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250430.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, April 30, 2025, Vol. 28, No. 86 Headlines A U S T R A L I A AUSTRALIAN TRAVEL: First Creditors' Meeting Set for May 9 HELIFOX AVIATION: First Creditors' Meeting Set for May 8 INFRABUILD AUSTRALIA: Moody's Alters Outlook on Caa2 CFR to Stable IPROPERTY NT: First Creditors' Meeting Set for May 7 MPFAC (DENTAL SERVICES): First Creditors' Meeting Set for May 6 NORTHERN IRON: Appoints FTI Consulting as Receivers PHAT WINE: Second Creditors' Meeting Set for May 7 SAVA ENGINEERING: In Liquidation as Creditors Reject Rescue Plan UCOMMUNICATIONS PTY: B&T Advisory Appointed as Liquidator C H I N A CHINA EVERGRANDE: Chairman Refuses to Disclose Assets I N D I A APEEJAY TEA: ICRA Keeps D Debt Ratings in Not Cooperating ASSETZ PREMIUM: ICRA Withdraws B+ Rating on INR150cr NCD ATC LOGISTICS: ICRA Keeps B+ Debt Ratings in Not Cooperating ATLAS MATERIAL: Voluntary Liquidation Process Case Summary BAFNA MOTORS: ICRA Keeps D Debt Rating in Not Cooperating BHALKESHWAR SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating BOCHEM HEALTHCARE: Insolvency Resolution Process Case Summary BRUHAT BENGALURU: ICRA Keeps B+ Debt Ratings in Not Cooperating CAMSON SEEDS: Insolvency Resolution Process Case Summary GILLCO CONSTRUCTION: ICRA Keeps B+ Debt Rating in Not Cooperating GRIPWELL FORGING: ICRA Keeps B+ Debt Rating in Not Cooperating H N CONSTRUCTION: ICRA Keeps B+ Debt Ratings in Not Cooperating HARPREET COLOR: ICRA Keeps D Debt Rating in Not Cooperating HENSON INFO: Voluntary Liquidation Process Case Summary JAVIN CONSTRUCTION: ICRA Keeps B+ Debt Rating in Not Cooperating KAMLESH METACAST: ICRA Keeps B Debt Rating in Not Cooperating KARTIKEY RESORTS: ICRA Keeps D Debt Rating in Not Cooperating KHODAL COT-GIN: ICRA Keeps D Debt Ratings in Not Cooperating KRISHNA SHELTERS: ICRA Keeps D Debt Ratings in Not Cooperating KRN ALLOYS: ICRA Keeps B- Debt Ratings in Not Cooperating MAATARINI TOLLWAYS: Insolvency Resolution Process Case Summary NEETA DEVELOPER: ICRA Keeps B+ Debt Rating in Not Cooperating SASIDHAR POULTRIES: ICRA Keeps C+ Debt Ratings in Not Cooperating SHANKAR PARVATI: ICRA Keeps B+ Debt Ratings in Not Cooperating SHANTHA TRUST: ICRA Keeps D Ratings in Not Cooperating Category SIDDARTH INTERCRAFTS: ICRA Keeps C Ratings in Not Cooperating TAMILNADU STATE: ICRA Keeps B Debt Rating in Not Cooperating VARADHARAJA FOODS: ICRA Keeps D Debt Ratings in Not Cooperating VERSE INNOVATION: Internal Controls Inadequate, Deloitte Says VIMAL OIL: ICRA Keeps D Debt Ratings in Not Cooperating Category J A P A N AEON CO: Egan-Jones Retains BB Senior Unsecured Ratings M A L A Y S I A HO HUP: CEO Datuk Seri Chee Hong Leong Resigns N E W Z E A L A N D 777 CIVIL: Court to Hear Wind-Up Petition on May 30 CLH CONSTRUCTION: Court to Hear Wind-Up Petition on May 30 LUSTRE BEAUTY: Creditors' Proofs of Debt Due on May 23 NPAG ENTERPRISES: Court to Hear Wind-Up Petition on May 9 TREE AWARENESS: Khov Jones Appointed as Receivers P H I L I P P I N E S CHELSEA LOGISTICS: Unloads Taguig Property to Cut Firm's Debt TRESA'S CREATIONS: Wedding Coordinator Declares Bankruptcy S I N G A P O R E 1.61 INVESTMENTS: Court Enters Wind-Up Order CITY ZONE: Court Enters Wind-Up Order DIGITAL RIVER: Creditors' Proofs of Debt Due on May 22 MADELOU INVESTMENTS: Court Enters Wind-Up Order OKANE DESIGN: Court to Hear Wind-Up Petition on May 2 - - - - - ================= A U S T R A L I A ================= AUSTRALIAN TRAVEL: First Creditors' Meeting Set for May 9 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Australian Travel Deals Pty Ltd will be held on May 9, 2025 at 10:00 a.m. Mcleods Accounting at Level 5, 145 Eagle Street in Brisbane. Bill Karageozis of Mcleods Accounting was appointed as administrator of the company on April 28, 2025. HELIFOX AVIATION: First Creditors' Meeting Set for May 8 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Helifox Aviation Pty Limited will be held on May 8, 2025 at 2:00 p.m. virtually via Microsoft Teams. Simon Thorn of PKF was appointed as administrator of the company on May 8, 2025. INFRABUILD AUSTRALIA: Moody's Alters Outlook on Caa2 CFR to Stable ------------------------------------------------------------------ Moody's Ratings has affirmed the Caa2 corporate family rating and backed senior secured notes rating of InfraBuild Australia Pty Ltd. The outlook has changed to stable from negative. RATINGS RATIONALE The change in outlook to stable reflects InfraBuild's successful issuance of USD150 million senior secured notes due in November 2028, with proceeds used to repay its asset-backed term loan (ABTL) in full. The transaction resolves the company's refinancing risk associated with the ABTL, bolsters near term liquidity, and removes the risk of debt acceleration due to potential financial covenant breaches under the facility, alleviating any related risk to liquidity. In addition, InfraBuild also received consent from bondholders to extend the deadline for the delivery of its fiscal 2024 (ended June 2024) audited financial statements to May 31, 2025, with an option to extend by an additional month on a rolling basis, subject to an extension fee. With InfraBuild's option to extend the deadline if required, Moody's expects an event of default is unlikely to be triggered. The Caa2 rating reflects Moody's expectations that despite improvement following the transaction, liquidity will continue to deteriorate over the next 12-18 months, and credit metrics will remain weak with Moody's adjusted debt/EBITDA of around 4.5x-5.0x, and interest coverage, measured by EBIT/Interest, of 0.5x-0.7x. InfraBuild's credit profile also reflects Moody's ongoing concerns from the contagion risks from funding issues facing the GFG Alliance (GFG), which ultimately wholly owns InfraBuild, following the insolvency of Greensill Capital. Moody's notes however, that amendments to the indenture following the recent transaction have further reduced the ability for InfraBuild to provide funding to GFG, mitigating this risk. InfraBuild's results for the first half of the fiscal year ending June 30, 2025 (fiscal 2025) were below Moody's expectations, with reported revenue and EBITDA falling 9% and 43% year on year respectively. Australia's sluggish residential activity and competition from imports continue to impact steel volumes sold while steel prices and global spreads remain relatively low. While Moody's expects residential activity to gradually recover, tariffs on US steel imports could increase import competition and negatively impact steel volumes and prices. As a result, Moody's forecasts that operating performance will remain weak until the end of the first half of fiscal 2026, and the pace and magnitude of EBITDA recovery is uncertain over the next 12-18 months. InfraBuild's liquidity profile has improved, with around USD329 million restricted cash released from escrow to the company's balance sheet, following ABTL repayment. This provides a solid buffer to the current decline in operating performance due to challenging market conditions, and despite Moody's expectations of negative free cash flow over the next 12-18 months, Moody's expects InfraBuild to maintain adequate liquidity. The company has also used the additional cash to repay its AUD50 million Mayfield mortgage maturing October 2025. The release of restricted cash will likely shore up InfraBuild's liquidity over at least the next two years, allowing runway to implement intiatives to improve earnings and cash flows. This includes the company assessing strategic options for its ASI (Australian Steel Institute) business model, which includes its steel & tube business and tubular manufacturing unit. The company expects the strategic option review to conclude in the next six months. Moody's expects unrestricted cash of around AUD500-550 million at the end of fiscal 2025 (June 30, 2025), which along with operating cash flow, will be sufficient to cover around AUD160-180 million of capex including lease repayments in fiscal 2026. Furthermore, the company is required to make an offer to noteholders to repurchase up to USD10 million of notes every quarter at a premium from September 2025, which will reduce liquidity by around AUD60-65 million annually if fully redeemed, which Moody's expects to be covered by internal sources. InfraBuild is also assessing non-core asset sales which could yield around AUD40-45 million in FY26, which would improve the liquidity profile if executed, but Moody's have not considered this in Moody's liquidity assessments. InfraBuild is no longer required to make a special distribution to GFG to facilitate a settlement between GFG