/raid1/www/Hosts/bankrupt/TCRAP_Public/250305.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
Wednesday, March 5, 2025, Vol. 28, No. 46
Headlines
A U S T R A L I A
ABRA MINING: Second Creditors' Meeting Set for March 7
ALLY FASHION: Goes Into Liquidation; Up to 185 Stores Affected
AUSTRAL RIGGING: Second Creditors' Meeting Set for March 12
IREXCHANGE LIMITED: Three Former Execs Charged After ASIC Probe
LEPIDICO LIMITED: Second Creditors' Meeting Set for March 10
NIKOLI BONDI: First Creditors' Meeting Set for March 11
QUEENSLAND LINEN: First Creditors' Meeting Set for March 13
TECHNICOLOR CREATIVE: Placed in Voluntary Administration
C H I N A
BEIJING JINGXI: Former Chairman Gets Jail Sentence
COUNTRY GARDEN: Re-engages Houlihan, CICC as Financial Advisers
H O N G K O N G
VISTRA HOLDINGS: Fitch Affirms 'B+' Long-Term IDR, Outlook Now Neg.
I N D I A
ABHISHEK AUTOMOTIVES: ICRA Keeps B Debt Ratings in Not Cooperating
AGS TRANSACT: Faces Insolvency Over Alleged Unpaid Dues
ARUN EXCELLO: CARE Moves D Debt Rating to Not Cooperating Category
AUTO HI-TECH: ICRA Keeps B+ Debt Ratings in Not Cooperating
BYJU'S: Official Broke Duty to Lenders by Hiding $533M, Judge Says
CGR COLLATERAL: CARE Keeps D Debt Rating in Not Cooperating
GOODLUCK CARBON: ICRA Keeps D Debt Ratings in Not Cooperating
HERO ELECTRIC: RP Invites Bidders for Electric Scooter Maker
HOLODECK CONSULTING: Voluntary Liquidation Process Case Summary
KADKOMP SYSTEMS: Insolvency Resolution Process Case Summary
KGN MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category
KIARA JEWELLERY: ICRA Keeps B/A4 Debt Ratings in Not Cooperating
MANAN APPARELS: Liquidation Process Case Summary
MERCATOR OIL: CARE Keeps D Debt Ratings in Not Cooperating
MODULAR CONCEPTS: ICRA Keeps D Debt Ratings in Not Cooperating
MSR INDIA: CARE Keeps D Debt Ratings in Not Cooperating Category
N.V. KHAROTE: CARE Keeps D Debt Ratings in Not Cooperating
NATRAJ RICE: CARE Keeps B- Debt Rating in Not Cooperating Category
NEO CAPRICORN: CARE Keeps D Debt Rating in Not Cooperating
NEZONE ALLOYS: Voluntary Liquidation Process Case Summary
ONE CAPITALL: ICRA Keeps D Debt Ratings in Not Cooperating
OSHIYA STRIPS: ICRA Keeps D Debt Ratings in Not Cooperating
POMMYS GARMENTS: ICRA Keeps D Debt Ratings in Not Cooperating
RADIUS WATER: ICRA Keeps D Debt Ratings in Not Cooperating
S.S. KHARDEKAR: CARE Lowers Rating on INR17.17cr LT Loan to D
SARAWAGI AUTOMOBILES: ICRA Keeps B Ratings in Not Cooperating
SHAHI EMERGENCY: Voluntary Liquidation Process Case Summary
SUNDARAM STEELS: CARE Keeps B+ Debt Rating in Not Cooperating
TIRUPUR DISTRICT: ICRA Keeps B+ Debt Rating in Not Cooperating
UDUPI DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
VISHNU BUILDCON: CARE Keeps B- Debt Rating in Not Cooperating
VS FERROUS: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating
WEST QUAY: CARE Keeps D Debt Ratings in Not Cooperating Category
WINDSOR INDUSTRIES: ICRA Keeps B+ Debt Rating in Not Cooperating
YASHASHREE TUBES: ICRA Keeps D Debt Ratings in Not Cooperating
N E W Z E A L A N D
BASELINE CONCRETE: Creditors' Proofs of Debt Due on March 19
BRILLIANT BUILDING: Court to Hear Wind-Up Petition on March 14
CROSSROAD COURIERS: Creditors' Proofs of Debt Due on April 7
DORAM CONSTRUCTION: Khov Jones Appointed as Receivers
RED DRAGON: Creditors' Proofs of Debt Due on March 25
P A K I S T A N
PAKISTAN: Consumer Inflation Slows to Weakest in Nearly a Decade
S I N G A P O R E
FIREMANE PTE: Creditors' Meeting Scheduled for March 21
GRIDLINE DESIGN: Court Enters Wind-Up Order
OPTIMISTIC CONSTRUCTION: Court to Hear Wind-Up Petition on Mar. 21
REPUBLIC POWER: Court to Hear Wind-Up Petition on March 7
SL TECHNOLOGY: Court to Hear Wind-Up Petition on March 14
S R I L A N K A
SLIC GENERAL: Fitch Assigns 'CCC+' IFS Rating, Outlook Stable
SLIC LIFE: Fitch Assigns 'CCC+' IFS Rating, Outlook Stable
T H A I L A N D
DAOL SECURITIES: Fitch Rates Net Capital Bonds 'B+(tha)'
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A U S T R A L I A
=================
ABRA MINING: Second Creditors' Meeting Set for March 7
------------------------------------------------------
A second meeting of creditors in the proceedings of Abra Mining Pty
Ltd has been set for March 7, 2025 at 10:00 a.m. via virtual
meeting.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 6, 2025 at 5:00 p.m.
Richard Tucker of KordaMentha was appointed as administrator of the
company on April 4, 2024.
ALLY FASHION: Goes Into Liquidation; Up to 185 Stores Affected
--------------------------------------------------------------
News.com.au reports that Australia's retail industry has been hit
by another blow with major chain Ally Fashion collapsing and up to
185 stores across Australia impacted.
It is understood the fashion chain has more than 1,000 staff.
News.com.au can reveal that the retailer was ordered to be wound up
by the Federal Court of Australia on Feb. 28 due to insolvency.
Ally Fashion is an Australian-owned retailer that was launched in
2001, which is "dedicated to creating contemporary ready-to-wear
pieces for every woman".
"With over 50 new styles arriving per week, Ally Fashion is well in
demand and the destination for women who can transcend the
fashion's boundaries – defying the trends and creating her own,"
it said on LinkedIn, notes the report.
It had launched a curvy brand a number of years ago called You &
All, as well as a maternity and childrenswear range called Mummy
and Me, recounts news.com.au. It also dabbled in menswear three
years ago.
Ally Fashion has stores across New South Wales, Victoria,
Queensland, South Australia and the Northern Territory.
According to news.com.au, just six days ago it had posted on
LinkedIn announcing it was hiring for roles such as store managers
and sales assistants.
But now Jeff Marsden and Duncan Clubb from BDO Sydney have been
appointed as liquidators of Ally Fashion, news.com.au discloses.
Federal Court orders show a commercial property group specialising
in retail shopping centres launched the winding up proceedings with
a number of other creditors supporting the application, the report
adds.
AUSTRAL RIGGING: Second Creditors' Meeting Set for March 12
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Austral Rigging
Pty Ltd has been set for March 12, 2025 at 3:00 p.m. at the offices
of Rodgers Reidy at Level 11, 385 Bourke Street in Melbourne and
via electronic conferencing details.
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 March 11, 2025 at 4:00 p.m.
Renee Sarah Di Carlo and Brent Leigh Morgan of Rodgers Reidy were
appointed as administrators of the company on Feb. 4, 2025.
IREXCHANGE LIMITED: Three Former Execs Charged After ASIC Probe
---------------------------------------------------------------
Three former Irexchange Limited (IRX) executives on March 4
appeared in the Downing Centre Local Court charged with breaches of
the Corporations Act (the Act) following an ASIC investigation.
Former Chief Executive Officer Brett Charlton and former Chief
Financial Officer Brett Coventry were charged with one count of
providing false or misleading information to ASIC contrary to
section 1308(2) of the Act.
Former IRX Company Secretary and Legal Advisor Anand Sundaraj was
charged with two counts of providing false or misleading
information to shareholders and the Australian Securities Exchange
respectively contrary to section 1308(2) of the Act, one count of
making a false or misleading statement to ASIC contrary to section
1309(1) of the Act, and one count of aiding and abetting the
offences charged against Mr. Charlton and Mr. Coventry.
The charges relate to conduct that allegedly occurred between July
20, 2018 and February 14, 2019, concerning an agreement regarding
the shares of the founders of IRX and information about the nature
of IRX's business in the prospectus lodged with ASIC.
Each offence carries a maximum penalty of five years' imprisonment
or 200 penalty units (AUD42,000) or both.
Mr. Sundaraj, Mr. Charlton and Mr. Coventry are next due to appear
before the Local Court of New South Wales on April 29, 2025.
The matter is being prosecuted by the Office of the Director of
Public Prosecutions (Cth) following a referral from ASIC.
On May 10, 2016, IRX was incorporated as an unlisted public company
under the name of Netget Limited. On November 27, 2018, the name
was changed to IRX.
IRX developed a technology platform that aimed to connect
independent retailers and suppliers to manage inventory via a
low-cost flow-through fulfilment model. The technology was designed
to facilitate trade in the fast-moving consumer goods sector by
reducing costs and delivering cheaper goods.
On October 22, 2019, IRX went into external administration.
