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/raid1/www/Hosts/bankrupt/TCRAP_Public/250311.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 Tuesday, March 11, 2025, Vol. 28, No. 50 Headlines A U S T R A L I A AEVITAS GROUP: First Creditors' Meeting Set for March 13 BRINDABELLA CHRISTIAN: Enters Voluntary Administration CENTREX LIMITED: First Creditors' Meeting Set for March 14 DIGITAL EDGE: First Creditors' Meeting Set for March 14 GREENLINES GARDENWARE: First Creditors' Meeting Set for March 14 HEALTHSCOPE LTD: Calls in KordaMentha to Prepare Contingency Plans HEALTHSCOPE LTD: Gets Interest Payment Reprieve for US$1BB Loan KINGDOM DEVELOPMENTS: ASIC Bans Former Director for 6-1/2 Years LIBERTY PRIME 2021-2: Moody's Ups Rating on Class F Notes to Ba2 PASTORALISTS AND GRAZIERS: Administrators Finalize Appointment ROBERTSON COATINGS: First Creditors' Meeting Set for March 18 STAR ENTERTAINMENT: Averts Collapse With 11th-Hour Casino Deal STAR ENTERTAINMENT: Boss Grilled as Casino Operator Mulls Lifeline STAR ENTERTAINMENT: Gets Last-Minute AUD250MM Offer from Bally's C H I N A CHINA EVERGRANDE: Unit Eyes Up to 37% Decline in Annual Profit LONGFOR GROUP: Sees Core Profit Drop Up to 40% Last Year POWERLONG REAL: Unit Faces Liquidation Over Non-Payment of Notes H O N G K O N G MELCO RESORTS: S&P Alters Outlook to Stable, Affirms 'BB-' ICR I N D I A ANAND PROPERTY: CARE Moves D Debt Ratings to Not Cooperating ANJANI POLYTEC: CARE Keeps B- Debt Rating in Not Cooperating BKSONS INFRASTRUCTURE: CARE Moves D Ratings to Not Cooperating CHEMIETRON CLEAN: CARE Keeps D Debt Ratings in Not Cooperating ECO POLYFIBRES: CARE Keeps D Debt Ratings in Not Cooperating GLUHEND INDIA: CARE Keeps D Debt Rating in Not Cooperating HIM CYLINDERS: CARE Keeps D Debt Rating in Not Cooperating HIM VALVES: CARE Keeps D Debt Rating in Not Cooperating Category HOLO PACK: CARE Keeps C Debt Rating in Not Cooperating Category KASTURI K12: CARE Keeps B- Debt Rating in Not Cooperating Category LAKSHMI ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating LORD WHEELS: CARE Keeps B- Debt Rating in Not Cooperating Category MAHADEO DALL: CARE Keeps B- Debt Rating in Not Cooperating NANDI PIPES: CARE Keeps D Debt Ratings in Not Cooperating Category NOBLE CORRUGATORS: CARE Lowers Rating on INR5cr LT Loan to B P.G. SETTY: CARE Keeps D Debt Ratings in Not Cooperating Category PREMPRAKASH GINNING: CARE Keeps B- Debt Rating in Not Cooperating RAJ REGENCY: CARE Keeps D Debt Rating in Not Cooperating Category RGS POULTRY: CARE Keeps D Debt Rating in Not Cooperating Category RJP TECHNOLOGIES: CARE Keeps C Debt Rating in Not Cooperating SWADESHI ALUMINIUM: CARE Keeps D Debt Rating in Not Cooperating SWATHI RICE: CARE Keeps B- Debt Rating in Not Cooperating Category SWEETY INFRASTRUCTURE: CARE Moves D Ratings to Not Cooperating UV EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating Category VIJAYANAG POLYMERS: CARE Keeps C Debt Rating in Not Cooperating YUVARAJ CABLE: CARE Keeps C Debt Rating in Not Cooperating I N D O N E S I A SAKA ENERGI: Moody's Withdraws 'B2' Corporate Family Rating VICTORY CHINGLUH: Mass Layoffs Help Footwear Factories Stay Afloat J A P A N NISSAN MOTOR: S&P Downgrades LT ICR to 'BB', Outlook Negative N E W Z E A L A N D CREATIVE AND BRAVE: Creditors' Proofs of Debt Due on May 5 FUSION HAIR: Creditors' Proofs of Debt Due on April 2 INDIAN LOUNGE: Court to Hear Wind-Up Petition on April 11 KANGSTA LIMITED: Creditors' Proofs of Debt Due on April 3 MEKONG CAFE: To Close Doors After 35 Years TRADESCO NZ: Court to Hear Wind-Up Petition on March 14 P H I L I P P I N E S INTEGRATED MICROELECTRONICS: Moves to Logistics Following Losses S I N G A P O R E CRAFT DRINKS: Court to Hear Wind-Up Petition on March 21 GENERAL ATLANTIC: Creditors' Proofs of Debt Due on April 8 KUDOS AND SOFTFAR: Court to Hear Wind-Up Petition on March 14 PRETTYFUN BEAUTY: Court Enters Wind-Up Order TRACSIM PTE: Creditors' Proofs of Debt Due on April 6 - - - - - ================= A U S T R A L I A ================= AEVITAS GROUP: First Creditors' Meeting Set for March 13 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Aevitas Group Limited will be held on March 13, 2025 at 10:00 a.m. at the offices of SV Partners at Level 6/ La Balsa, 45 Brisbane Road in Mooloolaba. Anne Meagher and Adam Peter Kersey of SV Partners were appointed as administrators of the company on March 4, 2025. BRINDABELLA CHRISTIAN: Enters Voluntary Administration ------------------------------------------------------ ABC News reports that the troubled Brindabella Christian College (BCC) has entered voluntary administration in the latest instalment of the Canberra private school's long-running financial struggles. According to the ABC, parents and carers received a letter from Deloitte administrators on March 5 informing them of their appointment. "We understand this may cause some concern, but we want to assure you that our key focus will be to make sure the college continues to operate on a business-as-usual basis without any disruption to student classes," the letter said, notes the report. "We are undertaking an immediate assessment of the affairs and financial position of the college." Brindabella Christian College, which has a cohort of about 1,050 students across two Canberra campuses, had been in danger of being declared insolvent, the ABC notes. The ABC relates that the Australian Tax Office is pursuing the college for an AUD8 million debt, while the ACT government is also considering regulatory action of its own. College staff have also faced wage delays, which the school's executive principal blamed on "timing challenges" from the receipt of school fee payments from parents. According to the ABC, Deloitte administrators Sal Algeri and Sam Marsden said the college would continue to provide regular updates to parents and guardians as the voluntary administration process progressed. "Our priorities are to stabilise the college's financial position and establish an appropriate go-forward governance framework that has the support of key stakeholders, including the ACT and federal governments," Deloitte Turnaround and Restructuring partner Sam Marsden said in a statement. They said they intended to convene a town hall for the benefit of the wider college community soon, the ABC relays. A dedicated hotline has been established for parties with queries on 1800 955 948 or by email at brindabellaadmin@deloitte.com.au. CENTREX LIMITED: First Creditors' Meeting Set for March 14 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Centrex Limited will be held on March 14, 2025 at 2:00 p.m. virtually via Teams. Joanne Emily Dunn of FTI Consulting was appointed as administrator of the company on March 3, 2025. DIGITAL EDGE: First Creditors' Meeting Set for March 14 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Digital Edge Technologies Pty Ltd will be held on March 14, 2025 at 11:00 a.m. via virtual meeting only. Ernie Chou of MaC Insolvency was appointed as administrator of the company on March 4, 2025. GREENLINES GARDENWARE: First Creditors' Meeting Set for March 14 ---------------------------------------------------------------- A first meeting of the creditors in the proceedings of Greenlines Gardenware Pty Ltd will be held on March 14, 2025 at 10:00 a.m. at the offices of Dye & Co. Pty Ltd at 165 Camberwell Road in Hawthorn East. Hamish Alan MacKinnon and Shane Leslie Deane of Dye & Co. were appointed as administrators of the company on March 4, 2025. HEALTHSCOPE LTD: Calls in KordaMentha to Prepare Contingency Plans ------------------------------------------------------------------ Michael Smith at The Australian Financial Review reports that Healthscope Ltd has appointed restructuring experts at KordaMentha to prepare a contingency plan in case the country's second-largest private hospital operator is placed into voluntary administration. The company was acquired by Canadian investment giant Brookfield in 2019 but has struggled under a debt pile that has reached $1.6 billion. Healthscope has been negotiating with its lenders and has previously warned it may have breached the conditions of those loans, AFR says. According to AFR, two people who had been briefed on the appointment said Healthscope had sought advice from KordaMentha, which specialises in restructuring and insolvency and is currently administering the collapsed Whyalla steelworks, in preparation for any possible voluntary administration. Those people, who asked for anonymity given the sensitive nature of the discussions, said they were not suggesting that the company would fall into administration, and described the move as precautionary, AFR relates. One person briefed on the discussion said it was similar to the appointment of FTI Consulting at Star Entertainment, which is also negotiating a refinancing deal. Earlier last week, Healthscope was issued breach notices for 11 of its 38 hospitals after it failed to pay rent due to its landlord, HealthCo Healthcare & Wellness REIT, an investment vehicle run by David Di Pilla's HMC Capital, AFR recalls. HealthCo Healthcare said on March 4 it was in active discussions with alternative hospital operators, but declined to provide details. Healthscope has not breached its rent obligation to its other major landlord, Toronto-listed Northwest Healthcare Properties Real Estate Investment Trust, which owns 12 of its hospitals. Northwest has agreed to provide some rent relief for March, The Australian Financial Review reported last week. Healthscope Limited -- http://www.healthscope.com.au/-- 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. HEALTHSCOPE LTD: Gets Interest Payment Reprieve for US$1BB Loan --------------------------------------------------------------- Bloomberg News reports that lenders to Healthscope Ltd. have agreed to give the firm two more months to pay loan interest that it's been unable to meet so far, according to people familiar with the matter. Healthscope, owned by a unit of Brookfield Corp., signed a two-month standstill agreement with lenders last week, which came into effect on March 6, according to the people, who asked not to be identified discussing private matters. The AUD13.19 million of interest on a AUD1.6 billion ($1 billion) loan was originally due in February, according to data compiled by Bloomberg. Healthscope Limited -- http://www.healthscope.com.au/-- 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. KINGDOM DEVELOPMENTS: ASIC Bans Former Director for 6-1/2 Years --------------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has banned NSW-based property developer Andrew Bodnar from providing financial services, controlling an entity that carries on a financial services business and performing any function involved in the carrying on of a financial services business for six and a half years. Mr. Bodnar's ban follows an ASIC investigation into the early 2023 collapse of the Kingdom Developments Group. Kingdom Developments was a group of companies engaged in property development projects in five states. For each project, a special purpose vehicle (SPV) was registered. The arrangements between investors and the SPVs were found by ASIC to involve the issue of financial products and required to be operated by an entity that either held an Australian financial services licence (AFSL) or was authorised by a licensee to provide financial services. None of the Kingdom Developments Group companies, nor Mr. Bodnar, held an AFSL or authorisation to provide financial services. ASIC found that: * the SPVs in the Kingdom Developments Group and Mr Bodnar were carrying on a financial services business whilst unlicensed; * Mr. Bodnar was involved in some of the SPVs offering securities without the required disclosure document under the Corporations Act, and * Mr. Bodnar was involved in some of the SPVs engaging in misleading and deceptive conduct regarding the use and repayment of investor funds. Mr. Bodnar is also an undischarged bankrupt, which is a stand-alone basis for a financial services ban. As a result of the conduct, ASIC has reasons to believe that Mr. Bodnar: * is not a fit and proper person to participate in the financial services industry, and * is likely to contravene a financial services law. In determining the appropriate length of a ban, ASIC found Mr. Bodnar's conduct demonstrated deficiencies in governance and financial management and showed a lack of professionalism and judgement. ASIC noted that Mr. Bodnar had shown contrition and remorse, and the length of the ban reflected that there was no dishonesty or intent to defraud. Chris Savundra ASIC Executive Director of Enforcement said, 'Mr. Bodnar's conduct showed a disregard for the laws designed to protect investors. It is incumbent on anyone accepting investor money to ensure they are operating legally and understand their obligations to the investor. Mr. Bodnar failed to meet this obligation