Alliance and its creditors, restricted by revised terms under bond documentation that prohibit any distributions to any entity within the GFG Alliance. The revised bond terms also include the appointment of an additional director on the board, and tighter restrictions around related party transactions. Moody's expects moderate credit impact from the administration of Whyalla Steelworks, a supplier to Infrabuild and formerly a GFG affiliate, which was placed into administration by the South Australian government in February 2025. Moody's understands the company is in constructive negotiations with the administrators around key terms of its billet and hot rolled structural steel (HRS) supply agreements, which may result in a change to pricing. If pricing were to be renegotiated, Moody's estimates there could be an annual EBITDA impact of around AUD15-25 million. The Caa2 senior secured notes due 2028 are rated in line with the CFR, as they represent the majority of overall debt. Following the repayment of the ABTL, the notes will hold a first lien over substantially all assets, which Moody's expects would provide recovery levels in line with expectations for the rating. The stable outlook reflects Moody's views that despite cash burn over the next 12-18 months, InfraBuild will maintain an adequate liquidity profile, supported by its solid cash buffer following the release of restricted cash. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The rating could be upgraded if InfraBuild: 1) demonstrates a sustained improvement in its credit metrics, with its EBIT/interest improving comfortably above 1.0x; (2) maintains a strong liquidity profile, and; (3) improves operating margins and free cash flow on a sustained basis. The ratings could be downgraded if (1) InfraBuild's liquidity profile deteriorates further than expectations; and/or (2) its earnings and credit metrics continue to weaken with no sign of improvement by the end of fiscal 2026. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Steel published in November 2021. COMPANY PROFILE InfraBuild is Australia's largest and only vertically integrated electric arc furnace manufacturer and supplier of steel long products. The company supplies around 2 million tonnes per annum (mtpa) of steel long products across Australia, with most products supplying the construction steel segment of the market (rebar, mesh, etc.). InfraBuild is a private company and is ultimately owned by the GFG Alliance, a UK-based international industrial, energy, and natural resources group. IPROPERTY NT: First Creditors' Meeting Set for May 7 ---------------------------------------------------- A first meeting of the creditors in the proceedings of iProperty NT Pty Ltd will be held on May 7, 2025 at 2:30 p.m. via virtual meeting at level 4, 70 Pirie Street in Adelaide. Stephen James Duncan and Nicholas Gyss of DuncanPowell were appointed as administrators of the company on April 28, 2025. MPFAC (DENTAL SERVICES): First Creditors' Meeting Set for May 6 --------------------------------------------------------------- A first meeting of the creditors in the proceedings of MPFAC (Dental Services) Pty Ltd will be held on May 6, 2025 at 11:30 a.m. via electronic means. Glenn Jeffrey Franklin and Jason Glenn Stone of PKF Melbourne were appointed as administrators of the company on April 24, 2025. NORTHERN IRON: Appoints FTI Consulting as Receivers --------------------------------------------------- Aaliyah Rogan at Mining.com.au reports that FTI Consulting's Senior Managing Directors Hayden White and Daniel Woodhouse have been appointed as the receivers and managers of privately held Northern Iron. Messrs. White and Woodhouse's appointment will see control of Northern Iron's business, operations and assets, the report says. This will include the Warrego Rehabilitation Project located near Tennant Creek in the Northern Territory. According to Mining.com.au, the receivers will call for expressions of interest in the sale or recapitalisation of Northern Iron and as such, are working closely with key stakeholders to conduct an independent assessment of the financial position of the company, as well as its ongoing and future viability. Warrego, which became operational in October 2024, reclaimed a low-grade iron ore stockpile from historical mine by-product at the mine site and produced it into a high-grade magnetite concentrate. Northern Iron says the project has potential to contribute AUD100 million per year to the local Northern Territory economy and produce around 3.8 million tonnes of magnetite concentrate across a 3.5 year life span. According to the report, the latest appointment follows the company's decision to appoint business accounting and financial advisory firm Rodgers Reidy's Stuart Reid and Samantha Sellahewa as voluntary administrators. Prior to the voluntary administrators' appointment, Northern Iron took steps to halt operations at Warrego. Most personnel onsite at the project are employed by the mining contractor, who has begun to demobilise their staff. Northern Iron is an Australian privately owned developer that operates in the Northern Territory. PHAT WINE: Second Creditors' Meeting Set for May 7 -------------------------------------------------- A second meeting of creditors in the proceedings of Phat Wine Co. Pty Ltd has been set for May 7, 2025 at 10:30 a.m. via Zoom videoconferencing. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 6, 2025 at 4:00 p.m. Stewart William Free and Bradd William Morelli of Jirsch Sutherland were appointed as administrators of the company on March 21, 2025. SAVA ENGINEERING: In Liquidation as Creditors Reject Rescue Plan ---------------------------------------------------------------- The Australian Financial Review reports that the family company of former Socceroo Steve Horvat has been pushed into liquidation in a development that will send shockwaves through A-League club Western United on the eve of the competition's finals series. Nathan Deppeler and Scott Andersen from Worrells were appointed liquidators of Horvat's family company Sava Engineering on April 28, after a meeting of Sava creditors rejected Horvat's latest rescue plan, the Financial Review relates. Sava creditors are owed more than AUD11 million, with the Australian Tax Office the largest creditor with claims of more than AUD4 million. According to the Financial Review, the ATO was instrumental in the meeting, using its influence as the largest creditor to vote down a "variation deed" Mr. Horvat had proposed as a way of soothing creditors and retaining ownership of the company his father founded 49 years ago. The Financial Review says Sava has been in administration since October 2023, but Mr. Horvat has repeatedly assured creditors he will be able to pay the company's bills when he cashes out a portion of his shares in the Western Melbourne Group (WMG) syndicate, which owns the A-League club Western United. WMG is also struggling financially, with the ATO launching a wind-up notice against the entity that holds Western United's A-League licence (WMG Football), the report notes. The Financial Review relates that the ATO has filed a similar wind-up notice against the entity through which the syndicate plans to do a multibillion-dollar stadium and property development in Melbourne's west: WMG Holdings. Multiple sources have insisted that a big new investor will soon join WMG's property development project, with some saying an announcement of the new investor could come as early as Thursday, May 1. But the ATO was unmoved by the rumours of a big cash injection for Horvat and his business partners at WMG, and decided it would not give Horvat any more time to pay Sava's debts, the Financial Review relays. The finances of Sava and WMG are inextricably linked because Sava loaned AUD625,000 to WMG before it was placed in administration. WMG has never repaid the money. WMG has a public-private partnership with Wyndham City Council which could result in 62 hectares of former farmland about 31 kilometres west of Melbourne being turned into a 15,000-seat stadium for Western United, and 900 new homes as well as retail and commercial property developments. Horvat owns about 4.4 per cent of WMG, while businessman Jason Sourasis owns about 80 per cent. The Financial Review adds that the ATO's lack of patience with Sava comes barely two weeks before WMG will face the ATO's wind-up application in the federal court. It also comes as Western United prepares to make a surprise assault on the A-League championship; the club is third on the ladder and assured of playing finals after beating Sydney FC by one goal to nil on April 27. Scott Andersen and Nathan Lee Deppeler