/raid1/www/Hosts/bankrupt/TCRAP_Public/240617.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
Monday, June 17, 2024, Vol. 27, No. 121
Headlines
A U S T R A L I A
BONZA AVIATION: All Staff Sacked After Failed Search for Buyer
CARRINGBUSH HOTEL: Placed Into Liquidation
CENTURY TRADING: First Creditors' Meeting Set for June 20
CONNECTED LIVING: First Creditors' Meeting Set for June 20
KINDRED PENINSULA: First Creditors' Meeting Set for June 19
LIFE STYLE: First Creditors' Meeting Set for June 21
U&I INCLUSIONS: First Creditors' Meeting Set for June 24
C H I N A
CHINA EVERGRANDE: Former CEO Sells Hong Kong Home at a Loss
CHINA EVERGRANDE: Liquidation Law Firm Probing PwC, Others
I N D I A
AARYAN LAMIFAB: CRISIL Keeps B Debt Ratings in Not Cooperating
ABC COTSPIN: CRISIL Keeps D Debt Ratings in Not Cooperating
ABC INC: CRISIL Keeps B+ Debt Rating in Not Cooperating Category
ABP AFFORDABLE: CRISIL Keeps B Debt Rating in Not Cooperating
AMARNATH AGGARWAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
BADANGPET MUNICIPAL: ICRA Keeps B+ Ratings in Not Cooperating
BALA JI: CRISIL Keeps B+ Debt Rating in Not Cooperating Category
BALACHANDRA VINAYAGAR: CRISIL Keeps B+ Rating in Not Cooperating
BHAVANI COTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
DRONE ACHARYA: CRISIL Assigns B Rating to INR475cr NCD
FOUNDATIONS DEVELOPERS: ICRA Reaffirms B Rating on INR7.70cr Loan
FUTURE CORPORATE: ICRA Keeps D Debt Ratings in Not Cooperating
KAMAREDDY MUNICIPALITY: ICRA Keeps B+ Ratings in Not Cooperating
LAKSHMI VENKATESWARA: ICRA Keeps B+ Ratings in Not Cooperating
LAMPEX ELECTRONICS: ICRA Cuts Rating on INR50cr LT Loan to D
LAXMI LAL: ICRA Keeps B+ Debt Rating in Not Cooperating Category
MOHAN RAO: ICRA Keeps B Debt Ratings in Not Cooperating Category
MONARCH HATCHERIES: CRISIL Keeps B Ratings in Not Cooperating
MT EDUCARE: NCLT Admits Personal Insolvency Plea vs Mahesh Shetty
NIJAGUNA LAND: CRISIL Keeps D Debt Rating in Not Cooperating
RURAL FAIRPRICE: ICRA Keeps D Debt Rating in Not Cooperating
SANCHETI ORNAMENTS: CRISIL Keeps D Debt Rating in Not Cooperating
SHAILESH TRADERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SHIVAY MINERALS: ICRA Keeps B Debt Ratings in Not Cooperating
SPICEJET LTD: NCLT to Hear Engine Lease's Insolvency Plea on Aug. 2
SRINIDHI REAL: ICRA Keeps B Debt Rating in Not Cooperating
SWEETY INFRA: CRISIL Lowers Long and Short Term Ratings to D
TAJ STONE: ICRA Lowers Rating on INR5.25cr LT Loan to D
UNI ADS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
VIRCHAND NARSI: CRISIL Lowers Rating on INR26.5cr Loan to D
M A L A Y S I A
1MDB: US Government Returns US$156MM Worth of Funds to Malaysia
GREENPRO CAPITAL: Yu Nien Holds Direct Ownership of 1,396 Shares
N E W Z E A L A N D
GRAVITY TRAFFIC: Creditors' Proofs of Debt Due on July 5
KAHURANGI ESTATE: First Creditors' Meeting Set for June 21
MEADOW FLAT: Creditors' Proofs of Debt Due on July 19
POLLYS PANTRY: Creditors' Proofs of Debt Due on July 10
TECHNOLOGY HOLDINGS: BDO Appointed as Receiver and Manager
P H I L I P P I N E S
PHILIPPINE NATIONAL: SEC Files Money Laundering Charges
VISUM VENTURES: Koomi Stores in Malls Shut due to Unpaid Rent
S I N G A P O R E
CONNECTIQUE PTE: Creditors' Proofs of Debt Due on July 15
GL CONSTRUCTION: First Creditors' Meeting Set for July 8
PN LOGISTICS: Court to Hear Wind-Up Petition on June 28
USP GROUP: Court Enters Judicial Management Order
WEI SIANG: First Creditors' Meeting Set for July 8
T A I W A N
SEMILEDS CORP: Trung Doan Has 52.3% Stake as of Feb. 9
- - - - -
=================
A U S T R A L I A
=================
BONZA AVIATION: All Staff Sacked After Failed Search for Buyer
--------------------------------------------------------------
News.com.au reports that administrators tasked with finding a buyer
for embattled airline Bonza said they had "no choice' but to
terminate more than 300 staff.
Bonza was placed into voluntary administration in April after
lessors seized its fleet of four Boeing 737 MAX 8s, sparking chaos
for passengers.
More than 300 staff were stood down while administrators Hall
Chadwick tried to chart a path forward for the airline which owed
millions to staff and creditors, news.com.au says.
Despite being given an extension in the Federal Court last month to
find a buyer, Hall Chadwick on June 11 informed all staff they
would be terminated.
In a statement, Hall Chadwick said it had not received any "binding
offers" to buy Bonza by the June 7 deadline and said it had "no
option" but to terminate staff, news.com.au relays.
"While this is not the news stakeholders wish to hear, the
administrators must make a decision with respect to the stand down
of the employees," the statement said.
"Furthermore, customers need certainty regarding the operation of
future flights.
"As a result, the administrators have no option but to terminate
all employees and cancel all future flights."
According to news.com.au, Hall Chadwick said the future of Bonza
was "still be determined", voicing hopes a third party may yet put
forward a deed for creditors consideration.
A major meeting would be held for creditors to decide the future of
the airline and that investigations into Bonza's affairs were
ongoing.
News.com.au adds that Transport Workers Union National Secretary
Michael Kaine earlier described the lay-offs as "difficult news"
for staff left in limbo after the airline's "sudden collapse".
"It's a dark day for regional communities across Australia which
remain isolated through unaffordable or unavailable air travel to
remain connected with the nation," the report quotes Mr. Kaine as
saying.
"It's highly likely aviation will lose hundreds more skilled,
experienced staff after being burnt so many times in this
industry.
"The pandemic proved the industry unfit to withstand external
shocks without workers, passengers and the Australian community
paying a heavy price."
Staff were not yet entitled to the federal government's FEG scheme
until Bonza went into liquidation, and were restricted if they were
to resign while it was in administration, news.com.au notes.
News.com.au relates that Mr. Kaine said the termination freed up
Bonza staff to seek alternative full-time employment without losing
their owed entitlements.
"Workers remain in limbo, with the Fair Entitlement Guarantee
scheme not yet available to claim their owed entitlements," he
said. "Today, they gained the freedom to pursue alternative
full-time work, with Virgin Australia having previously committed
to prioritising Bonza staff."
It is understood Hall Chadwick set a deadline for last Friday [June
7] for potential buyers to submit an offer, but none had been
received, the report adds.
About Bonza
Sunshine Coast-based Bonza was unveiled in October 2021 and its
first flight took off in January 2023. It operates Boeing
737-Max-8 planes and is backed by 777 Partners, an investment group
based in Miami, Florida. It originally flew 27 routes to 17
destinations but started cutting services during its first six
months.
Richard Albarran, Kathleen Vouris, Brent Kijurina and Cameron Shaw
of Hall Chadwick were appointed Administrators of the Company on
April 30, 2024.
CARRINGBUSH HOTEL: Placed Into Liquidation
------------------------------------------
News.com.au reports that a 135-year-old pub that was forced to
close its doors permanently has still fallen into liquidation.
The Carringbush Hotel, which was based in Melbourne, was shuttered
at the start of June with the pub group's owners citing
"horrendous" expenses, adding they would need to charge a whopping
AUD20 for a beer to survive.
However, news.com.au can reveal that The Carringbush Hotel
operators had been locked in a bitter legal battle with its
landlords.