LEPIDICO LIMITED: Second Creditors' Meeting Set for March 10
------------------------------------------------------------
A second meeting of creditors in the proceedings of Lepidico
Limited, Lepidico Holdings Pty Ltd, Bright Minz Pty Ltd,
Li-Technology Pty Ltd, Silica Technology Pty Ltd, and Mica
Exploration Areas Pty Ltd has been set for March 10, 2025 at 11:00
a.m. via virtual meeting.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 7, 2025 at 11:00 a.m.
Richard Tucker and Paul Pracilio of KordaMentha were appointed as
administrators of the company on Dec. 3, 2024.
NIKOLI BONDI: First Creditors' Meeting Set for March 11
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Nikoli Bondi
Capital Pty Limited and NN Capital Pty Ltd will be held on March
11, 2025 at 3:45 p.m. and 4:15 p.m. respectively, at the offices of
AL Restructuring, Level 13, 50 Margaret Street in Sydney and via
virtual meeting technology.
Andre Lakomy of AL Restructuring was appointed as administrator of
the company on Feb. 27, 2025.
QUEENSLAND LINEN: First Creditors' Meeting Set for March 13
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Queensland
Linen Services Pty. Ltd. will be held on March 13, 2025 at 10:00
a.m. via virtual technology only.
Rajiv Ghedia -- rajiv.ghedia@westburnadvisory.com.au -- of Westburn
Advisory were appointed as administrator of the company on March 3,
2025.
TECHNICOLOR CREATIVE: Placed in Voluntary Administration
--------------------------------------------------------
Kathy Sozou and Damien Pasfield of McGrathNicol were appointed as
voluntary administrators of Technicolor Creative Studios Australia
Pty Limited on March 3, 2025.
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C H I N A
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BEIJING JINGXI: Former Chairman Gets Jail Sentence
--------------------------------------------------
Caixin Global reports that a former chairman of scandal-ridden
production company Beijing Jingxi Culture & Tourism Co. Ltd. has
been sentenced to two years and three months in prison for breaking
information disclosure rules.
Song Ge was also fined CNY200,000 (US$27,550) for the offense,
according to a Beijing court ruling in November that Caixin learned
about on Feb. 26.
Beijing Jingxi Culture & Tourism Co. Ltd. engages in film and
television culture business. The Company is mainly engaged in the
investment, production, distribution and sale of films, television
dramas and variety show projects, as well as artist management
business. The Company is also involved in tourism business, which
includes the provision of scenic tours, catering, tour guides,
consulting and parking management services, among others. The
Company operates its business mainly in Beijing and Tibet
Autonomous Region, China.
COUNTRY GARDEN: Re-engages Houlihan, CICC as Financial Advisers
---------------------------------------------------------------
Bloomberg News reports that Country Garden Holdings Co. has again
engaged Houlihan Lokey Inc. and China International Capital Corp.
as financial advisers on its offshore debt restructuring, according
to people familiar with the matter, renewing ties with the two
firms as it seeks to build creditor support for its debt plan.
Bloomberg says the defaulted property giant had previously hired
Houlihan and CICC in 2023, but later parted ways. The advisory
relationship with Houlihan was discontinued partly due to costs,
according to the people, who asked not to be identified because the
matter is private.
Country Garden then appointed KPMG Advisory (China) to the role in
January 2024, Bloomberg notes.
Country Garden, which defaulted on dollar debt in 2023, has
struggled to secure broad support for its restructuring. It told a
court that it expected to reach an agreement with creditors by the
end of February, but has made little progress since January with a
key group of creditors, Bloomberg reported last week.
Bloomberg relates that the two sides have been divided over terms
of the restructuring, including the conversion prices of mandatory
conversion bonds and debt payment dates, as well as other issues.
Country Garden's next winding up hearing is currently scheduled for
May 26, but a judge earlier said that the timing could be
accelerated if creditors aren't happy with state of the talks by
the end of February, Bloomberg adds.
About Country Garden
Country Garden Holdings Company Limited (HKEX:2007), an investment
holding company, invests, develops, and constructs real estate
properties primarily in Mainland China. The company operates in two
segments, Property Development and Construction. It develops
residential projects, such as townhouses and condominiums; and car
parks and retail shops. The company also develops, operates, and
manages hotels. In addition, it researches and develops robots;
sells electronic hardware and food; and provides interior
decoration, agriculture, landscape design, investment and
management consulting, cultural activity planning, and real estate
consulting services.
As reported in the Troubled Company Reporter-Asia Pacific in late
February 2024, Kingboard Holdings-backed money lender Ever Credit
on Feb. 27, 2024, filed a winding-up petition against Country
Garden to the Hong Kong High Court for non-payment of a US$205
million loan.
The TCR-AP reported in late March 2024 that Country Garden has
hired Kroll to carry out a liquidation analysis. Kroll, the New
York-headquartered financial advisory firm, is expected to conduct
an independent business review of Country Garden before projecting
a recovery rate for the developer's creditors under a liquidation
scenario, according to Reuters.
The developer defaulted on US$11 billion of offshore bonds last
year and is in the process of an offshore debt restructuring.
=================
H O N G K O N G
=================
VISTRA HOLDINGS: Fitch Affirms 'B+' Long-Term IDR, Outlook Now Neg.
-------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Vistra Holdings Limited's
Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative
from Stable, and affirmed the IDR at 'B+'. Fitch has also affirmed
the ratings of Vistra's USD1,382 million and EUR835 million senior
first-lien secured Term Loan B (TLB), issued by Thevelia (US) LLC
and Thevelia Finance, S.a.r.l., respectively, at 'BB-' with a
Recovery Rating of 'RR3'. Both companies are wholly owned by
Vistra.
The Negative Outlook reflects a slower deleveraging pace than Fitch
expected, with EBITDA net leverage probably remaining above Fitch's
negative sensitivity of 5.5x until 2026. Fitch estimates that
Vistra's EBITDA underperformed its expectation in 2024, due mainly
to investment in new commercial initiatives, which hampered
short-term profitability, while additional bolt-on acquisitions
also increased net debt by end-2024.
The rating affirmation reflects Vistra's stable business profile
with an enhanced platform of service offerings, steady revenue
growth from a diverse customer base, a solid record of merger
synergy execution and high profitability.
Key Rating Drivers
Delayed Deleveraging: Fitch estimates that Vistra's EBITDA net
leverage in 2024 will be at a similar level to the 2023 pro forma
level of 6.9x, and could remain above 6.0x in 2025. Fitch believes
that Vistra's new commercial initiatives have offset cost synergies
from the merger, slowing the pace of EBITDA margin improvement in
2024. Vistra invested in various commercial initiatives in 2024,
ensuring greater alignment with target end markets and
understanding fast-growing markets and key client needs.
Fitch estimates that Vistra's EBITDA margin remained strong at 34%
in 2024, and could improve towards 37% by 2026, driven by full
realisation of the cost synergies and economies of scale. This
could allow EBITDA net leverage fall under 5.5x by end-2026.
Acquisitions Reduced Rating Headroom: Vistra spent USD85 million on
bolt-on acquisitions in 9M24, exceeding Fitch's estimate of USD30
million for the full year. Higher acquisition spending, along with
weaker EBITDA, resulted in negative FCF in 2024. Fitch expects
Vistra to make more bolt-on acquisitions in 2025-2026 with a focus
on accretive business opportunities. However, Vistra's already
narrow rating headroom could diminish if M&A cash outflows exceed
its rating case assumptions.
Synergy Execution on Track: Synergy execution is largely on track
with the original plan. Integration began in January 2024, focusing
on reducing redundant roles and relocating jobs to cheaper cost
areas and migrating onshore roles to global service centers. Vistra
budgeted USD53 million in synergies to be realised in full by 2026.
By end-3Q24, USD29 million had been actioned and Fitch assumes
USD23 million in synergies will be realised for full year 2024,
with full realisation in 2026 as planned.
Interest Rate Repricing: Fitch forecasts Vistra's EBITDA interest
coverage to be above 2x in 2025 following several rounds of
repricing on its original and incremental TLBs in 2024, reducing
spreads and resulting in annual savings of USD28.5 million. Further
interest rate reductions were completed in February 2025, which
Fitch estimates will save an additional USD8 million annually.
Steady Revenue Growth: Fitch expects Vistra benefits from a
defensive business model with resilient demand and a high degree of
recurring revenue through economic cycles. Fitch estimates 10%-11%
revenue growth for fund solutions in 2024-2026, in line with the
past and the fund industry's growth. Fitch also estimates 4%-5%
growth for corporate solutions, after a budgeted contract price
rise of 3%-4%, benefiting from commercial initiatives and
incremental revenue contribution from new acquisitions.
Enhanced Market Position: Fitch believes that the enlarged Vistra
has a strengthened market position following the merger with Tricor
Group, completed in July 2023. This merger created a market-leading
platform with enlarged geographical and service coverage beyond
Tricor's specialisation in Asia. The wider multi-jurisdictional
platform of complementary service offerings should solidify
Vistra's one-stop-shop value proposition in the fragmented fund and
corporate services market.
Derivation Summary
Fitch compares Vistra with relevant peers in the business services
sector. Apex Structured Intermediate Holdings Limited (B/Positive)
is a leading global provider of services to alternative investment
management and corporate sectors. Both Vistra and Apex are
comparable in size and benefit from strong product and geographic
diversification.
Previously, Vistra's lower post-acquisition leverage than Apex's
justified a one-notch rating difference between the two. However,
Fitch expects Apex to reduce its leverage to 5.8x by 2026, while
Vistra's delayed deleveraging to below 5.5x, also by 2026, has
narrowed the gap between them.
