/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/240607.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, June 7, 2024, Vol. 27, No. 115 Headlines A U S T R A L I A AUSSIE WEALTH: ASIC Cancels Australian Financial Services Licence AUSTEK ROOFING: First Creditors' Meeting Set for June 13 CAFE CULTURE: First Creditors' Meeting Set for June 13 ELLIOTT BOOKS: Second Creditors' Meeting Set for June 13 FERTILIS PTY: Second Creditors' Meeting Set for June 13 JHR JOBS: Second Creditors' Meeting Set for June 11 LVX GLOBAL: Bombora Buys Back Company Out of Administration C A M B O D I A NAGACORP LTD: Moody's Affirms 'B3' CFR & Alters Outlook to Stable C H I N A CHINA VANKE: To Repay Principal, Interest of USD610M Notes COUNTRY GARDEN: HK Liquidation Hearing Further Adjourned to July I N D I A ACCORD UDYOG: CARE Keeps D Debt Rating in Not Cooperating Category BHADRESHWAR VIDYUT: CARE Keeps D Debt Ratings in Not Cooperating BTS KNITSS: CARE Keeps C Debt Rating in Not Cooperating Category BYJU'S: Creditors Petition to Put More Units in US Bankruptcy CARE-K: CRISIL Keeps D Debt Ratings in Not Cooperating CHEMMARATHIL CASHEW: CRISIL Keeps D Ratings in Not Cooperating COMPACT LAMPS: CRISIL Keeps D Debt Ratings in Not Cooperating DISHA AUTO: CRISIL Keeps B Debt Ratings in Not Cooperating GENGA MILLS: CRISIL Keeps D Debt Ratings in Not Cooperating GREESHMAM RESORTS: CRISIL Keeps D Debt Rating in Not Cooperating INDUSTRIAL PROGRESSIVE: CARE Keeps D Rating in Not Cooperating K.P.R. AGROCHEM: CRISIL Keeps D Debt Ratings in Not Cooperating K.R. PADMANABHAN: CRISIL Keeps B Debt Rating in Not Cooperating LAXMI TIMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating LEXUS MOTORS: CRISIL Lowers Rating on INR45cr Cash Loan to B P. RAJA: CARE Keeps B- Debt Rating in Not Cooperating Category R D ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating RAJARATHNAM CONSTRUCTION: CRISIL Keeps D Rating in Not Cooperating RAJASTHAN FASTENERS: CRISIL Keeps D Ratings in Not Cooperating RANGOTSAV LIFESTYLE: CARE Keeps D Debt Rating in Not Cooperating RAVIRAJ GINNING: CRISIL Keeps D Debt Rating in Not Cooperating REGENCY LINX: CRISIL Keeps D Debt Ratings in Not Cooperating RUDRANEE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating SAI LEASING: CARE Keeps D Debt Rating in Not Cooperating Category SHANKER COTGIN: CRISIL Keeps D Debt Ratings in Not Cooperating SHIVIN CA: CRISIL Keeps D Debt Rating in Not Cooperating Category SIDDS JEWELS PRIVATE: CARE Reaffirms D Rating on INR146.26cr Loans SIDDS JEWELS: CARE Reaffirms D Rating on INR65.50cr LT/ST Loans SUBHKARAN AND SONS: CRISIL Keeps D Debt Rating in Not Cooperating SUDALAGUNTA SUGARS: CRISIL Keeps D Ratings in Not Cooperating TELEECARE NETWORK: CARE Lowers Rating on INR90cr LT Loan to C VSG VENTURES: CARE Keeps D Debt Ratings in Not Cooperating N E W Z E A L A N D ARDERN ARCHITECTURAL: Court to Hear Wind-Up Petition on June 13 BONEFACE BREWING: Creditors' Proofs of Debt Due on July 8 FIRST TRUST: Court to Hear Wind-Up Petition on June 13 HUCKLEBERRY 2021: Creditors' Proofs of Debt Due on July 2 INDIAN FOOD: Creditors' Proofs of Debt Due on July 12 P H I L I P P I N E S CALATA CORP: Officers Ordered to Pay PHP8M for Market Manipulation S I N G A P O R E CP RESIDENCES: Court to Hear Wind-Up Petition on June 21 JAXON PTE: Court to Hear Wind-Up Petition on June 21 QUANFA GROUP: Court Enters Wind-Up Order SIN HIAP: Court to Hear Wind-Up Petition on June 21 TAN CHENG: Commences Wind-Up Proceedings S R I L A N K A SRI LANKA: Closes in on Debt Restructuring With Bilateral Lenders - - - - - ================= A U S T R A L I A ================= AUSSIE WEALTH: ASIC Cancels Australian Financial Services Licence ----------------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of Aussie Wealth Super Pty Ltd effective from June 3, 2024. The AFS licence was cancelled after ASIC received notification that liquidators had been appointed on March 14, 2024 and it had been resolved that Aussie Wealth Super be voluntarily wound up. The terms of the licence cancellation stipulate that Aussie Wealth Super, until June 3, 2025, continue to be in effect as though the cancellation had not happened for the purposes of s912A(1)(g) (having a dispute resolution system) and 912B (concerning arrangements for compensation). Under the Corporations Act, ASIC may suspend or cancel an AFS licence without a hearing if the licensee is under administration or is being wound up. Aussie Super Wealth has a right to apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC's decision. Aussie Super Wealth has held AFS licence number 462579 since Sept. 5, 2004. SV Partners Pty Ltd was appointed as liquidator to Aussie Wealth Super on March 14, 2024. AUSTEK ROOFING: First Creditors' Meeting Set for June 13 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Austek Roofing and Cladding Pty Ltd will be held on June 13, 2024 at 11:00 a.m. at Level 3, 565 High St in Penrith and via virtual meeting technology. Trent McMillen and Ernie Chou of MaC Insolvency were appointed as administrators of the company on May 31, 2024. CAFE CULTURE: First Creditors' Meeting Set for June 13 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Cafe Culture Australia Pty Limited will be held on June 13, 2024 at 10:00 a.m. via virtual meeting only. Rajiv Goyal and Andrew McEvoy of Aston Chace Group were appointed as administrators of the company on June 2, 2024. ELLIOTT BOOKS: Second Creditors' Meeting Set for June 13 -------------------------------------------------------- A second meeting of creditors in the proceedings of Elliott Books Pty. Ltd. has been set for June 13, 2024 at 2:00 p.m. virtually by Micrsoft Teams videoconference. 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 June 12, 2024 at 4:00 p.m. Andrew Reginald Yeo and Timothy James Bradd of Pitcher Partners were appointed as administrators of the company on May 14, 2024. FERTILIS PTY: Second Creditors' Meeting Set for June 13 ------------------------------------------------------- A second meeting of creditors in the proceedings of Fertilis Pty Ltd has been set for June 13, 2024 at 10:30 a.m. via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 12, 2024 at 12:00 p.m. Victoria May Young and Andrew Heard of Heard Phillips Lieberenz were appointed as administrators of the company on May 8, 2024. JHR JOBS: Second Creditors' Meeting Set for June 11 --------------------------------------------------- A second meeting of creditors in the proceedings of JHR Jobs Co Pty Ltd has been set for June 11, 2024 at 11:00 a.m. at the offices of B&T Advisory at Level 19, 144 Edward Street in Brisbane. 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 June 10, 2024 at 4:00 p.m. Travis Pullen of B&T Advisory were appointed as administrators of the company on May 7, 2024. LVX GLOBAL: Bombora Buys Back Company Out of Administration ----------------------------------------------------------- The Australian Financial Review reports that Clarence Group, an entity controlled by Bombora Investment Management, has agreed terms to buy back smart-cities specialist LVX Global out of administration. Under the deal, LVX is valued at AUD7 million - including AUD1 million cash, AFR relates. LVX is an infrastructure engineering business that offers strategy, engineering and project management in the building sector with its main offices in Adelaide. Kenneth Michael Whittingham and Mark Julian Robinson of Fort Restructuring were appointed administrators of LVX Global Holdings Limited, lvX Global Consulting Pty Limited, LVX IOT Pty Limited, Norman Asset Delivery Pty Ltd and LVX Global (IP) Pty Ltd on March 27, 2024. =============== C A M B O D I A =============== NAGACORP LTD: Moody's Affirms 'B3' CFR & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings has affirmed NagaCorp Ltd.'s B3 corporate family rating and the B3 senior unsecured rating of the company's US dollar bond. The bond is unconditionally and irrevocably guaranteed by the major operating subsidiaries of NagaCorp. At the same time, Moody's has changed the outlook to stable from negative. "The change in outlook