/raid1/www/Hosts/bankrupt/TCRAP_Public/250214.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, February 14, 2025, Vol. 28, No. 33
Headlines
A U S T R A L I A
AATSCO PTY: First Creditors' Meeting Set for Feb. 19
AIR LOCKER: First Creditors' Meeting Set for Feb. 20
BLACKWATTLE SERIES NO.3: S&P Affirms B (sf) Rating on Cl. F Notes
GREENSILL: Lex Greensill Scores a Rare Win in the British Courts
INFRABUILD AUSTRALIA: Moody's Cuts CFR & Sr. Secured Notes to Caa2
IREXCHANGE: ASIC Pursues Former Executives 5 Years After Collapse
OSG ENERGY: First Creditors' Meeting Set for Feb. 19
PAION MEDICAL: Clinic Continues to See Patients Amid Liquidation
PUBLIC HOSPITALITY: Jon Adgemis Fails in Bid to Conceal AUD26M Debt
SYDNEY FISH: Rejects Claim it is Close to Insolvency
TAYLORLAND PTY: Second Creditors' Meeting Set for Feb. 18
ULTIMATE FORMWORK: First Creditors' Meeting Set for Feb. 19
C H I N A
GREENTOWN CHINA: To Buy Back $741M Bonds; Plans USD Notes Offering
I N D I A
AGRI POWER: Voluntary Liquidation Process Case Summary
AIREN COPPER: CARE Keeps D Ratings in Not Cooperating Category
ANAND PROPERTY: CARE Lowers Rating on INR25cr LT/ST Loans to D
AQUAGEL CHEMICALS: Voluntary Liquidation Process Case Summary
BALAJI TECH: CARE Keeps D Debt Ratings in Not Cooperating Category
CLOUD NINE: Liquidation Process Case Summary
FEEDBACK INFRA: CARE Keeps D Debt Ratings in Not Cooperating
FOUNDRYDIGITAL INDIA: Voluntary Liquidation Process Case Summary
GATI INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
GOLDEN JUBILEE: CARE Keeps D Debt Ratings in Not Cooperating
GOUR FLOUR: CARE Keeps B- Debt Rating in Not Cooperating Category
ISHANIKA HOTELS: CARE Keeps D Debt Rating in Not Cooperating
KOOPID TECHNOLOGIES: Voluntary Liquidation Process Case Summary
LARE FIBC: CRISIL Keeps D Debt Ratings in Not Cooperating
MANEESH PIPES: CARE Keeps B+ Debt Rating in Not Cooperating
MARVEST AQUA: CARE Lowers Rating on INR6.16CR LT Loan to B
MEDICARE SERVICES: Insolvency Resolution Process Case Summary
PLAZMA TECHNOLOGIES: CARE Keeps D Debt Ratings in Not Cooperating
PRAVARA RENEWABLE: CARE Keeps D Debt Rating in Not Cooperating
RAI HOMES: Insolvency Resolution Process Case Summary
RAM AUTOTECH: CARE Keeps D Debt Rating in Not Cooperating Category
RAVJI MANJI: CARE Keeps C Debt Rating in Not Cooperating Category
ROLEX PROCESSORS: CARE Keeps B- Debt Rating in Not Cooperating
RUCHI WORLDWIDE: CARE Keeps D Debt Ratings in Not Cooperating
SACHDEV STEEL: CARE Keeps D Debt Rating in Not Cooperating
SAPTARISHI HOTELS: CARE Keeps D Debt Ratings in Not Cooperating
SBFC HOME: Voluntary Liquidation Process Case Summary
SENBO ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating
SILVER EAST: Insolvency Resolution Process Case Summary
SWASTIK LLOYDS: CRISIL Keeps D Debt Ratings in Not Cooperating
TEJA SEA: CARE Keeps D Debt Ratings in Not Cooperating Category
TMR DEVELOPERS: CRISIL Keeps D Debt Rating in Not Cooperating
UIPATH BUSINESS: Voluntary Liquidation Process Case Summary
UNIVERSAL CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
VANTAGE SPINNERS: CARE Keeps D Debt Rating in Not Cooperating
VARDHMAN INFRADEVELOPERS: Insolvency Process Case Summary
VIDALI ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
VTR MARKETING: CARE Keeps C Debt Rating in Not Cooperating
XRBIA NORTH: Insolvency Resolution Process Case Summary
J A P A N
NISSAN MOTOR: Foxconn Open to Buying Stake in Company
N E W Z E A L A N D
BEAUTY STORE: Creditors' Proofs of Debt Due on March 10
ECO-SMART GROUP: Enters Liquidation; Owes NZD4 Million
F&F PRODUCE: Khov Jones Appointed as Receivers
KUMARA JUNCTION: Court to Hear Wind-Up Petition on Feb. 20
LUME TRUSTEE: Court to Hear Wind-Up Petition on March 7
MOZAIK HAMILTON: Creditors' Proofs of Debt Due on April 4
S I N G A P O R E
KSC POWER: Creditors' Proofs of Debt Due on March 11
MAESTRO CAPITAL: Court Enters Wind-Up Order
PAPA BAKERZ: Court Enters Wind-Up Order
VMS ADVANCE: Court Enters Wind-Up Order
X PROPERTIES: Court to Hear Wind-Up Petition on Feb. 21
S O U T H K O R E A
NORTHVOLT ETT: EV Battery Manufacturing Equipment Put Up for Sale
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A U S T R A L I A
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AATSCO PTY: First Creditors' Meeting Set for Feb. 19
----------------------------------------------------
A first meeting of the creditors in the proceedings of AATSCO Pty
Limited will be held on Feb. 19, 2025 at 10:00 a.m. via virtual
meeting technology only.
Blair Pleash and Richard Albarran of Hall Chadwick Chartered
Accountants were appointed as administrators of the company on Feb.
7, 2025.
AIR LOCKER: First Creditors' Meeting Set for Feb. 20
----------------------------------------------------
A first meeting of the creditors in the proceedings of Air Locker
Training HQ Pty Ltd will be held on Feb. 20, 2025 at 10:00 a.m.
virtually via Microsoft Teams Teleconference
Simon Thorn of PKF was appointed as administrator of the company on
Feb. 10, 2025.
BLACKWATTLE SERIES NO.3: S&P Affirms B (sf) Rating on Cl. F Notes
-----------------------------------------------------------------
S&P Global Ratings carried out various rating actions on 24 classes
of Australian prime residential mortgage-backed securities (RMBS)
transactions sponsored by three Australian nonbank originators.
S&P raised its ratings on eight classes of RMBS in two of the
transactions and affirmed its ratings on 16 classes of notes in the
three transactions.
The three transactions are Blackwattle Series RMBS Trust No.3,
Coventry Bond Trust 2023-1, and RESIMAC Triomphe Trust - RESIMAC
Premier Series 2023-1.
The raised ratings for Coventry 2023-1 and RESIMAC 2023-1 reflect
an increase in credit support provided to each class of notes and
their strong cash flows, which are sufficient to cover rating
stresses consistent with the higher rating levels.
The rating affirmations across the three transactions reflect our
view of the credit risk of the underlying collateral portfolio,
which has been amortizing in line with our expectations. The pools
continue to perform well.
All transactions are currently paying down on a sequential basis.
Credit support will continue to build up for the notes until the
pro-rata tests are met. Once the pro-rata triggers are met,
principal would be passed through to each class of notes on a pari
passu basis.
As of Dec. 31, 2024, Blackwattle No.3 has a weighted-average
effective loan-to-value (LTV) ratio of 69.0%, weighted-average
seasoning of 30.8 months, and pool factor of about 55.9%. Loans
that are more than 30 days in arrears make up 2.0% of the pool, of
which nil is more than 90 days in arrears. There have been no
losses to date for this portfolio.
The class D, class E, and class F notes for Blackwattle No.3 show
some yield sensitivity under our slow conditional prepayment rate
(CPR) cash flow modelling scenarios, under extended periods of
sequential pay. However, the CPRs to date have been consistently
above 20% and we expect the note principal repayment structure to
convert to pro-rata payment in the coming months.
As of Dec. 31, 2024, Coventry 2023-1 has a weighted-average
effective LTV ratio of 67.7%, weighted-average seasoning of 28.4
months, and pool factor of about 53.6%. Loans that are more than 30
days in arrears make up 1.4% of the pool, of which 0.2% is more
than 90 days in arrears. There have been no losses to date for this
portfolio.
As of Dec. 31, 2024, RESIMAC 2023-1 has a weighted-average
effective LTV ratio of 64.5%, weighted-average seasoning of 63.4
months, and pool factor of about 63.7%. Loans that are more than 30
days in arrears make up 1.4% of the pool, of which 0.6% is more
than 90 days in arrears. There have been no losses to date for this
portfolio.
S&P expects that the various mechanisms to support liquidity within
these transactions, including principal draws and an amortizing
liquidity reserve or liquidity facility, are sufficient to ensure
timely payment of interest. These mechanisms combined are
sufficient under its cash-flow stress assumptions to ensure timely
payment of interest for each class of notes at their respective
rating levels.
Ratings Raised
Coventry Bond Trust 2023-1
Class B: to AA+ (sf) from AA (sf)
Class C: to AA- (sf) from A (sf)
Class D: to A (sf) from BBB (sf)
Class E: to BBB- (sf) from BB (sf)
Class F: to BB (sf) from B (sf)
RESIMAC Triomphe Trust - RESIMAC Premier Series 2023-1
Class D: to BBB+ (sf) from BBB (sf)
Class E: to BB+ (sf) from BB (sf)
Class F: to BB- (sf) from B+ (sf)
Ratings Affirmed
Blackwattle Series RMBS Trust No.3
Class A1-L: AAA (sf)
Class A2: AAA (sf)
Class B: AA (sf)
Class C: A (sf)
Class D: BBB (sf)
Class E: BB (sf)
Class F: B (sf)
Coventry Bond Trust 2023-1
Class A1-AU: AAA (sf)
Class A1-4.5Y: AAA (sf)
Class A2: AAA (sf)
Class AB: AAA (sf)
RESIMAC Triomphe Trust - RESIMAC Premier Series 2023-1
Class A1: AAA (sf)
Class A2: AAA (sf)
Class AB: AAA (sf)
Class B: AA (sf)
Class C: A (sf)
GREENSILL: Lex Greensill Scores a Rare Win in the British Courts
----------------------------------------------------------------
Hans van Leeuwen at The Australian Financial Review reports that
Australian financier Lex Greensill has scored a rare court win
after a British judge agreed to withhold evidence from a AUD7
billion set of Australian cases, and told insurer Tokio Marine to
pay half his legal bill.
