/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/250117.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, January 17, 2025, Vol. 28, No. 13 Headlines A U S T R A L I A GEROWA PTY: Second Creditors' Meeting Set for Jan. 23 GOLD VALLEY: Second Creditors' Meeting Set for Jan. 22 HYPER LIFE: Second Creditors' Meeting Set for Jan. 23 OAKS CIVIL: Second Creditors' Meeting Set for Jan. 23 OKAMI SA: Court Grants Restaurant Relief Against Forfeiture ONE STEEL: Hit With Default Notices of Over AUD650K in Unpaid Bills RESIMAC BASTILLE 2023-1NC: Moody's Ups Rating on Cl. F Notes to Ba2 SQUARE BUILDING: Second Creditors' Meeting Set for Jan. 23 C H I N A CHINA VANKE: Bond Selloff Signals Worries About Debt Payments CHINA VANKE: No Plans to Extend Bonds Amid Market Slump, REDD Says YONGHUI SUPERSTORES: Shares Drop as Net Loss Grows by 12% H O N G K O N G HEALTH AND HAPPINESS: Moody's Rates New Guaranteed USD Notes 'Ba3' I N D I A ABHIMAANI PRAKASHANA: CRISIL Keeps D Ratings in Not Cooperating ACCURATE STEEL: CRISIL Keeps B Debt Rating in Not Cooperating AMBICA PULSE: CRISIL Keeps D Debt Rating in Not Cooperating AMCARE MEDICAL: CRISIL Cuts Rating on INR8cr Term Loan to B APNATECH CONSULTANCY: CRISIL Moves D Ratings from Not Cooperating ARCHIS PACKAGING: CRISIL Keeps D Debt Ratings in Not Cooperating ATHENA CARS: CRISIL Keeps B Debt Ratings in Not Cooperating BHAVANI RICE: ICRA Keeps B Debt Ratings in Not Cooperating CAVIER BATH: CRISIL Keeps B+ Debt Ratings in Not Cooperating CHANDULAL CHANDRAKAR: CRISIL Keeps D Ratings in Not Cooperating CHHEDA JEWELLERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating DARWIN PHARMA: ICRA Keeps B Debt Ratings in Not Cooperating HERO ELECTRIC: Insolvency Resolution Process Case Summary JAIPRAKASH ASSOCIATES: NARCL Sole Bidder at INR12,000 crore LARIYA ART: CRISIL Keeps B Debt Ratings in Not Cooperating LORD KRISHNA: CRISIL Keeps B+ Debt Rating in Not Cooperating PAN INDIA: ICRA Keeps D Debt Ratings in Not Cooperating Category PARASMAL PAGARIYA: CRISIL Keeps B+ Ratings in Not Cooperating PRAMUKH EXIM: ICRA Keeps D Debt Ratings in Not Cooperating R. S. MOTORS: ICRA Keeps D Debt Ratings in Not Cooperating REACON ENGINEERS: Liquidation Process Case Summary RUDRANEE INFRA: CRISIL Withdraws D Long/Short Term Loan Ratings S&J GRANULATE: ICRA Keeps D Debt Rating in Not Cooperating SALASAR BALAJI: ICRA Keeps B Debt Ratings in Not Cooperating SESHA SAI: ICRA Keeps B Debt Ratings in Not Cooperating Category SHETH SHIP: ICRA Keeps D Debt Ratings in Not Cooperating Category SHIVALIK VYAPAAR: CRISIL Keeps D Debt Ratings in Not Cooperating SHRINET AND SHANDILYA: ICRA Keeps C+ Ratings in Not Cooperating SHRIRAM SEPL: ICRA Keeps D Debt Ratings in Not Cooperating SOLGEN ENERGY: CRISIL Withdraws D Rating on INR3.5cr Loan SOUTHERN PHARMA: CRISIL Keeps D Debt Ratings in Not Cooperating SREE BAJRANG: Liquidation Process Case Summary SUMADHURA INFRACON: ICRA Withdraws B+ Rating on INR305cr LT Loan TAXUS INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating M A L A Y S I A 1MDB: Najib Says He Was Using Jho Low's International Connections N E W Z E A L A N D BRUSCO LIMITED: BDO Tauranga Appointed as Liquidators DEV CO: Creditors' Proofs of Debt Due on Jan. 24 E10 LIMITED: Court to Hear Wind-Up Petition on Feb. 10 JONDEE LIMITED: Court to Hear Wind-Up Petition on Feb. 13 LAND & BEE'S: Waterstone Insolvency Appointed as Receivers P A K I S T A N PAKISTAN: Makes 10-Year Plan for US$20BB in Funding with World Bank S I N G A P O R E ADVANCED TECH: Commences Wind-Up Proceedings KAI LI: Creditors' Meeting Scheduled for Jan. 21 RIVERSIDE ASIA: Creditors' Proofs of Debt Due on Feb. 14 RPV PROPERTIES: Creditors' Proofs of Debt Due on Feb. 13 TDI APJ SINGAPORE: Creditors' Meeting Set for Feb. 6 T A I W A N SEMILEDS CORP: Posts $547K Net Loss for Quarter Ended Nov. 2024 - - - - - ================= A U S T R A L I A ================= GEROWA PTY: Second Creditors' Meeting Set for Jan. 23 ----------------------------------------------------- A second meeting of creditors in the proceedings of Gerowa Pty. Limited has been set for Jan. 23, 2025 at 10:00 a.m. via Zoom videoconferencing. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 22, 2025 at 4:00 p.m. Bradd William Morelli and Trent Andrew Devine of Jirsch Sutherland were appointed as administrators of the company on Dec. 10, 2024. GOLD VALLEY: Second Creditors' Meeting Set for Jan. 22 ------------------------------------------------------ A second meeting of creditors in the proceedings of Gold Valley Holdings Pty Ltd, Territory Resources Pty Ltd, and Warrego Operations Pty Ltd has been set for Jan. 22, 2025 at 11:00 a.m. via virtual meeting only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 21, 2025 at 11:00 a.m. Richard Scott Tucker and John Allan Bumbak of KordaMentha were appointed as administrators of the company on Dec. 6, 2024. HYPER LIFE: Second Creditors' Meeting Set for Jan. 23 ----------------------------------------------------- A second meeting of creditors in the proceedings of Hyper Life Pty Ltd has been set for Jan. 23, 2025 at 10:30 a.m. by virtual facilities only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 22, 2025 at 5:00 p.m. Graeme Robert Beattie of Worrells was appointed as administrator of the company on Dec. 9, 2024. OAKS CIVIL: Second Creditors' Meeting Set for Jan. 23 ----------------------------------------------------- A second meeting of creditors in the proceedings of Oaks Civil Construction Pty Ltd has been set for Jan. 23, 2025 at 2:00 p.m. at the offices of Mackay Goodwin at Level 2, 68 St Georges Terrace and via telephone call. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 22, 2025 at 4:00 p.m. Mathieu Tribut of Mackay Goodwin was appointed as administrator of the company on Dec. 9, 2024. OKAMI SA: Court Grants Restaurant Relief Against Forfeiture ----------------------------------------------------------- Bernise Carolino at Australasian Lawyer reports that the NSW Supreme Court has recently granted relief against forfeiture upon finding that the evidence in the case failed to establish that the lessee was hopelessly insolvent or that granting such relief would be futile. According to Australasian Lawyer, the applicant in this case - Okami SA Newton Pty Ltd - belonged to a group of companies operating Japanese restaurants around Australia. The respondent, Newton SC Pty Ltd, purchased the Newton Plaza Shopping Centre. In February 2021, the applicant leased from G. & R. Difede Pty Ltd shop premises within the shopping centre. There, the applicant operated an all-you-can-eat Japanese restaurant. The 10-year lease started in March 2021. Australasian Lawyer relates that the lease was assigned to the respondent, which had the right to terminate the lease after seven years if it had a proposal to substantially redevelop the premises. In September 2024, the respondent sought to terminate the lease based on rent non-payment. The applicant, which has since made the lease payments, applied for relief against forfeiture. The respondent asked the court to refuse such relief, which would allegedly be futile since the applicant was hopelessly insolvent. According to the report, the respondent argued that it discovered that the applicant entered into a deed of company arrangement by the appointment of administrators in January 2024 and entered into a restructuring plan in March 2024, which was allegedly another basis to terminate the lease. The applicant countered that, to the extent the respondent had any right to terminate on that ground, the operation of s. 454N of the Corporations Act 2001 stayed that right. In Okami SA Newton Pty Ltd V Newton SC Pty Ltd, [2024] SASC 151, the NSW Supreme Court allowed the application upon finding that the respondent failed to show that the applicant was hopelessly insolvent or that granting it relief against forfeiture would be futile. The court noted that the fact of insolvency was only a discretionary consideration, not a deciding factor. Australasian Lawyer says the court found on the part of the respondent conduct which showed that it might be acting opportunistically to evict the applicant for the purpose of its plans to redevelop the property on a basis completely inconsistent with the lessee's rights. Australasian Lawyer adds that the court noted that the indefinite stay provided by s. 454N(4)(b) of the Corporations Act would arise by reason of a company having come under restructuring or having been under restructuring before the end of the stay period. Thus, the stay would continue to protect it after the conclusion of the restructuring, the court said. ONE STEEL: Hit With Default Notices of Over AUD650K in Unpaid Bills ------------------------------------------------------------------- Simon Evans at The Australian Financial Review reports that five industrial companies supplying products including abrasives, hoses and metal screens to Sanjeev Gupta's Whyalla steelworks operations have lodged fresh notices of unpaid bills totalling a combined AUD650,000. The Financial Review, citing CreditorWatch, which monitors credit scores and defaults, relates that Mr. Gupta's Australian subsidiary One Steel Manufacturing has been hit with new notices this month from tailings and waste management group ATC Williams for AUD58,000, and metal screens supplier Advanced Engineering Group for AUD43,000. Abrasives supplier Cumi Australia has lodged default notices totalling AUD100,000 over the past three months, while Pacific Hoseflex and National Pump & Energy have also lodged notices. The sums owned across the five companies total more than AUD650,000. But there is some positive news, with the blast furnace at the Whyalla steelworks coming back online on January 6, meaning the company is making steel again after