and, as a consequence, has demonstrated he is not a fit and proper person to engage in financial services in the future', Mr. Savundra said. The banning took effect from Feb. 26, 2025. Mr. Bodnar's banning is recorded on ASIC's Banned and Disqualified Persons Register. Mr. Bodnar has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision. The Kingdom Developments Group consisted of several entities, including Kingdom Developments Australia Pty Ltd, Kingdom Management Services Pty Ltd, Kingdom Property Holdings Pty Ltd and 43 SPVs which were proprietary limited companies. A SPV, being a company established for a specific purpose or project, was established for each individual property development project. Most property projects were based in New South Wales; however some were in South Australia, Western Australia, Queensland and Victoria. On Aug. 30, 2023, Mr. Bodnar became bankrupt on his own petition and is automatically disqualified from managing corporations. A report issued by the bankruptcy trustee showed creditors were owed AUD131 million. LIBERTY PRIME 2021-2: Moody's Ups Rating on Class F Notes to Ba2 ---------------------------------------------------------------- Moody's Ratings has upgraded ratings on six classes of notes issued by two Liberty PRIME Series RMBS. The affected ratings are as follows: Issuer: Liberty PRIME Series 2021-2 Class C Notes, Upgraded to Aaa (sf); previously on Mar 17, 2023 Upgraded to Aa1 (sf) Class D Notes, Upgraded to Aa2 (sf); previously on Apr 29, 2024 Upgraded to Aa3 (sf) Class F Notes, Upgraded to Ba2 (sf); previously on Mar 17, 2023 Upgraded to Ba3 (sf) Issuer: Liberty PRIME Series 2022-1 Class D Notes, Upgraded to Aa3 (sf); previously on Apr 29, 2024 Upgraded to A1 (sf) Class E Notes, Upgraded to Baa3 (sf); previously on Jul 28, 2023 Upgraded to Ba1 (sf) Class F Notes, Upgraded to Ba3 (sf); previously on Apr 29, 2024 Upgraded to B1 (sf) A comprehensive review of all credit ratings for the two transactions has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by (1) an increase in credit enhancement (note subordination and the Guarantee Fee Reserve) available to the affected notes and (2) the collateral performance to date. The fully-funded and non-amortising Guarantee Fee Reserve Account provides credit support of 0.3% of the original note balance to the deals. The account can be used to cover charge-offs against the notes and liquidity shortfalls that remain uncovered after drawing on the liquidity facility and principal. No actions were taken on the remaining rated classes in these transactions as credit enhancement remains commensurate with the current rating for the respective notes. Liberty PRIME Series 2021-2 Following the January 2025 payment date, note subordination available for the Class C and Class F Notes has increased to 5.8% and 0.4%, respectively, from 4.7% and 0.2% at the time of the last rating action for these notes in March 2023. Note subordination available for the Class D Notes has maintained at 3.3% as of the last rating action for these notes in April 2024. Principal collections have been distributed on a pro-rata basis among the notes since August 2023. Current total outstanding notes as a percentage of the total closing balance is 26.9%. As of January 2025, 3.3% of the outstanding pool was 30-plus day delinquent and 1.2% was 90-plus day delinquent. The deal has not incurred any losses to date. Based on the observed performance to date and loan attributes, Moody's have updated Moody's expected loss assumption to 1.1% of the outstanding pool balance (equivalent to 0.3% of the original pool balance) from 1.0% of the outstanding pool balance (equivalent to 0.4% of the original pool balance) at the time of the last rating action in April 2024. Moody's have maintained Moody's MILAN CE assumption at 4.1% based on the current portfolio characteristics. Liberty PRIME Series 2022-1 Following the February 2025 payment date, note subordination available for the Class D Notes has maintained at 3.5% as of the last rating action for these notes in April 2024. Note subordination available for the Class E Notes has increased to 0.7% from 0.5% at the time of the last rating action for these notes in July 2023. Note subordination available for the Class F Notes has increased to 0.3% from 0.2% at the time of the last rating action for these notes in April 2024. Principal collections have been distributed on a pro-rata basis among the notes since March 2024. Current total outstanding notes as a percentage of the total closing balance is 29.5%. As of January 2025, 2.6% of the outstanding pool was 30-plus day delinquent and 0.5% was 90-plus day delinquent. The deal has not incurred any losses to date. Based on the observed performance to date and loan attributes, Moody's have updated Moody's expected loss assumption to 0.9% of the outstanding pool balance (equivalent to 0.3% of the original pool balance) from 0.8% of the outstanding pool balance (equivalent to 0.4% of the original pool balance) at the time of the last rating action in April 2024. Moody's have maintained Moody's MILAN CE assumption at 4.0% based on the current portfolio characteristics. The transactions are Australian RMBS secured by a portfolio of residential mortgage loans, originated and serviced by Liberty Financial Pty Ltd, an Australian non-bank lender. All loans in the portfolios were extended on a verified income documentation basis, with no exposure to prior credit impairment. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the credit enhancement available for the notes and (3) a deterioration in the credit quality of the transaction counterparties. PASTORALISTS AND GRAZIERS: Administrators Finalize Appointment -------------------------------------------------------------- Administrators in control of Western Australian agricultural advocacy organisation, The Pastoralists and Graziers of Western Australia Inc. (PGA) will begin finalising their appointment as voluntary administrators after creditors accepted a Deed of Company Arrangement (DOCA) proposal. The proposal was accepted at the second meeting of creditors, held in Perth on March 7. RSM Australia Partners Jerome Mohen and Greg Dudley were appointed as Joint and Several Voluntary Administrators of the PGA on Jan. 30, 2025. Mr. Mohen said the decision provides a path for the PGA to clear debts with creditors and exit voluntary administration. "The PGA Executive and Committee, all of whom are volunteers, have been committed throughout the administration process to ensuring the PGA's important services to the agriculture sector continue, and committed to finding a path for the organisation to exit administration," Mr. Mohen said. "It's pleasing to now have that path cleared following today's meeting." "We recognise that this outcome is important for the PGA and its creditors, and also important for its members and the wider agricultural community too given the significant role the PGA has played in advocating for the agricultural industry for more than 100 years." Mr. Mohen said the outcome reinforced the importance of positive engagement when businesses were faced with significant financial stress. He commended the volunteers of the PGA for the proactive manner in which they addressed a stressful and trying time for the organisation. "As a result of proactive engagement from the PGA Executive and Committee, we've been able to put forward a timely solution which provides a better outcome for both the organisation and creditors," he said. Administrators will now work with the PGA Executive to return control of the PGA back to the Committee in the coming weeks and distribute the Deed Fund to creditors The Pastoralists and Graziers of Western Australia Inc. (PGA) is a non-profit industry organisation in Western Australia which represents primary producers of wool, grain and meat and livestock. ROBERTSON COATINGS: First Creditors' Meeting Set for March 18 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Robertson Coatings (QLD) Pty Ltd and Robertson Coatings Pty Ltd will be held on March 18, 2025 at 11:30 a.m. and 3:30 p.m. respectively, via virtual meeting only. Manuel Hanna of Romanis Cant was appointed as administrator of the company on March 5, 2025. STAR ENTERTAINMENT: Averts Collapse With 11th-Hour Casino Deal -------------------------------------------------------------- Angus Whitley and Shirley Zhao at Bloomberg News report that Star Entertainment Group Ltd. staved off imminent collapse after the struggling Australian casino operator struck a last-minute deal to sell its stake in its new Brisbane complex to its Hong Kong tycoon partners. Chow Tai Fook Enterprises Ltd. and Far East Consortium Enterprises Ltd. will pay AUD53 million (US$33.4 million) for Star's stake in the Brisbane project, Far East said in a statement, Bloomberg relays. According to Bloomberg, the deal injects immediate funds into Star's near-empty accounts, and also relieves the company of further cost blowouts at the multibillion dollar resort on Australia's east coast. Still, at the rate Star is burning through cash, the agreement gives Star Chief Executive Officer Steve McCann only a few months to arrange a more permanent fix, or face the prospect of going into administration. Bloomberg says earnings remain under pressure from a cost-of-living crisis and analysts expect Star to lose money for years in its current state. There's also a looming penalty from Australia's financial crimes regulator -- the fine could be in the region of AUD330 million, according to some analysts -- for alleged breaches of anti-money laundering laws. Even with the temporary funds in place, it's been a stunning fall from grace for Star, Bloomberg notes. It once held a casino monopoly in Australia's biggest city, with the glitzy harborside complex opening in 1997. Almost AUD4 billion has been wiped from Star's market capitalization since late 2021, leaving the company valued at just AUD316 million. The stock has been suspended from trading last week after Star was unable to sign off and lodge its first-half results by the Feb. 28 deadline. Star's troubles started in October 2021, when the Sydney Morning Herald reported Star had enabled suspected money laundering, organized crime and fraud at its casinos for years. Since then, regulatory inquiries have found it unsuitable to operate its Sydney and Queensland casinos, placing them under government supervision, according to Bloomberg. About Star Entertainment The Star Entertainment Group Limited (ASX:SGR) -- https://www.starentertainmentgroup.com.au/ -- is an Australia-based company that provides gaming, entertainment and hospitality services. The Company operates The Star Sydney (Sydney), The Star Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The Company operates through three segments: Sydney, Gold Coast and Brisbane. Sydney segment consists of The Star Sydney's casino operations, including hotels, restaurants, bars and other entertainment facilities. Gold Coast segment consists of The Star Gold Coast's casino operations, including hotels, theatre, restaurants, bars and other entertainment facilities. Brisbane segment includes Treasury's casino operations, including hotel, restaurants and bars. The Company also manages the Gold Coast Convention and Exhibition Centre on behalf of the Queensland Government. The Company also owns Broadbeach Island on which the Gold Coast casino is located. The Star Entertainment Group posted three consecutive annual net losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for the years ended June 30, 2022, 2023, and 2024, respectively. As reported in the the Troubled Company Reporter-Asia Pacific on Jan. 21, 2025, Star Entertainment has warned that it faces "material uncertainty" over its ability to stay afloat unless it finds a solution to its worsening financial woes. In a quarterly update to investors on Jan. 20, ASX-listed Star said its revenue had fallen 15 per cent in the December quarter, citing ongoing weakness in its operating performance. It pointed to a "challenging" consumer environment, the impact of carded play in NSW, and expenses caused by a series of regulatory and compliance problems. According to The Sydney Morning Herald, the Star reiterated that it had AUD78 million left in cash - after previously indicating earlier in the month that it is burning through about AUD35 million a month - which prompted Morningstar's analyst to warn the company may not survive until its results in late February. As it fights for survival, Star said it was continuing discussions to attempt to deal with the crunch on its finances, but there was no guarantee it would be able to reach a deal to resolve its situation, the Herald relayed. It acknowledged the uncertainty over its ability to continue operating if the negotiations were unsuccessful. STAR ENTERTAINMENT: Boss Grilled as Casino Operator Mulls Lifeline ------------------------------------------------------------------ The Sydney Morning Herald reports that former Star Entertainment chief executive Matt Bekier has rejected claims he may have breached his duties by relying on other executives to alert him to any probity issues ahead of the board approving the company's financial exposure to Chinese junket operators. On his second day before the federal court, Mr. Bekier was asked about the board's approval of an increase in a cheque-cashing facility (CCF) in November 2017 -- for Qin Sixin on behalf of the Minmin Shen junket -- ostensibly without probity issues being addressed at all, according to SMH. On March 6 the federal court heard how detailed information was offered to help Star's board assure themselves of the junket operator's credit worthiness, but no such information was provided on any probity issues that had the potential to threaten its licence, SMH relates. "The credit risk data included in the board's paper allowed the board properly to form its own view about the acceptability of the credit risk?" asked Dr Ruth Higgins, SC, who is acting for ASIC. "Yes," Mr. Bekier replied. He agreed that the board was not provided with information to form its own view about probity, but said board members had other ways of forming a view on probity. According to SMH, the issue of Star's board approving increased finance for junket operators without addressing the issue of probity goes to the heart of ASIC's case that they breached their duty to act with care and diligence. While Star executives failed to provide the board with all the troubling information about Sun City and other junkets, ASIC told the court that, in its view, each of Star's directors also failed to take reasonable steps to oversee its executive team, SMH relays. "The board cannot avoid responsibility for Star's failure to manage those risks," Dr. Higgins suggested, notes the report. Dr. Higgins told the court that at the time of the board's November 2017 CCF decision on Qin's Minmin Shen junket, Star had submitted suspicious matter reports to AUSTRAC about Qin. The court was told that the reports are subject to suppression orders, and no further information was revealed, SMH notes. About Star Entertainment The Star Entertainment Group Limited (ASX:SGR) -- https://www.starentertainmentgroup.com.au/ -- is an Australia-based company that provides gaming, entertainment and hospitality services. The Company operates The Star Sydney (Sydney), The Star Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The Company operates through three segments: Sydney, Gold Coast and Brisbane. Sydney segment consists of The Star Sydney's casino operations, including hotels, restaurants, bars and other entertainment facilities. Gold Coast segment consists of The Star Gold Coast's casino operations, including hotels, theatre, restaurants, bars and other entertainment facilities. Brisbane segment includes Treasury's casino operations, including hotel, restaurants and bars. The Company also manages the Gold Coast Convention and Exhibition Centre on behalf of the Queensland Government. The Company also owns Broadbeach Island on which the Gold Coast casino is located. The Star Entertainment Group posted three consecutive annual net losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for the years ended June 30, 2022, 2023, and 2024, respectively. As reported in the the Troubled Company Reporter-Asia Pacific on Jan. 21, 2025, Star Entertainment has warned that it faces "material uncertainty" over its ability to stay afloat unless it finds a solution to its worsening financial woes. In a quarterly update to investors on Jan. 20, ASX-listed Star said its revenue had fallen 15 per cent in the December quarter, citing ongoing weakness in its operating performance. It pointed to a "challenging" consumer environment, the impact of carded play in NSW, and expenses caused by a series of regulatory and compliance problems. According to The Sydney Morning Herald, the Star reiterated that it had AUD78 million left in cash - after previously indicating earlier in the month that it is burning through about AUD35 million a month - which prompted Morningstar's analyst to warn the company may not survive until its results in late February. As it fights for survival, Star said it was continuing discussions to attempt to deal with the crunch on its finances, but there was no guarantee it would be able to reach a deal to resolve its situation, SMH relayed. It acknowledged the uncertainty over its ability to continue operating if the negotiations were unsuccessful. STAR ENTERTAINMENT: Gets Last-Minute AUD250MM Offer from Bally's ---------------------------------------------------------------- ABC News reports that Star Entertainment is mulling a bid from US gaming giant Bally's that would give it at least AUD250 million in funding, in exchange for a controlling stake in the group. According to the ABC, Star pulled back from the brink of collapse on March 7, reaching a deal with Hong Kong investors to sell out of Brisbane's Queen's Wharf and take full control of its Gold Coast casino precinct, in addition to bridging finance and a refinancing deal that would give it access to up to AUD940 million in debt. On March 10, Star confirmed that it had received an unsolicited offer from US casino and gaming group, to raise at least AUD250 million in capital, the ABC says. Bally's described its offer as "an alternative path" to the March 7 announcements by Star. It has proposed a AUD250 million capital raising, underwritten by Bally's, in exchange for 50.1 per cent of Star's shares. The ABC relates that the letter also said the US company remains "very open to discussing a larger transaction depending on our discussions with respect to Star's liquidity and capital needs". On March 7, Star struck a deal with Hong Kong investors Far East Consortium International and Chow Tai Fook Enterprises to offload its 50 per cent stake in the Brisbane Queen's Wharf casino development in exchange for AUD53 million, the ABC relays. Star shares have been suspended from trade on the Australian Securities Exchange for a week, after the company failed to submit its half-year accounts, as it warned it would be unable to stay afloat without a lifeline.' In recent months, Star issued repeated warnings that its viability hung in the balance, leaving many expecting the group to enter voluntary administration if a deal wasn't struck. As its shares were suspended from trade, it said it would need to find a way to refinance all its existing corporate debt and inject enough cash to be able to lodge its financial results with the ASX. Late on March 7, it said it had secured a AUD250 million bridging finance facility from an alternative investment firm, King Street Capital Management, the ABC reports. Star said the bridging arrangement would provide liquidity to the company while it sought a long-term refinancing solution. It also reached a refinancing proposal with an unspecified lender, that would allow it to refinance all of its existing debt, giving it a total debt capacity of up to AUD940 million, the ABC notes. Under a separate deal, Star's stake in Queen's Wharf in Brisbane would be bought out by its joint venture partners, in exchange for AUD53 million - meaning it was no longer on the hook for more than AUD200 million in future contributions to the development. As part of the arrangement, Far East Consortium International and Chow Tai Fook Enterprises would sell back their stakes in hotel towers at The Star Gold Coast, taking Star from a third stake to full ownership. About Star Entertainment The Star Entertainment Group Limited (ASX:SGR) -- https://www.starentertainmentgroup.com.au/ -- is an Australia-based company that provides gaming, entertainment and hospitality services. The Company operates The Star Sydney (Sydney), The Star Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The Company operates through three segments: Sydney, Gold Coast and Brisbane. Sydney segment consists of The Star Sydney's casino operations, including hotels, restaurants, bars and other entertainment facilities. Gold Coast segment consists of The Star Gold Coast's casino operations, including hotels, theatre, restaurants, bars and other entertainment facilities. Brisbane segment includes Treasury's casino operations, including hotel, restaurants and bars. The Company also manages the Gold Coast Convention and Exhibition Centre on behalf of the Queensland Government. The Company also owns Broadbeach Island on which the Gold Coast casino is located. The Star Entertainment Group posted three consecutive annual net losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for the years ended June 30, 2022, 2023, and 2024, respectively. As reported in the the Troubled Company Reporter-Asia Pacific on Jan. 21, 2025, Star Entertainment has warned that it faces "material uncertainty" over its ability to stay afloat unless it finds a solution to its worsening financial woes. In a quarterly update to investors on Jan. 20, ASX-listed Star said its revenue had fallen 15 per cent in the December quarter, citing ongoing weakness in its operating performance. It pointed to a "challenging" consumer environment, the impact of carded play in NSW, and expenses caused by a series of regulatory and compliance problems. According to The Sydney Morning Herald, the Star reiterated that it had AUD78 million left in cash - after previously indicating earlier in the month that it is burning through about AUD35 million a month - which prompted Morningstar's analyst to warn the company may not survive until its results in late February. As it fights for survival, Star said it was continuing discussions to attempt to deal with the crunch on its finances, but there was no guarantee it would be able to reach a deal to resolve its situation, SMH relayed. It acknowledged the uncertainty over its ability to continue operating if the negotiations were unsuccessful. ========= C H I N A ========= CHINA EVERGRANDE: Unit Eyes Up to 37% Decline in Annual Profit -------------------------------------------------------------- Reuters reports that China's Evergrande Property Services said on March 7 it expects to record a decrease of up to 37% in its annual profit for the year ended December 31, 2024, due to legal expenses related to a deposit pledge, among other reasons. In early January, a Guangzhou city court ordered the firm's parent China Evergrande to repay pledge guarantees on deposit certificates totalling CNY13.4 billion ($1.85 billion). According to Reuters, Evergrande Property began legal proceedings against its parent, the world's most heavily indebted property developer, early last year for using its deposits as collateral for pledge guarantees. Reuters says Evergrande Property expects to record an unaudited net profit between CNY980 million and CNY1,120 million in fiscal 2024, compared with CNY1,563.8 million from a year before. "The aforesaid decrease in profit was mainly due to non-operating expenses, such as late tax payments, and the adoption of a more prudent revenue recognition approach, rather than as a result of business operations," it said. The unaudited consolidated revenue for fiscal 2024 is expected to be between CNY12,650 million and CNY12,850 million, compared with CNY12,486.5 million from a year before, Reuters discloses. The company is still in the process of finalizing its annual results, Reuters adds. About China Evergrande China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. China Evergrande Group, the second largest real estate developer in China, and certain of its affiliates sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023. Evergrande, widely known as the most leveraged company in the world, and its affiliates are asking the U.S. Bankruptcy Court for the Southern District of New York for recognition of foreign proceedings as "foreign main" proceeding under Chapter 15. Evergrande is in the midst of a highly complex restructuring of around $20 billion in offshore debt. In total, the Company has more than $300 billion in liabilities. Evergrande is incorporated in the Cayman Islands as an exempted company with limited liability, with its principal place of business located at 15th Floor, YF Life Centre, 38 Gloucester Road, Wanchai, Hong Kong. It is subject to a restructuring proceeding entitled In the Matter of China Evergrande Group, concerning a scheme of arrangement between Evergrande and certain Scheme Creditors pursuant to the relevant provisions of the Hong Kong Companies Ordinance (Chapter 622 of the Laws of Hong Kong), currently pending before the High Court of Hong Kong (Case Number HCMP 1091/2023. Affiliate Tianji Holding Limited is incorporated in Hong Kong as a limited liability company, with its principal place of business located at 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring proceeding entitled In the Matter of Tianji Holding Limited, concerning a scheme of arrangement between Tianji and certain Scheme Creditors, pursuant to the relevant provisions of the Hong Kong Companies Ordinance and currently pending before the Hong Kong Court (Case Number HCMP 1090/2023). Affiliate Scenery Journey Limited is incorporated in the British Virgin Islands as a limited liability company, with its principal place of business located at 2nd Floor Water's Edge Building, Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is subject to a restructuring proceeding entitled In the Matter of Scenery Journey Limited, concerning a scheme of arrangement between Scenery Journey and certain Scheme Creditors, pursuant to section 179A of the BVI Business Companies Act, 2004, and currently pending before the High Court of the Eastern Caribbean Supreme Court (Case Number BVIHCOM 2023/0076). U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15 proceedings. Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji. Maples BVI is the British Virgin Island Counsel to Scenery Journey. On Jan. 29, 2024, a Hong Kong court ordered the liquidation of China Evergrande Group. LONGFOR GROUP: Sees Core Profit Drop Up to 40% Last Year -------------------------------------------------------- The Standard reports that Longfor Group expects its core net profit, which excludes effects of fair value changes of investment properties and other derivative financial instruments, to drop by 35 to 40 percent last year from CNY11.35 billion in 2023 amid a sluggish market. The downturn in the real estate industry resulted in the decline in revenue recognized and gross profit margin recognized of the property development segment of the developer, according to a filing on March 7, The Standard relays. Longfor Group Holdings Limited operates as a real estate development company. The Company develops and markets residential areas, office buildings, hotels, restaurants, and other related areas. Longfor Group Holdings also provides community management, landscape greening materials maintenance, real estate agencies, and other services. As reported in the Troubled Company Reporter-Asia Pacific on March 6, 2025, S&P Global Ratings lowered its long-term issuer credit rating on Longfor Group Holdings Ltd. to 'BB' from 'BB+'. At the same time, S&P lowered to 'BB-' from 'BB' the long-term issue rating on the company's senior unsecured notes. The negative outlook on Longfor reflects heightened risk of a further decline in the company's contracted sales, hence worsening leverage over the next 12 months amid an industry downturn. POWERLONG REAL: Unit Faces Liquidation Over Non-Payment of Notes ---------------------------------------------------------------- The Standard reports that Powerlong Real Estate said its subsidiary received a liquidation petition in the British Virgin Islands after its restructuring plan failed to gain enough support from creditors last month. The Chinese developer noticed last Friday [March 7] that a winding-up petition was filed against its wholly-owned subsidiary Powerlong Real Estate (BVI) by a group of creditors led by PAG, according to an exchange filing on March 9, The Standard relays. According to The Standard, the application concerned non-payment of the US$500 million 6.25 percent senior notes due on August 10, 2024, which were issued by Powerlong Real Estate and guaranteed by its unit. The applicants collectively hold US$198.76 million in the outstanding principal amount of these notes, the filing said. The Standard relates that the hearing for the liquidation application is scheduled to be held on April 28, the developer said, adding that it will seek legal measures to oppose the application. Powerlong reiterated its determination and commitment to pursue a holistic solution that ensures sustainable operations of the group and safeguards the interest of all stakeholders, while calling for the patience, understanding and support from the creditors, the filing read. Powerlong Real Estate Holdings Ltd. operates real estate businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other services. Powerlong Real Estate Holdings also operates hotel operation, tourism development, and other businesses. ================= H O N G K O N G ================= MELCO RESORTS: S&P Alters Outlook to Stable, Affirms 'BB-' ICR -------------------------------------------------------------- S&P Global Ratings revised its rating outlook on Melco Resorts & Entertainment Ltd.'s (MLCO) operating subsidiaries Melco Resorts (Macau) Ltd. (MRM) and Studio City Co. Ltd. to stable from positive. At the same time, S&P affirmed its 'BB-' long-term issuer credit rating on MRM, its 'B+' long-term issuer credit rating on Studio City, and all issue-level ratings. The stable rating outlook on MRM and Studio City reflects S&P's view that MLCO's mid-single digit revenue growth and cost reduction measures will support its EBITDA and cash flow expansion, and help improve leverage to about 4x by 2026. S&P said, "MLCO's recovery in EBITDA is likely to be slower than we expected. We expect the company to keep marketing spending at lower levels as visitations have improved following higher spending in the past to promote and improve products and services at the properties. We therefore anticipate meaningful expansion in EBITDA margin in 2025 and 2026. This, together with modest growth in GGR growth, should see MLCO's EBITDA returning to 2019 levels by 2026. This is a year slower than our previous timeline of 2025." The company's increased promotional efforts to reach more premium mass customers and enhance property visitations have led to market share gains in the recent quarters. The disproportionate growth in operating costs lowered EBITDA margins and slowed EBITDA recovery. MLCO's leverage will remain above pre-pandemic levels in the next 24 months. The company's adjusted debt was about 70% higher at the end of 2024, compared with 2019 levels. Therefore, despite the EBITDA recovery we anticipate over the next two years, leverage (ratio of debt to EBITDA) will likely be about 4x in 2026, compared with 2.6x in 2019. The higher debt is a result of three years of cash burn amid strict COVID-19 restrictions in Macao and China, and investments in Studio City Phase 2 and City of Dreams Mediterranean. S&P said, "We believe MLCO will focus on debt reduction over the next 12 months. However, the pace of reduction will probably be slower in 2025 than in 2024 as the company looks to balance market expansion opportunities and shareholder returns. We estimate leverage will dip to 4.8x for 2025, from 6.0x in 2024." A strategic review of the Manila business could modestly reduce debt. MLCO last month announced a strategic review on its City of Dreams Manila project. S&P estimates the stake's value at US$0.8 billion-US$1 billion, based on industry enterprise value/EBITDA multiple of 7x-9x. Even if the stake sale happens and MLCO uses the majority of proceeds to repay debt, improvement in leverage will only be modest. This is because EBITDA will reduce, given the Manila operations contribute about 15% to the company's EBITDA. MLCO's moderate capital expenditure (capex) will support free operating cash flow (FOCF). S&P's base case assumes the company's capex will be US$290 million in 2026, a decline from US$415 million in 2025. This is given MLCO has finished renovation of its Macao properties and completed development of the Melco Sri Lanka gaming area this year and has no other major developments in the pipeline. Therefore, MLCO's FOCF could almost double in 2026, from about US$479 million in 2025. MLCO's move to expand into markets through partnerships and managing gaming operation for a fee--as opposed to building casino assets from scratch--should support lower capex. That said, the company could still undertake heavy capex projects if it finds an attractive opportunity. Potential investment in Thailand, if gaming were to be liberalized, could be one such example. S&P said, "We revised our assessment of Studio City's group status to highly strategic from strategically important. We have enough evidence to support our view that Studio City's importance to MLCO group has increased. With Studio City continuing to ramp up its phase 2, the company's EBITDA contribution to the group has risen to about 30%, from 20% in 2023." Studio City now has more room capacity than City of Dreams in Macao. MLCO's 55% stake in Studio City International Holdings Ltd. (the listed parent of the operating entity, Studio City) has been stable and we see a low likelihood of MLCO reducing it. Being a mass-market-focused casino, Studio City is critical to MLCO's mass strategy in Macao, given its hotel capacity and its non-gaming amenities. The change in group support assessment does not affect S&P's ratings on Studio City. S&P said, "The stable rating outlook on MRM and Studio City reflects our view that MLCO's deleveraging will continue at a steady pace over the next 12-24 months. We expect mid-single digit revenue growth and cost reduction to support the company's EBITDA and free cash flow, leading to a gradual improvement in leverage to about 4x by 2026. We believe that an eventual one-notch upgrade is likely. However, that time horizon is pushed out to closer to the second half of 2026 to 2027." S&P may lower our ratings on MRM and Studio City if MLCO's debt-to-EBITDA ratio stays above 4.5x beyond 2025. This could happen if: -- MLCO's market position deteriorates or the gaming industry turns challenging in Macao, resulting in weakening cash flows, or -- The company adopts a more aggressive financial policy toward capital investment or shareholder return policy. S&P could raise the ratings on MRM and Studio City if MLCO accelerates its deleveraging plan to restore and maintain its leverage at less than 3.5x. The threshold is based on S&P's assumption that leverage at Melco International Development Ltd., the ultimate parent of the group, will be 4x. This could happen if MLCO's EBITDA rises faster than our expectation, with good cost reduction measures, or if a strategic review of the Manila assets leads to an acceleration toward lower leverage. ========= I N D I A ========= ANAND PROPERTY: CARE Moves D Debt Ratings to Not Cooperating ------------------------------------------------------------ CARE Ratings has migrated the rating on bank facilities of Anand Property Finance Limited (APFL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 25.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating moved to Bank Facilities ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Limited (CARE Ratings) has been seeking information from APFL to monitor the rating(s) vide e-mail communications dated January 13, 2025, February 10, 2025, and February 24, 2025, among others and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring ratings. In line with the extant SEBI guidelines, CARE Ratings has reviewed the rating basis best available information, which however, in CARE Ratings' opinion is not sufficient to arrive at a fair rating. Anand Property Finance Limited has also not paid surveillance fees for the rating exercise as agreed to in its Rating Agreement. The rating on APFL's bank facilities will now be denoted as CARE D/CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and public at large) are hence requested to exercise caution while using above rating(s). Analytical approach: Standalone Detailed description of key rating drivers At the time of last rating on February 26, 2024, following were the rating strengths and weaknesses (could not be updated as information is not available with Ministry of Corporate Affairs [MCA]): Key weaknesses * Small scale of operations with limited track record and lower growth in new business: APFL was incorporated in March 1995 with its registered office in Surat. However, earlier the company was into digital lending business with fintech partners since 2019; majority operations were discontinued post digital lending guidelines, with it being fully closed in FY23. The company has entered direct lending with gold loans introduced in January 2022, which would remain its flagship product going ahead. The company's assets under management (AUM) stood at INR62 crore as on March 31, 2023 (November 30, 2023: INR42 crore), against INR38 crore as on March 31, 2022. Decline in AUM from March 31, 2023, to November 30, 2023, was because of discontinued businesses of shorter tenure fintech advances, which eventually run down in the next six months when fintech loans are reconciled and repaid going forward. As on November 30, 2023, 8% of the portfolio consisted of (Gold Loan+ top-up loans for gold) and remaining 92% was into personal loans of unsecured nature. The company is still at a nascent stage in terms of the new business gold loans, due to which, operational track record for the new business is low. The company also carries