The Financial Review relates that the judgment, which the
businessman's opponents described as "a score draw", came in a
complex web of interconnected British and Australian cases - all
related to the spectacular collapse of Mr Greensill's eponymous
supply chain financing empire in 2021.
A now-bearded Mr. Greensill attended the London court hearing
himself, in a navy suit and black RM Williams boots.
The Financial Review says the Bundaberg-born farmer has been almost
entirely out of the public eye since his eponymous firm collapsed,
save for a parliamentary inquiry into his Westminster lobbying
tactics and a local fracas over his plans to buy land around his
rural English home. He declined to comment.
The Financial Review notes that Mr. Greensill's empire imploded in
2021 when insurers unexpectedly failed to renew coverage of the
bond issuance he was using to fund the business.
In Australia, the Greensill group's administrators and creditors
are trying to extract money from the company's former insurers, the
report says. In Britain, the government is trying to disqualify Mr
Greensill as a company director, and he has filed a counterclaim
for breach of privacy.
In a case heard on Feb. 12, Mr. Greensill was attempting to prevent
one of the insurers, Tokio Marine, from using evidence tendered by
Insolvency Service chief investigator Ian Wilson to the
director-disqualification suit.
The Financial Review relates that the insurer was hoping to use the
material in Australian court proceedings, but has had visibility of
only a small portion. That extract was wrested into the public eye
by the Financial Times, in yet another court case last year.
According to The Financial Review, Tokio Marine won the right to
obtain the dossier in a court case last July – just in time to
present it to the so-called document discovery process in the
Australian proceedings, which began in mid-August in Sydney.
But Mr. Greensill's legal team managed to pause the handover from
the Insolvency Service to Tokio Marine, and then won the right to
appeal.
The case then fell into limbo, with Tokio Marine unable to get the
document in time for the mid-August hearing in Sydney. By December,
the discovery process was largely complete, and Tokio Marine said
it was too late to tender the Insolvency Service's dossier in
Australia.
This led the two parties to agree last week to drop the appeal
case. But Mr. Greensill's lawyers argued on Feb. 12 that this meant
the original July decision to hand over the document to Tokio
Marine still stood – even if the insurer could not pass it on to
the Australian courts, The Financial Review relates.
So they returned to court, where Justice Robert Miles ruled that
the dossier should stay in Insolvency Service hands. Like the
Australian cases, the director-disqualification trial is not
expected to take place until next year, adds The Financial Review.
The Financial Review adds that the judge also ordered Tokio Marine
to pay half of Mr. Greensill's costs in launching the aborted
appeal, although he rejected a bid to revisit the costs award of
the original July ruling last year.
The two sides then discussed the cost of Feb. 12's hearing itself.
Tokio Marine's barrister said Justice Miles' ruling was in effect
"a score draw", while Mr. Greensill's barrister claimed the balance
of the judgment had favoured his client.
"I don't think it's realistic to regard either side as the winner
or the loser," Justice Miles commented. "The appeal had essentially
become academic as a result of the timing of events in the
Australian proceedings."
About Greensill
Greensill was an independent financial services firm and principal
investor group based in the United Kingdom and Australia. It
offered structures trade finance, working capital optimization,
specialty financing and contract monetization. Greensill Capital
Pty was the parent company for the Greensill Group.
Greensill Capital (UK) Limited and Greensill Capital Management
Company (UK) Limited both entered into administration on March 8,
2021. Greensill Limited entered into Creditors' Voluntary
Liquidation on July 30, 2021. Greensill Capital Securities Limited
entered into Creditors' Voluntary Liquidation on June 24, 2022.
Greensill Capital Pty Limited was the parent company to the
Greensill Group of which Greensill Capital (UK) Limited and
Greensill Limited formed a part. It entered into administration in
Australia on March 9, 2021 and then subsequently into liquidation
in Australia on April 22, 2021.
INFRABUILD AUSTRALIA: Moody's Cuts CFR & Sr. Secured Notes to Caa2
------------------------------------------------------------------
Moody's Ratings has downgraded InfraBuild Australia Pty Ltd's
corporate family rating and backed senior secured notes rating to
Caa2 from Caa1, and maintained the negative outlook.
RATINGS RATIONALE
The ratings downgrade reflects InfraBuild's rising default risk
given the company's weakening liquidity profile and deteriorating
operating performance, which continue to track below Moody's
expectations. Moody's view the company's capital structure as
unsustainable given its materially high interest burden, which
along with its decline in earnings, will result in ongoing cash
burn over the next 12-18 months. Without a material improvement in
earnings, Moody's expect that InfraBuild will breach its financial
covenants under its asset-backed term loan (ABTL) facility as they
reset in the first half of the fiscal year ending June 2026 (fiscal
2026), and will require waivers or further amendments.
InfraBuild's fiscal 2025 first quarter results were below Moody's
expectations, with reported revenue and EBITDA falling 10% and 55%
year on year, respectively, as Australia's sluggish residential
activity and competition from imports continue to impact steel
volumes sold while steel prices and global spreads remain
relatively low. Furthermore, unplanned production stoppages at its
affiliate, and supplier, Whyalla steelworks, has created further
cost pressures resulting from disruption to the company's supply
chain, however Moody's expect this to normalise as Whyalla's blast
furnace ramps back up. Although Moody's expect some EBITDA
recovery, the pace and magnitude of this remains uncertain and
Moody's expect the steel operating environment to remain
challenging throughout 2025.
The downgrade also reflects the increasing refinancing risk
surrounding the maturity of its ABTL in May 2026, which currently
has USD150 million outstanding. Moody's expect the company's
ability to refinance the ABTL to be challenging, given its weak
operating performance and renewed covenant pressure. If the company
is able to refinance or rollover its ABTL facility, where Moody's
understand that the company is in discussions with lenders to do
so, this would resolve near term refinancing risk and reduce
liquidity pressure over the next 12-18 months. However, the
company's ability to execute on this remains uncertain and will be
subject to market conditions.
InfraBuild's liquidity profile is weak, with unrestricted cash and
equivalents of around AUD283 million as of September 30, 2024.
Moody's project negative free cash flow in both fiscal 2025 and
fiscal 2026, and expect that internal sources will be insufficient
to address the company's (1) USD150 million ABTL maturity in May
2026, which could be accelerated if the company breaches its
financial covenants and fails to secure a waiver or amendment; and
(2) AUD50 million Mayfield mortgage maturing in October 2025,
although Moody's expect this is likely to be refinanced. If the
company were to repay the ABTL facility using internal sources
only, Moody's would view its remaining liquidity levels as
unsustainable given its high ongoing working capital requirements.
InfraBuild has flagged potential asset sales, including its US
recycling assets, which if executed will support short-term
liquidity. Should the company fail to execute on these asset sales,
Moody's expect that without a significant turnaround in operating
performance, the company will breach its month-end liquidity
covenant under the ABTL agreement. Moody's understand that as part
of the amendments executed in October 2024, InfraBuild will be
allowed to draw on a portion of funds held in escrow should a
breach occur, which may provide additional liquidity support if
needed.
The settlement amount with GFG Alliance, InfraBuild's ultimate
parent group, and its creditors still remains uncertain, though
Moody's understand that constructive negotiations are ongoing. The
ABTL agreement, subject to certain conditions, allows the company
to distribute an initial escrow release of USD250 million, with the
final escrow release of USD100 million requiring further approval
from lenders. Moody's understand that the USD350 million funds
currently held in escrow could be used to repay the ABTL facility
to avoid a covenant breach. However if full escrow funds are
released for a distribution prior to an ABTL repayment and
InfraBuild were to repay the facility using unrestricted cash, it
would have unsustainable liquidity levels to meet its ongoing
working capital obligations.
Furthermore, InfraBuild's auditors have indicated a higher bar for
audit evidence related to the GFG settlement, which has led to a
delay in publishing the company's fiscal 2024 audited financial
statements. InfraBuild has received consent from noteholders to
extend its reporting obligation deadline, which is now the end of
March. A delay in issuing the audited statements beyond this date
could lead to a default event on the USD550 million senior secured
notes. Moody's would expect InfraBuild to launch another consent
process to further extend this deadline if it is unable to publish
its accounts before the deadline.
The Caa2 senior secured notes due 2028 are rated in line with the
CFR, as it represents the majority of overall debt. The ratings
reflect the notes first lien over PP&E and second lien over current
assets, which Moody's expect would provide recovery levels in line
with expectations for the rating.
The negative outlook reflects: 1) Moody's expectation that
InfraBuild's liquidity will continue to deteriorate without a
significant turnaround in operating performance, and 2) the high
refinancing risk associated with upcoming debt maturities. In the
medium to long term, operating performance should improve as
government-sponsored infrastructure spending and the need to
address Australia's housing shortage support long-term underlying
demand.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of the ratings is unlikely given the negative outlook
and Moody's expectations for business conditions and credit
metrics. However, Moody's could stabilize Infrabuild's outlook if
operating conditions, credit metrics and liquidity begin to
improve. An upgrade of the ratings would require InfraBuild to
demonstrate: 1) a sustained improvement in its credit metrics, with
its EBIT/interest improving comfortably above 1.0x; (2) a stronger
liquidity profile, and; (3) improvement operating margins and free
cash flow on a sustained basis. An upgrade would also require the
company addressing its upcoming debt maturities.
