/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/250331.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 Monday, March 31, 2025, Vol. 28, No. 64 Headlines A U S T R A L I A BABCOCK & BROWN: McGrathNicol Appointed as Liquidators BRIGHTE GREEN 2024-1: Moody's Ups Rating on Class F-C Notes to Ba2 CLEARVIEW WEALTH: Fitch Gives BB+ Rating on Tier 2 Sub. Securities MECCA LIFESTYLE: First Creditors' Meeting Set for April 2 PANORAMA AUTO 2025-1: Fitch Assigns 'BBsf' Rating on Class E Notes RESIMAC BASTILLE 2025-1NC: Moody's Assigns (P)B2 Rating to F Notes SAPPHIRE XXXII 2025-1: S&P Assigns B+(sf) Rating on Cl. F Notes SMC LEASEHOLDINGS: First Creditors' Meeting Set for April 3 STORMON INDUSTRIES: First Creditors' Meeting Set for April 3 SYDNEY BEER: Owes Nearly AUD10 Million to Creditors TRINITY COMMERCIAL: Second Creditors' Meeting Set for April 2 TURQUOISE I 2025-1: S&P Assigns Prelim. 'B' Rating on F Notes VAULT HOUSE: First Creditors' Meeting Set for April 2 C H I N A GREENTOWN CHINA: Zhang Yadong Steps Down as Chairman MERCURITY FINTECH: Partners With BitGo for Digital Asset Security SHANGHAI JUNSHI: Annual Loss Narrows to CNY1.2BB in 2024 VNET GROUP: Moody's Upgrades CFR to B2 & Alters Outlook to Stable I N D I A 91 GAMEFI: Voluntary Liquidation Process Case Summary ABF ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating ADITYA INFRA: CARE Keeps B- Debt Rating in Not Cooperating ADITYAMAN ENTERPRISES: Insolvency Resolution Process Case Summary AICON AFFORDABLE: Voluntary Liquidation Process Case Summary AMEYAS BUILDCONS: Insolvency Resolution Process Case Summary ATS INFRABUILD: Insolvency Resolution Process Case Summary BABA BHUBANESWAR: CARE Keeps B- Debt Rating in Not Cooperating BABA JHARESHWAR: CARE Keeps B- Debt Rating in Not Cooperating BIRCH CHEMICALS: Voluntary Liquidation Process Case Summary BOMBAY JEWELLERY: CARE Keeps B- Debt Rating in Not Cooperating DHRUV WELLNESS: Insolvency Resolution Process Case Summary ESSEL HIGHWAYS: Insolvency Resolution Process Case Summary FORD SMART: Voluntary Liquidation Process Case Summary GOVERNMENT TELE-COM: ICRA Keeps D Debt Rating in Not Cooperating GREEN INDIA: Liquidation Process Case Summary JAGSUKHKARAK HOUSING: Voluntary Liquidation Process Case Summary JAIPRAKASH ASSOCIATES: Vedanta Group Submits EOI to Acquire JAL KANSAL WOOLLEN: Voluntary Liquidation Process Case Summary LIS STUDYLINK: Voluntary Liquidation Process Case Summary M J ENGINEERING: CARE Keeps C Debt Ratings in Not Cooperating MAHALIA CRYSTALS: Voluntary Liquidation Process Case Summary MAIHAR ALLOYS: CARE Keeps B- Debt Rating in Not Cooperating NAGWA INDIA: Voluntary Liquidation Process Case Summary NISA INDUSTRIAL: Insolvency Resolution Process Case Summary NP PROPERTIES: Voluntary Liquidation Process Case Summary OFFSHORE INFRASTRUCTURES: Insolvency Process Case Summary OROVIA SOFTWARE: Voluntary Liquidation Process Case Summary PLUMBERS CHOICE : Liquidation Process Case Summary PRACHAR COMMUNICATIONS: CARE Lowers Rating on INR30cr Loan to B- PRASHANT LOGISTICS: Ind-Ra Assigns BB+ Bank Loan Rating PROSEED FOUNDATION: ICRA Keeps B+ Debt Ratings in Not Cooperating R.K. ELECTRICAL: CARE Keeps C Debt Rating in Not Cooperating RAJ AGRO: ICRA Keeps B Debt Ratings in Not Cooperating Category RAMCHANDER STRAW: CARE Keeps C Debt Ratings in Not Cooperating RANK PROJECTS: Ind-Ra Assigns BB Bank Loan Rating REPHRASE TECHNOLOGIES: Voluntary Liquidation Process Case Summary SAMMAAN CAPITAL: Moody's Alters Outlook on 'B2' CFR to Positive SHIVANSH DIAMOND: CARE Keeps D Debt Rating in Not Cooperating SHREERAM AND SONS: ICRA Keeps D Debt Ratings in Not Cooperating SHREYANS OILS: ICRA Keeps B+ Debt Rating in Not Cooperating SHYAMA SHYAM: CARE Keeps B- Debt Rating in Not Cooperating SIMPLICITY FOODS: Voluntary Liquidation Process Case Summary SOLAIMALAI ENTERPRISES: Ind-Ra Hikes Bank Loan Rating to BB+ TD TOLL: ICRA Keeps D Debt Rating in Not Cooperating Category THOPPIL CONTRACTORS: CARE Keeps C Debt Ratings in Not Cooperating TK TOLL: ICRA Keeps D Debt Rating in Not Cooperating Category TRANSMISSION CORPORATION: CARE Moves B+ Rating to Not Cooperating TREE HOUSE: CARE Keeps D Debt Rating in Not Cooperating Category TUSK BITUMIN: Voluntary Liquidation Process Case Summary TUSK INTERNATIONAL: Voluntary Liquidation Process Case Summary UMAMAHESWARA PAPER: Insolvency Resolution Process Case Summary VASP ENGINEERS: Insolvency Resolution Process Case Summary WONDER CONSTRUCTION: ICRA Keeps B- Ratings in Not Cooperating I N D O N E S I A PAKUWON