/raid1/www/Hosts/bankrupt/TCRAP_Public/250130.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
Thursday, January 30, 2025, Vol. 28, No. 22
Headlines
A U S T R A L I A
CLARKE HOMES: First Creditors' Meeting Set for Feb. 5
DL GYMPIE: Second Creditors' Meeting Set for Feb. 6
ELLIOTT'S GUNBOWER: Second Creditors' Meeting Set for Feb. 5
MOSAIC BRANDS: To Shut Millers, Noni B Stores; 900 Jobs to Go
PLAYTIME GROUP: First Creditors' Meeting Set for Feb. 6
STAR ENTERTAINMENT: To Divest Star Sydney Event Centre Assets
WESLEY PERSONNEL: First Creditors' Meeting Set for Feb. 6
C H I N A
CHINA SOUTH CITY: Faces Winding-Up Petition Over US$3.06BB Debt
CHINA VANKE: Issues Profit Warning with Expected Loss of CNY45BB
LOGAN GROUP: Creditors Holding 66% Debt Agree to Overhaul Plan
MERCURITY FINTECH: Closes US$8-Mil. Offering With Non-U.S. Investor
SUNAC CHINA: Completes Debt Restructuring on Beijing Project
ZW DATA: Signs Latest Securities Purchase Deals Totaling $500,220
H O N G K O N G
CLERMONT MEDIA: Li Sells Personal Interest in HKEJ Publisher
I N D I A
AMIT IRON: CARE Keeps D Debt Rating in Not Cooperating Category
AMUL FEED: CARE Keeps D Debt Rating in Not Cooperating Category
ASIAN HOTELS: CRISIL Keeps D Debt Ratings in Not Cooperating
C. P. SPONGE: CARE Keeps D Debt Rating in Not Cooperating Category
CAMPUS STUDENT: CRISIL Keeps D Debt Rating in Not Cooperating
CINEVISTA LIMITED: CRISIL Keeps B+ Ratings in Not Cooperating
DEEP TIMBERS: CARE Keeps D Debt Ratings in Not Cooperating
DEEPAK FASTENERS: CRISIL Withdraws D Rating on INR390cr NCDs
ETCO DENIM: CARE Keeps D Debt Ratings in Not Cooperating Category
ETCO INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
GUTSINESS HOSPITALITY: Insolvency Resolution Process Case Summary
HARI OM: CRISIL Keeps D Debt Rating in Not Cooperating Category
HARIOM COTGIN: CRISIL Keeps D Debt Rating in Not Cooperating
HY LINK: CRISIL Keeps B- Debt Ratings in Not Cooperating Category
INCARNUS TECHNOLOGIES: Voluntary Liquidation Process Case Summary
JAMPANA PADMAVATHI: CRISIL Keeps D Ratings in Not Cooperating
KATARIA CONSTRUCTIONS: CRISIL Keeps B+ Ratings in Not Cooperating
M G F MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
MEGHA GUM: CRISIL Keeps D Debt Ratings in Not Cooperating
MIDAS PETROCHEM: Insolvency Resolution Process Case Summary
MILLENNIUM BUSINESS: CRISIL Keeps D Ratings in Not Cooperating
MILROC GOOD: CRISIL Keeps B Debt Ratings in Not Cooperating
MIRAZ MARINE: CRISIL Keeps C Debt Rating in Not Cooperating
SADBHAV UDAIPUR: CARE Keeps D Debt Rating in Not Cooperating
SADBHAV VIDARBHA: CARE Keeps D Debt Rating in Not Cooperating
STERLING OIL: CARE Keeps D Debt Rating in Not Cooperating Category
TIRUPATI EXPORT: CARE Keeps C Debt Rating in Not Cooperating
VARDHMAN INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
WADHAWAN GLOBAL: CARE Keeps D Debt Ratings in Not Cooperating
N E W Z E A L A N D
MOZAIK HAMILTON: Court to Hear Wind-Up Petition on Feb. 5
OLIVADO LIMITED: First Creditors' Meeting Set for Feb. 5
OMAHU COMMERCIALS: Waterstone Insolvency Appointed as Receivers
ORIGIN CORPORATION: Another NZD3 Million Now Owing From Collapse
RAMS LOGISTICS: Court to Hear Wind-Up Petition on Feb. 5
TREE PRO: Court to Hear Wind-Up Petition on Feb. 5
S I N G A P O R E
BIOFUEL RESEARCH: First Creditors' Meeting Set for Feb. 7
BLUE HORSE: Court to Hear Wind-Up Petition on Feb. 7
INDOSURYA INTI: Court to Hear Wind-Up Petition on Feb. 7
MAXEON SOLAR: Changes Fiscal Year-End to December 31
UNIQUE TOURIST: Creditors' Proofs of Debt Due on Feb. 24
WILMAR-ELEVANCE 1: Creditors' Proofs of Debt Due on Feb. 25
S R I L A N K A
SRI LANKA: Cenbank Holds Key Policy Rate Steady as Budget Looms
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A U S T R A L I A
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CLARKE HOMES: First Creditors' Meeting Set for Feb. 5
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A first meeting of the creditors in the proceedings of Clarke Homes
Pty Ltd will be held on Feb. 5, 2025 at 10:00 a.m. at the offices
of Kooindah 3 Function Room at Mercure Kooindah Waters 40 Kooindah
Boulevard in Wyong NSW 2259 and via virtual meeting technology.
Jason Porter of SV Partners was appointed as administrator of the
company on Jan. 24, 2025.
DL GYMPIE: Second Creditors' Meeting Set for Feb. 6
---------------------------------------------------
A second meeting of creditors in the proceedings of DL Gympie Pty
Ltd has been set for Feb. 6, 2025 at 10:00 a.m. at the offices of
Mcleods Accounting at Level 5, 145 Eagle Street in Brisbane.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 5, 2025 at 4:00 p.m.
Jonathan Mcleod and Bill Karageozis of Mcleods Accounting were
appointed as administrators of the company on Dec. 20, 2024.
ELLIOTT'S GUNBOWER: Second Creditors' Meeting Set for Feb. 5
------------------------------------------------------------
A second meeting of creditors in the proceedings of Elliott's
Gunbower Pty Ltd has been set for Feb. 5, 2025 at 11:00 a.m.
virtually via Zoom.
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 Feb. 4, 2025 at 5:00 p.m.
Nathan Lee Deppeler and Matthew Jess of Worrells Solvency &
Forensic Accountants were appointed as administrators of the
company on Dec. 19, 2024.
MOSAIC BRANDS: To Shut Millers, Noni B Stores; 900 Jobs to Go
-------------------------------------------------------------
The Sydney Morning Herald reports that managers for embattled
fashion retailer Mosaic Brands were unable to find a buyer for the
budget clothing business, which will see remaining brands Noni B
and Millers shut down, resulting in the closure of 252 stores and
933 job losses.
It comes after the announcement last week that 136 Rivers stores
and 80 Katies stores -- which were also part of Mosaic Brands --
will be shut nationwide.
According to the Herald, receivers and managers for the failed
retailer from KPMG made the announcement on Jan. 29 on behalf of
Mosaic, which once counted almost 3000 employees and 700 stores
across Australia.
"Despite the best efforts of all parties, we have been unable to
achieve a sale of any of the brands within the Mosaic portfolio,"
the report quotes KPMG partner David Hardy as saying. "As a result,
all stores in the Mosaic Brands Group will be wound down over the
coming months. We expect all stores will be closed by mid-April."
The exact timing of individual store closures will vary and is
dependent on stock levels and sell through, the report adds.
About Mosaic Brands
Based in Rosebery, Australia, Mosaic Brands Limited (ASX:MOZ) --
https://www.mosaicbrandslimited.com.au/ -- engages in the retail of
women's apparel and accessories in Australia and New Zealand. The
company sells its products under the Millers, Rockmans, Noni B,
Rivers, Katies, Autograph, W. Lane, Crossroads, beme, and Ezibuy
brand names. It operates through a network of 804 stores and online
digital department platforms. The company was formerly known as
Noni B Limited and changed its name to Mosaic Brands Limited in
November 2019.
David Hardy, Gayle Dickerson, Ryan Eagle and Amanda Coneyworth were
appointed Receivers and Managers to the assets and undertakings of
the Mosaic Brands Group entities on Oct. 28, 2024.
Mosaic Brands entities are:
- Mosaic Brands Limited
- Noni B Holdings Pty Limited
- W.Lane Pty Ltd
- Pretty Girl Fashion Group Pty. Ltd.
- Pretty Girl Fashion Group Holdings Pty Ltd
- Noni B Holdings 2 Pty Ltd
- Rivers Retail Holdings Pty Ltd
- Crossroads Retail Pty Ltd
- Katies Retail Pty Ltd
- Autograph Retail Pty Ltd
- Millers Retail Pty Ltd
- Noni B HoldCo Pty Ltd
- Ezibuy Pty. Limited
The Receivers' appointment follows the appointment of Vaughan
Strawbridge, Kate Warwick, Kathryn Evans and David McGrath of FTI
Consulting as Voluntary Administrators to the Mosaic Brands Group
on Oct. 28, 2024.