A case was launched at the Victorian Civil and Administrative
Tribunal (VCAT) by the landlords last year with six complaints made
against The Carringbush Hotel tenants.
A judgment released in May stated there was "significant animosity"
between the two parties and ruled the legal proceedings launched by
the landlord were "vexatious", news.com.au relates.
The landlord had sought an interlocutory injunction in October last
year to restrain what The Carringbush Hotel did on site.
They made six complaints about the The Carringbush Hotel tenants
and sought a range of orders, while the VCAT Judgement noted there
was escalating "animosity" between the parties.
According to news.com.au, the landlord's demands included that the
pub operators "immediately cease playing music at the premises at
excessive volume levels at any time and cease playing music outside
of trading hours" and "to cease contact or otherwise harass" the
landlord.
The landlord also sought immediate access be granted to The
Carringbush Hotel premises and "to cease from destructing and
interfering with any property of the landlord on the premises and
in the licenced area".
The Carringbush Hotel tenants denied the landlord's claims and
argued against the case, news.com.au relates.
In November, VCAT ruled against granting the injunction and found
the legal proceedings were "substantially unsuccessful".
The Carringbush Hotel tenants launched their own actions seeking
costs for defending the case.
News.com.au says VCAT's acting senior member Holly Nash ruled that
The Carringbush Hotel's tenants were "caused substantial legal
costs" and that the landlord had persisted with the legal
proceedings "in pursuit of baseless resistance and objections".
She said there was no evidence of the tenant having breached the
lease or caused the matters being complained of, while some of the
orders sought were outside the jurisdiction of the Tribunal.
The landlord failed to serve any notices of breach for any alleged
breach of the lease or alleged breach of the licence by the tenant,
she added in her VCAT Judgement.
"His conduct can be properly described as ". . . conduct which is
seriously and unfairly burdensome, prejudicial or damaging," she
added in her Judgement.
Ms. Nash added that the landlords failure to "comply with basic
obligations" including serving such notice to allow the tenant a
reasonable opportunity to remedy any alleged breach before
commencing the legal proceedings through VCAT was "vexatious".
She ordered the landlord play The Carringbush Hotel tenant's
costs.
Carringbush Hotel co-founder Liam Matthews said: "Unfortunately, as
we have placed the company into liquidation I am not longer able to
discuss anything to do with the business."
CJG Advisory have been appointed to oversee the liquidation of The
Carringbush Hotel but the insolvency firm refused to provide any
comment to news.com.au on the situation.
CENTURY TRADING: First Creditors' Meeting Set for June 20
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Century
Trading Pty. Ltd. will be held on June 20, 2024 at 11:00 a.m. via
virtual meeting.
Manuel Hanna of Romanis Cant was appointed as administrator of the
company on June 7, 2024.
CONNECTED LIVING: First Creditors' Meeting Set for June 20
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Connected
Living Pty. Ltd. will be held on June 20, 2024 at 11:00 a.m. at the
offices of Rodgers Reidy at Level 11, 385 Bourke Street in
Melbourne and via online video conferencing.
Brent Leigh Morgan and Neil Stewart McLean of Rodgers Reidy were
appointed as administrators of the company on June 7, 2024.
KINDRED PENINSULA: First Creditors' Meeting Set for June 19
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Kindred
Peninsula Pty Ltd will be held on June 19, 2024 at 10:30 a.m. at
Level 15, 300 Queen Street in Brisbane and via online meeting.
Nikhil Khatri of Worrells was appointed as administrator of the
company on June 19, 2024.
LIFE STYLE: First Creditors' Meeting Set for June 21
----------------------------------------------------
A first meeting of the creditors in the proceedings of Life Style
Store Pty Ltd will be held on June 21, 2024 at 11:00 a.m. via video
conference only.
Mark Julian Robinson and Kenneth Michael Whittingham of Fort
Restructuring were appointed as administrators of the company on
June 11, 2024.
U&I INCLUSIONS: First Creditors' Meeting Set for June 24
--------------------------------------------------------
A first meeting of the creditors in the proceedings of U&I
Inclusions (Australia) Ltd will be held on June 24, 2024 at 2:00
p.m. via Zoom meeting.
Nathan Deppeler and Scott Andersen of Worrells were appointed as
administrators of the company on June 12, 2024.
=========
C H I N A
=========
CHINA EVERGRANDE: Former CEO Sells Hong Kong Home at a Loss
-----------------------------------------------------------
Reuters reports that China Evergrande's former CEO, who Chinese
regulators recently said was "uncontactable", has sold his home in
Hong Kong at a loss of HK$74 million ($9.48 million) from the
purchase price, according to a property agent.
Xia Haijun last month sold a 2,834 net sq ft (263 sq m)
five-bedroom duplex flat in North Point Mid-Levels district on Hong
Kong island for HK$82 million, said Gary Lam, a senior sales
director at real estate agency Centaline, according to Reuters.
The price was 49% lower than the asking price of HK$160 million
when the property was put on the market last June, Lam added. The
asking price in turn was just HK$4 million more than the purchase
price.
Xia, who stepped down from the embattled Chinese developer in 2022
after an internal probe found he was involved in diverting loans
worth $2 billion secured by unit Evergrande Property Services to
the group, bought the flat from New World Development in 2019,
Reuters discloses citing records from the Land Registry. Xia has
not commented on the probe.
The home on the 32nd and 33rd floors, which overlooks Victoria
Harbour, includes a 654 sq ft balcony, 1,159 sq ft terrace with a
pool, and three parking spaces.
Xia left mainland China in 2021 and stayed in Hong Kong as the
world's most indebted property developer slipped into debt
troubles, Reuters had reported.
Two sources with direct knowledge of the matter told Reuters that
as the Evergrande crisis deepened, Xia left for Canada. China's
securities regulator has said Xia is a Canadian citizen.
In a filing last month, where Evergrande's onshore flagship unit
was fined $577 million for fraudulent bond issuance and illegal
information disclosure, the China Securities Regulatory Commission
(CSRC) said Xia's involvement was "particularly vile," Reuters
recalls.
However, the regulator did not announce penalties for Xia like it
did with other senior executives because it said it was not able to
contact him.
CSRC fined Evergrande chairman Hui Ka Yan CNY47 million (USD6.48
million) and barred him from the securities market for life.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.
Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.
Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt. In total, the Company has
more than $300 billion in liabilities.
Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong. It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.
Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).
Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).
U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.
Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.
On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.
CHINA EVERGRANDE: Liquidation Law Firm Probing PwC, Others
----------------------------------------------------------
Reuters reports that lawyers appointed by the liquidators of China
Evergrande Group are investigating some of the property developer's
service providers including its former auditor
PricewaterhouseCoopers, to potentially recoup losses for creditors,
three sources said.
Evergrande, once China's largest property developer, was ordered to
be liquidated by a Hong Kong court in January, after it failed to
deliver a concrete restructuring plan for its $23 billion worth of
offshore debt deemed to be in default.
As part of the liquidation process, Hong Kong-based law firm Karas
So is working with the two court-appointed Evergrande liquidators,
Tiffany Wong and Eddie Middleton from Alvarez and Marsal (A&M),
said the three sources, who have knowledge of the matter, Reuters
relays.
Reuters says the move, which is common in liquidation cases,
indicates initial steps being taken towards liquidation of the
world's most indebted property developer with more than $300
billion of total liabilities.
According to Reuters, Evergrande's liquidation could take more than
a decade to be completed, according to some offshore investors, and
become a blueprint for future major Chinese corporate winding up
processes.
Reuters reported in March, citing sources, that lawyers working on
Evergrande's liquidation will look for evidence of wrongdoing and
negligence across the company, its management and external advisers
that could have led to it defaulting on its debt.
Karas So, which specialized in liquidation-related legal matters,
is looking into Evergrande's insolvency and whether some service
providers to the embattled property developer played a role in the
rapid fall in its financial profile, Reuters notes.
Apart from PwC, Karas So has also been examining the roles played
by other institutions that provided financial and other services to
Evergrande, said one of the sources, adds Reuters.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.
Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.
Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt. In total, the Company has
more than $300 billion in liabilities.
Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong. It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.
Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).
Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).
U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.
Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.
On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.