of Worrells were appointed as administrators of Sava Engineering Pty Limited on Oct. 11, 2023. UCOMMUNICATIONS PTY: B&T Advisory Appointed as Liquidator --------------------------------------------------------- The Australian Financial Review reports that a controversial polling firm once co-owned by union leaders has collapsed owing AUD240,000 to the tax office after its brand and assets were transferred to another company operated by its founder. uCommunications Pty Ltd, a polling and market research company known as uComms, appointed B&T Advisory as liquidator this month with less than AUD500 in its account, a AUD243,000 tax bill and an AUD86,000 loan for RAM ute, the Financial Review relates. But uComms brand continues to operate and is now owned by Yabbr, a company that is partly owned by James Stewart, who founded uCommunications. According to the Financial Review, uComms has been a particularly controversial pollster, part owned by Australian Council of Trade Unions secretary Sally McManus and Michael O'Connor, who was then the national secretary of the CFMEU. Those shareholders had not been disclosed to the firm's clients. More recently, uComms has been accused by the Coalition of push polling - a way of manipulating a voter's view - for teal candidates. In the past, it has disclosed polls commissioned for Wentworth MP Allegra Spender, Kooyong MP Monique Ryan, along with Climate 200 and The Australia Institute. The Financial Review relates that Mr. Stewart, who founded uComms and Yabbr in 2018, said he had been forced to appoint B&T Advisory as administrators because of unpaid invoices worth hundreds of thousands of dollars. He said the transfer of uComms' assets and brand had gone through due process, he had hired an insolvency consultancy firm, and added that he was no longer involved in the management of the company despite his 50 per cent stake in Yabbr. "uComms has paid all employee entitlements. There are some intercompany loans/invoices which we've struggled to get repaid to the business," he said in an email, the Financial Review relays. "I have been personally covering liabilities, current and legacy. I followed the advice of ReGroup Solutions. I will personally pay whatever is required, that's of no concern. The RAM ute has been covered by me personally . . . and will be personally paid out." Mr. Stewart previously founded ReachTEL, another well-known political polling group which was ultimately acquired by Equifax in 2016. The Financial Review, citing filings with the corporate regulator, says McManus and O'Connor each owned one-third of a company known as uPoint Pty Ltd, the ultimate parent of uComms. Mr. Stewart became the sole owner of uComms in 2020, and last year sold the brand to Yabbr. uComms called in administrators in April. The Australian Financial Review is not suggesting the sale to Yabbr was inappropriate or uncommercial. Yabbr chief executive Logan Leatch said in a statement that its due diligence "showed no political affiliation in the ownership of uComms in the last five years". The Financial Review adds that James Paterson, the Coalition's campaign spokesman, said uComms' administration "requires explanation", adding that Climate 200 and Teal MPs who had been clients "should explain what they know about this". "uComms' conduct has long raised questions about the blurred lines between political campaigning and polling," the report quotes Mr. Paterson as saying. "Its close associations with Labor, the Greens and the teals, and its history of controversial practices including allegations of push-polling, have drawn wide criticism." ========= C H I N A ========= CHINA EVERGRANDE: Chairman Refuses to Disclose Assets ----------------------------------------------------- Bloomberg News reports that China Evergrande Group Chairman Hui Ka Yan plans to refuse disclosing details of his assets, its liquidators said, likely complicating efforts to wind up the defaulted builder to pay back creditors. Hui expressed his intention in an April 23 response to the court, a lawyer representing the liquidators said in a hearing on April 29 at the Hong Kong High Court, Bloomberg relates. Hui's lawyer, who was at the hearing, didn't push back on the liquidator's statement. While the liquidators argued for the earliest date possible for the hearing to resume, Hui's lawyer asked the court for more time given that the case is "complex" and "sensitive". The judge said the hearing on Hui's case will not be held before June 30, Bloomberg relays. According to Bloomberg, the hearing on April 29 is part of a legal battle waged by the liquidators to outline and potentially claw back scraps from one of the world's biggest corporate implosions. Clarity on Evergrande's assets tied to Hui is crucial for liquidation as the filings show he controls nearly 60 per cent of the total stake. An emblem of China's years-long property crisis, Evergrande defaulted in 2021, resulting in a creditor petition to liquidate the company. When the court sided with creditors in early 2024, it appointed Edward Middleton and Tiffany Wong of Alvarez & Marsal as the liquidators who will also be in charge of running its operations, Bloomberg notes. Bloomberg says Evergrande and the liquidators have since taken steps to recoup some of what creditors are owed, including filing lawsuits against Hui, his wife Ding Yumei, former CEO Xia Haijun, former chief financial officer Pan Darong, and three other entities including Xin Xin (BVI). The lawsuits seek to recover US$6 billion in dividends and remuneration paid by the company on the basis that financial statements were allegedly misstated for several years going back to 2017, according to an exchange filing cited by Bloomberg. Hui controls his stake largely through Xin Xin, a British Virgin Islands-based corporate entity, according to the company's latest annual report filed to the Hong Kong stock exchange. In 2023, Chinese authorities notified Evergrande that Hui has been subject to "mandatory measures" due to "suspicion of illegal crimes," adds Bloomberg. About China Evergrande China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. China Evergrande Group, the second largest real estate developer in China, and certain of its affiliates sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023. Evergrande, widely known as the most leveraged company in the world, and its affiliates are asking the U.S. Bankruptcy Court for the Southern District of New York for recognition of foreign proceedings as "foreign main" proceeding under Chapter 15. Evergrande is in the midst of a highly complex restructuring of around $20 billion in offshore debt. In total, the Company has more than $300 billion in liabilities. Evergrande is incorporated in the Cayman Islands as an exempted company with limited liability, with its principal place of business located at 15th Floor, YF Life Centre, 38 Gloucester Road, Wanchai, Hong Kong. It is subject to a restructuring proceeding entitled In the Matter of China Evergrande Group, concerning a scheme of arrangement between Evergrande and certain Scheme Creditors pursuant to the relevant provisions of the Hong Kong Companies Ordinance (Chapter 622 of the Laws of Hong Kong), currently pending before the High Court of Hong Kong (Case Number HCMP 1091/2023. Affiliate Tianji Holding Limited is incorporated in Hong Kong as a limited liability company, with its principal place of business located at 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring proceeding entitled In the Matter of Tianji Holding Limited, concerning a scheme of arrangement between Tianji and certain Scheme Creditors, pursuant to the relevant provisions of the Hong Kong Companies Ordinance and currently pending before the Hong Kong Court (Case Number HCMP 1090/2023). Affiliate Scenery Journey Limited is incorporated in the British Virgin Islands as a limited liability company, with its principal place of business located at 2nd Floor Water's Edge Building, Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is subject to a restructuring proceeding entitled In the Matter of Scenery Journey Limited, concerning a scheme of arrangement between Scenery Journey and certain Scheme Creditors, pursuant to section 179A of the BVI Business Companies Act, 2004, and currently pending before the High Court of the Eastern Caribbean Supreme Court (Case Number BVIHCOM 2023/0076). U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15 proceedings. Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji. Maples BVI is the British Virgin Island Counsel to Scenery Journey. On Jan. 29, 2024, a Hong Kong court ordered the liquidation of China Evergrande Group. ========= I N D I A ========= APEEJAY TEA: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings for the Bank facilities of Apeejay Tea Limited in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]D ISSUER NOT COOPERATING/[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 39.00 [ICRA]D/[ICRA]D ISSUER NOT Short Term- COOPERATING; Rating continues Fund Based- to remain in the 'Issuer Not Cash Credit Cooperating' category Long Term/ 38.25 [ICRA]D/[ICRA]D ISSUER NOT Short Term- COOPERATING; Rating continues Unallocated to remain in the 'Issuer Not Cooperating' category Long-term- 135.00 [ICRA]D; ISSUER NOT Fund based COOPERATING; Rating Continues Cash Credit to remain under 'Issuer Not Cooperating' Category Long-term- 412.00 [ICRA]D; ISSUER NOT Fund based COOPERATING; Rating Continues Term Loan to remain under 'Issuer Not Cooperating' Category Short-term- 33.75 [ICRA]D; ISSUER NOT Fund based COOPERATING; Rating Continues Cash Credit to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Apeejay Tea, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated 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, a rating view has been taken on the entity based on the best available information. Apeejay Tea Limited is a part of the Kolkata-based Apeejay Group, which in addition to tea has interests in shipping, hospitality, real estate and retail. ATL carries out the bulk tea businesses of the Group through its 17 gardens and operates the packet tea business under Apeejay Typhoo brand. The overall operating profile, however, is determined by the performance of the bulk tea operations, which account for ~95% of its income. ASSETZ PREMIUM: ICRA Withdraws B+ Rating on INR150cr NCD -------------------------------------------------------- ICRA has withdrawn the ratings assigned to the non-convertible debenture of Assetz Premium Holdings Private Limited, at the request of the company and based on the No Dues Certificate received from its Debenture Trustee in accordance with ICRA's policy on withdrawal. The Key Rating Drivers and their description, Liquidity Position, Rating Sensitivities and Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-convertible 150.00 [ICRA]B+ (Stable) ISSUER NOT Debenture COOPERATING; Withdrawn programme (NCD) Assetz Premium Holdings Private Limited, incorporated in March 2015, is a part of the Assetz Property Group, which was founded in 2006 and is headquartered in Singapore. The Group was previously into development management and has later ventured into undertaking projects under its own brand, primarily backed by private equity funding. At present, it is constructing residential row houses and plotted development project called 'Earth & Essence'in North Bangalore. The project has 4 phases, comprising 182 units in total. ATC LOGISTICS: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of ATC Logistics Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 22.75 [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 ATC, 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. ATC Logistics Private Limited (ATC) was promoted in 2009 by Mr. Tutul Chowdhury, with the objective of providing third-party logistics solutions. Prior to ATC Logistics Private Limited, Mr. Tutul Chowdhury was operating through ATC India, a proprietorship firm engaged in material handling and transportation for other large logistics solutions providers. Currently, the company operates out of a logistics facility located at Barasat, Kolkata and has branches in Sikkim, Jharkhand, Bihar Orissa, Assam, Meghalaya, Mizoram, Tripura and Arunachal Pradesh to cater to the requirements of the entire eastern and northeastern regions of the country. ATLAS MATERIAL: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Atlas Material Testing Technology (India) Private Limited c/o Ametek Instruments India Private Limited TIL 2, No.3, Clubhouse Road, Anna Salai, Anna Road, Chennai, Tamil Nadu, India 600002 Liquidation Commencement Date: April 7, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: C Dwarakanath No.31, Vidya Bhavan, 3rd Floor, Rear Block, Opposite Karanji Anjaneya Temple, West Anjaneya Temple Street, Basavanagudi, Bengaluru 560 004 Email: dwarakanath.c@gmail.com Tel: 080-41203012 Last date for submission of claims: May 8, 2025 BAFNA MOTORS: ICRA Keeps D Debt Rating in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Bafna Motors Pune Pvt Ltd in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 23.50 [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 BMPPL, 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 August 2017, BMPPL is an authorised dealer of Tata Motors Limited for its Passenger Vehicles (cars) as well as for theirspare parts and servicing. The company commenced operations from January 2018, taking over the fixed assets (showrooms and workshops) of Pandit Autowheels Pvt. Ltd. BMPPL is part of the Bafna Group promoted by Mr. M. C. Bafna and his sons, Mr. Sumati Prasad Bafna and Mr. Sanjeev Bafna. It also provides car finance and insurance facilities through its reputed channel partners (leading banks and NBFCs). BHALKESHWAR SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Bhalkeshwar Sugars Limited (BSL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 175.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 24.50 [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 BSL, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated 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, a rating view has been taken on the entity based on the best available information. Bhalkeshwar Sugars Limited (BSL) was incorporated in 2000 and is operating an integrated sugar plant in Bhalki in Bidar district of North Karnataka. The first phase of the sugar plant started commercial operations since February 2014, with a capacity of 2500 TCD and cogeneration capacity of 14 MW. As part of second phase, the company has expanded the sugar capacity to 4000 TCD in October 2017 and set up a distillery capacity of 60 KLPD, which commissioned in October 2018. BOCHEM HEALTHCARE: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Bochem Healthcare Private Limited Plot No, 84 Dewas Road Industrial Area, Ujjain, Madhya Pradesh, India, 456010 Insolvency Commencement Date: April 9, 2025 Court: National Company Law Tribunal, Indore Bench Estimated date of closure of insolvency resolution process: October 6, 2025 Insolvency professional: Mohd. Raees Sheikh Interim Resolution Professional: Mohd. Raees Sheikh 213 Azad Nagar Goli-Karkhana Indore 452001 MP Email: mrsheikh.pcs@gmail.com -- and -- c/o Swan Investment, H-3, P-15-16 Metro Tower, Vijay Nagar, Indore - v452010 Email: cirp.bochemhealthcare@gmail.com Last date for submission of claims: April 24, 2025 BRUHAT BENGALURU: ICRA Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term rating of Bruhat Bengaluru Mahanagara Palike in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 843.00 [ICRA]B+ (Stable); ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 1257.00 [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 BBMP, 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. Bruhat Bengaluru Mahanagara Palike (BBMP), established under the Karnataka Municipal Corporations Act 1976 (now replaced with the BBMP Act 2020), is an urban local body (ULB), which serves a population of 84.25 lakh (Census 2011) in Bengaluru, one of the largest cities in the country. Bengaluru, part from being the state capital, is a major information technology (IT)/IT-enabled Services (ITeS) sector hub. The ULB is divided into 198 administrative wards and extends over an area of 813.62 sq. km. The obligatory functions of the BBMP include solid waste management, maintenance of roads, bridges, drains, street lights, parks, playgrounds etc. The BBMP Council comprises 198 Ward Councillors and is headed by a Mayor, who is elected by the Councillors. Its executive wing is headed by a Municipal Commissioner, who is appointed by the GoK and is supported by the heads of various departments. The last election of the council was held in August 2015 and the next election is overdue since July 2020. CAMSON SEEDS: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Camson Seeds Limited Sy No. 113, Sadahalli Village, Opposite SLK Green Park Devanahalli Taluk Bangalore Rural, Karnataka, India 562110 Insolvency Commencement Date: April 9, 2025 Court: National Company Law Tribunal, Bengaluru Bench Estimated date of closure of insolvency resolution process: October 6, 2025 Insolvency professional: Ramanathan Bhuvaneshwari Interim Resolution Professional: Ramanathan Bhuvaneshwari C-006, Pioneer Paradise, 24th Main Road, 7th Phase, JP Nagar, Bangalore 560078 Email: bhoona.bhuvan@gmail.com Email: Cirp.camsonseeds@gmail.com