PLAYTIME GROUP: First Creditors' Meeting Set for Feb. 6
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A first meeting of the creditors in the proceedings of The Playtime
Group Pty Ltd will be held on Feb. 6, 2025 at 12:00 p.m. via Zoom
teleconference facility at the Offices of Mackay Goodwin, Level 12,
20 Bridge St in Sydney.
Grahame Ward and Mitchell Ball of Mackay Goodwin were appointed as
administrators of the company on Jan. 24, 2025.
STAR ENTERTAINMENT: To Divest Star Sydney Event Centre Assets
-------------------------------------------------------------
Reuters reports that Star Entertainment said on Jan. 29 it would
divest its Star Sydney Event Centre assets to theatre owner and
operator Foundation Theatres for AUD60 million (US$37.51 million)
as the casino operator undergoes a cash and liquidity crunch.
Star's unit, The Star Entertainment Sydney Properties, has entered
an exclusivity arrangement and binding term sheet setting out key
conditions for the divestment, the company said in a statement.
The divestment includes The Star Sydney Event Centre and other
additional spaces within The Star Sydney complex.
"We continue to work on a number of other potential non-core asset
transactions," Reuters quotes Chief Executive Steve McCann as
saying.
According to Reuters, the move comes as the embattled casino
operator raised concerns about liquidity and cash earlier this
month, having only AUD79 million in available cash at the end of
the December quarter.
Star has been in the eye of the perfect storm, which has hit
Australian casino operators, leading to multiple regulatory
enquiries, casino closures and top executives departures, Reuters
says.
"While it isn't enough to revive the company, it is a welcome start
on the journey to rebuilding," said Grady Wulff, a market analyst
at Bell Direct. "The entertainment assets that have been sold will
bring a busy schedule of entertainment to Star's Sydney operations
which, in turn, drives traffic to the company's casino as a
secondary benefit to the sale of these assets."
The Event Centre and additional spaces will be converted into new
venues to host theatre, live entertainment and contemporary music
in Sydney, Foundation Theatres said in a separate statement,
Reuters relays.
Foundation Theatres has been granted planning approval for
conversion of the Event Centre into a 1550-seat Broadway-style
theatre, it added.
About Star Entertainment
The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.
The Star Entertainment Group posted three consecutive annual net
losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for
the years ended June 30, 2022, 2023, and 2024, respectively.
As reported in the the Troubled Company Reporter-Asia Pacific on
Jan. 21, 2025, Star Entertainment has warned that it faces
"material uncertainty" over its ability to stay afloat unless it
finds a solution to its worsening financial woes.
In a quarterly update to investors on Jan. 20, ASX-listed Star said
its revenue had fallen 15 per cent in the December quarter, citing
ongoing weakness in its operating performanc. It pointed to a
"challenging" consumer environment, the impact of carded play in
NSW, and expenses caused by a series of regulatory and compliance
problems.
According to The Sydney Morning Herald, the Star reiterated that it
had AUD78 million left in cash - after previously indicating
earlier in the month that it is burning through about AUD35 million
a month - which prompted Morningstar's analyst to warn the company
may not survive until its results in late February.
As it fights for survival, Star said it was continuing discussions
to attempt to deal with the crunch on its finances, but there was
no guarantee it would be able to reach a deal to resolve its
situation, the Herald relayed. It acknowledged the uncertainty over
its ability to continue operating if the negotiations were
unsuccessful.
WESLEY PERSONNEL: First Creditors' Meeting Set for Feb. 6
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Wesley
Personnel Pty Ltd will be held on Feb. 6, 2025 at 11:00 a.m. at the
offices of SV Partners Perth at Level 8, 68 St Georges Terrace in
Perth.
Malcolm Field of SV Partners was appointed as administrator of the
company on Jan. 24, 2025.
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C H I N A
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CHINA SOUTH CITY: Faces Winding-Up Petition Over US$3.06BB Debt
---------------------------------------------------------------
The Standard reports that China South City announced that Citicorp
International filed a winding-up petition in the High Court of Hong
Kong over US$3.06 billion (HK$23.87 billion) in debt linked to its
notes due April 2024. The first hearing is set for April 2.
Following the news, China South City's stock opened over 2 percent
lower on Jan. 28 and plunged nearly 13 percent at one point,
hitting a low of HK$0.143 apiece, The Standard discloses.
The Standard relates that the developer said it will oppose the
petition, seek legal advice, and continue working on an offshore
debt restructuring plan.
China South City Holdings Limited is principally engaged in
property development. The Company operates its business through
five segments. The Property Development segment is engaged in the
development of integrated logistics and trade centers, residential
and commercial ancillary facilities. The Property Investment
segment is engaged in the investment in integrated logistics and
trade centers, residential and commercial ancillary facilities. The
Property Management segment is engaged in the management of the
Company's developed properties. The E-commerce segment is engaged
in the development, operations and maintenance of an E-commerce
platform. The Others segment is engaged in the provision of
advertising, exhibition, logistics and warehousing services, outlet
operations and other services.
CHINA VANKE: Issues Profit Warning with Expected Loss of CNY45BB
----------------------------------------------------------------
Yicai Global reports that on Jan. 27 China Vanke projected a net
loss of approximately CNY45 billion (US$6.2 billion) for 2024,
driven by a continuous market downturn and lower-than-expected
sales and profit margins. Compared to a net profit of about CNY12.1
billion in 2023.
Amid this financial turmoil, Chairman Yu Liang and CEO Zhu Jiusheng
have resigned. But Yu retains the position as director of the
board.
In its filing to the Hong Kong Stock Exchange, Vanke expressed deep
regret over its performance and outlined plans for business
reformation and risk mitigation, Yicai relates. The company
achieved the delivery of over 180,000 houses and reported sales of
CNY246.02 billion, placing it at the top of the industry in sales
area. It also realized a contract amount from bulk transactions of
CNY25.9 billion and recovered over CNY10 billion in cash through
stock revitalization efforts.
Amid these changes, the Guangdong and Shenzhen governments, along
with financial institutions, have pledged full support to Vanke,
according to local news outlet Shenzhen Special Zone Daily, Yicai
relays. A senior official from the Shenzhen State-owned Assets
Supervision and Administration Commission stated that they have the
capacity to assist Vanke's development through various
market-oriented and legal means. Shenzhen plans to coordinate
assets and resources to enhance liquidity and gradually reduce
asset-liability ratios, reinforcing its role as Vanke's largest
shareholder.
Looking ahead, Vanke added it believes the real estate market is
stabilizing and aims to accelerate risk mitigation efforts while
focusing on its core businesses to achieve a healthier and more
sustainable development path in 2025, adds Yicai.
About China Vanke
China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.
As reported in the Troubled Company Reporter-Asia Pacific on Jan.
22, 2025, S&P Global Ratings lowered its long-term issuer credit
rating on China Vanke Co. Ltd. by two notches to 'B-' from 'B+' 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'. S&P placed all these ratings on CreditWatch
with negative implications.
The TCR-AP on Jan. 28, 2025, reported that Fitch Ratings has
downgraded Chinese homebuilder China Vanke Co., Ltd.'s Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'B-',
from 'B+'. Fitch has also downgraded the Long-Term IDR on China
Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong)
Company Ltd (Vanke HK), to 'CCC+', from 'B', and its senior
unsecured rating and the rating on its outstanding senior notes to
'CCC+', from 'B', with a Recovery Rating of 'RR4'. The ratings are
on Rating Watch Negative (RWN).
The downgrade reflects a deterioration in China Vanke's sales and
cash generation, which is eroding its liquidity buffer against
large capital market debt maturities in 2025.
LOGAN GROUP: Creditors Holding 66% Debt Agree to Overhaul Plan
--------------------------------------------------------------
Bloomberg News reports that Logan Group said creditors holding over
66 per cent of the group's US$6.2 billion offshore debt have signed
an agreement in support of its restructuring plan, a key progress
in its years-long overhaul talk.
Bloomberg relates that the Shenzhen-based homeseller said that
other creditors holding over 12 per cent of debt have indicated
support, but required more time to complete their internal approval
processes due to the Chinese New Year holiday, according to a Hong
Kong Stock Exchange filing late on Jan. 27. The early-bird deadline
has been extended to Feb. 12, the filing showed.
If Logan is able to obtain such approvals, the company’s support
level for the debt plan will surpass 78 per cent, meeting the
minimum threshold of 75 per cent required for the execution of a
restructuring arrangement in Hong Kong, Bloomberg relays.
That would bring the tussle between Logan, which has more than 150
residential developments in China, and its creditors one step
closer towards the finishing line, Bloomberg notes. The builder's
restructuring process has stretched over several years, marked by
periods of progress as well as setbacks.
Logan, once the nation's 20th-biggest builder by sales, updated its
restructuring plan earlier this month, according to Bloomberg. The
amount of debt eligible for cash payouts to creditors has been
reduced to a cap of US$787 million, from US$1.3 billion announced
in January 2024.
Logan won support from a group of bondholders on the debt
restructuring plan in January, after some negotiation. Prices of
the company's greenback bonds are trading at distressed levels,
below 10 cents on the dollar, according to Bloomberg data.
About Logan Group
Headquartered in Shenzhen, Guangdong, China, Logan Group Co Ltd is
a property developer. It develops and sells residential properties
and retail shops. The company also leases office units and retail
shops; and carries out construction works of office premises and
residential buildings for its external customers.