Intermediate Dutch Holdings B.V. (NielsenIQ, B+/Stable) will be
double the size of Vistra after combining Germany's GfK SE to
create a market leader in the market research and retail
measurement sector. Leverage was 5.5x at end-2024, despite
increased debt for the merger, and was lower than that of Vistra.
However, NielsenIQ's profitability is lower than Vistra's because
consumer measurement companies acquire data continuously, resulting
in lower margin profiles than other business services data and
analytics peers.
Key Assumptions
Fitch's Key Assumptions Within the Rating Case for the Pro Forma
Post-Merger Entity
- Pro forma annual revenue growth of 5%-7% in 2024-2026;
- EBITDA margin of 35%-36% in 2024-2026, excluding exceptional
items;
- Capital intensity of 3%-5% in 2024-2026;
- Acquisition spending of USD100 million in 2024, USD150 million in
2025 and USD30 million in 2026;
- 1% loan amortisation of the US dollar tranche and Hong Kong
dollar tranche of the TLB annually.
Recovery Analysis
Key Recovery Rating Assumptions
- Vistra would be reorganised as a going-concern in bankruptcy
rather than liquidated, given its asset-light business model.
- Fitch estimates a post-restructuring pro forma going-concern
EBITDA of around USD300 million. In this scenario, stress on EBITDA
could result from a weakened standalone operation for Vistra amid
intense competition and issues of customer attrition.
- An enterprise value multiple of 6.0x is applied to the
going-concern EBITDA to calculate a post-reorganisation enterprise
value. The multiple is in line with that of similar peers. This
reflects Vistra's enlarged market position following the merger,
high revenue visibility combined with geographic and customer
diversification, and a strong cash-generative business.
- Fitch deducted 10% of administrative claims from the enterprise
value to account for bankruptcy and associated costs.
- The total amount of the first lien secured debt for claims
includes secured first-lien TLBs and an equally ranking USD350
million RCF that Fitch assumes to be fully drawn. This results in
the senior secured first-lien debt instrument rating of 'BB-' with
a Recovery Rating 'RR3', one notch above the IDR of 'B+'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- Weaker trading performance or debt-funded acquisition or
restricted payments, resulting in delayed deleveraging such that
EBITDA net leverage and EBITDA interest coverage fail to trend
towards 5.5x and 2.5x, respectively, by 2026E.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
The Outlook may be revised to Stable if the negative guidelines are
not met.
Liquidity and Debt Structure
Vistra had USD115 million in available cash at end-September 2024,
sufficient to buffer operational needs. In addition, Vistra has a
total of USD350 million in revolving credit facilities that provide
additional liquidity. All of Vistra's first-lien term loans will
mature in 2029, while the second-lien term loan will mature in
2032.
Issuer Profile
Vistra, renamed from Thevelia in 2024, is an investment vehicle set
up by BPEA EQT to acquire and hold Tricor and Vistra Group. The
combined operations provide business, trust, investor and other
services to corporates and funds.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Thevelia (US) LLC
senior secured LT BB- Affirmed RR3 BB-
Vistra Holdings
Limited LT IDR B+ Affirmed B+
Thevelia Finance,
S.a r.l.
senior secured LT BB- Affirmed RR3 BB-
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I N D I A
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ABHISHEK AUTOMOTIVES: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------------
ICRA has kept the Long-term rating of Abhishek Automotives Private
Limited (AAPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 8.45 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.55 [ICRA]B(Stable); ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with AAPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 2006, and promoted by Mr. Mahendra Patni and Mr.
Abhishek Patni, Abhishek Automotives Pvt. Ltd. (AAPL) is an
authorized dealer of cars manufactured by Hyundai Motors India
Limited (HMIL). The company has four showrooms/outlets in
Chhindwara, Seoni, Balaghat and Betul areas of Madhya Pradesh. The
largest showroom is located in Chhindwara and is spread across an
area of 40000 square feet, which acts as a 3S i.e. sales service
and spares outlet. AAPL has two group companies; Shubh Cars Pvt.
Ltd., which is an authorised dealer of Honda Cars India Limited and
Abhishek Agencies which is a TVS Scooty dealership.
AGS TRANSACT: Faces Insolvency Over Alleged Unpaid Dues
-------------------------------------------------------
Reuters reports that AGS Transact Technologies said on March 1 that
a creditor plans to initiate insolvency proceedings against the
company for non-payment of dues.
Maxwel Aircon India Private Limited, an operational creditor of the
company, has alleged default in repayments and sought an initiation
of corporate insolvency in the National Company Law Tribunal, AGS
Transact said in an exchange filing. Maxwel Aircon did not
immediately respond to Reuters' request for comment.
"The company is seeking appropriate legal advice and will take all
appropriate steps to protect its interest in the aforesaid matter,"
AGS Transact said.
AGS Transact provides digital and cash-based solutions to banks and
corporate clients, including ATM services.
The troubled firm defaulted on its dues in the last few months,
leading to at least two credit rating downgrades and an exodus of
all four of its independent directors, who cited personal reasons,
Reuters recalls.
The company, along with a unit involved in replenishing ATM
machines with cash, had defaulted on dues, including loans,
totalling INR7.26 billion ($83.1 million), according to exchange
filings.
According to Reuters, credit rating agency Crisil flagged the
default and lowered the rating for the company's debt on February
4, and India Ratings downgraded its credit rating for the company
on February 5, indicating it could potentially default on its debt
payments. The company disclosed the default a week after Crisil's
downgrade.
Reuters relates that the agencies cited a delay in receivables as
the company was not able to meet the service-level agreements with
its customers, which led to a sharp deterioration in liquidity,
causing the company to miss interest payments on term loans in
December and January.
The delay also led AGS Transact to report a loss in the December
quarter, with its auditor raising doubts over the company's ability
to continue as a going concern.
IndusInd Bank, Investec Bank, Aditya Birla Finance, IDFC First
Bank, SBM Bank (India), State Bank of India, Bandhan Bank, HDFC
Bank, Dhanlaxmi Bank, SBI Global Factors, Bajaj Finance, and
Federal Bank are its lenders, Reuters adds.
AGS Transact Technologies Ltd (NSE:AGSTRA) --
https://www.agsindia.com/ -- together with its subsidiaries,
provides integrated omni-channel payment solutions. It provides
customized products and services comprising ATM and Cash Recycler
Machines outsourcing, cash management, and digital payment
solutions including merchant solutions, transaction processing
services, and mobile wallets. The company's operating segments
include Payment Solutions, Banking Automation Solutions, and Other
Automation Solutions.
ARUN EXCELLO: CARE Moves D Debt Rating to Not Cooperating Category
------------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Arun
Excello Homes Private Limited (AEHPL) to Issuer Not Cooperating
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 350.00 CARE D; ISSUER NOT
Bank Facilities COOPERATING; Rating moved to
ISSUER NOT COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CARE Ratings) has been seeking information
from AEHPL to monitor the ratings vide e-mail communications dated
February 12, 2025, February 19, 2025, etc., and numerous phone
calls. However, despite repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE Ratings has reviewed the
rating on the basis of the best available information which,
however, in CARE Ratings opinion is not sufficient to arrive at a
fair rating. The rating of AEHPL's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-receipt of required
information despite repeated requests. Ratings assigned to the bank
facilities of Arun Excello Homes Private Limited factors in the
delay in servicing of debt obligations.
Analytical approach: Combined
CARE Ratings Limited (CARE Ratings) has combined the business and
financial risk profiles of Arun Excello Homes Private Limited, Arun
Excello Realty Private Limited, Arun Excello Construction LLP and
Arun Excello Foundations (combinedly known as Arun Excello Group)
as all these entities have common promoters, are engaged in real
estate development, and also exhibit cash flow fungibility among
them.
Outlook: Not Applicable
Detailed description of key rating drivers:
At the time of previous rating published on March 22, 2024, the
following were the key rating drivers. The same has been updated
with available information.
Key weaknesses
* Slower monetization of ongoing projects: Collection during
11MFY24 stood at INR138 Cr vis-à-vis INR100 Cr during FY23 (Sales
during 11MFY24: INR169.46 Cr and during 11MFY23: INR176.54 Cr). The
group operates in three major segments such as compact housing,
luxury living and plotted land development. Balance overall project
cost (including construction) for the ongoing projects as on
February 24 end was at INR109 Cr as against which the committed
receivables form sold units stood at INR74 Cr.
* High dependence on debt: External borrowings of the group
remained high at INR630 Cr (UA) as on February 2023 end. Out of
these loans, repayment of major portion of the term loan debt was
scheduled to commence in FY24, on which repayment period has now
been deferred.
* Exposed to cyclical nature of the real estate market and regional
concentration: Currently all the projects being executed by Arun
Excello Real Estate group is in Chennai with no geographical
diversification of projects which exposes the group to regional
concentration risk. The demand volatility of Chennai real estate
market continues to remain high especially due to the events in the
last few years including natural calamities, COVID-19 pandemic and
general slowdown expected especially in the compact housing
segment.
Arun Excello Homes Private Limited (incorporated in 2007) is one of
the entities engaged in real estate activities from the Arun
Excello Group of companies in Chennai. The group originally started
Arun Fabricators, a partnership firm, in the year 1987 by Mr.
Suresh (current MD for the whole Arun Excello Group) along with
other partners who has more than 2-3 decades of experience in EPC
and real estate segment. The group diversified into residential
real estate segment during 1997.
AUTO HI-TECH: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-term rating of Auto Hi-tech Private Limited
(AHPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 17.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 2.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with AHPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Auto Hi-Tech Private Limited (AHPL) is an authorised dealer of MSIL
and has a showroom andservice centre in Kolkata. The company sells
vehicles and provides ancillary services that include vehicle
servicingand sale of spare parts and accessories. AHPL sells both
new cars and pre-owned cars. The company is also planning to open
a NEXA showroom in Kolkata.
