/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/250220.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, February 20, 2025, Vol. 28, No. 37 Headlines A U S T R A L I A CK CARPENTRY: Second Creditors' Meeting Set for Feb. 26 CONNECT GLOBAL: First Creditors' Meeting Set for Feb. 26 COVA DELIVERY: Second Creditors' Meeting Set for Feb. 26 FIELD SOLUTIONS: Receivers and Administrators Appointed IMPACT BUILDERS: First Creditors' Meeting Set for Feb. 26 LATITUDE AUSTRALIA 2024-1: Moody's Ups Rating on Cl. F Notes to Ba3 MINERAL RESOURCES: Shares Drop as Ellison Deflects Capital Unease MOSAIC BRANDS: Unlikely to Repay Suppliers and Landlords ONESTEEL MANUFACTURING: KordaMentha Appointed as Administrators ONESTEEL MANUFACTURING: Labor Prepares AUD500 Million Rescue Plan SHADYGLEN CATTLE: First Creditors' Meeting Set for Feb. 26 C H I N A ORIGIN AGRITECH: Posts RMB20.7MM Net Income in FY Ended Sept. 2024 SINO-OCEAN GROUP: Hong Kong Court Approves US$6BB Debt Workout I N D I A ADITYA AUTO: CARE Keeps D Debt Ratings in Not Cooperating Category APOLLO POLYVINYL: CARE Keeps D Debt Ratings in Not Cooperating ARYAVANSH LAND: CARE Keeps C Debt Rating in Not Cooperating AVARAMPALAYAM SARVODAYA: CARE Cuts Rating on INR27cr LT Loan to B- BANSAL RICE: CARE Keeps D Debt Rating in Not Cooperating Category BEHL MOTORS: CARE Keeps B- Debt Rating in Not Cooperating Category FLIC MICROWAVES: CARE Keeps D Debt Ratings in Not Cooperating GANGAPADA SUPER: CARE Keeps B- Debt Rating in Not Cooperating GOVERDHAN TRANSFORMER: CARE Keeps D Ratings in Not Cooperating GRAND HIRA: CARE Keeps D Debt Rating in Not Cooperating Category GUPTA FOODS: CARE Keeps C Debt Rating in Not Cooperating Category HOPKINS HEALTHCARE: CARE Reaffirms B Rating on INR205cr NCDs INTERNATIONAL HOTEL: Voluntary Liquidation Process Case Summary JAGRATI TRADE: CARE Keeps C-/A4 Debt Ratings in Not Cooperating JAI SAKTHI: CARE Keeps B Debt Rating in Not Cooperating Category K. V. R CONSTRUCTIONS: CARE Keeps B- Rating in Not Cooperating K.P. CHACKO: CARE Keeps B- Debt Rating in Not Cooperating Category KALLAM TEXTILES: CARE Reaffirms D Ratings on LT/ST Bank Debts LEMON ELECTRONICS: CARE Keeps D Debt Ratings in Not Cooperating MALNAD PROJECT: CARE Lowers Rating on INR49cr NCDs to C NAV BHARAT: CARE Keeps C Debt Rating in Not Cooperating Category POPULAR GROUP: CARE Keeps D Debt Rating in Not Cooperating RAGHUVANSHI COTTON: CARE Keeps D Debt Rating in Not Cooperating RANSAN PACKAGING: Liquidation Process Case Summary RR POLYNET: CARE Keeps D Debt Ratings in Not Cooperating Category SARJAY CHEMICALS: CARE Keeps D Debt Rating in Not Cooperating STRAIGHT EDGE: CARE Keeps D Debt Rating in Not Cooperating THEOS IMAGING: CARE Keeps D Debt Rating in Not Cooperating VARDHMAN INDUSTRIAL: CARE Keeps D Debt Rating in Not Cooperating [] INDIA: IBC Recovery Hovers at 31% as More Cases Get Liquidated J A P A N IHI CORP: Egan-Jones Hikes Senior Unsecured Ratings to BB+ MITSUI E&S: Egan-Jones Hikes Senior Unsecured Ratings to B M A L A Y S I A FOCUS LUMBER: Annual Net Loss Widens to MYR18.2 Million in FY2024 N E W Z E A L A N D ADVANCED CARPENTRY: Creditors' Proofs of Debt Due on March 14 CARRUTH REINFORCING: Court to Hear Wind-Up Petition on March 6 PJO CONSTRUCTION: Creditors' Proofs of Debt Due on March 13 PRIYANKA PROPERTY: Creditors' Proofs of Debt Due on March 21 VERANO GROUP: Court to Hear Wind-Up Petition on March 7 S I N G A P O R E ACJ PAINTING: Court to Hear Wind-Up Petition on March 7 FAR OCEAN: Court Enters Wind-Up Order GREEN CITI: Court Enters Wind-Up Order SEASPIRE INTERNATIONAL: Court Enters Wind-Up Order SWISS BUTCHERY: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= CK CARPENTRY: Second Creditors' Meeting Set for Feb. 26 ------------------------------------------------------- A second meeting of creditors in the proceedings of CK Carpentry & Building Services Pty Ltd has been set for Feb. 26, 2025 at 11:00 a.m. at the offices of Setter Shepard at Level 2, 117 Clarence Street in Sydney and via virtual meeting technology. 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. 25, 2025 at 5:00 p.m. Adam Shepard of Setter Shepard was appointed as administrator of the company on Jan. 21, 2025. CONNECT GLOBAL: First Creditors' Meeting Set for Feb. 26 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Connect Global Limited will be held on Feb. 26, 2025 at 2:00 p.m. via virtual meeting technology. Daniel Jon Quinn of SV Partners was appointed as administrator of the company on Feb. 14, 2025. COVA DELIVERY: Second Creditors' Meeting Set for Feb. 26 -------------------------------------------------------- A second meeting of creditors in the proceedings of COVA Delivery Pty Ltd has been set for Feb. 26, 2025 at 1:00 p.m. via virtual meeting technology. 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. 24, 2025 at 4:00 p.m. Craig Crosbie, Rebecca Gill and Robert Ditrich of PwC were appointed as administrators of the company on Jan. 21, 2025. FIELD SOLUTIONS: Receivers and Administrators Appointed ------------------------------------------------------- Rob Smith and Matthew Hutton of McGrathNicol were appointed Receivers and Managers of Field Solutions Holdings Limited and certain of its wholly owned subsidiaries, by their secured creditor on Feb. 19, 2025. The Receivers' appointment has occurred alongside FSG's Board resolving to appoint Barry Wight and Daniel Juratowitch of Cor Cordis as Voluntary Administrators. Control of the Group now rests with the Receivers who intend to continue to trade on a business as usual basis whilst they pursue going concern sale options or a recapitalisation through the voluntary administration process. Securities It is expected that the shares in the Company will continue to be suspended until further notice. Further information will be made available in due course. Sale and recapitalisation campaign The Receivers will be commencing a sale and recapitalisation process for the Group and anticipate receiving a Deed of Company Arrangement proposal as part of this process. Interested parties can contact Mark Batrouney of McGrathNicol at fsg-sale@mcgrathnicol.com or on +61 3 9038 3160. Headquartered in Belrose, Australia, Field Solutions Holdings Limited (ASX:FSG) -- https://www.fieldsolutions-group.com/ -- a telecommunications carrier and technology company, provides connectivity and business solutions for rural, regional, and remote areas in Australia. It is involved in designing, building, and operating of telecommunications networks; offers broadband solutions to residents, business, and agribusiness; provides VOIP retail and wholesale solutions; and operates a national direct and indirect 121 POI NBN network. The company also provides satellite connectivity utilising, geo stationary, and low and medium earth orbit satellite services; data and voice services to retail, internet, and managed service providers; infrastructure as a service solutions; private and public cloud, security, and managed services; and communications software development and maintenance services. It serves mining and resource, health and care, government, business and enterprise, and education sectors. IMPACT BUILDERS: First Creditors' Meeting Set for Feb. 26 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Impact Builders Pty Ltd will be held on Feb. 26, 2025 at 10:00 a.m. at 165 Camberwell Road in Hawthorn East and via Microsoft Teams. Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. were appointed as administrators of the company on Feb. 17, 2025. LATITUDE AUSTRALIA 2024-1: Moody's Ups Rating on Cl. F Notes to Ba3 ------------------------------------------------------------------- Moody's Ratings has upgraded the ratings on five classes of notes issued by Perpetual Corporate Trust Limited as trustee of Latitude Australia Personal Loans Series 2024-1 Trust. Issuer: Latitude Australia Personal Loans Series 2024-1 Trust Class B Notes, Upgraded to Aaa (sf); previously on Apr 30, 2024 Definitive Rating Assigned Aa2 (sf) Class C Notes, Upgraded to Aa2 (sf); previously on Apr 30, 2024 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to A2 (sf); previously on Apr 30, 2024 Definitive Rating Assigned Baa2 (sf) Class E Notes, Upgraded to Baa3 (sf); previously on Apr 30, 2024 Definitive Rating Assigned Ba2 (sf) Class F Notes, Upgraded to Ba3 (sf); previously on Apr 30, 2024 Definitive Rating Assigned B2 (sf) A comprehensive review of all credit ratings for the transaction has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in note subordination available to the affected notes and the performance of the collateral pool to date. No action was taken on the remaining rated class in the deal as credit enhancement for the class remains commensurate with the current rating. Following the January 2025 payment date, the note subordination available to the Class B, Class C, Class D, Class E and Class F Notes has increased to 34.6%, 26.6%, 21.3% 10.9% and 8.0% respectively, from 21.6%, 16.6%, 13.3%, 6.8% and 5.0% at closing. Principal collections have been distributed on a sequential basis starting from the Class A Notes. Current outstanding notes as a percentage of the closing notes balance is 62.3%. As of end-December 2024, 3.8% of the outstanding pool was 30-plus day delinquent, and 1.3% was 90-plus day delinquent. The deal has incurred 1.3% of gross losses (as a percentage of the closing pool balance) to date, which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have revised Moody's expected default assumption to 9.25% of the current pool balance (equivalent to 7.0% of the closing pool balance) from 9.5% of the closing pool balance. Moody's have maintained Moody's Aaa portfolio credit enhancement at 38%. The transaction is a cash securitization of unsecured personal loans extended to obligors located in Australia. All receivables were originated by Latitude Personal Finance Pty Limited. The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in credit enhancement available for the notes, and (3) a deterioration in the credit quality of the transaction counterparties. MINERAL RESOURCES: Shares Drop as Ellison Deflects Capital Unease ----------------------------------------------------------------- Mark Wembridge at The Australian Financial Review reports that Mineral Resources managing director Chris Ellison has faced down a market increasingly bearish about the future of the iron ore and lithium miner he founded, declaring it is up to