/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/240624.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 24, 2024, Vol. 27, No. 126 Headlines A U S T R A L I A ACCESS PRINT: First Creditors' Meeting Set for June 28 ASCOT SECURITIES: AFS License Cancelled Over Serious Failures BALCOMBE BULK: First Creditors' Meeting Set for July 1 DARLINGHURST THEATRE: First Creditors' Meeting Set for June 27 FIKA ENTERTAINMENT: McGrathNicol Named as Voluntary Administrators KIRRIBILLI EX-SERVICE: First Creditors' Meeting Set for June 28 STEVENS CONSTRUCTION: Enters Into Voluntary Administration URBAN SPA: First Creditors' Meeting Set for June 26 [*] AUSTRALIA: Business Insolvencies Reach Record High C H I N A ROAD KING: Warns of Default Risk If Debt Not Extended [*] CHINA: Four Builders Face Make-or-Break in Liquidation Cases I N D I A A.M. ENGINEERING: CRISIL Keeps B Debt Rating in Not Cooperating ADVANCED MINING: CRISIL Keeps D Debt Ratings in Not Cooperating ANKITA AGRO: CRISIL Keeps B- Debt Ratings in Not Cooperating AUTOMOTIVE ROBOTICS: CRISIL Keeps B Rating in Not Cooperating BABA BISWANATH: CRISIL Keeps B+ Debt Ratings in Not Cooperating BABA RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating BALANAGU INDUSTRIES: CRISIL Keeps B Ratings in Not Cooperating BENIT AND CO: CRISIL Keeps B Debt Rating in Not Cooperating CREATIVE LOOMS: Insolvency Resolution Process Case Summary DCOM SYSTEMS: Liquidation Process Case Summary DOJAHAN TRADING: Insolvency Resolution Process Case Summary GAMMA TRADE: Voluntary Liquidation Process Case Summary GREENLEAF COMMERCE: Liquidation Process Case Summary H P RAMA: CRISIL Keeps B Debt Rating in Not Cooperating Category HAMBRO TECH: Liquidation Process Case Summary HPS IT SOLUTIONS: Insolvency Resolution Process Case Summary J S EXIM: CRISIL Keeps B Debt Ratings in Not Cooperating Category JOSAN FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating KANDHAVILAS AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating KARKINOS HEALTHCARE: Insolvency Resolution Process Case Summary KAY BEE: CRISIL Keeps D Debt Rating in Not Cooperating Category KGN COMTRADE: CRISIL Keeps B Debt Ratings in Not Cooperating KHR INFRA: CRISIL Keeps B+ Debt Ratings in Not Cooperating KIAN CHEMICALS: CRISIL Keeps B Debt Ratings in Not Cooperating KISAN GINNING: CRISIL Keeps B+ Debt Ratings in Not Cooperating KISHORE G: CRISIL Keeps B+ Debt Rating in Not Cooperating KORAVAMPADY ESTATES: Insolvency Resolution Process Case Summary KRISHNAPING MINERALS: CRISIL Keeps D Ratings in Not Cooperating MUKESH UDYOG: Insolvency Resolution Process Case Summary NAOLIN INFRASTRUCTURE: Insolvency Resolution Process Case Summary PACK PRINT: CRISIL Keeps B Debt Rating in Not Cooperating PRAJAY PROPERTIES: CRISIL Keeps D Debt Ratings in Not Cooperating PREMIER CHEMICALS: CRISIL Keeps B Debt Rating in Not Cooperating PRESSMACH INFRA: CRISIL Keeps B+ Debt Ratings in Not Cooperating RESHMA FABRICS: CRISIL Keeps B+ Debt Ratings in Not Cooperating REVITAL REALITY: Insolvency Resolution Process Case Summary RP TELEBUY: Liquidation Process Case Summary RUDRA AUTO TECH: Insolvency Resolution Process Case Summary ZEUS CERAMICS: CRISIL Keeps B+ Debt Ratings in Not Cooperating N E W Z E A L A N D CAFE DAY: Creditors' Proofs of Debt Due on July 22 HAIR WE GO: Creditors' Proofs of Debt Due on July 17 JT AUTOMOTIVE: Court to Hear Wind-Up Petition on June 27 NEW ZEALAND: Economy Exits Recession in First Quarter PREMIER FORWARDING: Khov Jones Appointed as Receivers SHORECITY DEVELOPMENT: Court to Hear Wind-Up Petition on June 27 TITAN BULK: Goes Into Liquidation; Owes More Than NZD893,000 S I N G A P O R E ATLANTIC MANZANILLO: Creditors' Proofs of Debt Due on July 22 CRYPTA PTE: Creditors' Proofs of Debt Due on July 22 LUTHER CORPORATE: Court to Hear Wind-Up Petition on July 5 MAGNAX SINGAPORE: Commences Wind-Up Proceedings TK ASIA: Commences Wind-Up Proceedings - - - - - ================= A U S T R A L I A ================= ACCESS PRINT: First Creditors' Meeting Set for June 28 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Access Print Solutions Pty Ltd, Graphic Web Pty Limited ATF Graphic Web Unit Trust, and GPG Enterprises Pty Ltd As Trustee for the GPG Unit Trust will be held on June 28, 2024, at 10:30 a.m. via Microsoft Teams. Sule Arnautovic of Salea Advisory was appointed as administrator of the company on June 19, 2024. ASCOT SECURITIES: AFS License Cancelled Over Serious Failures ------------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) said the Markets Disciplinary Panel (MDP) issued an infringement notice to Ascot Securities Pty Ltd (Ascot) on Nov. 24, 2023 for serious failures, requiring it to pay a penalty of AUD3.1 million and enter into an enforceable undertaking. The date for compliance with the infringement notice was Dec. 21, 2023. Ascot elected not to comply. Ascot ceased operating as a market participant shortly after the infringement notice was issued. Ascot has surrendered its Australian Financial Services (AFS) licence and has informed ASIC it will be wound up. The MDP had reasonable grounds to believe that Ascot had contravened s798H(1) of the Corporations Act as a result of contravening the market integrity rules on numerous occasions, including by entering a client's orders onto the ASX where it should have suspected the orders were manipulative and failing to report the client's suspicious trading to ASIC. ASIC Deputy Chair Sarah Court said, 'ASIC takes seriously the requirements for market participants to identify, prevent and report suspicious trading to ASIC, which is fundamental to ensuring the integrity of our markets. The MDP found that there were significant deficiencies in Ascot's compliance with these requirements over a significant period.' The MDP considered Ascot's entry of and failure to report suspicious orders was serious and the result of Ascot's broader failure to have appropriate supervisory policies, procedures, and resources to identify and report suspicious trading by its clients. The MDP also considered that the deficiencies in Ascot's policies and procedures were exacerbated by its failure to review and update those policies despite senior compliance staff considering them to be deficient. As a result, the MDP considered Ascot's conduct to be negligent. The MDP was satisfied that: * Ascot did not have the necessary supervisory policies and procedures and organisational and technical resources to identify, prevent and report suspicious orders and suspicious trading. * Ascot entered a particular client's orders onto the ASX on 268 occasions over a four-month period in 2020 where Ascot should have suspected the orders were likely to have the effect of creating an artificial price or a false or misleading appearance of active trading in those securities. * Despite its designated trading representatives (DTRs) raising concerns about the client's trading, Ascot failed to report the suspicious trading to ASIC on 115 occasions from Jan. 15, 2018 to Jan. 31, 2020. Ascot elected not to comply with the infringement notice and applied to cancel its AFS licence on Dec. 22, 2023. The licence was cancelled by ASIC on Jan. 19, 2024. Ascot resigned as an ASX market participant which the ASX approved effective Jan. 22, 2024 and has informed ASIC it will be wound up. The enforceable undertaking would have involved Ascot engaging an expert to review its supervisory