/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/240614.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 14, 2024, Vol. 27, No. 120 Headlines A U S T R A L I A ARISTOCRAT LEISURE: Moody's Affirms Ba1 CFR, Alters Outlook to Pos. EPSILON HEALTHCARE: Creditors Approve Deed of Company Arrangement EXPEDITION PTY: First Creditors' Meeting Set for June 18 KEMBLAWARRA PORTUGUESE: Second Creditors' Meeting Set for June 18 LIDDELOW ENTERPRISES: First Creditors' Meeting Set for June 19 LJ & LJ: First Creditors' Meeting Set for June 18 WEALTHCHECK MANAGEMENT: First Creditors' Meeting Set for June 19 C H I N A SICHUAN TRUST: Seeks Investors to Bring Business Back I N D I A ACCURATE INDUSTRIAL: CRISIL Keeps B Ratings in Not Cooperating BALAGANESAN SPINNERS: CRISIL Keeps B Ratings in Not Cooperating BANGLORE POLYMERS: CARE Lowers Rating on INR21cr LT Loan to C BIHARI JI: CRISIL Keeps B+ Debt Rating in Not Cooperating BYJU'S: Hedge Fund Ally Can Avoid Arrest If He Answers Questions CRAFTS INDIA: CRISIL Keeps B Debt Ratings in Not Cooperating DARP CONSTRUCTION: CRISIL Keeps D Debt Rating in Not Cooperating ERA INFRA: Bankruptcy Court Approves Resolution Plan GO FIRST: Gets 60-day Extension to Complete Insolvency Process GREEN SPACE: CARE Keeps D Debt Rating in Not Cooperating Category K. K. BUILDERS: CARE Lowers Rating on INR4.50cr LT Loan to C LAKSHMI RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating MALAR TEXTILES: CARE Keeps B- Debt Rating in Not Cooperating MILAN INFRASTRUCTURES: CRISIL Keeps D Rating in Not Cooperating MOHAN STEEL: CRISIL Keeps B Debt Ratings in Not Cooperating MOTHER INDIA: CRISIL Keeps B+ Debt Ratings in Not Cooperating MUTHURAJA MODERN: CRISIL Keeps B+ Debt Ratings in Not Cooperating NARBADA DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating OM SHIV: CARE Keeps C Debt Ratings in Not Cooperating Category PATWARI ELECTRICALS: CARE Lowers Rating on INR5.0cr LT Loan to C PRASHANT ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating RAJENDRA AGRO: CRISIL Keeps B+ Debt Rating in Not Cooperating RELIANCE POWER: CFM Asset Files Insolvency Petition vs. Company S.K.S EDUCATIONAL: CRISIL Keeps B Debt Ratings in Not Cooperating SA RAWTHER: CRISIL Keeps D Debt Ratings in Not Cooperating SANTHIRAM WIND: CRISIL Keeps B+ Debt Rating in Not Cooperating SHIB DASS: CRISIL Keeps B+ Debt Rating in Not Cooperating SKS BLUE: CRISIL Keeps B+ Debt Ratings in Not Cooperating SWEETY INFRASTRUCTURE: CARE Cuts Rating on INR25cr LT Loan to D VL FARMS: CARE Keeps D Debt Rating in Not Cooperating Category WONDERVALUE REALTY: CARE Keeps D Debt Rating in Not Cooperating YAKSHA KRAPA: CARE Keeps C Debt Rating in Not Cooperating Category M A L A Y S I A GREENPRO CAPITAL: Appoints New Independent Directors GREENPRO CAPITAL: Director Holds Indirect Ownership of 3,632 Shares N E W Z E A L A N D AFFINITY SAILING: Creditors' Proofs of Debt Due on July 12 B A ELECTRICAL: First Creditors' Meeting Set for June 21 IKIWI LIMITED: Court to Hear Wind-Up Petition on June 21 SERVICE ENGINEERS: Creditors' Proofs of Debt Due on July 12 SPORTCRAFT BOATS: Court to Hear Wind-Up Petition on July 15 P A K I S T A N PAKISTAN: Unveils Budget as it Seeks New Long-Term IMF Bailout S I N G A P O R E AL-ZAMAS RIVER: Court to Hear Wind-Up Petition on June 28 BIOMEDICS LABORATORY: Placed in Provisional Liquidation GDMC PTE: Creditors' Meeting Set for June 24 HOOKER CAPITAL: Creditors' Meeting Set for June 26 TWENTY-TWENTY TECHNOLOGY: Creditors' Proofs of Debt Due on June 28 S O U T H K O R E A TERRAFORM LABS: Reaches US$4.47BB Civil Settlement With SEC T A I W A N [*] TAIWAN: Insurers Selling Record Amounts of Riskier Debt - - - - - ================= A U S T R A L I A ================= ARISTOCRAT LEISURE: Moody's Affirms Ba1 CFR, Alters Outlook to Pos. ------------------------------------------------------------------- Moody's Ratings has affirmed the Ba1 corporate family rating of Aristocrat Leisure Ltd, (Aristocrat) and changed the outlook to positive from stable. At the same time, Moody's has affirmed the Ba1 backed senior secured first lien term loan B rating of Aristocrat Technologies, Inc., a wholly-owned subsidiary of Aristocrat, and changed the outlook to positive from stable. RATINGS RATIONALE Aristocrat's outlook change to positive reflects Moody's expectation that the company will continue to maintain strong credit metrics for its rating level and excellent liquidity. Positive earnings momentum will likely continue to support its low leverage, driven by a strong recovery in its gaming operations following the pandemic and growth in its real money gaming (RMG) business. Moody's forecasts adjusted leverage to remain around 1.0x-1.1x over the next 12-18 months. The rating agency expects that the company will manage its growth spending and shareholder returns prudently and preserve credit metrics and liquidity at strong levels for the rating and with leverage staying within its publicly stipulated net leverage target of 1.0x-2.0x over the medium term. The rating affirmation reflects Aristocrat's strong market presence and distribution across a diversified geographical footprint, as well as its history of developing products that remain popular among consumers. Its credit profile also reflects the high proportion of recurring revenue in its premium gaming operations and digital businesses, which supports earnings stability. The ratings also consider the cyclical nature of the gaming industry, and the execution risks associated with the company's expansion into RMG, which could increase its growth spending and potential for further acquisitions. The rating also reflects the company's fully secured capital structure. Moody's views the company as having strong access to capital and expects there is a possibility to move to an unsecured capital structure in the future. A transition towards an unsecured capital structure would be supportive for further positive rating momentum. The company's acquisition of NeoGames S.A., which was funded with cash, improves its business profile with increased scale and geographic diversification and adds new complementary growth channels through its RMG segment. Moody's expect that following the integration of existing acquisitions, Aristocrat may continue to explore inorganic opportunities, particularly in RMG, however given ample balance sheet capacity, Moody's expects the company to maintain credit metrics appropriate for the rating. Aristocrat has announced that it will conduct a strategic review of its casual and mid-core gaming assets. Although there is a range of potential outcomes, Moody's views an outright sale of these assets as largely credit neutral as reduced operating diversity would be balanced by likely margin improvement given the lower-margin nature of the casual genre. The rating on the senior secured term loan in line with the CFR rating reflects the single-class debt in the capital structure and collateral comprised of a first lien on essentially all assets. Moody's notes that, while all debt is currently secured, the term loan A and revolver contain provisions to release security, which Moody's would expect to be triggered if the company repays the remaining USD250 million outstanding under its term loan B. OUTLOOK The positive outlook reflects Moody's expectation that Aristocrat will maintain strong credit metrics with solid headroom against parameters set for the rating over the next 12-18 months. The outlook also reflects the company's excellent liquidity profile and strong access to capital, with the possibility to move to an unsecured capital structure in the future. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the rating if the company continues to maintain its strong market share in gaming operations and successfully executes on its expansion into real money gaming, while sustaining steady operating margins and solid free cash flow generation. Quantitatively, Moody's could upgrade the rating if the company continues to maintain its adjusted debt/EBITDA below 2.0x on a sustained basis. An upgrade to investment grade would also consider the company's ongoing financial policies and the potential to transition towards an unsecured capital structure. Conversely, Moody's could downgrade the ratings if the company's operating conditions deteriorate, and/or future acquisitions or shareholder returns cause leverage to increase and/or liquidity to weaken to levels below the agency's expectations for the rating. Specifically, debt/EBITDA sustained above 3.0x could lead to a downgrade. LIQUIDITY Aristocrat has an excellent liquidity profile. As of March 31, 2024, the company had around AUD2.6 billion in cash and equivalents available and the full USD500 million available under its revolving credit facility. At the same time, the company has increased its on-market share buyback program by AUD350 million, to a total of AUD1.85 billion, and the program will run up to February 2025. Moody's expects Aristocrat's liquidity has decreased but remains excellent following the completion of its NeoGames acquisition in April 2024, which was funded with existing cash balances. Aristocrat's internal liquidity sources, including its strong operating cash flows, will likely be adequate to cover its shareholder returns, capital expenditure and design and development expenditure over the next 12 months. Its next major maturity is its USD1.2 billion Term Loan A facility and USD500 million senior secured revolver, which will mature in 2027. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. COMPANY PROFILE Aristocrat is a leading gaming provider and games publisher with more than 7,500 employees located in offices around the world. The company offers a diverse range of products and services, including electronic gaming machines, casino management systems and digital social games. Its land-based products are approved for use in more than 300 licensed jurisdictions. Aristocrat generated a revenue of AUD6.5 billion and EBITDA of AUD2.4 billion in the 12 months ended March 2024. EPSILON HEALTHCARE: Creditors Approve Deed of Company Arrangement ----------------------------------------------------------------- TipRanks.com reports that Epsilon Healthcare Limited, under voluntary administration since December 2023, has reached a critical milestone as creditors have approved a deed of company arrangement proposed by Peter Giannopoulos and Alan Beasley. TipRanks.com says the agreement is set to be executed by June 24, 2024, which will then return control of the company to its directors who will aim to resume trading of the company's shares. This step is pivotal in Epsilon Healthcare's effort to navigate through its financial distress and seek recovery. Separately, Cannabis News Australia reports that the administrator of Epsilon Healthcare has confirmed the departure of chairman Josh Cui and board director Stuart Cameron after the duo lost a battle to retain control of the company. In an announcement to the ASX on June 11, Ian Purchas from SV Partners said he had "used his powers . . . under the Corporations Act to remove Messrs. Cui and Cameron as directors of the company," Cannabis News Australia relates. Mr. Giannopoulos has been reappointed as a director, along with Zoe Hutchings, the report says. They will join Alan Beasley on the board. According to Cannabis News Australia, the departure of Messrs. Cui and Cameron follows a tense creditor's meeting during which two competing bids were tabled to lead the company out of administration; one from Messrs. Cui and Cameron and a second from Messrs. Beasley and Giannopoulos. Mr. Purchas used his casting vote to support the Deed of Company Arrangement put forward by Messrs. Beasley and Giannopoulos after the plan received nine votes in favour and nine against, adds Cannabis News Australia. About Epsilon Healthcare Based in Sydney, Australia, Epsilon Healthcare Limited (ASX: APN) -- https://epsilonhealthcare.com.au/ -- operates as a healthcare and pharmaceuticals company primarily in Australia and Canada. It engages in the manufacture and distribution of hydroponics equipment, materials, and nutrients; and development and delivery of medicinal cannabis, as well as provides turnkey cannabis cultivation solutions. The company was formerly known as THC Global Group Limited and changed its name to Epsilon Healthcare Limited in February 2021. Ian Purchas and Hugh Armenis of SV Partners were appointed as administrators of the company on Dec. 17, 2023. EXPEDITION PTY: First Creditors' Meeting Set for June 18 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Expedition Pty Ltd will be held on June 18, 2024, at 11:30 a.m. via Microsoft Teams. Andrew Peter Fielding and Shaun Christopher McKinnon of BDO were appointed as administrators of the company on June 6, 2024. KEMBLAWARRA PORTUGUESE: Second Creditors' Meeting Set for June 18 ----------------------------------------------------------------- A second meeting of creditors in the proceedings of Kemblawarra Portuguese Sports & Social Club Ltd has been set for June 18, 2024 at 11:00 a.m. at Kemblawarra Portuguese Sports & Social Club, 156 Shellharbour Road in Warrawong. 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 17, 2024 at 6:00 p.m. Christopher J MacDonnell and Gregory J Parker of Restructuring Solutions were appointed as administrators of the company on May 13, 2024. LIDDELOW ENTERPRISES: First Creditors' Meeting Set for June 19 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Liddelow Enterprises Pty Ltd, trading as Briskair, will be held on June 19, 2024, at 10:30 a.m. via virtual facilities. Adam Francis Ward of Worrells was appointed as administrator of the company on June 6, 2024. LJ & LJ: First Creditors' Meeting Set for June 18 ------------------------------------------------- A first meeting of the creditors in the proceedings of LJ & LJ Pty Ltd will be held on June 18, 2024 at 12:00 p.m. via Zoom meeting. Antonio (Antonio) Bagala and Suelen McCallum of DVT Group were appointed as administrators of the company on June 5, 2024. WEALTHCHECK MANAGEMENT: First Creditors' Meeting Set for June 19 ---------------------------------------------------------------- A first meeting of the creditors in the proceedings of WEALTHcheck Management Pty Limited will be held on June 19, 2024, at 10:30 a.m. via virtual meeting only. Mervyn Jonathan Kitay of Worrells WA was appointed as administrator of the company on June 7, 2024. ========= C H I N A ========= SICHUAN TRUST: Seeks Investors to Bring Business Back ----------------------------------------------------- Caixin Global reports that Sichuan Trust Co. Ltd., which defaulted on billions of dollars in trust products four years ago, has begun to seek investors for its bankruptcy reorganization. According to Caixin, the bankruptcy administrator of Sichuan Trust on June 11 published a statement inviting investors to take part in the company's restructuring. The investors will provide funds to resolve the debt risks of Sichuan Trust, optimize its asset structure and ultimately fully restore the normal operations of Sichuan Trust, said the statement. Sichuan Trust Company Limited is a company based in China, with its head office in Chengdu. It operates in the Funds, Trusts, and Other Financial Vehicles industry. ========= I N D I A ========= ACCURATE INDUSTRIAL: CRISIL Keeps B Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Accurate Industrial Controls Private Limited (Accurate) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 12 CRISIL B/Stable (Issuer Not Cooperating) Working Capital 10 CRISIL B/Stable (Issuer Not Facility Cooperating) Working Capital 24 CRISIL B/Stable (Issuer Not Facility Cooperating) CRISIL Ratings has been consistently following up with Accurate for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of Accurate, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Accurate is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Accurate continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Accurate was promoted by Mr Kiran Jadhav, a technocrat, in 1993. The company started with design and supply of control panels on a small scale and scaled up operations substantially later with growth in the telecom and renewable energy sectors. The company also manufactures industrial refrigeration for its partner Adande Refrigeration, UK. About 80% of revenue is derived from control panels and the rest from industrial refrigerators. BALAGANESAN SPINNERS: CRISIL Keeps B Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Balaganesan Spinners (SBS) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 1 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SBS for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SBS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SBS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SBS continues to be 'CRISIL B/Stable Issuer Not Cooperating'. SBS was set up as a partnership firm in March 2006. It spins cotton to produce hank and cone yarn. The firm is based in Rajapalayam, Tamil Nadu, and is held and managed by 5 partners. BANGLORE POLYMERS: CARE Lowers Rating on INR21cr LT Loan to C ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Banglore Polymers Private Limited (BPPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 21.