the next chairman whether the company needs to raise more money to survive. According to the Financial Review, the businessman faced a barrage of questions from brokers on Feb. 19, hours after MinRes reported an $800 million interim loss, reduced its iron ore production forecasts and warned of cost blowouts on a critical private road that it uses to ferry its product to port. "If a new chair comes in and thinks the leverage ratio is too high and wants to raise equity, would you be supportive of the new chair's position?" asked Glyn Lawcock, resources analyst at Barrenjoey, notes the report. Mr. Ellison, without identifying his future chairman, who is yet to be nominated, replied: "We are supportive of the new chair full stop. If that's the position that he and the board take, yeah, absolutely." The Financial Review says the admission that heavily indebted MinRes would spend AUD230 million to repair and resurface its flagship Onslow haul road put its AUD5.1 billion debt burden in sharp focus, and pushed a probe by Australia's corporate watchdog into the background. The share price collapse jeopardised Mr. Ellison's billionaire status, given that his 11.5 per cent MinRes stake is now worth about AUD545 million, down from AUD2 billion in 2023, the report relates. However, it vindicated the forecast of Jarden analyst Ben Lyons, who on February 16 downgraded MinRes to a AUD20 stock. "It was a rational equity market reaction to an overvalued stock with a stressed balance sheet that has finally disclosed a capex blowout and underlying operational difficulties that expose the high cost, marginal nature of its assets," he said, notes the report. Fronting the media for the first time since October, when The Australian Financial Review revealed his participation in an offshore tax dodge, Mr. Ellison sought to cast the narrative forward. "For me personally, the issues that I've faced over the last six months, we're done on them. They're behind me, and I'm finished," the report quotes Mr. Ellison as saying. "There were some issues around corporate governance at MinRes, and they were addressed very quickly. Processes have been put in place. It's all operating extremely well now." In a nearly two-hour call, Mr. Ellison asked analysts to consider the miner's long-term prospects, stressing that the current turmoil would soon be behind MinRes. On the company's debt-heavy balance sheet, Mr. Ellison told analysts: "We recognise it's a concern for many of you. We hear those concerns. "The quality of the earnings of this business is generating now and the quality it will generate into the future are fundamentally different to where we were a few years ago. "Chief financial officer Mark Wilson described MinRes as having "reached peak leverage. We believe that our earnings will grow with the ramp up of Onslow." However, several analysts remained unconvinced and were quick to highlight its substantial difficulties: notably lithium woes, corporate governance problems and the deteriorating haul road in WA's Pilbara region, the report relays. About MinRes Based in Osborne Park, Australia, Mineral Resources Limited (ASX:MIN) -- https://www.mineralresources.com.au/ -- is an ASX-listed company operating across mining services, as well as mining of iron ore and lithium minerals. As reported in the Troubled Company Reporter-Asia Pacific on Nov. 12, 2024, Moody's Ratings has affirmed the Ba3 corporate family rating of Mineral Resources Limited (MinRes). At the same time, Moody's have affirmed the Ba3 senior unsecured bond ratings and changed the outlook to negative from stable. MOSAIC BRANDS: Unlikely to Repay Suppliers and Landlords -------------------------------------------------------- Inside Retail reports that Mosaic Brands will unlikely be able to pay its creditors, including suppliers and landlords, for goods and services supplied before October 28 last year, when the fashion retailer entered administration and receivership. Even secured creditors look to be out of pocket. "There is not expected to be sufficient funds from the realisation of assets to pay amounts owed to secured creditors in full," said FTI Consulting, the voluntary administrators of Mosaic Brands. According to Inside Retail, the announcement comes after Mosaic Brands receivers KMPG failed to find a buyer for the business, leading to the closure of all the company's stores in mid-April. FTI Consulting noted that the receivers are "cautiously optimistic" that the salaries owed to Mosaic Brands employees will be paid in full, but the timing remains unknown, Inside Retail relays. Mosaic Brands owes around AUD318 million to creditors, including AUD36 million to senior secured creditors and AUD18 million in secured convertible loan notes, excluding accrued interest and fees, Inside Retail discloses. About AUD22 million is owed to priority Unsecured Creditors, debts including annual leave, long-service leave, redundancy and superannuation. A further AUD242 million is owed to unsecured creditors, including suppliers and landlords – and that figure excludes items such as gift card obligations and claims by landlords for breaches of lease agreements. In the update, FTI Consulting said it expects there will only be enough money from the sale of the Mosaic Group's assets – largely stock – to pay priority unsecured creditors in full, most likely leaving long-serving staff out of pocket and suppliers and landlords with nothing, Inside Retail relays. It added that one possibility of paying the company's unsecured creditors is if Mosaic Brands is placed into liquidation and the liquidator successfully recovers funds from potential legal actions. According to Inside Retail, the only other possible course is if a party proposes a deed of company arrangement (DOCA) and agrees to pay money into a fund that would pay a portion of the amounts owed to suppliers and unsecured creditors. However, no DOCA proposal has been received to date. A second creditors meeting will be held in May or June. Meanwhile, separate negotiations are underway for the sale of Mosaic Brands' intellectual property and brand names, adds Inside Retail. About Mosaic Brands Based in Rosebery, Australia, Mosaic Brands Limited (ASX:MOZ) -- https://www.mosaicbrandslimited.com.au/ -- engages in the retail of women's apparel and accessories in Australia and New Zealand. The company sells its products under the Millers, Rockmans, Noni B, Rivers, Katies, Autograph, W. Lane, Crossroads, beme, and Ezibuy brand names. It operates through a network of 804 stores and online digital department platforms. The company was formerly known as Noni B Limited and changed its name to Mosaic Brands Limited in November 2019. David Hardy, Gayle Dickerson, Ryan Eagle and Amanda Coneyworth were appointed Receivers and Managers to the assets and undertakings of the Mosaic Brands Group entities on Oct. 28, 2024. Mosaic Brands entities are: - Mosaic Brands Limited - Noni B Holdings Pty Limited - W.Lane Pty Ltd - Pretty Girl Fashion Group Pty. Ltd. - Pretty Girl Fashion Group Holdings Pty Ltd - Noni B Holdings 2 Pty Ltd - Rivers Retail Holdings Pty Ltd - Crossroads Retail Pty Ltd - Katies Retail Pty Ltd - Autograph Retail Pty Ltd - Millers Retail Pty Ltd - Noni B HoldCo Pty Ltd - Ezibuy Pty. Limited The Receivers' appointment follows the appointment of Vaughan Strawbridge, Kate Warwick, Kathryn Evans and David McGrath of FTI Consulting as Voluntary Administrators to the Mosaic Brands Group on Oct. 28, 2024. ONESTEEL MANUFACTURING: KordaMentha Appointed as Administrators --------------------------------------------------------------- KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins have been appointed voluntary administrators of OneSteel Manufacturing Pty Ltd, the owner and operator of the Whyalla steelworks and the iron ore mining operations in the Middlebank Range (together, 'Whyalla Steelworks and Mining') in South Australia. The appointment was made by the South Australian Government. KordaMentha's Mark Mentha said the voluntary administrators' intention is for Whyalla Steelworks and Mining to continue operating during the voluntary administration period. This will preserve around 4,000 direct and indirect jobs, as well as support local businesses in the Whyalla community and the nation's steel industry. "As administrators, our job is to examine the financial position of the Company, stabilise the business and maximise the chances of the business continuing in the interests of all stakeholders," said Mr. Mentha. "With the funding support of the South Australian Government and support from other interested stakeholders, Whyalla Steelworks and Mining will remain in business under our control while we assess the next alternatives and complete our investigations. "This may take some time, but all parties are committed to ensuring the business remains operational while we work out a plan for its future, securing new investment and possibly transitioning to new ownership." The first meeting of creditors will be held on March 3, 2025 at 2:00 p.m. in Whyalla and also virtually. Further details will be provided in circulars to be issued to creditors and employees in the coming days. In the meantime, any enquiries should be directed to: Creditors – onesteelcreditors@kordamentha.com Employees – onesteelemployees@kordamentha.com All other enquiries – onesteelgeneral@kordamentha.com OneSteel Manufacturing Pty Limited manufactures steel products. The Company offers a variety of products including steel pipes, valves, and sheets. ONESTEEL MANUFACTURING: Labor Prepares AUD500 Million Rescue Plan ----------------------------------------------------------------- The Australian Financial Review reports that the federal government will help fund a AUD500 million-plus upgrade to the Whyalla steelworks if a new buyer can be found after the South Australian government seized control of the plant from Sanjeev Gupta and brought in insolvency experts KordaMentha to run the troubled operations. The Financial Review says the ouster of the British industrialist from the sprawling steelworks is the clearest sign his once global manufacturing empire is on the brink. When Gupta acquired Whyalla out of the collapse of the Arrium business in 2017, he promised to transform a moribund operation into a cutting-edge manufacturer of environmentally friendly steel. But the state government stepped in on Feb. 19 as unpaid bills mounted, passing legislation that allowed