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250509.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, May 9, 2025, Vol. 28, No. 93 Headlines A U S T R A L I A EDUCARE TRAINING: First Creditors' Meeting Set for May 14 ESPLANADE CONSULTANCY: First Creditors' Meeting Set for May 15 EVERCENTRE PTY: First Creditors' Meeting Set for May 13 GRIFFITH AUTO: First Creditors' Meeting Set for May 14 PALLAS COUTURE: Bridal Brand Enters Voluntary Administration RED HOT: Second Creditors' Meeting Set for May 13 [] AUSTRALIA: Retailers Face Grim Administration Reality C H I N A ZW DATA: Reports Net Loss of US$3.8 Million for 2024 I N D I A A F ENTERPRISES: Insolvency Resolution Process Case Summary AKRITI SALES: Ind-Ra Cuts Bank Loan Rating to BB+ AMARAVATHI TOURISM: CARE Keeps D Debt Rating in Not Cooperating ANURAGAVI GARMENTS: Ind-Ra Affirms BB+ Rating, Outlook Stable ATCO ATMOSPHERIC: CARE Lowers Rating on INR4.45cr LT Loan to B B.K. EXPORTS: Ind-Ra Cuts Bank Loan Rating to D BAJRANG AGRO: CARE Keeps D Debt Rating in Not Cooperating Category BANOX EXIM: ICRA Keeps B+ Debt Ratings in Not Cooperating BESTECH HOSPITALITIES: ICRA Cuts Rating on INR173cr LT Loan to B+ BHATIA COLONIZERS: ICRA Keeps B+ Debt Rating in Not Cooperating BUTTON INDUSTRIES: Insolvency Resolution Process Case Summary CELON LABORATORIES: Ind-Ra Cuts Bank Loan Rating to BB+ CHEMILOIDS LIFE: ICRA Keeps B+ Debt Rating in Not Cooperating COGENT STEEL: CARE Keeps B- Debt Rating in Not Cooperating GOPIK CONNECT: Voluntary Liquidation Process Case Summary GOPISH PHARMA: CARE Keeps D Debt Ratings in Not Cooperating INDIAN INDUCTIONS: Voluntary Liquidation Process Case Summary J.S. GROVER: CARE Keeps C Debt Rating in Not Cooperating Category JAYAMM MILK: CARE Lowers Rating on INR25cr LT Loan to B KAMRAN EXPORTS: CARE Keeps D Debt Rating in Not Cooperating KVR INDUSTRIES: Liquidation Process Case Summary M/S KAVERI: Ind-Ra Cuts Loan Rating to BB, Outlook Stable MAHESHWARI COAL: ICRA Keeps B Debt Ratings in Not Cooperating MVP GROUP: ICRA Keeps D Debt Rating in Not Cooperating Category PADMAJA FARMS: ICRA Keeps B+ Debt Rating in Not Cooperating PCI LIMITED: Insolvency Resolution Process Case Summary RAMESHWAR COTTEX: ICRA Keeps D Debt Ratings in Not Cooperating REGENCY EXPORTS: CARE Keeps B- Debt Rating in Not Cooperating S B DR SOHAN SINGH: Voluntary Liquidation Process Case Summary S.C.P. INFRACON: CARE Keeps C Debt Rating in Not Cooperating SAHITI INFRATECH: Insolvency Resolution Process Case Summary SHEEL DIAMOND: ICRA Keeps B+ Debt Ratings in Not Cooperating SHEEL GEMS: ICRA Keeps B+ Debt Rating in Not Cooperating Category SIBRI TRADERS: Insolvency Resolution Process Case Summary SITARAM INDIA: ICRA Keeps B+ Debt Ratings in Not Cooperating SMAAASH ENTERTAINMENT: NCLT Approves Nazara's Resolution Plan SOMULA CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating SPICA PROJECTS: ICRA Keeps B+ Debt Ratings in Not Cooperating SS INNOVATIONS: Reports $19.2 Million Net Loss for FY 2024 TM MOTORS: CARE Lowers Rating on INR12cr LT Loan to B+ URVESH PSYLLIUM: ICRA Keeps B+ Debt Ratings in Not Cooperating VICTORIA FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating VS REALTECH PRIVATE: Insolvency Resolution Process Case Summary XRBIA CHAKAN: Insolvency Resolution Process Case Summary I N D O N E S I A GARUDA INDONESIA: Grounds 15 Planes Over Maintenance Issues MEDCO ENERGI: Fitch Assigns BB- Rating on Proposed Unsecured Notes MEDCO ENERGI: Moody's Rates New Senior Unsecured Bond 'B1' M A L A Y S I A CAPITAL A: Shareholders Approve Up to US$1.4BB Capital Reduction TH HEAVY: CA Rejects Bid to Block Move for Compulsory Winding Up N E W Z E A L A N D AVVAL CORPORATION: Grant Bruce Reynolds Appointed as Liquidator B N Y LIMITED: Court to Hear Wind-Up Petition on May 30 INFINITY POOLS: Court to Hear Wind-Up Petition on May 30 JIM HOWLETT: Creditors' Proofs of Debt Due on June 17 NEW ZEALAND RUGBY: Reports NZD19.5 Million Loss for 2024 VELVET VISTA: Creditors' Proofs of Debt Due on June 27 P H I L I P P I N E S DEL MONTE: Opts Out of US$45MM US Settlement for Subsidiaries S I N G A P O R E BOMPIPI LIVE: Court Enters Wind-Up Order BRAND UP: Court Enters Wind-Up Order CHARTERED INSTITUTE: Creditors' Proofs of Debt Due on June 2 GROUP IME: Court Enters Wind-Up Order SINCO SHIPPING: Creditors' Proofs of Debt Due on June 2 - - - - - ================= A U S T R A L I A ================= EDUCARE TRAINING: First Creditors' Meeting Set for May 14 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Educare Training Institute Australasia Pty Ltd will be held on May 14, 2025 at 10:30 a.m. via teleconference. Matthew Charles Hudson and Terry Grant van der Velde of SV Partners were appointed as administrators of the company on May 1, 2025. ESPLANADE CONSULTANCY: First Creditors' Meeting Set for May 15 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Esplanade Consultancy Pty Ltd will be held on May 15, 2025 at 3:00 p.m. at the offices of Westburn Advisory at Level 5, 115 Pitt Street in Sydney. Shumit Banerjee of Westburn Advisory was appointed as administrator of the company on May 6, 2025. EVERCENTRE PTY: First Creditors' Meeting Set for May 13 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Evercentre Pty Ltd will be held on May 13, 2025 at 10:30 a.m. via Microsoft Teams meeting. Jeremy Joseph Nipps and Thomas Birch of Cor Cordis were appointed as administrators of the company on May 1, 2025. GRIFFITH AUTO: First Creditors' Meeting Set for May 14 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Griffith Auto Dismantlers Pty Ltd will be held on May 14, 2025 at 11:30 a.m. via virtual meeting only. Bradd William Morelli and Stewart William Free of Jirsch Sutherland were appointed as administrators of the company on May 2, 2025. PALLAS COUTURE: Bridal Brand Enters Voluntary Administration ------------------------------------------------------------ Carla Mascarenhas at The Senior reports that a luxury Australian bridal brand worn by some of Australia's top celebrities and WAGS has entered voluntary administration with around 56 brides-to-be awaiting delivery of their dresses. Pallas Couture, established by designer Joy Morris in 2001, is known for premium wedding dresses that could cost as much as tens of thousands of dollars. According to The Senior, advisory firm Cor Cordis was appointed voluntary administrators after the ATO applied to the Federal Court to wind up the company. ACM understands that around 56 brides-to-be around the country are awaiting gowns, having collectively paid approximately AUD509,000 in deposits, The Senior relays. Administrators Jeremy Nipps and Thomas Birch told ACM on May 8 that there would be "minimum disruption" to clients as gowns already in the works will "continue to be created and delivered on time". Stores around the country and the company's website are still operational, The Senior notes. The administrators took control of the business on May 1. An audit of the company's finances would allow the business to "continue prioritising all brides and continue operations as normal," the administrators said. "During this transition, Pallas Couture remains dedicated to its clientele, ensuring a seamless continuation of its service." Reality TV star Snezana Wood famously wore Pallas Couture on her wedding day in 2019, as well as cricketer David Warner's wife, Candice Falzon. RED HOT: Second Creditors' Meeting Set for May 13 ------------------------------------------------- A second meeting of creditors in the proceedings of Red Hot Fire Protection Pty Ltd has been set for May 13, 2025 at 12:30 p.m. via teleconference and video conference only. 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 12, 2025 at 5:00 p.m. Aaron Kevin Lucan of Worrells was appointed as administrator of the company on March 27, 2025. [] AUSTRALIA: Retailers Face Grim Administration Reality -------------------------------------------------------- Stewart Perrie at Yahoo Finance reports that the retail industry in Australia is facing a rocky future as consumer spending remains muted amid global uncertainty, interest rate decisions and the cost-of-living crisis. Several big-name retailers have recently gone bust or been plunged into administration after dominating the sector for years or even decades, the report says. Sanity, Godfreys, Rivers, Noni B, Alice McCall, Ally, and Jeanswest are some of those brands that have been forced to close, drastically shrink, or change how they operate. Yahoo Finance found a grim scene inside an Ally store in Sydney that shut when the retailer was ordered into liquidation and hundreds lost their jobs in March. Yahoo Finance says the racks were full but the lights were off and doors of the store, inside Sydney's Central Park, were closed. So what happens to all of those clothes? Before they shut for good, they usually try to sell all of their items to recoup some costs and clear out their inventory. Jeanswest sold more than 53,000 pairs of jeans in the first week of a nationwide discounting campaign but Ally - which was launched in 2001 - had no such luck, despite sales as low as $10, according to Yahoo Finance. "Eventually, all stores close and any remaining products are either donated to charity stores, or if sufficient volumes remain the voluntary administrator may attempt to sell those inventories to a retailer like TK Maxx," QUT consumer expert Professor Gary Mortimer told Yahoo Finance. The consumer expert described TK Maxx's business model as "opportunistic" because the retailer usually pounces on buying and selling off-price merchandise. They receive their stock from a wide variety of places, whether they're from cancelled orders, inventory from closed businesses, or end-of-season products. According to Yahoo Finance, Mr. Mortimer said in some cases, remnants can be packed up and sent to a central store for a flash sale but that was costly. "Retailers normally try to avoid this practice as transporting heavily discounted products only increases costs, thus losses," he said. ========= C H I N A ========= ZW DATA: Reports Net Loss of US$3.8 Million for 2024 ---------------------------------------------------- ZW Data Action Technologies Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting that for the years ended December 31, 2024 and 2023, the Company incurred net losses of US$3.8 million and US$6 million, respectively. Net operating cash outflow for the years ended December 31, 2024 and 2023 was US$2.06 million and US$2.01 million, respectively. As of December 31, 2024, the Company had cash and cash equivalents of US$0.81 million and working capital of US$3.33 million. The Company experienced decreased revenue but increased gross profit for the year ended December 31, 2024. The decreased in revenue was primarily attributable to the winding down of our distribution of the right to use search engine marketing service in the PRC but the improvement in gross profit is due to increased revenue in higher margin internet advertising and related services such as influencer marketing. Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has accumulated deficit of $63.5 million from recurring net losses and significant net operating cash outflow for the year ended December 31, 2024. All these factors raise substantial doubt about its ability to continue as a going concern. ZW Data said, "Our current core business is to provide advertising and marketing services to small and medium enterprises ("SMEs"), which is particularly sensitive to changes in general economic conditions. However, as we wind down our search engine marketing distribution service in the PRC, we are seeing an improvement in our gross margins as well as significantly reduced operating expenses that will improve our cash flow and liquidity in the next 12 months. "In order to improve operation performance, from early 2022, we started to introduce our new SaaS services to our customers. The SaaS services were designated to provide one-stop blockchain-powered enterprise management solutions via our Blockchain Integrated Framework platform in forms of unique NFT generations, data record, share and storage modules subscriptions etc. We generated approximately US$0.75 million of revenues from this new SaaS services in fiscal 2024. Although revenues from the new SaaS services business and its profitability have not met our expectations, it is expected to bring us positive cash flow and help to improve our liquidity, as these services are provided based on technologies of our self-developed software platform, which does not need any further material cash outflow to other third-party service providers. "In addition, for the next 12 months from the date hereof, we anticipate to generate additional cash inflows and/or improve our liquidity through the following: (1) our short-term working capital loans provided to unrelated parties will mature within the next 12 months that we anticipate collecting these loan principals and the related interest income within the next 12 months; (2) if at any time we anticipate insufficiency of our working capital, we can apply for revolving credit facility from commercial banks in the PRC to supplement our short-term liquidity deficit. We have not experienced any difficulties in obtaining such credit facility before, and this could result in fixed obligations and incremental cost of interest; (3) we plan to reduce our operating costs through optimizing the personnel structure among different offices and reduce our office leasing spaces, if needed. This may incur incremental costs related to employee layoff compensation and contract termination penalty. "If the Company fails to achieve these goals, the Company may need additional financing to execute its business plan. If additional financing is required, the Company cannot predict whether this additional financing will be in the form of equity, debt, or another form, and the Company may not be able to obtain the necessary additional capital on a timely basis, on acceptable terms, or at all. In the event that financing sources are not available, or that the Company is unsuccessful in increasing its gross profit margin and reducing operating losses, the Company may be unable to implement its current plans for expansion, repay debt obligations or respond to competitive pressures, any of which would have a material adverse effect on the Company's business, prospects, financial condition and results of operations," the Company concluded. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/2s37h4hz About ZW Data Action Technologies Beijing, China-based ZW Data Action Technologies Inc., established in 2003, is an ecological enterprise that provides digital services to sales and marketing channels through blockchain, big data, and precision marketing. ZW Data Action is committed to empowering SMEs to achieve more efficient and accurate operations and management, resulting in additional value for clients. As of Dec. 31, 2024, the Company had US$9.7 million in total assets, US$6 million in total liabilities, and a total equity of US$3.7 million. ========= I N D I A ========= A F ENTERPRISES: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: A F Enterprises Limited Registered Address: 15/18 Basement B Portion, West Patel Nagar, Central Delhi, New Delhi, Delhi, India, 110008 Business Address: Plot No. 8, Sector-5 Main Mathura Road, Ballabgarh, Faridabad, Haryana, India, 121006 Insolvency Commencement Date: April 25, 2025 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: October 22, 2025 Insolvency professional: Sumit Sharma Interim Resolution Professional: Sumit Sharma C-3/69 A, Keshav Puram, North West, Delhi 110035 Email: mail@sumitsharma.in -- and -- A-17, 2nd Floor, Pushpanjali Enclave, Pitampura, Delhi 110034 Email: cirp.afenterprises@gmail.com Last date for submission of claims: May 14, 2025 AKRITI SALES: Ind-Ra Cuts Bank Loan Rating to BB+ ------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Akriti Sales Corporation's (ASC) bank facilities to 'IND BB+' from 'IND BBB-'. The Outlook is Stable. The detailed rating actions are: -- INR99.50 mil. Fund-based working capital limits assigned with IND BB+/Stable/IND A4+ rating; -- INR1.165 bil. (reduced from INR1.415 bil.) Fund-based working capital limit* downgraded with IND BB+/Stable/IND A4+ rating; -- INR40 mil. Non-fund-based working capital limit downgraded with IND A4+ rating; and -- INR12.02 mil. (reduced from INR41.90 mil.) Term loan due on May 12, 2026 downgraded with IND BB+/Stable rating. * Interchangeability allowed up to INR120 million with non-fund-based working capital limit. Analytical Approach Ind-Ra continues to take a fully consolidated view of ASC to arrive at the ratings, on account of its moderate legal, strong operational and moderate to strong strategic linkages with its newly incorporated group entities: Akreeti Tradecorp LLP (ATL)and Kayssa Infracon (India) Private Limited (KIPL), having common promoters and similar line of business. Detailed Rationale of the Rating Action The downgrade reflects ASC's interest coverage breaching the agency's negative rating trigger along with deterioration in its profitability and liquidity over FY24-FY25. The decline in the profitability was industry wide and was primarily driven by muted demand. A recovery in the profitability and the credit metrics remains a key rating monitorable. However, the ratings are supported by ASC's established market position and established relationship with its suppliers. Detailed Description of Key Rating Drivers Significant Deterioration in Credit Metrics: ASC's consolidated net leverage (total net debt/EBITDA) increased to 8.26x in FY24 (FY23: 3.84x; FY22: 4.03x), owing to the company's high dependence on external borrowings to fund its working capital requirement apart from a decline in profitability to INR201.82 million (INR250.93 million, INR168.45 million). The company's EBITDA decreased to INR190.10 million in FY25, due to the decrease in steel demand. The company's total debt comprises working capital borrowings, unsecured loans emergency credit line guarantee scheme and vehicle loans. The interest coverage (EBITDA/interest) declined to 1.82x in FY24 (FY23: 3.55x, FY22: 3.46x). Ind-Ra expects the net leverage to have remained above 9.0x and the interest coverage to have remained below 1.25x in FY25, on the back of its modest profitability. Ind-Ra expects the credit metrics to slightly improve but remain modest in the near to medium term due to the management's plans to reduce overall borrowings. The company's FY25 numbers are provisional in nature. Average and Volatile EBITDA Margins: ASC's profitability has been low on account of its low value addition trading nature of business and intense competition in the market. Also, the company's profitability has been fluctuating in the past due to fluctuating material prices. The consolidated EBITDA margins weakened to 2.10% in FY25 (FY24: 2.40%; FY23: 2.94%; FY22: 2.64%) due to a correction in steel prices. The return on capital employed reduced to 12.7% in FY24 (FY23: 23.9%). The decline in the company's EBITDA resulted in significant deterioration in the EBITDA per metric ton to INR1,090 million in FY25 (FY24: INR1,358 million; FY23: 1820 million, FY22: INR 1508 million). The agency expects the margin to be at 2%-2.1% in the near to medium term due to trading nature of the operations Competitive and Cyclical Nature of Industry: The steel trading industry remains highly fragmented, with a large number of organized and unorganized players, leading to intense competition. Also, the industry is cyclical in nature owing to its dependence on macro-economic growth factors; this has a major impact on the sustainability of trading companies such as ASC. Risk of Capital Withdrawal: Since ASC operates as a proprietorship firm whereas ATL operates as a limited liability partnership firm, there is always an inherent risk of withdrawal of capital at the time of personal contingency. Furthermore, the entity has restricted access to external borrowings where the net worth, as well as the creditworthiness of the partners, are critical factors affecting the credit decisions of the lenders. Hence, limited funding avenues, along with limited financial flexibility, restrict the further prospects for the firm. Long Track Record of Operations, with Authorized Distributorship: ASC has been in the steel trading business over a decade. The promoter has almost a decade of experience through employing at Vikram Cement (now Ultratech Cement Limited: 'IND AAA'/Stable/'IND A1+') as a regional manager which enabled the entity to establish strong relationships with customers and suppliers in the industry. The company has an authorized dealership of Steel Authority of India Limited (SAIL; 'IND AA'/Stable/'IND A1+') and Jindal Steel & Power Limited (JSPL) for structural steel in ASC and JSPL. During FY24, ASC procured 39% of its material requirement from SAIL, 26% from Gallant Metal Ltd, 17% from JSPL and the balance from other suppliers in the industry. The entity sells directly to corporates, and benefits from a diversified customer base. The top five customers contributed around 23% to the total revenue in FY24 which comprise of reputed names viz. SRF Limited ('IND AA+'/ Stable/'IND A1+'), Gharda Chemicals Limited, ArcelorMittal Nippon Steel India among others. ASC receives orders from the corporate customers based on the capex requirements thereof. Medium Scale of Operations The management expects ASC's consolidated revenue to have grown 7%-8% yoy to INR9,063.75 million in FY25 (FY24: INR8,397.67 million; FY23: INR8,521.01 million), mainly on the back of around 17% yoy increase in sales volume following the commencement of the operations of ATL and KIPL in FY24 and FY25 was the first full year of operations. Ind-Ra expects the revenue to increase in the near to medium term with a likely market recovery supported by the government's continued spending on infrastructure projects. Liquidity Stretched: The average maximum utilization and average month-end peak utilization of ASC's fund-based limits was 84% and 74%, respectively, for the 12 months ended 31 March 2025. ASC's cash and cash equivalents increased to INR5.57 million at FYE24 (FYE23: INR2.43 million; FYE22: INR2.49million). The net working capital cycle increased to 54 days in FY24 (FY23: 35; FY22: 38), due to an increase in the inventory days to 21 days (16 days; 26 days) and a decrease in the creditor days to 1 (13; 20). However, Ind-Ra expects the working capital cycle to have remained at similar levels in FY25. The company's cash flow from operations significantly deteriorated and remained at negative INR643 million in FY24 (FY23: Negative INR22.88 million), mainly on account of unfavorable changes in the working capital. The company has debt obligations of INR6.8 million for FY26 and INR5.7 million for FY27, which would be repaid through its internal accruals. Rating Sensitivities Negative: A decline in the scale of operations and EBITDA margins, resulting in deterioration in the credit metrics and/or a weakening of the liquidity position, all on a sustained basis, could lead to a negative rating action Positive: A substantial improvement in the scale of operations and EBITDA margins along with an improvement in the liquidity position and the credit metrics, with the interest coverage remaining above 2.5x could lead to a positive rating action. About the Company ASC is a proprietorship firm established in 1999 by Kamal Drolia. It is engaged in the trading of structural steel and thermo mechanically treated bars. The promoter initially started with the cement business and forayed into the steel trading business in 2010. ASC is an authorized distributor for companies such as SAIL, JSPL for structural steels. ASC is also authorized distributor for TMT bars for Gallantt Ispat Limited ('IND A+'/Stable/'IND A1+') and Electrotherm India Limited. During FY24, ASC incorporated ATL and KIPL and a part of the sales of ASC was moved to these companies. In the next two-to-three years, ASC will be dissolved. AMARAVATHI TOURISM: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Amaravathi Tourism Projects Limited (ATPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.90 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 10, 2024, placed the rating(s) of ATPL under the 'issuer non-cooperating' category as ATPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ATPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 24, 2025, March 6, 2025, March 16, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Amaravathi Tourism Projects Limited (ATPL) was incorporated as a public limited company on October 20, 2015. In 2017, ATPL registered with the Government of Andhra Pradesh, Department of Tourism. Mr. Akkineni Bhavani Prasad, Ms. Jammula Radhikamani and Ms. Sameera Banu are the directors of the company. The company proposes to establish a convention centre with a seating capacity of 2000 people and a restaurant to cater to 250 people in Vijayawada, Andhra Pradesh. The registered office and the proposed property is located in Nidamanuru, Vijayawada. ANURAGAVI GARMENTS: Ind-Ra Affirms BB+ Rating, Outlook Stable ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Sri Anuragavi Garments' (SAG) bank loan ratings as follows: -- INR400 mil. Fund-based working capital limit affirmed with IND BB+/Stable/IND A4+ rating. Detailed Rationale of the Rating Action The ratings reflect SAG's continued small scale of operation and modest EBITDA margin, along with the inherent risk raw material of price fluctuation. Ind-Ra expects the scale of operations to rise along with EBITA margins with an improvement in the credit metrics in FY26. The ratings are supported by the company's comfortable credit metrics and promoter experience of more than three decades in the industry. Detailed Description of Key Rating Drivers Continued Small Scale of Operations; Likely to Improve: The ratings reflect SAG's continued small scale of operations with a revenue of INR1,006.97 million in FY24 (FY23: INR1,217.17 million) and an EBITDA of INR101.55 million in (INR114.50 million). In FY24, the revenue declined due to inconsistency in order size from existing customers. In FY25, SAG booked a revenue of INR1,603.86 million and had an order book of INR965 million at end-March 2025, to be executed by March 2026. The capacity utilization increased to 83% in FY25 (FY24: 67%), on account of a higher demand for ready-made hosiery garments, while the total installed capacity sustained at 1.5 million pieces per month. In FY26, Ind-Ra expects the revenue to improve due to a higher expected orders size coupled with SAG onboarding new customers. FY25 financials are provisional. Modest EBITDA Margin in FY24: The ratings also factor in the SAG's modest EBITDA margin of 10.1% in FY24 (FY23: 9.4%) with a return on capital employed of 11.4% (12.5%). In FY24, the EBITDA margin remained at similar level despite a correction in the raw material prices (FY24: INR56,000 per bale; FY23: INR61,000 per bale), on account of a decline in the scale of operations which led to a poor fixed cost absorption. Raw material remains one of the major components of the cost structure, accounting for around 34% of the overall revenue in FY24 (FY23: 44%). Thus, the operating margin will remain exposed to raw material price movements. In FY25, SAG's EBITDA margin improved marginally to 11.3% with and a return on capital employed of 19.3% on account of increased scale of operations and in FY26, Ind-Ra expects the EBITDA margin to remain at similar level due to similar nature of operations. Stretched Liquidity: Please refer to the liquidity section below. Inherent Industry Risks: The textile industry in India is highly fragmented due to the low entry barriers; it has also been facing overcapacity, mainly in the cotton textile sector. This, coupled with volatile raw material prices, has impacted the segment over the years. Comfortable Credit Metrics: SAG's credit metrics remain comfortable even as its interest coverage (operating EBITDA/gross interest expenses) declined to 3.04x in FY24 (FY23: 3.91x) and net leverage (adjusted net debt/operating EBITDAR) increased to 3.79x (2.16x), due to higher short-term