JATI: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable J A P A N MARUI GROUP: Egan-Jones Retains BB Senior Unsecured Ratings RICOH CO: Egan-Jones Retains BB+ Senior Unsecured Ratings ZENSHO HOLDINGS: Sukiya to Shut 2,000 Shops After Hygiene Issues M O N G O L I A MONGOLIAN MINING: Moody's Rates Proposed Senior USD Notes 'B3' N E W Z E A L A N D ACCELERANDO LIMITED: Creditors' Proofs of Debt Due on April 15 ACCELERANDO LTD: Liquidators Likely to Sell Printing Business AK AIR: Court to Hear Wind-Up Petition on April 4 CAFE SOLEIL: Creditors' Proofs of Debt Due on April 24 FIRST TRUST: Baker Tilly Staples Rodway Appointed as Receivers JESSICA ENTERPRISE: Court to Hear Wind-Up Petition on April 10 KESTER BLACK: New Zealand Business Liquidation Process Completed S I N G A P O R E CLOUD INVESTMENTS: Creditors' Proofs of Debt Due on April 25 HAN HOLDING: Court to Hear Wind-Up Petition on April 11 KME HOLDINGS: Creditors' Proofs of Debt Due on April 28 MA SUPPLEMENTS: Commences Wind-Up Proceedings SL TECHNOLOGY: Court Enters Wind-Up Order V I E T N A M VIETNAM: At Risk of Mass Power Firms Bankruptcies, Chamber Says - - - - - ================= A U S T R A L I A ================= BABCOCK & BROWN: McGrathNicol Appointed as Liquidators ------------------------------------------------------ Jason Preston and Katherine Sozou of McGrathNicol were appointed as liquidators of Babcock & Brown International Pty Ltd on March 20, 2025. Babcock & Brown International Pty Ltd operates as an investment holding company. The Company purchases, sales, and brokerage of securities. BRIGHTE GREEN 2024-1: Moody's Ups Rating on Class F-C Notes to Ba2 ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings on five classes of notes issued by Brighte Green Trust 2024-1. The affected ratings are as follow: Issuer: Brighte Green Trust 2024-1 Class B-C Notes, Upgraded to Aa1 (sf); previously on Jun 13, 2024 Definitive Rating Assigned Aa2 (sf) Class C-C Notes, Upgraded to Aa3 (sf); previously on Jun 13, 2024 Definitive Rating Assigned A2 (sf) Class D-C Notes, Upgraded to A2 (sf); previously on Jun 13, 2024 Definitive Rating Assigned Baa2 (sf) Class E-C Notes, Upgraded to Baa3 (sf); previously on Jun 13, 2024 Definitive Rating Assigned Ba2 (sf) Class F-C Notes, Upgraded to Ba2 (sf); previously on Jun 13, 2024 Definitive Rating Assigned B2 (sf) A comprehensive review of all credit ratings for the transaction has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available for the affected notes and the good collateral performance to date. No action was taken on the remaining rated classes in the deal as credit enhancements for these classes remain commensurate with the current ratings. Following the February 2025 payment date, the note subordination available for the Class B-C, Class C-C, D-C, E-C and F-C Notes has increased to 14.9%, 9.8%, 7.2%, 2.4% and 1.9% respectively from 11.4%, 7.5%, 5.5%, 1.8% and 1.5% at closing in June 2024. Principal collections have been distributed on a sequential basis starting with the Class A-C and A-NC Notes since closing. Current outstanding notes as a percentage of the total closing balance is 77%. As of end-January 2025, 0.8% of the outstanding pool was 30-plus day delinquent and 0.2% was 90-plus day delinquent. The portfolio has incurred 0.1% (as a percentage of the original portfolio balance) of losses to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have lowered Moody's expected default assumption to 2.5% of the current pool balance (equivalent to 2.0% of the original pool balance) from 3% at closing. Moody's have also lowered the Aaa portfolio credit enhancement (PCE) assumption to 16% from 20% and increased Moody's recovery rate assumption to 15% from 12.5% at closing. Moody's have considered sensitivity scenarios with higher default probability, higher PCE, higher prepayment rate and lower recovery rates to evaluate the resiliency of the note ratings. The transaction is a securitisation of Australian unsecured consumer Buy Now Pay Later (BNPL), and unsecured loan receivables originated by Brighte Capital Pty Limited. The majority of receivables are originated to homeowners to fund solar panel and home batteries installations. The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 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 credit enhancement available for the notes, and (3) a deterioration in the credit quality of the transaction counterparties. CLEARVIEW WEALTH: Fitch Gives BB+ Rating on Tier 2 Sub. Securities ------------------------------------------------------------------ Fitch Ratings has assigned Australia-based ClearView Wealth Limited's (Issuer Default Rating (IDR): BBB/Stable) regulatory compliant Tier 2 subordinated securities a 'BB+' rating. The notes have a maturity of 10 years and are callable after five years, subject to prior written approval from the Australian Prudential Regulation Authority (APRA). The notes carry a floating rate of the three-month bank bill swap rate plus 3.5%. The notes will be issued as part of ClearView's ongoing funding and capital management strategy, including funding the Tier 2 capital of its regulated entity, ClearView Life Assurance Limited (Insurer Financial Strength Rating: BBB+/Stable). Key Rating Drivers The subordinated notes represent ClearView's direct, unsecured and subordinated obligations, and are rated two notches below ClearView's IDR, comprising two notches for 'Poor' baseline recoveries and zero for 'Minimal' non-performance risk. The notching for 'Poor' recoveries reflects its assumptions for subordinated debt issued at a holding company under its criteria: should the company be wound up, the issuer's payment obligations under the securities rank behind all senior creditors, but ahead of ordinary shares and Additional Tier 1 (AT1) securities. Currently, ClearView does not have any AT1 securities on issue. The notes would be converted to equity or written off in part or in full should APRA deem that ClearView would become non-viable without conversion or a public-sector capital injection. Fitch believes that APRA is unlikely to activate the non-viability trigger unless the event is sustained and would lead to ClearView's non-viability. Fitch associates the above feature with having 'Minimal' non-performance risk and have therefore not applied additional notching under its criteria. The notes receive 100% equity credit in Fitch's Prism Global model due to the application of the agency's regulatory override, subject to 100% regulatory capital recognition. However, the notes are treated as 100% debt in Fitch's financial-leverage ratio calculation because they are a dated instrument. Fitch expects the financial-leverage ratio (financial year ending June 2023 (FYE23): 23%) to increase on a pro forma basis after the securities issue, but remain commensurate with its rating category over the medium term. ClearView's ratings reflect a 'Moderate' company profile compared with that of other Australian insurers, 'Very Strong' capitalisation and leverage, and 'Good' financial performance and earnings. ClearView is a non-operating holding company, with ClearView Life Assurance - a regulated life insurer - as its main operating subsidiary. ClearView recorded a net profit of AUD15.9 million in 1HFY25, up from a loss of AUD5.3 million in 1HFY24 on losses from discontinued operations. Coverage of the regulatory prescribed capital amount was high, at 4.0x at the group level. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The rating on the securities will move in tandem with ClearView's IDR, which could be influenced by the following factors: - deterioration in the company profile, including a weaker business franchise and distribution capabilities; - weaker financial performance, with ROE below 3% for a sustained period; - regulatory prescribed capital amount coverage falling to below 1.5x on a sustained basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The rating on the securities will move in tandem with ClearView's IDR, which could be influenced by the following factors: - stronger company profile, including the successful redesign and repricing of the IDII portfolio; - stronger financial performance, with ROE sustained above 6%; - Fitch Prism score maintained above 'Very Strong'. ESG CONSIDERATIONS The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Date of Relevant Committee 11 April 2024 Entity/Debt Rating ----------- ------ ClearView Wealth Limited Subordinated LT BB+ New Rating MECCA LIFESTYLE: First Creditors' Meeting Set for April 2 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Mecca Lifestyle Pty Ltd will be held on April 2, 2025 at 10:30 a.m. at Level 19, 144 Edward Street in Brisbane. Travis Pullen of B&T Advisory was appointed as administrator of the company on March 24, 2025. PANORAMA AUTO 2025-1: Fitch Assigns 'BBsf' Rating on Class E Notes ------------------------------------------------------------------ Fitch Ratings has assigned final ratings to Panorama Auto Trust 2025-1's pass-through floating-rate notes. The notes are backed by a pool of first-ranking