=========
I N D I A
=========
AARYAN LAMIFAB: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aaryan
Lamifab Private Limited (ALPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Long Term 18.5 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with ALPL 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 ALPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ALPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ALPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
ALPL was incorporated in 2011 in Delhi. Promoted by Mr Amit Bansal,
Mr Ankit Gupta, Ms Sweety Bansal, Ms Neha Gupta, Ms Madhubala, and
Mr Narender Bansal, ALPL manufactures laminated fabrics.
ABC COTSPIN: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ABC Cotspin
Private Limited (ABC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 25 CRISIL D (Issuer Not
Cooperating)
Packing Credit 25 CRISIL D (Issuer Not
Cooperating)
Packing Credit 34 CRISIL D (Issuer Not
Cooperating)
Proposed Packing 186 CRISIL D (Issuer Not
Credit Cooperating)
CRISIL Ratings has been consistently following up with ABC 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 ABC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ABC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ABC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
ABC, incorporated in 2006 by Mr. Ashish Jobanputra and his family
members, primarily trades in cotton bales. The company generates
over 90 per cent of its revenue from the export market. It also
operates a ginning unit in Botad (Gujarat) commissioned in November
2011. It is based in Ahmedabad (Gujarat).
ABC INC: CRISIL Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of ABC Inc (ABC)
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ABC 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 ABC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ABC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ABC continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Set up in 2009 and based in Ludhiana (Punjab), ABC trades and
manufactures readymade garments. The firm was established as a
proprietorship firm by Mr. Girish Kapoor and was reconstituted as a
partnership firm in 2014. The firm is owned and managed by Mr.
Girish Kapoor and his son Mr. Arjun Kapoor.
ABP AFFORDABLE: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of ABP Affordable
Housing (AAH) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 20 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with AAH 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 AAH, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AAH
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AAH continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
AAH is presently developing a project 'Vasundara Kutumb'. The
project comprises of 4 apartments with total unit of 2648 flats.
AAH was incorporated in 2017 as a partnership firm by Mr Manmohan
Agarwal, Mr. Deepak Gupta, Mr. Bhuvnesh Goyal and Mr. Padam
Bairathi.
AMARNATH AGGARWAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Amarnath Aggarwal
Constructions (AAC) in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 2.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 8.00 [ICRA]B+ (Stable) ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with AAC, ICRA has been trying to seek information from the entity
so as to monitor its performance Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 1979, AAC is into the construction of roads,
bridges, road over bridges (RoB) etc. AAC is a part of the Amarnath
Aggarwal group, which has been in the construction and real estate
business for past 30 years through various group
companies and primarily has presence in Punjab, Haryana and
Himachal Pradesh.
BADANGPET MUNICIPAL: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Issuer rating of Badangpet Municipal Corporation
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".
As part of its process and in accordance with its rating agreement
with Badangpet Municipal Corporation, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Badangpet Municipal Corporation (BMC), an urban local body (ULB),
was initially established as a Nagar Panchayat in 2013 by merging
eight villages. Later, the ULB's status was upgraded to a Municipal
Corporation in 2019. The ULB provides urban infrastructure services
to the city of Badangpet and is governed by the Telangana
Municipalities Act 2019 (Act). The BMC covers an area of 74.56 sq.
km. and serves a population of 1.67 lakh (Projected as on date).
Its main functions include solid waste management and construction,
repair and maintenance of roads and streetlights. The ULB is
divided into 32 municipal wards and is governed by an elected body
(Council) headed by a Mayor, while the Commissioner acts as the
chief executive overseeing its everyday functioning.
BALA JI: CRISIL Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Bala Ji
Rice & General Mills (SBJR) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 25 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SBJR 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 SBJR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBJR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBJR continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Set up in 2001 as a partnership firm by Mr Mahavir Prasad and Mr
Bharat Bhushan in Fazilka, Punjab, SBJR processes basmati and
non-basmati rice for the domestic and global markets. In 2010, Mr
Ashwani Modi joined the firm as a partner.
BALACHANDRA VINAYAGAR: CRISIL Keeps B+ Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Balachandra Vinayagar Modern Rice Mill (SBV) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.95 CRISIL B+/Stable (Issuer Not
Cooperating)
Long Term Loan 0.55 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SBV 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 SBV, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBV
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBV continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Sri Balachandra Vinayagar Modern Rice Mills (SBV) was established
in the year 1984. Based in Tamil Nadu, it is a proprietorship firm
and managed by Mr. Ganapathy Shivashankar.
BHAVANI COTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Bhavani Cotex in the 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.90 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.60 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Bhavani Cotex, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Established in 2010, Bhavni Cotex is engaged in the business of
ginning and pressing of raw cotton to produce cotton bales and
cottonseeds. The firm is owned and managed by three partners namely
Mr. Gordhanbhai M. Patel, Mr. Rakeshbhai G. Patel and Mr.
Naineshbhai G. Patel as partnership firm. In FY 2015, the firm has
commenced crushing of cottonseeds to produce cottonseed oil,
cottonseed oil cake and baghru. Bhavani Cotex has manufacturing
unit located at Bodeli in Vadodara district, Gujarat. The plant is
equipped with 32 ginning machines and 1 pressing machine having an
installed capacity of producing 300 cotton bales per day. In FY
2015, the company has installed 5 expellers in newly set up
crushing unit having the capacity to produce 3 metric tonnes (MT)
of cottonseed oil per day (24 hours operation). The firm also
trades in cottonbales.
DRONE ACHARYA: CRISIL Assigns B Rating to INR475cr NCD
------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
proposed non-convertible debentures (NCDs) of Drone Acharya
Services Private Limited (DASPL, part of Krishna Mohan
Constructions (KMC)group).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Non Convertible 475.0 CRISIL B/Stable (Assigned)
Debentures-LT
The rating reflects DASPL's exposure to high funding and
implementation risks for the ongoing project, risk related to
timely refinancing/sale of asset for retirement of NCDs and risk
related to significant increase in operations and maintenance (O&M)
cost. These weaknesses are partially offset by low offtake risk due
to inherent benefits of the Hybrid Annuity Model (HAM) along with
strong credit risk profile of the counterparty, National Highways
Authority of India (NHAI; rated CRISIL AAA/Stable').
Analytical Approach
CRISIL Ratings has factored in the expected annuity payments to
Calicut Expressway Private Limited (CEPL), by NHAI, which is a part
of the KMC group. This is because DASPL has no operations currently
and the funds raised under it will be utilised for funding the
construction of HAM project in CEPL. Moreover, the NCDs investors
will have an exclusive charge over all the cash flows generated
under CEPL.
Key Rating Drivers & Detailed Description
Weaknesses:
* Exposure to high refinancing risk: Coupon payments on NCDs is
expected to commence on completion of 18 months, until which they
will be under moratorium. NCDs are expected to be redeemed at the
end of 30 months from the issue date, along with accrued coupons.
The project is not expected to generate adequate cash flow to meet
the obligations; hence to redeem the NCDs, the management intends
to either sell the asset or refinance its debt. This results in
high risk related to timely refinancing of debt/sale of asset.
* Exposure to high implementation risk: Project implementation risk
remains high as only 68% of the total project cost has been
incurred till April 2024. As per the latest settlement agreement,
the provisional commercial operation date (PCOD) and commercial
operation date (COD) are expected to be in June and December 2024,
respectively. The initial concession agreement was signed in April
2018, but construction did not commence till 2022, owing to a delay
in financial closure by CEPL. Any further delay in execution, on
account of erratic monsoons in Kerala poses significant
implementation risk. Also, though KMC Constructions Limited (KMCCL)
is managing engineering, procurement and construction (EPC) and O&M
components, and has handled multiple road projects in the past, it
has faced delay in implementation via group entities.
* Exposure to risk related to significant increase in O&M cost: Any
significant increase in O&M cost may impact profitability of the
project and, timely and full release of annuity from NHAI depends
on proper road maintenance. If the road is not maintained as per
standards stipulated in the concession agreement, NHAI may not
release the annuity to CEPL or else, may release only a part of the
annuity till the deficiency is remedied; this could jeopardize the
company's ability to service its debt in a timely manner.
Strength:
* Inherent benefits of HAM and strong counterparty: Benefits of HAM
include indexation done to the bid project cost (BPC) and O&M cost
to the extent of inflation, and interest payments on residual
annuity payments during the operational phase. Furthermore, PCOD
will be issued on completion of construction in June 2024, allowing
proportionate annuity to be paid while COD for the project is
expected to be in December 2024. Benefits of HAM and strong
execution capabilities of the sponsor should support the project.