policies and procedures and organisational and technical resources and make recommendations. The giving of an infringement notice is only an allegation that the recipient has contravened s798H(1) of the Corporations Act and the recipient is not taken to have contravened s798H(1). Ascot is a wholly owned subsidiary of Amalgamated Australian Investment Group Limited ACN 140 208 288. Ascot became a Market and Trading Participant of ASX on Nov. 19, 2014. BALCOMBE BULK: First Creditors' Meeting Set for July 1 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Balcombe Bulk Haulage Pty Ltd ATF The Balcombe Family Trust will be held on July 1, 2024, at 11:00 a.m. via virtual meeting technology. Sam Kaso of Cor Cordis was appointed as administrator of the company on June 19, 2024. DARLINGHURST THEATRE: First Creditors' Meeting Set for June 27 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Darlinghurst Theatre Limited will be held on June 27, 2024, at 11:00 a.m. at the offices of BRI Ferrier, Level 26, 25 Bligh Street, in Sydney, NSW, and via virtual meeting technology. Jonathon Keenan and Peter Krejci of BRI Ferrier were appointed as administrators of the company on June 17, 2024. FIKA ENTERTAINMENT: McGrathNicol Named as Voluntary Administrators ------------------------------------------------------------------ Anthony Norman Connelly & William James Harris of McGrathNicol were appointed as voluntary administrators of Fika Entertainment Pty Ltd on June 18, 2024. KIRRIBILLI EX-SERVICE: First Creditors' Meeting Set for June 28 --------------------------------------------------------------- A first meeting of the creditors in the proceedings of Kirribilli Ex-Service Club Limited, trading as Lavender by the Bay, will be held on June 28, 2024, at 11:00 a.m. at Wesley Conference Centre 220 Pitt Street, in Sydney, NSW. Hugh Armenis of SV Partner was appointed as administrator of the company on June 19, 2024. STEVENS CONSTRUCTION: Enters Into Voluntary Administration ---------------------------------------------------------- Coast Community News reports that RetireAustralia said it is committed to completing the 42 independent living apartments at Tarragal Glen Retirement Village at Erina despite the building company entering into voluntary administration. Stevens Construction (NSW) Pty Ltd, a major Central Coast company, announced on May 27 it had entered voluntary administration after almost two decades in the construction industry, Coast Community relates. Described as a Tier 2 building business, Stevens Construction had been operating for 18 years, with projects including Central Coast landmarks such as Bonython Tower and Ravello luxury apartments, Central Coast Grammar School's Performing Arts Centre, Mingara One Aquatic Centre, Element Building Erina, The Rise Apartments at Wood Glen Retirement Village, Glengara Aged Care Facility, and Aurrum Aged Care facility at Erina. Restructuring and insolvency group BRI Ferrier has been appointed as the voluntary administrator. According to Coast Community, a statement from Stevens Construction said that Principals Jonathon Keenan, Andrew Cummins, and Peter Krejci would lead the process, conducting an urgent assessment of the company's affairs. "The primary focus will be to identify options to restructure the business or maximise returns to creditors, possibly through a sale," the statement said. "Construction on all projects has been temporarily suspended as the administrators undertake their assessment. "The construction industry has faced significant challenges since the onset of the COVID-19 pandemic. "Unprecedented disruptions have led to skyrocketing building costs, reduced productivity, and critical shortages of materials and skilled labour," the statement said. "These factors have collectively placed immense pressure on Stevens Construction, making continued operations unsustainable." The Master Builders Association of NSW awarded Stevens Construction its Commercial Builder of the Year Award in 2019 and the company has been RetireAustralia‘s builder of choice in NSW, the report notes. It constructed the 58 units for The Rise Apartments at Wood Glen across two, five-storey buildings in Erina and the 70-bed assisted living facility and clubhouse within the grounds of the existing Glengara retirement village in Tumbi Umbi. Coast Community says the structure of the 42 independent living apartments at Tarragal Glen Retirement Village is complete and ready for fit out. Coast Community adds that a company spokesperson for RetireAustralia said they were committed to completing the project and were in discussions with the administrator, subcontractors and other key stakeholders to determine the next steps. "Voluntary administration is an unexpected hurdle, not an end to the project," the spokesperson said. URBAN SPA: First Creditors' Meeting Set for June 26 --------------------------------------------------- A first meeting of the creditors in the proceedings of Urban Spa Pty Limited will be held on June 26, 2024, at 11:00 a.m. at the offices of BRI Ferrier, Level 26, 25 Bligh Street, in Sydney, NSW, and via virtual meeting technology. Peter Krejci of BRI Ferrier was appointed as administrator of the company on June 14, 2024. [*] AUSTRALIA: Business Insolvencies Reach Record High ------------------------------------------------------ MPA Magazine reports that insolvencies for Australian businesses are now at a record high as the impacts of stubbornly high inflation, interest rate increases and declining consumer demand squeeze margins, the latest CreditorWatch Business Risk Index (BRI) has indicated. According to the report, the credit reporting bureau noted a 38% year-on-year increase in insolvencies, with a total rise of 34% compared to the previous year and 41% above pre-COVID levels. MPA relates that the most affected sectors include electricity, gas, water and waste services, with an 89% increase, followed by education and training (87%), and mining (72%). The information, media and telecommunications sector was the only one to show improvement, with a 2% decrease in insolvency rates. Small businesses in the electricity, gas, water and waste services sector are particularly impacted, entering external administration at a rate of 1.16%, up from 0.51% in May 2023. The mining sector faces rising insolvencies in both small and large businesses, particularly in mining services. Education and training sector insolvencies are predominantly among small businesses, exacerbated by declining international student numbers. Business-to-business payment defaults set a new record in May, increasing by 21% from April and 58% year-on-year. CreditorWatch reports a strong correlation between payment defaults and business failure, with a 20% chance of failure for businesses with one default, rising to 42% with two defaults and 62% with three. Meanwhile, court actions have surged past pre-COVID levels, up 63% year-on-year, indicating creditors have resumed regular collection activities. According to the report, Patrick Coghlan, chief executive of CreditorWatch, said the combination of deteriorations in CreditorWatch's key measures of business health reflects the increasing impact of cost-of-living pressures on consumers. "Multiple interest rate hikes and stubbornly high inflation have forced consumers at all income levels to cut back on spending," Coghlan said. "We