The ratings could be downgraded if (1) InfraBuild's liquidity
profile deteriorates further; (2) its earnings and credit metrics
weaken below Moody's expectations; (3) it fails to address its May
2026 debt maturity; and/or (4) contagion risk from its parent
continues to negatively impact on the company's credit profile,
which could include future related-party transactions with the
group, and constraints on working capital terms and conditions.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Steel published
in November 2021.
COMPANY PROFILE
InfraBuild is Australia's largest and only vertically integrated
electric arc furnace manufacturer and supplier of steel long
products. The company supplies around 2.1 million tonnes per annum
(mtpa) of steel long products across Australia, with most products
supplying the construction steel segment of the market (rebar,
mesh, etc.).
InfraBuild is a private company and is ultimately owned by the GFG
Alliance, a UK-based international industrial, energy, natural
resources and financial services group.
IREXCHANGE: ASIC Pursues Former Executives 5 Years After Collapse
-----------------------------------------------------------------
The Australian Financial Review reports that the corporate
regulator has charged three former executives of failed grocery
marketplace IRExchange with allegedly breaching of corporation laws
more than five years since the company collapsed into
administration.
The Financial Review relates that the disclosure of the charges
were made by McPherson's, the beauty and wellness group whose chief
executive Brett Charlton ran the failed company, IRExchange, and
Chrysos Corporation, a mining software business whose chief
financial officer and company secretaries also worked there.
According to the Financial Review, McPherson's said the Australian
Securities and Investments Commission had recently charged Mr.
Charlton with "a single contravention" of corporations law related
to false or misleading documents. Chrysos described it as a
"personal legal matter" and its two executives, Brett Coventry and
Anand Sundraj, had both denied the allegations made by ASIC.
"Mr. Charlton has informed the McPherson's board that he intends to
defend the matter. The board will continually monitor developments
and carefully consider any implications for the company,"
McPherson's said, notes the report.
Mr. Charlton is also on the board of the Parramatta Eels NRL club
and joined McPherson's in August 2023. He had run IRExchange, a
competitor to ASX-listed wholesaler Metcash, as it mulled a float.
ASIC eventually raised concerns about the company's prospectus,
ending the listing process.
The regulator later confirmed it had begun investigating IRExchange
and was focused on "suspecting misconduct by several directors,
officers, and advisers . . . in connection with three capital
raisings".
ASIC told a Senate committee in 2023 that it suspected "misleading
statements in communications with investors, ASIC and the ASX;
misleading omissions in a prospectus; and transfer of founders'
shares in circumstances which amounted to a prohibited selective
share buyback."
One of IRExchange's biggest investors, Melbourne businessman James
Baillieu, sued the company alleging it made false claims about
active customer numbers in the prospectus. IRExchange paid Mr
Baillieu AUD1.2 million to settle the matter before it fell into
administration.
ASIC declined to comment on Wednesday, Feb. 12, notes the Financial
Review. "Consistent with our approach on regulatory actions we will
be providing no public statements than at the time of the first
court appearance," a spokesman said.
The Financial Review adds that the corporate regulator is
separately suing McPherson's in the Federal Court alleging it
breached continuous disclosure obligations and engaged in
misleading and deceptive conduct when it raised AUD46 million of
capital in October 2020. The company has denied those allegations.
Robert Smith of McGrathNicol was appointed as administrator of
IRexchange Ltd on Oct. 22, 2019.
OSG ENERGY: First Creditors' Meeting Set for Feb. 19
----------------------------------------------------
A first meeting of the creditors in the proceedings of OSG Energy
Pty Ltd will be held on Feb. 19, 2025 at 11:30 a.m. via Zoom
videoconferencing.
Bradd William Morelli and Stewart William Free of Jirsch Sutherland
were appointed as administrators of the company on Feb. 9, 2025.
PAION MEDICAL: Clinic Continues to See Patients Amid Liquidation
----------------------------------------------------------------
The SE Voice reports that Mount Gambier's Medicare Urgent Care
Clinic will continue to see patients for the "foreseeable future"
despite its operator entering liquidation.
According to the report, news broke this week that a liquidator had
been appointed for Paion Medical Proprietary Limited, owned by
Mount Gambier's Dr Richard Try.
SV Partners Director Stuart Otway on Feb. 11 confirmed the company
was placed into liquidation by the Federal Court of Australia and
that he and Alan Scott had been appointed as liquidators, the
report discloses.
The SE Voice relates that Mr. Otway said the company's clinics were
continuing to operate as normal whilst the liquidators work through
the financial situation.
Those operations include the Urgent Care Clinic, along with Mount
Gambier Family Health and the Mount Gambier Skin Cancer Clinic.
"We are also looking at restoring and extending the operating hours
of the Mount Gambier Urgent Care Clinic to meet the needs of the
community," the report quotes Mr. Otway as saying. "Our main focus
is keeping the various clinics open."
The liquidators are conducting an urgent assessment of Paion's
business operations to determine the amount of funding required to
continue running the clinics.
Mr. Otway said SV Partners were appointed as liquidators on January
29.
"At the time of our appointment, the company acted as trustee of
the Try Family Trust trading as the medical centre, including the
Urgent Care clinic," Mr. Otway said, notes the report.
"Following certain legal proceedings, which were dismissed on 5
February 2025, we took control of the medical centre on 7 February
2025.
"We are conducting an urgent assessment of the business operations
to determine the amount of funding required to continue those
operations.
"If we have sufficient cash flow fund the business, we will seek to
continue its operations in its entirety until its future is
decided.
"The next steps are then to maximise the return to creditors either
by sale of the business to a third party or by way of a Deed of
Company Arrangement if a proposal is accepted by creditors."
The SE Voice adds that Mr. Otway said the main message for the
community was that it is "business as usual".
A Country SA Primary Health Network spokeswoman said they were
working to retain the clinic's operations, The SE Voice relays.
"Country SA PHN is disappointed the entity commissioned to operate
the Medicare Urgent Care Clinic (MUCC), has needed to be placed
into liquidation. Country SA PHN understands the entity also
operates two unrelated businesses (to the MUCC)," she said.
"Country SA PHN is assisting and working proactively with the
appointed liquidators to try and maintain the MUCC service for the
community of Mount Gambier and surrounds.
"We understand that part of the role of a liquidator is to inquire
into the failure of an entity and report to ASIC."
PUBLIC HOSPITALITY: Jon Adgemis Fails in Bid to Conceal AUD26M Debt
-------------------------------------------------------------------
The Australian Financial Review reports that former KPMG dealmaker
turned pub baron Jon Adgemis attempted to conceal a AUD26 million
debt to Monaco-based rag trader Richard Gazal, arguing that it
could cause the collapse of his hospitality empire.
According to the Financial Review, Mr. Adgemis has been attempting
to conceal the extent of his debts, and that Mr. Gazal is now
trying to bankrupt him, by asking the Federal Court to suppress
details of the dispute between the two businessmen.
Mr. Adgemis founded Public Hospitality in 2021, accumulating a
large portfolio of pubs and development projects during the
COVID-19 pandemic when financing was cheap. At its height, the
business owned Oxford House and The Norfolk in Sydney, and Guy
Grossi's Puttanesca in Melbourne.
However, difficulties in revamping the hotels and higher financing
costs left Public Hospitality on the brink of collapse last year,
the Financial Review notes. Eventually, the business secured
refinancing with Deutsche Bank, although the deal did not prevent
the company from disintegrating after several venues - including
Oxford House and The Exchange in Sydney - fell into
administration.
Documents released to The Australian Financial Review show Mr.
Gazal issued Mr. Adgemis with a formal demand – known as a
bankruptcy notice – to repay AUD26 million that he owed. In
November, Mr. Adgemis applied to the court to have the notice set
aside. Mr. Adgemis has previously claimed Mr. Gazal's dispute was
unrelated to bankruptcy proceedings.
"There is no bankruptcy proceeding on foot in relation to Mr
Adgemis, there is a legal dispute that both parties are hoping to
resolve," his spokesman told the Financial Review's Rear Window
column in December.
In the same month, Mr. Adgemis' lawyers asked the Federal Court to
suppress several documents filed as part of the dispute, including
those that detailed the bankruptcy notice and the amounts owed to
Mr. Gazal.
In an affidavit to support his request, Mr. Adgemis wrote that any
"adverse media attention concerning me . . . has the potential to
significantly impact the value of [Public Hospitality's] assets
when placed on the market".
"Those impacts will in turn affect the financial viability of the
entire group, potentially triggering default events under the
Deutsche Bank facility and placing in real jeopardy the deed
proposal," he wrote.
According to the Financial Review, Mr. Adgemis told the Federal
Court that disclosing what he owed Mr. Gazal would undermine
attempts to refinance properties owned by Public Hospitality. "All
lenders undertake a due diligence process and given the current
economic market and tightened lending conditions, they will be
concerned by any uncommercial, unbalanced or adverse media," he
wrote.
However, the Federal Court said his argument was "most
unpersuasive" and concerns about negative publicity were "both
speculative and subjective".
Mr. Adgemis' spokesman said there were "no current bankruptcy order
being sought in court". "The claims by Mr Gazal are disputed and
subject to court proceedings. Mr Adgemis has previously paid Mr.
Gazal AUD26 million despite borrowing only AUD13 million," he said
in a statement on Feb. 13, the Financial Review relays.
Mr. Adgemis is still trying to save his business, most recently
proposing a deal to rescue the Public Hospitality pubs that
collapsed into administration last year. If he can, he hopes to
refinance another set of assets, notes the report.
As reported in the Troubled Company Reporter-Asia Pacific on Sept.