However, timely receipt of annuity during the operational phase is
a key monitorable.
The company also benefits from the strong credit profile of the
counterparty, NHAI, with its healthy track record of timely payment
of annuities.
Liquidity: Poor
The project is still under construction and scheduled to be
commercialized in December 2024. It will be funded via issuance of
NCD, infusion from the sponsor, and government grants. Average debt
service coverage ratio (DSCR) is less than one time, driven by
lower maturity profile of NCDs over the tenure, during which the
project will not generate adequate cash flow. Hence, the management
will have to liquidate the asset before the redemption due date or
alternately, refinance the debt.
Outlook: Stable
CRISIL Ratings believes DASPL will benefit from the inherent
benefits of HAM.
Rating Sensitivity Factors
Upward factors
* Timely completion of the project and receipt of annuities
* Successful completion of refinancing debt with better maturity
profile leading to DSCR of more than 1 time
Downward factors
* Cost overrun by more than 15-20% of the project cost, leading to
stretch in liquidity profile
* Delay in, or lack of, support extended by the sponsor
* Significant weakening of the credit risk profile of the sponsor
leading to delay in execution
DASPL was incorporated in June 2022. It is a part of KMC group. The
company is issuing NCDs worth INR475 crore under the India
Resurgence Fund (India RF). The proceeds will be invested into
group entity, CEPL.
KMC group is promoted by Mr Pruthvi Kumar Reddy Mekapati and Mrs
Mekapati Sri Kirti.
CEPL is a special purpose vehicle (SPV), incorporated on March 27,
2018. In pursuance of the contract, NHAI has granted CEPL
concession for augmentation of the existing road from km 230.400 to
km 258.800 (approximately 28.400 km.) on the section of National
Highway No. 66 (NH-66) (i.e., Vengalam Jn. To Ramanattukara Jn.) in
Kerala by six laning, thereof on design, build, operate and
transfer HAM (DBOT annuity or hybrid annuity) basis of the
authority (project). The SPV is sponsored by KMCCL (51%
shareholding) and INKEL Infrastructure Development Projects Ltd
(49%).
FOUNDATIONS DEVELOPERS: ICRA Reaffirms B Rating on INR7.70cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of
Foundations, Developers and Promoters (FDP), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.70 [ICRA]B (Stable); reaffirmed
Fund-based-
Term loan
Long-Term-
Unallocated 7.30 [ICRA]B (Stable); reaffirmed
Rationale
The rating reaffirmation for FDP considers the promoters' extensive
experience of over two decades in the real estate industry,
particularly in and around Mysore. The firm's asset-light policy,
with projects developed under joint development agreements
(JDA)/joint ventures (JV), limits the upfront capital requirement.
Additionally, the favorable location of the projects in Mysore,
with good inter-city connectivity and proximity to commercial
establishments near Dattagali, Aregowdanahalli and Hootagalli, is
expected to support the saleability of the projects.
The rating, however, continues to be constrained by the firm's
modest scale of operations, which limits its operational and
financial flexibility. The rating is constrained by the entity's
exposure to market, execution and funding risks associated with
upcoming projects. As on March 31, 2024, the firm's cash flow
adequacy for its ongoing projects remains moderate at ~40%.
Additionally, fund infusion by partners and debt tie-up for the
upcoming projects, Silver Spring II, Dandikeri, Bogadi and
Bugathalli, will be critical for the timely execution of these
projects. The firm encounters a high geographical concentration
risk with projects limited to the Mysore market. The real estate
business is highly dependent on macroeconomic factors due to its
cyclical nature, exposing the firm's sales to potential downturns
in real estate demand.
The Stable outlook reflects ICRA's opinion that FDP will be able to
improve its collections from the upcoming launches owing to its
established position in the Mysore real estate market.
Key rating drivers and their description
Credit Strengths
* Extensive experience of promoters in real estate industry: FDP's
promoters have extensive experience of over two decades in real
estate development in the Mysore market. They have developed ~0.98
million square feet (msf) of real estate space in Mysore.
* Asset light policy with projects developed under JDA/JV, which
limits upfront capital requirement: The firm primarily focuses on
developing projects, on a JDA/JV basis with the landowners on a
unit-sharing basis, which reduces the capital outlay for land
investment.
* Favourable Location of Projects: The favourable location of the
projects in Mysore, with good inter-city connectivity and proximity
to commercial establishments near Dattagali, Aregowdanahalli and
Hootagalli, is expected to support the saleability of the
projects.
Credit Challenges
* Modest scale of operations: Notwithstanding the estimated
improvement in collections to ~INR14.10 crore in FY2024 (PY: INR9.9
crore), FDP's scale of operations remains modest. At present, the
firm is executing one residential project (Sirii) with a saleable
area of 0.044 msf. Further, the firm has four planned launches
covering a total area of ~0.29 msf over the next year.
* High market and execution risks for ongoing and upcoming
projects: Despite adequate sales for project Sirii, the firm is
exposed to market risk for the balance saleable area. Further, the
cash flow adequacy ratio is moderate at ~40% as on March 31, 2024.
Additionally, fund infusion by the partners and debt tie-up for
upcoming projects, Project Silver Spring II, Dandakeri, Bogadi and
Bugathalli, will be critical for their timely execution.
* Geographical concentration risks and exposure to cyclicity in the
real estate industry: The firm is exposed to high geographical
concentration risks, as its projects are confined to Mysore. The
real estate sector is cyclical and marked by volatile prices and a
highly fragmented market structure due to the larger number of
regional players. In addition, being a cyclical industry, the real
estate sector is highly dependent on macroeconomic factors,
exposing FDP's sales to potential downturns in demand and increased
competition from various established players in the region.
Liquidity position: Stretched
The liquidity profile is stretched, with dependence on incremental
sales and customer advances to meet the pending project cost and
debt repayment obligations. The firm had INR0.3 crore of cash and
equivalents as of March 2024.
Rating sensitivities
Positive Factors- ICRA could upgrade FDP's rating if there is an
improvement in its scale of operations and profitability.
Additionally, the rating could be upgraded if sales and collections
for its upcoming projects are healthy on a sustained basis.
Negative factors – ICRA could downgrade FDP's rating if there are
subdued bookings or collections, significant delays in project
completion or a significant increase in indebtedness leading to a
weakening of its liquidity position.
Foundations, Developers and Promoters (FDP) was established in 2006
as a partnership firm. The firm primarily focuses on developing
projects on a JV basis with the landowners on a unit-sharing basis,
which limits upfront capital requirement. The firm has its primary
presence in Mysore and, over the last 16 years, has completed ~0.98
msf of real estate development as of March 2024.
FUTURE CORPORATE: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long Term and Short-Term and Issuer Ratings of
Future Corporate Resources Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING" and "PP-MLD [ICRA]D ISSUER NOT COOPERATING"
for Market Linked Debenture Long Term.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Principal 437.11 PP-MLD [ICRA]D; ISSUER NOT
Protected Market COOPERATING; Rating Continues
Linked Debenture to remain under issuer not
Programme (PP-MLD) cooperating category
Short-term 130.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term- 226.67 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term- 50.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Future Corporate Resources Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Future Corporate Resources Private Limited (erstwhile Suhani
Trading and Investment Consultants Private Limited (STIC)), a
Future Group company, came into existence in its current form with
effect from March 31, 2017, after its amalgamation with the six
companies—Future Corporate Resources Limited (FCRL), PIL
Industries Limited, Weavette Business Ventures Limited, Manz Retail
Private Limited, ESES Commercials Private Limited, and Gargi
Business Ventures Private Limited. The company was renamed as FCRPL
with effect from December 11, 2018. It is primarily an investment
company/holding company of the Future Group, facilitating the
funding of Group companies through various investments and lending
of loans and advances, and providing services to scale up/support
the retail business of the Group. The company, moreover, acts as a
media services and fabric trading arm of the Future Group. FCRPL is
involved in other allied businesses, which were earlier under FCRL,
including mobile connection services in a tie-upwith Tata DoCoMo
under the brand, T24, the customer loyalty programme, Payback, the
leasing of information technology assets (software as well as
hardware) and management consultancy services.
KAMAREDDY MUNICIPALITY: ICRA Keeps B+ Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Issuer rating of Kamareddy Municipality (KM) in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".