debt utilization. In FY25, Ind-Ra expects the interest coverage and net leverage to have improved marginally year-on-year to 4.17x and 2.15x, respectively. SAG has planned capex of INR79 million to be completed by September 2025, which will be funded through a term loan of INR79 million to begin in May 2025. Experienced Promoter: The ratings are, however, supported by the promoters' nearly three decades of experience in the textile industry. This has facilitated the company to establish strong relationships with customers as well as suppliers. Liquidity Stretched: SAG's average maximum utilization of the fund-based limits was 95% during the 12 months ended March 2025 with an instance of overutilization up to three days. The cash flow from operations turned negative at INR106.2 million in FY24 (FY23: INR173.14 million) due to higher working capital requirements. Furthermore, the free cash flow stood at negative INR125 million (FY23: INR145 million) due to the same. The elongated net working capital cycle deteriorated further to 217 days in FY24 (FY23: 65 days) mainly on account of higher inventory days. The company provides 90 days of credit period to its customers and receives around 60 days credit period from its suppliers. The inventory holding period varies from 50-60 days (with raw material holding of 60 days, work-in-progress of 30 days and finished good stocking of around 14 days). SAG has debt repayment obligations of INR18.6 million in FY26 and FY27 each. The cash and cash equivalents stood at INR3.4 million at FYE24 (FYE23: INR38.22 million). Furthermore, SAG does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: Deterioration in the scale of operations, leading to deterioration in the credit metrics and/or deterioration in the liquidity position on a sustained basis, will be negative for the ratings. Positive: A substantial increase in the scale of operations, along with an improvement in the liquidity position and the credit metrics with the leverage sustaining below 3.5x, will be positive for the ratings. About the Company Established in 2005, SAG is a partnership firm in Tirupur, Tamil Nadu, engaged in manufacturing and export of women, men, kids and infant garments. The firm has four manufacturing units. The firm is promoted by N Govindasamy. The business operations are managed by the managing partner N Govindasamy, and other partners G. Radhamani and K. Mohanraj, who share profits and loss in the ratio of 40%,30% and 20%, respectively. The operations of the firm are primarily export-oriented with a major portion of the products being exported to customers in the US and European countries. The total production capacity is 1.5 million pieces/month. ATCO ATMOSPHERIC: CARE Lowers Rating on INR4.45cr LT Loan to B -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of ATCO Atmospheric and Speciality Gases Private Limited (AASGPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.45 CARE B; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 16, 2024, placed the rating(s) of AASGPL under the 'issuer non-cooperating' category as AASGPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AASGPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 2, 2025, March 12, 2025 and March 22, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of AASGPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Ahmedabad (Gujarat) based ASGPL was incorporated as Private Limited company in 2010 by Mr. Dhrumit Patel. ASGPL is engaged in the business of purification and supply of wide range of industrial gases, speciality gases, medical mixture gases, rare gases like Neon, Krypton, Xenon, etc. They have a capacity to process 35-40 cylinders per day and storage capacity of 3000 gas cylinders at their warehouse located at GIDC Vatva and purification plant at Pinglaj, Kheda district. B.K. EXPORTS: Ind-Ra Cuts Bank Loan Rating to D ----------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded B. K. Exports' bank facility rating to 'IND D (ISSUER NOT COOPERATING)' from 'IND C (ISSUER NOT COOPERATING)'/'IND A4 (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating review, despite continuous requests and follow-ups by the agency. The rating thus is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating action is: -- INR240 mil. Fund-based working capital facility Long- term/Short-term downgraded with IND D (ISSUER NOT COOPERATING) rating. Detailed Rationale of the Rating Action The downgrade reflects delays in debt servicing by B. K. Exports. Ind-Ra has relied on the information available through internal sources. However, Ind-Ra has not been able to ascertain the reason for the delays, as the company has been non-cooperative. The ratings continue to be maintained in non-cooperating category in accordance with Ind-Ra's Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with B. K. Exports while reviewing the rating. Ind-Ra had consistently followed up with B. K. Exports over emails, apart from phone calls. The issuer has also not been submitting their monthly no default statement. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of B. K. Exports, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. B. K. Exports has been non-cooperative with the agency since 6 August 2020. About the Company Founded in 2008 by Bellam Kotaiah, BK is a proprietorship concern engaged in the trading of tobacco. BAJRANG AGRO: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Bajrang Agro Industries (BAI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.59 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 29, 2024, placed the rating(s) of BAI under the 'issuer non-cooperating' category as BAI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BAI continues to be non-cooperative despite repeated requests for submission of information through emails dated March 15, 2025, March 25, 2025 and April 4, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Wardha (Maharashtra) based BAI is a partnership firm formed by Mrs. Vaishali Kharse and Mr. Ishwar Kharse governed by partnership deed dated November 26, 2015. BAI is a new entrant in cotton ginning and pressing at its processing facility located at Wardha, Maharashtra, having an installed capacity of 900 quintals per day. The firm had commenced its operation in February 2018. BANOX EXIM: ICRA Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has kept the long-term and Short-term ratings of Banox Exim Private Limited (BEPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING /[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term 8.00 [ICRA]B+ (Stable); ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short Term- 2.00 [ICRA]A4 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 BEPL, 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 2005, BEPL is a closely-held company promoted by Mr. Kanwal Mohan Sehgal. The company manufactures and exports various kinds of leather bags for women. Its manufacturing facility is in Manesar, Haryana. BEPL exports products to reputed retailers, primarily in Europe. BESTECH HOSPITALITIES: ICRA Cuts Rating on INR173cr LT Loan to B+ ----------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Bestech Hospitalities Private Limited (BHPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 173.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating Downgraded Term Loan from [ICRA]BB+(Stable) ISSUER NOT COOPERATING and continues to remain under the 'Issuer Not Cooperating' category Rationale The rating is downgrade because of lack of adequate information regarding BHPL performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Bestech Hospitalities Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Bestech Hospitalities Private Limited (BHPL) is part of the Bestech Group, which was founded by Mr. Dharmendra Bhandari and Mr. Sunil Satija in the early 1990s. The Group started as a construction contractor and has been in the construction business for over two decades. It has constructed over 16 msf of space for various real estate projects, including several residential and commercial projects in the National Capital Region (NCR) for developers like Unitech, MGF, etc. In 2001, the Group diversified into real estate business and incorporated BIPL. Over the years, the Bestech Group has developed more than 16 msf of residential and commercial projects in Gurgaon, Mohali and Dharuhera. In 2002, the Bestech Group diversified into the hospitality sector and incorporated BHPL, which has completed four hotel properties—Park Plaza Gurgaon (45 rooms), Radisson Suites Gurgaon (35 rooms), Radisson Blu Indore (200 rooms) and Radisson Blu Nagpur (214 rooms), Radisson (formerly Park Plaza) Noida (88 rooms). The company has sold Radisson Suites Gurgaon and Park Plaza Gurgaon. It is undertaking capex to develop two properties in BHPL—Park Plaza (Indore) and Park Plaza (Nagpur). This apart, the company also has a JV with the Radisson Hotel Group to develop a chain of Radisson Red hotels in India, under one joint JV - BHOPL, wherein one property – Radisson Red (Mohali) – was constructed and started operations in December 2021. Radisson Red (Gurgaon), which is the second hotel under this JV, is in the planning stage. BHATIA COLONIZERS: ICRA Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term rating of Bhatia Colonizers Private Limited (BCPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 25.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with BCPL, 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. BCPL is a Kota, Rajasthan based real estate, Special Purpose Vehicle (SPV) which is developing an integrated township at Kunhari Bundi Road in Kota. The company took up a residential project in the name of Land Mark crown constituting three high rise towers with a total saleable area of 2,59,920 sq.ft. and integrated township in the name of land mark city comprising of plots, villas and duplexes. BUTTON INDUSTRIES: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Button Industries Private Limited Registered Address: D1201 Titanium Business Park, Nr. Makarba Railway crossing, Jivraj Park, Ahmedabad, Ahmadabad City, Gujarat, India, 380051 Business Address: 507, Titanium One, Near Pakwan Cross Road, Mr Shabri Water Works, SG Highway, Bodakdev, Ahmedabad – 380054 Insolvency Commencement Date: April 30, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: October 27, 2025 Insolvency professional: Gautam Deswal Interim Resolution Professional: Gautam Deswal A-401, India Textile Market, Ring Road, Opposite Rathi Palace, Surat, Gujarat 395002 Email: deswal01@hotmail.com Email: buttonindustries.cirp@gmail.com Last date for submission of claims: May 14, 2025 CELON LABORATORIES: Ind-Ra Cuts Bank Loan Rating to BB+ ------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Celon Laboratories Private Limited's (Celon) bank facilities to 'IND BB+'/Negative from 'IND BBB'/Stable and has simultaneously migrated the ratings to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through phone calls and emails. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR200 mil. Fund-based working capital limits downgraded and migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on best available information Detailed Rationale of the Rating Action The downgrade reflects Celon's financial performance being significantly lower than Ind-Ra's expectations, according to the limited available information shared with the agency. As informed by the management, the FY24 audited financials were pending as on end-April 2025, due to a change in the top management. Celon has shared FY24 provisional financials, FY25 provisional profit or loss statement, segmental & geographical revenue bifurcation for FY24 and FY25, customer & product list for FY24 and FY25 and bank limit utilization for the trailing 12 months at end-March 2025. Against Ind-Ra's expectation of a turnaround in operations leading to a positive EBITDA in FY25, the EBITDA and margins remained negative at INR115 million and 7%, respectively, in FY25 (FY24: negative INR571 million, negative 36%) despite a marginal growth in revenue to INR1,634 million (INR1,584 million). The negative EBITDA led to weak credit metrics (FY25 and FY24: not meaningful). Ind-Ra believes the negative EBITDA over FY24-FY25 has weakened Celon's liquidity position. The average month-end utilization of fund-based limits and non-fund-based limits stood at 79% and 30%, respectively, for the 12 months ended March 2025. FY24 and FY25 financials are provisional. The migration of the ratings to the non-cooperating category and the Negative Outlook are in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a further downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received audited FY24 financials, FY25 provisional balance sheet and cash flows, repayment schedule and projections, and has not been able to conduct management interactions with Celon while reviewing the ratings. Ind-Ra had consistently followed up with Celon over emails since January 2025, apart from phone calls. The issuer has submitted no-default statement till March 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of Celon, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. Celon has been non-cooperative with the agency since January 2025. About the Company Incorporated in 2001 and acquired by erstwhile promoters in 2007, Celon is a specialty generic pharmaceutical formulator with a product portfolio of injectables and oral solid dosages in the oncology and critical care segments. CHEMILOIDS LIFE: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Chemiloids Life Sciences Pvt. Ltd. (CLSPL) 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 As part of its process and in accordance with its rating agreement with CLSPL, 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. CLSPL was established in 1976 as a partnership firm by Mr. G. Ganga Raju and his family. The partnership firm was converted into a private limited company in 2014. It is involved in manufacturing of herbal extract products, which are used in ayurvedic formulations. The company manufactures more than 400 herbal extracts such as amla, ashwagandha, tulsi, etc. CLSPL is a part of the Laila Group of Companies, which is into diverse businesses such as sugar, paper, nutraceuticals, hotels, education, etc. COGENT STEEL: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Cogent Steel and Pipes Private Limited (CSPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.70 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 19, 2024, placed the rating(s) of CSPPL under the 'issuer non-cooperating' category as CSPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CSPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 05, 2025, March 15, 2025, March 25, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Cogent Steel and Pipes Private Limited (CSPPL) was incorporated during September 2015 to initiate an iron and steel products manufacturing business. After incorporation the company started to set up a manufacturing unit at Sundargarh, Odisha with an installed capacity of 28,800 MTPA and the same has completed during August 2017 with a project cost of INR12.95 crore. The commercial operation has started from September 2017. The day-to-day affairs of the company are looked after by Mr. Sanjay Kumar Bansal, Managing Director, along with other six directors and a team of experienced personnel. GOPIK CONNECT: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Gopik Connect Private Limited 608/609, Barmunda Rural Near Barmunda Rural Fly Over, Bhubaneswar, Khordha Bhubaneswar, Orissa, India 751003 Liquidation Commencement Date: April 11, 2025 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Saurabh Basu Practising Company Secretary & Insolvency Professional Proprietor S Basu & Associates Alapan Appartment, 3rd Floor 10/6/2 Raja Rammohan Roy Road Kolkata 700008 Mobile: +919830063501/933443501 Email: pcs.saurabhbasu@gmail.com Last date for submission of claims: May 10, 2025 GOPISH PHARMA: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Gopish Pharma Limited (GPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 0.50 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 2.