BYJU'S: Official Broke Duty to Lenders by Hiding $533M, Judge Says
------------------------------------------------------------------
Steven Church at Bloomberg News reports that a top official of
Indian tech firm Byju's violated his fiduciary duty to lenders by
wrongly hiding $533 million from them, according to a US court
ruling on Feb. 28, a win for creditors vying to collect on a
defaulted $1.2 billion loan.
Byju's fraudulently transferred at least part of the money to a
small hedge fund based in Miami to keep it out of lenders' hands,
US Bankruptcy Judge John Dorsey also ruled, Bloomberg relays. The
two rulings entitle lenders to collect a financial damages award
from the company, with the amount is set to be determined in a
separate hearing, according to Dorsey's ruling.
According to Bloomberg, the ruling marks another blow for Byju's,
the technology company founded by controversial entrepreneur Byju
Raveendran and his family, which is navigating bankruptcy
proceedings in both the US and India. In the US, lenders are
fighting to liquidate domestic education software companies that
Byju's purchased for $820 million a few years ago and recoup
payments.
"This is a significant step forward in the lenders' efforts to
recover the stolen funds that are rightfully owed to them," a group
of lenders who have been leading the fight said in an emailed
statement about the US court ruling. Raveendran's brother, Riju
Ravindran, was the official Dorsey deemed violated fiduciary duty.
Bloomberg relates that lenders are also trying to get paid through
the Indian bankruptcy, although it is unclear how much value is
left in the Byju's enterprise.
Earlier this year, lenders scored another victory in India, when a
court appointed the lenders' agent, Glas Trust Co., to an
influential creditors committee in Byju's insolvency case, recalls
the report. The court also found a court-approved restructuring
official had wrongly thrown Glas Trust off the committee last year
and said the official should be investigated.
About Byju's
Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.
As reported in the Troubled Company Reporter-Asia Pacific in July
2024, Byju's will face insolvency proceedings for failure to pay
$19 million in dues to the country's cricket board. Reuters said
Byju's has suffered numerous setbacks in recent years, including
boardroom exits and a tussle with investors who accused CEO Byju
Raveendran of corporate governance lapses, job cuts and a collapse
in its valuation to less than $3 billion. Byju's has denied any
wrongdoing.
According to Reuters, a ruling by India's companies tribunal on
July 16, 2024, following a complaint by the Board of Control for
Cricket in India (BCCI), initiated insolvency proceedings. These
will include the appointment of an interim resolution professional,
Pankaj Srivastava, who will oversee the management of Byju's as The
company's board of directors is suspended as per law. CEO
Raveendran will report to the resolution professional and the
company's assets will remain frozen while the proceedings
continue.
The TCR-AP relayed that the National Company Law Appellate Tribunal
(NCLAT) on Aug. 2, 2024, accepted the settlement between Byju
Raveendran and the Board of Control for Cricket in India (BCCI),
thus removing Byju's parent Think and Learn from the insolvency
resolution process.
The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India. Moneycontrol related that the bankruptcy
petition was filed in January 2024 in the Bengaluru bench of the
National Company Law Tribunal (NCLT), the people said, requesting
anonymity.
BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
24-10140) on Feb. 1, 2024. In the petition signed by Timothy R.
Pohl, chief executive officer, the Debtor disclosed up to $1
billion in assets and up to $10 billion in liabilities.
Alleged creditors of Epic! Creations, also a U.S. unit, sought
involuntary petition under Chapter 11 of the the U.S. Bankruptcy
Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on
June 5, 2024.
CGR COLLATERAL: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of CGR
Collateral Management Limited (CCML) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.50 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 19,
2024, placed the rating(s) of CCML under the 'issuer
non-cooperating' category as CCML had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
CCML continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated January 4, 2025,
January 14, 2025 and January 24, 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
CGR Collateral Management Limited (CCML) was incorporated by Mr
Aman Deep in December 2012. CCML offers modern, scientific, IT
enabled storage services for all types of agro commodities covering
more than 57 locations spread across 6 states. The company had 175
storage facilities having a capacity of over 2.98 Lakh MT as on
June 30, 2018. CCML also provides commodity assaying services as it
is an NCDEX and NCDEX e Markets Ltd (NeML) appointed Assayer. The
company also provides the advisory and collateral management
services in partnership with the associate banks and Non-Banking
Financial Companies (NBFCs). CCML has tie-up with 8 nationalized
banks for providing collateral management services.
GOODLUCK CARBON: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short Term ratings of Goodluck
Carbon Private Limited (GCPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 72.74 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term- 30.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with GCPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
M/s Goodluck Carbon Pvt. Ltd. (GCPL) is engaged in the
manufacturing of carbon black which is used as reinforcing agent in
rubber and other industries. The company was initially engaged in
trading of carbon black and diversified into carbon black
production in February 2011 after it took on lease the production
plant (located in Jitwal Kalan. Distt: Sangrur, Punjab) of Ralson
India Limited (RIL). This unit was subsequently acquired in
Mar/April 2012. Carbon black produced is as per standards set by
ASTM (American Society for Testing and Materials) and are accepted
as standard input by all tyre companies.
HERO ELECTRIC: RP Invites Bidders for Electric Scooter Maker
------------------------------------------------------------
The Economic Times reports that amidst robust growth of electric
two-wheelers, India's first electric scooter maker Hero Electric is
up for insolvency resolution under IBC (Insolvency and Bankruptcy
Code), with the resolution professional (RP) inviting prospective
bidders for the now bankrupt company.
According to ET, the Expression of Interest (EOI) from prospective
bidders for the company was floated on February 18 and is set to
close on March 14, 2025.
The RP will thereafter issue the final list of prospective
resolution applicants on April 8.
Hero Electric was initially admitted into insolvency in December
over default of INR1.85 core. The corporate insolvency resolution
process has now advanced with the total admitted claims of
creditors amounting to more than INR301.23 crore, documents
accessed by ET showed.
Out of the INR301 crore claim admitted, Bank of Baroda, Kotak
Mahindra Bank, the South Indian Bank and IDFC First Bank represent
INR82 crore, making up 100% of voting rights on the Committee of
Creditors (CoC), ET says.
ET notes that the CoC plays a crucial role in the insolvency
process as it instrumental to whether the company is liquidated or
successfully resuscitated through resolution.
Bank of Baroda has 66.92% voting rights followed by South Indian
Bank and IDFC Bank with 21.03% and 11.40% voting rights
respectively, the report relays. Kotak Mahindra Bank has less than
1% voting rights in the CoC.
A probe is underway to verify claims amount of an additional
INR556.77 crore.
Naveen Munjal, managing director of Hero Electric, declined to
comment on the development, notes ET. Naveen Munjal is the son of
Vijay Munjal, and nephew of Hero MotoCorp Chairman Pawan Munjal.
Hero Electric sold about 100,000 electric two-wheelers in FY23, ET
discloses. But sales crashed since, in the tumult of regulatory
challenges and fell to a measly 11,500 units in the last fiscal
year.
ET says the development comes at a time when the share of electric
vehicles in the two-wheeler segment is expected to grow three-fold
in the next five years. In fact, one out of every five two-wheelers
sold in the local market is expected to be electric in this period,
driven largely by demand for scooters by personal as well as
commercial users.
Hero Electric Vehicles Private Limited (HEVPL) is the flagship
company of the Hero Eco group (comprising HEVPL, Hero Exports and
Hero Ecotech Ltd, held by Vijay Munjal, Naveen Munjal and Gaurav
Munjal. The company started developing electric vehicles more than
a decade ago, and rolled out its first electric scooter in India in
2007.
HOLODECK CONSULTING: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Holodeck Consulting Private Limited
WeWork Vaswani Chambers, 2nd Floor,
264-265 Dr Annie Besant Rd, Municipal Colony,
Worli Shivaji Nagar, Worli, Mumbai
Worli Colony Mumbai MH 400030 IN
Liquidation Commencement Date: February 17, 2025
Court: National Company Law Tribunal, Indore Bench
Liquidator: Mr. Rajesh Lohia
414 Manas Bhawan Extension,
11 RNT Marg, Indore MP 452001;
Email: rlohiaandcompany@gmail.com;
Mobile No: 9826063895;
Last date for
submission of claims: March 19, 2025
KADKOMP SYSTEMS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Kadkomp Systems Private Limited
Sai Niketan 101/102
Sai Niketan Erandawana, Pune,
Maharashtra, India-41104
Insolvency Commencement Date: February 13, 2025
Estimated date of closure of
insolvency resolution process: August 12, 2025 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Manisha Sanjay Agrawal
Manisha & Associates,
238 Shriram Tower Near NIT,
Sadar, Nagpur, Maharashtra, 440001
Email: kadkomp.irp@gmail.com
Email: m_taiyal@yahoo.com
Last date for
submission of claims: February 28, 2025
KGN MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of KGN Motors
Private Limited (KMPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.89 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 15,
2024, placed the rating(s) of KMPL under the 'issuer
non-cooperating' category as KMPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
KMPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 31, 2024,
January 10, 2025 and January 20, 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 2007 in Pune, Maharashtra, KGN Motors Private
Limited (KMPL) is a private limited company promoted by Ms.
Hasina Riyaz Inamdar and Mr. Mubin Riyaz Inamdar and is a flagship
company of KGN Group. The company is an authorized dealer for
trucks and buses of Ashok Leyland Limited (ALL). The company was
initially into spares and services business for ALL and
subsequently ventured into sales business [3S (sales, spares and
services)] for ALL in 2014.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of KMPL under Issuer Not
Cooperating category vide press release dated May 17, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the firm.