19, 2024, pub baron Jon Adgemis' embattled Public Hospitality Group
has taken another hit with receivers and external managers
appointed at five of his Sydney hotels, including Oxford House and
The Strand Hotel.
Insolvency specialist FTI Consulting has stepped in as receivers
and managers to operate Public's hip Redfern pub The Norfolk,
Oxford House in Paddington and Darlinghurst's The Strand Hotel, as
well as Alexandria's Camelia Grove Hotel and The Exchange Hotel,
also in Darlinghurst, Good Food said. The pubs will be sold as soon
as possible.
Duncan Club and Andrew Sallway of BDO advisory firm have also been
appointed voluntary administrators at affiliated companies
including Public Lifestyle Management Pty Ltd, Good Food added.
SYDNEY FISH: Rejects Claim it is Close to Insolvency
----------------------------------------------------
News.com.au reports that the largest fish market in the southern
hemisphere has hit back at claims it is close to financial
collapse.
According to the report, the Sydney Fish Market (SFM), responding
to reports it was confronting an AUD8 million loss for 2023-24 and
had allegedly brought in insolvency experts, stated bluntly it
remained a viable business.
"Sydney Fish Market refutes claims that it is close to insolvency,"
an SFM spokeswoman told NewsWire on Feb. 13.
"It is taking longer than anticipated to finalise our financial
report, due to extenuating circumstances related to the once in a
generation transition to the new Sydney Fish Market.
"We are finalising the financial report with the appropriate level
of due diligence. It will be lodged this quarter."
The SFM is a private company jointly held by the Catchers Trust of
NSW, which represents the state's commercial fishermen, and the
Sydney Fish Market Tenants and Merchants, which represents the
market's sellers.
The company posted a AUD6.3 million loss for 2022-23, news.com.au
discloses.
News.com.au relates that the company's financial statements for
2023-24 have not yet been published, three months after the
reporting deadline, but the company stressed it was "business as
usual" at the legendary auction site and retail zone.
"It is business as usual at SFM and we remain committed to working
collaboratively with our stakeholders and the NSW government to
ensure a successful transition to the new Sydney Fish Market," the
company said.
News.com.au says the allegations of potential financial
difficulties come as the market, founded in 1966, prepares to move
from its traditional home in Pyrmont to a new AUD836 million space
on the other side of Blackwattle Bay.
News.com.au notes that the state government is footing the bill for
the new build, which was originally budgeted at AUD250 million, and
SFM is expected to rent out the new site on a 50-year lease.
SFM will then lease out spaces within the complex to subtenants.
An Infrastructure NSW spokesman told NewsWire on Feb. 13 the
question of insolvency had not been raised by SFM with the
government.
"And we have not received any requests from SFM for financial
support," the spokeswoman said, notes the report. "Infrastructure
NSW is working closely with the Sydney Fish Market and we are
looking forward to handing over the facility later this year to
prepare for operations and 'Go Live'."
NewsWire also understands the NSW government has been provided no
evidence that would indicate cause for concern.
NewsWire contacted the Catchers Trust separately, but the body
refused to comment on the matter.
"Our director at this stage would not like to engage," a
spokeswoman said, adds the report.
TAYLORLAND PTY: Second Creditors' Meeting Set for Feb. 18
---------------------------------------------------------
A second meeting of creditors in the proceedings of Taylorland Pty
Ltd has been set for Feb. 18, 2025 at 3:00 p.m. virtually by
Microsoft Teams.
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. 17, 2025 at 4:00 p.m.
Dane Skinner of Raft Consulting was appointed as administrator of
the company on Jan. 13, 2025.
ULTIMATE FORMWORK: First Creditors' Meeting Set for Feb. 19
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Ultimate
Formwork and Concrete Solutions (Aust) Pty Ltd will be held on Feb.
19, 2025 at 12:00 p.m. by virtual conference via Zoom meeting.
Danny Vrkic and Daniel O'Brien of DV Recovery Management were
appointed as administrators of the company on Feb. 10, 2025.
=========
C H I N A
=========
GREENTOWN CHINA: To Buy Back $741M Bonds; Plans USD Notes Offering
------------------------------------------------------------------
Reuters reports that Greentown China will buy back $741 million of
outstanding bonds and is also planning to issue U.S.
dollar-denominated notes, both as part of a debt refinancing plan,
the real estate company said on Feb. 6.
Reuters relates that the Hangzhou-based developer will buy back
$446.5 million of its 4.7% senior notes and $294.5 million of its
5.65% senior notes, both due in 2025, it said.
Greentown also said it plans to issue dollar-denominated senior
notes, although the amount and other terms were yet to be
finalized.
According to Reuters, the Hong Kong-listed company's refinancing
comes amid heightened investor caution following a spate of
defaults in China's property sector.
Although Hong Kong's sector has not experienced similar defaults,
investors remain concerned about companies' dwindling liquidity due
to struggling residential and commercial property markets.
About Greentown China
Greentown China Holdings Limited is a China-based property
developer, with a primary focus in Hangzhou City and Zhejiang
Province.
As reported in the Troubled Company Reporter-Asia Pacific on early
May 2024, S&P Global Ratings, on April 24, 2024, revised its rating
outlook on Greentown China Holdings Ltd. to stable from positive.
At the same time, S&P affirmed its 'BB-' long-term issuer rating on
the company.
The stable outlook reflects S&P's expectation that Greentown will
maintain its business competitiveness and smooth access to various
funding channels over the next 12 months despite the market
downturn.
=========
I N D I A
=========
AGRI POWER: Voluntary Liquidation Process Case Summary
------------------------------------------------------
Debtor: Agri Power and Engineering Solutions Private Limited
No. 51-A, KIADB Industrial Area I Phase,
Bommasandra, Bangalore, Karnataka, - 560099
Liquidation Commencement Date: January 25, 2025
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Hitesh Kothari
1A, Satya Apartment,
Opp. Kandivali MTNL Building, S.V. Road,
Kandivali (W), Mumbai - 400067
Email: hiteshkotharics@gmail.com
Last date for
submission of claims: February 24, 2025
AIREN COPPER: CARE Keeps D Ratings in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Airen
Copper Private Limited (ACPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 24.75 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 22,
2024, placed the rating(s) of ACPL under the 'issuer
non-cooperating' category as ACPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ACPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 7, 2024,
December 17, 2024 and December 27, 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
Jaipur (Rajasthan) based ACPL was incorporated in 2002 by Mr.
Sudhir Kumar Agarwal and Mr. Suresh Kumar Agarwal. ACPL commenced
its commercial operations from January 2009. The company is mainly
engaged in the manufacturing of paper insulated copper wires/strips
and paper covered insulated bus bars. It has its manufacturing
facility situated at Jaipur.
ANAND PROPERTY: CARE Lowers Rating on INR25cr LT/ST Loans to D
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Anand Property Finance Limited (APFL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 25.00 CARE D/CARE D Downgraded from
Short Term CARE B+; Stable/CARE A4
Bank Facilities
Rationale and key rating drivers
Rating on the bank facilities of APFL is downgraded on account of
delay in servicing of interest payments on the term loan with
revolving facility, as informed by the lender on February 10,
2025.
The company has also confirmed the delay in interest payments due
to freeze of its bank accounts linked to ongoing legal proceedings
with government authorities.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors: Factors that could, individually or collectively,
lead to positive rating action/upgrade:
* Satisfactory track record of timely servicing of debt obligation
on a sustained basis
Negative factors: Factors that could, individually or collectively,
lead to negative rating action/downgrade:
* Not applicable
Analytical approach: Standalone
Outlook: Not applicable
Liquidity: Stretched
The liquidity of the company is stretched due to bank accounts
being frozen, leading to delays in servicing of interest payments.
APFL is an NBFC registered with RBI as a Non-Deposit taking
non-systemically important company. It got its registration
certificate in 1998. Since January 2022, The company diversified
into gold loans which is the flagship product of the company. AUM
as on November 30, 2023, stood at INR3 crore for gold loans. It has
its registered office in Surat & has one branch in Pune. The
company is at a very nascent stage in its new business construct
with vintage of two years.
AQUAGEL CHEMICALS: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Aquagel Chemicals (Bhavnagar) Private Limited
Plot no. 147, GIDC Estate,
Vil- Vartej, Bhavnagar,
Gujarat - 364 060
Liquidation Commencement Date: January 29, 2025
Court: National Company Law Tribunal, Ahmedabad Bench
Liquidator: Ravi Kapoor
402, Shaival Plaza
Near Gujarat College,
Ellisbridge, Ahmedabad - 380 006
Email: ravi@ravics.com
Telephone No: 079 26420336/7/9
Last date for
submission of claims: February 28, 2025
BALAJI TECH: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri Balaji
Tech (SBT) continue 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
Long Term/ 2.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 1.00 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 February 1,
2024, placed the rating(s) of SBT under the 'issuer
non-cooperating' category as SBT had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SBT continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 17, 2024,
December 27, 2024, January 6, 2025 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
Sri Balaji Tech (SBT) was established as a proprietorship concern
by Mr. Ramanthan in 1978. Later after the demise of Mr. Ramanathan,
Mr. Sriram took over the concern. Later in the year 1996, Mr. K.
Suresh Kumar joined and the entity was reconstituted as a
partnership concern. Presently the firm has three partners namely,
Mr. R. Sriram, Mr. K. Suresh Kumar and Mr. B. Srinivasan with the
profit-sharing ratio of 2:4:4 respectively. SBT is into
manufacturing of ferrous and non-ferrous based castings and forged
valves and pumps. The raw material is first checked for quality
before processing. The raw material undergoes various stages like
melting, moulding and cutting. One cycle takes about 45 days
without third party check and 120 days with third party check. SBT
exports around 35% of its produce to UK, USA and Gulf countries.
SBT has its registered office at Ambattur, Chennai, and Tamil
Nadu.