As part of its process and in accordance with its rating agreement
with KM, ICRA has been trying to seek information from the entity
so as to monitor its performance Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Kamareddy Municipality (KM), an ULB, was constituted as a
Municipality in 1987. The ULB provides urban infrastructure
services to the town of Kamareddy and is governed by the Telangana
Municipalities Act, 2019. The KM covers an area of 61.5 sq. km. and
serves a population of 1.30 lakh (projected for FY2021). The limits
of the ULB were expanded in 2018 as seven nearby villages merged
with it. Its main functions include water supply, SWM and
construction, repair and maintenance of roads and street lights in
its area. The KM is divided into 49 municipal wards and is governed
by an elected body (Council) headed by a Chairperson, while the
Commissioner acts as the chief executive overseeing its everyday
functioning.
LAKSHMI VENKATESWARA: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Sri Lakshmi
Venkateswara Modern Rice Industry (SLVMRI) in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable)
ISSUER NOT COOPERATING/[ICRA]A4 ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 9.25 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 0.25 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
Short Term- 0.50 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with SLVMRI, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Sri Lakshmi Venkateswara Modern Rice Industry (SLVMRI) was
incorporated as a partnership firm in the year 2007. The firm had
setup a rice mill with production capacity of 57600 TPA to produce
raw & boiled rice. The Firm operates in three shifts per day. The
firm is located at Nellore district of Andhra Pradesh. The firm's
operations are overseen by the partner Mr. K. Mallikarjuna Naidu,
who is also the managing partner of the firm. All the partners are
from the same family. The family members have been involved in rice
milling business from last 11 years.
LAMPEX ELECTRONICS: ICRA Cuts Rating on INR50cr LT Loan to D
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Lampex
Electronics Limited (LEL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 22.50 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term- COOPERATING; Rating downgraded
Non-Fund Based- from [ICRA]B+(Stable)/[ICRA]A4;
Others ISSUER NOT COOPERATING and
continues to remain under
'Issuer Not Cooperating'
Category
Long Term/ 2.50 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term- COOPERATING; Rating downgraded
Unallocated from [ICRA]B+ (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING and
continues to remain under
'Issuer Not Cooperating'
category
Short-term– 10.00 [ICRA]D; ISSUER NOT
COOPERATING;
Non Fund based Rating downgraded from [ICRA]A4;
Others ISSUER NOT COOPERATING and
continues to remain under
'Issuer Not Cooperating'
Category
Long-term– 50.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating downgraded from
Cash Credit [ICRA]B+(Stable); ISSUER NOT
COOPERATING and continues to
remain under 'Issuer Not
Cooperating' category
Rationale
Material event
The rating of Lampex Electronics Limited is downgrade reflects
Delay in Debt Repayment as mentioned in the publicly available
sources.
Impact of material event
The rating is based on limited information on the entity's
performance since the time it was last rated August 2023. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Lampex Electronics Limited, ICRA has been trying to seek
information from the entity to monitor its performance. Further,
ICRA has been sending repeated reminders to the entity for payment
of surveillance fee that became due. Despite repeated requests by
ICRA, the entity's management has remained noncooperative. In the
absence of the requisite information and in line with the aforesaid
policy of ICRA, the rating has been moved to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Lampex Electronics Limited (LEL) was incorporated on 01.04.1991 as
a private limited company. In 2002, the constitution of the company
was changed to limited company. LEL is engaged in manufacturing of
LCD and LCD modules, handheld terminals like spot billing machines,
products like cash registers. The company is also involved in
provide ng Electronic Manufacturing Services (EMS) on job work
basis. LEL operates through its owned facility located in
Kukatpally, Hyderabad. The company has diversified into
manufacturing of Set Top Boxes (STBs) in FY2017.
LAXMI LAL: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Shree Laxmi
Lal Patel (LLP) in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- 7.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with LLP, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
LLP was established as a proprietorship firm in 1990. The firm is
engaged in construction of roads awarded under Pradhan Mantri Gram
Sadak Yojna (PMGSY). The firm majorly executes contracts from PWD
Udaipur Zone, PWD Division Salumber, Divisiom Khertwara, Division
Vallabhnagar and other sub divisions. The firm is registered as
class AA contractor which enables it to bid for contracts of any
value across state.
MOHAN RAO: ICRA Keeps B Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term ratings of Mohan Rao And Company (MRC)
in the 'Issuer Not Cooperating' category. The ratings are denoted
as "[ICRA]B(Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 2.00 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with MRC, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Mohan Rao & Co. (MRC) was established in 1972 as cotton merchant
and commission agent for cotton bales, seed, and cakes at Bhainsa
in Adilabad district of Andhra Pradesh promoted by Ms.Laxmi Bai,
Mr. Mohan Rao Patel and Mr. Akhilesh Bhosle.. The firm only
operates for 6-7 months during the peak season for the cotton
business i.e, during October to April of the year. The group
entities have established relationships of more than 20 years with
suppliers and customers.
MONARCH HATCHERIES: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Monarch
Hatcheries Private Limited (MOHAPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.00 CRISIL B/Stable (Issuer Not
Cooperating)
Long Term Loan 2.84 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Long Term 4.16 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with MOHAPL 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 MOHAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
MOHAPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of MOHAPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
MOHAPL is a private limited company set up in 1996 by the Karnataka
based Mr. Reddy. MOHAPL is engaged in the business of poultry
breeding and hatching. The firm has day old chick breeder farms
with a capacity of 86000 parent birds and 1 lakh Commercial Birds
at Bangalore, Karnataka. The company has also installed about 1MW
of solar plants, Located in Bangalore.
MT EDUCARE: NCLT Admits Personal Insolvency Plea vs Mahesh Shetty
-----------------------------------------------------------------
The Economic Times of India reports that the National Company Law
Tribunal (NCLT) in Mumbai has admitted the Prudent ARC's
application to initiate personal insolvency resolution proceedings
against Mahesh R Shetty, promoter of the listed coaching firm MT
Educare, formerly known as Mahesh Tutorials, for a INR16.64 crore
default by the company. Shetty was a personal guarantor against
these loans.
The tribunal has also directed the resolution professional Santanu
T. Ray to issue a public notice to invite claims from all
creditors, ET relates.
In December 2022, the company was admitted under the Corporate
Insolvency Resolution Process (CIRP) in an application filed by its
operational creditor.
"The Resolution Professional shall submit the repayment plan along
with his report on the plan to this Authority within 21 days from
the last date of submission of claims, as provided under Section
106," said the division bench of judicial member Kishore
Vemulapalli and a technical member Anu Jagmohan Singh in its order
of June 7, ET relays.
In this case, originally MT Educare had executed a loan facility
agreement with a lender in April 2017, where Shetty had furnished a
personal guarantee, according to ET. Subsequently, the company had
defaulted on that loan. In August 2021, the loan was assigned to
Assets Care & Reconstruction Enterprises Ltd. Later in August 2023,
Asset Care & Reconstruction Enterprises had assigned the same loan
portfolio to the current petitioner Prudent ARC Ltd.
ET relates that Faiza Dhanani, partner of a law firm Cue Legal,
said that on admission of the petition, the process for insolvency
resolution starts. It includes a moratorium as mentioned so that
there are no further multiple prosecutions against the personal
guarantor as any claims of any creditors can be placed before the
Resolution Professional.
MT Educare Ltd provides education support and coaching services
primarily under the Mahesh Tutorials brand in India. It engages in
the provision of commercial training, coaching, tutorial classes,
and activities.
NIJAGUNA LAND: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Nijaguna Land
Developers and Builders (NLDB) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NLDB 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 NLDB, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NLDB
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NLDB continues to be 'CRISIL D Issuer Not Cooperating'.
NLDB is a proprietorship firm involved in civil construction works
like construction of roads, bridges and construction and
maintenance for irrigation facilities in Karnataka. The firm is
being managed by Mr Gowda.