KIARA JEWELLERY: ICRA Keeps B/A4 Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-term and Short-Term rating of Kiara
Jewellery Pvt. Ltd. (KJPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING/ [ICRA]A4; ISSUER NOT COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 14.00 [ICRA]B (Stable); ISSUER NOT
Short Term COOPERATING/[ICRA]A4; ISSUER
Fund Based- NOT COOPERATING; Rating
Cash Credit continues to remain under the
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with KJPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 2004, KJPL is a joint venture between Shrenuj &
Company Limited and Saphir Products NA (an associate of the Dalloz
Group). The company manufactures diamond and stone-studded gold and
platinum jewellery, specifically for the French market. The product
portfolio includes rings, bracelets and pendants made from 9, 10,
14 and 18 carat gold and platinum. The manufacturing unit and
registered office is located at Santacruz Electronics Export
Processing Zone (SEEPZ), Andheri, Mumbai. The promoters have an
experience of more than three decades in the gems and jewellery
business.
MANAN APPARELS: Liquidation Process Case Summary
------------------------------------------------
Debtor: Manan Apparels Limited
Registered office: AJ - 121-124,
Shree Raj Laxmi Commercial Complex,
1st Floor, Kaliher Bhiwandi, Thane, Maharashtra -421302
Liquidation Commencement Date: January 31, 2025
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Kamal Kumar Jain
315-A, Road No.2, Shanti Nagar,
Gopalpura Byepass, Durgapura
Jaipur, Rajasthan, 302018
Email: cakamaljain07@gmail.com
Email: mananapparel.cipr@gmail.com
Last date for
submission of claims: March 14, 2025
MERCATOR OIL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mercator
Oil & Gas Limited (MOGL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 99.20 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 124.00 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 23,
2024, placed the rating(s) of MOGL under the 'issuer
non-cooperating' category as MOGL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MOGL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated January 8, 2025,
January 18, 2025 and January 28, 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
Mercator Oil and Gas Ltd (MOGL), a wholly-owned subsidiary of
Mercator Limited was incorporated in 2005 in India with the main
business of providing oil & gas services. Arbitration proceeding
against ONGC to the tune of $252 million has adversely affected the
company. Post the termination of the only available contract with
the company, there has been no business activity carried on by
MOGL.
MODULAR CONCEPTS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Modular Concepts LLC in the
'Issuer Not Cooperating' category. The rating is denoted as
"ICRA]D; ISSUER NOT COOPERATING/ ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/ 200.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Fund Based/ remain under 'Issuer Not
Non Fund Based Cooperating' Category
Others
As part of its process and in accordance with its rating agreement
with Modular Concepts LLC, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
The company is engaged in trading of medical & surgical equipment
and instruments; electromechanical equipment installation and
maintenance; carrying out contracting work for partitions, false
ceilings, insulation, carpentry, flooring, specialised piping and
related fittings; carrying out conventional and modular
construction of hospitals.
MSR INDIA: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of MSR India
Limited (MIL) continue 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
Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 2,
2024, placed the rating(s) of MIL under the 'issuer
non-cooperating' category as MIL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MIL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 17, 2024,
November 27, 2024, December 7, 2024 among others. In line with the
extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating
on the basis of the best available information which however, in
CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
In 2007, MSR India Limited (MIL) (ISIN Number: INE331L01026) had
acquired Star Leasing Limited and changed its name to Remidicherla
Power Ltd and ventured into power sector. Further, the company
entered into Infrastructure segment and changed the name to
Remidicherla Power & Infra Limited. Later during FY14, the company
has moved into trading of Milk products & consumer goods and the
company was renamed to MSR India Limited (MSR). Further, after
establishing a proper distribution network MSR ventured into
manufacturing of copper water bottles and consumer goods such as
Pasta, Vermicelli and Chakki Atta since July 2016. The company is
engaged in manufacturing of consumer goods such as Pasta,
Vermicelli, Chakki Atta marketed under the brand name "Today",
copper water bottles which are marketed under the brand "Dr.
Copper". Also, the company manufactures battery cell cases for
aerospace & defence industry.
N.V. KHAROTE: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of N.V.
Kharote Constructions Private Limited (NKCPL) continue 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
Short Term Bank 7.83 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 20,
2024, placed the rating(s) of NKCPL under the 'issuer
non-cooperating' category as NKCPL had failed to provide
information for monitoring as agreed to in its Rating Agreement.
NKCPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated January 5, 2025,
January 15, 2025 and January 25, 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
Pune (Maharashtra) based NVKCPL, incorporated in 1997 was promoted
by Mr. Ratnakar Narhar Kharote and Mr. Sanjay Narhar Kharote. The
company is engaged in construction of canals and other irrigation
projects for various government departments like Water Resources
Department and Municipal Corporations. NVKCPL is a registered
government contractor {Class-I-A (Without Limit)} with Public Works
Department.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of NVKCPL under Issuer
Not Cooperating category vide press release dated January 7, 2025
on account of its inability to carry out a review in the absence of
the requisite information from the firm.
NATRAJ RICE: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Natraj Rice
Mills Private Limited (NRMPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.95 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 19,
2024, placed the rating(s) of NRMPL under the 'issuer
non-cooperating' category as NRMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. NRMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 4, 2024, December 14, 2024, December 24, 2024 among
others. In line with the extant SEBI guidelines, CARE Ratings Ltd.
has reviewed the rating on the basis of the best available
information which however, in CARE Ratings Ltd.'s opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not applicable
Natraj Rice Mills Private Limited (NRMPL) was incorporated in July,
2008 by Mr. Sandip Kumar Goel, Mr. Manoj Kumar Agarwal and Mr.
Vivek Kumar Banka based out of Jharkhand, for the purpose of
setting up a rice processing unit and a captive biomass power
plant. The company commenced operations in April 22, 2014 with
paddy processing capacity of 96,000 metric ton per annum (MTPA) and
1.2 Mega Watt (MW) captive biomass power plant. The milling unit
and power plant of the company is located at Lakhisarai district of
Bihar. The company sells its products under the brand name
"Magadh", "Koshi" and "Kamdhenu" to traders
and wholesalers located in different states of India.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of NRMPL into ISSUER NOT
COOPERATING category vide press release dated May 23, 2024 on
account of its inability to carry out a review in the absence of
requisite information from the company.
NEO CAPRICORN: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Neo
Capricorn Plaza Private Limited (NCPPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term Bank 5.00 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 28,
2024, placed the rating(s) of NCPPL under the 'issuer
non-cooperating' category as NCPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. NCPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
January 13, 2025, January 23, 2025 and February 2, 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
Neo Capricorn Plaza Private Limited (NCPL), a company incorporated
in March 2004, was jointly promoted by the Advantage Raheja group
(owned by Mr. Deepak Raheja, Managing Director) and the Capricorn
group. However, in July 2011, it was completely taken over by the
Advantage Raheja group. NCPL owns a 4-star hotel with 178 rooms at
Bund Garden Road, Pune, under the brand "Courtyard by Marriott".
NCPL has entered into a 30-year management-cum-marketing
arrangement with the Marriott International group. The hotel
commenced commercial operations in August 2011.
NEZONE ALLOYS: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Nezone Alloys Limited
PlotNo. l0 & 11, E P I P Industrial Area Umtru Road,
Byrnihat, Meghalaya-793l0l, India
Liquidation Commencement Date: February 10, 2025
Court: National Company Law Tribunal, Guwahati Bench
Liquidator: CA Purshotam Gaggar
P. Gaggar & Associates, Chartered Accountants,
3rd Floor, Advika, Opp. Sukreswar Ghat Garden,
M G Road, Panbazar,
Guwahati, Assam 781001
Email: purshotamgaggar@hotmail.com
Telephone No. 0361-2543046/2545558
Last date for
submission of claims: March 12, 2025
ONE CAPITALL: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of One Capitall Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 52.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 28.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with One Capitall Limited, ICRA has been trying to seek information
from the entity so as to monitor its performance Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
One Capitall Limited was formed by Mr. Areef Patel to primarily
enter the investment business and finance corporates, firms, and
individuals. The company is a part of the House of Patels Group,
the flagship company of which is Patel Integrated Logistics Limited
(PILL). The Group had earlier ventured into financial services with
Wall Street Finance Limited and subsequently sold its stake in the
company. One Capitall Limited was incorporated on April 11, 2008 as
One Capital Private Limited. Its name was changed to One Capitall
Private Limited on July 1, 2009 and it was converted into a public
limited company on June 9, 2010. The company primarily focuses on
corporate lending, with its portfolio mainly consisting of loan
against property to small builders and developers, asset-backed
loans to small and medium enterprises and unsecured loans to
individuals known to the promoter.
OSHIYA STRIPS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the bank
facilities of Shree Oshiya Strips Impex Private Limited in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D ISSUER NOT COOPERATING/[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term 21.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term- 6.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Shree Oshiya Strips Impex Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available
information.
Incorporated in April 2010, Shree Oshiya is primarily involved in
the trading of various iron and steel products such as hot rolled
(HR) coils, mild steel (MS) sheets, steel plates/rods, cold rolled
(CR) coils, sheets, bars, galvanized pipes, beams and ferrous metal
scrap. The company started its trading operations in February 2011.
The company is a part of the Shree Oshiya Group of industries which
refers to a consortium of companies promoted and managed by the
Ranka family.