Last date for submission of claims: April 23, 2025 GILLCO CONSTRUCTION: ICRA Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Gillco Construction Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category 10.00 As part of its process and in accordance with its rating agreement with GDBL, 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. Gillco Construction Private Limited (GDBL) was incorporated in 2015 and is involved in construction of real estate projects in the Mohali region of Punjab. The company is closely held by the Gill family based in Chandigarh, Punjab, with Mr. Tejpratap Singh Gill as its Managing Director. The company is currently engaged into execution of construction work for its group company –Gillco Developers & Builder Pvt Ltd. projects of group housing and residential floors in Sectors 115 and 127, Kharar. GRIPWELL FORGING: ICRA Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Gripwell Forging & Tools in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Gripwell Forging, 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 1948, Gripwell Forging and Tools a proprietorship concern was started by Sardar Kesar Singh and is primarily engaged in the manufacturing and exporting of hand tools having diversified product range under it. Mr. Gunit Singh Rana took over the concern acting as the executive director (also the proprietor) along with Mr. Ajit Singh Rana acting as the president. In 1998, Gripwell Forgings & Tools implemented the ISO 9002 System & Procedures and successfully obtained certification. Subsequently, the concern upgraded to the ISO 9001:2008 Quality System with certifications from Intertek Group Plc. Products such as Chrome Vanadium Steel Spanners and Steel Vices are approved for safety and quality by TUV Rheinland Germany and carry the coveted "GS" mark. The concern is also a BSCI (Business Social Compliance Initiative) compliant organization issued by Foreign Trade Association of Belgium. The concern has different products with different SKUs under it constituting majorly of vices, pliers, pincers, wrenches, spanners, hammers, pipe tools, saw blades, garden tools etc. H N CONSTRUCTION: ICRA Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term rating of H N Construction Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 7.00 [ICRA]B+ (Stable); ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with HNCPL, 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. H N Construction Private Limited (HNCPL) was incorporated in September 2007. The company executes turnkey projects for steel plants involving civil, mechanical and electrical works like erection, commissioning, installation, construction of foundation, civil works, renovation, procurement/supply, fabrication etc. of various equipments and structure mainly in Bokaro Steel City, Jharkhand. The management has an overall experience of more than two decades in the same line of business primarily through its group entity, H N Singh Construction, which was established in 1993 and the business of which was taken over by HNCPL with effect from April 1, 2016. HARPREET COLOR: ICRA Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term rating of Harpreet Color Vision (P) Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 14.40 [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 HCV, 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, Harpreet Color Vision Private Limited (HCV) assembles different variants of televisions under its own brand – Futec. The company is promoted by Mr. H.S. Malhotra and Mr. Harpreet Singh, who have two decades of experience in manufacturing and marketing of TVs. Till FY2016, the company mostly sold Cathode Ray Tube (CRT) TVs. However, it has now started making LED TVs as well. Moreover, the company imports miscellaneous electronic items like speakers, home theaters etc. from China and sells them under its own brand. The company's production facility is in Noida. The main market of the products includes mostly tier II and tier III cities in Jammu & Kashmir, Uttar Pradesh, Uttarakhand, Haryana, Rajasthan, Punjab, Bihar, and a few pockets of Delhi NCR. HENSON INFO: Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: Henson Info Solutions Private Limited SCO 54-55-56 Level 3, Sector 17A, Mohali, Chandigarh 160017, Punjab, India Liquidation Commencement Date: April 4, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Huzefa Fakhri Sitabkhan Think Capital Insolvency Professionals LLP 1012, Dalamal Tower, Free Press Journal Road, 211, Nariman P Mumbai 400021, Maharashtra, India Last date for submission of claims: May 4, 2025 JAVIN CONSTRUCTION: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term rating of Javin Construction Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-Term 30.00 [ICRA]B+ (Stable) ISSUER NOT Fund-based- COOPERATING, Rating continues Term loan to remain in the 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Javin Construction, 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. Javin Construction Pvt Ltd is a special purpose vehicle formed to execute the 'Raj empire' project in the Raj nagar Extension area of Ghaziabad. The development of the project is through the consortium of group entities namely S M builders, SS Buildcon and JCPL itself. The shareholding of these three entities are 50:40:10. The group is managed by two set of promoters namely Mr. Mukesh Chandra Agarwal from SS group and Mr. Deepak and Mr. Sudhir Rawat. The SS group has good experience in real estate development in NCR. The other directors also have more than 15 years of experience in real estate. Following is a list of projects completed by the group directors. KAMLESH METACAST: ICRA Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Kamlesh Metacast Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 18.60 [ICRA]B (Stable) ISSUER NOT Non Fund Based- COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with KMPL, 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. Kamlesh Metacast Pvt. Ltd. (KMPL) was initially incorporated in the year 2011 by Mr. Shyam Sundar Singhwi and Mr. Nimesh Singhwi with equal shareholding % in the company. The company was formed with a view to apply prospecting license (PL) for identification of limestone in the districts of Sirohi, Rajasthan. Mr. Nimesh is a geologist and has an extensive experience in the field to identification of mineral resources specially Limestone. Based on extensive research and experience, Mr. Nimesh has identified an area in Sirohi, Rajasthan which has good prospects of availability of limestone of cement grade. He demarcated an area of about 1900 hectares in Sirohi and filed for prospecting license application with Directorate of Mines & Geology (DMG), Udaipur (Rajasthan). Since the process of clearances for PL and other financial condition, which needs to be fulfilled beforehand requires a lot of investment. Due to insufficient funds the promoters sold their stake to Mr. Ananya Agarwal in 2013. Mr. Ananya purchased the stake through his family holding company namely M/s Naangi & Sons India Pvt.Ltd. The major shareholders of the company are Mr. Ananya and his mother Mrs. Manjusha Gupta. After taking over the previous management the current management pursued the demarcation of the land and other processes for clearances of the prospecting license by mining office, forest office and directorate office. The final consent of the application was given by DMG on December 24, 2014. The agreement was then eventually signed on March 12, 2015. The LOI agreement provides 3 years of prospecting period after which the company needs to submit the report to DMG, Udaipur; failing to do will attract the penalty from the DMG office. KARTIKEY RESORTS: ICRA Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Kartikey Resorts And Hospitality (P) Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING ". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 12.50 [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 KRHPL, 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. Kartikey Resorts and Hospitality Private Limited (KRHPL) was incorporated in September 2006 and currently runs 22 room hotels, namely Hotel Rajhans in Manali. KRHPL was also operating a hotel at Kausauli however it's been closed since January 2015. KHODAL COT-GIN: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Shree Khodal Cot-Gin Pvt. Ltd. (SKCGPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 6.