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 22, 2024, placed the rating(s) of GPL under the 'issuer non-cooperating' category as GPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GPL continues to be non-cooperative despite repeated requests for submission of information through emails dated March 8, 2025, March 18, 2025 and March 28, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable GPL is a closely held public limited company incorporated in 1995. The company was originally incorporated as a private limited company and its constitution was changed in 1996. The present directors of the company include Mr. Ravi Prakash Goyal, Mr. Ratish Goyal and Ms. Santosh Goyal. GPL is engaged in manufacturing of generic drugs at its manufacturing facility located in Solan, Himachal Pradesh. INDIAN INDUCTIONS: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Indian Inductions Castings Private Limited 45, Golf Links, Archbishop, Makarios Marg, New Delhi 110003 Liquidation Commencement Date: April 2, 2025 Court: National Company Law Tribunal, Chandigarh Bench Liquidator: Rajesh Dhawan 88 Akash Avenue, Fatehgarh Churian Road, Amritsar Email: rdshivam@yahoo.co.uk Mobile: 9814049497 Last date for submission of claims: May 1, 2025 J.S. GROVER: CARE Keeps C Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of J.S. Grover Constructions Private Limited (JGCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 26, 2024, placed the rating(s) of JGCPL under the 'issuer non-cooperating' category as JGCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JGCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 12, 2025, March 22, 2025, April 1, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable J.S. Grover Constructions Private Limited (JGCPL) was incorporated in 2018. The company is based in Pathankot (Punjab) and engaged into civil construction work such as construction of Roads, highways and so on. The company undertakes construction, improvement, widening, and straightening of roads for government departments, primarily on a subcontract basis. The company is promoted by its directors Mr Sunil Grover and his brother Mr Sanjay Grover. Both the directors are into similar line of business since inception. The promoters are also partners in associate concern J. S. Grover Constructions, partnership firm incorporated in 2010. J. S. Grover Constructions is also engaged in civil construction work since inception. JAYAMM MILK: CARE Lowers Rating on INR25cr LT Loan to B ------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Jayamm Milk Products Private Limited (JMPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Downgraded from CARE B+; Stable and moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. has been seeking Audited Financial Statements of FY24 and No default statements from JMPL to monitor the ratings vide email communications dated March 21, 2025, April 16, 2025, among others and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. The rating on JMPL's bank facilities will now be denoted as CARE B; Stable; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders, and the public at large) are hence requested to exercise caution while using the above ratings. The ratings have been revised on account of non-receipt of Audited Financial Statements of FY24 and monthly No default statement for the month of February 2025 and March 2025 despite repeated requests. The ratings continue to be constrained by nascent stage of operations, presence in highly fragmented and competitive industry, high customer concentration. The Rating also factors in the high debt funded capex plan of the company and expected moderation in the leverage profile. However, the ratings draw strength from the experience of promoters in the milk processing industry, locational advantage of the plant being in the high milk producing belt and improvement in scale of operations. Analytical approach: Standalone Outlook: Stable Detailed description of key rating drivers: At the time of last rating on September 16, 2024, the following were the rating strengths and weaknesses. Key weaknesses * Nascent stage of operations: JMPL, incorporated in July 2022 and commenced operations in September 2022. FY24 marks their first full year of operations of the business. Initially, company focused on B2B sales of SMP through wholesale dealers and institutional customers. In FY24, JMPL entered the retail market under the brand name Swastika. Company sells liquid milk and value-added products through agents, with around 200 distributors in Tamil Nadu and Andhra Pradesh. * Leveraged capital structure with further moderation envisaged: Capital structure of the company remained at moderate level with overall gearing of 1.09x as on March 31, 2024 (PY: 2.06x). Company is planning to acquire the milk processing unit which is currently being operated on lease basis. With the proposed capex plans and envisaged increase in working capital borrowing, leverage position is expected to deteriorate during the forthcoming period. * Exposure of change in government regulations, environmental condition and industry competition: The dairy industry is highly regulated and vulnerable to changes in government policies. The supply and pricing of milk are subject to various external factors, such as, cattle diseases, and yield fluctuations, which JMPL cannot directly control. Consequently, any changes in milk prices can negatively impact profitability margins. Additionally, JMPL faces strong competition from wellestablished national and regional brands. This competition, from both organized and unorganized sectors, along with limited bargaining power with customers and suppliers, puts pressure on the company's operating margins. Key strengths * Locational advantage of plant being in high milk producing belt: JMPL's plant is located in Chittoor district, Andhra Pradesh, offers a significant advantage as it is one of the high milks producing belt in the state. The company is operating out of a leased unit located in Chittoor district with capacity of 1.25LLPD for processing of milk. The plant does not have a Skimmed Milk Powder (SMP) capacity and company outsource the processing of SMP as per the market demand. The company has an established procurement network, sourcing milk from over 6,200 farmers across four districts. JMPL operates two chilling centres in Tamil Nadu, each with a 10,000-litre capacity, one in Andhra Pradesh with a 10,000-litre capacity, and five bulk cooling centres, each with a 5,000-litre capacity. * Diversified product portfolio with improvement in scale of operations: The company offers a diverse range of dairy products through four main trade channels: B2B, Modern Trade, General Trade, and Fresh Category, with around 43 different SKUs. JMPL's product lineup includes ghee, butter, paneer, skimmed milk powder (SMP) flavoured milk, curd, sweets, and other dairy products. In FY24, SMP was the highest revenue contributor (40%), followed by butter (34%) and liquid milk (23%). With the increased focus on B2C segment company is expected to achieve higher contribution from Milk and other value-added products during the forthcoming period. * Experience of the promoters in the milk processing industry: The company, founded by Srinivasan Balaji in July 2022, benefits from the extensive experience of over 15 years of promoter being in the Aqua and FMCG sectors and more than 5 years in the milk industry. Jayamm Milk Products Private Limited (JMPL) was incorporated in July 12,2022 and commenced operations in September 2022. The company is engaged in the processing of milk and curd and other value-added products like ghee, butter, panner under the brand name 'Swastika'. The processing unit is located at Pathikonda, Chittor, Andhra Pradesh with a capacity of 1.25 Lakh Liters per day. JMPL is promoted by Srinivasan Balaji, who has around 15 years of experience in Dairy, aqua and FMCG sectors. KAMRAN EXPORTS: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kamran Exports Private Limited (KEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 18, 2024, placed the rating(s) of KEPL under the 'issuer non-cooperating' category as KEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 4, 2025, March 14, 2025 and March 24, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Kamran Exports Pvt Ltd (KEPL), incorporated on July 3, 2009 by Mr Preet Singh, Mr Kultar Singh Kapoor and Mr Manmeet Singh as a private limited company as an exporter of fabric to foreign countries but now the company has entered into trading of garments, shoes and dry fruits also. Mr Kultar Singh has an experience of more than 15 years and Mr Manmeet Singh has an experience of more than 7 years in the business. The company procures the products domestically and exports mainly to various countries of UAE and South Africa. KVR INDUSTRIES: Liquidation Process Case Summary ------------------------------------------------ Debtor: KVR Industries Private Limited 47-11-3, Eswara Homes, 5th Floor, Dwaraka nagar, Visakhapatnam - 530016, Andhra Pradesh, India Liquidation Commencement Date: April 9, 2025 Court: National Company Law Tribunal, Amaravathi Bench Liquidator: Srinivas Gudla Rao Gudla Srinivas Rao, Flat No. 201 Aqua Towers, East Point Colony Visakhapatnam 530017, Andhra Pradesh Email: gudlasrinivasrao@gmail.com -- and -- Gudla Srinivas Rao Flat No. A-1, BR's Princeton Apartments, CBM Compound, VIP Road Visakhapatnam 530017 Andhra Pradesh Email: kvrindustriesliquidation@gmail.com Last date for submission of claims: May 21, 2025 M/S KAVERI: Ind-Ra Cuts Loan Rating to BB, Outlook Stable --------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded M/s Kaveri Agro Industries Private Limited's (KAIPL) bank loans' long-term rating to 'IND BB' with a Stable Outlook from 'IND BB+' while affirming the short-term rating at 'IND A4+' as follows: -- INR14 mil. (reduced from INR22 mil.) Term loan due on December 31, 2027 downgraded with IND BB/Stable rating; and -- INR50 mil. Fund-based working capital limit Long-term rating downgraded; short-term rating affirmed with IND BB/Stable/IND A4+ rating. Detailed Rationale of the Rating Action The downgrade reflects a decline in KAIPL's scale of operations and EBITDA margin, and elongation of working capital cycle in FY24. Ind-Ra expects the company's EBITDA margin and credit metrics to have deteriorated further in FY25. However, the ratings remain supported by the company's comfortable credit metrics despite deterioration and the promoters' more than three decades of experience in the agriculture industry. Detailed Description of Key Rating Drivers EBITDA Margins Likely to have Declined in FY25: Ind-Ra expects the EBITDA margins to have declined in FY25 due to an increase in raw material prices. In FY24, the EBITDA margin declined to 9.55% (FY23: 11.35%) and the return on capital employed of 16.8% (32.1%). Continued Small Scale of Operations: Ind-Ra expects the scale of operations to have remained largely stable in FY25 on a year-on-year basis due to stable demand. In FY24, the revenue declined to INR331 million (FY23: INR367.93 million) due to a delay in delivery schedule of some orders. The EBITDA also declined to INR31 million in FY24 (FY23: INR41 million). Stretched Liquidity: Please refer to 'Liquidity' section. Continued Comfortable Credit Metrics despite Deterioration: Ind-Ra expects the credit metrics to have deteriorated in FY25 due to a likely decline in the EBITDA and higher utilization of cash credit limits, but remained comfortable due to the overall low debt levels. In FY24, the interest coverage (operating EBITDA/gross interest expense) deteriorated to 4.8x in FY24 (FY23: 10.4x) and net financial leverage (adjusted net debt/operating EBITDAR) to 2.2x (0.4x), due to the decrease in EBITDA and a higher utilization of the fund-based working capital limits. Experienced Promoters: The promoters have more than three decades of experience in the agricultural industry, leading to established relationships with its customers and