As reported in the Troubled Company Reporter-Asia Pacific on April
21, 2022, Fitch Ratings has withdrawn Logan Group Company Limited's
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
of 'CCC'. Fitch has also withdrawn the senior unsecured rating and
the rating on Logan's outstanding US dollar senior notes of 'CCC',
with a Recovery Rating of 'RR4'. The 'CC' rating, with a Recovery
Rating of 'RR6', on Logan's subordinated perpetual capital
securities has also been withdrawn.
Fitch is withdrawing the ratings as Logan has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Logan.
The TCR-AP in late March 2022 reported that S&P Global Ratings
withdrew its 'CCC-' long-term issuer credit rating on Logan Group
Co. Ltd. at the company's request. The outlook was negative at the
time of the withdrawal. S&P has also withdrawn its 'CC' issue
rating on the company's senior unsecured notes.
MERCURITY FINTECH: Closes US$8-Mil. Offering With Non-U.S. Investor
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As previously disclosed, on January 9, 2025, Mercurity Fintech
Holding Inc. entered into a Securities Purchase Agreement with a
non-U.S. investor for a private placement offering, providing the
sale and issuance of 1,370,000 ordinary shares of the Company, par
value $0.004 per share, for a total purchase price of US$8,041,900
at $5.87 per share, in reliance upon the exemption provided by Rule
903 of Regulation S promulgated under the Securities Act of 1933,
as amended.
The Offering closed on January 16, 2025. Upon closing, the Company
issued a total of 1,370,000 Ordinary Shares to the Purchaser
following receipt of a total purchase price of US$8,041,900.
About Mercurity
Formerly known as JMU Limited, Mercurity Fintech Holding Inc. is a
digital fintech company with subsidiaries specializing in
distributed computing and digital consultation across North America
and the Asia-Pacific region and is in the process of applying for
FINRA approval to add brokerage services to its business. The
Company's focus is on delivering innovative financial solutions
while adhering to principles of compliance, professionalism, and
operational efficiency. The Company's aim is to contribute to the
evolution of digital finance by providing secure and innovative
financial services to individuals and businesses.
Singapore-based Onestop Assurance PAC, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
April 22, 2024, citing that the Company has incurred recurring
operating losses and negative cash flows from operating activities
and has an accumulated deficit, which raise substantial doubt about
its ability to continue as a going concern.
Mercurity reported a net loss of $9.36 million for the year ended
Dec. 31, 2023, compared to a net loss of $5.63 million for the year
ended Dec. 31, 2022. As of Dec. 31, 2023, the Company had $30.39
million in total assets, $12.56 million in total liabilities, and
$17.83 million in total shareholders' equity.
SUNAC CHINA: Completes Debt Restructuring on Beijing Project
------------------------------------------------------------
The Standard reports that Sunac China announced that it has
completed the debt restructuring of its One Sunac Opus project in
Beijing, relieving the debt default of Beijing Oceanwide Dongfeng
Real Estate - a Sunac subsidiary - and reducing pressure on the
project.
The company will cooperate with China Citic Financial Asset
Management to promote the project's development and construction.
The debt, owed by Beijing Oceanwide Dongfeng Real Estate to China
Credit Trust, with a principal amount of CNY6.83 billion (HK$7.33
billion), had matured in September 2023.
Under the terms of the debt restructuring agreement, China Credit
Trust confirmed that CNY1.64 billion previously paid by the company
had been used to settle the principal. Consequently, the principal
amount of the debt was reduced from CNY6.83 billion to CNY5.20
billion, The Standard relates.
In addition, the developer secured a full waiver of default
penalties, while the historical accrued interest was reduced to
CNY650 million.
The Standard says the restructured debt repayment period has been
extended to four years, with the final repayment due by January
2029.
Beijing Oceanwide is the developer of the One Sunac Opus project
and the company owns the entire interest in the One Sunac Opus
project by holding 100 percent equity interests in Beijing
Oceanwide, The Standard notes.
Situated at the core of Chaoyang District, Beijing, the total site
area and gross floor area of the One Sunac Opus project are
approximately 75,200 square meters and nearly 660,000 sq m,
respectively.
About Sunac China
Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- engages in the sales of properties in
the People's Republic of China. The Company operates its business
through two segments: Property Development and Property Management
and Others. The Company's subsidiaries include Sunac Real Estate
Investment Holdings Ltd., Qiwei Real Estate Investment Holdings
Ltd. and Yingzi Real Estate Investment Holdings Ltd.
Sunac is among a string of Chinese property developers that have
defaulted on their offshore debt payment obligations since the
sector was hit by a liquidity crisis in 2021, roiling global
markets, according to Reuters.
Creditors of Sunac China Ltd have approved its NZD9 billion
offshore debt restructuring plan, the company said on Sept. 18,
2023, marking the first approval of such debt overhaul by a major
Chinese property developer.
Sunac China Holdings Limited sought creditor protection in the
United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 23-11505) on Sept. 19, 2023. U.S. Bankruptcy
Judge Philip Bentley presides over the Chapter 15 proceedings.
Sidley Austin is the legal counsel to Sunac China.
ZW DATA: Signs Latest Securities Purchase Deals Totaling $500,220
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ZW Data Action Technologies Inc. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that on
January 15, 2025, it entered into a Securities Purchase Agreement
with Eternity Star Development Limited, a British Virgin Island
company (BVI company number: 1145962), pursuant to which Eternity
agreed to purchase 119,100 shares of common stock of the Company,
par value $0.001 per share for an aggregate purchase price of
US$250,110, representing a purchase price of US$2.1 per share. The
closing shall take place on the date mutually agreed by the
parties, subject to the closing conditions contained in the
Agreement 1. On the date that the Agreement 1 was signed, Eternity
also entered into a lock-up agreement with the Company, whereby
Eternity agreed not to transfer the shares until six-month
anniversary of the date of the Agreement 1.
On January 17, 2025, the Company entered into a Securities Purchase
Agreement with Chaucer Investment & Consulting Limited, a Hong Kong
business company (Business Registration Number: 50180682, pursuant
to which Chaucer agreed to purchase 119,100 shares of common stock
of the Company, par value $0.001 per share for an aggregate
purchase price of US$250,110, representing a purchase price of
US$2.1 per share. The closing shall take place on the date mutually
agreed by the parties, subject to the closing conditions contained
in the Agreement 2. On the date that the Agreement 2 was signed,
Chaucer also entered into a lock-up agreement with the Company,
whereby Chaucer agreed not to transfer the shares until six-month
anniversary of the date of the Agreement 2.
About ZW Data Action Technologies
Beijing, China-based ZW Data Action Technologies Inc., established
in 2003, is an ecological enterprise that provides digital services
to sales and marketing channels through blockchain, big data, and
precision marketing. ZW Data Action is committed to empowering SMEs
to achieve more efficient and accurate operations and management,
resulting in additional value for clients.
Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated June 28, 2024, citing that the Company has an accumulated
deficit from recurring net losses and significant net operating
cash outflow for the year ended December 31, 2023. All these
factors raise substantial doubt about its ability to continue as a
going concern.
As of June 30, 2024, ZW Data Action Technologies had $10.8 million
in total assets, $5.6 million in total liabilities, and $5.3
million in total stockholders' equity.
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H O N G K O N G
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CLERMONT MEDIA: Li Sells Personal Interest in HKEJ Publisher
------------------------------------------------------------
The South China Morning Post reports that Hong Kong tycoon Richard
Li Tzar-kai is reshuffling his assets again, this time by selling
his personal interest in the publisher of Hong Kong Economic
Journal (HKEJ) to telecommunications group PCCW for HK$70 million
(US$9 million).
PCCW, in which Li controls a 31.8 per cent stake, will buy the
HKEJ's publisher Clermont Media from an offshore trust company in
which he is the settlor, according to a stock exchange filing on
Jan. 28, the Post relays.
The Post says Li expects to capitalise an undisclosed amount of his
loans to the publisher in the transaction, ending his direct
interest since he took control of the publisher in 2006. The
original cost of the acquisition was stated as US$38.5 million,
according to the PCCW filing.
The South China Morning Post, owned by Alibaba Group Holding,
competes with HKEJ.
The price tag was based on a multiple of 0.69 times revenue, using
the average ratio of 0.64 times from three unnamed Hong Kong-listed
industry peers, the filing, as cited by the Post, showed. That puts
HKEJ's 2023 revenue at about HK$100 million, based on its
acquisition price and earnings multiple.
The publishing business under Clermont Media had a net loss of
HK$30 million in 2023 and HK$16 million in 2022, the Post
discloses. It would have incurred a HK$3 million net loss in the
six months to June 2024, assuming Li's personal loan to the firm
was fully capitalised, PCCW said. Its consolidated net assets stood
at HK$9 million in June.
Li, the younger son of Hong Kong's richest man Li Ka-shing, last
month closed another deal to sell part of his asset management
business, the Post notes. His Pacific Century Group agreed to sell
PineBridge Investments' business outside China to MetLife
Investment Management for US$800 million. PineBridge managed about
US$100 billion in assets, according to a statement in December.