four months of being idle when impurities were discovered in the plant, the report says. It was the second lengthy disruption in 12 months, after a crack in the blast furnace resulted in an almost four-month stoppage before steel-making resumed briefly in early July. According to the Financial Review, mining contractor Golding, which is owned by ASX-listed group NRW Holdings, is shedding about 250 workers from the Whyalla region at the end of this month as a contract with GFG winds down. Golding had about 600 workers at three iron ore mines in the Middleback Ranges when a AUD600 million, three-year contract was announced in early 2022, running until this month. GFG said on Jan. 16 it was part of the transition to magnetite ore mining. The Financial Review says the unpaid invoices to mid-tier suppliers show the financial pressure on Mr. Gupta's global operations is not letting up. His GFG Alliance is under siege on separate fronts in Europe, the UK and Australia. Whyalla mayor Phill Stone said on Jan. 16 that while the Golding job losses were a negative for the town, they needed to be put into context. "It is something that has been in train for about 12 months," the report quotes Mr. Stone as saying. He said about 30 per cent of those Golding workers were based in Whyalla, with the remainder either fly-in, fly-out, or driving to the Whyalla region from nearby towns. Rail freight operator Aurizon has resumed rail haulage services for Mr. Gupta in the Whyalla region after suspending them in October for non-payment of bills. According to the report, Whyalla region MP Eddie Hughes said on Jan. 16 the cumulative effects of a string of job losses at the steelworks and nearby mines was troubling. He estimated it had reached 500-plus workers in the past year. GFG announced in October it had set up a new "Back to Black" taskforce to get the plant back up and running and back into profit, the Financial Review recalls. It was losing an estimated AUD1 million a day when it was offline. Mr. Gupta was viewed as a saviour when he acquired the Whyalla steelworks and the associated iron ore mines in 2017 after former parent Arrium collapsed. But promises about a AUD500 million electric arc furnace have gone unfulfilled. RESIMAC BASTILLE 2023-1NC: Moody's Ups Rating on Cl. F Notes to Ba2 ------------------------------------------------------------------- Moody's Ratings has upgraded ratings on four classes of notes issued by Perpetual Trustee Company Limited as trustee of the RESIMAC Bastille Trust in respect of the RESIMAC Series 2023-1NC. The affected ratings are as follows: Issuer: Perpetual Trustee Company Limited as trustee of the RESIMAC Bastille Trust in respect of the RESIMAC Series 2023-1NC Class C Notes, Upgraded to Aaa (sf); previously on Apr 15, 2024 Upgraded to Aa1 (sf) Class D Notes, Upgraded to Aa2 (sf); previously on Apr 15, 2024 Upgraded to A1 (sf) Class E Notes, Upgraded to Baa2 (sf); previously on Apr 15, 2024 Upgraded to Baa3 (sf) Class F Notes, Upgraded to Ba2 (sf); previously on Apr 15, 2024 Upgraded to Ba3 (sf) A comprehensive review of all credit ratings for the transaction has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by (1) an increase in credit enhancement available to the affected notes and (2) the collateral performance to date. No actions were taken on the remaining rated classes in the deal as credit enhancement remains commensurate with the current rating for the respective notes. Following the December 2024 payment date, credit enhancement available for the Class C, Class D, Class E and Class F Notes has increased to 11.1%, 7.0%, 3.6% and 2.8% respectively, from 7.3%, 4.6%, 2.4% and 1.7% at the time of the last rating action for these notes in April 2024. Principal collections have been distributed on a sequential basis starting from the Class A Notes. Current outstanding note balance as a percentage of the closing note balance was 44.0%. As of end-November 2024, 5.6% of the outstanding pool was 30-plus day delinquent and 3.0% was 90-plus day delinquent. The deal has not incurred any losses to date. Based on the observed performance to date and loan attributes, Moody's have updated Moody's expected loss assumption to 2.3% of the outstanding pool balance (equivalent to 1.0% of the original pool balance) from 1.5% of the outstanding pool balance (equivalent to 1.0% of the original pool balance) at the time of the last rating action in April 2024. Moody's have maintained Moody's MILAN CE assumption at 7.8% based on the current portfolio characteristics. The transaction is an Australian RMBS secured by a portfolio of residential mortgage loans, originated by Resimac Limited, an Australian non-bank mortgage lender. A portion of the portfolio consists of loans extended to borrowers with impaired credit histories or made on a limited documentation basis. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the credit enhancement available for the notes and (3) a deterioration in the credit quality of the transaction counterparties. SQUARE BUILDING: Second Creditors' Meeting Set for Jan. 23 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Square Building Pty. Ltd. has been set for Jan. 23, 2025 at 11:30 a.m. at the offices of HoganSprowles at Level 11 South, 350 Collins Street in Melbourne and via virtual meeting. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 22, 2025 at 4:00 p.m. Mark Brereton of HoganSprowles was appointed as administrator of the company on Dec. 30, 2024. ========= C H I N A ========= CHINA VANKE: Bond Selloff Signals Worries About Debt Payments ------------------------------------------------------------- Bloomberg News reports that China Vanke, long considered a bellwether of the country's property market, is facing a deepening bond sell-off as worries grow about its mountain of debt coming due and a property crisis that remains entrenched despite government rescue efforts. Vanke's 3.15 per cent US dollar note due 2025 was down 16.9 US cents to 59.7 US cents so far this week as at Jan. 16 in Hong Kong, and is poised for its largest weekly drop in more than a year, according to Bloomberg-compiled data. Trading was halted on two of Vanke's yuan bonds this week after prices on each fell 20 per cent. Vanke, one of the country's largest property developers, has US$4.9 billion in yuan- and US dollar-denominated bonds maturing or facing redemption options in 2025, its highest annual amount ever, and the most for any Chinese developer this year, according to Bloomberg-compiled data. The obligations account for more than half of its outstanding public debt. "Bondholders are concerned about Vanke's ability to repay its upcoming onshore bond and make coupon payments in January and February," Bloomberg quotes Zerlina Zeng, head of Asian strategy at Creditsights Singapore, as saying. Vanke has around CNY9 billion of onshore notes maturing in the first quarter of the year, with the first payment on Jan. 27, Bloomberg discloses. According to Bloomberg, the developer's challenges highlight the continuing slump in China's property market. Beijing has taken measures such as cutting borrowing costs and lowering taxes on home purchases, but the overall housing sector has shown minimal signs of recovery. Sales from the top 100 builders fell 28.1 per cent last year compared with a 16.5 per cent drop in 2023. Vanke told Bloomberg News earlier that it will make all efforts possible to deal with its public debt obligations this year. Vanke will continue to raise funds on the operating and financing sides, including through home sales, asset sales and exiting non-core businesses, it has said. In a worst-case scenario where Vanke defaulted, concerns could spread to other areas. "More market participants would question China's support measures and further underweight China in their bond portfolio," Ms. Zeng, as cited by Bloomberg, said. "This would also make it difficult for high-yield and lower-quality China issuers to tap the Asia dollar primary market," she added. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. As reported in the Troubled Company Reporter-Asia Pacific in early December 2024, S&P Global Ratings lowered its long-term issuer credit rating on China Vanke Co. Ltd. to 'B+' from 'BB-', and its long-term issuer credit rating on China Vanke's subsidiary, Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK), to 'B' from 'B+'. S&P also lowered the issue rating on Vanke HK's senior unsecured notes to 'B' from 'B+'. CHINA VANKE: No Plans to Extend Bonds Amid Market Slump, REDD Says ------------------------------------------------------------------ Reuters reports that China Vanke told some investors on Jan. 15 that it had no plans to extend its bonds amid a market sell-off, financial news outlet REDD reported, citing two persons briefed by the company on the matter. Reuters relates that the news outlet said on Jan. 16 that the investors were briefed on the matter after online rumors that China Vanke was considering bond extensions. The property developer, however, did not clarify whether it had prepared funds to repay debt maturing this quarter, REDD reported. China Vanke highlighted its reliance on operating cash flow and asset sales for funding, with proceeds from several transactions signed last year beginning to materialize, the report, as cited by Reuters, said. Funds from the asset sales will be used to support debt repayments, the report said. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. As reported in the Troubled Company Reporter-Asia Pacific in early December 2024, S&P Global Ratings lowered its long-term issuer credit rating on China Vanke Co. Ltd. to 'B+' from 'BB-', and its long-term issuer credit rating on China Vanke's subsidiary, Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK), to 'B' from 'B+'. S&P also lowered the issue rating on Vanke HK's senior unsecured notes to 'B' from 'B+'. YONGHUI SUPERSTORES: Shares Drop as Net Loss Grows by 12% --------------------------------------------------------- Yicai Global reports that shares of Yonghui Superstores dropped after the Chinese supermarket giant said its net loss likely widened 12 percent last year because of poor management and ongoing operational changes. Yonghui closed 4.4 percent down at CNY5.68 (77 US cents) in Shanghai on Jan. 15. Net loss after deducting non-recurring gains and losses is expected to have exceeded CNY2.2 billion (USD301.4 million) in the 12 months ended Dec. 31, compared with CNY2 billion a year earlier, the Fuzhou-based company said in its annual earnings forecast on Jan. 14, Yicai relays. Yonghui's operating performance last year did not improve much from the year before, and its strategic and operational model transformations in the second half impacted profitability, the firm added. As of Dec. 31, Yonghui had completed the adjustment and renovation of 31 supermarkets. Even though the outlets have seen a rapid increase in traffic, the new operational model requires a large investment in terms of personnel and resources at the initial stage. Yicai says Yonghui set a target to adjust and renovate between 40 to 50 supermarkets by Chinese New Year late this month. Yonghui has recently taken proactive measures to learn from Chinese supermarket brand Pangdonglai, which became popular for its care for employees and thoughtful customer service. On Jan. 10, Yonghui opened its first Pangdonglai-inspired superstore in Shanghai. However, the company's 700 supermarkets across 40 Chinese cities still have much to learn from Pangdonglai, Vice President Wang Shoucheng said. About Yonghui Superstores Yonghui Superstores Co., Ltd. operates various supermarkets in China. The company was founded in 2001 and is based in Fuzhou, China. Yonghui Superstores posted three consecutive annual net losses of CNY1.329 billion, CNY2.763 billion, and CNY3.943 billion for the years ended Dec. 31, 2023, 2022, and 2021, respectively. ================= H O N G K O N G ================= HEALTH AND HAPPINESS: Moody's Rates New Guaranteed USD Notes 'Ba3' ------------------------------------------------------------------ Moody's Ratings has assigned a Ba3 senior secured rating to the proposed guaranteed USD notes to be issued by Health and Happiness (H&H) International Holdings Limited (Ba3 negative). H&H will launch a concurrent tender for its $300-million notes due in 2026. The company will use the net proceeds from the proposed notes issuance to fund the repayment of the 2026 notes together with the accrued interests, through the concurrent tender offer at above par. RATINGS RATIONALE "The proposed notes issuance and refinancing transaction, if successful, will enhance H&H's liquidity by extending its maturity profile," says Shawn Xiong, a Moody's Ratings Vice President and Senior Analyst. H&H's Ba3 CFR reflects the company's (1) leading position among vitamin, herbal and mineral supplement (VHMS) providers in China and Australia, (2) product and geographic diversification, (3) expected free cash flow generation, and (4) adequate liquidity position and track record of timely debt refinancing. At the same time, the ratings are constrained by (1) the company's developing scale in competitive markets, (2) the competitive and structural challenges in China's IMF market, and (3) the company's exposure to regulatory and product safety risks. H&H's total revenue declined by 6.1% for the first nine months of 2024 largely because of a significant drop in revenue of around 23.6% in its IMF business. This segment has faced intense competition following China's implementation of new standards for IMF in 2023, as well as structural challenges such as declining birth rates in the country. At the same time, growth at its pet nutrition and care (PNC) business during the same period was lower than Moody's previous expectations. The segment grew by around 5.4% on the back of channel optimization and production premiumization of Solid Gold pet food business in North America and China. Consequently, the company's leverage, as measured by Moody's-adjusted debt/EBITDA, increased to 4.8x for the 12 months ended June 2024 from 4.2x in 2023. Moody's forecast H&H's revenue will fall by 6%-8% in 2024, driven by a significant revenue decline at its IMF business and slower-than-expected revenue growth at its PNC segment. Moody's project the company's adjusted EBITDA margin will be around 13%-14% over the next 12-18 months, compared to 14.5% for the 12 months ended June 2024. The projection considers the ongoing challenges facing its IMF business, given the new IMF standards and the company's need to complete its distribution channel and product optimization at Solid Gold. As a result, Moody's estimate H&H's financial leverage will increase to around 5.5x in 2024 before improving to 4.5x-4.8x in 2025, supported by debt reduction and moderate earnings growth. The company will need to revive its IMF business to return to revenue growth, by successfully executing on its new customer acquisition strategy and completing its distribution channel and production optimization at Solid Gold. H&H's cash balance of around RMB1.9 billion as of September 2024, together with its expected adjusted annual operating cash flow, is sufficient to cover its dividend payments, capital expenditure and debt maturity over the next 12 months. The company has successfully demonstrated a track record of refinancing its USD bond and syndicated loans, underpinned by its well-established relationships with financial institutions and prudent financial management. The senior notes are rated at the same level as the company's CFR because they are ranked pari passu with all existing and future secured indebtedness of the company, including its secured bank facilities, which constitute most of its debt. The notes are also secured on a first-ranking basis by the assets of H&H's key operating subsidiaries other than those in China. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The negative outlook on the rating reflects Moody's expectation that H&H's credit metrics, including financial leverage, interest coverage and retained cash flow (RCF)/net debt, will remain weak for its current rating level over the next 6-12 months. This outlook also considers the challenges over the stabilization of the company's IMF segment and the return of stronger growth in its PNC segment. A rating upgrade is unlikely, given the negative outlook. Nevertheless, Moody's could revert the outlook to stable if the company (1) stabilizes its IMF segment; (2) achieves steady growth in its adult nutrition and care and PNC segments; and (3) successfully refinances its upcoming debt maturities, including its USD300 million notes well in advance. Moody's could downgrade the ratings if (1) the company's sales or market position continues to weaken; (2) its profit margins deteriorate and credit metrics or liquidity weakens because of intense competition, regulatory changes and the company's aggressive financial policies; and (3) it fails to refinance its upcoming debt maturities in a timely manner, causing its liquidity to decline over the next several quarters. Credit metrics indicative of a downgrade include adjusted debt/EBITDA increasing above 5.5x, adjusted EBITDA/interest decreasing below 3.0x, adjusted EBIT margin falling below 10% and RCF/net debt decreasing below 12%, all on a sustained basis. PRINCIPAL METHODOLOGY The principal methodology used in this rating was Consumer Packaged Goods published in June 2022. COMPANY PROFILE Health and Happiness (H&H) International Holdings Limited was established in 1999 and is headquartered in Hong Kong. It listed on the Hong Kong Stock Exchange in December 2010. The company is a global premium nutrition and wellness provider with a leading position in the vitamin, herbal and mineral supplement (VHMS) markets in China, Australia and other countries. H&H expanded into pet nutrition and care by acquiring US brands Solid Gold and Zesty Paws. ========= I N D I A ========= ABHIMAANI PRAKASHANA: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Abhimaani Prakashana (AP) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Bill Purchase 2 CRISIL D (Issuer Not Cooperating) Cash Credit 6 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with AP for obtaining information through letter and email dated December 9, 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 AP, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AP continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. AP is a proprietorship concern of Mr. T Venkatesh, constituted in 1954 is engaged in manufacturing of text books through its manufacturing of unit in Rajajinagar Bangalore for Karnataka Text Books Society. ACCURATE STEEL: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Accurate Steel Forgings India Limited (ASFIL) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 7 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with ASFIL for obtaining information through letter and email dated December 9, 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 ASFIL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ASFIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ASFIL continues to be 'CRISIL B/Stable Issuer not cooperating'. Incorporated in 1992 as a public entity, ASFIL is engaged in forging of steel components for industrial purpose which is sold in the domestic as well as foreign market and trade relations with established customers and suppliers has been developed for the same. The operations are handled by Mr. Kalyana Sundaram and Mr. Vinoth