RURAL FAIRPRICE: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the issuer Rating of Rural Fairprice Wholesale
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-convertible 670.00 [ICRA]D; ISSUER NOT COOPERATING;
Debenture Rating continues to remain under
Programme 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Rural Fairprice Wholesale Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated on September 1, 2009, Rural Fairprice Wholesale
Limited was a wholly owned subsidiary of Future Corporate Resources
Private Limited. With effect from April 01, 2019, Allfab Syntects
and Commission Agency Private limits hold 100% stake in the
company. Initially incorporated with an objective to supply Future
group's products through Public Distribution System (PDS) in the
rural parts of Rajasthan with Future group's another entity Future
Consumer Limited (FCL). However, the same did not materialize and
currently only FCL is supplying the products in Rajasthan through
PDS and there were no operations in RFWL. However, the management
decided to engage RFWL in the business of trading in all kinds of
fashion, foods, FMCG and other related products. RFWL is engaged in
bulk procurement of the products to get better discounts and the
same is subsequently supplied to other Future group entities. The
company started trading business in Q4 FY2018.
SANCHETI ORNAMENTS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sancheti
Ornaments Private Limited (SOPL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 18 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SOPL 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 SOPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SOPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SOPL continues to be 'CRISIL D Issuer Not Cooperating'.
CRISIL Ratings consolidates the business and financial profile of
SOPL, Siddham Jewels Pvt Ltd (SJPL) and Osia Jewels Private Limited
(OJPL) as all the entities are in similar line of business and are
managed by the same management.
About the Group
Sancheti Group is promoted by Mr Ashok Sancheti and his family. The
three group companies, SOPL, SJPL and OJPL were setup in 2011 in
Mumbai to manufacture and wholesale gold jewellery. The promoters
have been in business since 1988.
SHAILESH TRADERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shailesh
Traders (ST) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.25 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 2.75 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with ST 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 ST, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ST is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of ST
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Incorporated in 2012, ST is engaged in trading of chana. The firm
is operated by the proprietor Mr. Sanjay Ghar.
SHIVAY MINERALS: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings of Shivay Minerals in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B(Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 2.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Shivay Minerals, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Shivay Minerals was incorporated in April 2017 by Mr. Nayankumar
Ghelajibhai Bhagiya along with seven other partners. The key
promoters have reasonable experience in the manufacturing of
ceramic body clay (powder). The firm plans to manufacture ceramic
body clay (powder) which is used in manufacturing of Ceramic tiles.
The facility of the firm is located at Morbi, with installed
capacity of 90,000 MT per annum.
SPICEJET LTD: NCLT to Hear Engine Lease's Insolvency Plea on Aug. 2
-------------------------------------------------------------------
The Economic Times of India reports that the National Company Law
Tribunal (NCLT) has issued a notice to SpiceJet over an insolvency
plea filed by Engine Lease Finance BV, an aircraft engine lessor of
the debt-ridden air carrier. ET says the single-member NCLT bench
has asked SpiceJet to file a response over the Engine Lease Finance
(ELF) plea and directed listing the matter for hearing on August 2.
During the proceedings, SpiceJet raised objections over the
maintainability of the plea, in which ELF has claimed a payment
default of over USD12 million (around INR100 crore).
ELF has leased eight engines to SpiceJet. Along with interest and
rental, ELF has claimed around USD16 million dues, ET relates.
Earlier, the matter was listed before a Delhi-based bench of the
NCLT on May 29.
SpiceJet had then raised objections against ELF's plea citing
technical defects and the tribunal gave the engine lessor an
opportunity to rectify the errors.
On June 12, when the defects were rectified, the insolvency
tribunal issued a notice to the airline.
Headquartered in Shannon, Ireland, ELF is the world's leading
independent engine financing and leasing company.
It entered into an agreement with SpiceJet in 2017 to lease
engines, ET recalls. According to the petitioner, the low-budget
carrier has defaulted on payments since April 2021.
SpiceJet has contended that there is a pre-existing dispute between
them.
In 2023, ELF had approached the Delhi High Court against SpiceJet
after terminating the lease for two engines and sought possession.
Later, both the parties arrived at a settlement and ELF decided not
to pursue the matter.
However, it again approached the high court alleging that SpiceJet
had failed to pay in accordance with the settlement terms. The
matter is still pending before the Delhi High Court, ET notes.
About Spicejet
SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier. The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.
SpiceJet has faced a series of insolvency pleas from various
parties in the National Company Law Tribunal (NCLT) over pending
dues. These include Wilmington Trust SP Services (Dublin), Willis
Lease Finance, Celestial Aviation, Aircastle (Ireland) Ltd, and
Alterna Aircraft, and AWAS entities from Ireland.
The NCLT has already rejected the pleas of Willis Lease Finance and
Wilmington Trust SP, while SpiceJet reached a settlement with
Celestial Aviation, according to Livemint.com.
As reported in the Troubled Company Reporter-Asia Pacific in late
March 2024, Moneycontrol said Alterna Aircraft BV Limited on March
18 withdrew its insolvency plea against SpiceJet at the NCLT. The
lessor plans to fight the same at an appropriate forum.
The plea of Aircastle is still pending.
Both Wilmington Trust and Willis Lease Finance have moved the
National Company Law Appellate Tribunal (NCLAT) challenging the
dismissal of their insolvency plea by NCLT, the Economic Times
said.
In May, Engine Lease Finance BV filed the most recent insolvency
plea, claiming unpaid rental dues totalling more than $16.72
million, including interest, for eight leased engines, Livemint.com
says.
SRINIDHI REAL: ICRA Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Srinidhi Real Estate and
Constructions in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 8.00 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Srinidhi Real Estate and Constructions, ICRA has been trying
to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Srinidhi Real Estate and Constructions was incorporated as a
partnership firm since 19 November2012 with 18 partners under
Indian Partnership Act 1932 with Registrar of Firm, Adilabad. The
firm is involved in development of real estate (acquiring land and
developing by plotting and constructing structures, apartments,
independent houses, etc). The promoters have earlier experience in
real estate and have completed Manjunath Apartment (a G+3 floor
apartment) in Mancherial in the past.
SWEETY INFRA: CRISIL Lowers Long and Short Term Ratings to D
------------------------------------------------------------
CRISIL Ratings has downgraded the ratings of Sweety Infrastructure
Pvt Ltd (SIPL) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. The downgrade
reflects delay in servicing of debt obligations by SIPL.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B/Stable ISSUER NOT
COOPERATING')
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with SIPL for
obtaining information through letters and emails dated December
13th, 2023 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. The company has remained non-cooperative since
September, 2021. CRISIL Ratings believes that rating action on SIPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation coupled with adverse information in the
public domain, CRISIL Ratings has downgraded the ratings to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'. The downgrade reflects delay in servicing
of debt obligations by SIPL.
SIPL is a privately owned Company incorporated on 28 April 1998.The
company is engaged in civil engineering such as construction
activities such as construction of roads and bridges, and has
executed several projects for the Central Public Works Department
(CPWD) and National Highway Authority of India (NHAI) in north
eastern region.
Status of non cooperation with previous CRA
SIPL has not cooperated with Brickwork Ratings India Pvt Ltd which
has classified it as non-cooperative vide release dated November
12, 2019. The reason provided by Brickwork are non-furnishing of
information for monitoring of ratings.
TAJ STONE: ICRA Lowers Rating on INR5.25cr LT Loan to D
-------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Taj
Stone Crushers (TSC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 5.25 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating downgraded from
Cash Credit [ICRA]B+ (Stable) and continues
to remain under 'Issuer Not
Cooperating' category
Rationale
The rating downgrade reflects Delay in Debt Repayment as mentioned
in publicly available sources.
Impact of material event
The rating is based on limited information on the entity's
performance since the time it was last rated on May 26, 2023. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with TSC, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Established in 2014, Taj Stone Crushers (TSC) is engaged in the
crushing of stones (Boulders) into grits of various sizes of 10, 20
and 40 MM in size depending upon customers' requirements. The Firm
is promoted by Mr. Waseem Ahmed Khan and Mr. Anil Siwatch. The
partners have prior experience into stone crushing business and are
also involved into the construction business. TSC operates one
stone crushing plant with a total capacity of 500 MT (Metric Tonne)
per hour near Baheri village (U.P.). The firm's registered office
is located at Rudrapur in Uttarakhand. The firm supplies crushed
stones of varying sizes and specification to real estate,
construction and trading companies largely located in the state of
Uttar Pradesh.
UNI ADS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Uni Ads Limited (UAL) in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- 5.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term- 3.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 13.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with UAL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Uni Ads Limited (UAL) was incorporated in 1982 by Mr. T. Krishna
Prasad and Mr. M. Srinivas to provide OOH advertising services with
key focus on transit media advertising comprising buses, bus
stations, metro stations and roadways. The companyhad ventured into
the advertising business with a tie-up with APSRTC in 1982 by
advertising on the buses. Later it diversified to other mediumslike
bus shelters, hoardings, pillar boards, TVs in bus stations, etc.