to stable reflects Moody's view that refinancing risk has abated as NagaCorp has sufficient funds to repay its US dollar bond in July. Liquidity has improved over the past 12 months, helped by the drawdown of a shareholder loan and reduction in discretionary spending," says Yu Sheng Tay, a Moody's Analyst. RATINGS RATIONALE The rating action follows NagaCorp's announcement on 2 June 2024 that it drew down a $70 million loan from an entity controlled by its majority shareholder, the Chen family. Pro forma for the loan drawdown, NagaCorp has sufficient liquidity to address the $472 million US dollar bond maturing on July 6, 2024. The improved liquidity also reflects the company's efforts to accumulate cash since 2022 by reducing development capital expenditure and declaring scrip dividends in lieu of cash. Following the maturity of its US dollar bond in July, Moody's estimates NagaCorp will have total debt of around $120 million including lease liabilities. The rating agency forecasts NagaCorp's EBITDA will improve to $320 million-$370 million over the next 18 months, from $295 million in 2023, as the tourism sector in Cambodia (B2 stable) gradually recovers. Leverage, as measured by debt/EBITDA, will remain at less than 1.0x, which is strong for NagaCorp's B3 CFR. Despite the healthy balance sheet, NagaCorp's B3 CFR reflects the structural shift for gaming operators in the region as the Referral VIP gaming business has significantly declined following regulatory restrictions on the operations of junkets. At the same time, the company remains exposed to competition from other Asian gaming destinations. Consequently, Moody's projections for NagaCorp's EBITDA over the next 18 months are less than 60% of the amount generated by the company in 2019, which indicate a slower recovery trajectory compared with its peers in the region. The B3 CFR is constrained by the company's single-site operations, exposure to political risk and Cambodia's evolving regulatory framework, and limited ability to access external financing. NagaCorp's B3 CFR continues to reflect the dominant position of its integrated casino and hotel complex, NagaWorld, in Phnom Penh, Cambodia, underpinned by its exclusive rights until 2045 to operate casinos in and around the capital city. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if (1) NagaCorp sustains an improvement in earnings and cash flow; (2) the company maintains its strong market position in Cambodia; and (3) the company has good liquidity and access to external financing to fund its operations and capital spending. Credit metrics indicative of an upgrade include adjusted debt/EBITDA below 3.0x and adjusted retained cash flow/debt above 25%, on a sustained basis. Moody's could downgrade NagaCorp's ratings if (1) the operating environment deteriorates, resulting in protracted weakness in earnings; or (2) the company embarks on aggressive growth plans that strain its free cash flow and liquidity. The principal methodology used in these ratings was Gaming published in June 2021. NagaCorp Ltd. was incorporated in the Cayman Islands in 2003 and listed on the Hong Kong Stock Exchange in 2006. It owns and manages NagaWorld, the largest integrated casino and hotel complex in Phnom Penh, Cambodia. NagaCorp is controlled by the Chen family, which had a 69% stake in the company as of December 31, 2023. ========= C H I N A ========= CHINA VANKE: To Repay Principal, Interest of USD610M Notes ---------------------------------------------------------- Yicai Global reports that China Vanke said it will repay the principal and interest of the medium-term notes maturing today (June 7), which total around USD610 million, thanks to smooth financing channels. This will be Vanke's third US dollar bond repaid this year, the Chinese real estate giant said late on June 5. According to Yicai, the medium-term notes were issued by Vanke in March 2019 on the Hong Kong Stock Exchange, with a face value of USD600 million and an interest rate of 4.20 percent. Vanke's domestic bank financing channels remain open. The Shenzhen-based builder received a one-time loan of CNY20 billion (USD2.8 billion) from a syndicate including China Merchants Bank on May 23, the largest single loan in the real estate sector since 2020, Reuters notes. Vanke's contracted sales fell 39 percent to CNY102.2 billion (USD14.1 billion) in the five months ended May 31 from a year earlier, placing it third in the industry. Its contracted sales area was 7.43 million square meters. In the first five months of this year, 33 developers in China achieved sales of more than CNY10 billion, with an average of CNY37 billion, Reuters discloses citing data released by the China Index Academy. Vanke ranked third behind Poly Developments & Holdings Group and China Overseas Land & Investment. 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 28, 2024, Fitch Ratings has downgraded Chinese homebuilder China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to 'BB-', from 'BB+'. The Outlook is Negative. Fitch also downgraded the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), to 'B+', from 'BB', and downgraded Vanke HK's senior unsecured rating and the rating on the outstanding senior notes to 'B+' with a Recovery Rating of RR4, from 'BB'. The ratings have been removed from Rating Watch Negative. The TCR-P reported 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'. COUNTRY GARDEN: HK Liquidation Hearing Further Adjourned to July ---------------------------------------------------------------- Reuters reports that Country Garden said in a filing on June 6 the Hong Kong High Court had further adjourned a hearing of a petition seeking liquidation of the Chinese property developer to July 29. The company did not provide a reason for the delay, Reuters relates. The hearing was originally adjourned to June 11 from May, as Country Garden had requested more time to prepare evidence. If Country Garden is able to present progress on the debt restructuring talks with its offshore creditors, it would help the developer push back against the liquidation petition. Advisers to Country Garden, an ad hoc group of bondholders and a group of bank lenders are still working on due diligence to comb through the developer's balance sheet, sources said, Reuters relays. The developer defaulted on $11 billion of offshore bonds last year and is in the process of an offshore debt restructuring. Ever Credit Limited, a unit of Hong Kong-listed Kingboard Holdings, filed the petition against Country Garden in February for non-payment of a $205 million loan, Reuters notes. Country Garden told some of its offshore creditors in April that it planned to present a debt restructuring proposal in the second half of this year, Reuters has reported. The company's shares have been suspended from trading since April 2, pending the release of its 2023 financial results. About Country Garden Holdings Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. The developer defaulted on US$11 billion of offshore bonds last year and is in the process of an offshore debt restructuring. ========= I N D I A ========= ACCORD UDYOG: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Accord Udyog Private Limited (AUPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 13, 2023, placed the rating(s) of AUPL under the 'issuer non-cooperating' category as AUPL 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. AUPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 27, 2024, February 6, 2024, February 16, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Incorporated in December 2009, Accord Udyog Private Limited (AUPL) was promoted by Mr. Avinash Singh and Mrs. Jyoti Singh. The company has been engaged in trading of channels, pipes, angles, plates, chequer plates, galvanised plain and corrugated sheets, thermo-mechanically treated bars, bars, and other such products majorly in the states of Jharkhand, Orissa and West Bengal. The major client profile of the company includes reputed names like TATA Motors Ltd., Usha Martin Ltd., etc. Mr. Avinash Singh, having more than a decade of experience in this line of business, looks after the day to day operations of the company. He is supported by other promoter Mrs. Jyoti Singh, also has a decade experience along with a team of experienced professional. BHADRESHWAR VIDYUT: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Bhadreshwar Vidyut Private Limited [BVPL] continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1,632.40 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 430.