suppliers. Liquidity Stretched: The net working capital cycle elongated to 100 days in FY24 (FY23: negative 3 days) on account of a significant increase in the inventory holding period to 103 days in FY24 (FY23: nil). KAIPL does not hold any inventory at the end of financial year but it held inventory of INR66 million in FY24 due to delay in delivery of some orders. The company provides 20-30 days of credit period to its customers and receives 20-30 days credit period from its suppliers. KAIPL's average maximum utilization of the fund-based limits was 81% during the 12 months ended January 2025. The cash flow from operations turned negative to INR31 million in FY24 (FY23: INR37 million) due to an increase in working capital requirements. Further, the free cash flow turned negative to INR51 million in FY24 (FY23: INR19 million) owing to capex of INR20 million (INR17.8 million). KAIPL has debt repayment obligations of INR7.2 million and INR6.5 million in FY26 and FY27, respectively. The cash and cash equivalents stood at INR0.3 million at FYE24 (FYE23: INR14.99 million). Furthermore, KAIPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A further decline in the scale of operations, leading to deterioration in the overall credit metrics with the net leverage exceeding 5.5x or a further elongation of the working capital cycle leading to a further pressure on the liquidity position, all on a sustained basis, could lead to a negative rating action. Positive: A substantial increase in the scale of operations, along with an improvement in the overall credit metrics with the net leverage remaining below 4.5x and an improvement in the working capital cycle leading to an improvement in the liquidity profile, all on a sustained basis, could lead to a positive rating action. About the Company Incorporated in 1993, KAIPL is involved in the food processing industry. It mainly manufactures and supply mango pulp and has a manufacturing unit in Krishnagiri, Tamil Nadu with a production capacity of 150 metric tons per day. MAHESHWARI COAL: ICRA Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Maheshwari Coal Benefication & Infrastructure Private Limited (MCBIPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "ICRA]B(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 2.46 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Short Term- 2.00 [ICRA]A4 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 MCBIPL, 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 2005, MCBIPL is involved in the coal trading and logistics business in Chhattisgarh. The company also has a coal beneficiation facility (dry technology) with an input capacity of 1.2-million tonnes per annum (mtpa) and a private railway siding. MVP GROUP: ICRA Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- ICRA has kept the long-term ratings of MVP Group International Inc. (MVP) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 641.60 [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 MVP, 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. MVP Group International, Inc. (MVP) is involved in the manufacturing, import and distribution of scented candles. They sell primarily to large, national retailers like Wal-Mart1, Dollar General2 etc., and also (to a lesser extent) to small, local retailers. The Company sells mostly to retailers throughout the United States. MVP sells scented candles under two broad categories, private label candles (85% of the annual sales) and branded candles (15% of the annual sales). In addition, the Company does contract manufacturing of candles for other national brand owners. In FY18, the company has spun off its contract. PADMAJA FARMS: ICRA Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term rating of Padmaja Farms in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.95 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term 3.05 [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 Padmaja Farms, 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. Padmaja Farms operates poultry farms with a total capacity of 3,07,374 layer birds in Basapura and Bullapur village, Koppal district, Karnataka. It is involved in the sale of table eggs. PCI LIMITED: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: PCI Limited Registered Address: Prime Group Building, 11/5 B, Pusa Road, New Delhi - 110005 Principal Office: Prime Tower, 287-288 Udyog Vihar, Phase II, Gurgaon, Haryana – 122016 Insolvency Commencement Date: April 25, 2025 Court: National Company Law Tribunal, New Delhi Court VI Estimated date of closure of insolvency resolution process: October 22, 2025 Insolvency professional: Bhoopesh Gupta Interim Resolution Professional: Bhoopesh Gupta 645A/533B, Janki Vihar Colony, Sector-I, Prabhat Chauraha, Jankipuram, Lucknow, Uttar Pradesh - 226031 Email: cabhoopesh@rediffmail.com -- and -- 8/28, 3rd Floor, W.E.A, Abdul Aziz Road, Karol Bagh, New Delhi - 110005 Email: cirp.pcil@gmail.com Last date for submission of claims: May 13, 2025 RAMESHWAR COTTEX: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Rameshwar Cottex (RC) in the 'Issuer Not Cooperating' category. The rating is denoted as "[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- 2.50 [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 RC, 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 April 2016, as a partnership firm, Rameshwar Cottex (RC) is involved in cotton ginning and pressing to producecotton bales and cottonseeds and in trading of raw cotton at its manufacturing facility located in Rajkot, Gujarat. Its facility is equipped with 36 ginning machines and a pressing machine with an installed production capacity of 54 MTPD or 320 bales per day. Thefirm set up its manufacturing facility in November 2015 and commercial operations commenced from January 2016. The promoters associated with the firm have vast experience in agro-commodities. REGENCY EXPORTS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Regency Exports Private Limited (REPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.44 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 25, 2024, placed the rating(s) of REPL under the 'issuer non-cooperating' category as REPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. REPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 11, 2025, March 21, 2025 and March 31, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 1990, Regency Exports Private Limited (REPL) is mainly engaged in manufacturing of terry towels. REPL procures its entire raw material from domestic suppliers and generated majority of its revenue from exports. S B DR SOHAN SINGH: Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: S B DR Sohan Singh Eye Hospital Private Limited Chowk Farid Katra Sher Singh Amritsar Liquidation Commencement Date: April 2, 2025 Court: National Company Law Tribunal, Chandigarh Bench Liquidator: Rajesh Dhawan 88 Akash Avenue, Fatehgarh Churian Road, Amritsar Email: rdshivam@yahoo.co.uk Mobile: 9814049497 Last date for submission of claims: May 1, 2025 S.C.P. INFRACON: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of S.C.P. Infracon Private Limited (SIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank Facilities 4.00 CARE C; Stable; ISSUER NOT COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank Facilities 3.00 CARE A4; ISSUER NOT COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 29, 2024, placed the rating(s) of SIPL under the 'issuer non-cooperating' category as SIPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 15, 2025, March 25, 2025 and April 4, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Meerut, Uttar Pradesh based S.C.P Infracon Private Limited [formerly Sudhir Cement Pipe Industries Private Limited] (SIPL) was incorporated in August, 1987. The company is managed by Mr. Rajeev Kumar Garg and Mr. Deepak Kumar Garg. The company is engaged in manufacturing of cement pipes. SAHITI INFRATECH: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Sahiti Infratech Ventures India Pvt. Ltd. D. No. 8-2-9-293/82/A/1222/F4 Co-Operative House Building Society Ltd. Road No 36, Jubilee Hills Hyderabad - 500033, Telangana, India Insolvency Commencement Date: April 25, 2025 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: October 22, 2025 Insolvency professional: Kamalesh Kumar Singhania Interim Resolution Professional: Kamalesh Kumar Singhania AV Insolvency Professionals Pvt. Ltd. Bajarang Kunj, Room No. 412 &413 2B Grant Lane, 4th Floor Kolkata - 700012 Email: info@avipgroup.co.in -- and -- Awfis Vasavi MPM, Vasavi MPM Grand Ameerpeth Yella Reddy Guda Hyderabad - 500073 Email: cirp.sahitiinfratech@gmail.com Last date for submission of claims: May 9, 2025 SHEEL DIAMOND: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Sheel Diamond Exports Private Limited (SDEL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 85.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 30.00 [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 SDEL, 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. SDEL was incorporated in 1995 by Mr. Chetan Shah and Mr. Bhupendra Mehta to manufacture and process CPDs. It is a part of the Mumbai-based Sheel Group, which has been in the CPD industry for nearly four decades. The Group includes another entity, Sheel Gems (SG), a partnership firm incorporated in 1980 by the same promoters and is involved in the same line of business. The Sheel Group's registered office is in Mumbai and its manufacturing facilities are in Surat, Gujarat. SHEEL GEMS: ICRA Keeps B+ Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Sheel Gems (SG) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 87.00 [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 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. SG was established as a partnership firm in 1980 by Mr. Chetan Shah and Mr. Bhupendra Mehta to manufacture and process CPDs. It is a part of the Mumbai-based Sheel Group, which has been in the CPD industry for nearly four decades. The Group includes another entity, Sheel Diamond Exports Private Limited, which was incorporated in 1995 by the same promoters and is involved in the same line of business. The Sheel Group registered office is in Mumbai and manufacturing facilities are in Surat (Gujarat). SIBRI TRADERS: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Sibri Traders Private Limited 16/19-C, Civil Lines, Kanpur, Kanpur, Uttar Pradesh, India, 208001 Insolvency Commencement Date: April 24, 2025 Court: National Company Law Tribunal, Allahabad Bench Estimated date of closure of insolvency resolution process: October 21, 2025 Insolvency professional: Sumit Shukla Interim Resolution Professional: Sumit Shukla B-4/702, Krishna Apra Gardens, Plot No 7, Vaibhav Khand, Indirapuram, Ghaziabad - 201014 Email: sumit_shukla@rediffmail.com -- and -- 401, Tower-C, Plot No A-40, I - Thum, Sector-62, Noida - 201301 Process email: cirp.sibritraders@gmail.com Last date for submission of claims: May 8, 2025 SITARAM INDIA: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term and Short-Term ratings of Sitaram India Limited (SIL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 20.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 24.10 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Short Term- 0.93 [ICRA]A4 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 SIL, 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. SIL was initially incorporated as "Swagat Synthetics Private Limited (SSPL)" on September 24, 1987 by Shri Jagdish Prasad Nuwal & Shri Anil Nuwal; subsequently, the company was converted into a public limited company and name was changedto "Sitaram India Limited" in 2015. SIL is engaged in manufacturing of fabrics, starting from yarn twisting upto weaving and packing of the finished product. SMAAASH ENTERTAINMENT: NCLT Approves Nazara's Resolution Plan ------------------------------------------------------------- The Economic Times reports that the National Company Law Tribunal (NCLT) has approved gaming and media firm Nazara Technologies' resolution plan to acquire Sachin Tendulkar-backed Smaaash Entertainment, which has been undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). "We wish to inform you that the resolution plan submitted by the company for acquisition of Smaaash Entertainment Private Limited, a company undergoing corporate insolvency resolution process under the insolvency and bankruptcy code, 2016, has been approved by the National Company Law Tribunal, Mumbai . . . subject to a modification of the provisos to the term effective date," Nazara informed stock exchanges on May 7, ET relays. In August 2024, Nazara said it received a letter of intent (LoI) for the acquisition of the firm as the committee of creditors (CoC) of Smaaash Entertainment approved the resolution plan submitted by Nazara, ET recalls. Smaaash, founded in 2012 by entrepreneur Shripal Morakhia, operated a chain of sports-themed entertainment centres offering activities such as bowling, arcade games, cricket simulators, and go-karting. The company expanded across major Indian cities but struggled to scale profitably as its operations were heavily reliant on physical footfalls, which took a hit during the pandemic. Smaaash eventually defaulted on its financial obligations, leading to the initiation of corporate insolvency proceedings. It was admitted to insolvency proceedings in May 2022 and owes around INR452 crore to a group of lenders led by Edelweiss Asset Reconstruction Company, ET discloses. Other creditors include Yes Bank, Sidbi and Mabella Investment Advisors. As reported by ET on April 17, Nazara and a consortium comprising Resurgent India and Sanjay Lodha had submitted formal bids for the bankrupt company, each placing an earnest deposit of INR5 crore. Lodha is the managing director of Faridabad-based technology company Netweb Technologies. Nazara, which is listed on the Indian bourses, has been actively pursuing acquisitions to expand its gaming and media portfolio. It has earmarked INR800–1,000 crore this year to fund inorganic growth, ET reported in April. Recent investments include UK-based Fusebox Games, edtech app Kiddopia, and US-based WildWorks, among others. SOMULA CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Somula Construction Private Limited (SCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 10, 2024, placed the rating(s) of SCPL under the 'issuer non-cooperating' category as SCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 24, 2025, March 6, 2025, March 16, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Somula Construction Private Limited (SCPL) was incorporated by Mr Somula Venkata Prasad Reddy (Managing Director) and his wife Mrs Venkata Subbalakshmi Somula in the year 2008 as a Private Limited company. SCPL is a Kurnool based company engaged in civil construction works such as laying roads and irrigation works for government organizations covering Road & Buildings Department (R&B) and Panchayat Raj which are procured through tenders. The company is a Class– I contractor. Beside civil construction works, the company is also engaged in trading of coal and steel in Andhra Pradesh region. The company generates around 60% of its total revenues from trading activities and balance 40% from execution of civil construction works. SPICA PROJECTS: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Spica Projects and Infrastructures Pvt. Ltd. (SPIPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.87 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 0.57 [ICRA]B +(Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term/ 28.85 [ICRA]B+ (Stable) ISSUER NOT Short Term- COOPERATING/[ICRA]A4 ISSUER Non Fund Based- NOT COOPERATING; Rating Others continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SPIPL. 