CLOUD NINE: Liquidation Process Case Summary
--------------------------------------------
Debtor: Cloud Nine Realtors Private Limited
Office No. 502, Madhava, Plot No. C-4,
E Block, BKC, Bandra (East), Mumbai City,
Mumbai, Maharashtra-400051, India
Liquidation Commencement Date: January 6, 2025
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Rajendra Kishanrao Joshi
"Sanjana" Building, Building No 10
Flat No 7, Hinghne Khurd Pune
Maharashtra-411051
Email: rajendrajoshi_cs@yahoo.com
Email: cloudninecirp@yahoo.com
Last date for
submission of claims: February 5, 2025
FEEDBACK INFRA: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Feedback
Infra Private Limited (FIPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 273.41 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 239.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 22.59 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Compulsorily 50.00 CARE D; ISSUER NOT COOPERATING
Convertible Rating continues to remain
Debentures under ISSUER NOT COOPERATING
Category
Non Convertible 30.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
Category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 19, 2024,
continued to place the ratings of FIPL under the 'issuer
non-cooperating' category as FIPL had failed to provide information
for monitoring of the rating. FIPL continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and letter/emails dated January 24, 2025,
January 28, 2025 & January 31, 2025.
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 these ratings (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
The ratings continue to take into account the delays in debt
servicing obligation attributable to poor liquidity position of the
company and the account has been classified as NPA by lenders.
Analytical approach: Consolidated
CARE has considered consolidated financials of FIPL, its
subsidiaries and associate companies.
Detailed description of key rating drivers
At the time of last rating on March 19, 2024, the following were
the rating weaknesses and strengths (updated for the information
available from stock exchange).
Key weaknesses
* Weak financial performance and poor liquidity position: The
liquidity position of the company continues to remain poor on
account of weak financial performance, leading to ongoing delays in
debt servicing. On a consolidated level, company reported total
operating income of INR768.80 crore in FY23. The net loss reported
by the company amounts to INR112.11 crore in FY23 as against net
loss of INR257.37 crore in FY22. Company is in discussion with
lenders for the debt resolution options for the entire debt of FIPL
and FEDCO with options of OTS or revised debt restructuring
proposal.
Key strengths
* Experienced management team and long track record of operations:
The founder promoters own 41.16% of FIPL through investment
vehicle, Missions Holdings Private Limited and remaining ownership
lies with banks and financial institutions. The board members
include persons having vast experience in the field of
infrastructure management and advisory. Feedback Infra Group is in
the business of engineering consultancy, design, project
supervision and management consultancy for more than 25 years. The
group is diversified in infrastructure sector with core presence in
transportation, energy, real estate & social infra.
Liquidity: Poor
The liquidity profile of the company remained poor as reflected by
delay in servicing of debt obligations. Company has reported
negative GCA in FY23 & FY22. The current ratio of the company also
remained low at 0.26x as on March 31, 2023 (PY: 0.24x).
Feedback Infra Group, established in 1990, is an integrated
infrastructure services provider offering design and engineering
consultancy, project management, operations & management as well as
asset improvement services. The group is providing services in
various infrastructure segments, viz, transportation (highways,
metro projects etc), energy, real estate and social infrastructure.
While commencing its operations in 1990 through FIPL in the
infrastructure services business, over the years, the group entered
into the operations and maintenance business for power plants and
highways and energy distribution business. FIPL continues to
provide advisory, construction management and engineering services
and is the holding entity for companies that are into the business
for operations & management, power distribution as well as entities
for the international business in infrastructure sector. FIPL's
shareholding includes banks and financial institutions, apart from
the founder promoters' investment through Missions Holdings Private
Limited. FIPL's wholly owned subsidiary FEDCO is operating
distribution franchisee business at four divisions in Meghalaya,
four divisions in Tripura and executes projects pertaining to
Network Roll out Implementation (NRI).
FOUNDRYDIGITAL INDIA: Voluntary Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: Foundrydigital India Private Limited
3, 2nd Floor Prestige Sigma, Vittal Mallya Road,
Highcourt, Bangalore, Bangalore,
North, Karnataka, India, 560001
Liquidation Commencement Date: January 23, 2025
Court: National Company Law Tribunal Coimbatore Bench
Liquidator: Vasudevan Gopu
G.V Enlclave 18/30, Ramani Street, K.K Pudur,
Saibaba Colony, (4th Right Opp. Road to
Saibaba Colony Hotel Annapoorna Road)
Coimbatore - 641038 Tamil Nadu, India
Email: vasudevangopu.ip@gmail.com
Email: vasudevanacs@gmail.com
Telephone No: 0422-4347063
Last date for
submission of claims: February 22, 2025
GATI INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gati
Infrastructure Bhasmey Power Private Limited (GIBPPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 285.34 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 19,
2024, placed the rating(s) of GIBPPL under the 'issuer
non-cooperating' category as GIBPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. GIBPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 4, 2024, December 14, 2024, December 24, 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
Gati Infrastructure Bhasmey Power Private Limited is a Special
purpose vehicle (SPV) promoted by Mr. M K Agarwal and an associate
company; Amrit Jal Ventures Pvt Ltd. (AJVPL) for setting up a 54 MW
(2 X 27 MW) (which was later revised to 62 MW) Run of the River,
Bhasmey Hydro Electric Power Project (BHEPP). The project is
located on the river Rangpo, a major tributary of Teesta River in
the East District of Sikkim. The project was awarded by Government
of Sikkim (GoS) and Sikkim Power Development Company (SPDC) on
Build, Own, Operate and Transfer (BOOT) basis for a period of 35
years from the scheduled Commercial Operations Date (COD). The
project was scheduled to be commissioned in March 2014.
GOLDEN JUBILEE: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Golden
Jubilee Hotels Private Limited (GJHPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 495.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 50.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 30,
2024, placed the rating(s) of GJHPL under the 'issuer
non-cooperating' category as GJHPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. GJHPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 15, 2024, December 25, 2024, January 4, 2025 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
Golden Jubilee Hotels Ltd. (GJHL) was incorporated as Golden
Jubilee Estates Ltd. in December, 1996 and remained dormant till
2004. The name of the company was changed to current nomenclature
in December, 2006. GJHPL is a special purpose vehicle (SPV) formed
for development of two five Star hotel properties under the name of
Trident and Oberoi at Hyderabad. The project work of Trident
(branded as Five Star Deluxe) has been completed and the hotel
commenced operation from September 1, 2013. However, there has been
change in plan with regard to construction of The Oberoi and the
same is being replaced with a five-star business hotel cum service
apartment.
GOUR FLOUR: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gour Flour
Mills Private Limited (GFMPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 4,
2024, placed the rating(s) of GFMPL under the 'issuer
non-cooperating' category as GFMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. GFMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 19, 2024, November 29, 2024, December 9, 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
GFMPL was incorporated on January 2000, by Mr. Jaydeb Saha and his
family members based out of Malda, West Bengal, with the objective
to operate a flour mill. The company is engaged in processing and
milling of wheat grains. The flour mill manufactures atta, maida,
suji, and wheat bran, having an installed capacity of 30,000 metric
tonnes per annum (MTPA) being located at Malda, West Bengal. The
company sells its product to traders and wholesalers located in
West Bengal only and also to state Government.
Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of GFMPL into
ISSUER NOT COOPERATING category vide press release dated August 08,
2024 on account of its inability to carry out a review in the
absence of requisite information from the company.
ISHANIKA HOTELS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ishanika
Hotels Private Limited (IHPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long 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 22,
2024, placed the rating(s) of IHPL under the 'issuer
non-cooperating' category as IHPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
IHPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 7, 2024,
December 17, 2024 and December 27, 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
Lucknow based, Ishanika Hotels Private Limited (IHPL) was
incorporated as a private limited company in April, 2017. The
company is currently being promoted by Mr. Arun Kumar Singh and
Mrs. Roli Singh. The hotel comprises of total 50 rooms, along with
2 banquet halls, 2 conference rooms, 1 restaurant. The company has
entered into marketing arrangements with online tours and travels
portals like Go Ibibo, Make My Trip, and also has tie-ups with
local tourist guides for potential customers.
Status of non-cooperation with previous CRA: CRISIL has continued
the ratings assigned to the bank facilities of IHPL into 'Issuer
not-cooperating' category vide press release dated April 12, 2024
on account of non-availability of requisite information from the
company.
KOOPID TECHNOLOGIES: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: KOOPID TECHNOLOGIES PRIVATE LIMITED
No. 613, 80 Feet Road, 6th Block,
Koramangala, Bangalore,
Bangalore South, Karnataka, India 560034
Liquidation Commencement Date: January 22, 2025
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Venkata Subbarao Kalva
#41/1, 11th Cross, 8th Main,
2nd Block, Jayanagar,
Bengaluru - 560011
Email: subbaraocs@gmail.com
Mobile: +91 8147238639
Last date for
submission of claims: February 22, 2025
LARE FIBC: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lare Fibc And
Energies Private Limited (LFEPL) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Inland/Import 1.5 CRISIL D (Issuer Not
Letter of Credit Cooperating)
Long Term Loan 24.52 CRISIL D (Issuer Not
Cooperating)
Working Capital 4.98 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with LFEPL for
obtaining information through letter and email dated January 8,
2025 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 LFEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LFEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LFEPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
LFEPL (formerly known as Tech Sun Energies Pvt Ltd) was
incorporated in 2012. The company primarily provided operations and
maintenance services in power related industries and petrochemicals
industries. In fiscal 2018, it diversified into manufacturing
flexible intermediate bulk containers (FIBCs) such as jumbo bags,
container liners and small sacks and started its operations in
January 2020. Its manufacturing facility is in Tirunelveli, Tamil
Nadu. The company is promoted by Mr. Mayilvel Ponnusamy and Ms N
Ponlakshmi.
MANEESH PIPES: CARE Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Maneesh
Pipes Private Limited (MPPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 19.15 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 27,
2023, placed the rating(s) of MPPL under the 'issuer
non-cooperating' category as MPPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 11, 2024,
November 21, 2024, December 1, 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).
