250529.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, May 29, 2025, Vol. 28, No. 107
Headlines
A U S T R A L I A
ARROTEX AUSTRALIA: FSK Marks $10.8MM 1L Loan at 39% Off
BLOCKCHAIN GLOBAL: ASIC Sues Ex-Director for Breach of Duty
BURN ENTERPRISES: First Creditors' Meeting Set for June 3
GREBOL PTY: Second Creditors' Meeting Set for June 2
HEALTHSCOPE NEWCO: First Creditors' Meeting Set for June 5
HEALTHSCOPE: Hedge Funds Weigh Up Longer-Term Ownership
INOVA PHARMACEUTICALS: FSK Marks $3.9MM 1L Loan at 26% Off
IPROPERTY NT: Second Creditors' Meeting Set for June 2
SUPERSETT CONSTRUCTIONS: First Creditors' Meeting Set for June 6
C H I N A
COUNTRY GARDEN: Bank Creditors Warn of Deal Breaker on Debt Plan
DALIAN WANDA: To Sell 48 Malls to Ease Debt Woes
RETO ECO-SOLUTIONS: Net Loss Narrows to $8.4 Million in 2024
ZHUFANER: To Halt Home Renovation Projects Amid Cash Crunch
I N D I A
ALEPH ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
ARK INDUSTRIES: Insolvency Resolution Process Case Summary
ARUPADAI ARULMURUGAN: CARE Keeps B- Debt Rating in Not Cooperating
BADHRI COTTON: CARE Keeps D Debt Rating in Not Cooperating
BHAGWATI AIR: CARE Keeps D Debt Rating in Not Cooperating Category
BRAHMMAS AGRO: CARE Keeps C Debt Rating in Not Cooperating
CAPITAL ORGANICS: Voluntary Liquidation Process Case Summary
CHEEMA PAPER: Liquidation Process Case Summary
CHEENA SPINTEX: Liquidation Process Case Summary
DHARWAD METALLICS: CARE Keeps D Debt Rating in Not Cooperating
G. NAGESWARAN: CARE Keeps D Debt Rating in Not Cooperating
GUJARAT STEEL: CARE Keeps D Debt Ratings in Not Cooperating
HYRETAIL TECHNOLOGIES: Insolvency Resolution Process Case Summary
IWORLD DIGITAL: Insolvency Resolution Process Case Summary
JAYARAM TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating
KAMFIN LEASING: Voluntary Liquidation Process Case Summary
KIRAN GLOBAL: CARE Keeps D Debt Ratings in Not Cooperating
KUBS SAFES: CARE Keeps D Debt Rating in Not Cooperating Category
NAVAYUGA JAHNAVI: CARE Keeps D Debt Rating in Not Cooperating
NEW JAI: CARE Keeps D Debt Rating in Not Cooperating Category
P.M.R CONSTRUCTIONS: CARE Keeps D Debt Ratings in Not Cooperating
PAHARIMATA COLD: CARE Keeps B- Debt Rating in Not Cooperating
RAHEJA DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
RCL PAPER: CARE Keeps D Debt Ratings in Not Cooperating Category
RISHABH CONSTRUCTIONS: CARE Keeps D Ratings in Not Cooperating
RMJ MODERN: CARE Keeps C Debt Rating in Not Cooperating Category
S.K. RICE: CARE Keeps D Debt Rating in Not Cooperating Category
SENTHUR TEXTILES: CARE Keeps B- Debt Rating in Not Cooperating
SHREE BANKEY: Liquidation Process Case Summary
SHRINATHJI SPINTEX: Insolvency Resolution Process Case Summary
SULOCHANA EXPORT: CARE Keeps D Debt Rating in Not Cooperating
SUYASH POLYMER: ICRA Keeps D Debt Ratings in Not Cooperating
SVP TEXTILES: Insolvency Resolution Process Case Summary
TERRACIS TECHNOLOGIES: CARE Keeps D Debt Rating in Not Cooperating
TIRUPATI COTTON-DWARKA: ICRA Keeps B Ratings in Not Cooperating
VAMSI PHARMA: ICRA Withdraws D Rating on INR11.25cr Term Loan
VARDHAMAN PRESSURE: ICRA Keeps B+ Debt Ratings in Not Cooperating
VEEKAY PVC: CARE Keeps B- Debt Rating in Not Cooperating Category
VISHNU PRIYA: ICRA Keeps B+ Debt Rating in Not Cooperating
J A P A N
KIOXIA HOLDINGS: S&P Assigns 'BB+' Long-Term ICR, Outlook Stable
NISSAN MOTOR: Plans US$7BB Funding With UK Government Backing
N E W Z E A L A N D
ABBEY MOTEL: Creditors' Proofs of Debt Due on June 24
BLACK FOX: Court to Hear Wind-Up Petition on June 4
HA FEAR: Creditors' Proofs of Debt Due on July 10
K & C MILLS: Creditors' Proofs of Debt Due on June 24
TOTAL COATINGS: Court to Hear Wind-Up Petition on June 4
S I N G A P O R E
ADAM'S CORNER: Court to Hear Wind-Up Petition on June 6
ECOLIFE PTE: Court Enters Wind-Up Order
HOVOH PTE: Court to Hear Wind-Up Petition on May 30
MULTICHAIN FOUNDATION: Court Enters Wind-Up Order
PARK HOTEL: High Court Rejects Director's Bid to Cut Liabilities
TRUST CLEANZ: Court to Hear Wind-Up Petition on June 6
- - - - -
=================
A U S T R A L I A
=================
ARROTEX AUSTRALIA: FSK Marks $10.8MM 1L Loan at 39% Off
-------------------------------------------------------
FS KKR Capital Corp. (FSK) has marked its $10,800,000 loan extended
to Arrotex Australia Group Pty Ltd. to market at $6,600,000 or 61%
of the outstanding amount, according to Saratoga FSK's Form 10-K
for the fiscal year ended March 31, 2025, filed with the U.S.
Securities and Exchange Commission.
FSK is a participant in a First Lien Senior Secured Loan to Arrotex
Australia Group Pty Ltd. The loan accrues interest at a rate of
5.8% per annum. The loan matures on June 2028.
FSK was incorporated under the general corporation laws of the
State of Maryland on December 21, 2007 and formally commenced
investment operations on January 2, 2009. The Company is an
externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business
development company, or BDC, under the Investment Company Act of
1940. The Company has various wholly-owned subsidiaries, including
special-purpose financing subsidiaries and subsidiaries through
which it holds interests in portfolio companies.
FSK is led by Michael C. Forman as Chief Executive Officer, Steven
Lilly as Chief Financial Officer, and William Goebel as Chief
Accounting Officer.
The Fund can be reach through:
Michael C. Forman
FS KKR Capital Corp.
201 Rouse Boulevard
Philadelphia, PA 19112
Telephone: (215) 495-1150
About Arrotex Australia Group Pty Ltd.
Arrotex Australia Group Pty Ltd. is engaged in biotechnology and
life sciences.
BLOCKCHAIN GLOBAL: ASIC Sues Ex-Director for Breach of Duty
-----------------------------------------------------------
A former director of Blockchain Global Ltd, Mr. Liang (Allan) Guo,
will face Court on allegations relating to multiple breaches of his
directors' duties.
The Australian Securities & Investments Commission (ASIC) has
brought civil penalty proceedings in the Federal Court relating to
Mr. Guo's involvement in Blockchain Global's operation of a
cryptocurrency exchange platform, known as the ACX Exchange, which
collapsed in around December 2019 when customers began being unable
to withdraw funds or cryptocurrency from their ACX Exchange
accounts. The liquidators of Blockchain Global estimate that the
company owes over AUD20 million in unsecured creditor claims to
former customers of the ACX Exchange.
ASIC's allegations against Mr Guo relate to his dealings with ACX
Exchange customer funds, statements made about those dealings and
obligations to keep proper books and records.
From around mid-2016 until its collapse in around December 2019,
Blockchain Global operated a cryptocurrency exchange platform known
as the ACX Exchange, which allowed customers to buy, sell and store
cryptocurrency.
On February 11, 2022, Liquidators were appointed to Blockchain
Global. On November 1, 2023, the Liquidators lodged with ASIC a
detailed report to creditors outlining potential breaches of the
Corporations Act by current and former officeholders of Blockchain
Global, including Mr. Guo, and concluded that as of October 2,
2023, Blockchain Global had AUD58,648,886 owing to unsecured
creditors, of which AUD22,753,442 were unsecured creditor claims
received from former customers of the ACX Exchange. ASIC commenced
an investigation in January 2024.
On September 23, 2024, Mr. Guo left Australia following the expiry
of travel restraint orders and has not yet returned.
BURN ENTERPRISES: First Creditors' Meeting Set for June 3
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Burn
Enterprises (Australia) Pty. Ltd. will be held on June 3, 2025 at
1:00 p.m. at the offices of Beacon Advisory at Suite 1007, Level
10, Exchange Tower, 530 Lt. Collins St in Melbourne and via Zoom.
Anthony Lane of Beacon Advisory was appointed as administrator of
the company on May 22, 2025.