POMMYS GARMENTS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Pommys Garments (India)
Limited (PGIL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 26.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 3.38 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with PGIL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Pommys Garments (India) Limited (PGIL) was set up in 1998 as a
partnership firm with the present directors as the partners. The
company was converted from a private limited company to a public
limited company in November 2017 and the namechanged from Pommys
Garments (India) Private Limited to Pommys Garments (India)
Limited. Initially, PGIL was involved in the manufacturing of
women's night wear had diversified during the recent years to also
manufacture women's tops and leggings. The Company procures raw
material (cloth) in bale form from suppliers in Gujarat, Mumbai,
Tirupur and Rajasthan. The Company has an in house capacity to
produce 5000 pieces per day. The Company has also recently entered
into newer segments like women's innerwear,salwars and men's
shirts. The Company also has retail presence through 19 showrooms
across Tamil Nadu and Pondicherry and also plans to open 5 more
showrooms in during 2016-17. Currently PGIL sells its products
through ~300 retail showrooms across TamilNadu, Kerala, Karnataka
and Andhra Pradesh under the brand "Pommys".
RADIUS WATER: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Radius Water
Limited (RWL) in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]D;ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 19.94 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term/ 6.06 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
As part of its process and in accordance with its rating agreement
with RWL, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 1998, RWL is a special-purpose vehicle (SPV),
promoted by Radius Corporation Limited. It supplies raw as well as
treated water and provides services for industrial effluent
treatment and disposal to industries located in Borai Industrial
Growth Centre (BIGC) at Durg, Chhattisgarh, with a water storage
capacity of 60 million litres per day (MLD). The project has been
executed on build, own, operate and transfer (BOOT) basis under the
public-private partnership (PPP) model as per the
concession agreement signed between RWL and Chhattisgarh State
Industrial Development Corporation Limited [CSIDC, erstwhile M.P.
Audyogik Kendra Vikas Niram (R) Ltd.]-a nodal agency for industrial
development in Chhattisgarh. The project is also sponsored by
CSIDC.
S.S. KHARDEKAR: CARE Lowers Rating on INR17.17cr LT Loan to D
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
S.S. Khardekar India Private Limited (SKIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.17 CARE D; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE B-; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 16,
2024, placed the rating(s) of SKIPL under the 'issuer
non-cooperating' category as SKIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SKIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
January 01, 2025, January 11, 2025, January 21, 2025 and February
26, 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 rating assigned to the bank facilities of SKIPL have been
revised on account of non-availability of requisite information.
Further, revision also considers delays in debt servicing
recognized from publicly available information.
Analytical approach: Standalone
Outlook: Not Applicable
Incorporated in 2014, S.S. Khardekar India Private Limited (SKIPL)
based in Pune has been engaged in the business of manufacturing of
foundry products. The manufacturing facility of SKIPL is located at
Sanaswadi, Pune.
SARAWAGI AUTOMOBILES: ICRA Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank facilities of
Sarawagi Automobiles Private Limited (SAPL) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B (Stable)
ISSUER NOT COOPERATING ".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 0.88 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with SAPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
SAPL was incorporated in May 2009 and is engaged in the dealership
of small, light and intermediate commercial vehicles of Tata Motors
Limited (TML) for the entire district of Sri Ganganagar and
Hanumangarh of Rajasthan. Presently, the company has 3S facilities
at Sri Ganganagar & Hanumangarh district and 1S facilities at
Suratgarh, Raisinghnagar, Anoopgarh, Nohar and Bhadra. The company
sells entirely to the retail customers however in rare cases also
sells to subdealers.
SHAHI EMERGENCY: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Shahi Emergency Hospital Private Limited
PLOT NO 76A, HOLDING NO 82/67A Road No 2B,
Rajendra Nagar, Patna, Bihar, India, 800001
Liquidation Commencement Date: February 6, 2025
Court: National Company Law Tribunal, Indore Bench
Liquidator: Navin Khandelwal
206, Navneet Plaza,
5/2, Old Palasia, Indore,
Madhya Pradesh-452018
Email: vl.shahihospital@gmail.com
Email: navink25@yahoo.com
Last date for
submission of claims: March 8, 2025
SUNDARAM STEELS: CARE Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sundaram
Steels Private Limited (SSPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.07 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 12,
2024, placed the rating(s) of SSPL under the 'issuer
non-cooperating' category as SSPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SSPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 28, 2024,
January 7, 2025 and January 17, 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 bank facilities of SSPL have been revised
on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Sundaram Steels Private Limited (SSPL) was incorporated in 2008 by
Mr. Yogesh Manek, Mr. Anurag Singhaia, Mr. Mohit Jain and other
family members. The commercial operations of the company started in
April, 2012. The company is engaged in manufacturing of sponge
iron. The manufacturing facility of the company is located at
Bokaro, Jharkhand.
TIRUPUR DISTRICT: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank facilities of
Tirupur District Co-operative Milk Producers Union Limited
(SDCMPUL) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING ".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 25.00 [ICRA]B+ (Stable) ISSUER NOT
Fund-based- COOPERATING;
Cash Credit
As part of its process and in accordance with its rating agreement
with SDCMPUL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Tirupur District Cooperative Milk Producers Union Ltd (SDCMPUL) is
owned by Government of Tamil Nadu (33% shareholding) and 472 milk
societies of Tirupur District (67% shareholding). The Department of
Dairy Development in Tamil Nadu was set up in the year 1958. The
Tamil Nadu Dairy Development Corporation Limited was formed in July
1972 to manage the activities such as milk procurement, processing
and marketing of the milk and milk products. Based on the "Anand"
pattern, Tamil Nadu Cooperative Milk Producers Federation (TCMPF)
was formed in February'1981 as an apex body of three tier
cooperatives set
up in Tamil Nadu and the District level milk producer unions were
formed in the year 1982. The commercial activities of Tamil Nadu
Dairy Development Corporation Ltd., were transferred to the newly
registered Tamil Nadu Co-operative Milk Producers' Federation
Limited (TCMPF), popularly known as "Aavin".
UDUPI DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Udupi
Developers (UD) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.75 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 23,
2024, placed the rating(s) of UD under the 'issuer non-cooperating'
category as UD had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. UD 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
Udupi Developers (UD) was established in the year 2010 as a
partnership firm and is managed by Mr. Jamalduddin (Managing
Partner) and Mrs. DhulekhaJamalduddin. The firm is engaged in
construction of residential & commercial buildings. UD has
successfully completed one residential apartment project since its
inception. The firm is doing construction and marketing activities
by themselves.
VISHNU BUILDCON: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Vishnu
Buildcon Private Limited (SVBPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.41 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 19,
2024, placed the rating(s) of SVBPL under the 'issuer
non-cooperating' category as SVBPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SVBPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 4, 2024, December 14, 2024, December 24, 2024 among
others. In line with the extant SEBI guidelines, CARE Ratings Ltd.
has reviewed the rating on the basis of the best available
information which however, in CARE Ratings Ltd.'s opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Bihar based Sri Vishnu Buildcon Private Limited (SVBPL) was
incorporated on October 17, 2017 and it is currently managed by
Mr.Ravi Kumar Chaurasia and Mrs.Sangita Prasad. Since its
inception, the company has been engaged in development of
commercial and residential projects in the state of Bihar. In past,
the company has developed various real estate projects in the state
of Bihar like Vishnu Pad Apartment, Aziza Plaza Apartment, Ram
Rattan Apartment, Manorama Apartment, Kanti Complex, etc. The
promoters have satisfactory business experience of over a decade in
real estate industry.
VS FERROUS: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of VS Ferrous
Enterprises Private Limited (VSFEPL) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable);
ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 50.00 [ICRA]B+ (Stable); ISSUER NOT
Short Term COOPERATING/[ICRA]A4; ISSUER
Unallocated NOT COOPERATING; Rating
continues to remain under the
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with VSFEPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the
aforesaid policy of ICRA, the rating has been continued to the
"Issuer Not Cooperating" category. The rating is based on the best
available information.
Incorporated in June 2016, VS Ferrous Enterprises Private Limited
(VSFEPL) is involved in trading of Thermo-Mechanically Treated
(TMT) bars, structural steel such as angles, channels & rounds, MS
Billets etc. However, VSFEPL commenced its operations in January
2018 and achieved turnover of INR94.51 crore in FY2018. The company
raised INR54.32 crore equity from Fernmount Asia Metals Pte Ltd
based out of Singapore in 2016.
WEST QUAY: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of West Quay
Multiport Private Limited (WQMPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 116.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 25.00 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 23,
2024, placed the rating(s) of WQMPL under the 'issuer
non-cooperating' category as WQMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. WQMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
January 8, 2025, January 18, 2025 and January 28, 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
West Quay Multiport Private Limited (WQMPL) is a Special Purpose
Vehicle (SPV) incorporated to implement the project for development
of West Quay Berth-VI (WQ6) for handling bulk cargo up to 4.5
million tonnes per annum at Visakhapatnam Port on Design, Build,
Finance, Operate and Transfer (DBFOT) basis. WQMPL has been
promoted by Alba Asia Private Limited and ABG Infra-logistics Ltd.
WINDSOR INDUSTRIES: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank facilities of
Windsor Industries Private Limited (WIPL) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable)
ISSUER NOT COOPERATING ".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term- 9.90 [ICRA]B+(Stable) ISSUER NOT
Fund based- COOPERATING
Cash Credit
As part of its process and in accordance with its rating agreement
with WIPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Windsor Industries Pvt. Ltd. (WIPL) is an entity under Windsor
Group owned by Mr. P S Sahni which is engaged in the manufacturing
of expanded polystyrene (EPS) packaging goods, thermocol blocks,
foam disposable goods such as cups and plates. Erstwhile, this
company was known under the name of Vinca Polypacks Pvt. Ltd. till
December 19, 2013. In October 2013, the high court of Punjab &
Haryana approved the amalgamation of group companies namely,
Bestilo Packagings Pvt. Ltd. and Windsor Polymers Pvt. Ltd. w.e.f.