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B-; Stable Long Term/ 9.00 CARE C; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain Under ISSUER NOT COOPERATING category and Revised from CARE B-; Stable/CARE A4 Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 17, 2023, placed the rating(s) of BPPL under the 'issuer non-cooperating' category as BPPL 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. BPPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 2, 2024, March 12, 2024, March 22, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information. Further it also considers a leveraged capital structure marked by high debt vis-à-vis low net worth base in FY23. Bangalore based Bangalore Polymers Private Limited (BPPL) was incorporated in 1993 and is currently being managed by Mr. Subhash Bharita and Ms. Sumitra Bharita. BPPL is a del-credere agent of Gail Authority India Limited (GAIL) for plastic granules. BIHARI JI: CRISIL Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Shri Bihari Ji Shiksha Gram Vikas Sansthan (SBSG) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term Bank Loan Facility 1 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SBSG for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SBSG, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SBSG is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SBSG continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. SBSG was established in 2001 and is located in Mathura. SBSG is owned and managed by Mr. Jitendra Kumar. SBSG is engaged in providing mid-day meals services. BYJU'S: Hedge Fund Ally Can Avoid Arrest If He Answers Questions ---------------------------------------------------------------- Bloomberg News reports that a federal judge moved to untangle the complex bankruptcy case of a Byju's unit by offering to rule out the arrest of a Florida hedge fund manager if he helps locate $533 million that the Indian tech company allegedly tried to hide. Bloomberg says US Bankruptcy Judge John Dorsey, during a court hearing on June 11 in Wilmington, Del., agreed to drop an arrest order for William C. Morton, the founder of Camshaft Fund. Byju's invested $533 million of loan proceeds with the fund last year, according to court records. The money was later moved to a U.K. lender and then to an unnamed, non-U.S. entity affiliated with Byju's. Lenders are trying to use the bankruptcy case of a Byju's unit based in the U.S. to recover the cash. According to Bloomberg, the judge ordered Mr. Morton, who appeared at the court hearing via video from Dubai but didn't speak, to return to the U.S. and meet with lawyers for Byju's lenders within 10 days. If the fund manager, whom the judge accused of fleeing the U.S. to avoid answering questions, fails to show up, Judge Dorsey said that he will reimpose the arrest order. "We need to move this case forward somehow," Bloomberg quotes Judge Dorsey as saying. Bloomberg notes that the missing money is at the heart of a dispute between lenders owed $1.2 billion and the startup founded by entrepreneur Byju Raveendran. The education-tech company's official name is Think & Learn Pvt. The cash belongs to a bankrupt shell company, Byju's Alpha Inc., which is affiliated with Think & Learn and was taken over by the lenders after their loan defaulted. Mr. Morton's attorney, Pieter Van Tol, told Judge Dorsey on June 11 that the money manager, who is in his 20s, is willing to answer questions under oath and cooperate with lenders, Bloomberg relays. Mr. Morton had previously refused to speak with lenders in Miami, where his hedge fund is based, "because of fear of arrest," Mr. Van Tol said in court. 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. 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. BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. CRAFTS INDIA: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Crafts India Industries (CII) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.25 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 4.21 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with CII for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of CII, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on CII is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CII continues to be 'CRISIL B/Stable Issuer Not Cooperating'. CII is a partnership firm set up in 2016 by Mr Nitin Jain and his brother, Mr Anuj Jain. The firm is setting up a corrugated box facility at SIDCO Complex, Bari Brahmana, Jammu. Commercial operations are expected to start from April 2017. DARP CONSTRUCTION: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of DARP Construction (J.V.) (DARP) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 15 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with DARP for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of DARP, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on DARP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DARP continues to be 'CRISIL D Issuer Not Cooperating'. DARP, set up in August 2009, is a joint venture of Mr Anant Kumar Singh, his affiliates Ms Ranjana Kumari and Ms Pratima Devi, his sister-in-law Ms Dehuti Sinha, M/s Shivanar Constructions Pvt Ltd (SCPL; promoted by Ms Ranjana Kumari) and M/s Rajnandani Projects Pvt Ltd (RPPL; promoted by Mr Anant Kumar's wife). DARP was formed to construct a commercial complex, THE MALL, at Frazer Road in Patna. ERA INFRA: Bankruptcy Court Approves Resolution Plan ---------------------------------------------------- The Economic Times reports that after a delay of nearly seven years, lenders of Era Infra Engineering, are likely to recover part of their dues, as the bankruptcy court has approved the company's acquisition by lesser-known SA Infrastructure Consultants Pvt Ltd. ET says the successful bidder has proposed to pay around INR525 crore, where the admitted liabilities of the company is about INR22, 200 crore. Before the tribunal's nod, the company's lender had approved the plan with 87.08% voting in favor. Era Infra Engineering Limited engages in the execution of construction contracts involving engineering, procurement and construction projects across a range of sectors, such as roads and highways, power, railways, metro, aviation, industrial, institutional and related segments. Its principal business activities are to carry on the business of builders, civil contractors, and sanitary engineers, architects, town planners and to submit tenders for the aforesaid business; to layout, develop, construct, build, erect, demolish, re-erect, repair, remodel, execute or do any other work in connection with any industrial complex/parks, flyovers, ports, airports, highways, roads, railways, irrigation, dam and canals, among others, and to act as manufacturer, trader, dealer, importer, exporter, buyer, seller of all any type/kind of material used in the construction/infrastructure industry, including setting up of ready mix plant in India or abroad. Eighteen winding-up petitions filed by various operational and financial creditors against Era Infra Engineering are pending before the Delhi High Court, Livemint.com reported. Union Bank of India is not among them. Era Infra Engineering owes more than INR10,000 crore to its creditors. Era is one of the 12 bad loan accounts that have been directed by the central bank to be referred under IBC, Livemint.com said. GO FIRST: Gets 60-day Extension to Complete Insolvency Process -------------------------------------------------------------- BW Disrupt reports that the National Company Law Tribunal (NCLT) has granted a 60-day extension to the Corporate Insolvency Resolution Process (CIRP) of the grounded airline Go First. This extension, announced on June 12, follows interest from three potential buyers for the airline. "We are not recording this in the order, but this is the final extension," the NCLT stated during the proceedings, BW Disrupt relays. This marks the fourth extension for Go First, requested by its lenders. The CIRP deadline is now set for August 3, 2024. During the hearing, the lawyer representing the airline's resolution professional (RP) cited the Delhi High Court's recent judgement instructing the Directorate General of Civil Aviation (DGCA) to deregister all 54 of Go First's aircraft as an extraordinary situation necessitating the extension, according to the report. The RP indicated that the interested buyers have revised their offers, which the lenders have yet to review, thereby justifying the need for additional time. Despite granting the extension, the NCLT criticised the RP for repeatedly requesting extensions without substantial progress in the resolution plan, BW Disrupt relates. "The lenders cannot simply pass a resolution to extend the resolution process and expect us to pass an order," the tribunal asserted. Under the Insolvency and Bankruptcy Code (IBC) of 2016, a resolution process is initially allotted 180 days, with the NCLT empowered to extend this to a maximum of 330 days. The 330-day period for Go First ended in April 2024. Nonetheless, the NCLT has continued to grant extensions, using its discretionary power to provide the airline with an opportunity to recover. As the CIRP approaches its new deadline, the involved parties face increased pressure to finalise a resolution and avoid the liquidation of Go First, BW Disrupt notes. About Go First Go First, formerly known as GoAir, was an Indian ultra-low-cost airline based in Mumbai, Maharashtra. Go First was incorporated in April 2004 as GoAir and commenced flight operations in November the following year. Its inaugural flight was from Mumbai to Ahmedabad. The airline is owned by the Wadia Group. Go First filed an application for voluntary insolvency resolution proceedings before National Company Law Tribunal (NCLT) on May 2, 2023. The company said the filing with the NCLT comes after Pratt & Whitney, the exclusive engine supplier for the airline's Airbus A320neo aircraft fleet, refused to comply with an order to release engines to the airline that would have allowed it return to full operations. Go First owes INR6,521 crore to its financial creditors, Bank of Baroda, IDBI Bank, and Deutsche Bank. The airline has a total liability of about INR11,463 crore to banks, other creditors, vendors, and others. On May 10, 2023, the NCLT accepted Go First's voluntary insolvency petition. The NCLT bench appointed Abhilash Lal as the interim resolution professional to look after the affairs of Go First and also suspended its board as part of the insolvency resolution process. GREEN SPACE: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Green Space Infraheights Private Limited (GSIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 40.