Australian automotive lease and loan receivables originated by Angle Auto Finance Pty Ltd (AAF). The notes were issued by Perpetual Corporate Trust Limited as trustee for Panorama Auto Trust 2025-1. AAF was formed in June 2021 through a joint venture between Cerberus Capital Management, L.P. (80%) and Deutsche Bank AG, Sydney Branch (20%). In March 2022, AAF completed the acquisition of Westpac Banking Corporation's (WBC, AA-/Stable/F1+) motor-vehicle dealer finance and novated leasing business. The acquisition included front book origination relationships with dealer groups and novated leasing introducers, as well as the majority of the business's employees in the areas of sales and distribution, credit, underwriting and risk. Origination processes, underwriting policies and procedures, and collections processes are consistent with those that were in place at WBC. Entity/Debt Rating Prior ----------- ------ ----- Panorama Auto Trust 2025-1 A AU3FN0095642 LT AAAsf New Rating AAA(EXP)sf B AU3FN0095659 LT AAsf New Rating AA(EXP)sf C AU3FN0095667 LT Asf New Rating A(EXP)sf Commission Note AU3FN0095634 LT AAAsf New Rating AAA(EXP)sf D AU3FN0095675 LT BBBsf New Rating BBB(EXP)sf E AU3FN0095683 LT BBsf New Rating BB(EXP)sf G LT NRsf New Rating NR(EXP)sf Transaction Summary The total collateral pool at the 28 February 2025 cut-off date was AUD1 billion, up from AUD750 million at the time of the expected rating. The pool consisted of 23,383 receivables with weighted-average (WA) seasoning of 4.9 months, WA remaining maturity of 53.8 months and an average contract balance of AUD42,766. KEY RATING DRIVERS Stress Commensurate with Ratings: Its base-case gross-loss expectations and 'AAAsf' default multiples are as follows: Novated leases: 1.0% (7.5x) Consumer loans: 3.5% (5.25x) Commercial loans: 4.0% (5.25x) The recovery base case for electric vehicles (EVs) is 24.0%, with a 'AAAsf' recovery haircut of 60.0% and for non-EVs 35.0%, with a 'AAAsf' recovery haircut of 50.0%. The WA base-case default assumption is 2.5% and the 'AAAsf' default multiple is 5.65x. Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 1.3% in 2024 and unemployment was 4.1% in February 2025. Fitch forecasts GDP growth of 1.9% in 2025, with unemployment at 4.2%. Excess Spread Limited by Commission Note Repayment: The transaction includes a commission note to fund the purchase-price component of the unamortised commission paid to introducers for the origination of receivables. The note will not be collateralised and will amortise in line with an amortisation schedule. Its repayment reduces the availability of excess spread to cover losses, as it ranks senior in the interest waterfall, above the class B to E notes. Structural Risks Addressed: Counterparty risk is mitigated by documented structural mechanisms that ensure remedial action takes place should the ratings of the swap providers or transaction account bank fall below a certain level. The class A to E notes will receive principal repayments pro rata upon satisfaction of the stepdown criteria. The percentage of credit enhancement provided by the G notes will increase as the A to E notes amortise. Fitch's cash flow analysis incorporates the transaction's structural features and tests each note's robustness by stressing default and recovery rates, prepayments, interest-rate movements and default timing. All notes have passed their relevant rating stresses. Low Operational and Servicing Risk: All receivables were originated by AAF, which demonstrated adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by back-up servicing arrangements. The nominated back-up servicer is Perpetual Corporate Trust. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with those of other auto lenders. No Residual Value Risk: There is no residual value exposure in this transaction. However, 52.6% of the portfolio by receivable value has balloon amounts payable at maturity. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. Downside Sensitivities Note: Commission / A / B / C / D / E Ratings: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf Rating Sensitivity to Increased Default Rates Increase defaults by 10%: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BBsf Increase defaults by 25%: AAAsf / AA+sf / A+sf / BBB+sf / BBB-sf / BB-sf Increase defaults by 50%: AAAsf / AA-sf / A-sf / BBBsf / BBsf / Bsf Rating Sensitivity to Reduced Recovery Rates Recoveries decrease by 10%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf Recoveries decrease by 25%: AAAsf / AAAsf / AA-sf / A-sf / BBBsf / BBsf Recoveries decrease by 50%: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BB-sf Rating Sensitivity to Increased Defaults and Reduced Recovery Rates Defaults increase 10%/recoveries decrease 10%: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BBsf Defaults increase 25%/recoveries decrease 25%: AAAsf / AA+sf / Asf / BBB+sf / BB+sf / B+sf Defaults increase 50%/recoveries decrease 50%: AAAsf / A+sf / BBB+sf / BBB-sf / BB-sf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivities The commission and class A notes are at the highest level on Fitch's scale and cannot be upgraded. Note: B / C / D / E Ratings: AAsf / Asf / BBBsf / BBsf Reduce defaults by 10% and increase recoveries by 10%: AA+sf / A+sf / BBB+sf / BB+sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information and concluded that there were no findings that affected the rating analysis. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. ESG Considerations Panorama Auto Trust 2025-1, for which EVs form 14.5% of the pool at closing, has an ESG Relevance Score (RS) of '4' (impact on credit) for Energy Management, above the baseline RS of '2' (no impact) for this issue in the Australian auto sector, due to the limited credit performance data for EVs. Available market data show notable differences in recoveries between EVs and non-EVs. Fitch's analytical approach for the transaction was not adjusted, due purely to the "green" nature of the underlying collateral, but Fitch referenced available market data for EVs in determining recovery assumptions. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. RESIMAC BASTILLE 2025-1NC: Moody's Assigns (P)B2 Rating to F Notes ------------------------------------------------------------------ Moody's Ratings has assigned the following provisional ratings to the notes to be issued by Perpetual Trustee Company Limited as trustee of the RESIMAC Bastille Trust in respect of the RESIMAC Series 2025-1NC. Issuer: Perpetual Trustee Company Limited as trustee of the RESIMAC Bastille Trust in respect of the RESIMAC Series 2025-1NC AUD875.0 million Class A Notes, Assigned (P)Aaa (sf) AUD25.0 million Class AB Notes, Assigned (P)Aaa (sf) AUD50.0 million Class B Notes, Assigned (P)Aa2 (sf) AUD12.0 million Class C Notes, Assigned (P)A2 (sf) AUD13.0 million Class D Notes, Assigned (P)Baa2 (sf) AUD10.50 million Class E Notes, Assigned (P)Ba2 (sf) AUD7.0 million Class F Notes, Assigned (P)B2 (sf) The AUD7.50 million Class G Notes are not rated by us. The transaction is a securitisation of first-ranking mortgage loans secured over residential properties located in Australia. The loans were originated and are serviced by Resimac Limited (RESIMAC, unrated). RESIMAC is an Australian non-bank lender, specialising in non-conforming and prime residential mortgage lending. In 2020, RESIMAC expanded its lending into asset finance, providing auto and equipment loans to commercial and consumer obligors. As of December 31, 2024, RESIMAC's Australian mortgage portfolio was around AUD14.2 billion. RATINGS RATIONALE The provisional ratings take into account, among other factors, an evaluation of the underlying receivables and their expected performance, evaluation of the capital structure and credit enhancement provided to the notes, availability of excess spread over the life of the transaction, the liquidity facility in the amount of 1.5% of the rated notes balance, the legal structure, the experience of RESIMAC as servicer and the presence of Perpetual Trustee Company Limited as the backup servicer. Moody's MILAN Stressed Loss — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 8.0%. Moody's expected loss for this transaction is 1.1%. According to Moody's analysis, the Class A Notes benefit from 12.5% subordination, compared with the 8.0% MILAN Stressed Loss. The transaction challenges include a relatively high proportion of loans to self-employed borrowers at 70.8% and further 10.4% of loans to company borrowers. Transactional features are as follows: -- Initially, principal payments will be made sequentially, starting with the Class A Notes. All classes of notes, excluding Class G and Class Z Notes, will start receiving their pro-rata share of principal, provided that step-down test is met. The step down conditions include, among others, no unreimbursed charge-offs and the subordination to the Class AB Notes at least doubling since closing. -- Under the retention mechanism, prior to the call date, a certain proportion of excess spread remaining after