don't expect a meaningful turnaround in consumer confidence until the impact of at least two rate cuts has been felt, which won't be until well into 2025. "The only bright-spot for households is next-month's tax cuts, although we don't see much of this going to discretionary spending." Anneke Thompson, CreditorWatch chief economist, pointed out that increasing cash flow problems are evidenced by record high trade payment defaults, MPA relays. "We have known for some time now that consumers have pulled back on spending quite dramatically as high interest rates and inflation smashed household budgets," Thompson said. "This trend took some time to flow through to businesses, but is now showing up in the data in the form of increasing late payment rates and rising court actions, as well as increased business failures and insolvencies." Despite tax cuts in July 2024, CreditorWatch predicts that the remainder of the year will be challenging for businesses, with high interest rates persisting and economic activity focused on non-discretionary goods and services. MPA adds that CreditorWatch said the outlook for the Australian economy remains cautious, and while the labour market is strong, record migration may have masked underlying economic stress. As migration moderates, it believes businesses will likely face continued financial pressure until the Reserve Bank of Australia provides interest rate relief. ========= C H I N A ========= ROAD KING: Warns of Default Risk If Debt Not Extended ----------------------------------------------------- Bloomberg News reports that Chinese developer Road King Infrastructure Ltd. is warning investors that it may default if they don't accept its proposals to buy some bonds back at discounts and give the company more time to pay the rest of the debt. Bloomberg relates that the firm offered to purchase five offshore dollar bonds at a price of $257.50 to $515 per $1,000 principal amount, but the maximum consideration would be $60 million, according to its so-called tender offer and consent solicitation plan earlier this month. Other notes would be extended for 3.5 years from their original maturity dates. "If the Tender Offers and the Consent Solicitations are not successfully consummated, RKI may default on its payment obligations," according to a filing on June 20 by the company, whose portfolio includes residential apartments in mainland China and Hong Kong and expressway operations in Indonesia, Bloomberg relays. If its efforts aren't successful, the company said it will consider other options, including ways to restructure all of offshore borrowings, a sign that the Chinese property sector is still grappling with the liquidity crisis despite Beijing's policy support measures, Bloomberg relates. Most of its cash balance is held in China and will be used for the working capital needed for its onshore projects, such as construction costs, interest payments and project loan repayments, it said. "Only limited resources would be available" for sending money abroad for its tender offers and consent solicitations due in July 2024, it said. Road King's 6.7% dollar bond due September traded at 52 cents on the dollar as of June 20, according to Bloomberg-compiled data. About Road King Road King Infrastructure Limited, an investment holding company, invests in, develops, operates, and manages property projects and toll roads in the People's Republic of China. It operates through Property Development and Investment, Toll Road, and Investment and Asset Management segments. The company engages in the development, rental, and sale of residential and commercial properties. It also engages in the property funds, cultural, tourist, and commercial businesses. In addition, it provides financial and management services. Further, the company invests in and operates a toll road portfolio of four expressways in Mainland China and four expressways in Indonesia spanning approximately 610 kilometers. As reported in the Troubled Company Reporter-Asia Pacific in early April 2024, Moody's Ratings has downgraded Road King Infrastructure Limited's corporate family rating to Caa2 from B3. At the same time, Moody's has downgraded to Caa3 from Caa1 the backed senior unsecured ratings on the notes issued by the company's financing vehicles: RKI Overseas Finance 2017 (A) Limited, RKP Overseas Finance 2016 (A) Limited, RKPF Overseas 2019 (A) Limited, RKPF Overseas 2019 (E) Limited and RKPF Overseas 2020 (A) Limited. Moody's has also maintained the negative outlook on all entities. [*] CHINA: Four Builders Face Make-or-Break in Liquidation Cases ---------------------------------------------------------------- Bloomberg News reports that four defaulted Chinese developers are headed into Hong Kong court hearings on liquidation demands this week, marking one of the busiest such stretches ever for the sector. According to Bloomberg, the focus is on Kaisa, once a symbol of the boom years in China's credit markets, which has its hearing today, June 24. That's followed on June 26 by Shimao, whose landmark projects include five-star hotels in Shanghai. The companies must show they have made progress in restructuring their debt, or run the risk of judges ordering their assets to be sold off to repay creditors. Hong Kong has become the epicentre of the financial turmoil facing developers amid a multiyear crisis in China's property sector, after once acting as a gateway for investors to access their high-yield offshore bonds, Bloomberg says. At least five builders, including heavyweight China Evergrande, have already received wind-up orders from the city's high court. Dexin China, a home-builder in an affluent eastern coastal region, last week became the latest developer to be liquidated in a case in Hong Kong, according to Bloomberg. Judge Linda Chan refuted the company's argument about its ongoing negotiations, saying it was "not good enough" and "nothing had been put in writing". And the tumult is still spreading, with Sunshine 100 receiving a similar petition last week. Bloomberg says China's government in recent months has stepped up measures to rescue the debt-laden property sector, including relaxing mortgage rules and asking local authorities to buy unsold homes. That's helped a Bloomberg index of Chinese high-yield dollar bond, which is heading for an eighth month of gains on a total return basis, the longest winning streak in almost five years. But despite the rise in junk-bond prices among some developers, a large chunk of the market remains deeply distressed, Bloomberg states. Dollar notes issued by defaulted builders such as Kaisa and Shimao, which have been removed from the Bloomberg index, are still trading below five cents on the dollar. ========= I N D I A ========= A.M. ENGINEERING: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of A.M. Engineering And Chemical Co (AMECC) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with AMECC 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 AMECC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AMECC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AMECC continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Set up in 2011 as a proprietorship firm by Mr. Arpesh Ghosh, AMECC manufactures brown soap and tyre tubes. ADVANCED MINING: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Advanced Mining Technologies Private Limited (AMT) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 32 CRISIL D (Issuer Not Cooperating) Proposed Long Term 101 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with AMT 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 AMT, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AMT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AMT continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. AMT was established in 2005 by Mr. N Venkata Subba Rao along with his friends and family members. The company provides coal mining services, through the highwall mining technology. It is based in Hyderabad, Telangana. ANKITA AGRO: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Ankita Agro and Food Processing Private Limited (AAFL) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.49 CRISIL B-/Stable (Issuer Not Cooperating) Term Loan 6.51 CRISIL B-/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with AAFL 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 AAFL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AAFL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AAFL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'. AAFL, a private limited company, was incorporated in 2005 and is promoted by Mr. Rajesh Kumar Jain. The company has set up a manufacturing facility to manufacture oats in Neemrana (Rajasthan) which are used as breakfast meals. AUTOMOTIVE ROBOTICS: CRISIL Keeps B Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Automotive Robotics (India) Private Limited (ARIPL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with ARIPL 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 ARIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ARIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ARIPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Automotive Robotics (India) Private Limited (ARIPL) (formerly known as Automotive Robotics Engineering Services(India) Pvt Ltd) has been incorporated in the year 2010 and the Company is involved into providing various solution in the segments like Embedded Systems, Testing Tools and Product and Solution, Test Cells, IT and ITES ,Designing and Engineering. BABA BISWANATH: CRISIL Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Baba Biswanath Agro Products Private Limited (BBAPPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL B+/Stable (Issuer Not Cooperating) Long Term Loan 1.98 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with BBAPPL 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 BBAPPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BBAPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BBAPPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Incorporated in 1996 and promoted by Mr. Samir Kundu, Mr. Chandan Kundu, and Mr. Malay Kundu, BBAPPL mills and processes paddy into rice, rice bran, broken rice, and husk. In December 2016 the company was taken over by Mr. Susuanta Ghosh and currently he is at the helm of affairs. BABA RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of BABA Rice Industry (BRI) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 2 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with BRI 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 BRI, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BRI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BRI continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Established as a partnership firm in 2000, BRI processes raw rice. It has an installed paddy milling capacity of 5 tonne per hour (tph). Its rice mill is located in Nellore (Andhra Pradesh). The operations are managed by Mr. M Sree Rama Raju and Mr. M Narayan Raju. BALANAGU INDUSTRIES: CRISIL Keeps B Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Balanagu Industries (BI) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 4.26 CRISIL B/Stable (Issuer Not Cooperating) Open Cash Credit 1 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with BI 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 BI, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BI continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Set up in May 2015, BI manufactures corrugated boxes, fibre drums, and poly bags. The plant is located at Visakhapatnam (Andhra Pradesh). The firm is promoted by the Mr. B V R Rao and his family. BENIT AND CO: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Benit And Co Electronics Private Limited (BCEP) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Cash 10 CRISIL B/Stable (Issuer Not Credit Limit Cooperating) CRISIL Ratings has been consistently following up with BCEP 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 BCEP, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BCEP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BCEP continues to be 'CRISIL B/Stable Issuer Not Cooperating'. BCEP trades in home appliances such as ACs, TVs and refrigerators in Madurai, Tamil Nadu. It operations are managed by Mr Prince and Mr Benit Karan. CREATIVE LOOMS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Creative Looms and Crafts Private Limited Registered Address: H- 2, Pushpanjali Dwarka Highway Next to Bharat Petroleum New Delhi, 110061 India Insolvency Commencement Date: May 31, 2024 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: November 27, 2024 Insolvency professional: Naresh Kumar Munjal Interim Resolution Professional: Naresh Kumar Munjal 125 Second Floor Kailash Hills, New Delhi National Capital Territory of Delhi 110065 Email: nkmunjalcacs@yahoo.co.in Email: cirp.clcpl@gmail.com Last date for submission of claims: June 14, 2024 DCOM SYSTEMS: Liquidation Process Case Summary ---------------------------------------------- Debtor: DCOM Systems Limited 311, 3rd Floor, Venus Atlantis Corporate Park Nr Prahladnagar Auda Garden Setellite Ahmedabad, Gujarat 380015 India Liquidation Commencement Date: May 15, 2024 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Mahendra Prasad Jindal B-501 Safal Pegasus 100 ft Road, Prahaladnagar Ahmedabad Gujarat 380015 Email: mpjindal@rediffmail.com Email: cirp.dcomsystems@gmail.com Last date for submission of claims: June 14, 2024 DOJAHAN TRADING: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Dojahan Trading Private Limited Registered Address: Office No.2045, Bima Complex, B Wing Kalamboli, Navi Mumbai Maharashtra, India 410218 Insolvency Commencement Date: April 23, 2024 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: November 20, 2024 Insolvency professional: Manojkumar Babulal Agarwal Interim Resolution Professional: Manojkumar Babulal Agarwal Office No-4, First Floor Pride Plaza, Pimpri Chowk Behind Ambedkar Statue Pimpri, Pune 411018 Email: manojagarwal20@gmail.com Email: dojahan@gmail.com Mobile: 9371021379 Last date for submission of claims: June 7, 2024 GAMMA TRADE: Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: Gamma Trade Links Private Limited C-1/121, Ground Floor, GIDC Pandesara, Surat, Gujarat, India Liquidation Commencement Date: May 27, 2024 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Nandish Sunilbhai Vin C/53, Shanti Niketan Row House, Opp Sagar Complex, Anand Mahal Road, Surat 395009 Mobile: 9942630091 Last date for submission of claims: June 26, 2024 GREENLEAF COMMERCE: Liquidation Process Case Summary ---------------------------------------------------- Debtor: Greenleaf Commerce Private Limited Shop No. 5, Rama Smruti, B