UAL has licensing contracts with Telangana State Road Transport
Corporation, Greater Hyderabad Municipal Corporation (GHMC),
railways, etc, for utilising the advertising space and provides
services across major cities of Andhra Pradesh and Telangana.
VIRCHAND NARSI: CRISIL Lowers Rating on INR26.5cr Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Virchand Narsi Cotton Private Limited (VNCPL) to 'CRISIL D Issuer
Not Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'
based on publicly available information and feedback received from
lenders.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 26.5 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with VNCPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
CRISIL Ratings has attempted to contact the issuer to get clarity
on the aforementioned matter. However, despite repeated attempts to
engage with the issuer, CRISIL Ratings has failed to receive any
information either in this matter or the financial performance or
strategic intent of VNCL, which restricts CRISIL Ratings' ability
to take a forward-looking view on the entity's credit quality.
CRISIL Ratings believes that rating action on VNCPL is consistent
with 'Assessing Information Adequacy Risk'. Further, CRISIL Ratings
has been able to ascertain delays in debt servicing, from lenders.
Incorporated in 2002, VNCPL is engaged in ginning and pressing of
raw cotton and crushing of cotton seeds. Company is promoted by Mr.
Kumarpal Dand and his family.
Status of non cooperation with previous CRA
VNCPL has not cooperated with Care Ratings Limited, which has
classified it as non-cooperative vide release dated March 21, 2022.
The reason provided by Care Ratings Limited is non-furnishing of
information for rating.
===============
M A L A Y S I A
===============
1MDB: US Government Returns US$156MM Worth of Funds to Malaysia
---------------------------------------------------------------
Reuters reports that the U.S. government has returned another $156
million to Malaysia in recovered assets linked to scandal-hit state
fund 1Malaysia Development Berhad (1MDB), taking the total returned
so far to $1.4 billion, the U.S embassy in Kuala Lumpur said.
According to Reuters, the recovered funds were being returned
following the U.S. Justice Department's approval of a remission
petition submitted by the Malaysian government.
To date, U.S. authorities have recovered and returned about $1.4
billion in funds misappropriated from 1MDB to Malaysia, the U.S.
embassy said in a statement issued late on June 13, Reuters
relays.
"This extraordinary sum of money is going back to the people of
Malaysia where it belongs and where it can finally be used for its
original intended purpose - to better the lives of everyday
Malaysians," Reuters quotes U.S. ambassador Edgard D. Kagan as
saying in the statement.
Malaysian and U.S. investigators estimate $4.5 billion was siphoned
away from 1MDB following its inception in 2009, implicating former
Prime Minister Najib Razak, Goldman Sachs staff and high-level
officials elsewhere.
About 1MDB
Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance. 1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.
The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009. Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.
1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.
The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft. The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.
In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB. In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.
Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars. Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.
Malaysia said in September 2020 it has so far recovered about
US$3.24 billion in assets linked to the 1MDB matter. This amount
includes about US$600 million cash and assets returned by U.S.
authorities; about US$2.5 billion paid by Goldman Sachs as
settlement; as well as US$780 million in settlement amounts from
Malaysian banking group AmBank and audit firm Deloitte.
GREENPRO CAPITAL: Yu Nien Holds Direct Ownership of 1,396 Shares
----------------------------------------------------------------
Wong Christopher Yu Nien, a director of Greenpro Capital Corp.,
filed a Form 3 Report with the U.S. Securities and Exchange
Commission, disclosing a direct beneficial ownership of 1,396
shares of the Company's common stock as of June 4, 2024.
Mr. Wong acquired 993 shares at $1.67 per share, 200 shares at
$1.41 per share and 203 shares at $1.24 per share of GRNQ common
stock from the open market on March 15, April 4 and May 23, 2024,
respectively.
A copy of Wong Christopher's Report is available at:
https://www.sec.gov/Archives/edgar/data/1597846/000149315224022473/xslF345X02/ownership.xml
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.
=====================
N E W Z E A L A N D
=====================
GRAVITY TRAFFIC: Creditors' Proofs of Debt Due on July 5
--------------------------------------------------------
Creditors of Gravity Traffic Services Limited are required to file
their proofs of debt by July 5, 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:
Mohammed Tazleen Nasib Jan
Liquidation Management Limited
PO Box 50683
Porirua 5240
KAHURANGI ESTATE: First Creditors' Meeting Set for June 21
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Kahurangi
Estate Distribution Limited will be held on June 21, 2024 at 11:00
a.m. at Beachside Nelson, 70 Beach Road, Tahunanui in Nelson.
Damien Grant and Adam Botterill of Waterstone Insolvency were
appointed as administrators of the company on June 11, 2024.
MEADOW FLAT: Creditors' Proofs of Debt Due on July 19
-----------------------------------------------------
Creditors of Meadow Flat Limited are required to file their proofs
of debt by July 19, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on June 7, 2024.
The company's liquidators are:
Tony Leonard Maginness
Philip Craig Macey
Baker Tilly Staples Rodway Auckland Limited
PO Box 3899
Auckland 1140
POLLYS PANTRY: Creditors' Proofs of Debt Due on July 10
-------------------------------------------------------
Creditors of Pollys Pantry Limited are required to file their
proofs of debt by July 10, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 9, 2024.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
TECHNOLOGY HOLDINGS: BDO Appointed as Receiver and Manager
----------------------------------------------------------
Colin Anthony Latham Gower and Diana Clare Matchett of BDO
Christchurch on June 11, 2024, were appointed as receivers and
managers of Technology Holdings Limited.
The receivers and managers may be reached at:
BDO Christchurch
Awly Building, Level 4
287–293 Durham Street North
Christchurch 8013
=====================
P H I L I P P I N E S
=====================
PHILIPPINE NATIONAL: SEC Files Money Laundering Charges
-------------------------------------------------------
Bilyonaryo.com reports that the Securities and Exchange Commission
(SEC) has lodged a criminal complaint against casino junket
operator Hector Aldwin Liao Pantollana and his group for alleged
money laundering activities.
According to Bilyonaryo.com, Mr. Pantollana's group was earlier
reported to have defrauded over 10,000 individuals in the
Cordillera and surrounding regions of PHP4 billion, promising a
five percent monthly return and an additional two percent for those
who recruited new investors.
On May 31, the SEC charged Mr. Pantollana's organizations --
Philippine National ESports League, Horizon Players Club, and Team
Z -- with violations of the Securities Regulation Code (SRC) and
the Anti-Money Laundering Act (AMLA). The charges include selling
unregistered securities and operating without the necessary
licenses.
The SRC prohibits the sale of securities without a duly filed and
approved registration statement, while the AMLA designates such
violations as predicate offenses for money laundering,
Bilyonaryo.com notes.
Named in the complaint as key figures in Mr. Pantollana's casino
junket operations include Zeus Liao Pantollana, Reymond Lacsamana
Galang, Quarry Quieng, and Erwin L. Bangalan, Bilyonaryo.com
discloses.
Others implicated were Den Abad, Daniel Agbisit, JM Almodiente,
Rhoda Andrada Casuga, Avegail Namoc Cruz, Maricel Raposon
Cesumision, Stephen Cecilia Dorog, Jennilyn Galletes Delos Santos
Floresca, Raffy Palangdan Floresca, Heinn Carreon Humilde, Zen
Carreon Humilde, Ariel Ramos Katigbak, Vanessa Mendoza Magboo, Paul
Tolentino Maranan, Gumba Martinada, Kim Mejica, Christian Jerome
Quizon, Neshema Rock Lorico Renta, Ronaldo Embing Renta, James
Christopher Tan Roxas, Mikhaela Damasco Ty, Maria Cecilia Tabano
Vizcayano, and Joseph Junia Zabala.
Based on the investigation by the SEC's Enforcement and Investor
Protection Department, the group solicited investments from the
public, issuing loan contracts with promises of annual profits
between 60% and 111%, guaranteed by postdated checks. The complaint
described these arrangements as disguised investment contracts and
evidence of indebtedness under the SRC.
Bilyonaryo.com relates that the SEC noted that Mr. Pantollana's
operations bore the hallmarks of a Ponzi scheme, which uses funds
from new investors to pay returns to earlier investors, ultimately
collapsing when new investments cease.