According to the Post, PCCW said the purchase of Clermont Media
will allow the group to expand its advertising and subscription
revenues by strengthening content for the news channel and
enhancing the experience across its various media platforms. It
expects to create operational efficiencies by leveraging its
extensive resources.
Apart from Chinese-language daily HKEJ, Clermont Media also
publishes a monthly edition of the newspaper, hosts a website and
an online application that offer free and subscription-based
content relating to finance, economy, investment, lifestyle and
education.
=========
I N D I A
=========
AMIT IRON: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amit Iron
Private Limited (AIPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 11,
2024, placed the rating(s) of AIPL under the 'issuer
non-cooperating' category as AIPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 26, 2024,
December 6, 2024, December 16, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
AIPL, incorporated in 2002, is promoted by Mr. Amit Agarwal
(Executive Promoter-Director). AIPL is the exclusive authorised
distributor of HR coil & CR coil of Tata Steel Ltd. in West Bengal.
AIPL was merged with S K Industrial Corporation (proprietorship
firm set up in 1974 by Late Mr S K Agarwal) in 2005, which was also
in the same line of business.
Status of non-cooperation with previous CRA: Acuite has continued
the rating assigned to the bank facilities of AIPL into ISSUER NOT
COOPERATING category vide press release dated June 5, 2024 on
account of its inability to carry out a review in the absence of
requisite information from the company.
AMUL FEED: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amul Feed
Private Limited (AFPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.40 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 16,
2024, placed the rating(s) of AFPL under the 'issuer
non-cooperating' category as AFPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AFPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 1, 2024,
December 11, 2024, December 21, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Amul Feed Private Limited. (AFPL) incorporated in September 1997 as
Ahmad Vyapar Pvt Ltd, (AVPL) to setup a trading business near Patna
and remained dormant thereafter. During December 2003, present
promoters took over the business of AVPL and rechristened as AFPL
and initiated a hatchery business. In recent past, the company has
completed a poultry feed production unit at Ranipur Chak- Patna.
The unit has started operation from January 2015. The day-to-day
affairs of the company are looked after by Mr. Ashok Kumar Singh
(Director) with adequate support from other three directors and a
team of experienced personnel.
Status of non-cooperation with previous CRA: India Ratings has
continued the rating assigned to the bank facilities of AFPL into
ISSUER NOT COOPERATING category vide press release dated July 14,
2024 on account of its inability to carry out a review in the
absence of requisite information from the company.
Brickwork has continued the rating assigned to the bank facilities
of AFPL into ISSUER NOT COOPERATING category vide press release
dated October 08, 2024 on account of its inability to carry out a
review in the absence of requisite information from the company.
ASIAN HOTELS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Asian Hotels
(North) Limited (AHNL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 13.00 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 241.41 CRISIL D (Issuer Not
Cooperating)
Proposed Fund- 155.59 CRISIL D (Issuer Not
Based Bank Limits Cooperating)
CRISIL Ratings has been consistently following up with AHNL 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 AHNL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AHNL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AHNL continues to be 'CRISIL D Issuer not cooperating'.
AHNL introduced the 'Hyatt' brand in India in early 1980. The
Company presently owns five-star deluxe hotel in Delhi in the name
of 'Hyatt Regency Delhi' ('Hotel'). Hyatt Regency Delhi is located
at Bhikaji Cama Place, strategically located proximity to Govt.
Offices, Diplomatic Enclave and major landmarks within Delhi.
AHNL was incorporated in the year 1980 as Asian Hotels Ltd. and was
promoted by Mr. R. S. Saraf, Mr. R. K. Jatia, Mr. Chaman Lal Gupta,
3 Non–Resident Indians together with Mr. Sushil Gupta and Mr.
Shiv Jatia, their Indian Associates. The company set up their room
facilities for guests during the Asian Games in the year 1982. The
Hotel started full – fledged commercial operations in the year
1983.
C. P. SPONGE: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of C. P.
Sponge Iron Private Limited (CPSIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 20.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 16,
2024, placed the rating(s) of CPSIPL under the 'issuer
non-cooperating' category as CPSIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. CPSIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 1, 2024, December 11, 2024, December 21, 2024 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
C.P. Sponge Iron Private Limited (CPSIPL) incorporated in the year
2002, was promoted by Chawla family belonging to West Bengal. The
company commenced operation since July, 2008. CPSIPL is engaged in
the manufacturing of sponge iron at its plant located at Durgapur,
West Bengal. All the directors look after the day to day activities
of the business along with a team of experienced professionals who
are having long experience in similar line of business.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of CPSIPL into ISSUER
NOT COOPERATING category vide press release dated Feb. 19, 2024 on
account of its inability to carry out a review in the absence of
requisite information from the company.
CAMPUS STUDENT: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Campus Student
Communities Private Limited (Campus) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Non Convertible 30 CRISIL D (ISSUER NOT
Debentures COOPERATING)
CRISIL Ratings has been consistently following up with Campus 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 Campus, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Campus is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating Non Convertible
Debentures of Campus continues to be 'CRISIL D Issuer not
cooperating'.
Campus, is a Bangalore based company, is engaged in providing
hostel accommodation to boys and girls. The company has strategic
partnership with Jain Group Of Institutions, Christ University and
Narsee Munjee Institute of Management Studies.
CINEVISTA LIMITED: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Cinevista
Limited (Cinevista) continue to be 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Cash 1.5 CRISIL B+/Stable (Issuer Not
Credit Limit Cooperating)
Term Loan 6 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Cinevista
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 Cinevista, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Cinevista is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the rating on bank
facilities of Cinevista continues to be 'CRISIL B+/Stable Issuer
not cooperating'.
Cinevista, incorporated in 1993 by Mr. Prem Kishan Malhotra and Mr.
Sunil Mehta, is engaged in production of television serials and
commercial advertisements. The company currently has one serial on
air and is planning to launch 3 new serials in fiscal 2019. It also
owns a studio in Kanjurmarg, Mumbai. The company is listed on the
Bombay and National Stock Exchanges.
DEEP TIMBERS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Deep
Timbers Private Limited (DTPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 7.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
Category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 2,
2024, placed the rating(s) of DTPL under the 'issuer
non-cooperating' category as DTPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
DTPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 17, 2024,
November 27, 2024, December 7, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
DTPL was incorporated in 2009 and is managed by Mr Kamal Deep Garg,
Mr Pradeep Garg and Mr Chander Shekhar Garg. The company commenced
its operations in December 2008. DTPL is engaged in trading and
sawing of timber in the form of timber blocks. The company has its
processing facility located at Gandhidham, Gujarat. Deep Lumbers
Pvt. Ltd. is a group associate and engaged in a similar line of
business.
DEEPAK FASTENERS: CRISIL Withdraws D Rating on INR390cr NCDs
------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities and
non convertible debentures of Deepak Fasteners Limited (DFL)
following a request from the company and on receipt of 'no
objection certificate' from the banker. The rating action is in
line with CRISIL Ratings' policy on withdrawal of bank loan ratings
and debt instruments.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING/Withdrawn)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING/Withdrawn)
Non Convertible 390 CRISIL D (ISSUER NOT
Debentures COOPERATING/Withdrawn)
CRISIL Ratings has been consistently following up with DFL for
obtaining information through letter and email dated November 11,
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 information from DFL, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on DFL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on the bank
facilities and non convertible debentures of DFL continues to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.
Analytical Approach
For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of DFL and its wholly owned
subsidiaries: Deepak Fasteners (Shannon) Ltd (DFSL), Deepak
Fasteners Australia Pty Ltd (DFA), and Deepak Fasteners (UK) Ltd
(DFUK). All the entities, collectively referred to as Deepak
Fasteners, are in the same business, and have significant
operational and financial linkages. DFL has provided corporate
guarantee for the debt of overseas subsidiaries. CRISIL has
moderately integrated the business and financial risk profiles of
Deepak Fasteners' associate company, Shree Ganesh Jewellers Ltd
(SGJL), which manufactures and trades in gold and diamond
jewellery, as DFL has provided corporate guarantee for SGJL's debt
and will extend support to SGJL, if required.
DFL, incorporated in 1958 and promoted by Mr Kailash Kalra, has
consolidated finishing capacity of 70,000 tonne per annum (tpa) of
fasteners at its facilities in Punjab, Himachal Pradesh, and Madhya
Pradesh. In fiscal 2009, DFL acquired the Unbrako brand from
Precision Castparts Corp (PCC), along with its intellectual
property rights, manufacturing facilities in Ireland, and workforce
and distribution network. In fiscal 2011, Banyan Tree Growth
Capital LLC and DEG-Deutsche infused Rs 70 crore into DFL in the
form of zero-coupon compulsorily convertible bonds for a 13% equity
stake (post conversion into equity). In fiscal 2014, DFL
commissioned a plant, with finishing capacity of 28,500 tpa, near
Bhopal.
DFUK and DFA commenced commercial operations in fiscals 2008 and
2009, respectively, and are the distribution arms. DFSL,
incorporated in fiscal 2009 after DFL acquired the Unbrako fastener
business from PCC, has a manufacturing and research facility in
Shannon, Ireland.