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. [CARE] had, vide its press release dated Dec 14, 2017, placed the ratings of BVPL under the 'issuer non-cooperating' category as BVPL had failed to provide information for monitoring of the rating. BVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 21, 2024, May 1, 2024, and May 2, 2024. In line with the extant SEBI guidelines, CARE has reviewed the ratings based on the best available information which, however, in CARE'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 ratings. The rating considers the delays in debt servicing. Analytical approach: Standalone Detailed description of the key rating drivers: Key Rating Weaknesses * Delays in debt servicing: The company has been delaying its debt servicing, the same has been reiterated in the auditor's report of FY23.The company has reported a loss of Rs. 308 crore and has a negative gross cash accrual (GCA) of Rs. 214 crores. NCLT ordered on October 18, 2022, to initiate the Corporate Insolvency Resolution Process (CIRP) under the Insolvency Bankruptcy Code 2016. Liquidity: Poor Poor liquidity marked by delays in debt servicing and y-o-y loss incurred by the company. Bhadreshwar Vidyut Private Limited (formerly OPGS Power Gujarat Private Limited) is a private entity that got incorporated on April 26, 2007. The company was sponsored by OPG Power Ventures. The company deals in the production of electricity. It comprises two units with a capacity of 150 MW each at Kutch, Gujarat. One of the units was commissioned in April 2015, and the other plant started operations in January 2016 and stabilized in June 2016. BTS KNITSS: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of BTS Knitss Process Private Limited (BKPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.80 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 0.05 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 14, 2023, placed the rating(s) of BKPPL under the 'issuer non-cooperating' category as BKPPL 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. BKPPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 28, 2024, February 7, 2024, February 17, 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). Tamilnadu based, B T S Knitss Process Private Limited (BKPPL) was incorporated on August 24, 2005 and is promoted by Mr. P. Shiva Kumar (Managing Director) along with his family members as directors of the company. The company is engaged in dying of various kinds of fabric at its manufacturing unit located at Tirupur, Coimbatore District, Tamilnadu. Customers and suppliers of BKPPL are located in and around Tirupur, Tamilnadu. BYJU'S: Creditors Petition to Put More Units in US Bankruptcy ------------------------------------------------------------- Bloomberg News reports that a group of lenders asked a court to impose bankruptcy oversight on multiple units tied to the struggling Indian education technology company Byju's, claiming millions of dollars are being "siphoned" out of the companies. According to Bloomberg, creditors led by HPS Investment Partners filed involuntary chapter 11 cases in Delaware against Neuron Fuel Inc., Epic! Creations Inc. and Tangible Play Inc. on May 29. All three were once affiliated with Byju's Alpha, a unit of the once high-flying startup that was put into bankruptcy earlier this year after defaulting on $1.2 billion of debt. Bloomberg relates that the lenders accused the firm's eponymous founder Byju Raveendran of violating their debt contracts by refusing to give them financial details about the three units, which are known "alleged debtors" now that they face bankruptcy. The units should have their spending restricted immediately and eventually a trustee may need to be appointed to run them, the lenders said in court papers. "So the petitioning creditors undertook their own investigation, and what they learned is frightening: the alleged debtors are in financial distress and money is being siphoned out of them," the lenders said in court papers. Firms including Redwood Capital Management, Veritas Capital and loan agent Glas Trust also signed onto the case, court papers, as cited by Bloomberg, showed. Byju's plans to challenge the case, which in an e-mailed statement it called "premature to say the least," Bloomberg relays. The company argues that some of the lenders are not legitimate owners of the debt because they are on a list of "disqualified" investors who, under the debt contracts, are barred from holding the loan. "The lenders claim to be creditors of these entities, notwithstanding that the question of whether the underlying loan amount is due and payable remains to be decided," a company spokesperson said in an e-mail, referring to a lawsuit challenging whether the $1.2 billion loan is in default, Bloomberg relays. The units were affiliates of Byju's Alpha until March 2023, when Glas Trust took control of the Alpha unit, according to court papers. Byju's, once one of India's hottest tech startups, has been in a prolonged fight with creditors over a debt restructuring, the report notes. Raveendran built an aggressively expanding education company that was once valued at $22 billion but struggled when demand for tutoring dropped off as the pandemic waned and schools reopened. Bloomberg notes that the company and its lenders are now battling in courts in Delaware and New York, primarily over where the troubled company stashed $533 million that jilted lenders say should go to them. About Byju's Based in Bengaluru, Karnataka, India, Byju's operates an online learning platform intended to deliver engaging and accessible education. The company's platform makes use of original content, watch-and-learn videos, animations, and interactive simulations that make learning contextual, visual, and practical, enabling students to receive a personalized educational experience. As reported in the Troubled Company Reporter-Asia Pacific, the Enforcement Directorate, India's federal financial crime-fighting agency, issued a show-cause notice to education tech company Byju's for alleged violations of foreign exchange rules, the agency said in a statement on Nov. 11, 2023. Reuters said the agency alleged violations by the company worth over INR93 billion ($1.12 billion) under the Foreign Exchange Management Act (FEMA), and has sent notices to founder Byju Raveendran and parent company Think & Learn Pvt Ltd. Byju's violated FEMA norms by not submitting documents of imports against advance remittances made outside India, and failing to realize proceeds of exports, the Enforcement Directorate said. The company also delayed filing of documents against the foreign investment received and failed to allot shares against these, it added. The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that foreign lenders, who collectively extended more than 85% of Byju's $1.2 billion term loan, have filed an insolvency petition against the online tutor in India, people directly aware of the development said. Moneycontrol related that the bankruptcy petition was filed in January 2024 in the Bengaluru bench of the National Company Law Tribunal (NCLT), the people said, requesting anonymity. As reported in the Troubled Company Reporter-Asia Pacific on Feb. 5, 2024, a U.S. unit of Byju's has filed for Chapter 11 bankruptcy proceedings in the U.S. court of Delaware, listing liabilities in the range of $1 billion to $10 billion. Byju's Alpha unit listed its assets in the range of $500 million to $1 billion, according to a court filing, which showed estimated creditors in the range of 100 to 199, according to Reuters. CARE-K: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Confederation