Bilyonaryo.com adds that SEC said Philippine National ESports
League, Horizon Players Club, and Team Z are not registered with
the SEC and lack the authority to conduct investment solicitation
activities.
The SEC has requested the DOJ pursue the proceeds of the group's
crimes and any property used in committing these offenses.
Prior to this complaint, the SEC issued a cease and desist order
against the group on March 23, 2023, which was made permanent on
October 12, 2023, Bilyonaryo.com notes.
VISUM VENTURES: Koomi Stores in Malls Shut due to Unpaid Rent
-------------------------------------------------------------
Bilyonaryo.com reports that John-Michael 'Mike' Hilton, a
Filipino-Chinese-Australian dubbed the 'millennial juggernaut', has
been forced to shutter a number of his Koomi PH stores in major
shopping malls in the country due to alleged failure to pay rent
for the Australian yogurt drink brand.
Bilyonaryo.com has learned that Koomi, which Mr. Hilton brought to
the Philippines with a lot of hype, has exited SM shopping malls
and other sites over the past few weeks.
"Koomi has been late in paying its rent for months and the only
option was to padlock its stores," a Bilyonaryo.com source said.
Koomi Philippines Inc., a subsidiary of Visum Ventures Group, was
incorporated in 2020.
"'Kasi, we're transitioning. I cannot give the details yet,' Visum
Ventures Group head Joy de Villa told Bilyonaryo.com. She said
Visum "is currently assessing Koomi's position in the different
markets it is in."
"We are open to other malls and free-standing locations," she
added.
While Koomi has closed a number of stores in Metro Manila and other
provinces, it continues to be available on the SM Malls online app
and Food Panda, Bilyonaryo.com notes.
Since opening its first outlet in SM's The Podium mall in Ortigas
five years ago, Koomi hit the 100-store milestone in 2022 and now
boasts over 110 stores nationwide.
Doubts about Visum's ability to continue as a going concern were
raised as early as two years ago, based on its audited financial
statements, according to Bilyonaryo.com. Visum's other subsidiaries
are Salt and Ice Bar Concepts, Oh My Greek Food Concepts and Zig
Food Concepts Inc.
Based on financial reports submitted to the Securities and Exchange
Commission, Visum's losses ballooned to PHP20.76 million in 2022
from only PHP201,530 in 2021, despite sales more than tripling to
PHP170.94 million. This has resulted in a capital deficiency of
PHP19.76 million and PHP3.54 million as of December 31, 2022, and
2021, respectively, Bilyonaryo.com discloses.
Visum's rent expense soared to PHP12.3 billion in 2022 from only
PHP4.69 million in 2021.
"In order to address the parent company's going concern
uncertainty, the management intends to increase the authorized
capital stock of the parent company and agreed to provide financial
and other support as necessary for the parent company to continue
its business operations and meet its obligations as they become
due," Visum Ventures said in its 2022 financial statement,
Bilyonaryo.com relays.
Visum's trade receivables, which are non-interest bearing and are
normally collected on a 60- or 180-day term, amounted to PHP15.2
million in 2022.
In the report of its independent auditor, Mariano Baguette & Co.,
the firm recognized the "appropriateness of management's use of the
going concern basis" but said "future events or conditions may
cause the parent company to cease to continue as a going concern,"
Bilyonaryo.com discloses.
For Koomi alone, net loss reached PHP337,662, lower than the
PHP821,018 loss incurred in 2021.
Visum's biggest loser in 2022 was Zig Food Concepts Inc., which
reported a net loss of PHP2.59 million. It was followed by Oh My
Greek Food with a net loss of PHP1.47 million.
=================
S I N G A P O R E
=================
CONNECTIQUE PTE: Creditors' Proofs of Debt Due on July 15
---------------------------------------------------------
Creditors of Connectique Pte Ltd are required to file their proofs
of debt by July 15, 2024, to be included in the company's dividend
distribution.
The company's liquidators are:
Victor Goh
Khor Boon Hong
Marie Lee
C/o Baker Tilly
600 North Bridge Road
#05-01 Parkview Square
Singapore 188778
GL CONSTRUCTION: First Creditors' Meeting Set for July 8
--------------------------------------------------------
A first meeting of the creditors in the proceedings of GL
Construction Pte Ltd. will be held on July 8, 2024, at 10:00 a.m.
via Zoom.
Agenda of the meeting includes:
a. to receive a status update from the Joint and Several
Liquidators;
b. to appoint a Committee of Inspection if deemed necessary;
and
d. Any other relevant matters.
The company's liquidators are:
Lau Chin Huat
Yeo Boon Keong
c/o Technic Inter-Asia Pte Ltd
50 Havelock Road #02-767
Singapore 160050
PN LOGISTICS: Court to Hear Wind-Up Petition on June 28
-------------------------------------------------------
A petition to wind up the operations of PN Logistics Pte Ltd will
be heard before the High Court of Singapore on June 28, 2024, at
10:00 a.m.
SH Cogent Logistics Pte Ltd filed the petition against the company
on June 7, 2024.
The Petitioner's solicitors are:
BIH Li & Lee LLP
1 Coleman Street
#10-07, The Adelphi
Singapore 179803
USP GROUP: Court Enters Judicial Management Order
-------------------------------------------------
The High Court of Singapore entered an order on June 11, 2024, to
place USP Group Limited under Judicial Management.
The company's Judicial Manager is Tan Wei Cheong.
WEI SIANG: First Creditors' Meeting Set for July 8
--------------------------------------------------
A first meeting of the creditors in the proceedings of Wei Siang
Design Construction Pte Ltd. will be held on July 8 2024, at 11:00
a.m. via Zoom.
Agenda of the meeting includes:
a. to receive a status update from the Joint and Several
Liquidators;
b. to appoint a Committee of Inspection if deemed necessary;
and
d. Any other relevant matters.
The company's liquidators are:
Lau Chin Huat
Yeo Boon Keong
c/o Technic Inter-Asia Pte Ltd
50 Havelock Road #02-767
Singapore 160050
===========
T A I W A N
===========
SEMILEDS CORP: Trung Doan Has 52.3% Stake as of Feb. 9
------------------------------------------------------
Trung T. Doan disclosed in a Schedule 13D/A Report filed with the
U.S. Securities and Exchange Commission that as of June 3, 2024, he
beneficially owned 3,752,334 shares of SemiLEDs Corporation's
common stock. This represents 52.30% of the shares, based on
7,175,238 shares of Common Stock of SemiLEDs outstanding as of
April 3, 2024, as reported on the Company's most recently filed
Quarterly Report on Form 10-Q for the quarter ended February 29,
2024.
The shares owned include:
* (1) 127,141 shares of common stock, par value $0.0000056 per
share of SemiLEDs Corporation, a Delaware corporation owned
directly by The Trung Doan 2010 GRAT, of which Mr. Doan is the sole
trustee and (2) 1,148,858 shares of Common Stock held directly by
Mr. Doan. Also include 31,036 shares of Common Stock of SemiLEDs
directly owned directly by JRS Properties III LLLP and 2,445,299
shares of Common Stock of the Company directly held by Simply
Taiwan, Inc, pursuant to the Voting Agreement.
* (1) 1,148,858 shares of Common Stock held by Mr. Doan and (2)
127,141 shares of Common Stock of SemiLEDs owned directly by The
Trung Doan 2010 GRAT.
A full text copy of Mr. Doan's Report is available at:
https://www.sec.gov/Archives/edgar/data/1333822/000095017024068295/leds-sc_13da_amend_4.htm
About SemiLEDs
Headquartered in Miao-Li County, Taiwan, R.O.C., SemiLEDs --
http://www.semileds.com-- develops, manufactures and sells light
emitting diode (LED) chips, LED components, LED modules and
systems. The Company's products are used for general specialty
industrial applications, including ultraviolet, or UV, curing of
polymers, LED light therapy in medical/cosmetic applications,
counterfeit detection, LED lighting for horticulture applications,
architectural lighting and entertainment lighting.
Diamond Bar, California-based KCCW Accountancy Corp., the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated Nov. 27, 2023, citing that the Company incurred
recurring losses from operations and has an accumulated deficit,
which raises substantial doubt about its ability to continue as a
going concern.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.
Copyright 2024. All rights reserved. ISSN: 1520-9482.
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