GREBOL PTY: Second Creditors' Meeting Set for June 2
----------------------------------------------------
A second meeting of creditors in the proceedings of Grebol Pty Ltd
has been set for June 2, 2025 at 10:00 a.m. at the offices of
Jirsch Sutherland at Level 9, 120 Edward Street in Brisbane and via
virtual meeting.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 30, 2025 at 4:00 p.m.
Christopher John Baskerville of Jirsch Sutherland was appointed as
administrator of the company on April 24, 2025.
HEALTHSCOPE NEWCO: First Creditors' Meeting Set for June 5
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Healthscope
Newco Pty Ltd and ANZ Hospitals Pty Ltd will be held on June 5,
2025 at 11:00 a.m. via virtual meeting only.
Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of
KordaMentha were appointed as administrators of the companies on
May 26, 2025.
HEALTHSCOPE: Hedge Funds Weigh Up Longer-Term Ownership
-------------------------------------------------------
The Australian Financial Review reports that major international
hedge funds that now control large parts of Healthscope's AUD1.6
billion debt are not ruling out injecting more money into the
failed private health hospital as longer-term part-owners if they
cannot find a buyer for the business, but they face resistance from
a big landlord.
London's Polus Capital and Los Angeles-headquartered Canyon
Partners own about 30 per cent of the debt owed by the country's
second-largest private healthcare operator, which collapsed into
administration earlier this month, leaving the long-term future of
its 37 hospitals uncertain.
Healthscope Limited provides healthcare services. The Company
manages a network of hospitals, clinics, and physicians for the
provision of emergency care, women's services, cancer care, and
pediatric services. Healthscope operates 38 hospitals across
Australia.
On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland &
Katherine Sozou of McGrathNicol Restructuring were appointed as
Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope
NewCo Pty Ltd. The appointments are limited to these two entities
only, which are ‘holding companies' within the Healthscope Group
corporate structure.
According to Sky News Australia, the lenders behind Healthscope,
have opted to call in receivers to find a buyer for the private
hospital operator, which is owned by North American private equity
group Brookfield.
INOVA PHARMACEUTICALS: FSK Marks $3.9MM 1L Loan at 26% Off
----------------------------------------------------------
FS KKR Capital Corp. (FSK) has marked its $3,900,000 loan extended
to iNova Pharmaceuticals (Australia) Pty Limited to market at
$2,900,000 or 74% of the outstanding amount, according to Saratoga
FSK's Form 10-K for the fiscal year ended March 31, 2025, filed
with the U.S. Securities and Exchange Commission.
FSK is a participant in a First Lien Senior Secured Loan to iNova
Pharmaceuticals (Australia) Pty Limited. The loan accrues interest
at a rate of 4.8% per annum. The loan matures on November 2031.
FSK was incorporated under the general corporation laws of the
State of Maryland on December 21, 2007 and formally commenced
investment operations on January 2, 2009. The Company is an
externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business
development company, or BDC, under the Investment Company Act of
1940. The Company has various wholly-owned subsidiaries, including
special-purpose financing subsidiaries and subsidiaries through
which it holds interests in portfolio companies.
FSK is led by Michael C. Forman as Chief Executive Officer, Steven
Lilly as Chief Financial Officer, and William Goebel as Chief
Accounting Officer.
The Fund can be reach through:
Michael C. Forman
FS KKR Capital Corp.
201 Rouse Boulevard
Philadelphia, PA 19112
Telephone: (215) 495-1150
About iNova Pharmaceuticals (Australia) Pty Limited
iNova Pharmaceuticals (Australia) Pty Limited is engaged in
pharmaceuticals, biotechnology and life sciences.
IPROPERTY NT: Second Creditors' Meeting Set for June 2
------------------------------------------------------
A second meeting of creditors in the proceedings of iProperty NT
Pty Ltd has been set for June 2, 2025 at 11:00 a.m. via virtual
meeting held at the offices of DuncanPowell at Level 4, 70 Pirie
Street in Adelaide.
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 30, 2025 at 4:00 p.m.
Stephen James Duncan and Nicholas Gyss of DuncanPowell were
appointed as administrators of the company on April 28, 2025.
SUPERSETT CONSTRUCTIONS: First Creditors' Meeting Set for June 6
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Supersett
Constructions Pty Ltd will be held on June 6, 2025 at 11:00 a.m. at
the offices of RSM Australia Bunbury Office at 6/1 Bonnefoi
Boulevard in Bunbury.
Jerome Mohen and Greg Dudley of RSM Australia Partners were
appointed as administrators of the company on May 26, 2025.
=========
C H I N A
=========
COUNTRY GARDEN: Bank Creditors Warn of Deal Breaker on Debt Plan
----------------------------------------------------------------
Bloomberg News reports that Country Garden Holdings' efforts to win
backing for a US$14.1 billion offshore restructuring are running
into resistance as key bank creditors say failure to accept some of
their demands would be a "deal breaker."
Bloomberg says the company, once China's largest property developer
by contracted sales, got a few months' reprieve from its
liquidation petition hearing on May 26, as High Court Judge Linda
Chan decided to adjourn the case to Aug 11.
At the same time, a key group of banks, known as the co-ordination
committee, injected some urgency to the process, saying that the
company hasn't yet agreed to its proposal on details of a US$178
million deal on the return of seized collateral, Bloomberg relates.
The group's lawyer said that if there is no agreement on the issue,
the restructuring "is bound to fail."
The co-ordination committee is crucial to Country Garden's
restructuring because it has the power to block any potential deal,
the report notes. According to Bloomberg, the company needs support
from three-quarters of debt holders in two individual groups - bank
lenders and bondholders. It has said that it has backing from
holders of 70 per cent of bonds, but even if it gets more from that
class, it still needs bank creditors to get on board to pass the
plan through a "scheme of arrangement" procedure.
Bloomberg relates that the committee's members hold or control
about 48 per cent of three syndicated loans with total principal of
US$3.6 billion. Unsettled issues on the compensation deal include
details on credit enhancements, payment schedule and seniority,
etc.
Chan said that her decision to adjourn the case took into
consideration the amount of the debt and number of creditors
involved. She said she would like to see some "useful and good
progress" in the next hearing, Bloomberg relays.
The company, with the agreement of bondholders, had asked for a
six-month extension, while the lawyer for the bank group sought a
three-week delay, Bloomberg notes.
Bloomberg says Country Garden has been in talks with creditors
since it defaulted on its US dollar debt about 19 months ago. The
issue of compensation for banks releasing collateral backing
certain loans has been in focus since early in the process.
Under the company's scheme of arrangement, there are two classes of
creditors, divided into banks and bondholders, according a filing.
"Class 1" comprises banks, including the co-ordination committee.
"Class 2" includes existing US dollar bondholders, Hong Kong US
dollar convertible bondholders and Ever Credit, which filed the
wind-up petitioner against the company in February last year and
holds a bilateral loan.
The company's restructuring is one of the biggest by a Chinese
developer since the beginning of the real estate crisis.
Bloomberg adds that Country Garden has said that it plans to submit
documents to the court in mid-August to hold a convening hearing,
which would allow a creditor vote on its debt plan. It has
previously said that it aims to complete the restructuring in
December.
About Country Garden Holdings
Country Garden Holdings Company Limited (HKEX:2007), an investment
holding company, invests, develops, and constructs real estate
properties primarily in Mainland China. The company operates in two
segments, Property Development and Construction. It develops
residential projects, such as townhouses and condominiums; and car
parks and retail shops. The company also develops, operates, and
manages hotels. In addition, it researches and develops robots;
sells electronic hardware and food; and provides interior
decoration, agriculture, landscape design, investment and
management consulting, cultural activity planning, and real estate
consulting services.
As reported in the Troubled Company Reporter-Asia Pacific in late
February 2024, Kingboard Holdings-backed money lender Ever Credit
on Feb. 27, 2024, filed a winding-up petition against Country
Garden to the Hong Kong High Court for non-payment of a US$205
million loan.
The TCR-AP reported in late March 2024 that Country Garden has
hired Kroll to carry out a liquidation analysis. Kroll, the New
York-headquartered financial advisory firm, is expected to conduct
an independent business review of Country Garden before projecting
a recovery rate for the developer's creditors under a liquidation
scenario, according to Reuters.
Country Garden Holdings first defaulted on its debt in October 2023
when it failed to make payments on a US dollar-denominated bond.
The company is now in a restructuring process that aims to reduce a
debt load of US$14.1 billion by 78 per cent, according to the South
China Morning Post.
Earlier in May 2025, the company said it was moving ahead with
efforts to restructure CNY12.4 billion in debt as part of a plan to
reorganise nine bonds totalling CNY13.5 billion.
DALIAN WANDA: To Sell 48 Malls to Ease Debt Woes
------------------------------------------------
Caixin Global reports that Dalian Wanda Group Co. Ltd., the
debt-ridden real estate-to-entertainment conglomerate headed by
Wang Jianlin, is selling 48 Wanda Plaza shopping centers to a
consortium that includes Tencent Holdings Ltd. and a unit of
e-commerce giant JD.com Inc., as it offloads more assets to ease
its long-standing liquidity crunch.