For Ayurvedic Renaissance-Keralam Limited (CARE-K) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (Issuer Not Cooperating) Term Loan 7.14 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with CARE-K for obtaining information through letter and email dated April 19, 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 CARE-K, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on CARE-K is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CARE-K continues to be 'CRISIL D Issuer Not Cooperating'. Set up as a private limited company in 2004 and reconstituted as a public limited company in 2008, CARe-K is a joint venture between various ayurvedic enterprises and the Kerala Industrial Infrastructure Development Corporation (KINFRA) of the Government of Kerala. The company was formed to create infrastructure facilities for the standardisation of ayurvedic medicines and services, and is also supported by the AYUSH Department of Government of India. CHEMMARATHIL CASHEW: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Chemmarathil Cashew Company (CCC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL D (Issuer Not Cooperating) Packing Credit 23 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with CCC for obtaining information through letter and email dated April 19, 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 CCC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on CCC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CCC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. CCC, set up in 2008 and based in Kollam (Kerala), processes and trades in cashew nuts. Its operations are managed by partners Mr. Sam C K and Mr. Syam C K. COMPACT LAMPS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Compact Lamps Private Limited (CLPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Short Term Rating - CRISIL D (ISSUER NOT COOPERATING) CRISIL Ratings has been consistently following up with CLPL for obtaining information through letter and email dated April 19, 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 CLPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on CLPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CLPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. CLPL, set up in 2010 by Mr. Kapil Gupta is manufacturer of CFL (Compact fluorescent lamp) and LED bulbs (Light Emitting Diode) for established players in the Indian lighting industry. It is engaged in manufacturing and sales of compact fluorescent lamps (CFL) in the range of 5-36 watts and LEDs in the range of 0.5-24 watts. DISHA AUTO: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Disha Auto Components Private Limited (DACPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating) Proposed Fund- 0.42 CRISIL B/Stable (Issuer Not Based Bank Limits Cooperating) Term Loan 4.58 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with DACPL for obtaining information through letter and email dated April 19, 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 DACPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on DACPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DACPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. DACPL was incorporated in 2004 by Mr Santosh Ladda in Aurangabad. The company manufactures couplings for tubing and casing pipes for oil and gas well. The company started production at its own unit from July-2005 onwards and 2006-07 was the first full year of operations of the company. The company derives more than 90% of its revenues from exports mainly to the US. GENGA MILLS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sree Genga Mills Private Limited (SGMPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.2 CRISIL D (Issuer Not Cooperating) Cash Credit 3 CRISIL D (Issuer Not Cooperating) Term Loan 3.3 CRISIL D (Issuer Not Cooperating) Working Capital 1.5 CRISIL D (Issuer Not Term Loan Cooperating) CRISIL Ratings has been consistently following up with SGMPL for obtaining information through letter and email dated April 19, 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 SGMPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SGMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SGMPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Incorporated in 1999 and promoted by Mr.E Ramaswamy, SGMPL manufactures cotton yarn. Operations are managed by Mr. R Srinivasan. GREESHMAM RESORTS: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Greeshmam Resorts Private Limited (GRPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 18.5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with GRPL for obtaining information through letter and email dated April 19, 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 GRPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on GRPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GRPL continues to be 'CRISIL D Issuer Not Cooperating'. Started in 2010, GRPL is engaged in operation of a hotel & resort by name "Vythri Village" in the Wayanad District of Kerala. The promoter has an experience of more than two decades in similar line of business. The company has a tie up with 65 travel agents including Makemytrip. Vythri is among one of the 50 resorts in Club Mahindra's website. INDUSTRIAL PROGRESSIVE: CARE Keeps D Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Industrial Progressive India Limited (IPIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 55.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 10, 2023, placed the rating(s) of IPIL under the 'issuer non-cooperating' category as IPIL 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. IPIL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 24, 2024, March 5, 2024, March 15, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Industrial Progressive (India) Limited (IPIL), promoted by Mr. Subash Goel and his associates, was incorporated on 19th November 1984 as a public limited company. However, the company started its operations from 1992 onwards with initial capacity of 2 lakh litres per day (LLPD) of milk. Mr. Rajesh Gandhi, MD looks after the operations of the company. The original promoter Mr. Goel had sold his stake to Mr. Gandhi in Sept 2010. The company is engaged in the manufacturing of various Milk products under the brand name "Doaba" and "Milk Country". "Doaba" caters to North India especially Haryana and Rajasthan whereas "Milk Country" caters to the demand of Andhra Pradesh, Kerala and Tamil Nadu. The manufacturing products range of the company includes Ghee, Skimmed Milk Powder (SMP), Butter, Casein, Whey Powder and Liquid Milk. K.P.R. AGROCHEM: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of K.P.R. Agrochem Limited (KPR) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Short Term Rating - CRISIL D (ISSUER NOT COOPERATING) CRISIL Ratings has been consistently following up with KPR for obtaining information through letter and email dated April 19, 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 KPR, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KPR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KPR continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. For arriving at the ratings, CRISIL has combined the business and financial risk profiles of KPR and Sri Sai Swarupa Seeds Pvt Ltd (SSPL). This is because SSSPL is a wholly owned subsidiary of KPR. KPR (formerly, KPR Fertilisers Ltd) was set up as a private limited company on January 2, 2007, in Rayavaram, Andhra Pradesh. KPR is the flagship entity of KPR Group, which is promoted by Mr Kovvuri Papa Reddy. The company manufactures fertilisers, pesticides, micro nutrients, and seeds. Its wholly owned subsidiary, SSPL, processes seeds. K.R. PADMANABHAN: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of K.R. Padmanabhan and Sons (KRP) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with KRP for obtaining information through letter and email dated April 19, 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 KRP, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KRP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KRP