April 1, 2012 under a scheme of amalgamation as per section 391 to
394 of the companies act 1956.
YASHASHREE TUBES: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the bank
facilities of Yashashree Tubes Private Limited (YTPL) in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D ISSUER NOT COOPERATING/[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 3.20 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 1.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others 'Issuer Not Cooperating'
Category
Long-term- 5.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with YTPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Established in 2011, Yashashree Tubes Private Limited (YTPL) is
into manufacturing Cold Drawn Seamless Tubes ranging from outside
diameters of 16 mm to 110 mm. YTPL is engaged in procuring mother
hollows from the large players like ISMT and then drawing tubes as
per customer specifications primarily in small order batches. The
tubes manufactured have application in industries like Mining
sector (Drill rods), Automobile (Auto Components), Energy Sector
(Tube boilers, heat exchangers), Infrastructure (Hydraulic Line
Pipes) among others. The company has set up its manufacturing
facility at Ahmednagar with an annual capacity of 8400 MT on a
two-shift basis.
=====================
N E W Z E A L A N D
=====================
BASELINE CONCRETE: Creditors' Proofs of Debt Due on March 19
------------------------------------------------------------
Creditors of Baseline Concrete Limited are required to file their
proofs of debt by March 19, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Feb. 19, 2025.
The company's liquidator is:
Mohammed Tazleen Nasib Jan
Liquidation Management Limited
PO Box 50683
Porirua 5240
BRILLIANT BUILDING: Court to Hear Wind-Up Petition on March 14
--------------------------------------------------------------
A petition to wind up the operations of Brilliant Building
Investment Limited will be heard before the High Court at Auckland
on March 14, 2025, at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Oct. 15, 2024.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
CROSSROAD COURIERS: Creditors' Proofs of Debt Due on April 7
------------------------------------------------------------
Creditors of Crossroad Couriers Limited are required to file their
proofs of debt by April 7, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Feb. 24, 2025.
The company's liquidators are:
Lynda Smart
Derek Ah Sam
Rodgers Reidy
PO Box 39090
Harewood
Christchurch 8545
DORAM CONSTRUCTION: Khov Jones Appointed as Receivers
-----------------------------------------------------
Steven Khov and Kieran Jones of Khov Jones on Feb. 28, 2025, were
appointed as receivers and managers of Doram Construction Limited
and Rudra Kumar.
The receivers and managers may be reached at:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
RED DRAGON: Creditors' Proofs of Debt Due on March 25
-----------------------------------------------------
Creditors of Red Dragon Group Limited are required to file their
proofs of debt by March 25, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Feb. 25, 2025.
The company's liquidators are:
Gareth Russel Hoole
Raymond Paul Cox
Ecovis KGA Limited, Chartered Accountants
Level 2, 5–7 Kingdon Street
Newmarket
Auckland 1023
===============
P A K I S T A N
===============
PAKISTAN: Consumer Inflation Slows to Weakest in Nearly a Decade
----------------------------------------------------------------
Reuters reports that Pakistan's annual inflation rate slowed to
1.5% in February, the lowest in nearly a decade and below the
finance ministry's estimates, data from the statistics bureau
showed on March 3.
Inflation has cooled significantly, easing from 23.1% in February
2024.
Consumer prices in February fell 0.8% from the month before,
according to the Pakistan Bureau of Statistics, notes the report.
Reuters relates that the South Asian country, currently bolstered
by a $7 billion facility from the International Monetary Fund (IMF)
granted in September, is navigating an economic recovery.
Authorities have credited inflation's downward trend to economic
stabilization under a the IMF programme.
Pakistan's finance ministry, in its monthly economic outlook report
released last week, predicted inflation would stabilize in February
between 2.0-3.0%, continuing its downward trend from the previous
year, Reuters discloses. The ministry also forecast a slight
increase to 3.0-4.0% by March 2025.
"A favorable base effect from last year's high inflation
contributed to this result. We anticipate an uptick in food
inflation during Ramzan," said Waqas Ghani, head of research at JS
Global, adding that the data was primarily driven by a decline in
food inflation, with significant price drops in staples, Reuters
notes.
About Pakistan
Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.
In late August 2024, Moody's Ratings upgraded the Government of
Pakistan's local and foreign currency issuer and senior unsecured
debt ratings to Caa2 from Caa3. Concurrently, the outlook for
Government of Pakistan is changed to positive from stable. In July
2024, S&P Global Ratings affirmed its 'CCC+' long-term sovereign
credit rating and 'C' short-term rating on Pakistan. The outlook on
the long-term rating is stable. In August 2024, Fitch Ratings
upgraded Pakistan's Long-Term Foreign-Currency Issuer Default
Rating (IDR) to 'CCC+' from 'CCC'.
=================
S I N G A P O R E
=================
FIREMANE PTE: Creditors' Meeting Scheduled for March 21
-------------------------------------------------------
Firemane Pte Ltd. will hold a meeting for its creditors on March
21, 2025, at 11:30 a.m. via electronic means.
Agenda of the meeting includes:
a. to receive a statement of the Company's affairs together
with a list of creditors and the estimated amounts of their
claims along with a list of creditors;
b. to appoint or confirm the appointment of Joint and Several
Liquidators by members of the Company;
c. to resolve that the Liquidators be at liberty to open,
maintain and operate any bank account or an account for
monies received by them as Liquidators of the Company, with
such bank as the Joint and Several Liquidators see fit;
d. to appoint a Committee of Inspection of not more than 5
members, if thought fit; and
e. Any other business
Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) on Feb.
24, 2025, were appointed as provisional liquidators of Firemane Pte
Ltd.
The provisional liquidators may be reached at:
Quantuma (Singapore) Pte Limited
137 Amoy Street
#02-03 Far East Square
Singapore 049965
GRIDLINE DESIGN: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Feb. 14, 2025, to
wind up the operations of Gridline Design Lab Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
OPTIMISTIC CONSTRUCTION: Court to Hear Wind-Up Petition on Mar. 21
------------------------------------------------------------------
A petition to wind up the operations of Optimistic Construction &
Engineering Pte. Ltd. will be heard before the High Court of
Singapore on March 21, 2025, at 10:00 a.m.
DBS Bank Ltd. filed the petition against the company on Feb. 21,
2025.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
REPUBLIC POWER: Court to Hear Wind-Up Petition on March 7
---------------------------------------------------------
A petition to wind up the operations of Republic Power Pte. Ltd.
will be heard before the High Court of Singapore on March 7, 2025,
at 10:00 a.m.
The Hongkong And Shanghai Banking Corporation Limited filed the
petition against the company on Feb. 10, 2025.
The Petitioner's solicitors are:
Messrs Harry Elias Partnership LLP
SGX Centre 2, #17-01
4 Shenton Way
Singapore 068807
SL TECHNOLOGY: Court to Hear Wind-Up Petition on March 14
---------------------------------------------------------
A petition to wind up the operations of SL Technology Group Pte.
Ltd. will be heard before the High Court of Singapore on March 14,
2025, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Feb. 21, 2025.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
=================
S R I L A N K A
=================
SLIC GENERAL: Fitch Assigns 'CCC+' IFS Rating, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has assigned Sri Lanka Insurance Corporation General
Limited (SLIC General) a 'CCC+' Insurer Financial Strength (IFS)
Rating and an 'A+(lka)' National IFS Rating. The Outlook is
Stable.
The ratings reflect the insurer's 'Favourable' company profile and
high investment and asset risk, driven by exposure to
sovereign-related investments. The ratings also factor in the
insurer's adequate capital position and weak underwriting
performance in recent periods.
Key Rating Drivers
'Favourable' Company Profile: Fitch regards SLIC General's company
profile as 'Favourable', based on a 'Favourable' business profile
and 'Neutral' corporate governance compared with that of other Sri
Lankan insurers. SLIC General's business profile is supported by
its substantive business franchise, large domestic operations and
wide distribution network. SLIC General is the country's
second-largest non-life insurer, with a gross written premium
market share of 18% as of end-2023 (end-2022: 16%) based on the
latest industry data by the Insurance Regulatory Commission.
Neutral Ownership; Non-Life Focus: Fitch considers SLIC General's
ownership as neutral to its ratings. In February 2024, the parent,
Sri Lanka Insurance Corporation Limited (SLIC) - ultimately owned
by the Sri Lanka (CCC+) state - legally separated its life and
non-life segments into two fully owned subsidiaries: SLIC General
and Sri Lanka Insurance Corporation Life Limited (SLIC Life). This
followed regulatory approval. Prior to the legal split, SLIC had
been operating its life and non-life businesses separately, since
the regulator first mandated composite insurers to segregate their
operations in 2015.
Temporary Pressure on Underwriting: Fitch expects near-term
pressure on underwriting profitability to persist, due to rising
exposure to the higher-claim health segment and new directive to
remit 100% of motor insurance, strike, riot, civil commotion and
terrorism premiums to the National Insurance Trust Fund Board
(BBB(lka)/Stable). However, profitability should eventually
improve, supported by enhanced claim management and growth in the
motor segment, which accounted for 58% of 2023 gross written
premium, following the government's recent relaxation of vehicle
import restrictions.
Non-life underwriting has been weak since 2022, driven by
inflationary pressure, rising administrative costs and increased
claim costs due to higher spare part prices and medical costs from
the depreciation of the Sri Lankan rupee. The insurer's combined
ratio improved to around 101% for 11M24 (February-June 2024: 107%;
2023: 106%). The three-year average (2021-2023) combined ratio
before the split was 102% and compared favourably against the
industry average of 105%.