it to place the company into administration, the Financial Review relays. Gupta's GFG Alliance companies, with steelmaking operations in the United States and Europe, have been trying to stave off collapse for years, even since the failure of its biggest lender, Australian financier Greensill. The Financial Review relates that under a rescue proposal brokered by Industry Minister Ed Husic and to be announced by Prime Minister Anthony Albanese on Feb. 20, the state and federal governments will help fund an upgrade, by replacing the old and decrepit coal-fired blast furnace with an electric arc furnace, if a new owner is found for the Whyalla steelworks. The Financial Review says the furnace would initially be powered by gas before it is replaced by green hydrogen, if that technology is commercialised, potentially enabling the plant to transition to producing so-called green steel. Talks between the federal and state governments began in the middle of last year amid growing concerns about Gupta's operation of the plant. The rescue deal was sealed two weekends ago when SA Premier Peter Malinauskas and senior SA minister Tom Koutsantonis flew to Canberra to meet Husic. Treasurer Jim Chalmers, who was also part of the negotiations, flagged the proposal on Feb. 19, the Financial Review notes. "We want to see a future for steel in Whyalla. We are big believers in the future of Whyalla, we are big believers in the future of the Australian steel industry and Australian manufacturing more broadly," the report quotes Mr. Malinauskas as saying. "That has really driven us in our conversations with our South Australian counterparts." According to the report, Mr. Malinauskas said the state-federal funding package would turn the steelworks into a viable operation in the hope of avoiding ongoing assistance. While using legislation to force an administration was an unorthodox move, the situation had become dire, he said. "We don't just want it limping from one disaster to the next," Malinauskas said, notes the report. "It is unacceptable for such an important critical piece of economic infrastructure for the nation to be in a situation where its ongoing operations are so severely compromised." In a statement, GFG said the company was assessing the SA government's announcement and "seeking advice on its options," the Financial Review relays. "InfraBuild is a separate company from [Whyalla]. Its supply chain is resilient, in addition to its own domestic high-quality production facilities it has regular supply from mature international suppliers," it said. OneSteel Manufacturing Pty Limited manufactures steel products. The Company offers a variety of products including steel pipes, valves, and sheets. SHADYGLEN CATTLE: First Creditors' Meeting Set for Feb. 26 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Shadyglen Cattle Co Pty Ltd will be held on Feb. 26, 2025 at 10:30 a.m. via virtual meeting only. Trent Andrew Devine and Geoffrey Trent Hancock of Jirsch Sutherland were appointed as administrators of the company on Feb. 17, 2025. ========= C H I N A ========= ORIGIN AGRITECH: Posts RMB20.7MM Net Income in FY Ended Sept. 2024 ------------------------------------------------------------------ Origin Agritech Limited filed with the Securities and Exchange Commission its Annual Report on Form 20-F disclosing net income of RMB20.7 million (US$3 million) attributable to the Company for the fiscal year ended September 30, 2024, compared to a net income of RMB55.3million for the fiscal year ended September 30, 2023. Singapore-based Enrome LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated July 31, 2024, citing that the Company has negative operating cashflow of RMB15 million in the year ended September 30, 2024, has net current liabilities of RMB84.5 million as of September 30, 2024 and accumulated deficit of RMB580.86 million as of September 30, 2024 that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2024, the Company had RMB132 million (US$18.8 million) in total assets, RMB190 million (US$27 million) in total liabilities, and a total shareholders' deficit of RMB59 million (US$19 million). A full-text copy of the Company's Form 20-F is available at: https://tinyurl.com/prxajr6z About Origin Agritech Headquartered in Beijing, China, Origin Agritech Limited, along with its subsidiaries, is focused on agricultural biotechnology, operating in the PRC. The Company's seed research and development activities specialize in crop seed breeding and genetic improvement. Origin believes that it has built a solid capacity for seed breeding technologies, including marker-assisted breeding and doubled haploids technologies, which it believes, along with its rich germplasm resources, will allow it to become a significant seed technology company in China. SINO-OCEAN GROUP: Hong Kong Court Approves US$6BB Debt Workout -------------------------------------------------------------- The South China Morning Post reports that Sino-Ocean Group has taken another big step to resolve its liquidity crisis after a Hong Kong court approved its US$6 billion debt workout plan, joining a handful of mainland Chinese developers that have managed to stave off hostile offshore creditors. The High Court gave its nod to the state-backed company's plan to settle its overdue debt involving several tranches of loans governed by Hong Kong law, according to a judgment on Feb. 19, the Post relays. No creditors or lenders opposed the workout plan during the hearing. The developer, which counts state-backed China Life Insurance and Dajia Insurance among its top shareholders, earlier this month won approval from a London court to proceed with its plan to settle with investors holding seven dollar-denominated bonds governed by UK law, the Post recalls. Sino-Ocean has proposed to reorganise its finances after reneging on its obligations in September 2023 as China's housing market crisis deepened. The Beijing-based developer defaulted on syndicated loans totalling US$249.8 million and HK$12.2 billion, as well as US$3.72 billion of bonds, the Post discloses citing stock exchange filings. The developer unveiled its restructuring plan in July, in which it offered to repay creditors with long-term bonds and a combination of new mandatory convertible notes and perpetual securities. Most of its lenders consented, while some bondholders opposed it. The Post notes that China's property sector has been mired in a multi-year crisis since Beijing introduced its "three red lines" policy in August 2020 to clamp down on excessive leverage among weak home builders. The curbs, however, led to a major liquidity crunch, starving builders of financial support and triggered more than US$160 billion of bond defaults. Creditors had filed at least 13 winding-up petitions - all related to property bonds – against mainland Chinese developers including Sino-Ocean, S&P Global Ratings said in a report in November, the Post relays. None was able to settle out of court and more than half of the cases remained unresolved, it added. The High Court last week adjourned a winding-up hearing against Sino-Ocean to April 14 from February 17, the Post notes. That hearing, filed by some holders of its US$400 million 2026 bonds, has been adjourned four times since June last year. About Sino-Ocean Group Sino-Ocean Group Holding Limited, formerly Sino-Ocean Land Holdings Limited, is an investment holding company principally engaged in property development and property investment in the People's Republic of China (the PRC). The Company is engaged in property development in Beijing-Tianjin-Hebei, Northeast, Central and Southern. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 19, 2023, Moody's Investors Service has downgraded Sino-Ocean Group Holding Limited's corporate family rating to Ca from Caa2. At the same time, Moody's has downgraded to C from Caa3, the backed senior unsecured ratings on the bonds issued by Sino-Ocean Land Treasure Finance I Limited, Sino-Ocean Land Treasure Finance II Limited, and Sino-Ocean Land Treasure IV Limited and guaranteed by Sino-Ocean. The outlook remains negative. Once considered one of the stronger names among China's debt-laden developers, Sino-Ocean became a defaulter in September 2023 when it suspended payment on all its offshore borrowings. ========= I N D I A ========= ADITYA AUTO: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Aditya Auto Engineering Private Limited (AAEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.50 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 February 2, 2024, placed the rating(s) of AAEPL under the 'issuer non-cooperating' category as AAEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AAEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 18, 2024, December 28, 2024, January 7, 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 Aditya Auto Engineering Pvt Ltd. (AAEPL) was incorporated as a private limited company in the year 2009 by Mr. Gopala Reddy B. The company is engaged in the business of manufacturing of Auto Mechanical Support Systems like bodies of Tippers, Trailers, Lorries, Cement Carriers, Granite Carriers, Oil Tankers and Water Tankers etc. The company is also undertaking job works of body building works on behalf of M/s Hyva India Pvt. Ltd., M/s Scania Commercial Vehicles India Pvt Ltd. etc. who are engaged in similar activities. Status of non-cooperation with previous CRA: Brickwork has continued the ratings assigned to the bank facilities of AAEPL to the 'issuer not-cooperating' category vide press release dated March 27, 2024 on account of its inability to carryout review in the absence of requisite information from the company. APOLLO POLYVINYL: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Apollo Polyvinyl Private Limited (APPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 56.88 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 13.00 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 2, 2024, placed the rating(s) of APPL under the 'issuer non-cooperating' category as APPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. APPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 18, 2024, December 28, 2024, January 7, 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 APPL was incorporated in 2011 by Mr. Sunil Kapoor for trading in SAV (Self Adhesive Vinyl), PVC (Polyvinyl chloride) sheets, Flex, Vinyl (front lit, back lit), Lamination films and Foam