The ratings assigned to the bank facilities of MPPL have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
MPPL incorporated in March 13, 1991, was promoted by Mr. Jagadish
Prasad Jhawar, Mr. Brij Mohan Jhawar (brother of Mr. J.P. Jhawar)
and Mr. Anurag Jhawar (Son of Mr. B.M. Jhawar). Initially, the
company was established as a partnership concern in the name of
"Maneesh Fabrication & Allied Products" in 1972. Subsequently, it
was reconstituted as a private limited company in 1991 with its
name changed to the current one. The company is engaged in turnkey
execution of water supply contracts which contributed almost 98.65%
of its total revenue in FY16. Apart from execution of contracts it
is also involved in manufacturing of Reinforced Cement Concrete
(RCC) pipes. The manufacturing facility of the unit is located at
Raipur, Chhattisgarh with testing facilities as per IS 1916, having
an installed capacity of 11,000 metres per annum.
MARVEST AQUA: CARE Lowers Rating on INR6.16CR LT Loan to B
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Marvest Aqua Protein Private Limited (MAPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.16 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE B; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 9,
2024, placed the rating(s) of MAPPL under the 'issuer
non-cooperating' category as MAPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MAPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 24, 2024, December 4, 2024 and December 14, 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).
The ratings for MAPPL have been revised on account of
non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Marvest Aqua Protein Private Limited (MAPPL) was incorporated on
March 9, 2018 under companies' act 2013. It is based on
Nagapattinam, which is a coastal area in Tamil Nadu. The company
proposes to engage in manufacturing of fish meals, used as feeds in
commercial fish farms mainly for Shrimps, and fish oil. The company
intends to exports its products to countries such as China,
Vietnam. Mr. K Muhammed Ashraf, Mr. Pathoor Hussain Mohamed Ismail
and Mr. Sheik Dawoodh are the directors of the company. With the
upgraded manufacturing unit the company will have a production
capacity of 22 tonnes of fish meals per day.
Marvest Aqua Protein Private Limited (MAPPL) was incorporated on
March 9, 2018 under companies' act 2013. It is based on
Nagapattinam, which is a coastal area in Tamil Nadu. The company
proposes to engage in manufacturing of fish meals, used as feeds in
commercial fish farms mainly for Shrimps, and fish oil. The company
intends to exports its products to countries such as China,
Vietnam. Mr. K Muhammed Ashraf, Mr. Pathoor Hussain Mohamed Ismail
and Mr. Sheik Dawoodh are the directors of the company. With the
upgraded manufacturing unit the company will have a production
capacity of 22 tonnes of fish meals per day.
MEDICARE SERVICES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Medicare Services (India) Private Limited
Paul Mansion 6b Bishop Leffroy Rd Ground Flr,
Kolkata, West Bengal, India, 700020
Insolvency Commencement Date: January 29, 2025
Estimated date of closure of
insolvency resolution process: July 28, 2025
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Mr. Seikh Abdul Salam
64J, Linton Street,
P.S. Beniapukur, Kolkata,
West Bengal-700014
Email: salam10695@gmail.com
Email: cirp.mcpl25 @gmail.com
Last date for
submission of claims: February 12, 2025
PLAZMA TECHNOLOGIES: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Plazma
Technologies Private Limited (PTPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.63 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 5.80 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 February 6,
2024, placed the rating(s) of PTPL under the 'issuer
non-cooperating' category as PTPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PTPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 22, 2024,
January 1, 2025 and January 11, 2025 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
Incorporated in 1990, PTPL, formerly known as Plazma Cutting
Equipment Private Limited is a Pune-based company, promoted by Mr.
Hughen Thomas and Mrs. Arundhati Thomas. The company is engaged in
the manufacturing of plazma cutting tools and equipment.
PRAVARA RENEWABLE: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pravara
Renewable Energy Limited (PREL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 186.08 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 February 8,
2024, placed the rating(s) of PREL under the 'issuer
non-cooperating' category as PREL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PREL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 24, 2024,
January 3, 2025 and January 13, 2025 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
Pravara Renewable Energy Limited (PREL) is a special purpose
vehicle, incorporated as a wholly owned subsidiary of Gammon
Infrastructure Projects Limited (GIPL), to implement the 30 MW
bagasse-based co-generation power project adjacent to the sugar
mill of Padmashri Dr. Vithalrao Vikhe Patil, Sahakari Sakhar
Karkhana Limited (Karkhana) at Pravaranagar, District Ahmednagar,
Maharashtra on Build Own Operate and Transfer basis (BOOT).
Status of non-cooperation with previous CRA: Acuite has continued
the rating assigned to the bank facilities of PREL under Issuer Not
Cooperating category vide press release dated October 31, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the company.
RAI HOMES: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Rai Homes (India) Private Limited
148, Santosh Tower, Zone-I M.P. Nagar, Bhopal,
Bhopal, Madhya Pradesh, India, 462011
Insolvency Commencement Date: January 22, 2025
Estimated date of closure of
insolvency resolution process: July 21, 2025
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Mr. Bishwanath Choudhary
Flat No. 8F, Block 7, Prasad Exotica,
71/3, Canal Circular Road,
Kolkata, West Bengal, 700054
Email: choudhary_bishwanath@rediffmail.com
-- and --
104, S.P Mukherjee Road,
Sagar Trade Cube, 2nd Floor,
Kolkata-700026
Email: cirp.rhipl@gmail.com
Last date for
submission of claims: February 5, 2025
RAM AUTOTECH: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri Ram
Autotech Private Limited (SRAPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.50 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 22,
2024, placed the rating(s) of SRAPL under the 'issuer
non-cooperating' category as SRAPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SRAPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 7, 2024, December 17, 2024 and December 27, 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
Gurgaon-Haryana based, Shri Ram Autotech Private Limited (SRAPL)
was established as a proprietorship firm in 1992 and was
reconstituted as a private limited company in 2010 and thus,
incorporated in 2011 by Mr. Rajesh Sharma and Mr. Santosh Sharma.
The company is engaged in manufacturing of auto components for OEMs
with wide variety of product portfolio such as Horns, breaks and
switches etc. The manufacturing facilities of the company are
located at Faridabad and Gurgaon in Haryana. The company also
manufactures e-rickshaw under the name of 'Jangid Motors'.
Status of non-cooperation with previous CRA: CRISIL has continued
the ratings assigned to the bank facilities of SRAPL into 'Issuer
not-cooperating' category vide press release dated January 12, 2024
on account of non-availability of requisite information from the
company.
RAVJI MANJI: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ravji
Manji Sorathia and Company (RMSC) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term 10.00 CARE A4; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 29,
2023, placed the rating(s) of RMSC under the 'issuer
non-cooperating' category as RMSC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RMSC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 13, 2024,
November 23, 2024 and December 3, 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
Gandhidham based Ravji Manji Sorathia and Co (RMSC) was promoted by
Mr. Ravji Manji Sorathia as proprietorship concern in 1990. The
firm was reconstituted as a partnership concern in 2004. RMSC is
engaged into building road and construction work and undertakes
contracts of government departments as well as private entities; it
also undertakes road construction work, commercial buildings, and
civil construction works. RMSC is "AA class" approved Government of
Gujarat (GOG) contractor and has executed contracts for various
reputed public as well as private organizations.
ROLEX PROCESSORS: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rolex
Processors Private Limited (RPPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 45.17 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 18,
2023, placed the rating(s) of RPPL under the 'issuer
non-cooperating' category as RPPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 2, 2024,
November 12, 2024 and November 22, 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
Bhilwara (Rajasthan) based Rolex Processor Private Limited (RPPL),
incorporated in October, 1998, was acquired by Ajay Group, based
out of Bhilwara, Rajasthan, in June, 2010. Ajay Group is promoted
by Kabra family of Bhilwara is engaged in the business of weaving
of synthetic fabrics from polyester yarn since 1987. RPPL is
engaged in the business of processing and dyeing of synthetic
fabrics on job work basis as well as in the trading of finished
fabrics. The processing facility of the company is located at
Bhilwara district in Rajasthan.
RUCHI WORLDWIDE: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ruchi
Worldwide Limited (RWL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 835.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 4,
2024, placed the rating(s) of RWL under the 'issuer
non-cooperating' category as RWL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RWL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 19, 2024,
November 29, 2024, December 9, 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
RWL is based of Indore, Madhya Pradesh and is an international
trading arm of the group and is involved in trading of various
agri-commodities including edible oil, raw cotton, castor seeds and
oil, coffee, grain and pulses. In pursuance of implementation of
Resolution Plan approved by the NCLT Ruchi Soya Industries Limited
has transferred its entire ownership in Ruchi Worldwide Limited
(52.48%) to Sanatan Multi Skill Development and Education Private
Limited on 27th March, 2020. The balance (47.52%) is held by Dinesh
Khandelwal (Trustee of Disha Foundation Trust).
SACHDEV STEEL: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sachdev
Steel Works Private Limited (SSWPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.33 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 December 27,
2023, placed the rating(s) of SSWPL under the 'issuer
non-cooperating' category as SSWPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SSWPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 11, 2024, November 21, 2024, December 1, 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
Sachdev Steel Works Private Limited (SSWPL) was initially
established as a sole proprietorship firm (known as Union
Enterprises) by Mr. Raj Sachdev in 1975. The firm was reconstituted
as a Private Limited Company with the name being rechristened to
current one in 1986. Currently, the second generation represented
by Mr. Bharat Bhushan Sachdev (son of Mr.Raj Sachdev), manages the
day-to day operations of the company. The company manufactures mild
steel bars and rods wherein MS Billets/MS Ingots are used as the
major raw material at its facility in the Adityapur Industrial Area
of Jamshedpur, Jharkhand.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of SSWPL into ISSUER NOT
COOPERATING category vide press release dated April 8, 2024 on
account of its inability to carry out a review in the absence of
requisite information from the company.