ETCO DENIM: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Etco Denim
Private Limited (EDPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 246.45 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 112.99 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 29.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
Category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 18,
2024, placed the rating(s) of EDPL under the 'issuer
non-cooperating' category as EDPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
EDPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 3, 2024,
December 13, 2024 and December 23, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
EDPL was established in the year 2005 by Mr Ramesh D Shah who is
the promoter of the company. The company is in the business of
spinning, yarn dyeing, denim fabric weaving and finishing. During
May 2013, EDPL made a capex for backward integration and
commissioned a plant for manufacturing denim from cotton bales. The
plant is located at Aliabad Industrial Area, Bijapur District,
Karnataka.
ETCO INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Etco
Industries Private Limited (EIPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 140.56 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 12.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
Category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 18,
2024, placed the rating(s) of EIPL under the 'issuer
non-cooperating' category as EIPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
EIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 3, 2024,
December 13, 2024 and December 23, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
EIPL is engaged in the business of manufacturing cotton yarn. In
2004, EIPL (formerly known as ETCO Spinners Pvt. Ltd.) took over
cotton spinning unit situated at MIDC area Parbhani, Maharashtra,
from the liquidators of Sahakari Soot Girni Ltd at a cost of
INR4.30 crore. The unit commenced its operations from January 1,
2007.
GUTSINESS HOSPITALITY: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Gutsiness Hospitality Private Limited
SKM Fabrics, Andheri Premises,
Plot No. 115, 115/IT-03,
R K Paramhans Marg,
Andheri (E), Mumbai-400069
Insolvency Commencement Date: January 9, 2025
Estimated date of closure of
insolvency resolution process: July 8, 2025
Court: National Company Law Tribunal, Chandigarh Bench
Insolvency
Professional: Manoj Sehgal
Flat 71, Tower-Acacia 2,
Vatika City, Sector 49,
Gurgaon, Haryana, 122018
Email: manojseghal_1121@yahoo.com
Email: Gutsiness.cirp@gmail.com
Last date for
submission of claims: January 23, 2025
HARI OM: CRISIL Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Hari Om Rice
Mill Private Limited (HRMPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with HRMPL 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 HRMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HRMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HRMPL continues to be 'CRISIL D Issuer not cooperating'.
Chhattisgarh-based HRMPL, incorporated in 2006, mills and
manufactures non-basmati rice. Mr Subhash Aggarwal is the
promoter.
HARIOM COTGIN: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Hariom Cotgin
Private Limited (HCPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with HCPL 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 HCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HCPL continues to be 'CRISIL D Issuer not cooperating'.
HCPL, incorporated in 2008 by Mr. Ramesh, gins cotton, and presses
and processes cotton seed into oil and cakes. In October 2015, it
was taken over by Mr. Bharatbhain Selani and Mr. Chiragbhai Selani,
who have been in the cotton ginning and pressing business for five
decades.
HY LINK: CRISIL Keeps B- Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hy Link
Overseas Private Limited (HOPL) continue to be 'CRISIL B-/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8.5 CRISIL B-/Stable (Issuer Not
Cooperating)
Proposed Cash 12.5 CRISIL B-/Stable (Issuer Not
Credit Limit Cooperating)
Working Capital 4.0 CRISIL B-/Stable (Issuer Not
Demand Loan Cooperating)
CRISIL Ratings has been consistently following up with HOPL 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 HOPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HOPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
HOPL continues to be 'CRISIL B-/Stable Issuer not cooperating'.
HOPL, based in New Delhi and established in 1998 by Mr Sidharth
Gulati and his family, trades in steel pipes and tubes, aluminium
foil, biaxially-oriented polyethylene terephthalate (BOPET) films,
refined oil, and clarified butter.
INCARNUS TECHNOLOGIES: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------------
Debtor: Incarnus Technologies India Private Limited
Flat 4157 Tower 48 13th Floor, Prestige Bella
Vista Mount Poonmallee Road,
Ayyappanthangal, Poonamalle, Chennai,
Kancheepuram, Tamil Nadu, India, 600056
Liquidation Commencement Date: November 28, 2024
Court: National Company Law Tribunal, Chennai Bench
Liquidator: Shanmugakani Saraskumar
132A, NTR Street,
Rangarajanpuram Main Road,
Kodambakkam, Chennai- 600024
Mobile no: 9444011294
Email ID: saraskcsca@gmail.com
Last date for
submission of claims: December 28, 2024
JAMPANA PADMAVATHI: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of JP continue
to be 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 8.8 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Working 1.2 CRISIL D (ISSUER NOT
Capital Facility COOPERATING)
CRISIL Ratings has been consistently following up with JP 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 JP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JP is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of JP
continues to be 'CRISIL D Issuer not cooperating'.
JP was set up in 2015 is proprietorship firm of Mrs. Jampana
Padmavathi. The operations are managed by Ms. Usha Gandhi Jampana,
It has setup and leased warehouse, located at Andhra Pradesh
Kakinada to APSCSCL.
KATARIA CONSTRUCTIONS: CRISIL Keeps B+ Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kataria
Constructions Private Limited (KCPL) continue to be 'CRISIL
B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 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 KCPL 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 KCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KCPL continues to be 'CRISIL B+/Stable Issuer not cooperating'.
Incorporated in 1985 by Mr. Pradeep Kataria and Mr. Sandeep
Kataria, KCPL develops residential real estate in New Delhi.
M G F MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of M G F Motors
Limited (MGF) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14 CRISIL D (Issuer Not
Cooperating)
Inventory Funding 5 CRISIL D (Issuer Not
Facility Cooperating)
Inventory Funding 2 CRISIL D (Issuer Not
Facility Cooperating)
Term Loan 3.50 CRISIL D (Issuer Not
Cooperating)
Term Loan 3.25 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MGF 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 MGF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MGF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MGF continues to be 'CRISIL D Issuer not cooperating'.
MML, set up in 1998, is an authorized dealer for HMIL in Kerala.
The company operates its showrooms under the MGF Hyundai brand.
MEGHA GUM: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Megha Gum and
Chemicals (MGC) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14.25 CRISIL D (Issuer Not
Cooperating)
Cash Credit 0.75 CRISIL D (Issuer Not
Cooperating)
Term Loan 3 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MGC 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 MGC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MGC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MGC continues to be 'CRISIL D Issuer not cooperating'.
Set up as a proprietorship firm by Ms. Urmila Goyal, MGC commenced
operations in 2005 by setting up a guar gum refining unit in Hisar,
Haryana. Its cotton ginning and cotton oil refining unit began
operations in November 2012. MGC is managed by Mr. Rajinder Goyal
and Mr. Anuj Goyal.
MIDAS PETROCHEM: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Midas Petrochem Private Limited
Office No. 109, Avon Arcade
Dasharatlal Joshi Road,
Vile Parle West,
Mumbai, Maharahstra, India, 400057
Insolvency Commencement Date: January 13, 2024
Estimated date of closure of
insolvency resolution process: July 12, 2025
Court: National Company Law Tribunal, Jaipur Bench
Insolvency
Professional: Mr. Shreyansh Jain
A-7 First Floor, Jodhpur Tower,
Dharmnarayan Ji Ka Hatta,
Paota, Opposite Hotel Mapple Abhay
Jodhpur, Rajasthan, 342008
Email: shreyansh.jain@mail.ca.in
Email: cirp.midaspetrochem@gmail.com
Last date for
submission of claims: January 27, 2025
MILLENNIUM BUSINESS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Millennium
Business Centre - Nashik (MBC) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 1 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 5.7 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MBC 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 MBC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MBC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MBC continues to be 'CRISIL D Issuer not cooperating'.
Set up in 1999, MBC runs its restaurant, Yahoo in Nashik,
Maharashtra. The hotel, being set up with 50 rooms, is also
expected to commence operations at Nashik, in May 2019. Operations
are managed by Mr Deepak Patil, Mr Mohan Patil and Mr Suhas Patil.
MILROC GOOD: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Milroc Good
Earth Property And Developers LLP (MGE) continue to be 'CRISIL
B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 10 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MGE 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 MGE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MGE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MGE continues to be 'CRISIL B/Stable Issuer not cooperating'.
MGE develops residential and commercial properties in Goa. It is
promoted and managed by Mr. Allaparthi Durgaprasad and Mr.
Kantipudi Kulasekhar, who have developed more than 15 residential
and commercial properties in Goa over the past 20 years.
MIRAZ MARINE: CRISIL Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Miraz Marine
Food (MMF) continue to be 'CRISIL C/CRISIL A4 Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 5 CRISIL C (Issuer Not
Cooperating)
Packing Credit 3.6 CRISIL A4 (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MMF 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 MMF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MMF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MMF continues to be 'CRISIL C/CRISIL A4 Issuer not cooperating'.
MMF, set up in 2012 is a Kodamthuruthu (Kerala)-based partnership
firm that exports processed marine products. The firm is managed by
the partners - Mr. Baburaj and Mr. C B Hari.
SADBHAV UDAIPUR: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sadbhav
Udaipur Highway Limited (SUHL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 427.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 26,
2023, placed the rating of SUHL under the 'issuer non-cooperating'
category as SUHL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SUHL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated September 10, 2024, September 20,
2024, and September 30, 2024, and numerous phone calls.