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 17, 2023, placed the rating(s) of GSIPL under the 'issuer non-cooperating' category as GSIPL 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. GSIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 2, 2024, March 12, 2024, March 22, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Green Space Infraheights Pvt Ltd (GSIPL) is a real estate development firm, incorporated in 2013. It belongs to 'Shree Vardhman group' and is incorporated for the affordable housing residential project 'Green Space' located in Panchkula, Haryana. K. K. BUILDERS: CARE Lowers Rating on INR4.50cr LT Loan to C ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of K. K. Builders Private Limited (KKBPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Short Term Bank 26.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated August 9, 2023, placed the rating(s) of KKBPL under the 'issuer non-cooperating' category as KKBPL 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. KKBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 5, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to bank facilities of KKBPL have been revised on account of non-availability of requisite information. The revision also considers delays in debt servicing in bank facilities (not rated by CARE) as recognized from publicly available information. K.K. Builders Private Limited was incorporated in 1990 in Jamshedpur, Jharkhand by Mr. Vikash Singh and his family members. The company is primarily engaged in construction of roads & highways, bridges, mining and Irrigation supporting infrastructure. The entity majorly works for the Central Govt. entities such as National Projects Construction Corporation Ltd, Central Public Works Department, etc. LAKSHMI RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Lakshmi Rice Industries (SLRI) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.69 CRISIL B+/Stable (Issuer Not Cooperating) Long Term Loan 0.2 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term Bank Loan Facility 1.11 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with Lakshmi Rice for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SLRI, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SLRI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SLRI continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Established in 2002, SLRI, based in Nellore (Andhra Pradesh), mills rice. The firm is promoted by Mr VV Sesha Reddy. MALAR TEXTILES: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Malar Textiles (MT) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.40 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 26, 2023, placed the rating(s) of MT under the 'issuer non-cooperating' category as MT 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. MT continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 11, 2024, March 21, 2024, March 31, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Malar Textiles (MT) was incorporated in 1997 by Mr. Kalichamy and Mr. Viswanathamurthy in Coimbatore, Tamil Nadu. The firm is engaged in manufacturing of grey fabrics which are used for garments and industrial uses. MILAN INFRASTRUCTURES: CRISIL Keeps D Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Milan Infrastructures and Developers Private Limited (MIDPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 8 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MIDPL for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of MIDPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MIDPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MIDPL continues to be 'CRISIL D Issuer Not Cooperating'. MIDPL, set up in 2006, is engaged in development of various residential and commercial projects, mainly in Ghaziabad (Uttar Pradesh). The company is promoted by Mr. Navin Tyagi and Mr. Amit Mahajan. At present, it is undertaking a residential-cum-commercial project at Rajnagar extension, Ghaziabad. MOHAN STEEL: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mohan Steel Corporation (MSC) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Electronic Dealer Financing Scheme (e-DFS) 16 CRISIL B/Stable (Issuer Not Cooperating) Overdraft Facility 2.5 CRISIL B/Stable (Issuer Not Cooperating) Proposed Inventory Funding 6.5 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MSC for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of MSC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MSC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MSC continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Established in 1990 as a proprietorship firm, MSC is an authorised distributor for JSW in Telangana and deals in products such as steel profiles, galvanised corrugated sheets and galvanised plain sheets and coils. Mr Manmohan Agarwal is the proprietor of the firm. MOTHER INDIA: CRISIL Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mother India Agrofoods Private Limited (MIAPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.2 CRISIL B+/Stable (Issuer Not Cooperating) Term Loan 9.82 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MIAPL for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of MIAPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MIAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MIAPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Set up in 2013, Mother India Agro foods Private Limited (MIAPL) is into processing of raw rice or paddy into par boiled non-basmati rice, broken rice and rice bran. MIAPL's day 'to-day operations are managed by Mr ChandraSen Singh. The company has its manufacturing facility based near Patna, Bihar with installed capacity of 8 tonne per hour (TPH). MUTHURAJA MODERN: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Muthuraja Modern Rice Mill (MMR) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term Bank Loan Facility 1 CRISIL B+/Stable (Issuer Not Cooperating) Term Loan 1 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MMR for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of MMR, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MMR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MMR continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Established in 2000 by Mr Vellaisamy as a proprietary concern, MMR processes rice at its manufacturing facilities in Puduvayal (Tamil Nadu). NARBADA DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Narbada Dairy Foods And Farms Private Limited (Narbada) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL D (Issuer Not Cooperating) Proposed Long Term 6.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 7.94 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with Narbada for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of Narbada, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Narbada is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Narbada continues to be 'CRISIL D Issuer Not Cooperating'. Narbada was incorporated in September 2012 by Mr Shashanka Pandey and his brother, Mr Sujeet Pandey. The company operates a fully mechanized dairy farm in Potiya (Durg; Chhattisgarh) and sells unprocessed milk. OM SHIV: CARE Keeps C Debt Ratings in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Om Shiv Foods (OSF) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 24.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 15.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 24, 2023, placed the rating(s) of OSF under the 'issuer non-cooperating' category as OSF 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. OSF continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 9, 2024, March 19, 2024, March 29, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Gwalior (Madhya Pradesh) based partnership firm, Om Shiv Foods (OSF) was formed in 2017 by five partners namely Mr. Ajay Mittal, Mr. Vijay Kumar Mittal, Mrs. Saroj Sharma, Mrs. Pushpa Saravagi and Mrs. Sonam Sharma for setting up the greenfield project of establishing rice mill. The project was completed in August, 2017 and commenced the commercial operations from August 28, 2017 with an installed capacity of 10 tonnes per hour (TPH) of processing of rice. OSF procures the required raw material i.e. paddy from the local mandi and generates revenue from domestic market only. PATWARI ELECTRICALS: CARE Lowers Rating on INR5.0cr LT Loan to C ---------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Patwari Electricals Private Limited (PEPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B-; Stable Long Term/ 2.00 CARE C; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B-; Stable/CARE A4 Short Term 6.50 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 April 11, 2023, placed the rating(s) of PEPL under the 'issuer non-cooperating' category as PEPL 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. PEPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 25, 2024, March 6, 2024, March 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 2011 by Mr. Sanjay Patwari and Mr. Ajinkya Patwari, PEPL is engaged in the business of electrical engineering procurement and construction (EPC) work for MSEDCL. Earlier the promoters carried out the same business under a proprietorship firm "M/s. Patwari Electricals" since 2000 and as on March 