According to Caixin, the deal involves the sale of 48 companies
that each own a Wanda Plaza spread across 39 cities, including
Beijing, Shanghai, Guangzhou, Hangzhou and Xiamen, as well as
lower-tier cities, according to a notice released last week by the
State Administration for Market Regulation (SAMR) approving the
sale. The companies are owned by Dalian Wanda Commercial Management
Group Co. Ltd. - a core subsidiary of Wanda Group that invests in,
develops and manages commercial properties such as shopping malls.
Dalian Wanda Group Co., Ltd. operates real estate business. The
Company develops commercial property including commercial centres,
urban pedestrian streets, hotels, office buildings, and apartments.
Dalian Wanda Group also operates tourism investment, cultural, and
department store businesses.
As reported in the Troubled Company Reporter-Asia Pacific on Dec.
11, 2024, Fitch Ratings has downgraded Dalian Wanda Commercial
Management Group Co., Ltd.'s (Wanda Commercial) and Wanda
Commercial Properties (Hong Kong) Co. Limited's (Wanda HK)
Long-Term Foreign-Currency Issuer Default Ratings to 'C', from
'CC'.
Fitch has also downgraded the rating on the US-dollar notes
guaranteed by Wanda HK and issued by Wanda Commercial's
subsidiaries to 'C' with Recovery Rating of 'RR5', from 'CC' with
'RR4'. Fitch has removed the Rating Watch Negative (RWN) from all
the ratings.
RETO ECO-SOLUTIONS: Net Loss Narrows to $8.4 Million in 2024
------------------------------------------------------------
Reto Eco-Solutions, Inc. filed with the U.S. Securities and
Exchange Commission its Annual Report on Form 20-F for the year
ended December 31, 2024.
As reflected in the Company's consolidated financial statements for
the year ended December 31, 2024, the Company's revenue increased
by approximately $1.8 million, or 16,865%, from approximately
$10,781 in the year ended December 31, 2023 to approximately $1.8
million in the year ended December 31, 2024; its gross profit from
continuing operations increased by approximately $0.8 million, or
53,450%, from approximately $1,541 in the year ended December 31,
2023 to approximately $0.8 million for the year ended December 31,
2024; and its gross margin for the year ended December 31, 2024
increased to 45% from 14% for the prior year. For the years ended
December 31, 2024 and 2023, the Company incurred significant
impairment losses on bad debt expenses on uncollectible accounts
receivable and advance payments due to changes in the market
conditions of its customers and suppliers.
As of December 31, 2024, the Company had cash of approximately $0.7
million. In addition, the Company had outstanding accounts
receivable of approximately $0.1 million, of which approximately
$0.1 million, or 100%, were subsequently collected and became
available for use as working capital. As of December 31, 2024, the
Company had no outstanding bank loans.
Irvine, California-based YCM CPA Inc., the Company's auditor since
2021, issued a "going concern" qualification in its report dated
May 8, 2025, attached to the Company's Annual Report on Form 10-K
for the year ended December 31, 2024, citing that the Company
reported a net loss of approximately $8.4 million and $16.1 million
for the years ended December 31, 2024 and 2023, respectively, and
the Company had a working deficit of approximately $2.6 million as
of December 31, 2024. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.
Management's plan to alleviate the substantial doubt about the
Company's ability to continue as a going concern include working to
improve its liquidity and capital sources mainly through cash flow
from its operations, renewal of bank borrowings, equity or debt
offering and borrowing from related parties. In order to fully
implement its business plan and recover from continuing losses, the
Company may also seek equity financing from outside investors. At
the present time, however, it does not have commitments of funds
from any potential investors. There can be no assurance that
additional financing, if required, would be available on favorable
terms or at all and/or that these plans and arrangements will be
sufficient to fund the Company's ongoing capital expenditures,
working capital, and other requirements. If the Company is unable
to achieve these goals, its business will be jeopardized and may
not be able to continue. If the company ceases operations, it is
likely that all of investors will lose their investment.
A full-text copy of the Company's Form 20-F is available at:
https://tinyurl.com/2n7ad3je
About Reto Eco-Solutions
Reto Eco-Solutions, Inc., through its operating subsidiaries in
China, is engaged in the manufacture and distribution of
eco-friendly construction materials (aggregates, bricks, pavers and
tiles), made from mining waste (iron tailings), as well as
equipment used for the production of these eco-friendly
construction materials. Headquartered in Beijing, Peoples Republic
of China, the Company also provides consultation, design, project
implementation and construction of urban ecological protection
projects through its operating subsidiaries in China. It also
provides parts, engineering support, consulting, technical advice
and service, and other project-related solutions for its
manufacturing equipment and environmental protection projects.
As of Dec. 31, 2024, the Company had $34.3 million in total assets,
$4.3 million in total liabilities, and a total shareholders' equity
of $29.9 million.
ZHUFANER: To Halt Home Renovation Projects Amid Cash Crunch
-----------------------------------------------------------
Yicai Global reports that Zhufaner, a once high-flying Chinese home
renovation startup, is said to be grappling with a cash-flow crisis
that has brought work on multiple of its projects in Beijing and
Shanghai to a standstill.
Several homeowners in China's capital and the east coat metropolis
of Shanghai have reported the suspension of projects managed by
Zhufaner, while some clients said on social media that they had
taken out bank loans to fund the renovations and now face the risk
of unfinished work and repaying the lender, Yicai relates.
Yicai dispatched a reporter to Zhufaner's home-lifestyle showroom
in Shanghai on May 26 and found that most employees were absent,
with only a skeleton crew working rotating shifts to greet walk-in
customers.
One staffer confirmed that the Beijing-based company has a
cash-flow problem, Yicai says. Another said the local business's
capital chain was temporarily a problem because head office was
diverting funds to plug holes in the firm's group-buying business.
Several staffers told Yicai that Zhufaner is seeking new financing
or a potential merger to resolve the crisis.
As of press time, Zhufaner had issued no official statement on the
matter.
Founded in 2015 as a registered company named Beijing Shuimu Youpin
Technology, Zhufaner has raised funds in multiple financing rounds
from investors such as Innovation Works, Tisiwi, China Growth
Capital, and Jiacheng Capital, Yicai discloses.
Between 2018 and 2021, the firm's revenue soared from CNY100
million to CNY640 million (USD13.9 million to USD89 million). At
the opening ceremony of a Super Home Mall, Zhufaner co-founder Liu
Xianran once set the goal of achieving "100 stores earning CNY100
billion (USD13.9 billion) from 2030 to 2035."
Beijing Shuimu Youpin Technology had CNY1 million of its equity
frozen under property-preservation orders by a court in Foshan,
Guangdong province on April 28, Yicai adds citing data from
corporate information site Qichacha.
=========
I N D I A
=========
ALEPH ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Aleph
Enterprises (AE) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 7.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 9, 2024,
placed the rating(s) of AE under the 'issuer non-cooperating'
category as AE had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. AE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated March 25, 2025, April 4, 2025 and
April 14, 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
Aleph Enterprises (AE) was established in 1996 as a proprietorship
concern for processing and exports of cashew. Mrs. Leelama John is
the proprietor. The operations are also supported by her husband
Mr. John. M. George. The firm owns three processing units located
in Mampuzha, Puthensagatm and Villur in Kerala with a combined
installed capacity of 2000 MT (80 kg per bag). All the three
processing units are semi-automated. APE also purchases and sells
cashew kernel from other processing units in Kerala when the
particular variety ordered by customers is not available with APE
and to fulfil the demand of customers in a timely manner. Some of
the cashew varieties processed is white wholes (W180, W210, W240,
W280, W320, and W450), butts, splits, pieces, small pieces, baby
bits etc. The products are packed in 25 and 50 pounds packs and
then into cartons and exported depending upon the requirement of
customers.
ARK INDUSTRIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: ARK Industries Private Limited
Unit/Office No. 205, 2nd Floor,
Windfall Building Andheri Kurla Road,
J.B.Nagar, Andheri, (E), Mumbai City,
Mumbai, Maharashtra, India, 400059
Insolvency Commencement Date: May 8, 2025
Estimated date of closure of
insolvency resolution process: November 4, 2025
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Vivek Satyaprakash Jalan
Vivek Jalan -Tower 3/1502,
Spring Grove Tower,
Lokhandwala Township,
Akurli Road- Kandivali East,
Near Centrium Mall, Mumbai Suburban,
Maharashtra, 400101
Email: cavivekjalan81@gmail.com
- and -
A-402, Suashish IT park,
Dattapada road, Borivali East,
Mumbai – 400066
Email: cirp.arkindustries@gmail.com
Last date for
submission of claims: May 23, 2025
ARUPADAI ARULMURUGAN: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arupadai
Arulmurugan Spinners Private Limited (AASPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 8.81 CARE B-; Stable; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 17, 2024,
placed the rating(s) of AASPL under the 'issuer non-cooperating'
category as AASPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. AASPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated April 2, 2025, April 12, 2025 and
April 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).
Analytical approach: Standalone
Outlook: Stable
Arupadai Arulmurugan Spinners Private Limited (AASPL) was
incorporated in the year 2006. The company is promoted by Mr. S.
