virat Shah and Mr. Alok Shah. RRMMIL is primarily
engaged in trading of roofing sheets, galvanised coils, wire rods
etc. (contributing around 89.96% of the total income for FY23). The
company is an authorized distributer of JSW, TATA and Arcelormittal
through its facilities located at Wada and its manufacturing
facility is located at Ahmedabad.
SOLAN SPINNING: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Solan
Spinning Mills Private Limited (SSMPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 2, 2023,
placed the rating(s) of SSMPL under the 'issuer non-cooperating'
category as SSMPL 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. SSMPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 16, 2024, January 26, 2024, February 5, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Solan Spinning Mills Private Limited (SSMPL) was incorporated in
August 2003 as a private limited company and is currently being
managed by its directors collectively. SSMPL is engaged in the
manufacturing of grey cotton yarn of varied counts ranging from 18s
to 30s at its manufacturing facility located in Baddi, Himachal
Pradesh. The cotton yarn manufactured by the company is used in the
manufacturing of denims, bed sheets, curtains, pillow covers, etc.
===============
M A L A Y S I A
===============
ANNUM BHD: Slips Into PN17 After Auditor's Disclaimer Opinion
-------------------------------------------------------------
The Edge Malaysia reports that Annum Bhd, formerly known as Cymao
Holdings Bhd, has been categorised a Practice Note 17 (PN17)
company as its new external auditor Messrs SBY Partners PLT
expressed a disclaimer of opinion on its audited financial
statements for the 18 months ended June 30, 2023, after they failed
to obtain sufficient evidence to verify the group's assets.
The wood products manufacturer will have a year to regularise its
financial condition, failing which trading in its securities could
be suspended and it could be delisted, its May 15 filing noted.
The Edge relates that Annum said the company is taking the
necessary steps to address its PN17 status. "Barring any unforeseen
circumstances, the company expects to resolve the issue relating to
the disclaimer of opinion within the next financial year," it
added.
In its audit report, SBY said it was unable to obtain sufficient,
appropriate evidence on the existence, completeness, accuracy and
valuation of the group's intangible assets that amounted to
MYR153.62 million, the Edge relays. It also could not verify the
existence, accuracy, completeness and valuation of Annum's Smart
Agriculture IOT System (SAIOT), which the company had classified as
plant and machinery that amounted to MYR53.62 million --
representing 44% of the group's total assets.
SBY also couldn't ascertain the group's recognition of revenue on
trading of plywood and the wholesale trading of goods that amounted
to MYR197.34 million and MYR50.3 million, respectively.
"In addition, we were not able to obtain sufficient appropriate
audit evidence on the veracity of revenue contributed from plywood
amounting to MYR197.34 as we were unable to satisfy the
existence/movement of inventory from one party to another party
despite us performing additional audit procedures," the auditor, as
cited by the Edge, explained.
Separately, Annum said it has finally managed to issue its
outstanding annual report for the financial period ended June 30,
2023 (FY2023), which was initially due on Oct. 31, 2023, the Edge
reports.
The Edge relates that the group, who is facing possible delisting
due to the delayed issuance of the annual report, said it had
submitted written representations to Bursa Malaysia to explain why
it should not be delisted after the exchange regulator issued a
show-cause notice to the company last week over the outstanding
report.
Back in October 2023, Annum said it was unable to release its
annual report for FY2023 because the group could not find a
suitable auditor - having approached 31 potential auditors - after
its previous one resigned, the Edge recalls. The majority of them
cited resource constraints, the group said.
It finally appointed SBY as its new auditor on March 29 this year
and had aimed to issue its annual report by April 30. But come
April 30, Annum said it still could not issue the report as SBY was
unable to form an audit opinion, so Annum had requested SBY issue a
letter to explain why, the Edge relates.
Annum has a market capitalisation of MYR21.6 million, based on the
stock's last traded price of 9.5 sen, the Edge discloses. The stock
has been suspended from trading since November last year, due to
the annual report issue.
Headquartered in Kuala Lumpur, Malaysia, Annum Berhad, an
investment holding company, manufactures, distributes, and sells
veneer and plywood products. It is involved in construction,
project management, and other activities, including engineering,
procurement, construction, and commissioning, as well as property
development services, such as real estate consultancy, property
director, asset management, and property management. The company
was formerly known as Cymao Holdings Berhad and changed its name to
Annum Berhad in February 2021.