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. In 1997, the company's promoters formed a partnership firm in the name of M/s Santosh Kumar Singh (SKS) for civil construction business. In 2012, SKS was converted into a private limited company and its name was changed to Spica Projects and Infrastructures Pvt. Ltd. (SPIPL). SPIPL is involved in road construction business in Jharkhand and is empanelled as a Class I contractor with the Public Works Department (PWD) of the state. SS INNOVATIONS: Reports $19.2 Million Net Loss for FY 2024 ---------------------------------------------------------- SS Innovations International, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting that the Company has a working capital surplus of $6,086,069 and an accumulated deficit of $43,662,547 as of December 31, 2024. The Company also had a net loss of $19,151,197 for the year ended December 31, 2024, which was mainly on account of non-cash items like stock compensation expense of $14,342,784 and depreciation and amortization of $436,005, compared to a net loss of $20,878,292 in 2023. In addition, the Company has been dependent on related parties to fund operations. Gurugram, India-based BDO India, LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and has negative cash flows from operating activities during the year ended December 31, 2024. The Company is dependent on further funding to meet its obligations to sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management recognizes that the Company must obtain additional resources to successfully implement its business plans. The Company has been able to augment its financial resources to further supplement its operations. Subsequent to year end, the Company has issued the convertible notes of $28,000,000 which has been converted into Company's common stock in March 2025. This conversion of funds has resulted in a significant improvement in the Company's stockholders' equity and working capital position. However, the Company's existing cash resources and income from operations, are not expected to provide sufficient funds to carry out the Company's operations and business development through the next 12 months. The management of the Company is making efforts to raise further funding to scale up operations and meet its longer-term capital needs. While management of the Company believes that it will be successful in its capital formation and planned expansion of its operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in generating additional revenues and ultimately achieving profitability. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/4ke3dt6n About SS Innovations International SS Innovations International, Inc. (OTC: SSII) is a developer of innovative surgical robotic technologies headquartered in Gurugram, Haryana, India. The company's vision is to make robotic surgery benefits more affordable and accessible globally. SSII's product range includes its proprietary "SSi Mantra" surgical robotic system and "SSi Mudra," a broad array of surgical instruments for various procedures, including robotic cardiac surgery. The company plans to expand its presence with technologically advanced, user-friendly, and cost-effective surgical robotic solutions. As of Dec. 31, 2024, the Company had $42,385,213 in total assets, $28,928,110 in total liabilities, and a total stockholders' equity of $13,457,103. TM MOTORS: CARE Lowers Rating on INR12cr LT Loan to B+ ------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of TM Motors Private Limited (TMPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB-; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 29, 2024, placed the rating(s) of TMPL under the 'issuer non-cooperating' category as TMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 15, 2025, March 25, 2025 and April 4, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings for TMPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Bharatpur (Rajasthan) based TMPL was incorporated in January 2008 by Saluja family. TMPL is an authorized dealer of Maruti Suzuki India Limited (MSIL) since April 2008. The showroom of the firm is located in Bharatpur and provides Sales, Services and Spare parts services to its customers. The Saluja family has also promoted T. M. Motors (TMM) which has auto dealership of Hero Motor Corp Limited (HMCL). URVESH PSYLLIUM: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Urvesh Psyllium Industries Ltd. (UPIL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 11.40 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 0.44 [ICRA]A4 ISSUER NOT Non Fund Based- COOPERATING; Rating continues Forward Cover to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with UPIL, 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. Urvesh Psyllium Industries Ltd. (UPIL) was established in 1949 as Rajendra Brothers and subsequently in 1995 the firm was converted into a limited company under its present name. UPIL is primarily involved in the business of manufacturing psyllium husk and psyllium husk powder from psyllium seeds at its manufacturing facility located at Unjha-Sidhpur region of Gujarat and has an output capacity of ~4000 MT of psyllium husk per annum. The company is managed by Mr. Mayank Patel, Mr. Urvesh Patel and their family members who are also associated with other psyllium processing firms - Unjha Formulations Ltd, Mayank & Co, Urvesh & Co, Gangotri Isabgul Industries, Rajratna Isabgul Industries, Dipak Industries and Himalaya Cold Storage. VICTORIA FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the long-term and Short-term ratings of Victoria Foods Pvt Ltd (VFPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING /[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 62.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 19.95 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term/ 2.05 [ICRA]B+ (Stable) ISSUER NOT Short Term- COOPERATING/[ICRA]A4 ISSUER Unallocated NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short Term- 91.00 [ICRA]A4 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 VFPL, 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. VFPL is a private limited company engaged in the production and sale of agro based food products like wheat based products, pulses, pasta, etc under the "Rajdhani" brand. The business was started by Late Mr. S. L. Jain and is presently being managed by members of the Jain family. The company is producing its products at manufacturing facilities based out of Lawrence Road Industrial Area (Delhi), Kundli (Haryana), Jalgaon (Maharashtra) and Rai (Haryana). VS REALTECH PRIVATE: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: VS Realtech Private Limited G-26, Gate No.1 SFS Flats, Mall Apartment, Mall Road, West Delhi, Delhi Delhi, India, 110054 Insolvency Commencement Date: April 1, 2025 (Honorable NCLT New Delhi Court II Order dated April 1, 2025 uploaded on portal dated April 26, 2025). Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: September 28, 2025 Insolvency professional: Vivek Parti Interim Resolution Professional: Vivek Parti A-166, 2ndFloor, Defence Colony, New Delhi - 110024 Email: v_parti@yahoo.com Email: cirp.vsrealtech@gmail.com Last date for submission of claims: May 10, 2025 XRBIA CHAKAN: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Xrbia Chakan Developers Private Limited Office No. 125/126, Patil Plaza Mitramandal Chowk, Parvati, Pune, Maharashtra - 411009 Insolvency Commencement Date: April 22, 2025 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: October 20, 2025 Insolvency professional: Sanjay Vijay Jeswani Interim Resolution Professional: Sanjay Vijay Jeswani Ground Floor, Plot No. 21, Sheela Nagar, Gittikhadan, Katol Road, Nagpur, Maharashtra - 440013. Email: jeswanisanjay007@gmail.com -- and -- Level 15, Dev Corpora, Eastern Express Hwy, Thane West, Mumbai, Maharashtra 400601 Email: xrbiachakan.ibc@gmail.com Last date for submission of claims: May 7, 2025 ================= I N D O N E S I A ================= GARUDA INDONESIA: Grounds 15 Planes Over Maintenance Issues ----------------------------------------------------------- Bloomberg News reports that PT Garuda Indonesia has at least 15 jets grounded because it's struggling to make maintenance payments, according to people familiar with the matter, in a sign the airline's revival plans may be faltering. Some suppliers to Indonesia's flag carrier are also requesting advance payment for parts and labor due to concerns over Garuda's financial situation, one of the people said, asking not to be identified because they're not authorized to speak publicly, Bloomberg relates. About Garuda Indonesia Garuda Indonesia is the flag carrier of Indonesia. On Oct. 22, 2021, one of Garuda's creditors filed a PKPU petition against Garuda to commence the PKPU Proceeding under Indonesian Insolvency Law. PKPU is a court-enforced suspension of payments process which is designed to provide a debtor a definite period of time to restructure its debt and reorganize its affairs pursuant to a composition plan with its creditors. The Indonesian Court granted the PKPU Petition on Dec. 9, 2021 and appointed Jandri Siadari, S.H., Dip.Mkt., LL.M., Martin Patrick Nagel, S.H., M.H., Albert Hasoloan Limbong, S.H., Asri, S.H., M.H., Mulyadi, S.H., LL.M., William Eduard Daniel, S.E., S.H., LL.M., MBL as administrators who, together with the Debtor, manage the Debtor's assets during the PKPU Proceeding. On June 17, 2022, Garuda proposed to creditors the PKPU Plan developed in consultation with an ad hoc group of its aircraft lessors, Sukuk Holders and a number of other creditors working to facilitate the restructuring of Garuda's debts. The PKPU Plan anticipates Garuda continuing to operate in the ordinary course. PT Garuda Indonesia (Persero) Tbk filed a Chapter 15 petition in New York (Bankr. S.D.N.Y. Case No. 22-bk-11274) on Sept. 23, 2022, to seek U.S. recognition of its debt restructuring in Jakarta, Indonesia. The U.S. case is overseen by Honorable Bankruptcy Judge Lisa G Beckerman. The Debtor is represented by Thomas S. Kessler of Cleary Gottlieb Steen & Hamilton LLP in the U.S. MEDCO ENERGI: Fitch Assigns BB- Rating on Proposed Unsecured Notes ------------------------------------------------------------------ Fitch Rating has assigned PT Medco Energi Internasional Tbk's (BB-/Stable) proposed senior notes a 'BB-' rating. The proposed notes, to be issued by Medco's wholly owned subsidiary, Medco Cypress Tree Pte. Ltd., will be guaranteed by Medco and some of its key subsidiaries. The notes are rated at the same level as Medco's Issuer Default Rating (IDR), as they will constitute its direct, unsubordinated and unsecured obligations. Medco plans to use the proceeds to refinance part of its existing debt. Medco's credit profile is characterised by an average production scale relative to 'BB' category upstream oil and gas (O&G) producers, a low-cost position and favorable earnings mix through fixed-price contracts. The Stable Outlook is supported by Medco's ability to generate free cash flow and maintain adequate liquidity. Key Rating Drivers Small Reserve Base: Medco's reserve base of 354 million barrels of oil equivalent (mmboe) at end-2024 are smaller than those of similarly rated peers. Fitch expects Medco's proven reserve (1P) life to remain adequate at about six to seven years over the next two years (2024: 7.5 years), based on additions from existing projects and investments in exploration and development. Its Tanzania LNG project has potential to nearly double the company's 1P reserves over the next three to four years and extend reserve life. However, the timing of reserve accruals for this project depends on regulatory approvals. Gas Contracts Underpin Stability: Medco's earnings are less sensitive to oil price changes as 60%-70% of its future production will be gas, with over half sold via long-term, fixed-price contracts with take-or-pay protections. This is in contrast to peers with high exposure to benchmark prices. The gas contracts mitigate price and volume risk. About 35%-40% of Medco's O&G business EBITDA will be via fixed-price contracts. The EBITDA from fixed-price gas contracts is likely to remain at 1.3-1.5x consolidated interest expenses until 2028 (2024: 1.8x). Concentration in Corridor Block: Fitch expects Medco to produce about 145 thousand barrels of oil equivalent per day (mboepd) (2024: 152 mboepd), driven by its existing projects. Around 