Suresh Kumar and their friends and relatives. The company is
engaged in manufacturing of blended yarn comprising of viscose. It
also manufactures viscose yarn based on customer needs. The company
procures the raw material (viscose) from Grasim Industries Limited.
The company sells its products i.e. viscose yarn to traders and
manufacture of apparel.
BADHRI COTTON: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Badhri
Cotton Mills Private Limited (BCMPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 30.51 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 25, 2024,
placed the rating(s) of BCMPL under the 'issuer non-cooperating'
category as BCMPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. BCMPL 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
Badhri Cotton Mills Private Limited (BCMPL) (Earlier known as
Reddies Textile Industries Private Limited) started its commercial
operations from December 2012. The company is engaged in cotton
yarn spinning (with a capacity of 31,248 spindles) at its
manufacturing facilities located at Prakasam district, Andhra
Pradesh. The key raw material being cotton bales is procured from
local suppliers. BCMPL sells the cotton yarn to dealers and traders
based at Maharashtra, Tamil Nadu, Telangana and Andhra Pradesh.
BHAGWATI AIR: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bhagwati
Air Express Private Limited (BAEPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 21, 2024,
placed the rating(s) of BAEPL under the 'issuer non-cooperating'
category as BAEPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. BAEPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated April 6, 2025, April 16, 2025 and
April 26, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
BAEPL was incorporated in 2010 by Mr. Dinesh Kumar Digga and Mr.
Roopchand Baheti. The company provides domestic freight services
through airway channel (air freight forwarding services) and
surface transportation. The company has tie up with domestic air
carrier for transportation of goods through air and for surface
transportation the company has its own fleet of more than 108
trucks with capacity ranging from 9 tons to 18 tons.
BRAHMMAS AGRO: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Brahmmas
Agro Industries Private Limited (BAIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 18.00 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 19, 2024,
placed the rating(s) of BAIPL under the 'issuer non-cooperating'
category as BAIPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. BAIPL 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
Brahmmas Agro Industries Pvt. Ltd (BAIPL), incorporated in August
2008, was promoted by Mr. B. Srinivasa Rao and Mr. T. Mastan Reddy.
Mr. Mastan Reddy has around four decades of experience in
extraction and refining of cotton seed oil while, Mr. B. Srinivasa
Rao has an overall experience of over a decade in the industry. The
company is engaged into processing of cotton seed for solvent
extraction & refining of cotton seed oil and manufacturing of
allied products like cotton seed hulls, cotton seed cake, linters
etc. The company has a processing plant at Vetapalemu, Prakasham
district, Andhra Pradesh with an installed capacity of 125,000 MTPA
for Cotton seed processing, 65000 MTPA for solvent extraction of
cotton seed cake and 12000 MTPA for extraction refinery.
CAPITAL ORGANICS: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: CAPITAL ORGANICS PRIVATE LIMITED
S-265, Greater Kailash Part- II,
New Delhi 110048
Liquidation Commencement Date: May 9, 2025
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Mr. Sanjay Kumar Jha
123/8, Gali No. 15, T-Point,
Main Market, Sant Nagar,
Burari, Delhi - 110084
- and -
308-309, Vardhman Fortune Mall
GT Karnal Road, Ind. Area,
Azadpur, Delhi - 1100033
Email: sanjayjhafcs@gmail.com
Mobile Number: 98115 79790
Last date for
submission of claims: June 8, 2025
CHEEMA PAPER: Liquidation Process Case Summary
----------------------------------------------
Debtor: Cheema Paper Mills Private Limited
Ramraj Road Bajpur, Bajpur,
Uttarakhand, India- 262401
Liquidation Commencement Date: May 8, 2025
Court: National Company Law Tribunal, Chandigarh Bench I
Liquidator: CA Arun Gupta
Lane 4 Bhagat Colony, Uttam Nagar,
Khalsa School Road, Khanna,
Ludhiana, Punjab -141401
Mobile: 9878991186
Email: arunsapna.ca@gmail.com
Email: liq.cheemapapermills@gmail.com
Last date for
submission of claims: June 7, 2025
CHEENA SPINTEX: Liquidation Process Case Summary
------------------------------------------------
Debtor: Cheema Spintex Limited
House No. 176/2, Sector-41A, Chandigarh,
Chandigarh, India -160036
Village Kauli Majra, Lalru,
Punjab-140506
Liquidation Commencement Date: May 8, 2025
Court: National Company Law Tribunal, Chandigarh Bench I
Liquidator: Arun Gupta
Lane 4 Bhagat Colony,
Uttam Nagar, Khalsa School Road,
Khanna, Ludhiana, Punjab -141401
Mobile: 9878991186
Email: arunsapna.ca@gmail.com
Email: liq.cheemaspintex@gmail.com
Last date for
submission of claims: June 7, 2025
DHARWAD METALLICS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dharwad
Metallics Private Limited (DMPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.30 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 26, 2024,
placed the rating(s) of DMPL under the 'issuer non-cooperating'
category as DMPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. DMPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated March 12, 2025, March 22, 2025
and 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: Not Applicable
Dharwad Metallics Private Limited (DMPL) was incorporated in the
year 2011 by Ms. Ruchita Rajendra Patole, Mr. Belaval Subhash and
Mrs. Roopadevi Basavaraddi Devaraddi. The company is engaged in
manufacturing of SG Iron/ Cast Iron and does Casting of Metals
include finished or semi-finished products.
G. NAGESWARAN: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of G.
Nageswaran (GN) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 14, 2024,
placed the rating(s) of GN under the 'issuer non-cooperating'
category as GN had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. GN continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated March 30, 2025, April 9, 2025 and
April 19, 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
Tamil Nadu based, G. Nageswaran (GN) was established as a
proprietorship firm in 1985 by Mr. G. Nageswaran he is a clause 1
contractor. GN is engaged in civil construction works like
construction of road, bridges, drains, culverts etc. related to
Tamil Nadu Public Works Department (TNPWD) and Chennai Corporation
Department (CCD) in the state of Tamil Nadu.
GUJARAT STEEL: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gujarat
Steel & Pipes (GSP) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 24.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 2, 2024,
placed the rating(s) of GSP under the 'issuer non-cooperating'
category as GSP had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. GSP continues to
be non-cooperative despite repeated requests for submission of
information through e-mails dated March 18, 2025, March 28, 2025,
April 7, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Constituted in 1983, Ahmedabad based Gujarat Steel & Pipes (GSP)
was promoted by Mr. Rajnikant P. Shah. Entity is primarily engaged
in the trading of long steel products like rounds, billets, angles,
beams, bloom, pipes, sheets, plates, TMT bars and wires.
HYRETAIL TECHNOLOGIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Hyretail Technologies Private Limited
Reg Office: S./o Kapoor Chand A/c 30/85
Mahavir Colony, Ballabgarh,
Fadirabad, Haryana-121004
Other Office: Plot No. 140, 5/1, IP Colony,
Block F, Spring Field Colony,
Sector 31, Faridabad, Haryana-121003
Insolvency Commencement Date: May 9, 2025
Estimated date of closure of
insolvency resolution process: May 11, 2025 (180 Days)
Court: National Company Law Tribunal, Chandigarh Bench-I
Insolvency
Professional: Arunava Sikdar
C-10 Lgf, Lajpat Nagar Part III,
New Delhi-110024
Email: asikdar1990@gmail.com
Email: cirp.hyretail@gmail.com
Last date for
submission of claims: May 26, 2025
IWORLD DIGITAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Iworld Digital Solutions Private Limited
79, First Floor, Paschimi Marg,
Vasant Vihar, South West Delhi,
New Delhi, India-110057
Insolvency Commencement Date: May 9, 2025
Estimated date of closure of
insolvency resolution process: November 5, 2025
Court: National Company Law Tribunal, New Delhi Bench-VI
Insolvency
Professional: Anurag Nirbhaya
204, Sagar Plaza, Plot No.19,
District Centre Laxmi Nagar,
New Delhi -110092
Email: anurag@canirbhaya.com
Email: cirp.iwdspl@gmail.com
Last date for
submission of claims: May 23, 2025
JAYARAM TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jayaram
Textiles (JT) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.36 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.18 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 May 9, 2024,
placed the rating(s) of JT under the 'issuer non-cooperating'
category as JT had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. JT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated March 25, 2025, April 4, 2025 and
April 14, 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
Jayaram Textiles (JT) was established as a partnership firm in 1985
by Mr. P.M. Thirumoorthy, Mr. P.M. Balasubramaniam and Mr. P.M.
Ganeshmoorthy (brothers). The firm was started as a fabric
manufacturing unit with an initial capacity of 78 power looms in
Tirupur, Tamil Nadu. Since then, the firm has expanded its weaving
operations to the current levels. The firm procures raw materials
from Tamil Nadu, Andhra Pradesh, Telangana and Karnataka. The
present installed capacity is 12,000 spindles, 150 power looms and
32 suzler looms. The firm produces yarn in counts of 32's, 40's and
60's which is used for its own fabric
production. The fabric produced by JT finds application in linen,
curtains etc. The firm sells the fabric to a number of distributors
and agents in the markets like Tirupur, Jaipur, Ahmedabad, Mumbai,
Kolkata and New Delhi, who in turn sells the fabric to linen and
garment manufacturing units.