a market risk for the gold jewellery that is pledged to refinance loans. Going forward, CARE Ratings expects the situation to continue until the new business stabilises. * Low capitalisation levels: APFL has a net worth of INR5.02 crore as on March 31, 2023 against INR4.94 crore as on March 31, 2022. The company's overall gearing increased to 5.58x as on March 31, 2023, against 2.04x as on March 31, 2022. The company would need to raise fresh equity capital continuously to support growth. However, the company has support from the Madiyar family in case of exigencies in capital requirement conditions. * Concentrated resource profile and high cost of funding: APFL's resource profile remains supported by inter-corporate deposits (ICDs) from fintech entities. As on January 18, 2024, 89% of total borrowings consist of ICDs, and remaining (11%) would be from term loans from banks. The company's ICDs carried a higher interest rate in the range of 16% to 20% per annum for an average tenure of 2-3 years. Average cost of funds stood at ~11% per annum from banks. Going forward, the company's ability to raise funds at competitive interest rates would remain critical for its growth prospects and profitability. Key strengths * Profitable operations, which remain low: APFL reported profit after taxes (PAT) of INR0.06 crore in FY23 on a total income of INR4.20 crore against INR0.01 crore on a total income of INR3.54 crore in FY22. The company net income margin (NIM) decreased to 2.47% in FY23 against 10.53% in FY22 considering lower yield on advances generated due to the fintech business being closed. Operating expenses to average total assets decreased to 2.58% in FY23 against 4.87% in FY22 due to reorganisation done in the business, where certain costs such as messaging services, web services (cloud computing) were reduced due to complete closure of the fintech business. The company's credit cost also decreased from 5.18% in FY22 against 0.01% in FY23. APFL stopped fintech loans in FY22-23 accordingly loan assets have been reduced and provision on these assets decreased. With decrease in NIM nullified by decrease in opex and credit cost, the company reported return on total assets (ROTA) of 0.11% in FY23 against 0.05% in FY22. Going forward, CARE Ratings expects profitability to be low until the new business scales in the near term. The company is promoted by Madiyar family with major shareholding of Swapnil Madiyar (82.81%) as on March 31, 2023, followed by Prashant Tandle (15.09%), who acts as the Managing Director and CEO. Prashant possesses 23 years of Mortgage experience and has worked with organisations including HDFC Limited, GE Money, Bajaj Finance Limited and Tata Capital Housing Finance Limited. APFL is an NBFC registered with RBI as a non-deposit taking non-systemically important company. It got its registration certificate in 1998. Since January 2022, the company diversified in gold loans, which is its flagship product. AUM as on November 30, 2023, stood at INR3 crore for gold loans. It has its registered office in Surat and one branch in Pune. The company is at a very nascent stage in its new business construct with vintage of two years. ANJANI POLYTEC: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Anjani Polytec Private Limited (APPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 29, 2024, placed the rating(s) of APPL under the 'issuer non-cooperating' category as APPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. APPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 14, 2024, December 24, 2024 and January 3, 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 Anjani Polytec Private Limited (APPL) was incorporated in May 2016 for setting up a manufacturing plant of Polypropylene (PP) woven bags at Pansura, East Mednipur in West Bengal by Mr. Kamal Pande, Mr. Debraj Pande, Mr. Anil Kumar Agarwal and Mrs. Sunita Agarwal. The aggregate project cost for the setting up the manufacturing plant is estimated at INR12.07 crore (including margin money for working capital of INR1.78 crore) which is being financed at a debt equity of 1.64x. The financial closure for the debt portion of the project has already been tied up and APPL has spent INR9.54 crore (79.04% of total project cost) till June 15, 2018 funded through promoters fund of INR3.67 crore and balance from bank term loans. The company has placed order for machinery which is yet to be received; however, the company has its partial operation from February 16, 2018 and the full-fledged operation is estimated to commence from August 2018. BKSONS INFRASTRUCTURE: CARE Moves D Ratings to Not Cooperating -------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Bksons Infrastructure Private Limited (BIPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term bank 20.00 CARE D Rating moved to Facilities ISSUER NOT COOPERATING category Short-term bank 50.00 CARE D Rating moved to facilities ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. has been seeking information from BIPL to monitor the ratings vide email communications dated February 6, 2025 and February 18, 2025, and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Further, BIPL has not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. The ratings on BIPL's bank facilities will now be denoted as CARE D/CARE D ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The ratings assigned to the bank facilities of BIPL take into account the inability to monitor the performance of the company due to lack of requisite information which is critical for assessing the credit profile of the company. The ratings continue to be constrained by the delays in debt servicing. Analytical approach: Standalone Outlook: Not Applicable Detailed description of key rating drivers: At the time of last rating on June 28, 2024, following was the weakness (updated for the information received from ROC): Key weaknesses * Delays in debt servicing: There was delay in debt servicing in cash credit account which led to overutilisation for more than 30 days. BIPL was incorporated in the 2011 with its office located at Guwahati, Assam. Since its inception, the entity has been engaged in the civil construction business in the segments like roads and bridges. Further, the entity is also classified as class 'I' contractor in civil. The company undertakes civil engineering projects such as construction of roads and bridges for NHIDCL mainly in Assam. Mr. Bhagya Kalita and Ms. Samaira Kalita, the directors of the company, have more than a decade long experience in the civil construction industry. They look after the day-to-day operations of the entity and are well assisted by the other director, Mr. Himanshu Kalita, along with other technical and non-technical professionals having relevant industry experience. CHEMIETRON CLEAN: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Chemietron Clean Tech Private Limited (CCTPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.46 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 1.00 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 February 6, 2024, placed the rating(s) of CCTPL under the 'issuer non-cooperating' category as CCTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CCTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 22, 2024, January 1, 2025 and January 11, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable CCTPL was incorporated in May, 2008 as a private limited company by three promoters led by Mr Ashok Gupta (Age: 73 years). Mr. Ashok Gupta has a long industry experience of around 43 years. CCTPL is engaged in the business of manufacturing and trading of air filters and air handling units. CCTPL operates from its ISO 9001:2008 certified manufacturing facilities located at Ahmedabad (Gujarat). CCTPL is selling its clean room technology product under the brand name of "Chemietron" and air filters under the brand name of "Hygi". ECO POLYFIBRES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Eco Polyfibres Private Limited (EPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 23, 2024, placed the rating(s) of EPPL under the 'issuer non-cooperating' category as EPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 8, 2025, January 18, 2025 and January 28, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Eco Polyfibres Private Limited (EPPL) was incorporated in 2011 by Mr. Sanjay Kumar Aggarwal and Mr. Vinod Kumar. The company is engaged in trading of plastic products such as Low-Density Poly Ethylene (LDPE), High Density Poly Ethylene (HDPE) etc. Further, the company has one associate concern namely Swastik Lifescience Pvt. Ltd. which is engaged in trading of plants since 2007. GLUHEND INDIA: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gluhend India Private Limited (GIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 263.00 CARE D; ISSUER NOT COOPERATING; Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings) had, vide its press release dated March 19, 2024, placed the rating of GIPL under the 'issuer non-cooperating' category as GIPL had failed to provide information for monitoring of the rating. GIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and an email dated February 20, 2025. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Limited'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). CARE Ratings has reaffirmed the rating assigned to Non-convertible Debentures (NCD- ISIN INE744Z07027) of GIPL at CARE D category on account of inability of the company to repay the NCDs on due date. Analytical approach: Standalone Outlook: Not Applicable Detailed description of key rating drivers: At the time of last rating on March 19, 2024, the following were the rating strengths and weaknesses (updated for the information available from BSE): Key weaknesses * Non-redemption nor refinancing of NCDs: The rated NCD's were due for redemption on June 30, 2023. However, the Board of Directors of the Company, pursuant to its discussions with the debenture holders, had approved the restructuring of NCDs in terms of extension of date of redemption by 14 days i.e., from 30th June 2023 to 14th July 2023. As per discussion with management, the rated NCD's were meant to be refinanced at end of the term as company's cash flow from operation were not sufficient for redemption. The company have been exploring US markets for re-financing; however, US markets are not favourable in recent times. Extension for redemption is given by the lenders to let company explore India market for refinancing. Further, as per the debenture trustee feedback, the NCDs are still in default as of March 2024. Key Strengths: Not Applicable Incorporated in 2017, Gluhend India Private Limited is sponsored by New York based Private Equity firm Delos Capital Management. The company took over the business of Sage Metal Private Limited (SMPL) and is engaged in export die-cast components made of steel, copper, aluminium, zinc, and iron, which are used in electrical fittings, industrial castings, sanitary drainage fittings, automotive components, and water pump accessories and has manufacturing facilities each in Bawal (Haryana), Faridabad (Haryana) and Sahibabad (Uttar Pradesh). Further, Sage International Inc (SII), incorporated in July 1999 in the US, is a wholly owned subsidiary of GIPL (acquired by SMPL pre-acquisition) and acts as its marketing and warehousing arm in the US and Canada. Trident Components and Jayco Manufacturing, subsidiaries of SII based in USA, are engaged in manufacturing and trading of metal components (same line of business) having 2 manufacturing facilities in USA. HIM CYLINDERS: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Him Cylinders Limited (HCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 28, 2024, placed the rating(s) of HCL under the 'issuer non-cooperating' category as HCL had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. HCL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 13, 2025, January 23, 2025 and February 2, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable HCL, incorporated on August 19, 1983 as a private limited company, belongs to the Him Group of Companies of New Delhi and is engaged in manufacturing of LPG Cylinders. Subsequently, it was converted into a public limited company in July 1999. The manufacturing facility of the company is located in Una district of Himachal Pradesh. The company manufactures the products according to the client's specifications and sells its entire output to the public sector oil marketing companies (OMC). HIM VALVES: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Him Valves and Regulators Private Limited (HVRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.14 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 28, 2024, placed the rating(s) of HVRPL under the 'issuer non-cooperating' category as HVRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HVRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 