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 1.85 [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 SKCGPL, 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. Shree Khodal Cot-Gin Pvt. Ltd. (SKCGPL) was incorporated in 2012 and it commenced ginning and pressing operations in January 2015 by setting up a manufacturing facility at Rajkot, Gujarat. The company's facility is equipped with 30 ginning machines and a pressing machine with a total capacity to process 28,000 MT of raw cotton annually. The operations of the firm are managed by Mr. Kamleshbhai Vekaria and Mr. Bharatbhai Vekaria. KRISHNA SHELTERS: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Sri Krishna Shelters Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 5.00 [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 SKS, 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. Sri Krishna Shelters Pvt. Ltd. (SKS) is a construction company, based in Bangalore, promoted by Mr. Raghavendra. Sri Krishna Shelters Pvt. Ltd. was started as a proprietorship concern named Sri Krishna Builders & Developers in the year 1990. In 2003, it was converted to a partnership concern with Mr. Raghavendra as Managing partner and Mrs. Sri Lakshmi as partner in the name of Sri Krishna Builders and Developers. In 2007 it was converted to a private limited company, Sri Krishna Shelters Pvt. Ltd. with Mr. Raghavendra as Managing Director and Mrs. Sri Lakshmi as Director. Over the last two decades, the Company has undertaken and completed many projects of diverse nature and concentrates on commercial projects, such as industrial buildings, hospitals, IT buildings, buildings for government organizations and for other major institutions. Some of the clients include: ISRO, Karnataka State Police Housing Corporation limited, Mysore, HAL (Hindustan Aeronautics Limited), NIT Surathkal, TATA Elxsi Limited, LIC etc. KRN ALLOYS: ICRA Keeps B- Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term rating of Krn Alloys Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B-(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-Term- 3.00 [ICRA]B- (Stable) ISSUER NOT Fund based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 5.30 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long-term- 2.76 [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 KRN, 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. KRN Alloys Private Limited (KRN), incorporated in 2008, is a manufacturer of steel billets and ingots, which are supplied to rolling mills and steel traders in Rajasthan and Gujarat. The company has two manufacturing units in Metoda, district Rajkot, Gujarat (Unit-I) and Beawar, Rajasthan (Unit-II). The combined capacity of the two units is about 34,000 metric tons (MT) per year. While Unit-I commenced production in February 2009 and has a capacity of 10,000 MT per year, Unit-II commenced production in June 2012 and has a capacity of 24,000 MT per year. MAATARINI TOLLWAYS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Sai Maatarini Tollways Limited 6-3-1090, TSR Towers, Rajbahvan Road, Rajbhavan Road, Somajiguda, Hyderabad, Telegana, India 500082 Insolvency Commencement Date: April 4, 2025 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: October 1, 2025 Insolvency professional: Kalvakolanu Murali Krishna Prasad Interim Resolution Professional: Kalvakolanu Murali Krishna Prasad 8-27, Plot No. 106, Mythripuram Colony, Karmanghat, Vyshalinagar (PO), Hyderabad 500079 Email: kmk123ip@gmail.com Email: smtl.cirp@gmail.com Last date for submission of claims: April 23, 2025 NEETA DEVELOPER: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating for the Bank Facility of Neeta Developer in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 15.00 [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 ND, 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 2006, Neeta Developer (ND) is a partnership firm formed by Mr. Diwakar V Shetty, Sadanand Raju Shetty and Mr. Uday Bhaskar Shetty as partners with the objective of developing slum land located at Kurla East under Slum Redevelopment Scheme. The firm is part of the 'Reliable Group,' which has over two decades of track record in the real estate. SASIDHAR POULTRIES: ICRA Keeps C+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Sasidhar Poultries Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]C+; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 5.00 [ICRA]C+; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 6.32 [ICRA]C+; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 3.68 [ICRA]C+; 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 Sasidhar Poultries, 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. Sasidhar Poultries Private Limited was incorporated by Mr. B. Sesha Rao in the year 2002. In the year 2002, the company started constructing the shed and it was completed in 2005. So, the commercial operations started in 2005. The company is located in the owned premises. The total company is spread over an area of 42 acres with built up area of 35 acres approximately. The company has 1 chick shed with capacity of 80000 chicks, 2 chick grower sheds with capacity of 40000 chicks each, 7 layer bird shed with capacity of 40000 birds each and 4 layer sheds with capacity of 20000 each. SHANKAR PARVATI: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Shankar Parvati Industries (SPI) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.00 [ICRA] B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 0.62 [ICRA] B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term 0.69 [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 SPI, 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. Shankar Parvati Industries (SPI) was established as a partnership firm in 2005 and is engaged in manufacturing of cotton bales and cotton seeds through ginning and pressing of raw cotton. The firm markets cotton bales to merchant traders and cottonseeds to local oil mills. SPI operates from its plant located in Kadi, Mehsana and is equipped with 39 ginning machines with a total installed input capacity of processing 20,160 Metric Tonnes (MT) of cotton per annum. The promoters of the firm have a long experience in the cotton ginning industry. SHANTHA TRUST: ICRA Keeps D Ratings in Not Cooperating Category --------------------------------------------------------------- ICRA has kept the Long-Term rating of Shantha Trust in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 1.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 7.00 [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 Shantha Trust, 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. Shantha Trust was registered in November 2011 with four trustees and is promoted by Mr. S. Senthilkumar. The Trust took over the operations of E.S. College of Nursing ("ESCON"/"the College") from Shantha Medical Foundation (SMF, a group entity), during 2013-14. ESCON started the operations in the year 2008. SMF presently takes care of the operations of ES Hospitals. In the current year 2016-17, the Trust has started the operations of E.S. Arts & Science College ("ESASC") from the current academic year 2016-17. ESCON presently offers courses in six specializations - Bachelor of Science in Nursing (B.Sc (N)), Diploma in General Nursing and Midwifery (DGNM), Post Basic Bachelor of Science in Nursing (P.B.B.Sc (N)), Diploma in Medical Laboratory Technology (DMLT), Auxiliary Nursing and mid-wifery (ANM) and Master of Science in Nursing (M. Sc (N)). The College is recognized by Indian Nursing Council (INC) and Tamil Nadu Nurses and Midwives Council (TNC) and is affiliated to The Tamil Nadu Dr. M.G.R. Medical University. ESASC offers five Under-Graduate (UG) courses namely Bachelor of Science in Maths, Bachelor of Science in Computer Science, Bachelor of Science in Physics, Bachelor of Arts in English and Bachelor of Commerce. The sanctioned strength for each course is 50 students. SIDDARTH INTERCRAFTS: ICRA Keeps C Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings for the Bank facilities of Siddarth Intercrafts Private Limited in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]C ISSUER NOT COOPERATING/[ICRA]A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/ 7.50 [ICRA]C; ISSUER NOT COOPERATING/ Short Term- [ICRA]A4; ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long-term- 2.50 [ICRA]C; 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 SG, 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. Siddarth Group (SG) was established in 1984 in Jaipur. Siddarth Group is engaged in the manufacturing of ladies 'garments, kid's garments, scarfs, and fashion accessories. Siddarth Group comprises of three Independent units producing Ladies and Children Garments namely Siddarth Organisation, Siddarth Organisation Limited and Siddarth Intercrafts Private Limited. The company is engaged in manufacturing and trading of garments primarily for women (such as Kurtis, cardigans, tops, coats, tunics, leggings, dresses, pants, leggings & salwar kameez). Siddarth Group has four Brands -Paprika, Surasa, Jaipuri Kurti, Chickpea. TAMILNADU STATE: ICRA Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-term rating of Tamilnadu State Transport Corporation (Kumbakonam) Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 24.