boards. The promoters have been engaged in this business since 1996 under other group companies and have presence in Bangalore, Cochin, Cuttack, Hyderabad, Hosur, Kolkata, New Delhi, Noida, Sivakasi and Vijayawada. APPL has its registered office in Chennai and has sales offices at Chennai and Hosur. ARYAVANSH LAND: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Aryavansh Land Infratech Private Limited (ALIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.45 CARE C; 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 30, 2024, placed the rating(s) of ALIPL under the 'issuer non-cooperating' category as ALIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ALIPL 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 Raipur (Chhattisgarh) based ALIPL is a Private Limited Company incorporated in 2012, ALIPL has been promoted by Mr. Lakshmi Jaiswal, Ms.Meera Jaiswal, Mr. Sumit Jaiswal and Mr. Sandeep Jaiswal. All the directors have an average experience of more than three decades in the diversified industries. ALIPL has purchased the Hotel Raipur Inn (HRI) in July, 2014 from Mr. Anand Sharma and Mr. Sunil Sharma. AVARAMPALAYAM SARVODAYA: CARE Cuts Rating on INR27cr LT Loan to B- ------------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Avarampalayam Sarvodaya Sangh (ASS), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 27.00 CARE B-; ISSUER NOT COOPERATING Facilities 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 February 2, 2024, placed the rating(s) of ASS under the 'issuer non-cooperating' category as ASS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ASS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 18, 2024, December 28, 2024, January 7, 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). The ratings assigned to the bank facilities of ASS have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Avarampalayam Sarvodaya Sangh (ASS) was founded on January 5, 1966, with an objective of uplifting rural artisans' community through Khadi and village industry activities. Based in Coimbatore, ASS is registered under the societies registration act of 1860 and affiliated to Tamil Nadu Sarvodaya Sangh. The society is certified by KVIC (Khadi and Village Industries Commission), which is a statutory body of GoI (under Ministry of MSME), entrusted with the responsibility of planning, promotion, organization implementation of various scheme and programs and provide financial assistance for the development of the khadi Institutions. ASS is classified as A+ category khadi institution by KVIC, based on their performance, which is the topmost rank. As the growth of ASS spanning over 5 decades, it has now emerged as one of the largest khadi institutions that operates 20 sales outlets and 10 production/processing units across Tamil Nadu. The society manufactures/trades and sells, cotton/silk/polyvastra sarees, readymade shirts, home textiles, wood and steel furnitures and FMCGS such as Agarbathies, bath soaps, medicinal foods, fruit crushes, shampoos, oils, fragrance powders etc. Currently there are 7500 artisans working in this society. Status of non-cooperation with previous CRA: CRISIL has continued the ratings assigned to the bank facilities of ASS to the 'issuer not-cooperating' category vide press release dated February 21, 2024 on account of its inability to carryout review in the absence of requisite information from the firm. BANSAL RICE: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bansal Rice Mills (BRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 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 8, 2024, placed the rating(s) of BRM under the 'issuer non-cooperating' category as BRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BRM continues to be non-cooperative despite repeated requests for submission of information through emails 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 Bansal Rice Mill (BRM) was established in April, 2007 as a partnership firm and is currently being managed by Mr Sandeep Kumar, Mr Amandeep Bansal, Mr Badri Prasad, Mrs Rashmi Bansal and Mrs Manisha Bansal as its partners sharing profit and loss equally. The firm is engaged in processing of paddy and milling of rice at its manufacturing facility located at Sangrur (Punjab). Status of non-cooperation with previous CRA: Acuite has continued the rating assigned to the bank facilities of BRM into Issuer Not Cooperating category vide press release dated December 23, 2024 on account of its inability to carry out a review in the absence of requisite information. BEHL MOTORS: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Behl Motors Private Limited (BMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 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 February 5, 2024, placed the rating(s) of BMPL under the 'issuer non-cooperating' category as BMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 21, 2024, December 31, 2024 and January 10, 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 The entity was originally established as a partnership firm by the name Behl Motors (BM) in 1986. BM was an authorized automobile dealer of Eicher Motors Limited. It was subsequently converted into a private limited company in 2008 and the name was changed to Behl Motors Private Limited (BMPL). BMPL has Mr. Somnath Behl, Mr. Suresh Kumar Behl, Mr. Sanjay Behl and Mr. Deepak Pal Dhawan as its directors. Presently, BMPL is an authorized automobile dealer of Tata Motors Limited for commercial vehicles (heavy, medium and light weight) like trucks, buses and dippers (four wheelers). The company currently operates 3S facility (sales, spares and service) in 2 showrooms and only sales in 4 showrooms in Himachal Pradesh. The company procures vehicles and spare parts from Tata Motors Limited on advance payment basis. Status of non-cooperation with previous CRA: Brickwork has continued the rating assigned to the bank facilities of BMPL into Issuer Not Cooperating category vide press release dated April 3, 2024 on account of its inability to carry out a review in the absence of requisite information. FLIC MICROWAVES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Flic Microwaves Private Limited (FMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.33 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.25 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 February 6, 2024, placed the rating(s) of FMPL under the 'issuer non-cooperating' category as FMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. FMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 22, 2024, January 1, 2025, 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 Hyderabad based Flic Microwave Private Limited (FMPL) was established as a partnership firm in 1991 by Mr. Prasantha Pradhan and Mrs. Nivedita Mohanty. Later, the constitution of the firm changed to Private Limited Company in August 1992. FMPL is engaged in manufacturing of Microwaves. The Company majorly deals in Components, Super Components, Sub Systems and EM Systems, etc. FMPL imports raw material i.e. electrical components from USA and sells the final product in domestic market. The company majorly deals with public sector entities such as Defence Research Development Organisation (DRDO), Bharat Electronics Limited, Defense Electronics Research Laboratory, Defence Avionocs Research Establishment, etc. The key person of the company is Mr. Sukumar Pradhan (Managing Director) with post-graduation in Electronics, he has nine years' experience as a scientist in Defence Research Development Organisation (DRDO). Status of non-cooperation with previous CRA: Brickwork has continued the rating assigned to the bank facilities of FMPL into ISSUER NOT COOPERATING category vide press release dated January 18, 2024 on account of its inability to carry out a review in the absence of requisite information. GANGAPADA SUPER: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gangapada Super Speciality Hospital Private Limited (GSSHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 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 9, 2024, placed the rating(s) of GSSHPL under the 'issuer non-cooperating' category as GSSHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GSSHPL 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: Stable Gangapada Super Speciality Hospital Private Limited (GSSHPL), incorporated on August, 05, 2015, was promoted by Mr. Goutam Sarkar and Mrs. Soma Sarkar for providing healthcare services by setting up a super specialty hospital in Murshidabad, West Bengal. The hospital will be equipped with state of the art technology and well qualified & experienced doctors, surgeons and support staffs, also there will be 65 beds including 10 ICU beds, 10 NICU beds, 5 HTU beds, 4 dialysis beds, 2 emergency beds and rest general and cabin beds. The aggregate estimated project cost for setting up the aforesaid project is INR21.39 crore which is to be financed by term loans of INR13.91 crore and promoter's capital of INR7.48 crore. The financial closure for the debt portion of the project is yet to be tied –up. However, the company has already spent around INR7.00 crore (32.73% of total project cost) on the aforesaid project funded by promoter's contribution till May 15, 2019. The commercial operation is estimated to commence from November 2019. GOVERDHAN TRANSFORMER: CARE Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Goverdhan Transformer Udyog Private Limited (GTUPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues 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 13, 2024, placed the rating(s) of GTUPL under the 'issuer non-cooperating' category as GTUPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GTUPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 29, 2024, January 8, 2025 and January 18, 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 Uttar Pradesh based Goverdhan Transformer Udyog Private limited (GTUPL) is a private limited company incorporated in January, 1985 and is being managed by Mr. Rajesh Kapoor; Ms. Seema Kapoor and Mr. Naman Kapoor. The company is engaged in manufacturing of transformers for state owned electricity boards and other government departments at its manufacturing facility located at Shikohabad (Uttar Pradesh). GRAND HIRA: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Grand Hira Resorts Private Limited (GHRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated January 23, 2024, placed the rating(s) of GHRPL under the 'issuer non-cooperating' category as GHRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GHRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 8, 2024, December 18, 2024, December 28, 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 Grand Hira Resorts Private Limited (GHRPL) was incorporated in 2006 and is currently being managed by Mr. Randhir Singh Yadav, Mrs. Billo Yadav and Mr Sunny Yadav. GHRPL is in the hospitality industry and constructed a four-star hotel with a total cost of project of INR22 crore. The hotel consists of 48 double rooms, 4 suites and banquet facility. It also includes 4 specialty restaurants comprising of a fast-food facility, Indian food restaurant, coffee house cum bar and a Japanese cuisine restaurant. GUPTA FOODS: CARE Keeps C Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gupta Foods (GF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.50 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated January 23, 2024, placed the rating(s) of GF under the 'issuer non-cooperating' category as GF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 8, 2024, December 18, 2024, December 28, 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 Gupta Foods (GF) is a Punjab based, partnership firm established in 2008 by Mr. Naveen Gupta, Mr. Avinash Gupta, Mrs. Anita Gupta and Mrs. Shruti Gupta sharing profit and loss in equal proportion. The company is engaged in processing of paddy at its manufacturing facility located in Tarn Taran, Punjab. Status of non-cooperation with previous CRA: Brickwork has continued the rating assigned to the bank facilities of GF into Issuer Not Cooperating category vide press release dated February 20, 2024 on account of its inability to carry out a review in the absence of requisite information. HOPKINS HEALTHCARE: CARE Reaffirms B Rating on INR205cr NCDs ------------------------------------------------------------ CARE Ratings has reaffirmed ratings on certain bank facilities of Hopkins Healthcare Private Limited (Hopkins), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 205.00 CARE B; Stable Reaffirmed Debentures Rationale and key rating drivers CARE Ratings Limited (CARE Ratings) in its analysis of Hopkins has considered the proposed transaction wherein the BlackRock Group (BlackRock) has agreed to invest INR208 crore (enhanced from INR205 crore) in the form of senior, secured, rated, listed non-convertible debentures (NCD) in Hopkins. Post the infusion of funds by Blackrock, Hopkins will acquire the share of existing PE investor Prathithi Investments in the group company i.e. TMI Healthcare Private Limited (TMI) for INR103 crore. TMI which has an operational track record of over a decade and has four hospitals in Bangalore will become subsidiary of Hopkins. Hopkins on standalone basis has small real estate operations. For arriving at the rating of Hopkins, CARE Ratings have taken linkages (both in terms of operational and financial) with its group company TMI. The rating assigned to the long-term instruments of Hopkins is constrained by small scale of operations both in the real estate and health care industry. The hospital segment (i.e. in TMI) historically had moderate occupancy levels and Average Revenue Per Occupied Bed (ARPOB). TMI has total 286 beds and was operating at an occupancy level of around 33% in FY24. The real estate (in Hopkins) segment had only about three months of operations during FY24. The rating also considers highly competitive and fragmented nature of real estate and health care industry. The rating however is underpinned by experienced promoters with long track record of operations in healthcare industry. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Improvement in revenue by over 10-15% consistently with PBILDT margin above 15% on sustained basis. * Total debt to PBILDT going below 4x. Negative factors * A decline of over 8% in the company's TOI resulting in rising losses and a worsening liquidity situation. Analytical approach: Standalone factoring linkages with TMI as the two entities have linkages in terms of common promoters and control over business operations. Outlook: Stable The stable outlook reflects that the proposed transaction will help the company improve its overall operational and financial performance as a group. Detailed description of key rating drivers: Key weaknesses * Small scale of operations: Hopkins currently has small scale of operations in the form lease rental. It has commenced operations from January 2024 and have reported revenue of about INR0.90 crore during FY24 and about INR3 crore during H1FY25 from lease rentals. For FY25, the rental income is expected to be about INR 5 crore. Further, post the transaction hospital segment will also be part of Hopkins. The hospital segment (TMI) historically had moderate occupancy levels and Average Revenue Per Occupied Bed (ARPOB). TMI has total bed capacity of 286 beds and was operating at an occupancy level of around 33% in FY24. The occupancy ratio has been remained about the same over last three years. * Anticipated elevated debt levels coupled with weak credit metrics: The infusion of fund by BlackRock in Hopkins will result in elevated debt levels at Hopkins. Further, the coupon rate on the said transaction is proposed to be 16%. Hopkins, during FY24 had operations for only three months however post the infusion of INR208 crore of NCD by BlackRock in Hopkins, which in turn will be utilized to acquire stake in TMI, will lead to TMI becoming subsidiary of Hopkins. The interest servicing and the redemption of the said NCDs primarily depends on the cash flow generated from TMI whose credit metrics have remained weak on account of negative profit before interest, lease rentals, depreciation and tax (PBILDT) and gross cash accruals (GCA) in the past. CARE Ratings expects that even after the combined financials of TMI with Hopkins the credit metrics of Hopkins are anticipated to remain weak on account of overall small scale of operations of the company in both real estate and hospital segment coupled with moderate cash accruals. * Susceptibility of reputation to treatment related risk: Healthcare industry is very sensitive to mishandling of a case or negligence on part of any doctor and /or staff of the unit can lead to distrust among the masses. Thus, all the healthcare providers need to monitor each case diligently and maintain standards of services in order to avoid the occurrence of any unforeseen incident. They also need to maintain high vigilance to avoid malpractice at any cost. * Presence in fragmented and highly regulated industry: The healthcare sector is highly fragmented with very few players in the organised sector. Barring a few, most of the organised sector players have one or two hospitals only. All these lead to high level of competition in the business. Further healthcare sector is highly regulated and is governed by various laws such as Indian Medical Council Act 1956, The Clinical Establishments (registration and regulation) Act 2010, and Indian Medical Council Regulations 2002 etc. Government of India has been taking various steps towards increasing the affordability and coverage of healthcare services in the country by putting price restriction on pharmaceutical entities, medical equipment manufacturers and hospitals services. * Intense competition from other established players: The healthcare sector is facing intense competition as consumers increasingly prefer established brands known for quality. Rising self-awareness and access to organized diagnostics are driving higher expectations for transparency and efficiency. Increased health insurance penetration enables more individuals to explore various options, intensifying rivalry among providers. Organizations must differentiate themselves through innovative services and improved patient experiences. Key strengths * Experienced promoters with long track record of operations in healthcare industry: Hopkins and TMI are promoted by Dr Upendra Kandluri who is a consultant urologist and his wife Dr Jothi Neeraja in Bangalore. The promoters have over a decade of experience in healthcare industry. Further, their son Dr.Abhisheik Hariharan Kandluri has joined the business. He is a second-generation entrepreneur and has completed his MBA from Johns Hopkins Carey Business School Baltimore, USA and has done masters specialization in healthcare business strategy operations, technology, innovation, AI, and finance, for the furtherance of business development of TMI.TMI started with one hospital in Yeshwantpur, Bengaluru and over time the same was expanded to four hospitals all located in Bengaluru. The hospitals which are known by the brand People Tree Hospitals are multi-speciality hospital which provides services in the areas like neurosciences, orthopaedics, cardiology, ENT, paediatrics, urology etc and have total 286 bed capacity. * Diversified revenue stream across specialisations: TMI's total income is spread across various specialities among which neuroscience and orthopaedics are the major contributors. None of the specialities contribute more than 20% of total revenue and top 5 departments contributed around 54%/55% to total operating income during FY24 and H1FY25. * Revenue from lease rentals with long term lease agreement: Hopkins have been engaged in real estate operations. The company has bought in December 2023, an existing commercial four storied building having total constructed area of 1,04,800 square feet. The original plan was to make ground floor as speciality hospital and the four floors were intended to let out. Currently, out of these four floors, three floors have been let out to Big Basket and OYO Workspaces India Private Limited for a period of nine years. Liquidity: Stretched Hopkins had only three months of operations during FY24 and the liquidity position of TMI has remained stretched. TMI has been reporting negative GCA from FY21 onwards. The cash and bank balance of TMI remained low at 0.10 crore as on June 30, 2024 however on account of equity infusion by the promoters to the tune of INR 7 crore in Hopkins, the cash and bank balance of Hopkins remained at about INR3 crore as on March 31, 2024. Further, the working capital utilisation of TMI remained at about 97% for the 12 months ending in October 2024. During FY25, the combined entity is anticipated to generate cash