13, 2025, January 23, 2025 and February 2, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Him Valves and Regulators Private Limited (HVRPL), incorporated on June 10, 1997, is promoted by Shri Ashok Prakash Raja and Shri Shanti Swarup Raja. The company is engaged in manufacturing of valves and regulators. The manufacturing facility of HVRPL is located in Himachal Pradesh. The company manufactures the products according to the client's specifications and sells its output to the public sector oil marketing companies (OMC). HOLO PACK: CARE Keeps C Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Holo Pack Securities (HPS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 6, 2024, placed the rating(s) of HPS under the 'issuer non-cooperating' category as HPS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HPS continues to be non-cooperative despite repeated requests for submission of information through emails dated December 22, 2024, January 1, 2025, January 11, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Holo Pack Securities was established in the year 2015 and operations were commenced from January 2017. HPS is promoted by Mrs. M.Goda Devi along with her daughter Ms. M.Ramya Lakshmi at G Kondur Mandal, Krishna District (Andhra Pradesh). The firm is engaged in manufacturing of flexible packaging materials along with secured printing. The firm purchases raw materials like polyester, LDPE (Low-density polyethylene), aluminium foils, adhesives and solvents among others from local suppliers. The clientele of the firm covers Andhra Pradesh and Telangana like Virat Crane Industries Limited, PVS Laboratories Limited and KCP Sugar Industries among others. The firm has installed capacity of 2400 tons per annum. KASTURI K12: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Kasturi K12 Services Private Limited (KKSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 24, 2024, placed the rating(s) of KKSPL under the 'issuer non-cooperating' category as KKSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KKSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 9, 2024, December 19, 2024 and December 29, 2024 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings for KKSPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Kasturi K12 Services Private Limited (KKSPL) was incorporated in January'2015, promoted by Mr. P. Sreemannarayana (Director), Mr. R. Praneeth (Managing Director) and family members for the purpose of providing hostel services to students, with facilities i.e., mess, internet facility, dry cleaning amount others. The company renders its services to students of Viswa Bharathi Educational Society, in which the promoter of the company is Secretory. The promoters of the company are qualified post graduate and Mr. P. Sreemannarayana has more than five decades of experience in education industry, where as other directors has more than a decade of experience in the same industry. The company has started its commercial operation in April'2016. The company purchases the raw material from local traders in and around Krishna Dist., Andhra Pradesh. LAKSHMI ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sree Lakshmi Engineering Works (SLEW) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 16, 2024, placed the rating(s) of SLEW under the 'issuer non-cooperating' category as SLEW had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SLEW continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 1, 2025, January 11, 2025, January 21, 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 Tirupati-based SLEW was established by Mr. K. Amarnath Reddy and his family members in the year 2001 as a partnership concern. The firm is engaged in civil works such as water supply works, laying roads and construction of buildings for government bodies such as Panchayat Raj and Municipal Corporations which are procured through tenders. The firm has executed several contracts since its inception and currently has an order book worth around INR 50.36 crore as on December 15, 2017 to be executed by September 2018. LORD WHEELS: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Lord Wheels Private Limited (LWPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.82 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 19, 2024, placed the rating(s) of LWPL under the 'issuer non-cooperating' category as LWPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LWPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 4, 2025, January 14, 2025 and January 24, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Meerut, Uttar Pradesh, based Lord Wheels Private Limited (LWPL) was incorporated in 2015 as a private limited company and is currently being managed by Mr. Pankaj Veerbhan, Ms. Radhika Veerbhan and Mr. Vedpal Singh. LWPL is an authorized dealer of Honda Cars India Limited (HCIL). The company operated through two 3S (Sales, spare & services) facilities in Dehradun under the brand name of Admire Honda. Status of non-cooperation with previous CRA: CRISIL has continued the ratings assigned to the bank facilities of LWPL into 'Issuer not-cooperating' category vide press release dated November 18, 2024 on account of non-availability of requisite information from the company. MAHADEO DALL: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mahadeo Dall Mill (MDM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.90 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 1, 2024, placed the rating(s) of MDM under the 'issuer non-cooperating' category as MDM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MDM continues to be non-cooperative despite repeated requests for submission of information through emails dated December 17, 2024, December 27, 2024, January 6, 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 Bhopal-based (Madhya Pradesh) MDM was established in 2002 as a proprietorship firm, which was then reconstituted as a partnership firm in 2010. MDM is managed by Mr. Narayan Sahu, Mr. Vinod Sahu, Mr. Bhanu Sanhu and Mr. Tanish Sahu. The firm is into the business of processing of pulses like moong dal, chana dal, tuar dal etc. MDM procures the materials from the local anaj mandi and merchants, post which it processes them and sells them to wholesalers in states like Madhya Pradesh, Karnataka, Tamil Nadu etc. MDM has an installed capacity of processing of 45,20,000 quintals per year (including tuar dal, chana dal, moong dar and urad dal) as on March 31, 2018. Also, in February, 2018, MDM concluded a project for processing moong dal. NANDI PIPES: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Nandi Pipes Private Limited (NPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.40 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 8, 2024, placed the rating(s) of NPPL under the 'issuer non-cooperating' category as NPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 24, 2024, January 3, 2025 and January 13, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Nandi Pipes Private Limited (NPPL) was incorporated in October, 2011 by Mrs. V. Aravinda Rani, Mrs. S. Sujala and Mrs. S. Parvathi. The company is engaged in manufacturing of PVC pipes with an installed capacity of 6000 Metric tons. The manufacturing facility is located at Nandyal, Andhra Pradesh. NOBLE CORRUGATORS: CARE Lowers Rating on INR5cr LT Loan to B ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Noble Corrugators Private Limited (NCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 31, 2024, placed the rating(s) of NCPL under the 'issuer non-cooperating' category as NCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 16, 2024, December 26, 2024, January 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). The ratings assigned to the bank facilities of NCPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable NCPL was formed in 1995, however, started operations from 1996. NCPL engaged in the business of manufacturing of customized corrugated boxes. While its another group entity named Orient Kagaz Converters Private Limited was formed in 1993 as a partnership concern by Modi family with an objective to manufacture corrugated boxes. In 2007, its constitution was changed to private limited company and it assumed its current name, OKCPL. OKCPL is engaged in the business of manufacturing of customized corrugated boxes, sheets and paper cones as per the requirement of the customers. Further, both are also engaged in the printing and designing of its products. Further, the products of the group are ISO (22000:2005) certified for food safety. The manufacturing facility of OKCPL is located at Mandideep, Madhya Pradesh having 140000 Sq. ft. area and has additional godown facility in 20,000 sq. ft. area to keep finished goods. Over the years, the company has undertaken various expansion projects to increase its installed capacity and stood at 2500 tonnes per month as on March 31, 2018. Further, during FY19, it has installed solar plant having capacity of 250 Kilo Watt (KW) for captive consumption in OKCPL. NCPL was earlier engaged in manufacturing of corrugated boxes, now it is engaged in manufacturing of cones with installed capacity of 70,000 cones per day. P.G. SETTY: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of P.G. Setty Construction Technology Private Limited (PSCTPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.57 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 7, 2024, placed the rating(s) of PSCTPL under the 'issuer non-cooperating' category as PSCTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PSCTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 23, 2024, January 02, 2025 and January 12, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable P G Setty Construction Technology Private Limited (PSCTPL) was established by Mr. P Gopala Setty as a proprietorship concern under the name M/s. P G Setty in 1964. During 1970s, the family business was converted to a partnership firm in the name of M/s. P Gopalasetty, registered as class I contractor for the Government of Karnataka. Subsequently in 1999, the firm was incorporated as a private limited company with its current nomenclature. PSCTPL is engaged in the business of civil contractor for execution of low-cost houses and layout construction services. PREMPRAKASH GINNING: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Premprakash Ginning and Pressing Factory (PGPF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 2, 2024, placed the rating(s) of PGPF under the 'issuer non-cooperating' category as PGPF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PGPF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 18, 2024, December 28, 2024, January 7, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Bagod based (Madhya Pradesh) Prem Prakash Ginning & Pressing Factory (PGPF) was formed in 1997 as a proprietorship concern by Mr. Praveen Kumar Jain. The firm is engaged in the cotton ginning and pressing along with production of cotton seeds. Further, the firm is also engaged in trading of Soya Bean, cotton seeds and yarn. The manufacturing unit of the firm has installed capacity to manufacture 16000 Cotton Bales Per Year and 47000 Quintals Cotton Seeds Per Year as on March 31, 2017. PGPF procures raw cotton directly from farmers and local mandis and sells its finished products mainly in local markets. The firm markets its product through 20 brokers. RAJ REGENCY: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Raj Regency (RR) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.61 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated February 19, 2024, placed the rating(s) of RR under the 'issuer non-cooperating' category as RR had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RR continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 4, 2025, January 14, 2025, January 24, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Raj Regency was established in September, 2013, as a partnership entity, however started operation from June 2016 by three partners namely Smt. Surindar Kaur Bhatia, Mr. Harjeet Singh Bhatia and Mr. Jasvinder Singh Bhatia. The entity started commercial operation from April 1, 2016. The entity is currently operating with 50 rooms which include 46 deluxe rooms, 3 presidential rooms and one honeymoon suits. The hotel also has banquet hall, an air conditioned multi cuisine restaurant, bar, private dining, swimming pool and spa. The room rent of the Raj Regency on normal season is INR3000 per day and INR3500 per day on peak season. RGS POULTRY: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of RGS Poultry Farm (RPF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.99 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated February 14, 2024, placed the rating(s) of RPF under the 'issuer non-cooperating' category as RPF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RPF