Kumar, who have more than four decades of industrial experience in this line of buisness. AMBICA PULSE: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Ambica Pulse Mill (APM) 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 APM for obtaining information through letter and email dated December 9, 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 APM, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on APM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of APM continues to be 'CRISIL D Issuer not cooperating'. Set up in 2007 as a proprietorship firm by Jodhpur, Rajasthan-based Mr. Dinesh Jain, APM primarily processes urad dal and has capacity of 20 tonne per day. The firm sells to traders and commission agents under the Tiranga and Champion brands. AMCARE MEDICAL: CRISIL Cuts Rating on INR8cr Term Loan to B ----------------------------------------------------------- CRISIL Ratings has revised the rating on bank facilities of Amcare Medical And Research Private Limited (AMRPL) to 'CRISIL B/Stable Issuer not cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 8 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with AMRPL for obtaining information through letter and email dated December 9, 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 AMRPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AMRPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AMRPL revised to 'CRISIL B/Stable Issuer not cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'. AMRPL was incorporated in 2003 by Dr. Arun Nibber and Ms. Mandeep Nibber. The company operates a 150-bed multi-specialty hospital in Zirakpur, Punjab. APNATECH CONSULTANCY: CRISIL Moves D Ratings from Not Cooperating ----------------------------------------------------------------- CRISIL Ratings has migrated the ratings on bank facilities of Apnatech Consultancy Services Private Limited (ACSPL) to 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.6 CRISIL D (Issuer Not Cooperating; Rating Migrated) Cash Credit 2.7 CRISIL D (Issuer Not Cooperating; Rating Migrated) Proposed Long Term 12 CRISIL D (Issuer Not Bank Loan Facility Cooperating; Rating Migrated) Working Capital 0.7 CRISIL D (Issuer Not Term Loan Cooperating; Rating Migrated) CRISIL Ratings has been consistently following up with ACSPL for obtaining information through letter and email dated December 4, 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 ACSPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ACSPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL Ratings has migrated the ratings on bank facilities of ACSPL to 'CRISIL D/CRISIL D Issuer not cooperating'. Incorporated in 2003, ACSPL is engaged in the erection and commissioning of electricity distribution systems, installation of lines and setting up of transformers, among other projects. The company also provides manpower services to companies. The company is based in Lucknow, Uttar Pradesh, and is managed by Mr. Vikas Srivastava. ARCHIS PACKAGING: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Archis Packaging India Private Limited (APIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 0.75 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 6.25 CRISIL D (Issuer Not Facility Cooperating) CRISIL Ratings has been consistently following up with APIPL for obtaining information through letter and email dated December 9, 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 APIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on APIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of APIPL continues to be 'CRISIL D Issuer not cooperating'. APIPL was set up as a proprietorship firm in 1998 and reconstituted as a private limited company in 2003 with Mr. Balasaheb Sudam Karle and Mr. Sudam V Karle as the new directors. The firm manufactures corrugated boxes and cartons (100 gram to 2 kilogramme range) using kraft paper. Plant is in Talegaon, Pune, and operations are managed by Mr. Navnath Sudam Karle, son of Mr. Sudam V Karle. Boxes are priced at INR20-150 per unit. ATHENA CARS: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Athena Cars And Tours Private Limited (ACTPL) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 40 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with ACTPL for obtaining information through letter and email dated December 9, 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 ACTPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ACTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ACTPL continues to be 'CRISIL B/Stable Issuer not cooperating'. ACTPL was incorporated in 2008. ACTPL is owned & managed by Mr. Sree Harsha S. D. and Mrs. Apeksha Sree Harsha. ACTPL is engaged in providing car rentals and cab services for corporate, individuals and tourist. ACTPL is located in Bangalore and caters to MNCs in Bangalore. BHAVANI RICE: ICRA Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating of Shree Bhavani Rice Mill (SBRM) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B (Stable); ISSUER NOT Fund Based COOPERATING; Rating Continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.00 [ICRA]B (Stable); ISSUER NOT Fund Based COOPERATING; Rating Continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SBRM, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 1975, Shree Bhavani Rice Mill (SBRM) is promoted by the Patel family and is engaged in the milling of paddy and par boiled rice as well as trading of paddy and rice. The firm operates from its processing unit located at Bavla in the Ahmedabad district of Gujarat with an installed input capacity of ~100 MT per day. CAVIER BATH: CRISIL Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Cavier Bath Fittings Limited (CBFL) continue to be 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 3 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with CBFL for obtaining information through letter and email dated December 9, 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 CBFL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on CBFL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CBFL continues to be 'CRISIL B+/Stable Issuer not cooperating'. CBFL, promoted by Mr. Vrundavan Ajudia and based in Jamnagar, Gujarat, was incorporated in 2008. It manufactures premium bath fittings. CHANDULAL CHANDRAKAR: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Chandulal Chandrakar Memorial Hospital Private Limited (CCMHPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 78 CRISIL D (Issuer Not Cooperating) Term Loan 52 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with CCMHPL for obtaining information through letter and email dated December 9, 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 CCMHPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on CCMHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CCMHPL continues to be 'CRISIL D Issuer not cooperating'. CCMHPL was set up in 1997 by Dr Mangal Prasad Chandrakar. It runs a 200-bed multi-speciality hospital in Bhilai and a 500-bed hospital-cum-medical college in Durg (both in Chhattisgarh). CHHEDA JEWELLERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Chheda Jewellers (CJ) continue to be 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10.5 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 2.5 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with CJ for obtaining information through letter and email dated December 9, 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 CJ, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on CJ is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CJ continues to be 'CRISIL B+/Stable Issuer not cooperating'. Incorporated in 1990, CJ was promoted by Mr. Kunverji Ramji Chheda. The firm is engaged primarily in the business of retailing of gold jewellery through its 1300 square feet showroom at Mumbai (Maharashtra). DARWIN PHARMA: ICRA Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term rating of Darwin Pharma Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Darwin Pharma Pvt. Ltd. ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. The company was incorporated in the year 2009 by Mr. Devenini Venkata Kiran, Mr. China Venkata Ratnam and Mr. Rajashekhara Reddy for setting up an oral therapeutic manufacturing unit at Nuziveed, Krishna district of Andhra Pradesh. The project cost for establishing the unit is INR19.80 crore which will be part funded by the term loan of INR12.90 crore (not yet sanctioned) and remaining through equity. The manufacturing plant would have 2 lines and the combined capacity of 30,000 liters per day. HERO ELECTRIC: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Hero Electric Vehicles Private Limited Regd Office: 50, Okhla Industrial Estate, Phase III, New Delhi, Delhi, India, 110020 Principal Office: Plot No. 57 Udyog Vihar, Phase IV, Sector 18, Gurugram, Haryana, India 122018 Insolvency Commencement Date: December 20, 2024 Estimated date of closure of insolvency resolution process: June 18, 2025 Court: National Company Law Tribunal, New Delhi Bench-III Insolvency Professional: Bhoopesh Gupta 645A/ 533B, Janki Vihar Colony, Sector I, Prabhat Chauraha, Jankipuram, Lucknow, Uttar Pradesh -226031 Email: cabhoopesh@rediffmail.com 8/28, 3rd Floor, W.E.A, Abdul Aziz Road, Karol Bagh, New Delhi-110005 Email: cirp.hev@gmail.com Last date for submission of claims: January 6, 2025 JAIPRAKASH ASSOCIATES: NARCL Sole Bidder at INR12,000 crore ----------------------------------------------------------- The Hindu BusinessLines reports that state-owned National Asset Reconstruction Co Ltd (NARCL) has emerged as the sole bidder to take over the distressed debt that Jaiprakash Associates Ltd (JAL) owed to nearly 25 lenders with process advisor IDBI Capital Markets & Securities (ICMS) received