KAMFIN LEASING: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Kamfin Leasing Finance Ltd
1st Floor Leela Towers,
Kallai Road, Calicut,
Kerala, India-673002
Liquidation Commencement Date: May 8, 2025
Court: National Company Law Tribunal, Kochi Bench
Liquidator: Mrs. L. Sarumathy
19/2026-D, II Floor Indus Avenue
Kallai Road Kozhikode
Kerala India-673002
Email: kamfinclt@gmail.com
- and -
"Saruchiram" Villa
No 6 Bougainvillea
Near Nethaji Nagar
Kottooli - 673016, Kerala
Last date for
submission of claims: June 7, 2025
KIRAN GLOBAL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kiran
Global Chems Limited (KGCL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 93.15 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 108.50 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 30, 2024,
placed the rating(s) of KGCL under the 'issuer non-cooperating'
category as KGCL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. KGCL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated March 16, 2025, March 26, 2025,
April 5, 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
Established in 1989, Chennai based KGCL is one of India's leading
manufacturer of sodium silicate. KGCL is the flagship company of
the MS Jain group which is engaged in various businesses such as
manufacturing and trading of chemicals, food processing and
shipping and logistics.
KUBS SAFES: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kubs Safes
and Locks Private Limited (KSLPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 28.76 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 26, 2024,
placed the rating(s) of KSLPL under the 'issuer non-cooperating'
category as KSLPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. KSLPL 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: Not applicable
KSLPL is engaged in the business of manufacturing and trading of
various physical security equipment such as safe deposit lockers
and boxes, record protection filing cabinets, fire resistant data
storage cabinets, fire resistant vault doors and similar
space-saving storage equipment. These products are primarily used
by jewellers, corporate houses, banks, financial institutions and
government establishments. KSL was incorporated on October 13, 2009
by a group of entrepreneurs who are involved in the distribution of
physical security equipment of reputed global majors in the Middle
East, since 2004. The firm has setup a warehouse at Oragadam,
Chennai, for storing the inventory. KSL has an associate concern
KUBS Impex Private Limited, established in 2010, which is engaged
in trading of office products such as shredders, laminating and
binding machines. The company has availed moratorium on its
existing bank facilities from March to August 2020 amid COVID-19
RBI guidelines.
NAVAYUGA JAHNAVI: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Navayuga
Jahnavi Toll Bridge Private Limited (NJTBPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 720.00 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 29, 2024,
placed the rating(s) of NJTBPL under the 'issuer non-cooperating'
category as NJTBPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. NJTBPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated March 15, 2025,
March 25, 2025, 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
Navayuga Jahnavi Toll bridge Pvt Ltd is a special purpose vehicle
(SPV) incorporated for development of Greenfield Bridge across
river Ganges and its approaches connecting Bhaktiyarpur Bypass of
NH-31, near village Karjan & NH28 at Tajpur in the state of Bihar
on DBFOT (Toll Basis). The project involves construction of
Four-Lane Greenfield Bridge across river Ganges for a length of
5.55 km long and 45.393 km length for approach road. The concession
was awarded by Bihar State Road Development Corporation
Limited (BSRDCL) for a period of 30 years including construction
period of 1642 days. The concession agreement was signed on October
8, 2010 and the SPV received appointed date on November 30, 2011.
NEW JAI: CARE Keeps D Debt Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of New Jai
Bharat Educational Trust (NJBET) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 15, 2024,
placed the rating(s) of NJBET under the 'issuer non-cooperating'
category as NJBET had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. NJBET continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated March 31, 2025, April 10, 2025
and April 20, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
M/s New Jai Bharath Educational Trust (NJBET) is a non-minority,
charitable trust registered under Section 12A of the Income Tax
Act. The main objective of the trust is to provide education
services and engage in social welfare activities to the rural
population. Presently, the trust runs engineering college offering
five undergraduate engineering courses which are approved by the
All India Council for Technical Education (AICTE) and is affiliated
to Anna University, Chennai. The campus is spread over 20 acres of
land located at Trichy district, Tamil Nadu and build up area of
95000 sq. ft.
P.M.R CONSTRUCTIONS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of P.M.R
Constructions India Private Limited (PCIPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 20.00 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 25, 2024,
placed the rating(s) of PCIPL under the 'issuer non-cooperating'
category as PCIPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. PCIPL 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
Andhra Pradesh-based, PMR Costructions India Private Limited
(PCIPL), was incorporated in the year 2015 with its registered
office at Pulivendula, Cuddapah. The promoters of the company are
Mr. P Maheswara reddy (Managing Director) and Mrs. P Lakshmi
Prasanna (Director). PCIPL started its business operations after
taking over an existing proprietorship concern i.e. M/s Palem
Maheswara Reddy (established in the year 2000). Currently, PCIPL is
engaged in civil construction works such as construction of
buildings, sub stations and transmission lines of all voltage
levels. The company procures its work orders from government
(Andhra Pradesh and Telangana), by participating in online tenders,
and also from private authorities.
PAHARIMATA COLD: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Paharimata Cold Storage Private Limited (SPCSPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 6.42 CARE B-; Stable; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 17, 2024,
placed the rating(s) of SPCSPL under the 'issuer non-cooperating'
category as SPCSPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SPCSPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 2, 2025,
April 12, 2025 and April 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).
Analytical approach: Standalone
Outlook: Stable
Shri Paharimata Cold Storage Private Limited (SPCSPL) was
incorporated in December 04, 1972 and currently the company is
being managed by Mr. Ranjit Kumar Dandapat, Mr. Sukamal Dandapat
and Mrs. Moutusi Dandapat. Since its inception; the company has
engaged in cold storage services mainly for preservation of
potatoes. The cold storage unit of the company is located at West
Midnapore, West Bengal with an aggregate storage capacity of 138829
quintals. Moreover, the company has not availed any moratorium from
its lender.
RAHEJA DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raheja
Developers Limited (RDL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1,171.64 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated April 24, 2024,
placed the rating(s) of RDL under the 'issuer non-cooperating'
category as RDL had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. RDL continues to
be non-cooperative despite repeated requests for submission of
information through emails dated March 10, 2025, March 20, 2025,
March 30, 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
Raheja Developers Limited (RDL) was incorporated in 1990 and was
promoted by Mr. Navin M Raheja and his family members. The company
is engaged in real estate development (residential and commercial).
Mr. Navin M Raheja (Chairman & Managing Director) has an
established track record in the real estate sector. He is also
chairman of real estate committee of FICCI (Federation of Indian
Chambers of Commerce and Industry) and a chairman of advisory
council of National Real Estate Development Council (NAREDCO).
RCL PAPER: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of RCL Paper
and Packagings Limited (RPPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.28 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.75 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 18, 2024,
placed the rating(s) of RPPL under the 'issuer non-cooperating'
category as RPPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. RPPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated 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
RCL Paper and Packaging Limited (RPPL) formerly known as RCL
Technologies Limited was incorporated in 1993 as Reddy Computers
Limited and subsequently its name was to RCL Technologies Limited
in the year 2000. Further, On November 5, 2014, the name was
changed to RCL Paper and Packaging Limited. The company is engaged
in the business of digital printing of letter heads, bus tickets,
account books, pin mailers and other printed documents. Initially,
RPPL used to outsource the printing works, after receiving order
from its clients, to various third parties, on a job-work basis
till 2011. However, they have started own printing unit in 2011.
The company has its servicing facility located at Sanathnagar,
Hyderabad with an installed capacity of 2,000 metric tonnes of
paper per annum. RPPL has around 170 customers across Andhra
Pradesh and Telangana states including reputed clients like banks,
A.P.S.R.T.C, Karvy Consultants, etc. The major raw materials of the
company include paper, printing ink and other printing materials
which are procured from domestic suppliers.
RISHABH CONSTRUCTIONS: CARE Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rishabh
Constructions Private Limited (RCPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 56.24 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 9, 2024,
placed the rating(s) of RCPL under the 'issuer non-cooperating'
category as RCPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. RCPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated March 25, 2025, April 4, 2025 and
April 14, 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
Jaipur (Rajasthan) based RCPL was incorporated in November 1984 and
is promoted by Mr. Mahendra Kumar Sethi and Mr. Madan Lal Sethi.
RCPL is engaged in execution of civil construction contract works
with major focus on construction of buildings,
refurbishment/modification of buildings, hospitals, sophisticated &
complex laboratories, water supply & sewage disposal and electrical
engineering works. It is a 'SS' (highest in the scale of SS to E)
class approved contractor from Military Engineer Services (MES) and
'AA' class approved contractor from Central Public Work Department
(CPWD). The company also undertakes civil construction work for
private clients. It also has a windmill in Jaisalmer with a total
installed capacity of 1.25 Mega Watt (MW).
RMJ MODERN: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RMJ Modern
Rice Mill (RMRM) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.89 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 17, 2024,
placed the rating(s) of RMRM under the 'issuer non-cooperating'
category as RMRM had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. RMRM continues
to be non-cooperative despite repeated requests for submission of
information through emails dated April 2, 2025, April 12, 2025,
April 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).