continues to be non-cooperative despite repeated requests for submission of information through emails dated December 30, 2024, January 9, 2025, January 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 RGS Poultry Farm (RPF) was established as a proprietorship concern in 2004 by Mr. R. Ganesan in Namakkal, Tamil Nadu. RPF was re-established as a partnership firm with equal profit-sharing ratio between Mr. R. Ganesan and Mr. V.G. Sakthivel in the year 2017. The firm is engaged in rearing of chicks for production of eggs and culling. The chicks are purchased from the local suppliers in Namakkal and the firm procures chick feeds from Sri Venkateswara Poultry feeds (associate concern) and SKM Feeds. There are four stages in poultry farming, namely the brooder stage, grower stage, layer stage and culling stage. The chicks are reared for about 16 weeks until it starts to lay eggs. Once the chick reaches 90-100 weeks of age, it is sold for culling. The firm supplies 75% of eggs to their associate concern (SVPF) and remaining 25% of eggs are supplied to local customers and RPF supplies the chicken for culling to different customers located in Tamil Nadu, Kerala and Karnataka. RPF rears chicks of different varieties like BV-300, Bovans and Babcock. RPF has its farm located in Vazhavanthi, Namakkal, Tamil Nadu. The firm has availed moratorium from March 2020 to August 2020. RJP TECHNOLOGIES: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of RJP Technologies Private Limited (RTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 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 January 31, 2024, placed the rating(s) of RTPL under the 'issuer non-cooperating' category as RTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 16, 2024, December 26, 2024 and January 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: Stable RJP Technologies Private Limited (RTPL) was incorporated on April 27, 2017 with the main object of carrying out business in manufacturing unit of Consumer Durable goods (i.e. fans, lights, etc.), at their manufacturing unit located at Plot No. 71, 72 & 73, Apparel Export Park, Gundala Pochampally, Hyderabad. RPL is promoted by Mr. Jaikishan Tarachand Balasaria and Ms. Swati Agarwal. After the commencement of business operations, the company has planned to manufacture Brushless Direct Current (BLDC) Ceiling fans, LED lights, Smart meters and Cables. The company has a location advantage with adequate facilities as raw materials, labours, power and water supply near the plant location. SWADESHI ALUMINIUM: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Swadeshi Aluminium Company Private Limited (SACPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 28, 2024, placed the rating(s) of SACPL under the 'issuer non-cooperating' category as SACPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SACPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 13, 2025, January 23, 2025 and February 2, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Swadeshi Aluminium Company Private Limited is primarily engaged in the manufacturing of aluminium alloy ingots and sections which find application in automobile industry. The company procures raw material i.e. aluminium scrap from domestic and overseas players that includes Middle East and European countries. SWATHI RICE: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Swathi Rice Mill Co Private Limited (SRMCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.05 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 25, 2024, placed the rating(s) of SRMCPL under the 'issuer non-cooperating' category as SRMCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRMCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 10, 2024, December 20, 2024 and December 30, 2024 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable SRMCPL, incorporated in April 2008 by Mr. Provash Chowdhury, Mr. Sushil Biswas, Mr. Arun Saha, Mr. Biplab Paul, Mr. Surajit Gadhadhar Paul, Mr. Arun Saha, Mrs. Parbati Paul and Mrs. Sujata Saha of Malda, West Bengal. SRMCPL is into processing and milling of non-basmati rice with an aggregate installed capacity of 54,000 metric ton per annum. The milling unit of the company is located at Malda, West Bengal. SRMCPL procures paddy from farmers & local agents and sells its products through the wholesalers and distributors within the state. SWEETY INFRASTRUCTURE: CARE Moves D Ratings to Not Cooperating -------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Sweety Infrastructure Private Limited (SIPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating moved to ISSUER NOT COOPERATING category Short Term Bank 80.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. has been seeking information from SIPL to monitor the ratings vide email communications dated February 6, 2025 and February 18, 2025, and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Further, SIPL has not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. The ratings on SIPL's bank facilities will now be denoted as CARE D/CARE D ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The ratings assigned to the bank facilities of SIPL take into account the inability to monitor the performance of the company due to lack of requisite information which is critical for assessing the credit profile of the company. The ratings continue to be constrained by the delays in debt servicing. Analytical approach: Standalone Outlook: Not Applicable Detailed description of key rating drivers: At the time of last rating on June 06, 2024, following was the weakness (updated for the information received from ROC): Key weaknesses * Delays in debt servicing: There was overdrawal in the cash credit account for more than 30 days. The interest amount for the month of April 2024 for the cash credit account had not been serviced. SIPL was incorporated in the year 1998 with its office located at Guwahati, Assam. Since its inception, the entity has been engaged in civil construction business in the segment like roads and bridges. Further, the entity is also classified as class 'I' contractor in civil. The company undertakes civil engineering projects such as construction of roads and bridges for National Highways Authority of India (NHAI) and National Highways and Infrastructure Development Corporation Limited (NHIDCL), mainly in the state of Assam. Mr Kaushik Kalita has more than one decade and Ms Binanda Kalita has more than two decades of experience in civil construction industry. They look after the day-to-day operations of the entity along with the other director, Ms Geetika Kalita and other technical and non-technical professionals who are having long experience in this industry. UV EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of UV Exports Private Limited (UEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.39 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.30 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 February 28, 2024, placed the rating(s) of UEPL under the 'issuer non-cooperating' category as UEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 13, 2025, January 23, 2025 and February 2, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Delhi based U V Exports Private Limited (UEPL), is a private limited company and was incorporated in 2014 and headed by Founder and Managing Director, Mrs. Usha Sirohi, who has an experience of more than 18 years. She is assisted by Ms. Shikha Tyagi and Mr. Ajay Kumar Sharma who are nominee directors of Ms. Mansi Sharma. UEPL is engaged in processing of basmati rice at its unit located at Sonipat, Haryana. VIJAYANAG POLYMERS: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vijayanag Polymers Private Limited (VPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.30 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 January 23, 2024, placed the rating(s) of VPPL under the 'issuer non-cooperating' category as VPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 8, 2024, December 18, 2024, December 28, 2024 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Vijayanag Polymers Private Limited (VPPL), an ISO 9001:2008 and AGMARK certified company, was incorporated in the July 2011 and commenced commercial operation in the second half of FY13. VPPL is currently promoted by Dr. V V Nagi Reddy and his wife Mrs. M Vijaya Lakshmi. Dr. Nagi Reddy is a retired Physics professor, according to the management; Mr Nagi Reddy is having 10% shareholding in Midwest Granite Pvt Ltd, which has been in the mining business since 1981. VPPL is engaged in production of plain and printed packaging laminated materials like laminated films, Pouches, Poly bags and others, which are used across a wide range of industries like consumer food, fertilizers and others. Number of orders are in pipeline. YUVARAJ CABLE: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Yuvaraj Cable Networks (YCN) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.87 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 February 2, 2024, placed the rating(s) of YCN under the 'issuer non-cooperating' category as YCN had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. YCN continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 18, 2024, December 28, 2024 and January 7, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Detailed description of the key rating drivers: Yuvaraj Cable Networks (YCN) was established in the year 1999 and promoted by Mr D Ramachandra Rao, his family members and friends. The firm is engaged in the business of providing television services through installation of set top boxes (local cable network) in and around Kovvur, Andhra Pradesh. The firm provides television services to six circles (covering 80 villages) in A.P. namely Kovvur, Chagallu, Tallapudi, Gopalapuram, Polarvarm and Devarapalli. ================= I N D O N E S I A ================= SAKA ENERGI: Moody's Withdraws 'B2' Corporate Family Rating ----------------------------------------------------------- Moody's Ratings has withdrawn Saka Energi Indonesia (P.T.)'s B2 corporate family rating. Prior to the withdrawal, the outlook on the rating was stable. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). Saka Energi Indonesia (P.T.) (Saka) is an independent oil and gas exploration and production company in Indonesia. The company holds working interests in 11 oil and gas blocks, six of which are producing. Saka is wholly owned by the natural gas distribution and transmission company, Perusahaan Gas Negara (P.T.) (PGN), which, in turn, is 56.96% owned by Indonesia's 100% state-owned national oil company, Pertamina (Persero) (P.T.) (Pertamina). VICTORY CHINGLUH: Mass Layoffs Help Footwear Factories Stay Afloat ------------------------------------------------------------------ Jakarta Globe reports that two major footwear factories in Tangerang, Banten, which supply global sportswear brands like Nike and Adidas, have been forced to lay off thousands of workers as they struggle to survive amid sharply declining orders, a government official confirmed on March 7. Victory Chingluh, located in Cikupa District, has cut around 2,000 jobs since January, according to Desyanti, head of industrial dispute settlement at the Tangerang Regency Manpower Department. The company is part of Taiwan's Ching Luh Group, which operates footwear manufacturing plants in China, Vietnam, and Indonesia. "The company cited an oversized workforce and declining orders as reasons for the layoffs," Desyanti said, notes the report. Meanwhile, Adis Dimension Footwear eliminated 1,500 jobs last year as part of an aggressive cost-cutting strategy, Jakarta Globe reports. "Last year's mass layoffs were driven by soaring operational costs and plummeting market demand. However, Adis Dimension Footwear has said that there are no immediate plans for further layoffs this year," Desyanti added, relays Jakarta Globe. Adis Dimension has been Nike's exclusive manufacturing partner for the past three decades, operating on a 25-hectare factory site in Balaraja District, Tangerang. In response to the challenges facing labor-intensive industries, the Indonesian government has announced a IDR20 trillion ($1.3 billion) credit facility to help businesses stay afloat, according to Jakarta Globe. The credit program is available to industries such as textiles, garments, footwear, furniture, food and beverages, and toys. To qualify, companies must employ at least 50 workers. ========= J A P A N ========= NISSAN MOTOR: S&P Downgrades LT ICR to 'BB', Outlook Negative ------------------------------------------------------------- S&P Global Ratings 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. S&P said, "Prospects of a significant and quick improvement in Nissan Motor's profitability to the level of similarly rated peers' are remote, in our view. We expect it will take about two years before Nissan Motor Co. Ltd. can reap the full