IVORY PROPERTIES: Gets More Time to File Regularization Plan
------------------------------------------------------------
New Straits Times reports that the High Court of Malaya in Penang
has granted a restraining order in favour of Ivory Properties Group
Bhd, halting any further actions, including winding up, execution,
and arbitration by its creditors.
This order, which spans three months from April 19, 2024, is
intended to aid Ivory Gleneary Sdn Bhd (IGSB), a wholly-owned
subsidiary, and its creditors in crafting a proposed scheme of
arrangement, NST relates.
This extension provides Ivory Properties the opportunity to present
a regularisation plan, aiming to exit its Practice Note 17 (PN17)
status.
Ivory Properties entered PN17 status in 2022 subsequent to a
disclaimer of opinion on its audited financial statements for the
fiscal year ending March 31, 2022, issued by external auditors,
Messrs KPMG PLT.
During this period, the company incurred a net loss of MYR79.51
million, with liabilities surpassing current assets by MYR60.22
million, NST discloses. Moreover, cash and bank balances totaled
MYR1.67 million, coupled with a negative operating cash flow of
MYR8.9 million for FY2022.
According to NST, KPMG underscored Ivory Properties' failure to
meet interest and principal payments amounting to MYR1.98 million
for specific loans and borrowings, resulting in an outstanding sum
of MYR49.73 million.
On April 19, 2024, the court directed the issuance of a restraining
order to facilitate a court-convened meeting between Ivory
Properties and its creditors, aimed at deliberating and potentially
sanctioning the proposed scheme of arrangement.
Furthermore, an insolvency practitioner was appointed to oversee
the meeting and assess the viability of the proposed scheme, with
an obligation to report the findings to the court, NST adds.
About Ivory Properties
Ivory Properties Group Bhd. is a property development company. The
Company's project portfolio includes medium to high-end apartments,
luxury condominiums, semi-detached and bungalow homes, boutique
gated communities, and retail and commercial lots.
In August 2022, Ivory Properties slipped into Practice Note 17
(PN17) status after its external auditor Messrs KPMG PLT flagged
material uncertainties about the company's ability to continue as a
going concern.
KPMG said Ivory Properties reported a net loss of MYR79.51 million
during FY22, while the group's liabilities exceeded their current
assets by MYR60.22 million.
=====================
N E W Z E A L A N D
=====================
MT SMART: Waterstone Insolvency Appointed as Receivers
------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on May 6,
2024, were appointed as receivers of Mt Smart 88 Limited and Nv
Property Investments Limited.
The receivers may be reached at:
Waterstone Insolvency
PO Box 352
Auckland 1140
RAPP HOSPITALITY: Court to Hear Wind-Up Petition on Nov. 13
-----------------------------------------------------------
A petition to wind up the operations of Rapp Hospitality Group
Limited will be heard before the High Court at Auckland on Nov. 13,
2024, at 10:45 a.m.
APRA New Zealand Limited filed the petition against the company on
Nov. 13, 2024.
The Petitioner's solicitor is:
Tim Mullins
LeeSalmonLong
Level 34, Vero Centre
48 Shortland Street
Auckland 1010
SSB TRADERS: Court to Hear Wind-Up Petition on May 24
-----------------------------------------------------
A petition to wind up the operations of SSB Traders Limited will be
heard before the High Court at Auckland on May 24, 2024, at 10:45
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on March 27, 2024.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
WARTHOG BUILDERS: Court to Hear Wind-Up Petition on May 30
----------------------------------------------------------
A petition to wind up the operations of Warthog Builders Limited
will be heard before the High Court at Auckland on May 30, 2024, at
10:00 a.m.
ExtraStaff Limited filed the petition against the company on April
8, 2024.
The Petitioner's solicitor is:
Kelly-Marie Margaret Paterson
Buddle Findlay
Level 4, 83 Victoria Street
Christchurch
WILLIAM MANNING: Khov Jones Appointed as Receivers
--------------------------------------------------
Steven Khov and Kieran Jones of Khov Jones on May 13, 2024, were
appointed as receivers of William Manning and Jason Westmoreland.