continues to be 'CRISIL B/Stable Issuer Not Cooperating'. For arriving at the rating, CRISIL Ratings has combined the business and financial risk profiles of K.R. Padmanabhan and Sons (KRP) and P. Sri Ramulu (PRS). This is because both the entities, together referred to as the KRP group, are engaged in the same business and have significant financial fungibility. The KRP group is engaged in rice trading. The group is based in Chennai and is managed by Mr. P Sri Ramulu, Mr. P Damodaran, and Mr. P Venkatesan. LAXMI TIMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Laxmi Timbers Private Limited (SLTPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Letter of Credit 35 CRISIL D (Issuer Not Cooperating) Overdraft Facility 2.7 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.3 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with SLTPL for obtaining information through letter and email dated April 19, 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 SLTPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SLTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SLTPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. SLTPL was incorporated in 2010 by Mr. Dinesh Patel and his wife Mrs. Kalpana Patel. The company is engaged in trading of timber, majorly teak wood. The company is based of Pondicherry. LEXUS MOTORS: CRISIL Lowers Rating on INR45cr Cash Loan to B ------------------------------------------------------------ CRISIL Ratings has revised the ratings on bank facilities of Lexus Motors Limited (LML) to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 45 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') Cash Credit 24.47 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') Cash Credit 30 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') Term Loan 30.53 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with LML for obtaining information through letter and email dated April 19, 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 LML, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on LML is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of LML Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'. Incorporated in 1991, LML is an authorised dealer of vehicles of Tata Motors Ltd (CRISIL AA-/Stable/CRISIL A1+). It is also the sole dealer for Jaguar Land Rover cars in eastern India. P. RAJA: CARE Keeps B- Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of P. Raja (PR) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 14, 2023, placed the rating(s) of PR under the 'issuer noncooperating' category as PR 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. PR continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 28, 2024, March 9, 2024, March 19, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Namakkal based P. Raja (PR) was established in the year 2005 by Mr. P. Raja. The proprietor who runs a poultry business in the name of 'Raja Poultry Farm' has more than two decades of experience in poultry business. The firm is engaged in farming of egg laying poultry birds (chickens) and trading of eggs, cull birds and their manure. The firm sells its products like eggs and cull birds to retailers located in Trichy and Kerala. The firm mainly buys chicks from Skylark Hatcheries. The firm purchases raw materials for feeding birds like rice brokens, maize, sun flower oil cake, shell grit, minerals and soya from local traders. The firm has an installed capacity of 1,50,000 birds per annum. The firm has not availed COVID-19 moratorium for its rated facilities. R D ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of R D Engineers India Private Limited (RDEPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (Issuer Not Cooperating) Letter Of Guarantee 12.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 0.08 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with RDEPL for obtaining information through letter and email dated April 19, 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 RDEPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RDEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RDEPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. RDEPL, incorporated in 1984 and promoted by Mr S R Dua, designs and fabricates critical process equipment such as pressure vessels, heat exchangers, columns, and towers for the refinery, petrochemical, and fertiliser industries. The manufacturing facilities are in Mumbai and Nashik. RAJARATHNAM CONSTRUCTION: CRISIL Keeps D Rating in Not Cooperating ------------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Rajarathnam Construction Private Limited (RCPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 4.1 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with RCPL for obtaining information through letter and email dated April 19, 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 RCPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RCPL continues to be 'CRISIL D Issuer Not Cooperating'. RCPL was set up in 1992 as a proprietorship concern in Chennai. The firm was reconstituted as a private limited company under its current name in 2000. The company develops residential real estate and its operations are managed by the managing director, Mr Rathinam. RAJASTHAN FASTENERS: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rajasthan Fasteners Private Limited (RFPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Short Term Rating - CRISIL D (ISSUER NOT COOPERATING) CRISIL Ratings has been consistently following up with RFPL for obtaining information through letter and email dated April 19, 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 RFPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RFPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. RFPL, incorporated on 1998 and based in Jaipur, manufactures slotted dowell spring pins, disc springs, spiral coiled springs, and other products used in motor vehicles and their engines. The company's directors are Mr Neelmani Jain, Mr Prasann Mal Lodha, and Mr Binod Kumar Jain. RANGOTSAV LIFESTYLE: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rangotsav Lifestyle Private Limited (RLPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 32.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 13, 2023, placed the rating(s) of RLPL under the 'issuer non-cooperating' category as RLPL 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. RLPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 27, 2024, February 6, 2024, February 16, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Rangotsav Lifestyle Private Limited (RLPL), incorporated in September 2010 as Suman Vinimay Pvt Ltd (SVPL), is currently managed by two of its directors Mr. Narendra Kumar Agarwal (aged 55 yrs) and Mr. Sumit Agarwal (aged 30 yrs, son of Mr. Narendra Kumar Agarwal), with headquarters in Kolkata. On January 16, 2013, RLPL entered into a long-term franchisee agreement (i.e. 9 years) with Titan Industries Ltd for selling jewellery items in precious metal inclusive of jewellery watches under the brand name "Tanishq" at their showroom in Burdwan. From October 2016, RLPL has opened up showroom in the basement of its Burdwan showroom for selling of saris. RLPL derives around 80-85% of its revenue from sale of 'Tanishq' jewelry, around 8% from sale of diamond jewelry and remaining from sale of saris. RLPLis part of the Rangotsav Sarees group [flagship company of the group is Rangotsav Sarees Pvt. Ltd. (RSPL)] promoted by Mr. Narendra Kumar Agarwal in the year 1999. RAVIRAJ GINNING: CRISIL Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Raviraj Ginning Pressing and Oil Industries (RGPAOI) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with RGPAOI for obtaining information through letter and email dated April 19, 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 RGPAOI, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RGPAOI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RGPAOI continues to be 'CRISIL D Issuer Not Cooperating'. RGPAOI was established in 2005 by Mr Mahendra Jhalariya and Mr