31, 2015 the entire business was transferred to PEPL. PRASHANT ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Prashant Enterprises (PE) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 59.32 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 12, 2023, placed the rating(s) of PE under the 'issuer non-cooperating' category as PE 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. PE continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 26, 2024, March 7, 2024, March 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). Set up in 1979 as partnership firm by Singhal family, Prashant Enterprises is a manufacturer and exporter of building hardware materials comprising doorknobs, door handle, ceramic glass, aluminum doors, window hardware fittings, curtains finials & rods, tiebacks, holdbacks, etc. The manufacturing facility of Prashant Enterprises is located in Aligarh (Uttar Pradesh) with total installed capacity of 2,400 tons of building hardware as on March 31, 2019. The firm procures its raw material (brass, aluminum, zinc, iron/steel) from suppliers located in nearby areas (e.g. Aligarh, Hathras, Moradabad etc), whereas it earns all its revenue from exports to retail chains as well as wholesale traders in UK, Europe, South Africa and USA. RAJENDRA AGRO: CRISIL Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Shree Rajendra Agro Industries (SRAI) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SRAI for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SRAI, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SRAI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SRAI continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. SRAI was set up in 2012 in Yadgiri, Karnataka, as a partnership firm by Mr Rahul Kishore Jain and three other partners. It gins and presses cotton. The firm has installed capacity of 230 bales per day. RELIANCE POWER: CFM Asset Files Insolvency Petition vs. Company --------------------------------------------------------------- Equity Bulls reports that CFM Asset Reconstruction Private Limited (CFM) has filed an application under Section 7 of IBC, 2016, against Reliance Power Limited for an alleged claim of INR3,901.59 crore as of August 17, 2023, towards Corporate Guarantees given by the Company against the borrowings of Vidarbha Industries Power Limited, a subsidiary of the Company. The Company has proposed a one-time settlement to CFM and will take all appropriate steps to protect its interest in the aforesaid matter, Equity Bulls relates. Based in Mumbai, India, Reliance Power Limited, together with its subsidiaries, engages in the generation of power in India. Its portfolio of power projects is based on coal, gas, hydro, wind, and solar energy. The company has an operational power generation capacity of 5,945 megawatts (MW). It owns and operates 1,200 MW Rosa power plant in Uttar Pradesh; Sasan ultra mega power plant with capacity of 3,960 MW in Madhya Pradesh; Vashpet power plant with capacity of 45 MW in Maharashtra; Dhursar solar power plant with capacity of 40 MW in Rajasthan; Solar CSP power plant 100 MW in Rajasthan; and Butibori power plant with capacity of 600 MW in Maharashtra. The company also develops and constructs coal mines in India and Indonesia. In addition, it has an interest in four coal bed methane blocks. S.K.S EDUCATIONAL: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of S.K.S Educational And Social Trust (SEST) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 14 CRISIL B/Stable (Issuer Not Cooperating) Proposed Term Loan 11 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SEST for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SEST, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SEST is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SEST continues to be 'CRISIL B/Stable Issuer Not Cooperating'. SEST, formed in 2001 by Mr Satish Kumar Sharma, offers primary and secondary education; graduate courses in engineering, business administration, and pharmacy; diploma courses in engineering; and post-graduate courses in business administration, computer applications, and pharmacy. It has five colleges and three schools in Durgapur and Greater Noida with a total of more than 10,000 students and 450 faculty members. Bengal College of Engineering and Technology is the flagship college of the trust, started in 2001 and spread over 23 acres. SA RAWTHER: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of SA Rawther Spices Private Limited (SASPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Purchase 0.25 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 70 CRISIL D (Issuer Not Cooperating) Packing Credit 85 CRISIL D (Issuer Not Cooperating) Post Shipment 120 CRISIL D (Issuer Not Credit Cooperating) Term Loan 24.75 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SASPL for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SASPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SASPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SASPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Promoted by Mr. Syed Mohammed Rawther, SASPL has been processing and exporting spices (black pepper, cardamom, chilly, and dry ginger) and coffee since 1985. Facilities are in Gorur, Karnataka; and Hindupur, Andhra Pradesh. SANTHIRAM WIND: CRISIL Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Santhiram Wind Power Private Limited (SWPPL) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 7.5 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SWPPL for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SWPPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SWPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SWPPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Incorporated in June 2013, SWPPL generates wind energy. The company operates a windmill with capacity of 2 megawatts at Vajrakarur in Ananthpur (Andhra Pradesh). The company is promoted by Mr. P Ravi Babu and Mrs. M Madhavilatha. SHIB DASS: CRISIL Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Shib Dass Metals Private Limited (SDMPL) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Channel Financing 12 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SDMPL for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SDMPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SDMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SDMPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Incorporated in 2004, SDMPL, promoted by Mr Vivek Arora and Mr Prashant Arora, is an authorised distributor of Jindal Pipes Ltd, and trades in stainless steel pipes and sheets to industries such as construction, agriculture, petroleum, cement, milk and chemicals. SKS BLUE: CRISIL Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of SKS Blue Metal (SKS) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 3 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 2 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with SKS for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SKS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SKS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SKS continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Set up in December, 2017 as a proprietorship firm, SKS Blue Metals (SKS) is involved in manufacturing of M-Sand and Blue metal. The firm is based out of Namakkal, Tamil Nadu and is promoted by Mr. K Sekar and Mr I Selvakumar. SWEETY INFRASTRUCTURE: CARE Cuts Rating on INR25cr LT Loan to D --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Sweety Infrastructure Private Limited (SIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 CARE D; Rating removed from Facilities ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Short Term Bank 80.00 CARE D; Rating removed from Facilities ISSUER NOT COOPERATING category and Revised from CARE A4 Rationale and key rating drivers The rating assigned to the bank facilities of SIPL takes into account the on-going overdrawal in the cash credit account for more than 30 days. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Track record of timely servicing of debt obligations for at least 90 days. * Improvement in financial risk profile. Negative factors: Not Applicable Analytical approach: Standalone Outlook: Not Applicable Detailed description of the key rating drivers: Key weaknesses * Delays in debt servicing: There is ongoing overdrawal in the cash credit account for more than 30 days. The interest amount for the month of April 2024 for the cash credit has not been serviced yet. Liquidity: Poor The liquidity of the company is marked poor on account of delay in servicing of interest in the cash credit account for more than 30 days leading to overdrawal in the account. SIPL was incorporated in the year 1998 with its office located at Guwahati, Assam. Since its inception, the entity has been engaged in civil construction business in the segment like roads and bridges. Further, the entity is also classified as class 'I' contractor in civil. The company undertakes civil engineering projects such as construction of roads and bridges for National Highways Authority of India (NHAI) and National Highways and Infrastructure Development Corporation Limited (NHIDCL), mainly in the state of Assam. Mr Kaushik Kalita has more than one decade and Ms Binanda Kalita has more than two decades of experience in civil construction industry. They look after the day-to-day operations of the entity along with the other director, Ms Geetika Kalita and other technical and non-technical professionals who are having long experience in this industry. VL FARMS: CARE Keeps D Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of VL Farms (VF) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.37 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 25, 2023, placed the rating(s) of VF under the 'issuer noncooperating' category as VF 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. VF continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 10, 2024, March 20, 2024, March 30, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Telangana based VL Farms (VF) is a partnership firm established in 2007 by Mr. Malla Reddy and his wife Mrs. Shireesha Reddy. The firm is engaged in layer poultry farming and wholesale trading of eggs. The firm has existing installed capacity of 2,30,000 birds. The firm sells its products, eggs, cull birds, and manure majorly to customers in Andhra Pradesh, Telangana and Maharashtra. The firm purchases inputs for feeding of birds like maize, soya, broken rice, shell grit and minerals from local traders. The day to day operations of the firm are managed by Mr. Malla Reddy. WONDERVALUE REALTY: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Wondervalue Realty Developers Private Limited (WRDPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 300.00 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 17, 2023, placed the rating(s) of WRDPL under the 'issuer non-cooperating' category as WRDPL 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. WRDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 31, 2024, February 10, 2024, February 20, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Incorporated in September 2008, WRDPL is promoted by HBS Realtors Pvt. Ltd. (HBS, holding 50.01% stake) and IIRF India Realty XI Ltd. (IIRF-XI) & IL&FS Trust Company Ltd. (ITCL) (holding 49.99% stake). WRDPL is developing a residential redevelopment project spread over 3.61 acres (157,074 sq ft) of land in Worli, Mumbai, currently owned by Maharashtra Housing and Area Development Authority (MHADA). Total permissible Floor Space Index (FSI) is 2.5x for the proposed development. Considering the FSI available, the total area proposed to be developed is 695,127 sq ft. The above area is split into built up area of 362,847 sq ft to be used for the Rehab Towers and the balance built up area of 342,431 sq ft would be available to WRDPL for commercial sale (free sale area). YAKSHA KRAPA: CARE Keeps C Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Yaksha Krapa Cashew Industries (YKCI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.44 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 10, 2023, placed the rating(s) of YKCI under the 'issuer non-cooperating' category as YKCI 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. YKCI continues to be noncooperative 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). Analytical approach: Standalone Outlook: Stable Karnataka based Yakshakrapa Cashew Industries (YKCI) was established as a partnership firm in August, 2016 and promoted by Mr. N Seetharam Shetty, Mr. Prafullaraj Shetty, Mr. Priyadarshan Shetty, Mrs. Prema S Shetty and Mrs. Priyadarshini A Shetty. The managing partner is Mr. N Seetharam Shetty who has an experience of more than a decade in cashew manufacturing industry. The firm is engaged in processing of raw cashew nuts into cashew kernels. The firm sells the processed cashew kernels in Karnataka and also exports to other states. =============== M A L A Y S I A =============== GREENPRO CAPITAL: Appoints New Independent Directors ---------------------------------------------------- Greenpro Capital Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on May 31, 2024, the Company's board of directors unanimously resolved that Prabodh Kumar Kantilal H. Sheth will be re-designated from an independent director to a non-executive director and will resign from his positions as chairman of the Board's Audit Committee and Compensation Committee and member of the Nominating and Corporate Governance Committee effective June 1. On the same day, the Board also resolved to appoint its independent director and chairman of the Nominating and Corporate Governance Committee, Mean Kwong Han as chairman of the Audit Committee and to appoint Chee Wah Chew and Christopher Yu Nien Wong as independent directors to the Board effective June 1. Both Mr. Chew and Mr. Wong will serve on the Audit Committee, Compensation Committee and the Nominating and Corporate Governance Committee. Mr. Chew will serve as chairman of the Compensation Committee effective June 1. Mr. Chew is a fellow member of the Association of Taxation and Management Accountants (ATMA), Australia. Mr. Chew has over 30 years of experience in corporate management, advisory and restructuring. He started his career at Crestline Corporation Sdn. Bhd., a Malaysian company providing general contracting, computer equipment and printing services, as one of the co-founders and a director from January to October in 1985 and subsequently founded another Malaysian company, Unique Computer House Sdn. Bhd., specializing in computer hardware and software selling, as a major shareholder and director from October 1985 to December 1990. From July 1993 to September 2008, Mr. Chew served as an advisor in both public and private entities including a role of personal advisor to managing director in Shougang Concord Grand (Group) Limited (0730.HK), a company listed on the Main Board of the Stock Exchange of Hong Kong Limited for the year of 1993 and Shenzhen International Holdings Limited (0152.HK), a red chip company listed on the Main Board of the SEHK for the years of 1993 to 1995, respectively. During 2003 to 2004, Mr. Chew served as China advisor of University of Wales, UK and Binary University College, Malaysia, respectively, principally responsible for recruiting overseas students from China for the universities. From March 2006 to September 2008, he was appointed by another Main Board company, Uni-Bio Science Group Limited (0690.HK) as group general manager and subsequently promoted to become group advisor from 2007. From December 2011 to April 2014, he served as corporate finance advisory manager of Deloitte & Touche Financial Advisory Services Limited. During his tenure in Deloitte, he principally worked in Shenzhen, China and provided advisory services to both corporate and private clients on mergers and acquisitions (M&A) or securities listing projects. Since November 2014, Mr. Chew has served as a director of various companies listed on the Main Board or the Growth Enterprise Market of the SEHK. From November 2014 to May 2015, Mr. Chew was appointed as a non-executive director and chairman of the board of the directors by a Main Board company, Golden Shield Holdings (Industrial) Limited (2123.HK), primarily responsible for overseeing the company's restructuring exercise and legal proceedings. From May 2014 to April 2016, he was appointed as an executive director and chairman of the BOD of hmvod Limited (formerly known as, "Tai Shing International (Holdings) Limited"), a company listed on the GEM of the SEHK (8103.HK). From March 2017 to November 2022, he was appointed as an executive director of another Main Board company, Natural Dairy (NZ) Holdings Limited (0462.HK) and primarily responsible for restructuring of the company. From July 2021 to May 2022, Mr. Chew served Solomon Financial Press Limited, a subsidiary of the GEM company, Jisheng Group Holdings Limited (8133.HK) as Chief Operating Officer for the period of July 2021 to February 2022 and subsequently transferred to be Chief Investment Officer. Since October 2023, Mr. Chew has served as an independent and non-executive director of Imperial Pacific International Holding Limited (1076.HK), a company listed on the Main Board of the SEHK. Mr. Chew earned a Doctor of Philosophy degree in business administration from Nueva Ecija University of Science and Technology (NEUST) in Republic of the Philippines in 2013. As compensation for services as an independent director, Mr. Chew shall receive a monthly fee of $1,000 in cash payable quarterly, commencing on June 1, 2024. Mr. Wong is a Chartered Member (Chartered MCSI) of the Chartered Institute of Securities & Investment (CISI), United Kingdom (UK) and is a registered Trust and Estate Practitioner (TEP) of the Society of Trust and Estate Practitioners (STEP). Mr. Wong was conferred the Knight Companion of The Most Esteemed Order of the Crown of Pahang, Darjah Indera Mahkota Pahang (DIMP) for his rendering meritorious service to the State of Pahang in Malaysia and carries the title Dato'. From 1999 to 2002, Mr. Wong worked in Hong Kong as a registered foreign lawyer in the global capital markets practice group in a global law firm, Allen & Overy. In 2001, he called to the English Bar as a barrister-at-law with The Honourable Society of Lincoln's Inn. For the next decade from 2002 to 2011, he worked as transaction and execution counsel in a global European financial institution, Deutsche Bank AG (Deutsche Bank) and served as a director of one of Deutsche Bank's branch