In line with the extant SEBI guidelines, CARE Ratings Limited has
reviewed the rating based on the best available information which
however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive
at a fair rating. CARE's Rating on SUHL's long-term bank facilities
continues to be denoted as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Detailed description of the key rating drivers:
At the time of last rating on October 26, 2023, the following were
the rating strengths and weaknesses (Updated basis the publicly
available information):
Key Weaknesses
* Delay in debt and interest servicing obligations: There have been
delays/default in servicing of its interest and repayment
obligations as reported in Audit Report of FY23 (updated
from Registrar of Companies). The audit report for FY24 is not
available, and CARE Ratings is awaiting supporting documents
towards regular debt servicing track record.
* Inherent execution risk elevated by non-completion of balance
project work within granted EOT: SUHL is exposed to inherent
construction risk attached to BOT projects. SUHL received appointed
date (AD) on November 30, 2017, and was scheduled to achieve COD by
November 29, 2019. Against this SUHL has received PCOD for 18.718
km (78.37%) of the project length w.e.f. July 31, 2020. SUHL
received EOT for completion of balance work by March 31, 2021.
However, despite availability of 100% ROW SUHL was unable to
complete the balance work within the granted EOT as indicated by
the physical project progress of 92.83% till May 2021. Accordingly,
SUHL had applied for further EOT till December 31, 2021, for
completion of balance project work subject to timely receipt of
pending approvals. IE has contested the EOT request of the company,
and the matter is currently under discussion. On account of
non-completion of balance project work within granted EOT, the risk
of levy of penalty by NHAI has elevated. Furthermore, with receipt
of all due construction grants from NHAI, disbursement of 100%
project debt and infusion of entire equity contribution by the
sponsor, SUHL will have to rely on financial support from sponsor
for completion of balance project work. SUHL had already deployed
INR986 crore (netting off annuity receipt) till March 30, 2021, as
against bid project cost of INR891 crore indicating cost overrun.
* Moderation in credit profile of Sadbhav group: Sadbhav group has
experience of successfully operating and maintaining build-operate
and transfer (BOT) projects for more than a decade. However, credit
profile of Sadbhav group has deteriorated during last few years on
account of continuous decline in scale of operations and stretched
liquidity position driven by high GCA days depicting weak execution
capabilities. However, entire pending equity contribution has been
infused by Sadbhav Infrastructure Projects Limited (SIPL) (rated
CARE B / CARE A4 (Credit Watch with Negative Implications); ISSUER
NOT COOPERATING) into the company during FY21. SIPL has entered
Debenture Trust Deed with Allianz Global Investors and AMP Capital
to raise INR700 crores out of which a sum of INR550 crores has
already been raised on April 15, 2020. Furthermore, SIPL also
completed sale of 7% units of IndInfravit Trust for a total
consideration of INR441 crore in first week of May 2021. These
proceeds are largely utilized for funding equity commitment and
cost overrun in the HAM projects and prepayment of the debt of
Sadbhav group. Extent of improvement in the pace of execution in
HAM projects is the key rating monitorable.
* Inherent O&M risk: Although inflation indexed O&M annuity partly
mitigates O&M risk, projects would still face the risk of sharp
increase in O&M cost due to more than envisaged wear and tear and
aggressive bidding in O&M cost. However, SUHL has entered fixed
price and fixed time O&M contract with the sponsor, SIPL, prior to
achievement of COD mitigating O&M risk to an extent. Further, SIPL
has extended undertaking to infuse funds in case O&M expenses
exceed the O&M annuity from NHAI.
* Inherent interest rate risk: SUHL is exposed to interest rate
risk since the project debt is envisaged to be sanctioned with a
floating rate of interest which is reset periodically. The interest
rate risk is partially mitigated on account of receipt of the
interest annuity at the applicable bank rate + 300 bps. However,
there is a likelihood of a lag between the reductions in the bank
rate and the lending rate to the company. Consequently, it may
result in a temporary disrupt on the cash flow available for debt
servicing.
Key Strengths
* Assured cash flow due to annuity nature of the revenue stream
linked to inflation indexed O&M annuity and bank rate linked
interest annuity during operational phase: During operational
phase, cash flow is assured in the form of annuity payments from
NHAI on semi-annual basis covering 60% of the project completion
cost along with interest at 'bank rate plus 3%' on reducing balance
and inflation indexed O&M annuity. Further, BPC and O&M cost shall
be inflation indexed (through a Price Index Multiple [PIM]), which
is the weighted average of Wholesale Price Index (WPI) and Consumer
Price Index (CPI) in the ratio of 70:30. Inflation indexed BPC
protects the developers against price escalation to an extent.
* Low counterparty credit risk: Incorporated by the Government of
India (GoI) under an Act of Parliament as a statutory body, NHAI
functions as the nodal agency for development, maintenance and
management of the national highways in the country. The outlook on
NHAI reflects the outlook on the sovereign, whose direct and
indirect support continues to be the key rating driver.
Liquidity: Poor
SUHL's liquidity is poor due to ongoing delays in debt servicing
and inordinate delay in project execution leading to increase in
interest during construction and reliance on the sponsor till
stabilization of revenue streams.
SUHL, a special purpose vehicle (SPV), incorporated and owned by
SIPL has entered into 17-year concession agreement (CA) (including
construction period of 730 days from appointed date) with NHAI for
the design, build, operate and transfer (DBOT) of 23.883 km road on
hybrid annuity basis. The project under consideration aims at
construction of the proposed greenfield sixlane Udaipur bypass road
starting from existing km 118.50 of NH-76 at Debari and ending at
km 287.40 of NH-8 at Kaya village (approximately 23.883 km) on
Kishangarh – Udaipur – Ahmedabad section in the state of
Rajasthan. SUHL's bid project cost of INR891 crore is proposed to
be funded through debt, sponsor's contribution and construction
support from NHAI in the ratio of 48%, 12% and 40% respectively.
SADBHAV VIDARBHA: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sadbhav
Vidarbha Highway Limited (SVHL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 514.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 30,
2023, placed the rating of SVHL under the 'issuer non-cooperating'
category as SVHL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SVHL continues
to be non-cooperating despite repeated requests for submission of
information through e-mails dated September 14, 2024, September 24,
2024, and October 4, 2024, and numerous phone calls.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating based on the best available information which
however, in CARE Rating Ltd.'s opinion is not sufficient to arrive
at a fair rating. CARE's Rating on SVHL's long-term bank facilities
continues to be denoted as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders, and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Detailed description of the key rating drivers
At the time of last rating on October 30, 2023, the following were
the rating strengths and weaknesses (Updated basis the publicly
available information):
Key Weaknesses
* Delay in debt and interest servicing obligations: There have been
delays/defaults in servicing of its interest and repayment
obligations as reported in Audit Report of FY22 (updated from
Registrar of Companies). The audit report for FY24 is not available
and CARE Ratings is awaiting supporting documents towards regular
debt servicing track record.
* Inordinate delay in project execution increasing risk of
annuities deduction and cost overrun: SVHL is exposed to inherent
construction risk attached to build-operate-transfer (BOT) road
projects. SVHL had received appointed date on May 21, 2018, and the
project was scheduled to be completed by October 27, 2019. However,
against this, the actual project progress as on July 31, 2021,
stood at 74% with no major work done in last one year. This
significant slowdown in project execution is mainly on account of
funding challenges owing deterioration in the credit profile of
sponsor, impact of Covid-19 and various other hindrances.
Inordinate delay in project execution leads to increased risk of
cost overrun and levy of damages and deduction in annuities by
NHAI. In order to improve the project progress SIPL has infused
entire balance equity commitments during Q1FY22. The company has
applied for EOT for shifting project milestone- 3 to April 30,
2021, and SCOD to March 31, 2022, citing various reasons attributed
to authority for the delayed execution. However, as on September
30, 2021, EOT is yet to be approved by NHAI. Receipt of EOT without
further delay shall be crucial from credit perspective.
* Weakening credit profile of SEL and SIPL: Sadbhav Infrastructure
Projects Limited (SIPL; rated CARE B/CARE A4 (Credit Watch with
Negative Implications); ISSUER NOT COOPERATING) is the sponsor and
Sadbhav Engineering Limited (SEL) is the EPC contractor for SVHL.
SEL and SIPL have experience of successfully constructing,
operating and maintaining BOT projects for more than a decade.
However, credit profile of both SEL and SIPL have weakened on
account of steady decline in scale of operations and stretched
liquidity position driven by high GCA days depicting weak execution
capabilities. The liquidity position of SEL and SIPL remained
stretched despite raising substantial long-term funds in H1FY22.
SIPL raised INR991 crore in Q1FY22 through sale of InvIT units and
asset backed long term debt. Nevertheless, sustained delay in
scaling up of operations owing to large proportion of slow-moving
order book, stretched current assets levels and cost overrun in
ongoing HAM projects have outweighed the fund-raising benefits
resulting in stretched liquidity evinced by near full utilization
of fund-based limits on prolonged basis. Sadbhav group has also
entered into stake sale agreement of Maharashtra Border Check Post
Network Ltd with Adani group, envisages receipt of arbitration
claims and planned stake sale proceeds of its HAM assets to tide
over liquidity constraints.