Kalyanji Jhalariya. The firm, based in Morbi, Gujarat, undertakes cotton ginning and pressing. REGENCY LINX: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Regency Linx Exports Private Limited (RLEPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Documentary 12.6 CRISIL D (Issuer Not Bills Purchase Cooperating) Packing Credit 11 CRISIL D (Issuer Not Cooperating) Term Loan 0.4 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with RLEPL for obtaining information through letter and email dated April 19, 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 RLEPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RLEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RLEPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. RLEPL, set up in 2013 and based in Chennai, processes and exports marine products. Operations are managed by Mr. Alagumuthu Raja. RUDRANEE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rudranee Infrastructure Limited (Rudranee) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL D (Issuer Not Cooperating) Bank Guarantee 20 CRISIL D (Issuer Not Cooperating) Bank Guarantee 15 CRISIL D (Issuer Not Cooperating) Cash Credit 49 CRISIL D (Issuer Not Cooperating) Cash Credit 12 CRISIL D (Issuer Not Cooperating) Cash Credit 13 CRISIL D (Issuer Not Cooperating) Cash Credit 35 CRISIL D (Issuer Not Cooperating) Proposed Cash 30 CRISIL D (Issuer Not Credit Limit Cooperating) Proposed Cash 5 CRISIL D (Issuer Not Credit Limit Cooperating) Proposed Letter of 66 CRISIL D (Issuer Not Credit & Bank Cooperating) Guarantee CRISIL Ratings has been consistently following up with Rudranee for obtaining information through letter and email dated April 19, 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 Rudranee, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Rudranee is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Rudranee continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Rudranee was originally set up in 1993 as a partnership firm, which was reconstituted as a public limited company in 2007. On June 30, 2011, Supreme Infrastructure India Ltd bought 51 per cent of Rudranee's equity shares for Rs.180 million, thereby making Rudranee its subsidiary. The companyexecutes projects in the roads, irrigation, civil construction, and water management segments. SAI LEASING: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sai Leasing Company (SLC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.28 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 April 13, 2023, placed the rating(s) of SLC under the 'issuer non-cooperating' category as SLC 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. SLC 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). Sai Leasing Company (SLC) was established in September, 2016 as a partnership firm by Mr. Mohit Dabra and Mrs. Pakija Arora sharing profit and losses equally. SLC is engaged in providing of construction material like aluminum scaffoldings, shuttering plates, planks and other equipment's such as cranes to various contractors, builders and developers located in the Chandigarh Tricity area (Chandigarh, Panchkula and Mohali) on rental basis. The premises of the firm are based in Zirakpur, Punjab. The firm started its commercial operations in April, 2019. SHANKER COTGIN: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shanker Cotgin Industries (SCI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (Issuer Not Cooperating) Proposed Cash 2 CRISIL D (Issuer Not Credit Limit Cooperating) CRISIL Ratings has been consistently following up with SCI for obtaining information through letter and email dated April 19, 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 SCI, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SCI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SCI continues to be 'CRISIL D Issuer Not Cooperating'. SCI is a partnership firm set up in 2005. It gins and presses cotton, and extracts cotton oil at its unit in Sirsa (Haryana). The firm is owned and managed by Mr Ramesh Kumar and family. SHIVIN CA: CRISIL Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Shivin CA Store (Shivin) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 10 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with Shivin for obtaining information through letter and email dated April 19, 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 Shivin, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Shivin is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Shivin continues to be 'CRISIL D Issuer Not Cooperating'. Established in 2017, Shivin, a partnership firm of Mr Shivin Chauhan and Ms Shyna Chauhan, has set up a controlled atmosphere, 24-chamber cold storage in Rohru, which will provide storage facility for apples and seasonal vegetables. SIDDS JEWELS PRIVATE: CARE Reaffirms D Rating on INR146.26cr Loans ------------------------------------------------------------------ CARE Ratings has reaffirmed ratings on certain bank facilities of Sidds Jewels Private Limited (SJPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 100.91 CARE D; Assigned Facilities Long Term/ 146.26 CARE D/CARE D; Rating removed Short Term from ISSUER NOT COOPERATING Bank Facilities category and Reaffirmed Rationale and key rating drivers The reaffirmation in the ratings assigned to the bank facilities of SJPL continue to factor in the ongoing delays in debt servicing, as mentioned in audit report for FY23 and confirmed by the lenders. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Timely servicing of debt obligations (principal and interest) for minimum 90 days Negative factors: Not Applicable Analytical approach: Combined CARE Ratings has considered the combined financial profiles of Sidds Jewels India LLP and Sidds Jewels Private Limited as the entities operate under common management, are involved in similar lines of business and have operational synergies. Outlook: Not Applicable Detailed description of the key rating drivers Key weaknesses * Delays in debt servicing: As per audit report for FY23, the account of the company with various banks (Canara Bank, Union Bank of India, Bank of Baroda, Central Bank of India and Axis Bank) has been classified as NPA since June 13, 2021. Further, OTS has been approved for Canara Bank dated Mar 24, 2022, and Union Bank of India dated Mar 10, 2023. As on date, other banks (Bank of Baroda, Central Bank of India and Axis Bank) OTS are under process and are still tagged as NPA. Liquidity: Poor The liquidity position of the company remained poor on account of delays in debt servicing. Incorporated in 2003, Sidds Jewels Private Limited (SJPL) is promoted by Mr. Sunil S. Kothari belonging to the Kothari family from Mumbai. The company is into manufacturing and export of diamond studded jewellery. The manufacturing facility is located in SEEPZ, Mumbai. Apart from interest in G&J business, the Kothari family also has businesses in hospitality, real estate, horticulture and plantation industry. SIDDS JEWELS: CARE Reaffirms D Rating on INR65.50cr LT/ST Loans --------------------------------------------------------------- CARE Ratings has reaffirmed ratings on certain bank facilities of Sidds Jewels India LLP (SJIL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 50.92 CARE D Rating removed from Facilities ISSUER NOT COOPERATING category and Reaffirmed Long Term/ 65.50 CARE D/CARE D Rating removed Short Term Bank from ISSUER NOT COOPERATING Facilities category and Reaffirmed Short Term Bank 1.36 CARE D Rating removed from Facilities ISSUER NOT COOPERATING category and Reaffirmed Rationale and key rating drivers The reaffirmation in the ratings assigned to the bank facilities of SJIL continue to factor in the ongoing delays in debt servicing, as mentioned in audit report for FY23 and confirmed by the banker. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Timely servicing of debt obligations (principal and interest) for minimum 90 days Negative factors: Not Applicable Analytical approach: Combined CARE Ratings has considered the combined financial profiles of Sidds Jewels India LLP and Sidds Jewels Private Limited as the entities operate under common management, are involved in similar lines of business and have operational synergies. Outlook: Not Applicable Detailed description of the key rating drivers Key weaknesses * Delays in debt servicing: As per audit report for FY23, the accounts of the firm with Union Bank of India have been classified as non-performing asset (NPA) w.e.f. August 20, 2021. The account is tagged as NPA on account of overdue principal and interest amount that has not been paid by the firm. Further, the Union Bank of India has sanctioned One Time Settlement (OTS) on August 25, 2023. Liquidity: Poor The liquidity position of the company remained poor on account of delays in debt servicing. Incorporated in 2003, Sidds Jewels India LLP (SJIL) is promoted by Mr. Sunil S. Kothari belonging to the Kothari family from Mumbai. The company is into manufacturing and export of diamond studded jewellery. The manufacturing facility is located in SEEPZ, Mumbai. Apart from interest in G&J business, the Kothari family also has businesses in hospitality, real estate, horticulture and plantation industry. SUBHKARAN AND SONS: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Subhkaran and Sons (SAS) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Letter of Credit 50 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SAS for obtaining information through letter and email dated April 19, 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 SAS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SAS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SAS continues to be 'CRISIL D Issuer Not Cooperating'. Incorporated in 1981 by Mr Vinod Jatia and Mr Prateek Jatia, SAS trades in iron and steel products such as hot- and cold-rolled coils, sheets, and plates, sponge iron lumps, and fines. SUDALAGUNTA SUGARS: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sudalagunta Sugars Limited (SSL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Short Term Rating - CRISIL D (ISSUER NOT COOPERATING) CRISIL Ratings has been consistently following up with SSL for obtaining information through letter and email dated April 19, 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 SSL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SSL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. SSL was incorporated in 1994 by Mr S Jayaram Chowdary. The company manufactures white sugar, which it sells to dealers in the domestic market. It also exports to the Gulf countries and Singapore. TELEECARE NETWORK: CARE Lowers Rating on INR90cr LT Loan to C ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Teleecare Network India Private Limited (TNIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 90.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B-; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 10, 2023, placed the rating(s) of TNIPL under the 'issuer non-cooperating' category as TNIPL 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. TNIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 24, 2024, March 5, 2024, March 15, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to bank facilities of TNIPL have been revised on account of non–availability of requisite information. The revision also considers accumulation of net losses during FY23. Analytical approach: Standalone Outlook: Stable TNIPL was incorporated in 2009 and is part of the Optiemus Group. OIL holds 46.22% in TNILP and the remaining share are held by promoters and associates as on March 31, 2019. The company owns and distributes "Zen" brand of mobile handsets. Optiemus Infracom Limited (OIL) was originally incorporated in the year 1993 as Akanksha Finvest Limited (AFL) as a Non-Banking Financial Company (NBFC). The name of the merged entity was subsequently changed to the current one: Optiemus Infracom Limited in June 2011. OIL is the flagship company of the Optiemus Group and has been engaged in distribution of mobile handsets of reputed brands like Nokia and Samsung for last 25 years. OIL had started operations with distribution of Nokia handsets from 1995 till 2006. Thereafter, in 2006, the Company left Nokia to take the distribution of Samsung. VSG VENTURES: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of VSG Ventures Private Limited (VVPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.14 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 10, 2023, placed the rating(s) of VVPL under the 'issuer non-cooperating' category as VVPL 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. VVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 24, 2024, March 5, 2024, March 15, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Delhi-based VVPL (erstwhile Yash Ceramics Private Limited Ltd, name changed on April 25, 2013), incorporated in June 4, 1997, was promoted by Mr Suresh Chand Garg and Mr Atul Chanana. Currently, the company is engaged in the manufacturing of aluminium wires, aluminium alloy wires and copper clad aluminum wires. The manufacturing facility of the unit is located at Bahadurgarh, Haryana. The company mainly caters to the domestic market. The company has an associate concern "Garg Inox Limited" also engaged in the business of manufacturing of stainless-steel wires, bright bars, zinc wires, aluminium wires, and copper clad aluminium wires. ===================== N E W Z E A L A N D ===================== ARDERN ARCHITECTURAL: Court to Hear Wind-Up Petition on June 13 --------------------------------------------------------------- A petition to wind up the operations of Ardern Architectural Limited will be heard before the High Court at Auckland on June 13, 2024, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on December 4, 2023. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 BONEFACE BREWING: Creditors' Proofs of Debt Due on July 8 --------------------------------------------------------- Creditors of Boneface Brewing Company Limited are required to file their proofs of debt by July 8, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 27, 2024. The company's liquidators are: Iain Bruce Shephard Jessica Jane Kellow BDO Wellington, Business Restructuring Level 1, 50 Customhouse Quay Wellington 6011 FIRST TRUST: Court to Hear Wind-Up Petition on June 13 ------------------------------------------------------ A petition to wind up the operations of First Trust Limited will be heard before the High Court at Auckland on June 13, 2024, at 10:45 a.m. Simpson Western filed the petition against the company on Feb. 2, 2024. The Petitioner's solicitor is: Peter Thomas Hall Simpson Western Level 4, Takapuna Finance Centre 159 Hurstmere Road Takapuna Auckland 0620 HUCKLEBERRY 2021: Creditors' Proofs of Debt Due on July 2 --------------------------------------------------------- Creditors of Huckleberry 2021 Limited are required to file their proofs of debt by July 2, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 31, 2024. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 INDIAN FOOD: Creditors' Proofs of Debt Due on July 12 ----------------------------------------------------- Creditors of Indian Food Trading Limited and Organics Nails Limited are required to file their proofs of debt by July 12, 2024, to be included in the company's dividend distribution. Indian Food Trading Limited commenced wind-up proceedings on May 31, 2024. Organics Nails Limited commenced wind-up proceedings on June 3, 2024. The company's liquidator is: Craig Young PO Box 87340 Auckland ===================== P H I L I P P I N E S ===================== CALATA CORP: Officers Ordered to Pay PHP8M for Market Manipulation ------------------------------------------------------------------ The Philippine Star reports that Calata Corp., the delisted agribusiness firm of self-made businessman Joseph Calata, has been found guilty of market manipulation by the Regional Trial Court of Makati City, with its officers sentenced to pay fines totaling PHP8 million. In a statement, the Securities and Exchange Commission (SEC) said the Makati RTC has promulgated a decision dated May 28 finding officers of Calata guilty of violations of the Securities Regulation Code (SRC). The Philippine Star relates that the commission said the company's officers were fined "for making misleading and exaggerated statements about its supposed Mactan Leisure City project, thereby inducing the public to buy the company's shares in 2016." Calata chairman, president and chief executive officer was found guilty beyond reasonable doubt of two counts of violation of Section 24(d) of the SRC, while the firm's corporate secretary, compliance officer and corporate information officer Jose Marie Fabella was found guilty of two counts of violation of the same law, according to the report. The Philippine Star says Calata and Fabella were sentenced to pay fines amounting to PHP4 million each, or to serve time in prison should they fail to pay the fines on account of insolvency. The case with respect to Sino-America Gaming Investment Group LLC CEO Michael Foxman, meanwhile, was archived. Mr. Foxman was charged with the same violations but remained at large. Sino-America Gaming Investment Group was Calata's partner for the Mactan Leisure City project, the report notes. The SEC filed a criminal complaint against the company back in 2017 for issuing false and misleading statements that it would put up a gaming and leisure complex in Cebu City. According to the commission, it started monitoring the market activities of the firm amid a sudden surge in the daily trading volume of its shares on the Philippine Stock Exchange (PSE) on August 23, 2016, The Philippine Star recalls. The Philippine Star relates that the company had disclosed to the PSE its partnership with Sino-America Gaming and Macau Resources Group for the development of a $1.4 billion integrated resort and casino project called Mactan Leisure City. As a result, the SEC said trading volume in Calata shares surged by 2,455 percent on the same day the subject disclosures were made, followed by a 196.41 percent jump in the next trading day. Calata Corporation is primarily involved in livestock and agricultural business. The Company is a combined distributor of agro-chemicals, feeds, fertilizers, veterinary medicines and other agricultural products coming from manufacturers or business partners. ================= S I N G A P O R E ================= CP RESIDENCES: Court to Hear Wind-Up Petition on June 21 -------------------------------------------------------- A petition to wind up the operations of CP Residences Private Limited will be heard before the High Court of Singapore on June 21, 2024, at 10:00 a.m. RHB Bank Berhad filed the petition against the company on May 24, 2024. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00 AIA Tower Singapore 048542 JAXON PTE: Court to Hear Wind-Up Petition on June 21 ---------------------------------------------------- A petition to wind up the operations of Jaxon Pte Ltd will be heard before the High Court of Singapore on June 21, 2024, at 10:00 a.m. RHB Bank Berhad filed the petition against the company on May 28, 2024. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00 AIA Tower Singapore 048542 QUANFA GROUP: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on May 24, 2024, to wind up the operations of Quanfa Group Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidator is: Gary Loh Weng Fatt c/o BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 SIN HIAP: Court to Hear Wind-Up Petition on June 21 --------------------------------------------------- A petition to wind up the operations of Sin Hiap Mui Pte Ltd will be heard before the High Court of Singapore on June 21, 2024, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on May 29, 2024. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00 AIA Tower Singapore 048542 TAN CHENG: Commences Wind-Up Proceedings ---------------------------------------- Members of Tan Cheng Tiong Investment Pte Ltd on May 29, 2024, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ng Hoe Kiat Keith c/o 7500A Beach Road #05-303/304 The Plaza Singapore 199591 ================= S R I L A N K A ================= SRI LANKA: Closes in on Debt Restructuring With Bilateral Lenders ----------------------------------------------------------------- Bloomberg News reports that Sri Lanka and a group of creditors are in advanced talks over a deal aimed at restructuring the nation's debt with bilateral lenders, according to people familiar with the matter. Bloomberg relates that the government and members of the official creditor committee, which includes India, Hungary and the Paris Club, are exchanging draft versions of the accord, or memorandum of understanding, the people said, asking not to be identified as the talks are private. The documents are needed to finalize an agreement reached in November between the South Asian nation and the official creditor committee and hash out the few remaining issues before a deal is settled, one of the people said. According to Bloomberg, the country's notes due in November 2025 are trading at 59.6 cents on the dollar, while dollar-denominated bonds due in 2030 are trading around 58.6 cents on the dollar, continuing to recover after it failed to agree on a deal with bondholders back in April. Bloomberg says Sri Lanka needs to reach deals with bilateral lenders and bondholders to keep receiving disbursements under its $3 billion bailout from the International Monetary Fund. The IMF will evaluate the deals to ensure they provide enough relief to the island nation that it can meet its debt sustainability parameters. The country owes $10.6 billion to bilateral creditors, Bloomberg discloses citing government data, with China representing over 40% of that debt. It also needs to restructure $12 billion in debt with overseas private creditors. Because it has middle-income status, the country is not part of the so-called Group of 20 Common Framework debt initiative, so talks with Chinese official creditors are conducted separately, Bloomberg states. The people declined to provide any updates on the negotiations between Sri Lanka and China, citing the fact that those talks are separate. Sri Lanka's first round of talks with dollar bondholders failed to yield an agreement in mid-April, when the government said it had reservations regarding the structure of "macro-linked bonds," an instrument proposed by international bondholders, Bloomberg recalls. The official creditor committee isn't requesting a structure similar to the macro-linked bonds in its the debt rework with the country, one of the people said. The payout for those securities would vary depending on the nation's economic performance, Bloomberg adds. About Sri Lanka Sri Lanka, formerly known as Ceylon and officially the Democratic Socialist Republic of Sri Lanka, is an island country in South Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal, and southeast of the Arabian Sea; it is separated from the Indian subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka shares a maritime border with India and the Maldives. Sri Jayawardenepura Kotte is its legislative capital, and Colombo is its largest city and financial centre. The island nation defaulted on its foreign debt for the first time in its history in April 2022 as the worst financial crisis since independence from Britain in 1948 crushed its economy. As reported in the Troubled Company Reporter-Asia Pacific in early October 2023, Fitch Ratings upgraded Sri Lanka's Long-Term Local-Currency Issuer Default Rating (IDR) to 'CCC-' from 'RD' (Restricted Default). Fitch typically does not assign Outlooks to sovereigns with a rating of 'CCC+' or below. The Long-Term Foreign-Currency IDR has been affirmed at 'RD' and the Country Ceiling at 'B-'. The Short-Term Local-Currency IDR has been downgraded to 'RD' from 'C' following the exchange of treasury bills held by the central bank and subsequently upgraded to 'C' in line with the Sovereign Rating Criteria, as Fitch believes the local-currency debt exchange has now been completed. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2024. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***