The receivers and managers may be reached at:
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
=====================
P H I L I P P I N E S
=====================
ROXAS & CO: Faces Closure After Failure to Pay Property Taxes
-------------------------------------------------------------
Bilyonaryo.com reports that Roxas & Co. Inc. (RCI), controlled by
the Roxas-Elizalde clan, has been struggling not only to repay
creditors like the Bank of the Philippine Islands but also to pay
taxes on its vast and contested hacienda lands in Nasugbu,
Batangas.
In a May 13 official notice obtained by Babbler, Nasugbu Mayor
Antonio Jose A. Barcelon issued a stern warning to RCI for not
paying real property taxes (RPT) based on the records of the
municipal treasurer.
According to Bilyonaryo.com, Mr. Barcelon said the non-payment of
RPT violates the Local Government Code which means the municipal
government can stop the operations of RCI.
"This serves as a formal notice to your company of the possible
revocation of your business permit by this office should you
continue to fail to settle your RPT which have become due and
demandable," the report quotes Mr. Barcelon as saying.
Mr. Barcelon also wrote a letter to the Bank of the Philippine
Islands seeking the help of its board chaired by bilyonaryo Jaime
Augusto Zobel de Ayala to resolve Nasugbu's issues with RCI.
"Please be informed that Roxas y Cia has not been paying the RPT on
the properties mortgaged with your bank," said Mr. Barcelon, notes
the report.
The Roxas-Elizalde controlled firm has PHP3.9 billion in long-term
borrowings of which BPI has the biggest with PHP1.3 billion,
Bilyonaryo.com discloses.
At least PHP1 billion of its loans have been past due since 2022.
According to Bilyonaryo.com, RCI was forced to restructure PHP882
million of its debts to BPI and other banks last year after it
broke the cap on debt-to-equity ratio on the loans granted to its
property subsidiaries Roxas Land and Roxaco Asia Hospitality Corp.
RCI's properties include Anya Hotel, Go Hotel, and Punta Fuego.
The company's other creditors are Robinsons Bank (which has been
merged with BPI) with PHP778 million, Amalgamated Investment
Bancorporation with PHP700 million, Land Bank of the Philippines
with PHP683 million, China Bank with PHP186 million, Asia United
Bank with PHP182 million, and BDO Unibank with PHP64 million.
Nasugbu has been locked in an ugly war with RCI, which has 2,941
hectares of property in Haciendas Palico, Banilad and Caylaway,
Bilyonaryo.com notes. The Department of Agrarian Reform (DAR) has
ordered a 50-50 division of the disputed Hacienda lands with 1,322
hectares going to 1,200 beneficiary farmers.
The compromise deal, affecting eight barangays with a population of
38,523, has faced strong opposition because the Roxas-Elizalde
group would receive the prime land (near highways or existing
communities), while the farmers would be moved to less desirable
areas.
Roxas and Comapny, Inc. operates as a holding company. The Company
is engaged in real estate, as well as in the refining, processing
and sales of sugar and related sugar products. Roxas and Comapny
serves customers in Philippines.
=================
S I N G A P O R E
=================
25 HOLDINGS: Commences Wind-Up Proceedings
------------------------------------------
Members of 25 Holdings Pte Ltd, on May 10, 2024, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is Mr. Neo Ban Chuan of BC Neo Advisory
Pte Ltd.
AGILIS HR: Creditors' Proofs of Debt Due on June 15
---------------------------------------------------
Creditors of Agilis HR Consulting Pte. Ltd. are required to file
their proofs of debt by June 15, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on May 7, 2024.
The company's liquidator is:
Farooq Ahmad Mann
Mann & Associates PAC
3 Shenton Way
#03-06C Shenton House
Singapore 068805
HORTI-FLORA SERVICES: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on May 3, 2024, to
wind up the operations of Horti-Flora Services Pte. Ltd.
Culum Capital Pte Ltd filed the petition against the company.
The company's liquidators are:
Lau Chin Huat
Yeo Boon Keong
Technic Inter-Asia
50 Havelock Road, #02-767
Singapore 160050
SHINSEI KOBELCO: Creditors' Proofs of Debt Due on June 18
---------------------------------------------------------
Creditors of Shinsei Kobelco Leasing Singapore Pte. Ltd. are
required to file their proofs of debt by June 18, 2024, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on May 9, 2024.
The company's liquidators are:
Toh Ai Ling
Chan Kwong Shing, Adrian
Tan Yen Chiaw
c/o 12 Marina View #15-01
Asia Square Tower 2
Singapore 018961
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
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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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