cost savings from restructuring. The JPY400 billion cost reduction measures will be implemented from fiscal 2025 to fiscal 2026. Some plant closures and job cuts will be implemented in fiscal 2026. "We expect the competitive environment to remain challenging, costs from inflation to rise, and pressure on profitability as electric vehicle (EV) sales increase. Even if cost reduction efforts are implemented as planned, we do not see the company's EBITDA margin reaching 6% in the next one to two years. "In China, we expect unit sales to continue on a downward trend in 2025 and beyond. EV adoption and local manufacturers continue to advance in the country, one of Nissan Motor's main markets. In the U.S., another key market for the company, increasing unit sales while curbing incentives will be tough. Unit sales in North America increased by about 10% year-on-year in September-December 2024. However, profitability remained weak due to high sales incentives. "Nissan Motor's competitiveness and earnings base in key markets have declined, in our view. The pace of electrification, environmental regulations, and consumer preferences vary widely from region to region. The burden on global automakers to introduce locally tailored products is increasing." Nissan Motor plans to launch hybrid vehicles in the U.S. and EVs in China, both of which are in high demand in each region, and to expand its lineup. However, it may not be able to devote enough resources to developing these products if its performance continues to slump. The company's geographic dispersion, particularly in North America and China, is an advantage over Renault S.A. and Ford Motor Co. in terms of its business development. However, S&P does not expect this to support its earnings for the time being. Nissan Motor's financial durability under stress scenarios, such as sudden changes in the external environment, has declined due to rising risk to its business performance. In S&P's view, a healthy financial position continues to underpin the company's credit rating. However, it has less financial buffer than in the past (net cash in the automotive segment decreased to over JPY1.2 trillion at the end of December 2024 from over JPY1.5 trillion at the end of March 2024). The company's free cash flow from its automotive division fell sharply into negative territory due to a sharp decline in earnings and an increase in investment burdens. It posted over JPY500 billion in negative free cash flow during the period from April to December 2024. In the automobile industry, the investment burden is continuously increasing for the development of the next generation technology and the response to environmental regulations. There will also be an additional financial burden if Nissan Motor invests in a new EV company established by Renault or if Nissan Motor repurchases its shares held by Renault. The company's profitability may struggle to get on an improvement track in this challenging business environment, in our opinion. The restructuring of operations through fiscal 2026 involves execution risks. S&P believes the following factors could also hinder company performance: (1) additional pressure on prices due to slower growth in automobile demand, (2) intensified competition in the Chinese market, (3) pressure on profitability due to increased EV sales, and (4) the risk of higher tariffs in the U.S. The negative outlook reflects S&P's view that the challenging business environment will continue to weigh on Nissan Motor's credit profile. There is heightened risk in the company's path to restoring profitability and free cash flow amid its restructuring process. In the next six to 12 months or so, S&P may consider downgrading the company if any of the following scenarios becomes more likely: -- Free operating cash flow continues running significantly negative and further erodes its net cash position in the automotive business. This scenario could become more likely if: (1) auto sales decline more than expected, (2) sales incentives rise due to a decline in product competitiveness, (3) implementation of cost-cutting measures is delayed, and (4) business performance declines due to an increase in U.S. import tariffs or currency fluctuations. -- The company's funding capability deteriorating and funding costs rising because of further deteriorating business performance or strategic investments. -- The company's competitiveness and market position in key regions such as North America and China declining further, and profitability not improving as expected. On the other hand, S&P will consider revising the outlook up if it determines that prospects for profitability in the automotive segment are likely to improve over the next few years and FOCF in the automotive segment is more likely to be positive as a trend as the company maintains sales volume and implements cost-cutting measures. ===================== N E W Z E A L A N D ===================== CREATIVE AND BRAVE: Creditors' Proofs of Debt Due on May 5 ---------------------------------------------------------- Creditors of Creative and Brave Limited are required to file their proofs of debt by May 5, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 4, 2025. The company's liquidators are: Christopher Carey McCullagh Stephen Mark Lawrence PKF Corporate Recovery & Insolvency (Auckland) Limited PO Box 3678 Auckland 1140 FUSION HAIR: Creditors' Proofs of Debt Due on April 2 ----------------------------------------------------- Creditors of Fusion Hair Design (2011) Limited are required to file their proofs of debt by April 2, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 2, 2025. The company's liquidator is: Hamish John Pryde CS Insolvency C/- Coombe Smith (PN) Limited 168 Broadway Avenue PO Box 788 Palmerston North INDIAN LOUNGE: Court to Hear Wind-Up Petition on April 11 --------------------------------------------------------- A petition to wind up the operations of Indian Lounge Limited will be heard before the High Court at Auckland on April 11, 2025, at 10:45 a.m. BOC Limited filed the petition against the company on Jan. 28, 2025. The Petitioner's solicitor is: Gregory David Trainor C/- MacLean & Associates Lawyers Unit 4/31 Tyne Street Addington Christchurch KANGSTA LIMITED: Creditors' Proofs of Debt Due on April 3 --------------------------------------------------------- Creditors of Kangsta Limited are required to file their proofs of debt by April 3, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 25, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 MEKONG CAFE: To Close Doors After 35 Years ------------------------------------------ Radio New Zealand reports that two long-running Wellington restaurants will be closing this month. Vietnamese restaurant Mekong Cafe on Vivian Street - known as Wellington's original noodle house - will shut after 35 years while Daisy's will be leaving Tinakori Road after eight years, RNZ discloses. According to RNZ, Daisy's owners said it has been challenging ever since the first Covid lockdown five years ago and it had taken a toll on them. It had been "a hell of a ride", however, they felt it was the right time to step away this year with their lease coming to an end. "We've been proud to have celebrated amazing growers, suppliers and producers over the years, as well as a bunch of incredibly talented team members, all while representing our little corner of this city. "It has been a privilege to be part of so many people's special occasions, as much as it has been to be a casual place to drop in for locals, we thank you so much for your support." RNZ relates that the owners of Mekong said in a social media post they were grateful to all their customers. "The connections are so much more than the business itself. We will say goodbye for now." RNZ says Wellington's eating and drinking scene has significantly changed over the past few years, with many high-end eateries and well known establishments forced to shut their doors. The shift to working from home during the pandemic has decreased foot traffic in the city, at a time when restaurateurs have been grappling with rising rates and rent. Increased construction work in the central city has also been cited as a factor. TRADESCO NZ: Court to Hear Wind-Up Petition on March 14 ------------------------------------------------------- A petition to wind up the operations of Tradesco NZ Limited will be heard before the High Court at Auckland on March 14, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Dec. 6, 2024. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ===================== P H I L I P P I N E S ===================== INTEGRATED MICROELECTRONICS: Moves to Logistics Following Losses ---------------------------------------------------------------- Bilyonaryo.com reports that Integrated Microelectronics Inc. (IMI), the loss-making chip maker of Ayala Corp., is moving into the logistics business. According to Bilyonaryo.com, the IMI board has approved amendments to the company's charter to allow it to provide warehousing and logistics support services. The expansion will cover importation, procurement, storage, inventory management, and distribution of goods. Bilyonaryo.com relates that the move comes as IMI continues to report losses. The company posted a net loss of $24.6 million for 2024, along with an $11.9 million goodwill impairment charge related to a non-core subsidiary. Since 2019, IMI's cumulative losses have reached $179 million or close to PHP10 billion. IMI said the expansion aims to diversify its revenue streams beyond manufacturing and meet customer demands for additional services, Bilyonaryo.com relays. The proposal will be presented for approval at IMI's annual stockholders' meeting on April 22. Integrated Micro-Electronics, Inc. (IMI) is a provider of electronics manufacturing services (EMS) and power semiconductor assembly and test services. The Company's geographical segments are segregated as follows: Philippines, China, Europe, Mexico, Germany/UK, and USA/Japan/Singapore/IMI UK. IMI exports printed circuit board assemblies (PCBA), flip chip assemblies, electronic sub-assemblies, box build products and enclosure systems. It also provides a range of solutions, including product design and development, test and systems development, automation, advanced manufacturing engineering, and power module assembly, among others. It serves diversified markets, such as the automotive, industrial, medical, storage device, and consumer electronics industries, and non-electronic products (including automobiles, motorcycles, and solar panels, among others) or parts, components, or materials of non-electronic products, as well as to perform and provide information technology services. ================= S I N G A P O R E ================= CRAFT DRINKS: Court to Hear Wind-Up Petition on March 21 -------------------------------------------------------- A petition to wind up the operations of Craft Drinks Pte. Ltd. will be heard before the High Court of Singapore on March 21, 2025, at 10:00 a.m. Wine & Whisky filed the petition against the company on Feb. 26, 2025. The Petitioner's solicitors are: Tan Kok Quan Partnership 1 Wallich Street #07-02 Guoco Tower Singapore 078881 GENERAL ATLANTIC: Creditors' Proofs of Debt Due on April 8 ---------------------------------------------------------- Creditors of General Atlantic Singapore CP Pte. Ltd., General Atlantic Singapore OT Pte. Ltd., and General Atlantic Singapore SPV 64 Pte. Ltd., are required to file their proofs of debt by April 8, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 28, 2025. The company's liquidator is: Chek Khai Juat c/o Tricor Singapore 9 Raffles Place #26-01 Republic Plaza Singapore 048619 KUDOS AND SOFTFAR: Court to Hear Wind-Up Petition on March 14 ------------------------------------------------------------- A petition to wind up the operations of Kudos and Softfar Singapore Pte. Ltd. will be heard before the High Court of Singapore on March 14, 2025, at 10:00 a.m. Ultra Source Trading Hong Kong Ltd filed the petition against the company on Feb. 21, 2025. The Petitioner's solicitors are: Rev Law LLC 1D Duxton Hill Singapore 089587 PRETTYFUN BEAUTY: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on Feb. 28, 2025, to wind up the operations of Prettyfun Beauty Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidator is: Mr. Gary Loh Weng Fatt c/o BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 TRACSIM PTE: Creditors' Proofs of Debt Due on April 6 ----------------------------------------------------- Creditors of Tracsim Pte. Ltd. are required to file their proofs of debt by April 6, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 26, 2025. The company's liquidator is: Lai Kuan Loong, Victor CitadelCorp Pte. Ltd. 20 Collyer Quay, #11-07 Singapore 049319 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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