Wing, Ground Floor, Plot H-11, Sectore 14, Diwale/Belapur, Mumbai City, Navi Mumbai-400614 Liquidation Commencement Date: May 16, 2024 Court: National Company Law Tribunal, Mumbai Bench-II Liquidator: Mr. Raghunath Sabanna Bhandari Flat No. 501 Raj Atlantis 2, Opp. SVP High School, Kanakia, Mira Road, Thane, Maharashtra-401107 Email: raghunathsb@yahoo.com Email: greenleafcirp@gmail.com Last date for submission of claims: June 27, 2024 H P RAMA: CRISIL Keeps B Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of H P Rama Reddy (HPRR) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Lease Rental 8 CRISIL B/Stable (Issuer Not Discounting Loan Cooperating) CRISIL Ratings has been consistently following up with HPRR 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 HPRR, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on HPRR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HPRR continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Promoted by Mr. H P Rama Reddy and Mr. A. Rama Reddy, the firm operates a commercial office space in Bengaluru. HAMBRO TECH: Liquidation Process Case Summary --------------------------------------------- Debtor: Hambo Tech India Private Limited Khata No. 402/413, Mitrol Deeghot Road, Village Deeghot Tehsil Hodal Faridabad, Palwal, Haryana 121105 India Liquidation Commencement Date: May 15, 2024 Court: National Company Law Tribunal, Chandigarh Bench Liquidator: Mr. Anil Kumar 303, Chandra GHS Limited, Golf Course Road, Plot No. 64, Sector 55, Gurgaon, Haryana 122011 Email: cirp.htipl@gmail.com C-10, Laipat Nagar-III, New Delhi 110024 Email: anil2566@gmail.com Last date for submission of claims: June 16, 2024 HPS IT SOLUTIONS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: HPS IT Solutions Private Limited Registered Address: G-40 Basement Jangpura Extention, South Delhi, New Delhi, India, 110014 Insolvency Commencement Date: May 29, 2024 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: November 24, 2024 Insolvency professional: Mukesh Gupta Interim Resolution Professional: Mukesh Gupta F-1, Milap Nagar Uttam Nagar, New Delhi - 110059 Email: camukeship@rediffmail.com Email: cirp.hpsits@gmail.com Last date for submission of claims: June 12, 2024 J S EXIM: CRISIL Keeps B Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of J S Exim Private Limited (JSE) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Fund- 76 CRISIL B/Stable (Issuer Not Based Bank Limits Cooperating) Term Loan 14 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with JSE 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 JSE, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JSE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JSE continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Incorporated in 2007 and promoted by Mr Mahesh Jain, JSE leases residential and commercial property. The company has leased one property, HSBC Towers, covering 135,000 sq ft in Gurugram to a single tenant, HSBC, for 15 years. JOSAN FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Josan Foods Private Limited (JFPL; part of the Josan group) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 25 CRISIL D (Issuer Not Cooperating) Cash Credit 12 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.56 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1 CRISIL D (Issuer Not Cooperating) Term Loan 19 CRISIL D (Issuer Not Cooperating) Warehouse Receipts 10 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with JFPL 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 JFPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JFPL continues to be 'CRISIL D Issuer Not Cooperating'. For arriving at the rating, CRISIL Ratings has combined the business and financial risk profiles of JFPL and Ganesh Rice Mills (Partnership) {GRM]. This is because these two entities, together referred to herein as the Josan group, are in a similar line of business and have a common management. About the Group JFPL, set up in 2000 by Mr. Hukam Chand Josan and Mr. Sher Chand Josan in Ferozepur (Punjab), mills and shells rice. GRM, set up in 2010, mills rice. Currently, the firm is managed by its partners, Mr. Sarvjeet Josan and Mr. Pushpinder Singh. The Josan group has combined milling and sorting capacities of 14 tonnes per hour (tph) and 10 tph, respectively. KANDHAVILAS AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kandhavilas Agro Foods (KAF) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.5 CRISIL B+/Stable (Issuer Not Cooperating) Key Cash Credit 2 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 2.21 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.29 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with KAF 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 KAF, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KAF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KAF continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Incorporated in 2004 by Mr. Prathiban., Kandhavilas Agro Foods (KAF) is engaged in the milling of paddy to rice. The firm is based out of Dharapuram (Tirupur), Tamil Nadu. KARKINOS HEALTHCARE: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Karkinos Healthcare Private Limited Registered Address: B-702 7th Floor, Neelkanth Business Park Kirol Village, Near Bus Depot Vidyavihar, Mumbai City Maharashtra 400086 IN Insolvency Commencement Date: May 21, 2024 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: November 17, 2024 Insolvency professional: Rajesh Sureshchandra sheth Interim Resolution Professional: Rajesh Sureshchandra sheth B-55, Shatdal society, 7th Floor, Azad Lane, off S.V. Road, Andheri West Near Shoppers Stop Mumbai City, Maharashtra 400058 Email: rajeshshethsbi@gmail.com -- and -- BDO Restructuring LLP Level 9, The Ruby North-West Wing Senapati Bapat Road Dadar (W), Mumbai 400028 Maharashtra, India Email: ipkarkinos@gmail.com Last date for submission of claims: June 18, 2024 KAY BEE: CRISIL Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Kay Bee Cotgin Private Limited (KBCPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with KBCPL 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 KBCPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KBCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KBCPL continues to be 'CRISIL D Issuer Not Cooperating'. Incorporated in 1997, KBCPL carries out cotton ginning and pressing operations at its facility in Abohar, Punjab. The operations are managed by Mr. Ashok Gandhi and family. KGN COMTRADE: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of KGN Comtrade Private Limited (KCPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL B/Stable (Issuer Not Cooperating) Proposed Fund- 7.7 CRISIL B/Stable (Issuer Not Based Bank Limits Cooperating) Term Loan 3.8 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with KCPL 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 KCPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KCPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. KCPL, based in East Champaran, Bihar, was incorporatedin 2013 by Md Basir Ahmed, Nasir Ahmed, Majada Khatoon, Mohammad Sabbir Alam. The company has set up flour mill in fiscal 2017. The company manufactures wheat products, such as atta, maida, suji, bran, refraction. Its manufacturing facility, located at Champaran (Bihar), have an installed capacity of 225 tonnes per day (tpd). KHR