Analytical approach: Standalone
Outlook: Not applicable
RMRM, engaged in rice milling business, was established in June
2006, by Mr J. Thangapandi and Mr J. Sundarapandian as a
partnership firm sharing profits and losses equally. The raw
material, paddy is procured from farmers in and around the
districts of Madurai, Theni, Usulampati and Sivagangai.
S.K. RICE: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S.K. Rice
Industries (SRI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 13, 2024,
placed the rating(s) of SRI under the 'issuer non-cooperating'
category as SRI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. SRI continues to
be non-cooperative despite repeated requests for submission of
information through e-mails dated March 29, 2025, April 8, 2025 and
April 18, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
S.K. Rice Industries was Established in the year 2008 as a
partnership firm. The firm is engaged in the milling of paddy for
producing raw rice. SRI is promoted by Mr. Syed Altaf Ahmed
(partner), Mr. Syed Israr Ahmed (Partner) and Mrs. Syed Rehana
(Partner). Mr. K. Syed Altaf Ahmed has over two decades of
experience in rice milling industry as he was in the same business
with his father. The rice mill is located at Davangere district,
Karnataka.
SENTHUR TEXTILES: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Senthur
Textiles Private Limited (STPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 7.73 CARE B-; Stable; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 25, 2024,
placed the rating(s) of STPL under the 'issuer non-cooperating'
category as STPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. STPL continues
to be non-cooperative despite repeated requests for submission of
information through emails dated March 11, 2025, March 21, 2025,
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: Stable
Senthur Textiles Private Limited (STPL) was incorporated in the
year 1994, promoted by Mr. P. J. Ramkumar Rajha. STPL is completely
owned and managed by the family members and is engaged in the
cotton yarn manufacturing. The firm procures raw cotton from
traders in Andhra Pradesh, Telangana, Karnataka, Maharashtra and
Gujarat and sells cotton yarn through agents in the form of cones
to textile companies in Erode, which is a cluster of textile
business with huge demand for cotton yarn. The manufacturing unit
is located at Rajapalyam, Tamil Nadu. Mr. P.R. Jagadeesh Chandar
(S/o Mr. Ramkumar Rajha) has joined the business in FY15 after
completing his MBA in Human Resource and industry experience of 1
½ years in a Human Resource Management company in Bangalore. The
day to day operations are managed by Mr. P. J. Ramkumar Rajha,
Managing Director (who has got wide experience of more than two
decades in the business of yarn production) along with Mr. P.R.
Jagadeesh Chandar.
SHREE BANKEY: Liquidation Process Case Summary
----------------------------------------------
Debtor: SHREE BANKEY BEHARI EXPORTS LIMITED
2647, NAYA BAZAR, NEW DELHI,
Delhi, India, 110006
Liquidation Commencement Date: May 13, 2025
Court: National Company Law Tribunal, Principal Bench, New Delhi
Liquidator: Pooja Bahry
59/27, Prabhat Road,
New Rohtak Road, New Delhi- 110005
Email: pujabahry@yahoo.com
Email: liquidation.shreebankeybehari@gmail.com
Last date for
submission of claims: June 12, 2025
SHRINATHJI SPINTEX: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Shrinathji Spintex Private Limited
Gundala Road, Survey No. 461,
Near Khedut Solvant, Behind Gujarat Ginning,
Gondal, District Rajkot 360311
Insolvency Commencement Date: May 8, 2025
Estimated date of closure of
insolvency resolution process: November 3, 2025
Court: National Company Law Tribunal, Delhi Bench
Insolvency
Professional: Atul Mittal
174, BALCO Apartments,
Plot No.58, IP Extn.,
Patparganj, Delhi-110092
Email: atulmittalip135@gmail.com
- and -
163, BALCO Apartments, Plot No.58,
IP Extn., Patparganj, Delhi-110092
Email: cirp.shrinathjispintexpvtltd@gmail.com
Last date for
submission of claims: May 22, 2025
SULOCHANA EXPORT: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sulochana
Export (SE) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 6, 2024,
placed the rating(s) of SE under the 'issuer non-cooperating'
category as SE had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. SE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated March 22, 2025, April 1, 2025 and
April 11, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Sulochana Export (SE) was established in 2015 as a partnership firm
and promoted by Mr. Madeswaran and his family members. The firm is
engaged in manufacturing of cotton fabrics. The manufacturing unit
is spread in total area of 45000 Sq. ft. located at Tiruchengode,
Namakkal District (Tamil Nadu). SE purchases its key raw material
(cotton yarn) from domestic market in Erode District, which is
famous for cotton production in south India. The firm sells the
cotton fabrics to the customers located at Tamil Nadu, Andhra
Pradesh and Gujarat. The firm has an installed capacity of 15000
meters per day. The firm is utilizing around 85% of capacity per
day. The lender has indicated that the firm has availed moratorium
from March to August 2020 amid covid-19 RBI guidelines.
SUYASH POLYMER: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
facilities of Suyash Polymer (SP) in the 'Issuer Not Cooperating'
category. The rating are denoted as "[ICRA]D ISSUER NOT
COOPERATING/[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 0.86 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term- 4.60 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 0.13 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with SP, 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 1978, Suyash Polymer (SP) is the flagship company
of the Damani Group, which manufactures polypropylene disposable
cups. Mrs. Radhika Neelesh Damani is the proprietor of the firm,
while Mr. Neelesh Damani and Mr. Nitin Damani collectively manage
the affairs of the group.
SVP TEXTILES: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: SVP TEXTILES VENTURES PRIVATE LIMITED
Office No. 7, G Wing, Vini Heights,
Opp. Manthan Hotel, Nalasopara West,
Thane – 401203 Maharashtra
Insolvency Commencement Date: May 9, 2025
Estimated date of closure of
insolvency resolution process: May 11, 2025
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Rakesh Kumar Tulsyan
B-4, Vinay Tower, Kranti Nagar,
Lokhandwala, Kandivali East,
Mumbai – 400101
Email: tulsyanrk@gmail.com
Email: CIRP.SVP@GMAIL.COM
Last date for
submission of claims: May 23, 2025
TERRACIS TECHNOLOGIES: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Terracis
Technologies Limited continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 166.55 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CARE Ratings) has been seeking information
from Terracis Technologies Limited (TTL, now known as Terracis
Digital Limited) to monitor the rating(s) vide e-mail
communications dated May 16, 2025, March 19, 2025, February 16,
2025, February 6, 2025, etc., among others and numerous phone
calls. However, despite repeated requests, TTL has not provided
requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE Ratings has reviewed
the ratings based on best available information which however, in
CARE Ratings' opinion is not sufficient to arrive at a fair rating.
The
rating assigned to the bank facilities of TTL will now be denoted
as 'CARE D; ISSUER NOT COOPERATING'. The rating assigned to the
bank facilities of TTL continues to factor in past instances of
delays in servicing of debt obligations.
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: Consolidated
Outlook: Not applicable
Detailed description of the key rating drivers
At the time of last rating on March 13, 2024, following were the
key rating weaknesses:
Key weaknesses
* Delays in servicing of debt obligations: As per banker
interaction, there were instances of delays in servicing of debt
obligations. The same was on account of stressed liquidity position
of the company.
Terracis Technologies Limited (TTL, formerly IL&FS Technologies
Limited) is a part of IL&FS group. Incorporated in year 1993, TTL
provides complete end-to-end technology solution offering
consulting, software development, systems integration, data
digitization, management service and solutions, performance tuning
solutions and IT infrastructure management services to the global
customers. Pursuant to National Company Law Tribunal's (NCLT's) in
May 2024, Ecentric Digital Limited acquired Indian
business of TTL. During last fiscal year, Terracis Technologies
Limited changed its name to Terracis Digital Limited.
TIRUPATI COTTON-DWARKA: ICRA Keeps B Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of
Tirupati Cotton-Dwarka (TC) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B(Stable) ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.50 [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 TC, 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 May 2015, Tirupati Cotton (TC) is engaged in cotton
ginning and pressing at its manufacturing facility located at Verad
in Jamnagar district of Gujarat. The facility is equipped with 36
ginning machines and 1 pressing machine with a total installed
capacity of processing ~24,192 MT of raw cotton per annum. TC
started commercial operations from February 2016.
VAMSI PHARMA: ICRA Withdraws D Rating on INR11.25cr Term Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Vamsi Pharma Private Limited, based on the request of the company
and the No Objection Certificate received from its lender's. The
Key Rating Drivers and their description, Liquidity Position,
Rating Sensitivities, Key Financial Indicators have not been
captured as the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 2.80 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Withdrawn
Cash Credit
Long-term 11.25 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Withdrawn
Term Loan
Vamsi Pharma Private Ltd. (VPPL) is a private limited company
incorporated on July 16, 2015. The registered office is located in
Banjara Hills, Hyderabad. The company is looking at an annual
production Brief Business Description capacity of 28,200 kg in
manufacturing anti-asthmatics, corticosteroids and pre-mixes. It is
promoted by Mr. Kesava Reddy, who has a 29% shareholding in VPPL,
Mr. Pratap Reddy, Mr. Madhusudhan Reddy and Dr. Ravindra Purohit.