companies in Hong Kong, DB Trustees (Hong Kong) Limited. From 2011 to 2020, he moved to The Bank of New York Mellon (BNY Mellon), a global US trust and custody bank, initially served as managing director and associate general counsel responsible for the bank's issuer and collateral support legal teams in Asia Pacific and subsequently was promoted to become Asia Pacific head of relationship management for the bank's corporate trust business in the Asia Pacific region. He also served as a director of one of BNP Mellon's branch companies in Hong Kong, BNY Mellon Trustee Company (Hong Kong) Limited. From 2020 to 2021, Mr. Wong served as general counsel in Claritas HealthTech Pte. Ltd., an emerging Artificial Intelligence (AI) Healthtech startup company in Singapore. During 2021 to 2023, he served as Head of Capital Markets North Asia of Intertrust Group, a European corporate service firm as founder of its capital markets and corporate trust business in North Asia based in Hong Kong, building a new client base and servicing platform from ground-up, covering client segments such as investment banks, sovereign agencies, regulatory technology (RegTech) companies and financial technology (FinTech) companies. Mr. Wong founded FYDUS Group, a fiduciary and professional solution provider in Asia and the Middle East and has served as Chief Commercial Officer since 2023. Mr. Wong was admitted as an Advocate and Solicitor of the High Court of Malaya in December 2021. He has been a partner of a legal firm in Kuala Lumpur, Malaysia Chow Kok Leong & Co. with a focus on cross-border banking, trust, and capital markets transactions since early 2024. Currently, Mr. Wong serves on the board of Bauhinia ILBS 1 Limited, the first Hong Kong public listed company sponsored by a Hong Kong government agency to issue the first Hong Kong-listed asset-backed securities based on infrastructure project loans. Mr. Wong was awarded a Bachelor of Laws (LLB) degree from University of Leicester, UK in July 1997. As compensation for services as an independent director, Mr. Wong shall receive a monthly fee of $1,000 in cash payable quarterly, commencing on June 1, 2024. Both Mr. Chew and Mr. Wong do not have any family relationships with any of the Company's directors or executive officers, or any person nominated or chosen by the Company to become a director or executive director, and there are no arrangements or understandings with any person pursuant to which they were selected as director of the Company. Both Mr. Chew and Mr. Wong are not a party to any transactions listed in Item 404(a) of Regulation S-K. About Greenpro Capital Corp. Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides cross-border business solutions and accounting outsourcing services to small and medium-size businesses located in Asia, with an initial focus on Hong Kong, China and Malaysia. Greenpro provides a range of services as a package solution to its clients, and believes that its clients can reduce their business costs and improve their revenues. As of March 31, 2024, the Company has $7,961,696 in total assets, $1,950,100 in total liabilities, and $6,011,596 in total stockholders' equity. Kuala Lumpur, Malaysia-based JP Centurion & Partners, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 21, 2024, citing that for the years ended December 31, 2023, the Company incurred a negative cash flow from operating activities of $1,594,718 and as of December 31, 2023, the Company incurred accumulated deficit of $36,549,095. These condition raises substantial doubt about the Company's ability to continue as a going concern. GREENPRO CAPITAL: Director Holds Indirect Ownership of 3,632 Shares ------------------------------------------------------------------- Chew Chee Wah, a director of Greenpro Capital Corp., filed a Form 3 Report with the U.S. Securities and Exchange Commission, disclosing indirect beneficial ownership of 3,632 shares of the Company's common stock as of June 3, 2024, held by his spouse. A copy of Chew Chee Wah's Report is available at https://tinyurl.com/yu6ruxxh About Greenpro Capital Corp. Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides cross-border business solutions and accounting outsourcing services to small and medium-size businesses located in Asia, with an initial focus on Hong Kong, China and Malaysia. Greenpro provides a range of services as a package solution to its clients and believes that its clients can reduce their business costs and improve their revenues. As of March 31, 2024, the Company has $7,961,696 in total assets, $1,950,100 in total liabilities, and $6,011,596 in total stockholders' equity. Kuala Lumpur, Malaysia-based JP Centurion & Partners, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 21, 2024, citing that for the years ended December 31, 2023, the Company incurred a negative cash flow from operating activities of $1,594,718 and as of December 31, 2023, the Company incurred accumulated deficit of $36,549,095. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ===================== N E W Z E A L A N D ===================== AFFINITY SAILING: Creditors' Proofs of Debt Due on July 12 ---------------------------------------------------------- Creditors of Affinity Sailing NZ Limited are required to file their proofs of debt by July 12, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 4, 2024. The company's liquidators are: Geoff Falloon Biz Rescue Limited PO Box 27 Nelson 7040 B A ELECTRICAL: First Creditors' Meeting Set for June 21 -------------------------------------------------------- A first meeting of the creditors in the proceedings of B A Electrical Blenheim Limited will be held on June 21, 2024 at 11:30 a.m. at the Marlborough Chamber of Commerce, Wairau Training Room, Level 1, 6 Scott Street in Blenheim. Geoff Falloon of Biz Rescue was appointed as administrator of the company on June 11, 2024. IKIWI LIMITED: Court to Hear Wind-Up Petition on June 21 -------------------------------------------------------- A petition to wind up the operations of Ikiwi Limited will be heard before the High Court at Auckland on June 21, 2024, at 10:00 a.m. Envivo Limited filed the petition against the company on April 17, 2024. The Petitioner's solicitor is: Brett Leeson Martelli 1 St Georges Bay Road Parnell Auckland SERVICE ENGINEERS: Creditors' Proofs of Debt Due on July 12 ----------------------------------------------------------- Creditors of Service Engineers Limited are required to file their proofs of debt by July 12, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 5, 2024. The company's liquidator is: Bryan Williams c/o BWA Insolvency Limited PO Box 609 Kumeu 0841 SPORTCRAFT BOATS: Court to Hear Wind-Up Petition on July 15 ----------------------------------------------------------- A petition to wind up the operations of Sportcraft Boats Limited will be heard before the High Court at Hamilton on July 15, 2024, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 15, 2024. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton =============== P A K I S T A N =============== PAKISTAN: Unveils Budget as it Seeks New Long-Term IMF Bailout -------------------------------------------------------------- The Associated Press reports that Pakistan's new coalition government presented its first budget in parliament on June 12, promising an increase of up to 25% in the salaries of government employees and setting an ambitious tax collection target while talks with the International Monetary Fund about a new bailout continue. The AP relates that analysts said the new budget of about $68 billion - up from $50 billion last fiscal year - is aimed at qualifying for a long-term loan of $6 billion to $8 billion from the IMF to help stabilize the economy, which in 2023 nearly defaulted on the payment of foreign debts. Pakistan's fiscal year begins on July 1. Finance Minister Muhammad Aurangzeb said the government of Prime Minister Shehbaz Sharif wants to achieve 3.6% economic growth, the AP relays. Aurangzeb also said inflation in Pakistan is down to 12%. At one point last year, it went above 40%, sparking angry protests. "Now we are moving towards the right direction," Aurangzeb said. According to the AP, the minister announced that Pakistan is setting a challenging target of collecting PKR13 trillion ($44 billion) in taxes, which is 40% more than in the current fiscal year. He said the government will ensure that the number of taxpayers increases. Currently, about 5 million of Pakistan's 240 million people pay taxes. On the IMF talks, Aurangzeb said Pakistan will privatize the country's national carrier, the AP relates. Pakistan International Airlines has had losses and has deteriorated over the decades as governments doled out patronage by giving airline jobs to supporters. The AP adds that Aurangzeb also said the government will encourage the private sector to manufacture solar panels and other equipment in Pakistan, where tens of thousands of people have already installed Chinese-made solar system at homes, shops, schools, hospitals and factories because of increasing electricity rates. About Pakistan Pakistan is a country located in South Asia. It has a coastline along the Arabia Sea and the Gulf of Oman and is bordered by Afghanistan, China, India, and Iran. Pakistan's capital is Islamabad. As reported in the Troubled Company Reporter-Asia Pacific in December 2023, Fitch Ratings affirmed Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'CCC'. Fitch typically does not assign Outlooks to sovereigns with a rating of 'CCC+' or below. ================= S I N G A P O R E ================= AL-ZAMAS RIVER: Court to Hear Wind-Up Petition on June 28 --------------------------------------------------------- A petition to wind up the operations of Al-Zamas River Valley Pte Ltd will be heard before the High Court of Singapore on June 28, 2024, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on June 6, 2024. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 BIOMEDICS LABORATORY: Placed in Provisional Liquidation ------------------------------------------------------- Tan Wei Cheong and Lim Loo Khoon of Deloitte & Touche on June 7, 2024, were appointed as liquidators of Biomedics Laboratory Pte. Ltd. The liquidators may be reached at: Tan Wei Cheong Lim Loo Khoon Deloitte & Touche LLP 6 Shenton Way #33-00 OUE Downtown Singapore 068809 GDMC PTE: Creditors' Meeting Set for June 24 -------------------------------------------- GDMC Pte Ltd will hold a meeting for its creditors on June 24, 2024, at 11:00 a.m. Agenda of the meeting includes: a. to receive a statement of the Company's affairs together with a list of creditors and the estimated amounts of their claims; b. to appoint or confirm of Liquidators; c. to resolve that the Joint and Several Liquidators be at liberty to open, maintain and operate any bank account or an account for monies received by them as Joint and Several Liquidators of the Company, with such bank as the Joint and Several Liquidators sees fit; d. to appoint a Committee of Inspection of not more than 5 members, if thought fit; and e. Any other business. HOOKER CAPITAL: Creditors' Meeting Set for June 26 -------------------------------------------------- Hooker Capital Pte Ltd will hold a meeting for its creditors on June 26, 2024, at 3:00 p.m. via electronic means. Agenda of the meeting includes: a. to receive a statement of the Company's affairs together with a list of creditors and the estimated amounts of their claims; b. to appoint Liquidators; c. to appoint a Committee of Inspection if deemed necessary; and d. Any other business. TWENTY-TWENTY TECHNOLOGY: Creditors' Proofs of Debt Due on June 28 ------------------------------------------------------------------ Creditors of Twenty-Twenty Technology Pte. Ltd. are required to file their proofs of debt by June 28, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 7, 2024. The company's liquidator is: Yin Kum Choy MIRAI Consulting SG 10 Anson Road #12-07 International Plaza Singapore 079903 ===================== S O U T H K O R E A ===================== TERRAFORM LABS: Reaches US$4.47BB Civil Settlement With SEC ----------------------------------------------------------- Reuters reports that Terraform Labs reached a $4.47 billion civil settlement with the U.S. Securities and Exchange Commission, after being found liable by a jury for defrauding cryptocurrency investors who lost an estimated $40 billion when the TerraUSD and Luna tokens collapsed in 2022. A proposed final judgment covering Terraform and its founder Do Kwon was filed on June 12 in Manhattan federal court, Reuters says. It requires approval by U.S. District Judge Jed Rakoff, who oversaw the trial, which ended on April 5. Terraform's judgment includes $4.05 billion of disgorgement plus interest, and a $420 million civil fine. Much is unlikely to be paid because Terraform filed for bankruptcy in January, Reuters notes. It will instead be treated as an unsecured claim in the Chapter 11 case, where Terraform is liquidating. The total judgment is $4.55 billion, including an $80 million civil fine for Kwon. He agreed to be banned from crypto transactions, and is required to transfer $204.3 million to Terraform's bankruptcy estate. "Entry of this judgment would ensure the maximal return of funds to harmed investors and put Terraform out of business for good," the SEC said in a court filing, Reuters relays. "Thus, this proposed judgment is fair, reasonable, and in the public interest." Terraform and Kwon consented to the judgment, Reuters says. According to Reuters, the SEC accused Terraform and Kwon of deceiving investors about the stability of TerraUSD, which he designed to maintain a constant $1 price, and falsely claiming that Terraform's blockchain was used in a popular Korean mobile payment app. TerraUSD and the closely-linked Luna, a more traditional token that Kwon also designed, collapsed in May 2022 when TerraUSD was unable to maintain its peg to the dollar, Reuters recalls. Kwon did not attend the trial after having been detained in Montenegro since March 2023, with the United States and South Korea seeking his extradition to face criminal charges. He has denied wrongdoing, Reuters notes. About Terraform Labs Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins. It was co-founded by Do Kwon and Daniel Shin in 2018 in Seoul, South Korea. Terraform Labs introduced its first cryptocurrency token, TerraUSD, in 2019. Investment firms like Arrington Capital, Coinbase Ventures, Galaxy Digital, and Lightspeed Venture Partners helped Terraform Labs raise more than $200 million. The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022 caused the temporary suspension of the Terra network, wiping out over $45 billion in market capitalization in a single week. Both of Terra Form Labs' founders have encountered legal problems as a result of the devaluation of the company's currency. In September 2022, South Korean prosecutors filed a warrant for Do Kwon's arrest. He was also added to Interpol's Red Notice list, which urges other law enforcement to find and detain him. Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22, 2024. In the petition filed by Chris Amani, as chief executive officer, the Debtor estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by: Zachary I. Shapiro, Esq. Richards, Layton & Finger, P.A. 1 Wallich Street #37-01 Guoco Tower Singapore 078881 =========== T A I W A N =========== [*] TAIWAN: Insurers Selling Record Amounts of Riskier Debt ----------------------------------------------------------- Bloomberg News reports that life insurers in Taiwan are issuing an unprecedented amount of bonds that pose more risks to investors, as they rush to improve their finances before a deadline to shore up capital. Already in 2024, Taiwan's seven major insurance firms have sold $2.4 billion of subordinated notes that put investors behind other debt holders for claims on assets in the event of any bankruptcy. That's a record for the first half of a year, according to data compiled by Bloomberg. Insurers have also announced plans for a record NT$158 billion ($4.9 billion) of issuance over the full year. According to Bloomberg, long-term subordinated bonds have become a favored channel for fund raising as the island's life insurers seek to build up their assets before a new accounting system is introduced by 2026 that will require them to meet higher financial standards. Insurers were only given permission to issue such bonds with maturities of more than 10 years in April last year. The vast majority are denominated in Taiwan dollars, though some are in the US currency. "We expect Taiwanese insurers to continue to issue subordinated debt to enhance their capital adequacy and the level of issuance is likely to remain high in 2024 and 2025," Bloomberg quotes Terrence Wong, a senior director at Fitch Ratings Ltd. in Hong Kong, as saying. Bloomberg says the subordinated bonds are popular with investors as their yields stand out from the relative low ones that have long predominated in Taiwan's fixed-income market. Buyers have included traditional investors such as government funds and financial institutions, along with less frequent purchasers of such products, including non-financial companies and high-net-worth individuals. A 10-year subordinated bond issued by Cathay Life Insurance Co., the island's largest insurer, offers an annualized yield of 3.7%, about two percentage points higher than similar-maturity sovereign debt, Bloomberg notes. "The yields of the sub bonds are indeed very attractive as Taiwan dollar denominated fixed-income products seldom generate yields above 3%," said Tommy Gu, a fixed-income trader at Taipei-based Capital Securities Corp, Bloomberg relays. "The lifers could also be under some level of pressure to use higher yields to ensure demand." Non-financial corporates that have invested in the subordinated debt include laptop maker Acer Inc. and biotech company Ever Supreme Bio Technology Co., Bloomberg discloses citing exchange filings. While the subordinated securities have proved increasingly popular, one of the underlying risks is the relatively thin liquidity of those issued in the local currency, Bloomberg states. Bloomberg adds that most bondholders in Taiwan tend to buy and hold, which means those seeking to sell prior to maturity may have to do so at a discount, said Andy Chang, a senior director at Taiwan Ratings Corp. in Taipei. At the same time, a wipeout similar to that of Credit Suisse Group AG's AT1 bonds is unlikely as most local banks have relatively strong finances, he said. ********* 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 ***