INFRA: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of KHR Infrastructures Private Limited (KHR) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 6.43 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.07 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with KHR 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 KHR, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KHR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KHR continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. KHR, set up in 2010 was promoted by Ms. K Karthika and MR. Hemanth Kumar: it commenced operations in April 2011. The company is engaged in processing and conditioning of corn seeds and is based out of Hyderabad. KIAN CHEMICALS: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kian chemicals Limited (KCL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.75 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 14 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with KCL 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 KCL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KCL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Formed in 2015 in Abu Road, Rajasthan, KCL is setting up a manufacturing unit for hyaluronic acid (H acid) and dyes. It is promoted by Mr Rajendra Patel, founder of the Jason group, which develops real estate projects in Ahmedabad. KISAN GINNING: CRISIL Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kisan Ginning & Pressing (KGP) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.75 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 3.25 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Rupee Term Loan 2.95 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with KGP 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 KGP, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KGP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KGP continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. KGP was setup in March 2015 by Mr. Radheshyam Adaniya and family. The firm is engaged in ginning of raw cotton (kapas). It began commercial production in March 2015 at its unit in Rajura (Maharashtra). KISHORE G: CRISIL Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Kishore G Lund (KGL, part of the Srivari Group) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.5 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with KGL 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 KGL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KGL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KGL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. For arriving at its ratings, CRISIL Ratings has combined the business and financial risk profiles of KGL and its associate entities, Srivari Property Developers Pvt Ltd (SPDPL) and Srivari Infrastructure Pvt Ltd (SIPL). This is because the three entities together referred to as the Srivari group, operate in the same line of business, have common management and fungible cash flows. Set up as a proprietorship firm by Mr. Kishore G Lund, KGL operates a commercial complex in Coimbatore and derives rental income from the same. KGL is part of the Srivari group of companies which is engaged in residential real estate development in Coimbatore. The firm has availed bank facilities for onward lending to group companies for development of the Srivari Ananyaa, Srivari Saarang and Srivari Vaibhav projects. KORAVAMPADY ESTATES: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: M/s Koravampady Estates and Enterprises Private Limited Post Bag No 3 Agali P O Mannarkad Taluk, Palakkad, Kerala, India, 678581 Insolvency Commencement Date: May 30, 2024 Estimated date of closure of insolvency resolution process: November 26, 2024 Court: National Company Law Tribunal, Kochi Bench Insolvency Professional: CA. Jasin Jose 5D Skyline Riverscape Thottumugham, 6831005 Aluva Email: cajasinexcelrp@gmail.com Email: jasinjoseponmattam@gmail.com Last date for submission of claims: June 12, 2024 KRISHNAPING MINERALS: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Krishnaping Minerals Private Limited (KMPL; a part of the Krishnaping group) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 CRISIL D (Issuer Not Cooperating) Cash Credit 6 CRISIL D (Issuer Not Cooperating) Letter of Credit 6 CRISIL D (Issuer Not Cooperating) Term Loan 6 CRISIL D (Issuer Not Cooperating) Term Loan 4 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with KMPL 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 KMPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KMPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. For arriving at the ratings, CRISIL Ratings has combined the business and financial risk profiles of KMPL and Krishnaping Alloy Limited (KAL), together referred to as 'Krishnaping group'. This is because both the companies are in the same line of business, work under a common management, and have strong operational linkages and financial fungibility. KMPL and KAL, incorporated in 1996, undertakes mining and beneficiation of manganese ore along with manufacturing of ferro manganese alloys. The group is promoted and managed by Mr Sanjeev Khandelwal. KMPL has a factory unit in Vizag, Andhra Pradesh and KAL has factory unit in Chindwara, Madhya Pradesh. MUKESH UDYOG: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Mukesh Udyog Limited VPO Buddhewal, Near Kohara, Tehsil and District Ludhiana, Punjab, India Insolvency Commencement Date: June 3, 2024 Estimated date of closure of insolvency resolution process: November 30, 2024 (180 Days) Court: National Company Law Tribunal, Chandigarh Bench Insolvency Professional: CA. Ashish Agarwal 400/1, Rani Jhansi Road, Civil Lines, Ludhiana, Punjab-141001 Email: ashishagarwalca@gmail.com Email: cirp.mukeshudyog@gamil.com Last date for submission of claims: June 17, 2024 NAOLIN INFRASTRUCTURE: Insolvency Resolution Process Case Summary ----------------------------------------------------------------- Debtor: Naolin Infrastructure Private Limited Registered Address: H.NO. 6-3-1090/1/1, 3RD Floor Uma Hyderabad House Raj Bhavan Road, Som, Ajiguda Hyderabad, Telangana, India, 500082 Insolvency Commencement Date: June 4, 2024 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: December 3, 2024 Insolvency professional: Pankaj Bhattad Interim Resolution Professional: Pankaj Bhattad A 903 Maruti Bhavan, Parsi Panchayat Road Andheri East, Mumbai City Maharashtra, 400069 Email: rppankajbhattad@gmail.com -- and -- Finvin Turnaround and Restructuring Private Limited 605, 6th Floor, Sunteck Crest Mukund Nagar Road Andheri (E), Mumbai, MH - 400059 Email: cirp.naolin@gmail.com Last date for submission of claims: June 20, 2024 PACK PRINT: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Pack Print Industries India Private Limited (PPIIPL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 3 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with PPIIPL 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 PPIIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PPIIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PPIIPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Established in 2011 by the Mumbai-based Shah family, Mr Prakash Shah and his brother, Mr Hasmukhlal Shah, PPIIPL took over the business of PPI, a partnership firm of the Shah family established in 1975. PPIIPL manufactures