80% of Medco's total O&G production is from Indonesia. Fitch expects its largest single block—the Corridor Block in Indonesia—to contribute about 30% of total volume on average over the next three to four years (2024: 38%). This risk is mitigated by the Corridor Block's lower cash cost of less than USD8/boe. Rated on Consolidated Approach: Fitch rates Medco on a consolidated basis, including operations outside the restricted group (RG) as defined in its bond documents. Medco Power Indonesia (MPI) is outside the RG. Fitch sees there is high incentive for Medco to provide support to this leveraged wholly owned power business, which also shares a common brand. Sufficient Rating Headroom: Fitch expects Medco's consolidated EBITDA net leverage to increase to 2.8x during 2025-2028 (2024: 2.3x), mainly due to capex growth while EBITDA declines on lower oil prices. The lower EBITDA will be buffered by fixed-price gas contracts in its portfolio. Medco operates most of its projects, which gives it some flexibility to adjust operating and capital expenditure during periods of sharp price correction. Debt-Funded M&A as Event Risk: Fitch expects Medco to continue to pursue acquisitions as part of its strategy to replenish reserves, in line with its long-term goal of maintaining its current scale. Fitch sees significant acquisitions funded by debt as event risk due to uncertainties regarding the timing and pricing of these transactions. Medco funded previous acquisitions with a combination of cash and debt. Internal Cash Generation Supports Capex: On a consolidated level, Fitch expects Medco to able to generate positive FCF over the medium term, in the absence of large new investments. Medco plans capex of around USD1.3 billion for the O&G business in 2025-2028, mostly for development projects and drilling at Oman Block 60, which will be funded through internal cash generation. Leveraged Power Business: MPI had high EBITDA net leverage of around 10x at end-2024. The power business has been self-funded thus far, relying on domestic bonds and term loans to finance its projects. However, Fitch expects MPI to require new financing to support on-going growth capex and initial investments for its Bulan solar power supply project, held by MPI's JV. Potential Large Investments: Medco's LNG project in Tanzania and its JV's interest in Bulan (reported overall project cost of USD3 billion) are large and would increase capex substantially upon reaching their final investment decisions. Fitch thinks Medco's associate stake in PT Amman Mineral Internasional Tbk, which has current market valuation of about USD6 billion, provides substantial flexibility as Medco can monetise the stake to offset higher leverage arising from these investments. Limited Information on Shareholder: Medco's majority shareholder, PT Medco Daya Abadi Lestari, is privately held by the Panigoro family with limited information publicly available. However, Fitch believes the majority shareholder's access to Medco's cash is limited to shareholder returns, as Medco is listed with public shareholders. Material related-party transactions with the parent are also subject to disclosure requirements and approval from independent shareholders. Peer Analysis Medco has a greater share of fixed-price contracts than Canada's Vermilion Energy Inc. (BB-/Negative). Vermilion has broader geographic diversity, while Medco derives 80% of its volume from domestic assets. Fitch expects Vermilion's scale to expand after its announced acquisition of Westbrick Energy Ltd, narrowing the gap with Medco. The Negative Outlook on its rating reflects its impaired liquidity profile and higher debt level. Colombia's GeoPark Limited (B+/Stable) has a stronger financial profile, with EBITDA net leverage of around 1x, but its rating is constrained by its small size. Medco's production scale of 150 mboepd is about three times that of GeoPark's 35 mboepd-40 mboepd. The presence of fixed-price contracts also gives Medco higher earnings visibility. Medco and GeoPark share similar reserve lives of about seven years and benefit from low-cost positions. Key Assumptions - Brent crude prices of USD65/barrel in 2025 - 2027 and USD60 in 2028 - Gas prices in line with fixed-price contracts, where applicable - Total production volume of around 145 mboepd on average in 2025-2028 - Average production and lifting costs between USD8.5-9.0/boe - O&G capex averaging at around USD320 million a year and power capex averaging around USD80 million a year in 2025-2028, - Annual dividend payout at 25% of net income RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained deterioration in 1P reserve base to below 300 million barrels - Material decline in fixed-price gas contracts in Medco's EBITDA mix - Consolidated EBITDA net leverage at above 3.3x Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Average daily production approaching 175 mboepd, while growing 1P reserve base to 500 million bbl and - Consolidated EBITDA net leverage below 2.3x - Better clarity on company's strategy for upcoming investments Liquidity and Debt Structure At end-2024, Medco's available cash of USD696 million is sufficient to cover its short-term debt of USD429 million. Fitch expects Medco to undertake refinancing for its existing borrowings. Medco actively manages its debt maturity profile and has a history of refinancing bond maturities well in advance through multiple tender offers and open market purchases. Medco's 20.92% stake in listed Amman provides additional financial flexibility to the company. Issuer Profile Medco is an Indonesian upstream O&G company, with some producing assets in Oman and Thailand. It produced 152 mboepd of O&G in 2024. Medco also holds a 20.92% investment stake in Amman. Date of Relevant Committee 24 April 2025 REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING PT Medco Daya Abadi Lestari is privately held with limited information publicly available. However, Fitch believes the majority shareholder's access to Medco's cash is limited to shareholder returns, as Medco is listed with public shareholders. Material related-party transactions with the parent are also subject to disclosure requirements and approval from independent shareholders. These factors allow us to rate Medco despite the lack of detailed information about the parent. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Medco Cypress Tree Pte. Ltd. senior unsecured LT BB- New Rating MEDCO ENERGI: Moody's Rates New Senior Unsecured Bond 'B1' ---------------------------------------------------------- Moody's Ratings has assigned a B1 rating to Medco Energi's proposed backed senior unsecured bond to be issued by Medco Cypress Tree Pte. Ltd., a wholly-owned financing subsidiary of Medco. The rating outlook is positive. RATINGS RATIONALE Medco's B1 ratings reflect revenue visibility from the company's fixed-price natural gas sales agreements, accounting for around half of its production volume, which provides a degree of protection in the volatile crude price environment. The ratings continue to reflect Medco's commitment to deleverage post-acquisition, its moderate production scale and very good liquidity. These strengths are balanced by the company's inorganic growth strategy. Moody's projects Medco will generate an annual EBITDA of $1.0-$1.2 billion over the next two years, based on Moody's medium-term oil price assumption of $55-$75 per barrel. Given that fixed-price gas will account for around 50% of Medco's production, oil price volatility will not affect Medco to the same degree as it will for its peers. Moody's expects the company will maintain its strong credit metrics with leverage below 3.5x and interest cover exceeding 3.5x. Moody's ratings are based on Medco's consolidated financials which include its 100%-owned power subsidiary, Medco Power Indonesia (PT) (MPI). MPI has a growing importance in Medco's energy transition plan and is one of the pillars within the group. Medco's liquidity is very good over the next 12-18 months. As of December 31, 2024, the company had cash and cash equivalents of $637 million, further restricted cash of $60 million and undrawn multi-year credit facilities of $235 million. Medco does not have any near-term liquidity issues and will generate sufficient operating cash flow to address its spending requirements and commitments. The positive outlook reflects Moody's views that Medco's credit metrics will remain strong over the next 12 months. Moody's also expects Medco to maintain very good liquidity and financial discipline even as it pursues growth. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's could upgrade Medco's ratings if (1) the company maintains its strong credit metrics and very good liquidity profile; and (2) provides greater clarity on the scale and pace of its longer-term growth plans. Credit metrics supportive of an upgrade include adjusted debt/EBITDA below 3.0x-3.5x, adjusted EBITDA/interest expense above 3.5x-4.0x, and retained cash flow/net debt above 25%. Given the positive outlook, a downgrade is unlikely. However, Moody's could return the company's outlook to stable if its credit metrics weaken on the back of a sustained reduction in commodity prices or if its liquidity deteriorates. Debt-funded acquisitions could also result in downward pressure on the company's rating. Quantitative metrics indicative of such downward pressure include adjusted debt/EBITDA rising above 3.0x-3.5x, adjusted EBITDA/interest expense falling below 3.5x-4.0x, or retained cash flow/net debt below 25%. The principal methodology used in this rating was Independent Exploration and Production published in December 2022. Established in 1980, Medco Energi Internasional Tbk (P.T.) is a Southeast Asian integrated energy and natural resource company that is headquartered in Jakarta. It is listed in Indonesia with three key business segments -- oil and gas, power and mining. =============== M A L A Y S I A =============== CAPITAL A: Shareholders Approve Up to US$1.4BB Capital Reduction ---------------------------------------------------------------- Reuters reports that Capital A, which owns airline AirAsia, said on May 8 its shareholders and debtholders approved a capital reduction plan of up to MYR6 billion (US$1.4 billion), as the company aims to shrug off its 'financially distressed' tag. Capital A was severely impacted by pandemic-era travel curbs and its equity declined to below 50% of subscribed capital, due to which it was designated as a 'PN17' financially distressed entity by Malaysia's stock exchange in 2022. Last month, the company announced the capital reduction plan to bolster its balance sheet and offset losses, which amounted to MYR475.1 million last year, Reuters recalls. According to Reuters, Capital A said it will seek the country's high court's confirmation for the capital reduction plan, and that is on track to exit the PN17 status by the middle of this year. Besides the capital reduction, Capital A's proposed regularisation plan includes divesting its aviation business to long-haul affiliate AirAsia X, which shareholders have already approved, Reuters notes. This will help the company pivot toward non-aviation ventures, with a strategic focus on expanding its digital services and logistics operations, Reuters says. About Capital A Capital A Bhd, formerly known as AirAsia Group Bhd, provides low-cost air carrier service. The company provides services on short-haul, point-to-point domestic and international routes. Capital A, headquartered in Malaysia, operates from hubs in Malaysia, Thailand, Indonesia, Philippines and India. The airline's Malaysia and Thailand operations are undertaken via AirAsia Bhd and Thai AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines operations are managed under PT Indonesia AirAsia and Philippines AirAsia Inc. Capital A triggered the PN17 suspended criteria in July 2020 after its external auditors, Ernst & Young PLT, issued an unqualified audit opinion with material uncertainty relating to going concern in respect of its audited financial statements for the financial year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a consolidated basis was 50% or less of its share capital. Capital A also triggered the prescribed criteria pursuant to Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market Listing Requirements (Main LR), where AirAsia's shareholders' equity on a consolidated basis was 25% or less of its share capital and the shareholders' equity is less than MYR40 million based on the audited financial statements for FY20. Following relief measures introduced by Bursa and the Securities Commission Malaysia, Capital A was not classified as a PN17 listed issuer and was not required to comply with the obligations under Paragraph 8.04 and PN17 of the Main LR for a period of 18 months from the date of the first relief announcement, theedgemarkets.com said. The date of the first relief announcement was July 8, 2020, and the 18-month period ended on Jan. 7, 2022. Under the relief measures, companies that triggered any of the suspended criteria between April 17, 2020 and June 30, 2021, would not be classified as a PN17 and Guidance Note 3 (GN3) company for 12 months. As reported in the Troubled Company Reporter-Asia Pacific in mid-October 2024, shareholders have backed plans for budget carrier AirAsia to be bought by its long-haul associate, AirAsia X paving the way for the Malaysian-based airlines to finalise their consolidation by the end of the year. AirAsia X shareholders approved the proposed acquisition of Capital A's equity interest in AirAsia units for MYR6.8 billion (US$1.6 billion) on Oct. 16, 2024, after Capital A shareholders gave the nod on Oct. 14 to the deal, company statements said, according to Reuters. Capital A CEO Tony Fernandes said on Oct. 14, 2024, the disposal of AirAsia Berhad and AirAsia Aviation Group, which includes AirAsia units in Thailand, Indonesia, Philippines, and Cambodia, will pave the way for Capital A's restructuring and exit from PN17 status. The TCR-AP reported on March 17, 2025, that Capital A Berhad has reached a major milestone in its