The promoters are currently involved in manufacturing active
pharmaceutical ingredients (API) through Vamsi Labs Ltd. (VLL)
Solapur (Maharashtra).
VARDHAMAN PRESSURE: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of
Vardhaman Pressure Die Casting (VPDC) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable)
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 4.50 [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 VPDC, 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.
Vardhaman Pressure Die Casting (VPDC) was incorporated in 2006 as a
proprietorship firm by Mr. Vikram Pomani Vardhaman. The firm is
currently managed by Mr. Vikram and his wife Ms. Sobha Pomani. The
firm is engaged in manufacturing of aluminium castings which finds
applications in a wide range of industries including automotive,
kitchen appliances and lighting industry. The manufacturing
facility is located in Bommasandra Industrial Area, Bangalore with
a capacity of 3.5 MT per day.
VEEKAY PVC: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Veekay PVC
Profiles (VPP) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.01 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 May 10, 2024,
placed the rating(s) of VPP under the 'issuer non-cooperating'
category as VPP had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. VPP continues to
be non-cooperative despite repeated requests for submission of
information through e-mails dated March 26, 2025, April 5, 2025,
April 15, 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
Veekay PVC Profiles (VPP) was established in the year 2001 as
partnership firm by Mr. Valerian Lobo and his wife Mrs. Flavia
Kanthi Lobo. The firm is engaged in processing of raw cashew nut
into cashew kernels with installed capacity of 6000 kilograms per
day at Udupi District, Karnataka. The process involves steam
roasting, shell cutting, peeling and grading. The firm majorly
procures raw material (raw cashew nuts) from African countries like
Benin, Togo, Ivory Coast, and Tanzania etc. The firm imports 100%
of the raw cashew nut (85% of total purchases) owing to better
quality and relatively lower prices as compared
to the domestic market. The firm is also engaged in trading of
cashew kernels. The firm purchases the cashew kernels for trading
from the local traders in Karnataka. The firm sells the processed
cashew kernels in Bangalore, Mangalore, Mumbai, Delhi and Punjab.
The firm also generates income from sale of by-products cashew
shells, cashew husk and rejections. The firm exports 40% of cashew
kernels in international market places like Dubai and Singapore.
VISHNU PRIYA: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank facilities of Sri
Vishnu Priya Finance (VP) in the 'Issuer Not Cooperating' category.
The rating are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term bank 18.00 [ICRA]B+ (Stable); ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with VP, 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.
VP was set up in 1996 as a partnership firm in Rajahmundry (Andhra
Pradesh). It finances two-wheelers in the east Godavari region of
Andhra Pradesh. As on March 31, 2022, VP's total vehicle loan
portfolio stood at INR30.6 crore (including unmatured hire
charges). VP reported a net profit of INR0.3 crore in FY2022 on an
asset base of INR32.0 crore.
=========
J A P A N
=========
KIOXIA HOLDINGS: S&P Assigns 'BB+' Long-Term ICR, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issuer credit
rating to Kioxia Holdings.
The outlook is stable, reflecting S&P's view that Kioxia's
relatively solid performance and financial discipline will enable
it to maintain cash flow indicators commensurate with the rating.
High risks will persist in the global semiconductor memory industry
in which Kioxia operates. Memory is a highly capital-intensive
product in the semiconductor industry. Supply and demand for memory
can also be highly volatile because products are commoditized and
difficult to differentiate. Furthermore, the end-use of
semiconductor memory is in smart phones and other consumer
products, which makes it susceptible to large fluctuations in
short-term supply and demand.
S&P said, "We expect fierce competition to continue in the NAND
flash memory sector, especially in terms of market share and
technology. This is because the sector has many competitors, while
emerging players from China have been improving their
competitiveness against a backdrop of government support.
"We believe Kioxia's ongoing reliance on the NAND business for the
majority of its revenue will be the most significant factor
constraining our assessment of its competitiveness. The company's
performance is highly susceptible to fluctuations in demand for
NAND and its prices. Also, Kioxia is much smaller than peers
operating in the DRAM business, which has strong profitability and
moderate competition, constraining its potential for development
and investment.
"Kioxia's competitiveness will endure, in our view. Its relatively
strong position in the NAND market, large production capacity,
strong customer base, and robust development and technological
capability will underpin its performance. Even though the company
has the third largest share in the global market, it has production
capacity and market share on par with market leader Samsung
Electronics Co. Ltd. when combining its joint venture with Sandisk
Corp. Kioxia is also capable of launching and expanding sales of
new products with larger capacity and lower power consumption.
Accordingly, we believe the company's competitiveness in the NAND
business is moderately strong.
"Kioxia will maintain relatively high operating efficiency, in our
view. Its main Yokkaichi plant is one of the world's largest and it
has strong production efficiency. Because the company operates the
plant jointly with Sandisk, it will likely not only share capital
expenditures and reduce investment burdens but also take advantage
of scale and cost competitiveness, which is difficult to achieve on
its own.
"We assume Kioxia will repay debt steadily through free cash flow
(FCF) over the next one to two years. The company incurred a
significant amount of debt (including preferred stocks that we
treat as 100% debt) when Toshiba Corp., its former parent, sold it
in 2018. As a result, its key cash flow metrics are weaker than
other semiconductor companies'. However, we expect Kioxia to secure
positive free cash flow by making capital investments efficiently.
"We expect Kioxia to maintain its key financial measures
commensurate with our rating on the company over the next one to
two years. We estimate the debt-to-EBITDA ratio as of the end of
fiscal 2024 (ended March 31, 2025) to be around 1.6 x, thanks to
its strong performance. The ratio is likely to deteriorate slightly
in fiscal 2025 owing to a decrease in EBITDA affected by short-term
adjustments of supply and demand. However, the ratio is likely to
remain below 2.0x.
"Potential high volatility in cash flow will constrain our
assessment of Kioxia's financial profile. On the other hand, the
rating on the company will be underpinned by its stable funding
base, which has been supported by solid relationships with major
Japanese banks since it was a part of Toshiba Corp.
"We believe the U.S. tariff increase will likely affect the
company's earnings negatively to a certain extent. The U.S.
government may raise the tariff on semiconductors, although
Kioxia's NAND products are not currently subject to a 10% tariff.
If the U.S. tariff is raised, demand for semiconductor products may
decline, or the global economy may slow down. As a result, the
company's NAND and solid-state drive (SSD) export sales could
decline.
"The stable outlook reflects our view that Kioxia will be able to
demonstrate some resilience against weaker performance. We expect
it to do this with support from its technological advantage and
strong market position, even though the NAND market is likely to
remain stagnant in fiscal 2025. We also expect the company to
maintain its key cash flow metrics commensurate with the rating by
using FCF to reduce debt."
S&P will consider a downgrade if it sees a stronger likelihood of
either of the following scenarios:
-- The company's technological advantage and market position in
the NAND market deteriorates significantly due to rapid
technological innovation; or
-- The debt-to-EBITDA ratio increases significantly beyond 2.0x
with no clear signs of an early recovery. This could occur if its
EBITDA decreases due to a market downturn, or the company uses debt
financing for extensive capital expenditures.
Given the size of Kioxia's debt and level of FCF, an upgrade is
unlikely in the next one to two years. However, S&P will consider
an upgrade if it determines the company's cash and deposit position
improves to a level near net cash. This could occur if the company
reduces debt materially by enhancing profitability and cash flow
generation while maintaining disciplined financial operations.
NISSAN MOTOR: Plans US$7BB Funding With UK Government Backing
-------------------------------------------------------------
Bloomberg News reports that Nissan Motor Co., facing a huge loan
repayment wall next year, is seeking to raise more than JPY1
trillion ($7 billion) from debt and asset sales to keep operations
on track, according to internal documents seen by Bloomberg News.
Bloomberg relates that the struggling Japanese automaker plans to
issue as much as JPY630 billion in convertible securities and
bonds, including high-yielding US dollar and euro notes, the
documents show. Nissan also plans to take out a GBP1 billion ($1.4
billion) syndicated loan, guaranteed by UK Export Finance. Nissan
operates Britain's largest automaking hub, in Sunderland.
In addition, Nissan is seeking to sell part of the stakes it owns
in Renault SA and battery maker AESC Group Ltd., as well as plants
in South Africa and Mexico, Bloomberg relays. Sale-and-lease-back
plans for its Yokohama headquarters, plus properties it owns in the
US, are also on the cards.
According to Bloomberg, the aggressive and wide-ranging fundraising
plans underscore Nissan's rapidly deteriorating financial and
operational position, despite efforts by newly appointed Chief
Executive Officer Ivan Espinosa to turn the company around. Mr.
Espinosa presented the options to the board earlier this month,
people familiar with the matter said, with the goal of securing
some funding within the quarter that will end June 30.
The funding proposal doesn't appear to have been approved by
Nissan's board yet, leaving it unclear whether it will happen, the
people said, declining to be identified discussing details that are
private. The proposal is also slated to include the rollover of
some debt, Bloomberg relays.