SAPTARISHI HOTELS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Saptarishi
Hotels Private Limited (SHPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 220.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 20.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 30,
2024, placed the rating(s) of SHPL under the 'issuer
non-cooperating' category as SHPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SHPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 15, 2024,
December 25, 2024, January 4, 2025 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
Saptarishi Hotels Private Limited (SHPL) was incorporated on
October 7, 2010. The company is a special purpose vehicle (SPV)
incorporated for the development of a 4-star serviced apartments
and convention hotel property in the name of 'Double Tree by
Hilton' at Gachibowli, Hyderabad.
SBFC HOME: Voluntary Liquidation Process Case Summary
-----------------------------------------------------
Debtor: SBFC Home Finance Private Limited
Unit No. 103, 1st Floor, C&B Square,
Sangam Complex Andheri Kurla Road,
Chakala, Andheri East Mumbai, Mumbai City,
Mumbai, Maharashtra, India, 400059
Liquidation Commencement Date: January 27, 2025
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Ms. Dipti Mehta
201-206, Shiv Smriti,
2nd Floor, 49A, Dr. Annie Besant Road,
Above Corporation Bank, Worli, Mumbai – 400 018
Tel: +91 (22) 6611 9696
Email: dipti@mehta-mehta.com
Email: vlqsbfchomefinance@gmail.com
Last date for
submission of claims: February 26, 2025
SENBO ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Senbo
Engineering Limited (SEL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 142.68 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 157.32 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 26,
2023, placed the rating(s) of SEL under the 'issuer
non-cooperating' category as SEL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SEL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 10, 2024,
November 20, 2024, November 30, 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
Senbo Engineering Limited (SEL) was initially established as Senbo
& Company, a proprietorship entity by one Mr. Kajal Sengupta in
Kolkata, West Bengal. The entity was reconstituted as private
limited company on July 13, 1990 and later incorporated as a public
limited company in April, 2005. SEL is engaged in construction of
underground tunnelling, station for metro railways, flyovers and
bridges. Over the decades, it has executed few medium sized metro
railways contracts in Kolkata and New Delhi, besides completing few
flyover projects. Further, SEL also execute work orders in joint
venture with other
companies. Currently, the day to day affairs of the company is
looked after by Mr. Kajal Sengupta (chairman and managing director)
well supported by other directors.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of SEL into ISSUER NOT
COOPERATING category vide press release dated December 18, 2024 on
account of its inability to carry out a review in the absence of
requisite information from the company.
SILVER EAST: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Silver-East Infrastructure Private Limited
Shop No. G 48, The Zone Building, C.T.S. 655, 656,
Chandavarkar Road, Borivali West, Borivali West,
Mumbai, Borivali West, Maharashtra, India, 400092
Insolvency Commencement Date: January 30, 2025
Estimated date of closure of
insolvency resolution process: July 29, 2025
Court: National Company Law Tribunal, Mumbai Bench - II
Insolvency
Professional: Mr. Amrish Navinchandra Gandhi
504, Shivalik Abaise, Opp. Shell Petrol Pump,
Near Anand Nagar Bus Stand, Satellite,
Ahmedabad, Gujarat – 380015
Email Id: amrishgandhi72@gmail.com
Email Id: cirp.silvereastinfra@gmail.com
Last date for
submission of claims: February 13, 2025
SWASTIK LLOYDS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Swastik Lloyds
Engineering Private Limited (SLEPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 4 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SLEPL for
obtaining information through letter and email dated January 8,
2025 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 SLEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SLEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SLEPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
SLEPL was incorporated in 1997, promoted by Mr. Mafatlal Sanghvi
and his family. The company manufactures and supplies pipe fittings
such as elbows, bends, tees, stub ends, reducers, and caps; it also
executes turnkey projects for mechanical piping. Its manufacturing
facility is in Taloja, Maharashtra, with an installed capacity of
100 tonne per month.
TEJA SEA: CARE Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Teja Sea
Foods (TSF) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 3.00 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 February 1,
2024, placed the rating(s) of TSF under the 'issuer
non-cooperating' category as TSF had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
TSF continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 17, 2024,
December 27, 2024, January 6, 2025 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
Andhra Pradesh based, Teja Sea Foods (TSF) was established as a
proprietary firm in the year 2011 and promoted by Mr. Velaga
Subbarao. Initially, the firm was engaged in only trading of sea
food like fish and prawn. Later on, from June 2017 onwards, the
firm started processing of sea food and expanded its geographical
reach from domestic market to international market (Vietnam and
China). Sea foods are procured from local markets Machilipatnam,
Visakhapatnam, Kakinada and surrounding coastal areas in Andhra
Pradesh. The clientele of the firm includes Huy Tuanjoint stock
company, Dai Thien Ha Joint Stock Company, Thanh Dat Joint Stock
Company, and Vilcom General Import Export Join Stock Company.
TMR DEVELOPERS: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of TMR Developers
Private Limited (TMR) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 18 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with TMR for
obtaining information through letter and email dated January 8,
2025 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 TMR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TMR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
TMR continues to be 'CRISIL D Issuer not cooperating'.
Established in August 2012, TMR is engaged in residential real
estate construction business in Bangalore, Karnataka. The company
has two on-going projects under the name 'Tulips Blossoms and
Tulips Orchids. The company is promoted by Mr. T.Madhava Rao and
Ms. T.V. Venkata Sirisha who are the directors. The day to day
operations are managed by Mr. T. Madhava Rao.
UIPATH BUSINESS: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: UIPath Business Solutions India Private Limited
7th Floor, Prestige Trade Tower,
46, Palace Road Sampangi Rama Nagar,
Bengaluru, Karnataka, India 560001
Liquidation Commencement Date: January 23, 2025
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Venkata Subbarao Kalva
#41/1, 11th Cross, 8th Main,
2nd Block, Jayanagar,
Bengaluru - 560011
Email: subbaraocs@gmail.com
Mobile: +91 8147238639
Last date for
submission of claims: February 23, 2025
UNIVERSAL CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Universal
Construction Machinery and Equipment Limited (UCMEL) continues to
be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL D (Issuer Not
Cooperating)
Cash Credit 22 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 5 CRISIL D (Issuer Not
Bill Discounting Cooperating)
Proposed Working 12 CRISIL D (Issuer Not
Capital Facility Cooperating)
CRISIL Ratings has been consistently following up with UCMEL for
obtaining information through letter and email dated January 8,
2025 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 UCMEL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UCMEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
UCMEL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
UCMEL was set up in 1974 as a proprietorship firm by Mr. Rohidas
More. Later, it was reconstituted as a private-limited company and
since 2005, it has become a closely held public limited company. A
flagship company of the 'Universal' group, UCMEL manufactures a
wide range of construction equipment.
VANTAGE SPINNERS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vantage
Spinners Private Limited (VSPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 68.75 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 9,
2024, placed the rating(s) of VSPL under the 'issuer
non-cooperating' category as VSPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
VSPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 24, 2024,
December 4, 2024, December 14, 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
Vantage Spinners Private Limited (VSPL) was incorporated on July
28, 2006, by Mr. Potluru Mohana Murali Krishna, Mr. Potluru Soma
Sekhar and Ms Nandamuri Meenalatha. VSPL is engaged in
manufacturing of cotton yarn (40s and 60s count) with an installed
capacity of 31,500 spindles. The company's manufacturing plant is
located at Nuzividu Mandalam in Krishna district, Andhra Pradesh.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of SBT into Issuer Not
Cooperating category vide press release dated June 24, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the firm.
VARDHMAN INFRADEVELOPERS: Insolvency Process Case Summary
---------------------------------------------------------
Debtor: M/s Vardhman Infradevelopers Private Limited
Registered Address:
401-414, 4th Floor,
Shahpuri Tirath Singh Tower
C-58, Jana, Kpuri, Delhi,
Delhi, India 110058
Insolvency Commencement Date: January 30, 2025
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: July 29, 2025
Insolvency professional: Sanjeet Kumar Sharma
Interim Resolution
Professional: Sanjeet Kumar Sharma
BE 149, Street No 5,
Hari Nagar, Delhi 110064
Email: sansharma1975@gmail.com
-- and --
25/36, East Patel Nagar, Delhi-08
Email: cirp.vidpl@gmail.com
Last date for
submission of claims: February 14, 2025
VIDALI ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vidali
Enterprises (VE) continue to be 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.5 CRISIL D (ISSUER NOT
COOPERATING)
Long Term Loan 1.5 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with VE for
obtaining information through letter and email dated January 8,
2025 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 VE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of VE
continues to be 'CRISIL D Issuer not cooperating'.
VE was set up as a proprietorship firm of by Mr. Vinay Limaye, in
1998. The firm manufactures plastic moulds and containers, at its
manufacturing unit in Satara (Maharashtra).
VTR MARKETING: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of VTR
Marketing Private Limited (VMPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.17 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 29,
2024, placed the rating(s) of VMPL under the 'issuer
non-cooperating' category as VMPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
VMPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 14, 2024,
December 24, 2024, January 3, 2025 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
VTR Marketing Private Limited (VMPL) was incorporated in August,
2009 by Gandhi family of Kharagpur, West Bengal. However, the
company commenced operations from April, 2013. It is an authorized
dealer of Tata Motors Ltd (TML) for its passenger vehicles, spares
& accessories in Kharagpur, West Bengal. VMPL has its only vehicle
showroom and its warehouse at Kharagpur (West Bengal) where it also
provides repair and refurbishment services for TML vehicles. VMPL
receives a small portion of its revenue as commission income from
TML and from finance and insurance companies for bundled marketing
of their products. Shri Mahendra Shivlal Gandhi looks after the day
to day operations of the entity along with the other directors
coupled with experienced personnel. VMPL is having an associate
entity named VTR Marketing engaged in distribution of liquor.