financial transformation journey with the approval of its Proposed Regularisation Plan by Bursa Malaysia Securities Berhad. TH HEAVY: CA Rejects Bid to Block Move for Compulsory Winding Up ---------------------------------------------------------------- The Edge Malaysia reports that the Court of Appeal has rejected Ministry of Finance (MOF)-controlled TH Heavy Engineering Bhd's (THHE) bid to stop creditors from turning its voluntary winding up into a compulsory one, clearing the way for High Court proceedings on May 9. The MOF owns 64.45% of THHE through Urusharta Jamaah Sdn Bhd (UJSB). The company was delisted in 2023. A three-member Court of Appeal panel on May 8 upheld a High Court decision allowing creditors of THHE and THHE Fabricators to begin legal proceedings to place both companies into compulsory liquidation under court supervision, according to the Edge. Under Section 464(2)(d) of the Companies Act 2016, creditors can ask the court to order compulsory liquidation if the court is convinced that a voluntary winding up won't adequately protect the interests of creditors or shareholders. The Edge relates that Judge Datuk P Ravinthran, who led the three-member panel, said they all agreed to reject THHE and THHE Fabricators' appeal because it had no merit. "This appellate court upholds the High Court decision as there is no appealable error that requires this court's intervention," Ravinthran said in his broad grounds. Judges Datuk Dr Choo Kah Sing and Datuk Ahmad Fairuz Zainol Abidin joined Ravinthran in the online hearing, the report notes. According to the Edge, the Court of Appeal ruled that High Court judge Ong Chee Kwan used the correct legal test in allowing creditors to start compulsory liquidation against both companies. THHE Fabricators was ordered to pay MYR20,000 in costs to the three creditor companies, while no cost order was made against THHE, the Edge says. The court heard the appeals last week and gave its decision on May 8, the report notes. According to the Edge, the Kuala Lumpur High Court will today, May 9, hear the case by the three creditors' to change the voluntary winding up of the two companies to a compulsory winding up. The hearing will be before judge Atan Mustaffa Yussof Ahmad, the report says. A compulsory winding up is court-ordered, usually requested by creditors, unlike a voluntary winding up initiated by the company. THHE began voluntary winding up in September 2023 after being delisted for a year, stating it couldn't continue operations due to its liabilities, the Edge recalls. Global Mariner Offshore Services, Blackstone Technology, and Dynac filed an application against THHE, while Blackstone and Dynac filed separate applications against TH Fabricators. The High Court granted their application on Feb. 4 last year, the Edge relates. Lawyers David Thomas Mathews, Olivia Loh, Lai Ann Xing, Koh Jo Vin, and Yeong Wen Yan represented the creditors, while Mark Ho represented THHE and TH Fabricators, the Edge discloses. Senior federal counsel Hafizah Johor Ariff appeared for the Insolvency Department. The Edge notes that the creditors sought compulsory winding up, claiming the voluntary winding up process had multiple legal breaches. They also argued that the liquidators appointed by THHE and TH Fabricators, Andrew Heng and Ashwin Mahendran, had conflicts of interest, as a former senior executive of THHE worked at the same firm as them. The creditors requested the court to appoint independent liquidators. About TH Heavy TH Heavy Engineering Berhad is an investment holding company. The Company is engaged in the provision of management services. The Company is engaged in the fabrication of offshore steel structures and the provision of other related offshore oil and gas engineering services in Malaysia. THHE, listed on the Main Market of Bursa Malaysia in 2005, has been in the oil and gas industry since 2002. It suffered losses after the 2014 downturn and hasn't recovered since, according to The Edge Malaysia. As at end-June 2022 - the last reported financial results for the group - THHE's liabilities outweighed its assets. Total liabilities stood at MYR425.4 million, while total assets were at MYR221.1 million. ===================== N E W Z E A L A N D ===================== AVVAL CORPORATION: Grant Bruce Reynolds Appointed as Liquidator --------------------------------------------------------------- Grant Bruce Reynolds of Reynolds & Associates on May 5, 2025, was appointed as liquidator of Avval Corporation Limited and BD Kitchen & Maintenance Limited. The liquidator may be reached at: Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 B N Y LIMITED: Court to Hear Wind-Up Petition on May 30 ------------------------------------------------------- A petition to wind up the operations of B N Y Limited will be heard before the High Court at Auckland on May 30, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 2, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 INFINITY POOLS: Court to Hear Wind-Up Petition on May 30 -------------------------------------------------------- A petition to wind up the operations of Infinity Pools Limited will be heard before the High Court at Auckland on May 30, 2025, at 10:00 a.m. Angela and James Reid filed the petition against the company on March 28, 2025. The Petitioner's solicitor is: Matt Taylor Barrister C/- Matt Taylor Barrister Level 1, 135 Meadowbank Road Meadowbank Auckland 1072 JIM HOWLETT: Creditors' Proofs of Debt Due on June 17 ----------------------------------------------------- Creditors of Jim Howlett Flooring Limited are required to file their proofs of debt by June 17, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 17, 2025. The company's liquidator is: David Edward Thomas Don’t Be Limited C/- 4 Willow Street Tauranga Central NEW ZEALAND RUGBY: Reports NZD19.5 Million Loss for 2024 -------------------------------------------------------- Ben Francis at the New Zealand Herald reports that New Zealand Rugby has posted a loss of NZD19.5 million for 2024, despite also bringing in record income. The result was announced on May 8's Annual General Meeting in Wellington and is New Zealand Rugby's (NZR) third consecutive deficit following a NZD8.9 million loss in 2023 and a NZD47 million loss in 2022. The Herald relates that the national body recorded income of NZD285 million, in what it describes as being a "near break-even result", highlighted by growth in commercial revenue. Foreign exchange hedging on sponsorship revenue and investment into revenue growth initiatives through New Zealand Rugby Commercial (NZRC) have resulted in the net deficit. According to the Herald, NZR chair and former All Blacks captain David Kirk accepts that the eight-figure loss is noteworthy. However, it is also not a cash loss. In particular, NZR was hit by the drawn-out saga with former sponsor Ineos, which withdrew from its agreement at the end of 2024. "Achieving a new high watermark of NZD285 million income, healthy commercial revenue streams in what is a difficult international operating environment, and reinvesting into the game at all levels, are grounds for optimism," the Herald quotes Mr. Kirk as saying. "NZR retains an incredibly strong balance sheet, which is vital for rugby in New Zealand and its ability to weather any major shocks." Amid the loss, considering NZR has not made a profit since it returned NZD5.5 million for the 2021 financial year, chief executive Mark Robinson also celebrated the record revenue, the Herald relays. However, he also conceded that the national union must also move towards becoming more sustainable, as the game globally comes to terms of living within its means. "We are committed to working on a sustainable financial model for our game as this year's result again demonstrates that the high fixed-cost structure we live within is not sustainable, even as we grow our overall revenue," Mr. Robinson said. "That work will step up in earnest this year." The Herald says NZR explains that while it lost NZD19.5 million, a total of NZD38 million was invested in growing what it has described as "commercial revenue growth opportunities". Of that NZD38 million, a total of NZD11.7 million was invested in its own content platform, NZR+. And while that has, in the short-term, not delivered the desired commercial results, NZR is hoping that its long-term strategy will ultimately yield the rewards it intends to, the Herald relates. "NZR+ content is now available on major airlines, globally connected TVs, and across local free-to-air and cable TV networks in the United States," NZR said in a media release. "In total, NZR+ content achieved one billion views in 2024, with 25% coming from the US and UK. "More than 280,000 users had also registered with NZR+ and NZR and Teams in Black brands had over 13 million followers or subscribers across key social media platforms, including the All Blacks' YouTube channel, which surpassed one million subscribers." It is hoped that the money lost from the Ineos sponsorship will be offset and recouped by a new deal with Japanese auto giants Toyota, confirmed earlier this week after initially being reported by the Herald at the start of May. New Zealand Rugby (NZR) is the governing body of rugby union in New Zealand. It was founded in 1892 as the New Zealand Rugby Football Union (NZRFU), 12 years after the first provincial unions in New Zealand. VELVET VISTA: Creditors' Proofs of Debt Due on June 27 ------------------------------------------------------ Creditors of Velvet Vista Venue Limited are required to file their proofs of debt by June 27, 2025, to be included in the company's dividend distribution. The High Court at Auckland appointed Iain Bruce Shephard and Jessica Jane Kellow of BDO Wellington as liquidators on May 1, 2025. ===================== P H I L I P P I N E S ===================== DEL MONTE: Opts Out of US$45MM US Settlement for Subsidiaries ------------------------------------------------------------- Bilyonaryo.com reports that Campos-led Del Monte Pacific Ltd (DMPL) has decided against contributing funds to a legal settlement involving its U.S. subsidiaries, Del Monte Foods Holdings Ltd. (DMFHL) and Del Monte Foods Inc. (DMFI), citing group-wide financial considerations and operational priorities in the Philippines. The decision follows a comprehensive review by the company's board after a lawsuit brought by certain non-participating lenders to DMFHL's 2022 term loan was dismissed with finality by the Delaware Court of Chancery, Bilyonaryo.com relates. "The DMPL Board believes that its decision protects the Company's interests and, importantly, will not disrupt the favorable business operations of its subsidiary DMPI," the company said, referring to Del Monte Philippines Inc. Bilyonaryo.com relates that the board took into account DMFI's historical financial performance, macroeconomic conditions in the United States, liquidity needs across the group, and compliance with lender conditions, it added. Under a previously announced settlement, DMFHL refinanced the 2022 term loan using a settlement loan provided by a group of lenders. As part of that agreement, Del Monte Pacific was expected to contribute up to $45 million by May 5. With no contribution made, the lenders will now exercise their right to appoint a majority of directors to the boards of DMFHL and its subsidiaries, and 25% of Del Monte Pacific's equity in DMFHL will be allocated to partially cover the loan, according to Bilyonaryo.com. As of Jan. 31, 2025, Del Monte Pacific's net investment in DMFHL stood at $579 million, with net receivables from DMFHL and its units totaling $169 million. According to the report, the company said it has engaged a financial adviser to determine the fair value of its DMFHL investment and assess potential impairments. It will provide further updates on the financial impact "in due course." DMPL also said it is in early-stage discussions with a potential investor regarding opportunities in DMFHL. These talks are expected to be protracted, but the lenders behind the settlement loan have expressed support for the effort, Bilyonaryo.com relays. Del Monte Foods, Inc. manufactures and distributes packaged food products. The Company provides canned fruits and vegetables, as well as a wide range of snacks. Del Monte Foods serves customers worldwide. ================= S I N G A P O R E ================= BOMPIPI LIVE: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on April 25, 2025, to wind up the operations of Bompipi Live Pte. Ltd. United Overseas Bank Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 BRAND UP: Court Enters Wind-Up Order ------------------------------------ The High Court of Singapore entered an order on April 25, 2025, to wind up the operations of Brand Up Pte. Ltd. DBS Bank Ltd filed the petition against the company. The company's liquidators are: c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 CHARTERED INSTITUTE: Creditors' Proofs of Debt Due on June 2 ------------------------------------------------------------ Creditors of Chartered Institute for Securities & Investment (Singapore) Pte. Ltd. are required to file their proofs of debt by June 2, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 2, 2025. The company's liquidator is: Yiong Kok Kong Avic DKKY Pte. Ltd. 180 Cecil Street, #12-04 Singapore 069546 GROUP IME: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on April 25, 2025, to wind up the operations of Group IME Pte. Ltd. Spacelogic Pte. Ltd. filed the petition against the company. The company's liquidator is: Mr. Aw Eng Hai M/s Foo Kon Tan LLP 1 Raffles Place #04-61 One Raffles Place Tower 2 Singapore 048616 SINCO SHIPPING: Creditors' Proofs of Debt Due on June 2 ------------------------------------------------------- Creditors of Sinco Shipping Pte. Ltd. are required to file their proofs of debt by June 2, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 28, 2025. The company's liquidators are: Mr. Lau Chin Huat Mr. Yeo Boon Keong c/o Technic Inter-Asia 50 Havelock Road #02-767 Singapore 160050 ********* 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 ***