accruals of about INR4 crore against the debt repayment obligation of INR2.32 crore. CARE Ratings anticipates that company will face stretched liquidity position wherein its operations may just be sufficient to meet its debt obligations. Incorporated on March 31, 2022, Hopkins is promoted by Dr Upendra Kumar Kandluri and his two sons Dr Abhishek Hariharan Kandluri and Mr Abhinav Krishna Kandluri. Dr Upendra has over three decades of experience in the healthcare sector. He completed his fellowship in Endourology & laser surgery from Germany and MS in general surgery from India. Mr Upendra and his wife Dr Jothi is also the promoter of TMI Healthcare Private Limited which has four multi-speciality hospitals in Bengaluru with the brand name People Tree Hospitals. Currently company is engaged in real estate activities through which it earns rental income. INTERNATIONAL HOTEL: Voluntary Liquidation Process Case Summary --------------------------------------------------------------- Debtor: International Hotel Supply (India) Private Limited Unit 108-109, 1 Flr B wing, Cts no.16/ l to 24 &17 Chakala, Andheri Kurla Road, Andheri E, Mumbai, Maharashtra, India, 400059 Liquidation Commencement Date: February 6, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Kashyap Shah 8-203, Manubhai Towers, Opp. M S University, Sayajiguni, Vadodara 390020 Email: kashyap.cs.ip@gmail.com Telephone no. 0265-2362244 Last date for submission of claims: March 8, 2025 JAGRATI TRADE: CARE Keeps C-/A4 Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Jagrati Trade Services Private Limited (JTSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/Short 0.50 CARE C; Stable/CARE A4; Term Bank ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.40 CARE A4; 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 10, 2024, placed the rating(s) of JTSPL under the 'issuer non-cooperating' category as JTSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JTSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 25, 2024, December 5, 2024, December 15, 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 JTSPL was incorporated on September 11, 1986 by Mr. Jagdish Sarda and Mr. Krishna Chandra Senapati, based out of Kolkata, West Bengal. Since inception, the company is engaged in trading of raw jute primarily in the state of West Bengal and the entity is located at Kolkata. Further, JTSPL is also engaged in trading of shares and it also derives revenue from money lending activities to corporate entities. Status of non-cooperation with previous CRA: Acuite has continued the rating assigned to the bank facilities of JTSPL into ISSUER NOT COOPERATING category vide press release dated September 30, 2024 on account of its inability to carry out a review in the absence of requisite information from the company. CRISIL has continued the rating assigned to the bank facilities of JTSPL into ISSUER NOT COOPERATING category vide press release dated June 26, 2024 on account of its inability to carry out a review in the absence of requisite information from the company. JAI SAKTHI: CARE Keeps B Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jai Sakthi Mills (JSM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 35.62 CARE B; 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 23, 2024, placed the rating(s) of JSM under the 'issuer non-cooperating' category as JSM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JSM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 8, 2024, December 18, 2024 and December 28, 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 JSM is a partnership concern established in April 2010, for production of yarn and cloth in Sulur, Coimbatore, Tamil Nadu. JSM has 10 partners, all belonging to same family. In FY14, the firm has added 7 more partners from the own family in order to infuse more capital to support the operations. Although established in April 2010, JSM commenced its commercial production of yarn and cloth from June 2012. The installed capacity of the firm as on March 31, 2015, is 18,000 spindles. The firm has 15 ring-frames with 1200 spindles. The entire cloth manufacturing is completely outsourced to other units wherein the yarn is supplied by JSM. JSM produces yarn varieties in the count of 25s, 30s and 34s semi-combed hosiery yarn, which are used in making cloth which is finally used in the making of men's vests and T-Shirts. K. V. R CONSTRUCTIONS: CARE Keeps B- Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of K. V. R Constructions (KVRC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 15.00 CARE A4; 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 24, 2024, placed the rating(s) of KVRC under the 'issuer non-cooperating' category as KVRC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KVRC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 9, 2024, December 19, 2024, and December 29, 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 K. V. R Constructions (KVRC) was established in the year 2005 as a proprietorship firm. The firm is a Class I civil contractor and has its registered office located at Davangere, Karnataka. KVRC commenced its operation in the year 2007 and is engaged in civil construction works of irrigation canals, bridges, road works and buildings. The firm is primarily a contractor for various government organizations, Private Sector Undertakings (PSU's) and private organization. K.P. CHACKO: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of K.P. Chacko and Sons (KCS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.00 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 30, 2024, placed the rating(s) of KCS under the 'issuer non-cooperating' category as KCS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KCS continues to be non-cooperative despite repeated requests for submission of information through emails dated December 15, 2024, December 25, 2024 and 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: Stable K.P. Chacko & Sons (KCS) based at Kerala was established in the year 1992 as a partnership firm by Mr. Jerald Jacob and his wife Mrs. Rajee Jerald. The firm is mainly engaged in retailing of jewellery, ethnic gold and stone studded ornaments along with silver jewellery and gift articles. KCS has its retail showroom located at Thodupuzha, Kerala in around 2000 sq. ft. area. Around 95% of the total revenues of the firm are generated from sale of gold and gold ornaments while balance of the sales is being done from sale of silver and silver articles. KALLAM TEXTILES: CARE Reaffirms D Ratings on LT/ST Bank Debts ------------------------------------------------------------- CARE Ratings has reaffirmed the ratings on certain bank facilities of Kallam Textiles Limited (KTL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term bank 154.14 CARE D Reaffirmed facilities Long-term/ 191.24 CARE D/CARE D Reaffirmed Short-term bank facilities Rationale and key rating drivers The ratings assigned to bank facilities of KTL considers delays in payment of interest and instalments of term loans as a result of poor liquidity due to cash flow mismatches. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Establishing a delay-free track record in debt servicing for a continuous period of more than 90 days coupled with improvement in liquidity. Analytical approach: Standalone Outlook: Not applicable Detailed description of the key rating drivers: Key weaknesses * Ongoing delays in debt servicing: The company has made the disclosure of defaults on payment of interest/repayment of principal amount on loans from Indian Bank and Union Bank of India along with H1FY25 results that were published on BSE on November 12, 2024. The company has defaulted in repayment of term loan instalments (Incl. interest) to the extent of INR95.38 crores as on September 30, 2024. The banks have classified these loans as NPA and issued notices for recovery of these dues u/s 13(2) r.w.s 13(3) of SARFAESI Act, 2002. Further, the banks also taken possession of the properties offered as security u/s 13(4) of the said Act. The company applied for restructure of these loans and same is pending with the lender banks. Liquidity: Poor The company has poor liquidity as a result of cash flow mismatches and cash losses leading to delays in debt servicing. The slowdown in textile sector, sluggish demand, low export orders, volatile cotton prices and low prices for finished goods coupled with high fixed overheads such as power costs resulted in deterioration in the financial condition of the company, thereby leading to cash losses over the past two years. Kallam Textiles Limited (KTL) (ISIN: INE629F01025) formerly known as Kallam Spinning Mills Ltd listed on Bombay Stock Exchange (BSE), was established in 1992 with its registered office at Guntur, Andhra Pradesh. KTL is an integrated cotton textile unit, with its own ginning, ring spinning, open end spinning, weaving and dyeing divisions. The spinning mill is located at Guntur and the weaving division is located in Addanki (Mandal), Prakasam district. It produces various counts of yarn ranging from 20s to 80s. LEMON ELECTRONICS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Lemon Electronics Limited (LEL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 22.