XRBIA NORTH: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: XRBIA North Hinjewadi Developers Private Limited
MANTRI HOUSE, 1ST FLOOR, 929, F.C. ROAD,
PUNE, Maharashtra, India, 411004
Insolvency Commencement Date: January 2, 2025
Estimated date of closure of
insolvency resolution process: July 5, 2025
Court: National Company Law Tribunal, Mumbai Bench-I
Insolvency
Professional: Mr. Sanjay Vijay Jeswani
Ground Floor, Plot No. 21, Sheela Nagar,
Gittikhadan, Katol Road,
Nagpur, Maharashtra-440013
Email: jeswanisanjay007@gmail.com
-- and --
Level 15, Dev Corpora, Eastern Express Hwy,
Thane West, Mumbai, Maharashtra 400601
Email: xrbianorth.ibc@gmail.com
Last date for
submission of claims: January 20, 2025
=========
J A P A N
=========
NISSAN MOTOR: Foxconn Open to Buying Stake in Company
-----------------------------------------------------
Reuters reports that Taiwan's Foxconn would consider taking a stake
in Nissan for cooperation, its chairman said, as the Japanese
automaker's future hangs in the balance after stepping back from
merger talks with Honda.
"If cooperation requires it (purchasing Nissan shares), we will
consider it," Foxconn chairman Young Liu told reporters on Feb. 12
in the company's first public comments about its talks with Nissan,
Reuters relays.
"But purchasing its shares is not our aim; our aim is cooperation,"
he said, adding it was talking about cooperation with Nissan's
biggest shareholder Renault, which owns 36% of the Japanese firm.
According to Reuters, struggling Nissan is again at a crossroads
after sources said last week that negotiations with bigger rival
Honda to create the world's No. 4 automaker had been complicated by
growing differences.
Nissan and Honda were expected to lay out a new stage in their
uncertain relationship Feb. 13, one that is likely to see them
formally call off a plan to merge after talks between the two
foundered last week, according to sources.
Reuters says the deal would have been the latest change in a car
industry facing a huge threat from China's BYD and other electric
vehicle entrants.
Nissan is open to working with new partners such as Taiwan's
Foxconn, the world's largest contract electronics maker and Apple's
main iPhone maker, the sources said last week.
While Foxconn, the world's largest contract electronics
manufacturer, is best known for its role as an Apple supplier, it
also has ambitions in the electric vehicle sector as it seeks to
diversify its business.
Reuters adds Liu said Foxconn would not get into being an auto
"brand" and would only provide commissioned design and
manufacturing services.
About Nissan Motor
Nissan Motor Co., Ltd. manufactures and distributes automobiles and
related parts. The Company produces luxury cars, sports cars,
commercial vehicles, and more. Nissan Motor markets its products
worldwide.
As reported in the Troubled Company Reporter-Asia Pacific in
mid-January 2025, S&P Global Ratings revised to negative from
stable its outlook on Nissan Motor Co. Ltd. and affirmed its 'BB+'
long-term rating and 'B' short-term rating on the company.
The negative outlook reflects S&P's view that the company's
creditworthiness will continue to deteriorate if profitability does
not improve and positive free cash flow is not secured in a
challenging business environment.
=====================
N E W Z E A L A N D
=====================
BEAUTY STORE: Creditors' Proofs of Debt Due on March 10
-------------------------------------------------------
Creditors of Beauty Store Limited are required to file their proofs
of debt by March 10, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Feb. 10, 2025.
The company's liquidators are:
Raymond Paul Cox
Gareth Russel Hoole
Ecovis KGA Limited
Level 2, 5–7 Kingdon Street
Newmarket
Auckland 1023
ECO-SMART GROUP: Enters Liquidation; Owes NZD4 Million
------------------------------------------------------
The New Zealand Herald reports that the Eco-Smart group, an
Auckland property developer, has ceased trading, with the company's
director saying he has left the real estate sector after five
companies in his group entered liquidation.
The troubled property developer owes at least NZD4 million, the NZ
Herald discloses.
F&F PRODUCE: Khov Jones Appointed as Receivers
----------------------------------------------
Steven Khov and Kieran Jones of Khov Jones on Feb. 11, 2025, were
appointed as receivers and managers of F&F Produce Limited and BN
Contractors Limited.
The receivers and managers may be reached at:
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
KUMARA JUNCTION: Court to Hear Wind-Up Petition on Feb. 20
----------------------------------------------------------
A petition to wind up the operations of Kumara Junction
Developments Limited will be heard before the High Court at
Christchurch on Feb. 20, 2025, at 10:00 a.m.
Fulton Hogan Limited filed the petition against the company on Dec.
19, 2024.
The Petitioner's solicitor is:
Brett Leeson Martelli
Martelli Yaqub Lawyers Limited
1 St Georges Bay Road
Parnell
Auckland
LUME TRUSTEE: Court to Hear Wind-Up Petition on March 7
-------------------------------------------------------
A petition to wind up the operations of Lume Trustee Company
Limited will be heard before the High Court at Auckland on March 7,
2025, at 10:00 a.m.
Auckland Council filed the petition against the company on Nov. 28,
2024.
The Petitioner's solicitor is:
Kirstin Margaret Wakelin
135 Albert Street
Auckland
MOZAIK HAMILTON: Creditors' Proofs of Debt Due on April 4
---------------------------------------------------------
Creditors of Mozaik Hamilton Limited are required to file their
proofs of debt by April 4, 2025, to be included in the company's
dividend distribution.
The High Court at Auckland appointed Lynda Smart and Derek Ah Sam
of Rodgers Reidy as liquidators on Feb. 5, 2025.
=================
S I N G A P O R E
=================
KSC POWER: Creditors' Proofs of Debt Due on March 11
----------------------------------------------------
Creditors of KSC Power Pte. Ltd. are required to file their proofs
of debt by March 11, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Jan. 14, 2025.
The company's liquidator is:
Farooq Ahmad Mann
c/o 3 Shenton Way
#03-06C Shenton House
Singapore 068805
MAESTRO CAPITAL: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Jan. 31, 2025, to
wind up the operations of Maestro Capital Asia Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
PAPA BAKERZ: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Jan. 3, 2025, to
wind up the operations of Papa Bakerz Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
VMS ADVANCE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Jan. 31, 2025, to
wind up the operations of VMS Advance Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
X PROPERTIES: Court to Hear Wind-Up Petition on Feb. 21
-------------------------------------------------------
A petition to wind up the operations of X Properties Inc Pte. Ltd.
will be heard before the High Court of Singapore on Feb. 21, 2025,
at 10:00 a.m.
HPC Builders Pte. Ltd. filed the petition against the company on
Jan. 27, 2025.
The Petitioner's solicitors are:
Chancery Law Corporation
138 Robinson Road
#10-02, Oxley Tower
Singapore 068906
=====================
S O U T H K O R E A
=====================
NORTHVOLT ETT: EV Battery Manufacturing Equipment Put Up for Sale
-----------------------------------------------------------------
On behalf of a secured creditor, Tiger Group and Liquidity Services
are accepting offers on a large amount of advanced EV battery
manufacturing equipment -- brand-new and still in its original
crates.
Originally acquired at a cost of approximately $82 million, the
equipment is stored in Belgium and South Korea. It comes from
Northvolt Group subsidiary Northvolt Ett Expansion AB. The division
had been managing construction of an EV battery plant that was
suspended as part of its parent company's rescoping of Swedish
operations.
"This advanced, high-quality equipment -- much of it manufactured
in South Korea by SLA, WuXi, Creative and Innovative Systems [CIS]
and Sejong Technology -- is in perfect condition," said Chad
Farrell, Managing Director, Tiger Commercial & Industrial. "We are
already receiving strong interest from EV battery manufacturers
that are looking to build new plants as well as owners and
operators of existing facilities."
"This sale represents an extraordinary opportunity for companies in
Europe, Asia and beyond," added Nick Taylor, SVP & Managing
Director of the Capital Assets Group at Liquidity Services. "It is
rare to see this much brand-new EV manufacturing equipment become
available at liquidation values."
The available equipment includes:
-- Cathode and anode notching and slitting machines
-- Powder blower
-- Waste collectors
-- WuXi stacking machine
-- Formation and aging temperature-controlled warehouse
equipment, including pre-charge and monitoring chambers, stacker
crane and racking
-- End-of-line cell-cleaning, visual inspection and packaging
equipment
-- Aging tray cleaner, formation tray cleaner
-- Water tanks
-- Floor lifters
-- Roller conveyors
-- Boxed-cell warehouse equipment, including stacker crane and
racking
-- Walkways, stairs and framework
The liquidation is one of many to occur in the green/sustainable
sector in recent months, Farrell noted. "It is not only electric
vehicle and battery companies, but also 'green' packaging makers,
experimental food producers, solar specialists and others," he
explained.
To arrange an inspection or obtain other information, email
auctions@tigergroup.com or call +1 (805) 497-4999.
For asset photos, descriptions, and other information, visit
SoldTiger.com or AllSurplus.com.
About Tiger Group
Tiger Group provides asset valuation, advisory and disposition
services to a broad range of retail, wholesale, and industrial
clients. With over 40 years of experience and significant financial
backing, Tiger offers a uniquely nimble combination of expertise,
innovation and financial resources to drive results. Tiger's
seasoned professionals help clients identify the underlying value
of assets, monitor asset risk factors and provide capital or
convert assets to capital quickly and decisively. Tiger maintains
offices in New York, Los Angeles, Boston, Chicago, Houston and
Toronto.
About Liquidity Services
Liquidity Services operates the world's largest B2B e-commerce
marketplace platform for surplus assets with over $10 billion in
completed transactions to more than five million qualified buyers
and 15,000 corporate and government sellers worldwide. The company
supports its clients' sustainability efforts by helping them extend
the life of assets, prevent unnecessary waste and carbon emissions,
and reduce the number of products headed to landfills.
*********
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 ***