Reduced Investment and Liquidity Risks: Fitch believes investment
and liquidity risks have eased for SLIC General, in line with other
domestic insurers, due to an improved sovereign credit profile.
Fitch upgraded Sri Lanka's Long-Term Foreign- and Local-Currency
Issuer Default Ratings to 'CCC+' in December 2024, following the
completion of its international sovereign bond restructuring and an
improved economic outlook. Fitch scores SLIC General's investment
and asset risk at 'ccc' on the international scale, reflecting its
high exposure to sovereign and sovereign-related assets.
Risky asset exposure also decreased following the transfer of large
non-core equity investments from the general insurance business to
SLIC after the separation of the life and non-life segments. SLIC
General's Fitch-calculated risky-asset ratio was a high 439% at
end-June 2024, indicating vulnerability to weakening in the
sovereign's credit quality. In addition, foreign-currency assets,
mostly bank deposits and unit trust investments, were about 17% of
invested assets.
Adequate Capitalisation: The regulatory risk-based capital ratio
stands well above the regulatory minimum of 120%, at 223% at
end-June 2024 and 226% at end-2023, but this is still below the
average of Fitch-rated domestic non-life insurers (June 2024: 295%,
2023: 288%). The ratio improved to 266% by end-2024, boosted by
higher retained earnings. SLIC General's Fitch Prism Global score
was 'Weak' at end-June 2024 due to its high investment risks.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
IFS Rating
- Significant weakening in SLIC General's business profile, for
instance, due to a weaker franchise, operating scale or business
risk profile
- Rising investment and asset risks, including a downgrade of the
ratings of financial institutions or the sovereign, which account
for a large share of SLIC General's investment portfolio
National IFS Rating
- Sustained weakness in financial performance
- Deterioration in the risk-based capital ratio below 200% for a
sustained period
- Rising investment and asset risks, including a downgrade of the
ratings of financial institutions or the sovereign, which account
for a large share of SLIC General's investment portfolio
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
IFS Rating
- Further improvement in the company profile, including a greater
operating scale and a stronger market positioning
- Significant reduction in SLIC General's investment and asset
risks for a sustained period
National IFS Rating
- An improvement in the risk-based capital ratio to well above 260%
while maintaining the combined ratio at below 98%.
- Further improvement in the company profile, including a greater
operating scale and a stronger market positioning.
- Significant reduction in SLIC General's investment and asset
risks for a sustained period
Date of Relevant Committee
18-Feb-2025
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating
----------- ------
Sri Lanka Insurance
Corporation General
Limited LT IFS CCC+ New Rating
Natl LT IFS A+(lka) New Rating
SLIC LIFE: Fitch Assigns 'CCC+' IFS Rating, Outlook Stable
----------------------------------------------------------
Fitch Ratings has assigned Sri Lanka Insurance Corporation Life
Limited (SLIC Life) a 'CCC+' Insurer Financial Strength (IFS)
Rating and an 'A+(lka)' National IFS Rating. The Outlook is
Stable.
The ratings reflect SLIC Life's 'Favourable' company profile, and
high investment and asset risks, which are driven by exposure to
sovereign-related investments. The ratings also take into
consideration the life insurer's satisfactory regulatory capital
position, which compares favourably with other domestic life
insurers in the country.
Key Rating Drivers
'Favourable' Company Profile: Fitch regards SLIC Life's company
profile as 'Favourable' because of a 'Favourable' business profile
and 'Neutral' corporate governance compared with other insurers in
Sri Lanka. SLIC Life's business profile is supported by its long
operating history, substantive business franchise and wide
distribution network. SLIC Life was the third-largest life insurer
in Sri Lanka with a gross premium market share of 13.8% at end-2023
(end-2022: 15.4%), based on the latest industry data.
Neutral Ownership; Life Focus: Fitch considers ownership neutral to
SLIC Life's ratings. In February 2024, SLIC Life's parent company,
Sri Lanka Insurance Corporation Limited (SLIC) - ultimately owned
by the government of Sri Lanka (Issuer Default Rating: CCC+) -
completed the legal separation of its life and non-life segments by
establishing two fully owned subsidiaries: SLIC Life and Sri Lanka
Insurance Corporation General Limited (SLIC General).
This followed approval from the Insurance Regulatory Commission of
Sri Lanka. Before the legal split, SLIC had been operating its life
and non-life business separately since the regulator first mandated
composite insurers to split their operations in 2015.
Improved Investment and Liquidity Risks: Fitch believes that SLIC
Life's investment and liquidity risks, which are like those of
other domestic insurers, have eased following improvement in the
sovereign's credit profile. Fitch upgraded Sri Lanka's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'CCC+'
in December 2024 following the completion of its international
sovereign bond restructuring and an improved outlook for economic
indicators.
Risky asset exposure decreased after transferring large non-core
equity investments from life insurance business to SLIC before the
separation of the life and non-life businesses. The life insurer's
Fitch-calculated risky-asset ratio was high at 491% at end-1H24,
indicating vulnerability to weakening in the sovereign's credit
quality. Its invested assets were mainly government securities,
corporate debt, equity securities and term deposits. SLIC Life has
limited exposure to foreign-currency obligations, and
foreign-currency assets are about 1% of total investments.
Satisfactory Regulatory Capital Position: SLIC Life's RBC ratio was
646% at end-1H24 (2023: 425% for SLIC's life segment), well above
the regulatory minimum of 120% and compares favourably with that of
other life insurers in the country. The increase in the RBC ratio
was driven by the decrease in concentration and market risk charges
in 1H24. SLIC Life's Fitch Prism Global score was 'Somewhat Weak'
at end-1H24 due to its high investment risks.
Premium Growth Pick-Up: Gross written premium growth rebounded in
1H24 (February-June 2024), rising by 18%, led by a 34% increase in
new business premiums and a 19% rise in renewal premiums. This
followed sluggish growth in 2022-2023, when gross premiums fell by
5% in 2022 and rose modestly by 1% in 2023. Before the legal
separation, the company's life segment reported an average ROE of
18% over 2021-2023, supported by investment income during this
period, while its pretax ROA averaged 2%.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
IFS Rating
- Significant weakening in SLIC Life's business profile, for
instance, due to a weaker franchise, operating scale or business
risk profile;
- Rising investment and asset risks, including a downgrade of the
ratings of financial institutions or the sovereign, which account
for a large share of SLIC Life's investment portfolio.
National IFS Rating
- Prolonged weakness in financial performance;
- A deterioration in the RBC ratio to below 300% for a sustained
period;
- Rising investment and asset risks, including a downgrade of the
ratings of financial institutions or the sovereign, which account
for a large share of SLIC Life's investment portfolio.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
IFS Rating and National IFS Rating
- Further improvement in the company profile, including a greater
operating scale and a stronger market positioning;
- Significant reduction in SLIC Life's investment and asset risks
for a sustained period.
Date of Relevant Committee
18 February 2025
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating
----------- ------
Sri Lanka Insurance
Corporation Life
Limited LT IFS CCC+ New Rating
Natl LT IFS A+(lka) New Rating
===============
T H A I L A N D
===============
DAOL SECURITIES: Fitch Rates Net Capital Bonds 'B+(tha)'
--------------------------------------------------------
Fitch Ratings (Thailand) has assigned DAOL Securities (Thailand)
Public Company Limited's (DAOLSEC, BB(tha)/Stable) upcoming net
capital bonds a National Long-Term Rating of 'B+(tha)'.
The Thai baht-denominated bonds will be issued in multiple tranches
in April 2025, with tenors of up to one year and six months. The
company plans to use the proceeds to refinance maturing
subordinated debt.
Key Rating Drivers
The upcoming bonds are rated two notches below the company's
National Long-Term Rating to reflect the instrument's subordinated
status and going-concern loss absorption features.
The net capital bonds will be issued under conditions specified by
Thailand's Securities and Exchange Commission. The bonds contain
loss absorption features, such as coupon or principal deferral or
coupon cancellation if the securities company fails to meet minimum
regulatory requirements or if there is a settlement failure by the
issuer to the clearing house or its clients.
Fitch has not applied additional notching, given its base-case
scenario that the loss absorption triggers will not be easily
activated over the medium term. In addition, the bonds do not
permit principal write-down or equity conversion. Fitch has not
assigned any equity credit to the instruments, as the tenor is
short and the bonds do not meet the requirements for equity
recognition.
A National Long-Term Rating of 'B+(tha)' indicates a significantly
elevated level of default risk relative to other issuers or
obligations in the same country under its rating definitions. For
details on DAOLSEC's key rating drivers and rating sensitivities,
please see Fitch Downgrades DAOL Securities (Thailand) to
'BB(tha)'; Outlook Stable.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The rating on the proposed net capital bonds is sensitive to
changes in DAOLSEC's National Long-Term Rating. A downgrade of the
company's rating would result in corresponding action on the
bonds.
A deterioration in DAOLSEC's credit profile or any significant
weakening in its capital or liquidity buffers could also result in
wider notching for the proposed bonds relative to DAOLSEC's
rating.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
The rating on the net capital bonds would be upgraded in the event
of an upgrade of DAOLSEC's National Long-Term Rating.
Date of Relevant Committee
03 February 2025
Entity/Debt Rating
----------- ------
DAOL Securities
(Thailand) Public
Company Limited
Subordinated Natl LT B+(tha) New Rating
*********
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,
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Information contained herein is obtained from sources believed
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thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***