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 65.00 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 13, 2024, placed the rating(s) of LEL under the 'issuer non-cooperating' category as LEL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LEL continues to be non-cooperative despite repeated requests for submission of information through emails dated December 29, 2024, January 8, 2025 and January 18, 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 Lemon Electronics Limited, was incorporated on June 9, 2008 was promoted by Mr. Sandeep Mushran, Mr. M.S. Malik and Mr. Gopal Kalra. Mr. Kapil Chugh, the managing director of the company, took over the management of the company in February, 2016. The company is primarily engaged in trading and assembling of mobile handsets under the brand name of 'Lemon'. The company has its assembling unit located in Noida, U.P. Status of non-cooperation with previous CRA: CRISIL has continued the ratings assigned to the bank facilities of LEL into 'Issuer not-cooperating' category vide press release dated October 8, 2024 on account of non-availability of requisite information from the company. MALNAD PROJECT: CARE Lowers Rating on INR49cr NCDs to C ------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Malnad Project (I) Private Limited (MPIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 49.00 CARE C; ISSUER NOT COOPERATING; Debentures Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B-; Stable Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated February 13, 2025, placed the rating(s) of MPIPL under the 'issuer non-cooperating' category as MPIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MPIPL continues to be non-cooperative despite repeated requests for submission of information for review through e-mail dated February 14, 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 this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The rating has been revised on account of instance of failure to pay an instalment, reported by the company in its Q3FY25 financial results published on stock exchange. The company has failed to pay an instalment of around INR16 crore for unlisted NCDs which are not rated by CARE Ratings. Subsequently, the company has submitted a proposal for debt restructuring which has been approved by the debenture holder. The revision in the rating is in line with CARE Ratings' policy of default recognition. Furthermore, rating continues to remain constrained by considerable execution and marketing risk due to nascent stage of the project, leveraged funding structure and stretched liquidity position. The rating however continues to derive strength from the experience of the promoter - Kumar Group in real estate business. Analytical approach: Standalone Outlook: Not applicable Detailed description of the key rating drivers Key Rating Weaknesses * Delays in debt servicing: As per results published by the company on stock exchange, it has failed to pay an instalment of around INR16 crore for unlisted NCDs which are not rated by CARE Ratings. Subsequently, the company has submitted a proposal for debt restructuring which has been approved by the debenture holder. Incorporated on April 26, 2017, Malnad Project (I) Private Limited (MPIPL) [Erstwhile, Kumar Housing Township Private Limited], initially promoted as Krishcon Publication India Private Limited by Mr. Rohit Vijaykumar Palsule and Ms Vaishali Prasanna Gole in the capacity of directors, was acquired in FY20 by Mr. Manish Vimalkumar Jain (99.99% of holding) and Ms. Mamta Jain, promoter family of Kumar Group of Pune. MPIPL has taken up the construction and development of township admeasuring 111.23 lakh square feet (lsf) in Manjri, Pune, Maharashtra. NAV BHARAT: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Nav Bharat Trading Company (NBTC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.00 CARE A4; 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 February 7, 2024, placed the rating(s) of NBTC under the 'issuer non-cooperating' category as NBTC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NBTC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 23, 2024, January 2, 2025 and January 12, 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 Allahabad based Nav Bharat Trading Company (NBTC) is a partnership firm established in April, 1999 and is currently being managed by Mr. Bhishm Singh, Mr. Srikant Singh, Mr. Ajai Pal Singh and Mrs. Shashi Kala Singh. The firm is engaged in civil construction works such as construction of roads, highways and buildings only for government departments. In order to get the business, firm has to participate in bids/tenders floated by government. The raw materials namely, bricks, sand, cement, steel, tiles, plywood, tar etc. which the firm procures from various domestic manufacturers and wholesalers. POPULAR GROUP: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Popular Group Mangalore (PGM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 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 25, 2024, placed the rating(s) of PGM under the 'issuer non-cooperating' category as PGM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PGM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 10, 2024, December 20, 2024 and December 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 Popular Group Mangalore (PGM) was established in the year 2014, as a partnership firm by Mr. B.A. Mohideen, Mr. Abubakar Siddiq, Mr. B.M. Ishaq and Mr. Nurul Ameen Damudi. The partners are qualified graduates and each of the partners has 10-15 years of experience in various field i.e. Constructions and sanitary ware. The firm is planning to construct commercial complex for lease rental purpose. RAGHUVANSHI COTTON: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Raghuvanshi Cotton Ginning and Pressing Private Limited (RCGPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 69.44 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 10, 2024, placed the rating(s) of RCGPPL under the 'issuer non-cooperating' category as RCGPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RCGPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 25, 2024, December 5, 2024, December 15, 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 Incorporated in 2006 by Mr Dinesh Selani, Rajkot-based RCGPPL is a 55% subsidiary of Bhadresh Trading Corporation Limited. As on March 31, 2015, RCGPPL had a composite cotton ginning and pressing unit at its manufacturing facility located at Rajkot, Gujarat. RANSAN PACKAGING: Liquidation Process Case Summary -------------------------------------------------- Debtor: Ransan Packaging Private Limited New No. 11, Old No.7, Kailasam Street Tondiarpet, Chennai, Tamilnadu, India, 600081 Liquidation Commencement Date: January 24, 2025 Court: National Company Law Tribunal, Chennai Bench Liquidator: E. Santhanalaskhmi Plot No. 42B, Sree Krishna Flats, S-1, 2nd Floor, LIC Nagar 2nd Street, Madikpakkam, Chennai, Tamil Nadu-600091 Email: cirp.ransanpackaging@gmail.com Mobile No: +91 99414 65504 Last date for submission of claims: March 7, 2025 RR POLYNET: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of RR Polynet Private Limited (RPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.18 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 5.60 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 10, 2024, 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 25, 2024, December 5, 2024, December 15, 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 Vapi (Gujarat)-based RPPL is a private limited company which was established as proprietorship firm in 2005 and later in 2012 converted to private limited company and promoted by five promoters namely Mr. Vinaykumar Hareram Singh, Mr. Ram Chandreshwar Singh, Mr. Muktarahemad Abdulrasid Shaikh, Mrs. Shidikabanu Mukhatar Shaikh and Mr. Balkrishna Girdharilal Mistry. RPPL is engaged into manufacturing of Extruded Polynet, Woven Nets, Body Scrubbers and Agriculture Shade Nets. SARJAY CHEMICALS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sarjay Chemicals Private Limited (SCPL) 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 10, 2024, placed the rating(s) of SCPL under the 'issuer non-cooperating' category as SCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 25, 2024, December 5, 2024, December 15, 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 Ahmedabad-based SCPL was established in December 2010 by its key promoters; Mr. Harish Patel and Mr. Jay Patel to start manufacturing activity of micro nutrients in a category of inorganic chemicals mainly zinc sulphate and manganese sulphate at Dahej in Bharuch district of Gujarat State. The unit is spread over the area of 5,200 sq. meters with total capacity of 10,800 metric tonnes per annum (MTPA) for both the products. SCPL completed a Greenfield project during January 2016 at a total cost of INR11.10 crore which was funded through term loan of INR6.50 crore, equity share capital of INR3 crore and unsecured loan of INR1.60 crore. SCPL has commenced trial runs from end of January 2016. The promoter of SCPL is also running another proprietorship firm namely M/s Universal Chemicals (UC) in Ahmedabad since 1990. UC is engaged in trading of inorganic chemicals, dyes and dyes chemicals and agricultural commodities like grain, seeds, oil seeds and spices etc. in domestic market and in international market in Pakistan, Middle and Far East countries, Canada, USA etc. STRAIGHT EDGE: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Straight Edge Contracts Private Limited (SECPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 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 8, 2024, placed the rating(s) of SECPL under the 'issuer non-cooperating' category as SECPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SECPL 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 Straight Edge Contracts Private Limited (SEPL) was incorporated in 2009 by Mr. Rajesh Nagpal, Mr. Sahil Nagpal and Mr. Divam Kapoor. The company is currently promoted by Mr. Rajesh Nagpal and Mr. Sahil Nagpal. Earlier Mr. Rajesh Nagpal was engaged in trading of building material and thereafter, he has worked with GulshanHomz Pvt. Ltd which is engaged into construction of residential and commercial structures. The company is engaged in civil construction mainly for multistoried residential buildings for its associate concern which operates in Delhi-NCR region. The company is also engaged in real estate business; sale and purchase of residential/commercial plots. THEOS IMAGING: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Theos Imaging and Diagnostics LLP (TIDL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 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 5, 2024, placed the rating(s) of TIDL under the 'issuer non-cooperating' category as TIDL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TIDL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 21, 2024, December 31, 2024, January 10, 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 Theos Imaging and Diagnostic LLP (TIDL) was established in the year 2016 as Limited Liability Partnership by Dr. Bobby Jose, Mr. Manoj Kumar and Mrs. Rosemary Manjooram. The firm has proposed to set-up an imaging and diagnostic center in the compound of super speciality 700 bedded Chazhikattu Hospital Private Limited (CHPL), at Thodupuzha, Idukky district, Kerala with the most advanced MRI scan, CT scan, Cath lab, Ultra sound scan, Mammography and EEG equipment under an arrangement with the hospital to provide imaging & diagnostic services