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with TNSTCK, 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. TNSTCK, headquartered in Kumbakonam and wholly owned by GoTN, provides passenger transport services to many districts in Tamil Nadu. Its operating network spans across Ariyalur, Karur, Nagapattinam, Perambalur, Pudukottai, Ramanathapuram, Sivagangai, Thanjavur, Thiruvarur, Tiruchirapalli and Karaikal regions. As on March 31, 2018, TNSTCK had a fleet of 3,350 buses operating in 1850 routes daily through 60 depots, employing around 23,500 personnel. The average effective distance covered per day is close to 16.3 lakh kilometres, carrying about 27.9 lakh passengers. VARADHARAJA FOODS: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Varadharaja Foods Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 7.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 0.27 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short Term- (3.50) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable Rating Continues to remain under Others 'Issuer Not Cooperating' Category Long-term/ 7.73 [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 Varadharaja Foods, 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. Promoted by Mr. N.E. Kumar in May 2009, Varadharaja Foods Private Limited is a fruit processing company, engaged in sales of pulp and concentrate of fruits such as guava, papaya and tomato. VFPL has a processing unit in Ponnappagaunipalli Village, Krishnagiri district (Tamil Nadu). Since April 2014, the company was also engaged in sale of fruit juices under 'Laama' brand, wherein the company does not have any in-house manufacturing capacities but largely relies on third party companies for processing and packaging the juice drinks. VERSE INNOVATION: Internal Controls Inadequate, Deloitte Says ------------------------------------------------------------- The Economic Times reports that VerSe Innovation's auditor, Deloitte, has flagged issues in the internal controls of the parent of Dailyhunt and Josh for the financial year ended March 31, 2024, stating that these "material weaknesses" could potentially lead to misstatement in accounting aspects including operating expenses, trade payables and expense account balances. Deloitte's findings are part of the unlisted company's financial statement for fiscal 2024. In the filing made with the Registrar of Companies, the audit firm said VerSe did not have appropriate internal controls over the selection and evaluation of suppliers, approval of purchase orders and invoices, as well as payments, ET relates. The Bengaluru-based VerSe Innovation, which has raised over $2 billion in funds since being founded, is backed by the likes of Canada Pension Plan Investment Board (CPPIB), Ontario Teachers' Pension Fund, James Murdoch's private investment firm Lupa Systems, Z47 (formerly Matrix Partners). It last raised $805 million in a funding round led by CPPIB in 2022, valuing it at nearly $5 billion. According to ET, the auditor said VerSe lacked appropriate internal controls to review the completeness of expense provisions at each reporting date. In response to the auditor's remarks, VerSe said the company was strengthening its processes by conducting a "detailed workshop on the best practices and checklists" that would be followed by all the relevant personnel, ET relays. The company said it would create an "end-to-end order to cash process via a well-documented framework encapsulating supplier selection, approval process, invoicing and payments as per the DOA (delegation of authority)". In its audit report, Deloitte has also said that these material weaknesses do not impact their opinion on the consolidated financials. In a statement, VerSe said, "Deloitte, VerSe Innovation's long-term auditor, has issued a true and fair view of our FY24 consolidated financial statements, providing a clean audit opinion on our financials. While Deloitte identified certain internal control weaknesses, their report has clearly confirmed that these do not impact their opinion on the consolidated financial statements which is true and fair," ET relays. It added that it was committed to strengthening internal controls and plans to achieve break-even in the second half of ongoing fiscal. ET adds that the auditor also stated that while it was issuing an adverse opinion on VerSe's internal controls, its opinion on the financial statements was unqualified. Deloitte highlighted changes in the figures reported for the year ended March 31, 2023, and flagged an unsubstantiated claim of INR35 crore connected to unexplained invoices from a supplier which the company has not recognised as a trade payable. According to the company, the restatement in revenues for FY23 was because of adjustments on account of Indian Accounting Standards (Ind-AS), ET relates. The company's chief financial officer Sandip Basu had stepped down recently because of health issues, Mint had reported on April 23, ET says. Operating revenue for FY24 was fell to INR1,029 crore from INR1,104 crore in FY23, ET discloses citing the latest filing. It had earlier reported INR1,457 crore in operating revenue for FY23, but has now restated the number. Net loss at INR889 crore in FY24 fell 54% from the previous year, ET notes. ET says total expenses fell to INR2,148 crore from INR3,263 crore. The company spent INR1,154 crore on cost of materials consumed, INR502 crore on employee benefits and incurring other expenses of INR418 crore. ET adds that Deloitte said it did not audit the financial statements of eight subsidiaries, whose financial statements reflect total revenue of INR793 crore in FY24. "These financial statements have been audited by other auditors whose reports have been furnished to us by the management," it said. VerSe Innovation Private Limited is a technology company. The Company offers short video application, as well as provides machine learning and artificial intelligence technology services. VIMAL OIL: ICRA Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the long-term and Short-term ratings of Vimal Oil and Foods Limited 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 ---------- ----------- ------- Short-term 500.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term- 162.00 [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 Vimal Oil, 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. Vimal Oil & Foods Limited, incorporated in 1992, is primarily engaged in the refining and marketing of different types of edible oils. VOFL commenced operations at its refinery with a 50 tonnes per day (TPD) capacity in 1993 and has increased its capacity over the years to 250 TPD. The company also operates a 900 TPD refining capacity owned by a group company–Gujarat Spices and Oil seeds Growers Cooperative Union Ltd (GUJOIL) at Gandhidham. The company's product range includes refined oils of Cottonseed, Sunflower, Groundnut, Soya, Mustard and Palm. The refined oil is sold in the local market under "VIMAL" brand name. The Company also operates a wind mill which is situated at village Kalyanpur, Dist. Jamnagar with a capacity of 0.225 MW. ========= J A P A N ========= AEON CO: Egan-Jones Retains BB Senior Unsecured Ratings ------------------------------------------------------- Egan-Jones Ratings Company on April 24, 2025, maintained its 'BB' foreign currency and local currency senior unsecured ratings on debt issued by AEON CO., LTD. EJR also withdrew rating on commercial paper issued by the Company. Headquartered in Chiba, Japan, AEON CO., LTD. operates general merchandise stores, supermarkets, and convenience stores throughout Japan. =============== M A L A Y S I A =============== HO HUP: CEO Datuk Seri Chee Hong Leong Resigns ---------------------------------------------- The Malaysian Reserve reports that Ho Hup Construction Company Bhd announced that its CEO Datuk Seri Chee Hong Leong has resigned from his position effective April 28, citing "other business commitments". Chee, 61, was appointed as CEO on March 21, 2024, following the redesignation of Datuk Wong Kit Leong to executive director, according to the Malaysian Reserve. The Malaysian Reserve says the leadership change comes shortly after Ho Hup was classified as a Practice Note 17 (PN17) company on April 18, after its subsidiary Bukit Jalil