* Inherent O&M risk: Although inflation indexed O&M annuity partly
mitigates O&M risk, projects would still face the risk of sharp
increase in O&M cost due to more than envisaged wear and tear and
aggressive bidding in O&M cost.
* Inherent interest rate risk: SVHL is exposed to interest rate
risk since the project debt is envisaged to be sanctioned with a
floating rate of interest which is reset periodically. The interest
rate risk is partially mitigated on account of receipt of the
interest annuity at the applicable bank rate + 300 bps. However,
there is a likelihood of a lag between the reductions in the bank
rate and the lending rate to the company. Consequently, it may
result in a temporary variability on the cash flow available for
debt servicing.
Key Strengths
* Assured cash flow due to annuity nature of the revenue stream
linked to inflation indexed O&M annuity and bank rate linked
interest annuity during operational phase: During operational
phase, cash flow is assured in the form of annuity payments from
NHAI on semi-annual basis covering 60% of the project completion
cost along with interest at 'bank rate plus 3%' on reducing balance
and inflation indexed O&M annuity. Further, BPC and O&M cost shall
be inflation indexed (through a Price Index Multiple [PIM]), which
is the weighted average of Wholesale Price Index (WPI) and Consumer
Price Index (CPI) in the ratio of 70:30. Inflation indexed BPC
protects the developers against price escalation to an extent.
* Low counterparty credit risk: Incorporated by the Government of
India (GoI) under an Act of Parliament as a statutory body, NHAI
functions as the nodal agency for development, maintenance and
management of the national highways in the country. The outlook on
NHAI reflects the outlook on the sovereign, whose direct and
indirect support continues to be the key rating
driver.
Liquidity: Poor
SVHL's liquidity is poor due to ongoing delays in debt servicing
and inordinate delay in project execution leading to increase in
interest during construction and reliance on the sponsor till
stabilization of revenue streams.
SVHL, a special purpose vehicle (SPV) incorporated and owned by
SIPL has entered into 17.50-year concession agreement (CA)
(including construction period of 910 days from appointed date)
with NHAI for the design, build, finance, operate and transfer
(DBFOT) of 66.88 km of road on hybrid annuity basis. The project
under consideration aims at four laning of the Waranga Mahagaon
Section from Km 253.700 to Km 320.580 Km (i.e. approximate length
of 66.88 km) of NH-361 in the State of Maharashtra. The project
includes augmentation of the existing two lanes into four lanes.
The total cost of the project is INR1071.00 crore being funded
through promoter's contribution of INR129.00 crore, term debt of
INR 514.00 crore and grant from NHAI of INR428 crore.
STERLING OIL: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sterling
Oil Exploration & Energy Production Company Limited (SOEEPCL)
continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4,649.55 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 12,
2024, placed the rating(s) of SOEEPCL under the 'issuer
non-cooperating' category as SOEEPCL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SOEEPCL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 27, 2024, December 7, 2024 and December 17, 2024 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
SEEPCO is a step-down subsidiary of Sterling Oil Resources Limited
(SORL) rate 'CARE D; ISSUER NOT COOPERATING' and is into
development and production of crude oil in OML 143 block of
Nigeria. SORL is the energy arm of the erstwhile Sandesara Group
headed by Mr. Nitin Sandesara. The Sandesara group had harboured
diversified business interests ranging from Oil & Gas,
Pharmaceuticals, Healthcare Engineering, Infrastructure, Onshore
rigs, Seismic studies and Oil trading. However, the company
defaulted on about INR6000 crore loans between 2006 and 2011. In
October 2017, CBI filed two cases against Sandesara Group's
management under Prevention of Corruption Act and Prevention of
Money Laundering Act, 2002.
TIRUPATI EXPORT: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tirupati
Export and Import Corporation (TEIC) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 16,
2024, placed the rating(s) of TEIC under the 'issuer
non-cooperating' category as TEIC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
TEIC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 1, 2024,
December 11, 2024 and December 21, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Delhi based Tirupati Export and Import Corporation (TEIC) was
established in April, 1999 as a proprietorship by Mr. Balmukund
Jhunjhunwala. Mr. Balmukund Jhunjhunwala looks after the overall
operations of the firm. TEIC is primarily engaged in the wholesale
trading of plastic granules which find application in the packaging
industry. The firm procures majority of the plastic
granules from Luxembourg and Singapore and sells them to packaging
manufacturers in Noida, Agra and Varanasi.
VARDHMAN INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vardhman
Industries Limited (VIL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Non Convertible 5 CRISIL D (ISSUER NOT
Debentures COOPERATING)
CRISIL Ratings has been consistently following up with VIL 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 VIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities and
Non Convertible Debentures of VIL continues to be 'CRISIL D/CRISIL
D Issuer not cooperating'.
Promoted by Mr Kapil Jain, VIL's manufacturing facilities are in
Ludhiana. It manufactures GP and GC sheets, and colour-coated
sheets. VIL is listed on the Bombay Stock Exchange.
WADHAWAN GLOBAL: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Wadhawan
Global Hotels & Resorts Private Limited (WGHRPL) continue to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 62.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
Category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 18,
2024, placed the rating(s) of WGHRPL under the 'issuer
non-cooperating' category as WGHRPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. WGHRPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 3, 2024, December 13, 2024 and December 23, 2024 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Wadhawan Group has more than three decades of experience with
presence in diversified verticals such as food retail, hospitality,
hotels and resorts, lifestyle retailing, education, financial
services and real estate. WGHRPL was incorporated on December 27,
2006 and currently operates a 5-star deluxe hotel project at
Hinjewadi, Pune.
=====================
N E W Z E A L A N D
=====================
MOZAIK HAMILTON: Court to Hear Wind-Up Petition on Feb. 5
---------------------------------------------------------
A petition to wind up the operations of Mozaik Hamilton Limited
will be heard before the High Court at Auckland on Feb. 5, 2025, at
10:00 a.m.
The Base Te Awa Limited filed the petition against the company on
Oct. 29, 2024.
The Petitioner's solicitor is:
Gregory David Trainor
c/- MacLean & Associates Lawyers
Unit 4/31 Tyne Street
Addington
Christchurch
OLIVADO LIMITED: First Creditors' Meeting Set for Feb. 5
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Olivado
Limited will be held on Feb. 5, 2025 at 11:00 a.m. at the offices
of Tompkins Wake Lawyers at Shortland & Fort Building, Level 17, 88
Shortland Street in Auckland Central.
Benjamin Francis and Garry Whimp of Blacklock Rose were appointed
as administrators of the company on Jan. 23, 2025.
OMAHU COMMERCIALS: Waterstone Insolvency Appointed as Receivers
---------------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on Dec.
18, 2024, were appointed as receivers and managers of Omahu
Commercials Limited.
The receivers and managers may be reached at:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
ORIGIN CORPORATION: Another NZD3 Million Now Owing From Collapse
----------------------------------------------------------------
Sally Rae at Otago Daily Times reports that the multimillion-dollar
debts keep mounting for companies associated with a failed
Southland Wagyu beef operation, which promoted its cattle as
receiving massages and having music played "to keep them soothed
and calm".
According to its website, Black Origin Wagyu combined the origin of
Japanese breeding genetics and 200-year-old techniques with New
Zealand's grass, grain, water and air.
The cattle were grazed for their first two years on farms
throughout the country before being finished on grain at a
"state-of-the-art" barn in Rakaia. A meat processing plant operated
in Gore.
In December last year, Origin Corporation -- which was described as
a holding company operation with passive investment in subsidiary
companies -- was put into liquidation by order of the High Court on
the application of Putian Champion Trustee, one of the company's
shareholders.
According to ODT, the initial report by liquidators Simon Dalton
and Matthew Kemp said a dispute arose between the two shareholders
(Putian Champion Trustee and Arato Tsujino, who is listed as having
a Rolleston address) and it was not capable of being resolved.
Unsecured creditors were listed at being owed more than NZD3.1
million.
About the same time as Origin Corporation was placed in
liquidation, Blue Sky Meats (Gore) Ltd -- which owned the River St
site of the Gore processing plant -- was put into liquidation by
shareholders resolution. The initial liquidator's report showing
unsecured creditors were owed more than NZD2.7 million and the
Inland Revenue Department owed just over NZD24,000.
Mr. Tsujino is associated with a raft of companies placed into
liquidation last year, including New Zealand Wagyu Co Ltd -- of
which he was sole shareholder and director. The first liquidators
report in July last year showed unsecured creditors of NZD10.4
million and preferential creditors of just over NZD1.1 million.
The report, by liquidator Brenton Hunt, said New Zealand Wagyu Co
Ltd began trading in 2019, rearing, grazing and finishing New
Zealand beef to be processed in traditional Wagyu technics. It had
a main customer in Japan.
Contracts for services for stock were in the company name but stock
was owned by the main customer. In recent years, the company had
advanced funds to related companies which invested in business to
process and sale of Wagyu products and ensure a secure supply
chain.
That included trading operations such as building large farming
sheds, rearing of calves, abattoir, butchery, commercial kitchen,
and a jerky business, and investment into some hospitality
businesses.
The company struggled through Covid-19 restrictions and suffered
from the significant increase in farming and construction costs.
The recession and impacts on the international markets,
particularly China, had negative financial impacts on the company.