as part of the hospital as well as on reference by other doctors. VARDHMAN INDUSTRIAL: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Vardhman Industrial Steel Private Limited (VISPL) continue 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 February 6, 2024, placed the rating(s) of VISPL under the 'issuer non-cooperating' category as VISPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VISPL 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 2011, Vardhman Industrial Steel Private Limited (VISPL) is promoted by Mr Sushil Jain and his wife Ms Anju Jain. During the year 2011, VIPL took over the business operations two proprietorship firms i.e. Vardhman Loha & Traders (Proprietor - Mr Sushil Jain) and Vardhman Industrial Steel Sales (Proprietor – Ms Anju Jain) engaged in the trading of iron and steel products. VIPL is engaged in the trading of iron and steel products such as angles, channels, rounds, beams, plates, flats and tubes. VIPL operates through its outlet located in Bahadurgarh, Haryana. Status of non-cooperation with previous CRA: Brickwork has continued the rating assigned to the bank facilities of VISPL into Issuer Not Cooperating category vide press release dated March 12, 2024 on account of its inability to carry out a review in the absence of requisite information. [] INDIA: IBC Recovery Hovers at 31% as More Cases Get Liquidated ----------------------------------------------------------------- The New Indian Express reports that lenders continue to take deeper haircuts/losses from the insolvency and bankruptcy process which has from day-one been plagued by ordinate delays due to frequent adjournments of hearings which is largely blamed on the collusion between ex-promoters and resolution professionals. As a result, the average haircut that lenders are forced to take hovers around 70% as of the December quarter when overall recovery stood at 31.4%. According to an analysis of the latest IBBI data compiled by Care Ratings, the cumulative recovery rate has been on a downtrend, decreasing from 43% in Q1FY20 and 31.4 in Q3FY25, implying a haircut of 68.6%, as larger resolutions have already been executed and a significant number of liquidated cases were either BIFR cases and/or defunct with long-resolution time, New Indian Express relates. Of the resolved cases only 13.8% ended in resolution, while 24.3% remain in the resolution process as liquidation remains the most common path of closure under the IBC process with over 2,700 cases or (33.1% of admitted cases) ending up in liquidation, the report discloses. But as much 78% of liquidation are either from the legacy BIFR cases and/or defunct. Around 15.1% (1,236 cases) have been closed on appeal/review/settled, while 13.8% have been withdrawn. According to the report, total admitted claims of financial creditors in Q3 were worth INR9,509.7 crore while cumulatively it totals INR11,39,304.6 crore to INR11.39 trillion. Of the total liquidation value stood at INR1,584.5 in Q3 while for the system it adds up to INR219,722 crore and lenders realization was INR2,705 crore in Q3 and for the system, it was INR357,677 crore. However, since the measure of the effectiveness of the INC is the ratio of liquidation to resolution, thanks to several initiatives to improve the outcomes, this ratio has improved from 5.06 in FY18 to 1.32 during the first three quarter of the current fiscal but when it comes to the average time taken for resolution/liquidation, this continues to be an pain area, said Sanjay Agarwal, a senior director with the agency. After slowing during the pandemic, the number of insolvency cases increased around 11% in Q2 but despite the increase, the number of cases admitted remains lower, and the number of ongoing cases are below 2,000 now, New Indian Express relays. In Q3, around 140 cases were initiated as cases initiated by both corporate debtors and operational creditors has come down significantly over time. So far over 8,100 companies have been admitted to various NCLTs since the IBC came into force from May 2106, of which financial creditors' cases stood at 3,810, and those by operational creditors at 3,861, New Indian Express discloses. Though there was an –on-year increase of 11% in new admission in Q3, the number of cases admitted continues to be lower compared to earlier quarters and has continued to remain less than 1,000 for the trailing 12 months period, the report adds. ========= J A P A N ========= IHI CORP: Egan-Jones Hikes Senior Unsecured Ratings to BB+ ---------------------------------------------------------- Egan-Jones Ratings Company on February 4, 2025, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by IHI Corporation to BB+ from BBB-. Headquartered in Tokyo, Japan, IHI Corporation manufactures heavy machinery. MITSUI E&S: Egan-Jones Hikes Senior Unsecured Ratings to B ---------------------------------------------------------- Egan-Jones Ratings Company on January 31, 2025, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by MITSUI E&S Co., Ltd. to B from CCC+. EJR also withdrew the rating on commercial paper issued by the Company. Headquartered in Chuo City, Tokyo, Japan, MITSUI E&S Co., Ltd. offers shipbuilding services. =============== M A L A Y S I A =============== FOCUS LUMBER: Annual Net Loss Widens to MYR18.2 Million in FY2024 ----------------------------------------------------------------- The Malaysian Reserve reports that Focus Lumber Bhd (FLB) saw its net loss for the financial year ended Dec. 31, 2024 (FY24) widened to MYR18.2 million compared to MYR7.9 million the year earlier mainly due to scheduled power plant major overhaul cost, higher logs price, weaker production recovery rate and provision made for slow moving stocks in current year. According to the report, the plywood manufacturer chakled a revenue of MYR90.0 million for FY24, up 50% from the year before, mainly attributable to higher sales volume and increase in the average selling price per m3 in US dollar, mitigated by the weakening of US dollar. It said its sales volume was growing by 36% over the previous year, the company disclosed in an exchange filing on Feb. 17. Based in Kota Kinabalu, Sabah, Focus Lumber Bhd manufactures and sells plywood, veneer and laminated veneer lumber. ===================== N E W Z E A L A N D ===================== ADVANCED CARPENTRY: Creditors' Proofs of Debt Due on March 14 ------------------------------------------------------------- Creditors of Advanced Carpentry Limited are required to file their proofs of debt by March 14, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 14, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 CARRUTH REINFORCING: Court to Hear Wind-Up Petition on March 6 -------------------------------------------------------------- A petition to wind up the operations of Carruth Reinforcing Limited will be heard before the High Court at Christchurch on March 6, 2025, at 10:00 a.m. The Commissioner of Inland Revenue, filed the petition against the company on Dec. 4, 2024. The Petitioner's solicitor is: Nanette Cunningham Inland Revenue, Legal Services PO Box 1782 Christchurch 8140 PJO CONSTRUCTION: Creditors' Proofs of Debt Due on March 13 ----------------------------------------------------------- Creditors of PJO Construction Limited are required to file their proofs of debt by March 13, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 12, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 PRIYANKA PROPERTY: Creditors' Proofs of Debt Due on March 21 ------------------------------------------------------------ Creditors of Priyanka Property Developments Limited and Revive Hair & Beauty (2021) Limited are required to file their proofs of debt by March 21, 2025, to be included in the company's dividend distribution. Priyanka Property Developments Limited commenced wind-up proceedings on Feb. 14, 2025. Revive Hair & Beauty (2021) Limited commenced wind-up proceedings on Feb. 17, 2025. The company's liquidator is: Pritesh Patel PO Box 23296 Manukau 2241 VERANO GROUP: Court to Hear Wind-Up Petition on March 7 ------------------------------------------------------- A petition to wind up the operations of The Verano Group Limited will be heard before the High Court at Auckland on March 7, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Nov. 29, 2024. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ================= S I N G A P O R E ================= ACJ PAINTING: Court to Hear Wind-Up Petition on March 7 ------------------------------------------------------- A petition to wind up the operations of ACJ Painting Pte. Ltd. will be heard before the High Court of Singapore on March 7, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Feb. 10, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 FAR OCEAN: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on Feb. 7, 2025, to wind up the operations of Far Ocean Holdings Pte. Ltd. Maybank Singapore Limited filed the petition against the company on Jan. 17, 2025. The company's liquidators are: Goh Yeow Kiang Victor Khor Boon Hong Lee Yi Ying Marie c/o Baker Tilly Consultancy (Singapore) 600 North Bridge Road #05-01 Parkview Square Singapore 188778 GREEN CITI: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on Feb. 7, 2025, to wind up the operations of Green Citi Singapore Pte. Ltd. Strides DST Pte. Ltd. filed the petition against the company on Jan. 13, 2025. The company's liquidator is: Mr. Cameron Lindsay Duncan KordaMentha Pte. Ltd. 16 Collyer Quay, #30-01 Singapore 049318 SEASPIRE INTERNATIONAL: Court Enters Wind-Up Order -------------------------------------------------- The High Court of Singapore entered an order on Feb. 7, 2025, to wind up the operations of Seaspire International Pte. Ltd. Maybank Singapore Limited filed the petition against the company on Jan. 16, 2025. The company's liquidators are: Leow Quek Shiong Gary Loh Weng Fatt c/o BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 SWISS BUTCHERY: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on Feb. 7, 2025, to wind up the operations of Swiss Butchery (2013) Private Limited. Maybank Singapore Limited filed the petition against the company on Jan. 17, 2025. The company's liquidators are: Abuthahir Gafoor Yessica Budiman c/o AAG Corporate Advisory 144 Robinson Road #14-02 Robinson Square Singapore 068908 ********* 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. 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