no competing offers. NARCL's proposal was for a settlement at INR12,000 crore, with the offer including an upfront cash payment of 15 per cent and security receipts of 85 per cent. ICMS had extended the deadline by a week to January 14 to attract rival bids, but none materialised, making NARCL the preferred bidder for JAL, sources familiar with the matter, told Businessline. While over half-a-dozen asset reconstruction companies (ARCs) initially expressed interest in acquiring lenders' exposure to JAL on an all-cash basis, no firm offers were received to challenge the government-backed bad load aggregator. Jaiprakash Associates has admitted claims totalling INR52,073.79 crore under the Insolvency and Bankruptcy Code (IBC). JAL's resolution professional (RP) remained unavailable for comments, while the company in a stock market notification said the Eighth meeting of Committee of Creditors is scheduled on January 17 (Friday). According to one of the lenders, Swarup Kumar Saha, Managing Director & CEO of Punjab & Sind Bank, the resolution for JAL is likely to happen within this quarter (March 2025). "As a bank we are happy that the resolution is happening and we expect substantial recovery in this account. We are getting more than what we were anticipating," he said. He, however, declined to go into the exposure amount, Businessline relays. "Lenders are now reviewing NARCL's bid for the loan portfolio, with approvals awaited from their boards," Akshat Khetan, founder of AU Corporate Advisory and Legal Services, said indicating the possible direction of proceedings. Post NARCL entering into the fray, State Bank of India - JAL's lead lender - had invited counter-bids under the Swiss challenge auction. Sources said NARCL's offer was the reserve price for the auction. And counter-bids were invited on a full-cash basis including a mark-up of INR600 crore. So any entity submitting a counter-bid would actually need to place offers of INR12,600 crore or above, with the payment being made in cash. Some of the lenders with high exposure to the company include SBI with nearly INR15,500 crore, ICICI Bank - INR10,000-odd crore, IDBI Bank - INR8,700 crore, Axis Bank - INR3000 crore, among others. Other lenders include Punjab & Sind Bank, Standard Chartered, LIC, Indian Overseas Bank, etc, businessline discloses. Another lender, who refused to be identified, said the good aspect of NARCL is that "any future upside is also shared with banks. That is advantage for lenders to part-asset with NARCL," the person in the know said, adds businessline. About JAL Jaiprakash Associates Ltd (JAL) is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses. JAL was one of the leading cement manufacturers with an installed capacity of ~28 million tonnes per annum (mtpa) and under implementation capacity of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is also engaged in the construction business in the field of civil engineering, design and construction of hydro-power, river valley projects. JAL is also undertaking power generation, power transmission, real estate, road BOT, healthcare and fertilizer businesses through its various subsidiaries/SPVs. JAL featured in Reserve Bank of India's second list of at least 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC, claiming a default of more than INR16,000 crore. On June 3, 2024, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. SBI has also moved NCLT against JAL, claiming a total default of INR6,893.15 crore as of Sept. 15, 2022. LARIYA ART: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Lariya Art Palace Private Limited (LAPPL) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term Bank Loan Facility 1 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with LAPPL for obtaining information through letter and email dated December 9, 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 LAPPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on LAPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LAPPL continues to be 'CRISIL B/Stable Issuer not cooperating'. Incorporated in 2004, Jodhpur-based LAPPL manufactures and exports handcrafted furniture made of wood and wrought iron. Mr. Nayan Mehta and Mr. Rajendra Mehta are the promoters. LORD KRISHNA: CRISIL Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Lord Krishna Arcade Private Limited (LKAPL) continues to be 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.29 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with LKAPL for obtaining information through letter and email dated December 9, 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 LKAPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on LKAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LKAPL continues to be 'CRISIL B+/Stable Issuer not cooperating'. Established in October 2010 as a private limited company, LKAPL is currently developing residential projects in Kerala. The company is promoted by Mr. Vijay Hari and his family members. PAN INDIA: ICRA Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term ratings of Pan India Infraprojects Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 641.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 559.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Pan India Infraprojects Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Pan India Infraprojects Private Limited is a part of the Essel Group and functions as the nodal EPC agency for various projects undertaken by the Group. PIIPL is involved in sectors like road, power transmission, solar, waste management, water distribution, etc. EIL, the Essel Group's holding company in the infrastructure segment, bids and executes projects through project specific SPVs. These SPVs award the project management/execution contracts to PIIPL, who in turn subcontracts projects to various contractors. The company was incorporated in 2000 as Pan India Infrastructures Private Limited (Pan India), a wholly owned subsidiary of EIL, held entirely by Mr. Subhash Chandra and family. PIIPL was formed in FY2013 when the erstwhile Pan India was merged with a Group company, Essel Sports Private Limited (ESPL). Subsequently, PIIPL merged the operations of its wholly owned subsidiary, Essel Urban Infrastructures Private Limited (EUIPL), with itself in FY2014. PIIPL is currently held entirely by two entities that are directly or indirectly held by the Essel Group's promoters, Mr. Subhash Chandra and family. PARASMAL PAGARIYA: CRISIL Keeps B+ Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Parasmal Pagariya and Co (PPC) continue to be 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B+/Stable (Issuer Not Cooperating) Cash Credit 10 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with PPC for obtaining information through letter and email dated December 9, 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 PPC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PPC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PPC continues to be 'CRISIL B+/Stable Issuer not cooperating'. PPC was set up by Mr. Umesh Pagariya in 1994 as a proprietorship firm. PPC undertakes wholesale trading if food grains, spices, and edible oil. PPC is a part of Paragiya group. Paragiya group has been in the wholesale food grains, spices, and edible oil trading business from past 40 years in the state of Maharashtra. PRAMUKH EXIM: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Pramukh Exim Pvt. Ltd. (PEPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 10.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with PEPL. ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2009, Pramukh Exim Private Limited (PEPL) exports salt in various countries such as South Korea, Bangladesh, China, USA etc. Pramukh International was established as a proprietorship concern of Mr. Pushpendra Thakker in 2004. It was subsequently converted a closely held private limited company in the year 2009. Mr. Shambhu Humbal and Mr. Puspendra Thakkar are the key promoters of the company and are engaged in the day-to-day operation of the business. R. S. MOTORS: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating of R. S. Motors Pvt Ltd (RSM) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 30.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with RSM, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. RSM has been operating multiple passenger vehicle dealerships for Toyota for the last 15 years, and its promoters have been in the auto dealership business for over three decades. The company's first sales outlet commenced operations at Udaipur in 2001 and RSMPL currently has six 3S (sales, service and spares) outlets at Jaipur, Kota, Udaipur, Bhilwara and Chittorgarh in Rajasthan. RSMPL is a part of the Chandra Group of companies, consisting of multiple companies in the same line of business i.e., automobile dealership. REACON ENGINEERS: Liquidation Process Case Summary -------------------------------------------------- Debtor: Reacon Engineers (India) PVT LTD 227, Kamalalaya Centre, 156A Lenin Sarani, Kolkata, West Bengal, India, 700013 Liquidation Commencement Date: December 17, 2024 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Sanjeev JhunJhunwala Siddha Weston, 9 Weston Street, Suite No 134, Kolkata-700013 Email: sanjeevjhunjhunwala@gmail.com Last date for submission of claims: January 16, 2025 RUDRANEE INFRA: CRISIL Withdraws D Long/Short Term Loan Ratings --------------------------------------------------------------- CRISIL Ratings has withdrawn its ratings on the bank facilities of Rudranee Infrastructure Limited (Rudranee) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with CRISIL Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D/Issuer Not Cooperating (Withdrawn) Short Term Rating - CRISIL D/Issuer Not Cooperating (Withdrawn CRISIL Ratings has been consistently following up with Rudranee for obtaining information through letter and email dated April 19, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of Rudranee. This restricts CRISIL Ratings' ability to take a forward looking view on the credit quality of the entity. CRISIL Ratings believes that rating action on Rudranee is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, CRISIL Ratings has continued the ratings on the bank facilities of Rudranee to 'CRISIL D/CRISIL D Issuer not cooperating'. Rudranee was originally set up in 1993 as a partnership firm, which was reconstituted as a public limited company in 2007. On June 30, 2011, Supreme Infrastructure India Ltd bought 51 per cent of Rudranee's equity shares for INR180 million, thereby making Rudranee its subsidiary. The companyexecutes projects in the roads, irrigation, civil construction, and water management segments. S&J GRANULATE: ICRA Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the Non-Convertible Debenture of S&J Granulate Solutions (P) Ltd (SGSPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING." Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 5.00 [ICRA]D; ISSUER NOT COOPERATING; Debenture Rating Continues to remain under the 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SGSPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Business Incorporated in 2010, S&J Granulate Solutions Private Limited (SGSPL) is engaged in the business of recycling of used & worn out tyres. Post recycling of used tyres, three products are separated (rubber granules, steel wire and nylon fibre). The company imports used radial tyres mostly from Europe & Middle East; while the separated products post recycling are sold domestically to various players. The company's manufacturing facility is located at Vapi Silvassa road in Gujarat. SGSPL is promoted by Jiwarajka and Agarwal Family. SALASAR BALAJI: ICRA Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Salasar Balaji Cold Storage (SBCS) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.13 [ICRA]B (Stable); ISSUER NOT Fund Based COOPERATING; Rating Continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 5.60 [ICRA]B (Stable); ISSUER NOT Fund Based COOPERATING; Rating Continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SBCS, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Salasar Balaji Cold Storage (SBCS) was established in May, 2015 as a partnership firm. SBCS is involved in providing hitech cold storage facilities to potato farmers and potato processors on a rental basis. The firm started commercial operations in mid-February, 2016 and is located in Deesa, Gujarat, with a storage capacity for 161,000 bags of 50 kilogram (kg.) each. The firm is owned and managed by Mr. Motilal Jat and three other partners. SESHA SAI: ICRA Keeps B Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term ratings of Sesha Sai Cotton Company (SSCC) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]B (Stable); ISSUER NOT Fund Based COOPERATING; Rating Continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 6.00 [ICRA]B (Stable); ISSUER NOT Unallocated COOPERATING; Rating Continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SSCC, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Sesha Sai Cotton Company (SSCC) was established in the year 2001 as a proprietorship concern by Mr. Jampu Anjaneyulu who has an experience of around 20 years in the cotton Industry. The firm is engaged in ginning and pressing of cotton and has taken 12 ginning machines on lease from Jaya Mill and others. The firm pays INR2.50 to INR3.00 rupee per kg as ginning price for the machines being taken on lease and pressing of cotton bale is outsourced to contractors for INR 210-250 per bale. SSCC procures raw materials from farmers and also from traders located from Palnadu, Rajmundry, Ongole, Kadapa and Kurnool. SHETH SHIP: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Sheth Ship Breaking Corporation (SSBC) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/ [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 42.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with SSBC, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Sheth Ship Breaking Corporation (SSBC) was incorporated as a partnership firm in 1997 by Narendra Shah and other partners. The firm is engaged in the business of ship-breaking. The business operations are carried out from Bhavnagar and the shipbreaking activity is conducted at a plot leased by the Gujarat Maritime Board (GMB) in the Alang Ship Recycling Yard (ASRY). The Group Company Pioneer Globex Private limited is also involved in other related businesses like trading of iron ore fines and loose mill scales which has also turned into NPA and was assigned [ICRA]D in March 2017. SHIVALIK VYAPAAR: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shivalik Vyapaar Private Limited (SVPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL D (Issuer Not Cooperating) Proposed Long Term 18.96 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.67 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SVPL for obtaining information through letter and email dated December 9, 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 SVPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SVPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SVPL continues to be 'CRISIL D Issuer not cooperating'. Set up by Mr. Rajendra Agarwal in 2005, SVPL manufactures automotive and industrial batteries and valve-regulated lead-acid (VRLA) batteries. The company has a battery manufacturing facility in Sanwar (Madhya Pradesh). SHRINET AND SHANDILYA: ICRA Keeps C+ Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-term and Short Term rating of Shrinet and Shandilya Construction Private Limited (SSCPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]C+; ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 2.00 [ICRA]C+; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term/ 25.00 [ICRA]C+/[ICRA]A4 ISSUER NOT Short Term- COOPERATING; Rating continues to Non Fund remain under 'Issuer Not Based-Others Cooperating' category As part of its process and in accordance with its rating agreement with SSCPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Shrinet & Shandilya Construction Private Limited (SSCPL) was incorporated on July 10, 1998, and is involved in the infrastructure sector. The company undertakes Engineering, Procurement and Commissioning (EPC) contracts for installation of solar plants for various state-backed entities. The company has a team of well-qualified technical and engineering staff of around 15 people and hire site labourers on a contract basis. SHRIRAM SEPL: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Shriram SEPL Composites Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 0.80 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 0.20 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Long-term 7.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Short-term 3.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Shriram SEPL Composites Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Shriram SEPL Composites Private Limited, formed by Shriram EPC Limited and Strategic Engineering Private Limited, is involved in the design, manufacturing, supply and installation of GRP products such as pipes, fittings, tanks and cylinders. The company's manufacturing facility is located in Singaperumal Koil, Chennai, and has a capacity to produce 600 meters of 900mm diameter pipes per. SSCPL uses imported CNC filament winding machines to manufacture pipes of international standards like ASTM, AWWA, etc and has an in-house lab for quality inspection. SSCPL has received the ISO 9001-2008, ISO 14001-2004 & OHSAS 18001-2007 certifications. SOLGEN ENERGY: CRISIL Withdraws D Rating on INR3.5cr Loan --------------------------------------------------------- CRISIL Ratings has withdrawn its rating on the bank facilities of Solgen Energy Pvt Ltd (SEPL) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with CRISIL Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Letter of Credit 1.5 CRISIL D/Issuer Not Cooperating (Withdrawn) Working Capital Facility 3.5 CRISIL D/Issuer Not Cooperating (Withdrawn) CRISIL Ratings has been consistently following up with SEPL for obtaining information through letter and email dated December 23, 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 SEPL. This restricts CRISIL Ratings' ability to take a forward looking view on the credit quality of the entity. CRISIL Ratings believes that rating action on SEPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL Ratings has migrated the ratings on the bank facilities of SEPL to 'CRISIL D/CRISIL D Issuer not cooperating'. It is engaged in manufacturing and assembling services of solar photovoltaic module (PV) panels, roof top installations, solar street lighting, solar water pumps, home lighting systems and solar lanterns. SOUTHERN PHARMA: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Southern Pharma India Private Limited (SPIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Long Term Bank 15 CRISIL D (Issuer Not Facility Cooperating) CRISIL Ratings has been consistently following up with SPIPL for obtaining information through letter and email dated December 9, 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 SPIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SPIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SPIPL continues to be 'CRISIL D Issuer not cooperating'. SPIPL was incorporated on April 22, 2015. The company manufactures active pharmaceutical ingredients at its facility in Atchutapuram, near Visakhapatnam, Andhra Pradesh. SREE BAJRANG: Liquidation Process Case Summary ---------------------------------------------- Debtor: Sree Bajrang Infracon Private Limited Gyankonika Apartment, IInd Block 4-C, Basisthapur, Bye Lane3, Kamrup, Guwahati, Assam 781028 Liquidation Commencement Date: December 20, 2024 Court: National Company Law Tribunal, Guwahati Bench Liquidator: CA Purshotam Gaggar P Gaggar & Associates Chartered Accountants Advika, 3rd Floor Opp Ferry Ghat M.G. Road, Pan Bazar Guwahati, Assam - 781001 Email: purshotamgaggar@hotmail.com Email: liq.sbipl@gmail.com Last date for submission of claims: January 19, 2025 SUMADHURA INFRACON: ICRA Withdraws B+ Rating on INR305cr LT Loan ---------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Sumadhura Infracon Private Limited, at the request of the company and based on the No Due Certificate/Closure Certificate received from its lenders. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 305.00 [ICRA]B+ (Stable); ISSUER NOT Fund Based COOPERATING; Withdrawn Cash Credit Sumadhura Infracon Private Limited (SIPL) was formed in the year 2012 and is the flagship entity of Sumadhura Group involved in real estate development. Mr. G Madhushudhan, holds 58% share in the companywhile the balance is held by his family members. The company is primarily involved in residential real estate development and is currently executing six projects with a total saleable area of 4.34 msft (company's share of 3.11 msft) in Bengaluru and Hyderabad. It has plans to launch five projects a total saleable area of 6.7 msft (company's share of 5.9 msft) in next two-three fiscals. The company is present primarily in the residential real estate segment, and has a track record of over 16 years in the sector. Recently the group has ventured into the commercial office space segment, currently developing 1.2 msf of commercial space in Bangalore. TAXUS INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Taxus Infrastructure and Power Projects Private Limited (TIPPPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Letter Of Guarantee 15 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with TIPPPL for obtaining information through letter and email dated December 9, 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 TIPPPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on TIPPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TIPPPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. TIPPPL, established in 2009, executes turnkey projects for automatic power factor control panels and trades in electrical equipment. In 2011-12 (refers to financial year, April 1 to March 31), it started setting up a 5-megawatt solar power plant in Gujarat, which became operational in April 2013. =============== M A L A Y S I A =============== 1MDB: Najib Says He Was Using Jho Low's International Connections ----------------------------------------------------------------- The Edge Malaysia reports that former prime minister Datuk Seri Najib Razak said that he was using Low Taek Jho (Jho Low) for his international connections, and denied that the now-fugitive was carrying out his bidding to misappropriate funds from troubled 1Malaysia Development Bhd (1MDB). Testifying in his defence in the ongoing 1MDB-Tanore trial, Najib also said that he had confronted Jho Low following news reports on Jho Low's lavish partying and luxury purchases, but it was brushed aside, the Edge relays. During cross-examination on Jan. 16, deputy public prosecutor Mohamad Mustaffa P Kunyalam highlighted a few news articles, including about Jho Low on a yacht with hotel heiresses Paris and Nicky Hilton, and also an Edge article in 2015 on Jho Low's luxury portfolio. The Edge relates that Najib, 71, said that he was not aware of the news article in 2015, but there were rumours about Jho Low's purchases abroad. The now-imprisoned former finance minister said that he confronted Jho Low about his lavish lifestyle, but did not get a straight answer. "I asked him where did you get all this? Jho Low only replied he was doing it for [Emirati Prince] Sheikh Mansour bin Zayed Al Nahyan. "Yes, I confronted him. He was 'doing it for Sheikh Mansour', he repeated several times. "I was uncomfortable over reports of his rather ostentatious lifestyle. I was uneasy with his lifestyle; it was not something I would approve of," the ex-PM said. Sheikh Mansour is well known as the owner of the Manchester City football club. He was also the chairman of the International Petroleum Investment Company (IPIC). When asked why Najib did not investigate the source of Jho Low's monies, he said that it was an issue involving a foreign government and didn't probe further, according to the Edge. On the stand on Jan. 16, the ex-PM repeated that he first met Jho Low while he was still the deputy prime minister, and that Jho Low's brother and Najib's stepson, Riza Aziz, knew each other before. He said that Jho Low was known to his family, and didn't deny that the now-fugitive was at his offices and his private residence "from time to time". "Yes, he came from time to time. Members of my family [knew him] because he was quite close, especially to Riza. There was nothing wrong with it. There were times he came, but not to say he was there all the time, takde la," he said. The Edge says Najib was also asked about Jho Low's presence at a meeting with Goldman Sachs personnel, including the investment bank's former chief executive officer Lloyd Blankfein, in 2009. Najib said that he didn't invite Jho Low to the meeting, nor did Jho Low participate in the New York meeting. "I didn't invite Jho Low. He was there because a lot of people want to be seen with the PM. "A lot of people [who came to events were] not invited by me [but] they would be there. A lot of people wanted to be seen with the PM. Even now, people love to be seen with the PM," he said. It is the prosecution's case that Jho Low worked as Najib's mirror image in plundering the strategic development firm's monies. The defence has denied this. In this trial, Najib faces four abuse of power and 21 money-laundering charges. The trial before presiding judge Datuk Collin Lawrence Sequerah continues. About 1MDB Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent Malaysian strategic development company, wholly owned by the Malaysian Minister of Finance. 1MDB was established in 2009 to foster long-term economic development for the country by forging global partnerships, particularly in energy, real estate, tourism, and agribusiness. The Company was founded shortly after Dato Sri Najib Razak became Prime Minister of Malaysia in July 2009. Najib said the establishment of 1MDB into a federal entity was to benefit a majority of Malaysians. 1MDB is said to have raised billions of dollars in bonds, for investment projects and joint ventures, between 2009 and 2013. Among those projects are the Tun Razak Exchange, Tun Razak Exchange's sister project Bandar Malaysia, and the acquisition of three independent power producers. The Company came into heavy scrutiny in 2015 for suspicious money transactions and evidence pointing to money laundering, fraud and theft. The corruption scandal in 1MDB has implicated high-level officials, including Prime Minister Najib Razak, as wells as banks and financial institutions around the world. In 2016, the U.S. Department of Justice filed a lawsuit, alleging that at least US$3.5 billion has been stolen from 1MDB. In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be US$7.8 billion. Malaysia has been filing lawsuits over the years in an effort to recover the missing billions of dollars. Among others, in May 2021, Malaysia filed 22 civil suits against entities and people involved in the corruption scandal, including units of Deutsche Bank and JP Morgan. Malaysia said in September 2020 it has so far recovered about US$3.24 billion in assets linked to the 1MDB matter. This amount includes about US$600 million cash and assets returned by U.S. authorities; about US$2.5 billion paid by Goldman Sachs as settlement; as well as US$780 million in settlement amounts from Malaysian banking group AmBank and audit firm Deloitte. ===================== N E W Z E A L A N D ===================== BRUSCO LIMITED: BDO Tauranga Appointed as Liquidators ----------------------------------------------------- Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on Dec. 20, 2024, were appointed as liquidators of Brusco Limited. The liquidators may be reached at: C/- BDO Tauranga Limited Level 1, The Hub 525 Cameron Road PO Box 15660 Tauranga 3144 DEV CO: Creditors' Proofs of Debt Due on Jan. 24 ------------------------------------------------ Creditors of Dev Co 2018 Limited and Winland Limited are required to file their proofs of debt by Jan. 24, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 20, 2024. The company's liquidator is: Victoria Toon Corporate Restructuring PO Box 10100 Dominion Road Auckland 1446 E10 LIMITED: Court to Hear Wind-Up Petition on Feb. 10 ------------------------------------------------------ A petition to wind up the operations of E10 Limited will be heard before the High Court at Hamilton on Feb. 10, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Dec. 6, 2024. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton JONDEE LIMITED: Court to Hear Wind-Up Petition on Feb. 13 --------------------------------------------------------- A petition to wind up the operations of Jondee Limited will be heard before the High Court at Invercargill on Feb. 13, 2025, at 11:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Oct. 18, 2024. The Petitioner's solicitor is: Gabrielle McGillivray Inland Revenue, Legal Services PO Box 1782 Christchurch 8140 LAND & BEE'S: Waterstone Insolvency Appointed as Receivers ---------------------------------------------------------- Damien Grant and Adam Botterill of Waterstone Insolvency on Jan. 15 2025, were appointed as receivers and managers of Land & Bee's Limited. The receivers and managers may be reached at: Waterstone Insolvency PO Box 352 Auckland 1140 =============== P A K I S T A N =============== PAKISTAN: Makes 10-Year Plan for US$20BB in Funding with World Bank ------------------------------------------------------------------- Reuters reports that Pakistan's prime minister on Jan. 15 welcomed a first-of-its-kind agreement with the World Bank for a plan to focus $20 billion in lending to the cash-strapped nation over the coming decade on development issues like the impact of climate change as well as boosting private-sector growth. According to Reuters, Prime Minister Shehbaz Sharif said in a post on social media platform X that a new plan known as the Country Partnership Framework announced by the World Bank overnight would focus the global institution's pledge of $20 billion in areas including clean energy and climate resilience in the ten years from 2026. Reuters relates that the World Bank said in a statement that policy and institutional reforms to boost private sector growth and expand fiscal space for government investment in crucial areas would also be key. "We are focused on prioritising investment and advisory interventions that will help crowd-in much needed private investment in sectors critical for Pakistan's sustainable growth and job creation, including energy and water, agriculture, access to finance, manufacturing and digital infrastructure," Reuters quotes Zeeshan Sheikh, the World Bank's International Finance Corporation Country Manager for Pakistan and Afghanistan, as saying in a statement. The World Bank has currently committed about $17 billion to Pakistan for 106 projects, Reuters notes. Reuters says the country has teetered on the brink of economic crisis for several years and economists and international financial institutions have called for major economic reforms. Pakistan is currently under a $7 billion International Monetary Fund bailout program, which requires the country to boost government revenues and shore up external sources of financing, much of which comes from loans from China and Gulf nations, adds Reuters. About Pakistan Pakistan is a country located in South Asia. It has a coastline along the Arabia Sea and the Gulf of Oman and is bordered by Afghanistan, China, India, and Iran. Pakistan's capital is Islamabad. In late August 2024, Moody's Ratings upgraded the Government of Pakistan's local and foreign currency issuer and senior unsecured debt ratings to Caa2 from Caa3. Concurrently, the outlook for Government of Pakistan is changed to positive from stable. In July 2024, S&P Global Ratings affirmed its 'CCC+' long-term sovereign credit rating and 'C' short-term rating on Pakistan. The outlook on the long-term rating is stable. In August 2024, Fitch Ratings upgraded Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. ================= S I N G A P O R E ================= ADVANCED TECH: Commences Wind-Up Proceedings -------------------------------------------- Members of Advanced Tech Integration Pte. Ltd. on Jan. 6, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Goh Wee Teck Lin Yueh Hung 8 Wilkie Road #03-08, Wilkie Edge Singapore 228095 KAI LI: Creditors' Meeting Scheduled for Jan. 21 ------------------------------------------------ Kai Li Trading Pte. Ltd. will hold a meeting for its creditors on Jan. 21, 2025, at 2:00 p.m., via electronic means. Agenda of the meeting includes: a. to present a Statement of the Company's affairs showing in respect of assets the method and manner in which the valuation of the assets was arrived at, together with a list of the creditors and the estimated amount of the claims; b. to consider the nomination of the Liquidators for the Company and the appointment of Mr. Lam Zi Yang and Mr. Tan Jun Zhang, Solomon as Joint and Several Liquidators of the Company; c. to consider the appointment of a Committee of Inspection pursuant to Section 169(1) of the Insolvency, Restructuring and Dissolution Act 2018 (Act 40 of 2018); and d. to consider any other matter which may properly be brought before the meeting. RIVERSIDE ASIA: Creditors' Proofs of Debt Due on Feb. 14 -------------------------------------------------------- Creditors of Riverside Asia Partners Pte. Ltd. and Riverside Asia Pacific Fund II Pte. Ltd. are required to file their proofs of debt by Feb. 14, 2025, to be included in the company's dividend distribution. The companies commenced wind-up proceedings on Jan. 8, 2025. The companies' liquidators are: Toh Ai Ling Chan Kwong Shing, Adrian Tan Yen Chiaw c/o 12 Marina View #15-01 Asia Square Tower 2 Singapore 018961 RPV PROPERTIES: Creditors' Proofs of Debt Due on Feb. 13 -------------------------------------------------------- Creditors of RPV Properties Pte. Ltd. are required to file their proofs of debt by Feb. 13, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 10, 2025. The company's liquidator is: Lee Chong Xiang 26 Eng Hoon Street Singapore 169776 TDI APJ SINGAPORE: Creditors' Meeting Set for Feb. 6 ---------------------------------------------------- Tdi Apj Singapore Pte. Ltd. will hold a meeting for its creditors on Feb. 6, 2025, at 10:30 a.m., via video conference. Agenda of the meeting includes: a. to receive a statement of the Company's affairs together with a list of creditors and the estimated amounts of their claims; b. to confirm the appointment of liquidators; c. to appoint a committee of inspection of not more than 5 members, if thought fit; and d. any other business =========== T A I W A N =========== SEMILEDS CORP: Posts $547K Net Loss for Quarter Ended Nov. 2024 --------------------------------------------------------------- SemiLEDs Corp. filed a Form 10-Q with the U.S. Securities and Exchange Commission disclosing $547,000 in net loss over $1,261,000 in net revenue for the three months ended November 30, 2024, compared to $596,000 in net loss over $1,650,000 in net revenue for the three months ended November 30, 2023. The Company also disclosed $10,400,000 in total assets, $8,820,000 in total liabilities, and $1,580,000 in total equity at November 30, 2024. Going Concern The accompanying unaudited interim condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent on, among other things, the Company's ability to operate profitably, to generate cash flows from operations, and to pursue financing arrangements to support its working capital requirements. The Company suffered losses from operations of $2.9 million and $3.4 million and used net cash in operating activities of $365 thousand and $984 thousand for the years ended August 31, 2024 and 2023, respectively. These facts and conditions raise substantial doubt about the Company's ability to continue as a going concern. On November 30, 2024, the Company's cash and cash equivalents had decreased to $1.2 million compared to $2.3 million on November 30, 2023. Further, loss from operations for the three months ended November 30, 2024 and 2023 was $657 thousand and $819 thousand, respectively. Management believes that it has developed a liquidity plan, as summarized below, that, if executed successfully, should provide sufficient liquidity to meet the Company's obligations as they become due for a reasonable period of time, and allow the development of its core business. The plan includes: * Gaining positive cash-inflow from operating activities through continuous cost reductions and the sales of new higher margin products. Steady growth of module products and the continued commercial sales of its UV LED product are expected to improve the Company's future gross margin, operating results and cash flows. The Company is targeting niche markets and focusing on product enhancement and developing its LED product into many other applications or devices. * Continuing to monitor prices, work with current and potential vendors to decrease costs and, consistent with its existing contractual commitments, possibly decrease its activity level and capital expenditures further. This plan reflects its strategy of controlling capital costs and maintaining financial flexibility. * Raising additional cash through potential equity offerings, sales of assets and/or issuance of debt as considered necessary and looking at other potential business opportunities. While the Company's management believes that the measures described in the above liquidity plan will be adequate to satisfy its liquidity requirements for the twelve months after the date that the financial statements are issued, there is no assurance that the liquidity plan will be successfully implemented. Failure to successfully implement the liquidity plan may have a material adverse effect on its business, results of operations and financial position, and may adversely affect its ability to continue as a going concern. These unaudited interim condensed consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Company be unable to continue as a going concern. A full-text copy of the Form 10-Q is available at https://urlcurt.com/u?l=5DMJJr About SemiLEDs Headquartered in Miao-Li County, Taiwan, R.O.C., SemiLEDs -- http://www.semileds.com-- develops, manufactures and sells light emitting diode (LED) chips, LED components, LED modules and systems. The Company's products are used for general specialty industrial applications, including ultraviolet, or UV, curing of polymers, LED light therapy in medical/cosmetic applications, counterfeit detection, LED lighting for horticulture applications, architectural lighting and entertainment lighting. ********* 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 2025. 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 ***