From about March last year on, New Zealand Wagyu Company fell into
substantial arrears with farmers and suppliers, despite receiving
pre-payment of all farmers and suppliers' costs from the owner of
the stock.
As a result of discovering those discrepancies, the owner of the
stock ceased further payments to New Zealand Wagyu Company and
determined instead to pay farmers and suppliers directly from June
1 last year. The director then sought professional advice and
decided to place the company, and other companies in the group,
into voluntary liquidation.
Earlier this month, Black Origin Meat Processors (Gore) Ltd was put
into liquidation by shareholders resolution and Simon Dalton, of
Gerry Rea Partners, was appointed liquidator, ODT discloses.
The company, which was incorporated in December 2021, operated a
meat processing business in Gore. The liquidators of Blue Sky Meats
(Gore) agreed to allow the company to operate and remove any stock
remaining on site until December 27 when the site was shut down.
Mr. Tsujino was advised the company was unable to pay its due debts
and sought professional advice. On receiving that advice, it was
resolved to place the company in liquidation.
The first liquidator's report said preferential creditors totalled
NZD245,418, made up of employees at NZD109,960 and Inland Revenue
Department at NZD135,758, while unsecured creditors were listed at
more than NZD1.5 million.
Black Origin Meat Processors had bought the meat plant from the
Southland-based meat processing company Blue Sky Pastures.
That company is otherwise unconnected to the Wagyu businesses, ODT
notes.
RAMS LOGISTICS: Court to Hear Wind-Up Petition on Feb. 5
--------------------------------------------------------
A petition to wind up the operations of Rams Logistics Limited will
be heard before the High Court at Auckland on Feb. 5, 2025, at
10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 28, 2024.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
TREE PRO: Court to Hear Wind-Up Petition on Feb. 5
--------------------------------------------------
A petition to wind up the operations of Tree Pro NZ Limited will be
heard before the High Court at Whangarei on Feb. 5, 2025, at 10:00
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Dec. 17, 2024.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
=================
S I N G A P O R E
=================
BIOFUEL RESEARCH: First Creditors' Meeting Set for Feb. 7
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Biofuel
Research Pte. Ltd. will be held on Feb. 7, 2025 at 10:00 a.m. via
video-conference and/or tele-conference.
Tan Wei Cheong and Khoo Christina of Deloitte Singapore were
appointed as provisional liquidators of the company on Jan. 15,
2025.
BLUE HORSE: Court to Hear Wind-Up Petition on Feb. 7
----------------------------------------------------
A petition to wind up the operations of Blue Horse Technologies
Pte. Ltd. will be heard before the High Court of Singapore on Feb.
7, 2025, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Jan. 14, 2025.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
INDOSURYA INTI: Court to Hear Wind-Up Petition on Feb. 7
--------------------------------------------------------
A petition to wind up the operations of Indosurya Inti Holdings
Pte. Ltd. will be heard before the High Court of Singapore on Feb.
7, 2025, at 10:00 a.m.
Sim Mong Teck & Partners filed the petition against the company on
Nov. 20, 2024.
The Petitioner's solicitors are:
Emerald Law LLC
3 Shenton Way
#11-10 Shenton House
Singapore 068805
MAXEON SOLAR: Changes Fiscal Year-End to December 31
----------------------------------------------------
Maxeon Solar Technologies Ltd. disclosed in a Form 6-K Report filed
with the U.S. Securities and Exchange Commission that on January
20, 2025, the Audit Committee approved a change in the fiscal
year-end of the Company from a 52-to-53-week fiscal year that ends
on the Sunday closest to December 31, to the fiscal year now ending
on December 31.
The Company has decided to change its fiscal year end to improve
the process of consolidating its financial statements following
Zhonghuan Singapore Investment and Development Pte. Ltd's recent
acquisition of a controlling interest in the Company. Following the
Audit Committee's approval, the date of the Company's last fiscal
year end is December 31, 2024.
About Maxeon Solar
Maxeon Solar Technologies, Ltd. is a Singapore-based company that
designs and manufactures photovoltaic panels. The company was
previously a division of the American SunPower company before it
was spun off in August 2020. Maxeon is still the primary provider
of solar panels for SunPower.
Singapore-based Ernst & Young LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
May 30, 2024, citing that the Company has suffered recurring losses
from operations and negative free cash flows and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.
UNIQUE TOURIST: Creditors' Proofs of Debt Due on Feb. 24
--------------------------------------------------------
Creditors of Unique Tourist Service (Pte.) Ltd are required to file
their proofs of debt by Feb. 24, 2025, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Jan. 20, 2025.
The company's 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
WILMAR-ELEVANCE 1: Creditors' Proofs of Debt Due on Feb. 25
-----------------------------------------------------------
Creditors of Wilmar-Elevance 1 Pte. Ltd. are required to file their
proofs of debt by Feb. 25, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Jan. 23, 2025.
The company's liquidator is:
Mr. Liew Khee Soon
60 Paya Lebar Road
#04-51, Paya Lebar Square
Singapore 409051
=================
S R I L A N K A
=================
SRI LANKA: Cenbank Holds Key Policy Rate Steady as Budget Looms
---------------------------------------------------------------
Reuters reports that Sri Lanka's central bank held its overnight
policy rate steady on Jan. 29 to underpin a stronger economic
recovery as the country gradually pulls ahead from its worst
financial crisis in decades.
Reuters says the decision comes just days ahead of the new
government's first full-year budget due to be presented in
Parliament next month.
According to Reuters, the Central Bank of Sri Lanka (CBSL) moved to
a single policy rate - the overnight policy rate which was set at
8% in November below previous benchmarks, shifting away from its
dual policy rate regime of setting a Standing Deposit Facility Rate
(SDFR) and a Standing Lending Facility Rate (SLFR).
The decision was largely in line with market expectations as 11 out
of 13 analysts and economists polled by Reuters had predicted the
monetary authority will maintain its policy stance due to benign
inflation and stronger growth.
"This decision was made with a medium-term view of ensuring that
inflation converges to the target of 5%, while supporting the
economy to reach its potential," CBSL said in its statement.
Sri Lanka's economy crumpled under a severe foreign exchange crisis
in 2022, but has made a faster-than-expected recovery after Colombo
secured a $2.9 billion International Monetary Fund bailout
programme in March 2023 and completed a $25 billion debt
restructuring in December, according to Reuters.
The current period of deflation, as projected earlier, has largely
been an outcome of administratively determined energy price
reductions, CBSL said.
"This trend is expected to continue over the next few months before
inflation begins adjusting towards the targeted level in the second
half of 2025," it added.
The island nation is now targeting stronger growth in the current
year after posting GDP growth of 5% in 2024, the highest in seven
years, Governor P. Nandalal Weerasinghe said earlier this month,
Reuters recalls.
"The economy and private sector credit is growing at a good pace so
the central bank does not need to be too accommodative at this
point," Reuters quotes Udeeshan Jonas strategy head at
Colombo-based equity research firm CAL as saying.
The central bank will also keep close watch on the budget to be
presented to parliament on Feb. 17, analysts said, which will be
the first full-year budget under new President Anura Kumara
Dissanayake after his government was elected in November.
Reuters notes that Dissanayake, who is also the finance minister,
has outlined plans to reduce income taxes, increase welfare and
give relief to businesses.
However, he will have to balance fulfilling election promises with
a key IMF target of posting a primary surplus of 2.3% of GDP in
2025 to remain within the four-year program.
About Sri Lanka
Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.
The island nation defaulted on its foreign debt for the first time
in its history in April 2022 as the worst financial crisis since
independence from Britain in 1948 crushed its economy.
As reported in the Troubled Company Reporter-Asia Pacific early
this January, Fitch Ratings assigned a 'CCC+' foreign-currency
rating to Sri Lanka's governance-linked bonds maturing in 2035 and
a 'CCC+' local-currency rating to the US dollar step-up bonds
maturing in 2038, which the government can decide to repay in
rupees. Fitch does not rate the macro-linked bonds, which would not
be in line with its sovereign rating criteria.
The ratings are in line with Sri Lanka's Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs). On Dec. 20, 2024,
Fitch upgraded Sri Lanka's Long-Term Foreign-Currency IDR to
'CCC+', from 'RD' (Restricted Default). Fitch also upgraded the
Long-Term Local-Currency IDR to 'CCC+', from 'CCC-', to align with
the Long-Term Foreign-Currency IDR.
The TCR-AP reported in late Dec. 2024, Moody's Ratings has upgraded
the Government of Sri Lanka's long-term foreign currency issuer
rating to Caa1 from Ca. The outlook is stable. Previously, the
rating was on review for upgrade.
The TCR-AP also reported that S&P Global Ratings on Dec. 27, 2024,
affirmed its 'SD/SD' (selective default) long- and short-term
foreign currency and 'CCC+/C' long- and short-term local currency
sovereign credit ratings on Sri Lanka. The outlook on the long-term
local currency rating is stable. S&P also revised upward its
transfer and convertibility assessment on Sri Lanka to 'CCC+' from
'CCC' previously. At the same time, S&P assigned its 'CCC+' issue
ratings to three categories of Sri Lanka's post-restructuring new
notes.
*********
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 ***