Bloomberg says the funding urgency stems from internal forecasts
predicting that Nissan's car manufacturing operations will see
excess cash dwindle to close to zero by the end of March 2026, the
documents show. The projections are based on US tariffs remaining
in place and no further cash injections.
Nissan has sufficient capital of about JPY2.2 trillion in cash on
hand and credit to last the next 12 to 18 months, Mr. Espinosa told
Bloomberg TV earlier this month. "We have a solid footing in terms
of liquidity," he said.
Given the uncertainty over tariffs and the state of its business,
Nissan didn't issue a profit outlook for the current fiscal year,
saying only it expects to post sales of JPY12.5 trillion, according
to Bloomberg. Along with its group firms, Nissan is facing around
$5.6 billion of debt due next year, the most in Bloomberg-compiled
data going back to 1996.
The internal documents viewed by Bloomberg also show that Nissan
expects to see an operating loss of as much as JPY450 billion for
the 12 months through March 2026 if higher tariffs remain in place.
Without tariffs, the loss is forecast to be JPY300 billion. Either
would mark the biggest operating deficit in the company's history.
Mr. Espinosa announced plans earlier this month to eliminate 20,000
jobs and close seven of Nissan's 17 plants by March 2028 after the
company reported a JPY671 billion net loss for most recent fiscal
year, Bloomberg recalls. The measures follow the collapse of talks
earlier this year to join forces with Honda Motor Co. Those
discussions ended in part due to disagreements about Nissan's
willingness to make deeper cuts to production and personnel.
About Nissan Motor
Nissan Motor Co., Ltd. manufactures and distributes automobiles and
related parts. The Company produces luxury cars, sports cars,
commercial vehicles, and more. Nissan Motor markets its products
worldwide.
Fitch Ratings, in April 2025, downgraded Nissan Motor Co., Ltd.'s
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
and senior unsecured rating to 'BB' from 'BB+'. The Outlook is
Negative. Fitch has affirmed the Short-Term Foreign- and
Local-Currency IDRs at 'B'.
S&P Global Ratings, on March 7, 2025, lowered its long-term issuer
credit ratings on Nissan Motor and its overseas subsidiaries to
'BB' and affirmed its short-term issuer credit ratings on each
company at 'B'. The negative outlook reflects S&P's view that the
company's creditworthiness may continue to deteriorate as a
challenging operating environment hampers profitability improvement
and free cash flow losses continue.
Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3
the senior unsecured rating for Nissan Motor Co., Ltd. At the same
time, Moody's have assigned a Ba1 corporate family rating and
withdrawn the company's Baa3 issuer rating. Moody's have also
maintained the negative rating outlook.
=====================
N E W Z E A L A N D
=====================
ABBEY MOTEL: Creditors' Proofs of Debt Due on June 24
-----------------------------------------------------
Creditors of Abbey Motel Hamilton Limited, Hamilton Accommodation
Limited, Hamilton Motel Limited and Te Rapa Motor Inn Limited are
required to file their proofs of debt by June 24, 2025, to be
included in the company's dividend distribution.
The High Court at Hamilton appointed Kristal Pihama and Leon
Francis Bowker of KPMG as liquidators on May 19, 2025.
BLACK FOX: Court to Hear Wind-Up Petition on June 4
---------------------------------------------------
A petition to wind up the operations of Black Fox Electrical
Limited will be heard before the High Court at Auckland on June 4,
2025, at 10:45 a.m.
Joule Products Limited filed the petition against the company on
April 8, 2025.
The Petitioner's solicitor is:
Jaesen Robert Sumner
c/o Ford Sumner Lawyers
Level 7, 45 Johnston Street
Wellington Central
Wellington 6011
HA FEAR: Creditors' Proofs of Debt Due on July 10
-------------------------------------------------
Creditors of Ha Fear Limited are required to file their proofs of
debt by July 10, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on May 22, 2025.
The company's liquidators are:
Paul Thomas Manning
Thomas Lee Rodewald
C/- BDO Tauranga Limited
Level 1, The Hub
525 Cameron Road
PO Box 15660
Tauranga 3144
K & C MILLS: Creditors' Proofs of Debt Due on June 24
-----------------------------------------------------
Creditors of K & C Mills Limited are required to file their proofs
of debt by June 24, 2025, to be included in the company's dividend
distribution.
The High Court at Hamilton appointed Kristal Pihama and Leon
Francis Bowker of KPMG as liquidators on May 19, 2025.
TOTAL COATINGS: Court to Hear Wind-Up Petition on June 4
--------------------------------------------------------
A petition to wind up the operations of Total Coatings Limited will
be heard before the High Court at Auckland on June 4, 2025, at
10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on April 9, 2025.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
=================
S I N G A P O R E
=================
ADAM'S CORNER: Court to Hear Wind-Up Petition on June 6
-------------------------------------------------------
A petition to wind up the operations of Adam's Corner Seafood
Restaurant Pte. Ltd. will be heard before the High Court of
Singapore on June 6, 2025, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
May 20, 2025.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
ECOLIFE PTE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on May 16, 2025, to
wind up the operations of Ecolife Pte. Ltd.
Maybank Singapore 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
HOVOH PTE: Court to Hear Wind-Up Petition on May 30
---------------------------------------------------
A petition to wind up the operations of Hovoh Pte. Ltd. will be
heard before the High Court of Singapore on May 30, 2025, at 10:00
a.m.
Maybank Singapore Limited filed the petition against the company on
May 9, 2025.
The Petitioner's solicitors are:
Allen & Gledhill LLP
One Marina Boulevard #28-00
Singapore 018989
MULTICHAIN FOUNDATION: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Singapore entered an order on May 9, 2025, to
wind up the operations of Multichain Foundation Pte. Ltd.
Fantom Foundation filed the petition against the company.
The company's liquidators are:
Mr. Bob Yap Cheng Ghee
Ms. Toh Ai Ling
Ms. Tan Yen Chiaw
KPMG Services Pte. Ltd.
12 Marina View
#15-01, Asia Square Tower 2
Singapore 018961
PARK HOTEL: High Court Rejects Director's Bid to Cut Liabilities
----------------------------------------------------------------
The Business Times reports that former Park Hotel Management
(PHMPL) director Allen Law, who is being sued by liquidators of the
company, has failed to reduce his potential liabilities by SGD6.8
million after the High Court rejected his application to amend his
defence and introduce a counterclaim.
In a landmark judgment last year, Justice Goh Yihan dismissed Mr.
Law's application on the basis that the counterclaims Law sought to
introduce did not fall within the scope of insolvency set-offs.
According to BT, Justice Goh ruled that insolvency set-offs are the
only form of set-offs that can be advanced against an insolvent
company without requiring permission from the court.
This is the first time a court in Singapore has authoritatively
addressed the legal issue of what kind of set-offs are available
against an insolvent company.
An insolvency set-off is a mechanism by which a company's debt is
cancelled out or reduced by the amount the other party owes, if the
company goes into liquidation. There are also legal and equitable
set-offs but these are not provided for in the Singapore statutes.
In his application, Mr. Law claimed that the SGD6.8 million
included SGD4.3 million, which he paid to UOB as a guarantor of a
loan extended by the bank to PHMPL, and SGD2.5 million, which was
paid to discharge PHMPL's debts, BT relays.
Since 2022, the liquidators of PHMPL and Mr. Law have been
embroiled in several related court cases over the disposal of
assets sold to entities related to Mr. Law before PHMPL was placed
into liquidation.
The main case pertains to whether Mr. Law transferred virtually all
of PHMPL's assets to himself and three companies under his control,
in undervalued transactions or in breach of Mr. Law's duties as a
director, according to BT.
"The effect of these transactions was allegedly to substantially
reduce the sums available for distribution amongst PHMPL's
creditors in the event of its liquidation," BT quotes Justice Goh
as saying.
While a verdict has yet to be delivered for the main case, in
dismissing Mr. Law's application to introduce a counterclaim,
Justice Goh said that because the claims against the defendants
were based on the defendants' "wrongdoing", the claims do not
satisfy the requirement of mutual dealings required for insolvency
set-offs, BT relates.
In their suit, PHMPL's liquidators allege that Mr. Law committed
breach of fiduciary duty, breach of trust and conspiracy through
unlawful means.
Citing English case law, Justice Goh said: "There is no set-off
available between a debt due to a misfeasant and his liability to
repay the monies which he has been ordered to pay in misfeasance
proceedings."
He pointed out how English legal scholar Roy Goode said: "Any other
conclusion would enable the wrongdoer to benefit from his
wrongdoing by recovery through set-off instead of having to prove
in the winding-up in competition with other creditors," BT relays.
The High Court of Singapore entered an order on July 2, 2021, to
wind up the operations of Park Hotel Management Pte. Ltd.
TRUST CLEANZ: Court to Hear Wind-Up Petition on June 6
------------------------------------------------------
A petition to wind up the operations of Trust Cleanz Initiative
Pte. Ltd. will be heard before the High Court of Singapore on June
6, 2025, at 10:00 a.m.
United Overseas Bank Limited filed the petition against the company
on May 15, 2025.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
*********
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 ***