plastic bags, plastic rolls, and plastic sheets at its manufacturing facility in Daman. The company's clientele is diversified across industries such as pharmaceuticals, textiles, and fast-moving consumer goods. Its registered office is at Lower Parel, Mumbai. PRAJAY PROPERTIES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Prajay Properties Private Limited (PPPL; part of the Prajay group) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Project Loan 50 CRISIL D (Issuer Not Cooperating) Project Loan 20 CRISIL D (Issuer Not Cooperating) Project Loan 21.3 CRISIL D (Issuer Not Cooperating) Project Loan 30 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.7 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with PPPL 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 PPPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PPPL continues to be 'CRISIL D Issuer Not Cooperating'. For arriving at the rating, CRISIL Ratings has combined the business and financial risk profile of PPPL and its wholly owned subsidiary - Prajay Land Capital Pvt Ltd (PLCPL), together referred to as the Prajay group. This is because each company owns a part of the land on which the Prajay Megapolis project is being constructed, and PPPL will pay a revenue share to PLCPL for the proportion of land owned by the latter. PPPL, incorporated in 2007 by Prajay Engineers Syndicate Ltd, is developing a high-rise residential real estate project ' Prajay Megapolis - in Hyderabad (Andhra Pradesh). State General Reserve Fund, Oman, has invested around Rs.659 million in PPPL by way of compulsory convertible debentures. PLCPL, a wholly owned subsidiary of PPPL, owns 8.35 acres of land out of the total 17.12 acres under development. PREMIER CHEMICALS: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Premier Chemicals 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 Premier Chemicals 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 Premier Chemicals, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Premier Chemicals is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Premier Chemicals continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Premier chemicals is a proprietary concern involved in wholesale distribution of industrial chemicals throughout India. Promoted by Mr. Sudhir Saggar, the entity has been into this business since last 15 years. The company has various offices and godowns at places like Ambala, Lalru, Ludhiana, Faridabad, Bhiwadi and Gujarat. The enterprise mainly deals in chemicals such as caustic soda, hydrogen peroxide, phosphoric acid, refined glycerine, methylene chloride etc. PRESSMACH INFRA: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Pressmach Infrastructure Private Limited (PIPL; part of the Pressmach group) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 4 CRISIL B+/Stable (Issuer Not Cooperating) Cash Credit 9.5 CRISIL B+/Stable (Issuer Not Cooperating) Long Term Loan 1.6 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with PIPL 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 PIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PIPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. PIPL manufactures roofing sheets and sandwich panels and also undertakes construction projects. RESHMA FABRICS: CRISIL Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Reshma Fabrics Ltd (RFL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 1.0 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 6.5 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with RFL 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 RFL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RFL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RFL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. RFL was incorporated in 1993. In December 2014, the management was taken over by Mr. D N Patel, who has an experience of more than 20 years in the industry. RFL currently undertakes weaving of grey cloth on a job-work basis at its facility in Ahmedabad (Gujarat). REVITAL REALITY: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Revital Reality Private Limited (In CIRP) Registered Office: 1114, Hemkunt Chambers 89, Nehru Place, South Delhi, New Delhi, 110019 Site Office: "Supertech Basera" Sector-79 & 79B, Tehsil Manesar, Gurugram, Haryana, 122001 Corporate Office: E Square, Plot No. C2, 21st to 25th floor, Sector 96, Noida, Uttar Pradesh-201303 Insolvency Commencement Date: June 7, 2024 Estimated date of closure of insolvency resolution process: December 1, 2024 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Mr. Gaurav Katiyar D-32, East of Kailash, New Delhi -110065 Email: cagauravkatiyar@gmail.com Email: revital.cirp@gmail.com Last date for submission of claims: June 18, 2024 RP TELEBUY: Liquidation Process Case Summary -------------------------------------------- Debtor: RP Telebuy Skyshop Private Limited No. 3, Pillayar Koil Street Kamaraj Nagar, Chromepet, Kancheepuram Chennai-600044 Liquidation Commencement Date: November 22, 2023 Court: National Company Law Tribunal, Chennai Bench-I Liquidator: Santhanam Rajashree Flat No. 6, Old No 20, New No 8 Ramakrishna Street, T. Nagar Chennai 600017, Tamil Nadu Email: rajashree66@gmail.com B-1102 Metrozone, 44 Pillaiyar Koil Street, Anna Nagar, Chennai 600040 Email: rptelebuycirp@gmail.com Last date for submission of claims: June 2, 2024 RUDRA AUTO TECH: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Rudra Auto Tech Engineering Private Limited Registered Address: No. 42B, Sector-5, I.I.E Sidcul, Udham Singh Nagar Pantnagar, Uttarakhand 263153 IN Insolvency Commencement Date: June 3, 2024 Court: National Company Law Tribunal, Jaipur Bench Estimated date of closure of insolvency resolution process: December 1, 2024 Insolvency professional: Satyendra Prasad Khorania Interim Resolution Professional: Satyendra Prasad Khorania 402, 4th Floor, OK Plus, DP Metro Opp. Pillar No. 94 New Sanganer Road Jaipur, Rajasthan 302019 Email: skhorania@live.com Email: cirpprudraauto@gmail.com Last date for submission of claims: June 18, 2024 ZEUS CERAMICS: CRISIL Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Zeus Ceramics LLP (ZCL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL B+/Stable (Issuer Not Cooperating) Term Loan 4 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with ZCL 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 ZCL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ZCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ZCL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Zeus Ceramics LLP (ZCL), incorporated in 2016, is engaged in manufacturing of sanitary wares with capacity of 2500 pieces per day. It is based in Wankaner, Gujarat. It will commence its operation in August 2018. ZCL is promoted by Mr. Anand Parekh and his family members. ===================== N E W Z E A L A N D ===================== CAFE DAY: Creditors' Proofs of Debt Due on July 22 -------------------------------------------------- Creditors of Cafe Day Limited (trading as Spice Traders Courtenay) are required to file their proofs of debt by July 22, 2024, to be included in the company's dividend distribution. Iain Bruce Shephard and Jessica Jane Kellow of BDO Wellington were appointed liquidators of the company by order of the High Court at Wellington on June 18, 2024 upon the application of Rentokil Initial Limited. HAIR WE GO: Creditors' Proofs of Debt Due on July 17 ---------------------------------------------------- Creditors of Hair We Go Hairdressing Limited are required to file their proofs of debt by July 17, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 17, 2024. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 JT AUTOMOTIVE: Court to Hear Wind-Up Petition on June 27 -------------------------------------------------------- A petition to wind up the operations of JT Automotive Limited will be heard before the High Court at Christchurch on June 27, 2024, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 2, 2024. The Petitioner's solicitor is: Nanette Cunningham Inland Revenue, Legal Services PO Box 1782 Christchurch 8140 NEW ZEALAND: Economy Exits Recession in First Quarter ----------------------------------------------------- Bloomberg News reports that New Zealand's economy exited recession with modest expansion in the first quarter. Gross domestic product gained 0.2% from the previous quarter, when it declined 0.1%, Statistics New Zealand said on June 20 in Wellington, Bloomberg discloses. Economists expected 0.1% growth. GDP rose 0.3% from the year-earlier quarter, beating the 0.2% estimate. According to Bloomberg, the economy is struggling as the Reserve Bank keeps its key interest rate at 5.5%, the highest since 2008, to bring inflation back under control. While strong immigration and a tourism recovery are aiding activity, steep borrowing costs are curbing consumer spending and business investment. "We expect growth to remain minimal over the course of this year," Bloomberg quotes Michael Gordon, senior economist at Westpac in Auckland, as saying. "Recent indicators suggest that the June quarter is shaping up to be quite soft." The New Zealand dollar rose after the report before retracing to trade little changed. It bought 61.32 US cents at 1:30 p.m. in Wellington. Bond yields and swap rates gained. Despite the GDP result, which matched the RBNZ's forecast, the economy has only grown in two of the past six quarters. The central bank nevertheless signaled last month that it didn't intend to lower rates until the second half of 2025, citing stubborn core inflation. Bloomberg relates that RBNZ Chief Economist Paul Conway said June 18 that the economic slowdown caused by tight monetary policy is necessary to bring inflation back into the bank's 1-3% target band, which it expects to happen later this year. "We're in a slow to negative growth environment but the outlook for growth is slightly more positive going forward and the outlook for inflation is for declines to continue," he said. "We are experiencing some short-run pain. The idea is that the gain from low and stable inflation is going to be worth it." Most economists are tipping the first rate cut in the final months of 2024 or early 2025. Investors have fully priced in a 25 basis-point cut to the Official Cash Rate by November, according to swaps data. PREMIER FORWARDING: Khov Jones Appointed as Receivers ----------------------------------------------------- Steven Khov and Kieran Jones of Khov Jones on June 20, 2024, were appointed as receivers and managers of Premier Forwarding NZ Limited and Katalina Essie White. The receivers and managers may be reached at: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 SHORECITY DEVELOPMENT: Court to Hear Wind-Up Petition on June 27 ---------------------------------------------------------------- A petition to wind up the operations of Shorecity Development Limited will be heard before the High Court at Auckland on June 27, 2024, at 11:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 23, 2024. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 TITAN BULK: Goes Into Liquidation; Owes More Than NZD893,000 ------------------------------------------------------------ Otago Daily Times reports that another company owned by Otago businessman Malcolm Burns is in liquidation, this time owing more than NZD893,000. Titan Bulk Haulage Ltd, described as a road freight transport service, was placed into liquidation in the High Court at Dunedin on May 23 on the application of Inland Revenue, ODT discloses. According to ODT, the official assignee was appointed as liquidator and, in the first report last week, it said the cause of the liquidation appeared to be related to a failure to account for taxation. The liquidator was conducting searches and investigations through various databases and other avenues to locate any further asset interests that were of benefit for creditors, ODT says. Last year, a raft of trucks and other vehicles were repossessed from Titan Bulk Haulage following its failure to remedy defaults under the mortgages. The Mosgiel trucking company is a subsidiary company of Burns Group 2018 Ltd, of which Mr. Burns is the sole director. It operated as a holding company with passive investment of three subsidiary companies: Titan Bulk Haulage, Otago Excavation Ltd - which was placed in liquidation in 2022 owing more than NZD3.3 million - and Forest Distribution and Logistics Ltd. An order was made in the High Court in March last year to place Burns Group 2018 into liquidation, ODT recalls. The third report by liquidators Elizabeth Keene and Luke Norman, of KPMG, in March said they were in negotiations regarding the sale of the company's shares and would provide further details in the next report. Revised total liabilities were estimated at more than NZD2.1 million, ODT discloses. ================= S I N G A P O R E ================= ATLANTIC MANZANILLO: Creditors' Proofs of Debt Due on July 22 ------------------------------------------------------------- Creditors of: - Atlantic Manzanillo Pte Ltd; - Atlantic Mexico Pte Ltd; - Atlantic Tulum Pte Ltd; - Atlantic Veracruz Pte Ltd; and - Atlantic Yucatan Pte Ltd are required to file their proofs of debt by July 22, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 14, 2024. 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 CRYPTA PTE: Creditors' Proofs of Debt Due on July 22 ---------------------------------------------------- Creditors of Crypta Pte. Ltd. are required to file their proofs of debt by July 22, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 14, 2024. The company's liquidator is: Goh Tiong Hong c/o 60 Paya Lebar Road #10-03 Paya Lebar Square Singapore 409051 LUTHER CORPORATE: Court to Hear Wind-Up Petition on July 5 ---------------------------------------------------------- A petition to wind up the operations of Luther Corporate Services Pte Ltd will be heard before the High Court of Singapore on July 5, 2024, at 10:00 a.m. Luther Corporate Services Pte. Ltd. filed the petition against the company on June 7, 2024. The Petitioner's solicitors are: I.N.C. Law LLC 4 Battery Road, #26-01 Bank of China Building Singapore 049908 MAGNAX SINGAPORE: Commences Wind-Up Proceedings ----------------------------------------------- Members of Magnax Singapore Pte Ltd on June 14, 2024, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ng Hoe Kiat Keith c/o 7500A Beach Road #05-303/304 The Plaza Singapore 199591 TK ASIA: Commences Wind-Up Proceedings -------------------------------------- Members of TK Asia GP Pte Ltd on June 20, 2024, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is Ms. Valerie Lim Lee Huang. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2024. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***