Development Sdn Bhd defaulted on loan facilities amounting to MYR112.69 million. Insas Credit & Leasing Sdn Bhd, the lender, issued a demand notice to Ho Hup as the corporate guarantor, triggering PN17 criteria under Bursa Malaysia's Listing Requirements, as the group was unable to provide a solvency declaration. Based in Malaysia, Ho Hup Construction Company Berhad -- https://www.hohupgroup.com.my/ -- engages in foundation engineering, civil engineering, building contracting works and hire of plant and machinery. The Company operates in four segments: construction, which is engaged in foundation and civil engineering, building contracting works and engineering, procurement, construction and commissioning of pipeline system; property development, which includes the development of residential and commercial properties, manufacturing, which includes manufacturing and distribution of ready-mixed concrete, and other business segment, which represents hire of plant and machinery. The Company's subsidiaries include H2Energy Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd. ===================== N E W Z E A L A N D ===================== 777 CIVIL: Court to Hear Wind-Up Petition on May 30 --------------------------------------------------- A petition to wind up the operations of 777 Civil & Transport Limited Will be heard before the High Court at Auckland on May 30, 2025, at 10:00 a.m. Flexicommercial Limited filed the petition against the company on March 27, 2025. The Petitioner's solicitor is: Benoit Jacques Upton Simpson Grierson, Solicitors Level 27, 88 Shortland Street Auckland CLH CONSTRUCTION: Court to Hear Wind-Up Petition on May 30 ---------------------------------------------------------- A petition to wind up the operations of CLH Construction Limited will be heard before the High Court at Auckland on May 30, 2025, at 10:00 a.m. The River Trading Limited filed the petition against the company on March 28, 2025. The Petitioner's solicitor is: Yang Yang Level 1, Building 4 195 Main Highway Ellerslie Auckland 1051 LUSTRE BEAUTY: Creditors' Proofs of Debt Due on May 23 ------------------------------------------------------ Creditors of Lustre Beauty Group Limited are required to file their proofs of debt by May 23, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 23, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 NPAG ENTERPRISES: Court to Hear Wind-Up Petition on May 9 --------------------------------------------------------- A petition to wind up the operations of NPAG Enterprises Limited will be heard before the High Court at Auckland on May 9, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 13, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 TREE AWARENESS: Khov Jones Appointed as Receivers ------------------------------------------------- Steven Khov and Kieran Jones of Khov Jones on April 24, 2025, were appointed as receivers and managers of Tree Awareness Management Limited. The receivers and managers may be reached at: Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 ===================== P H I L I P P I N E S ===================== CHELSEA LOGISTICS: Unloads Taguig Property to Cut Firm's Debt ------------------------------------------------------------- Bilyonaryo.com reports that Chelsea Logistics and Infrastructure Holdings Corp., led by Davao-based businessman Dennis Uy, offloaded a portion of its Taguig City real estate through a dacion en pago deal, paring down debt and freeing up liquidity as it moves to streamline its operations. Bilyonaryo.com relates that the transaction shaved 5% off consolidated total assets and slashed current liabilities by 16%, the company said in a regulatory filing. The move is part of Chelsea's ongoing strategy to shed non-core assets and strengthen its balance sheet. The asset swap helped fuel a sharp turnaround. Chelsea swung to a PHP177 million net profit from a PHP1.143 billion loss in 2023, marking a 24% improvement over its net income at the time of its 2017 listing, Bilyonaryo.com discloses. A 14% surge in revenue to a record PHP8 billion and a 23% cut in operating expenses lifted operating profit more than tenfold, the report relays. Chelsea also reduced its debt load through a liability management exercise, leading to stronger equity levels and improved liquidity ratios. According to Bilyonaryo.com, President and CEO Chryss Alfonsus V. Damuy said the company navigated operational disruptions by shifting vessels to more profitable routes and boosting fleet capacity through time-charter deals. Chelsea is also ramping up digital initiatives, tapping partners like Xendit, Oracle NetSuite, Google, Starlink, and AWS to drive cybersecurity, e-commerce growth, and operational efficiency, adds Bilyonaryo.com. About Chelsea Logistics Chelsea Logistics & Infrastructure Holdings Corp operates as a holding company. The Company, through its subsidiaries, provides marine shipping services. Chelsea Logistics & Infrastructure Holdings transports passengers, cargos, petroleum, oil, chemicals, and other bulk products. Chelsea Logistics & Infrastructure Holdings serves customers in Philippines. Chelsea has piled up PHP12.2 billion in losses from 2018 through the first nine months of 2023. Its capital deficit has also surged by 11 percent year-to-date, reaching PHP10.5 billion as of September 2023, according to Bilyonaryo.com. TRESA'S CREATIONS: Wedding Coordinator Declares Bankruptcy ---------------------------------------------------------- SunStar Cebu reports that a well-known event coordinator in Cebu, Philippines, has officially declared bankruptcy, leaving hundreds of couples and suppliers in limbo. Tresa's Creations and Events, after declaring bankruptcy on April 15, 2025, has left over 200 couples in financial and emotional distress. The affected individuals claim that the company has accumulated unpaid obligations amounting to over PHP40 million, SunStar Cebu discloses. SunStar Cebu relates that preliminary reports suggest that the bankruptcy has also significantly impacted over 20 suppliers and five investors. Concerns continue to grow as the business owner has become unresponsive and has deactivated their personal Facebook account. According to a supplier interviewed by SunStar Cebu, one of the wedding coordination business owners issued a social media statement acknowledging the bankruptcy but provided no clear plan for repayment or resolution. The supplier added that they were unable to reach the number listed in the statement, as well as the owner's personal number, despite multiple attempts. Impacted individuals and entities have begun filing legal complaints and demand letters in a bid to pursue accountability and justice. SunStar Cebu reached out to the wedding coordinator on Wednesday, April 23, for comment but has not received a response as of press time. ================= S I N G A P O R E ================= 1.61 INVESTMENTS: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on April 11, 2025, to wind up the operations of 1.61 Investments Pte. Ltd. Luther Corporate Services Ptd. Ltd filed the petition against the company. The company's liquidator is: Tan Eng Soon 7500A Beach Road #05-303 The Plaza Singapore 199591 CITY ZONE: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on April 4, 2025, to wind up the operations of City Zone Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidator is: Gary Loh Weng Fatt BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 DIGITAL RIVER: Creditors' Proofs of Debt Due on May 22 ------------------------------------------------------ Creditors of Digital River Singapore Pte. Ltd. are required to file their proofs of debt by May 22, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 16, 2025. The company's liquidators are: Lindsay Duncan David Dong-Won Kim c/o KordaMentha Pte Ltd 50 Raffles Place #25-01 Singapore Land Tower Singapore 048623 MADELOU INVESTMENTS: Court Enters Wind-Up Order ----------------------------------------------- The High Court of Singapore entered an order on April 11, 2025, to wind up the operations of Madelou Investments Pte. Ltd. Luther Corporate Services Ptd. Ltd filed the petition against the company. The company's liquidator is: Tan Eng Soon 7500A Beach Road #05-303 The Plaza Singapore 199591 OKANE DESIGN: Court to Hear Wind-Up Petition on May 2 ----------------------------------------------------- A petition to wind up the operations of Okane Design Pte. Ltd. will be heard before the High Court of Singapore on May 2, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on April 4, 2025. The Petitioner's solicitors are: Adsan Law LLC 300 Beach Road #26-00 The Concourse Singapore 199555 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***