reimbursement of losses and carry-over charge-offs will be used to repay principal on the junior notes, starting with the Class F Notes, thereby limiting their exposure to losses. Issuance of an equivalent amount of subordinated Class Z Notes at the same time will preserve the level of credit enhancement available to the more senior ranking notes. -- The servicer is required to maintain the weighted average interest rates on the mortgage loans at a level sufficient for the trust to meet the required payments when due, plus 0.25%. Other pool features are as follows: -- The pool has a weighted average scheduled LTV of 72.5%. -- The pool has a weighted average seasoning of 11.0 months. -- Alternative documentation loans make up around 92.5% of the pool. -- The pool has a relatively high exposure to Gold Coast, Queensland (5.6%). Methodology Underlying the Rating Action: 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: Levels of credit protection that are greater than necessary to protect investors against current expectations of loss could lead to an upgrade of the ratings. Moody's current expectations of loss could be better than its original expectations because of fewer defaults by underlying obligors or higher recoveries on defaulted loans. The Australian job and the housing markets are primary drivers of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Other reasons that could lead to a downgrade include poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, or lack of transactional governance, and fraud. SAPPHIRE XXXII 2025-1: S&P Assigns B+(sf) Rating on Cl. F Notes --------------------------------------------------------------- S&P Global Ratings assigned its ratings to eight classes of nonconforming and prime residential mortgage-backed securities (RMBS) issued by Permanent Custodians Ltd. as trustee of Sapphire XXXII Series 2025-1 Trust. Sapphire XXXII Series 2025-1 Trust is a securitization of nonconforming and prime residential mortgages originated by Bluestone Group Pty Ltd. and Bluestone Mortgages Pty Ltd. (collectively Bluestone). The ratings we have assigned to the floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Note subordination and excess spread provide credit support. S&P's assessment of credit risk considers Bluestone's underwriting standards and approval process, and Bluestone's strong servicing quality. The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the provision of a liquidity facility, the principal draw function, the yield reserve, retention amount built from excess spread, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the rated notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and it assumes the notes are not called at or beyond the call-option date. S&P said, "Our ratings also consider the counterparty exposure to Commonwealth Bank of Australia as bank account provider and liquidity facility provider. The transaction documents for the facilities include downgrade language consistent with S&P Global Ratings' counterparty criteria. "We have also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Ratings Assigned Sapphire XXXII Series 2025-1 Trust Class A1S, A$312.50 million: AAA (sf) Class A1L, A$487.50 million: AAA (sf) Class A2, A$95.00 million: AAA (sf) Class B, A$41.00 million: AA (sf) Class C, A$26.50 million: A+ (sf) Class D, A$18.00 million: BBB+ (sf) Class E, A$11.50 million: BB (sf) Class F, A$4.00 million: B+ (sf) Class G1, A$2.00 million: Not rated Class G2, A$2.00 million: Not rated SMC LEASEHOLDINGS: First Creditors' Meeting Set for April 3 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of - SMC Leaseholdings Pty Ltd; - Claw BBQ Pty Ltd; - Dos Manos Pty Ltd; - Evita Pty Ltd; and - Carmen Restaurant Pty Ltd will be held on April 3, 2025 at 9:00 a.m., 9:15 a.m., 9:30 a.m., 9:45 a.m., and 10:00 a.m. respectively, at the offices of Robson Cotter Insolvency Group at Unit 1, 78 Logan Road in Woolloongabba. William Roland Robson of Robson Cotter Insolvency Group was appointed as administrators of the company on March 24, 2025. STORMON INDUSTRIES: First Creditors' Meeting Set for April 3 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Stormon Industries Pty Ltd will be held on April 3, 2025 at 10:00 a.m. via Microsoft Teams virtual technology. Declan Lane and Simon Cathro of Cathro & Partners were appointed as administrators of the company on March 25, 2025. SYDNEY BEER: Owes Nearly AUD10 Million to Creditors --------------------------------------------------- News.com.au reports that former Australian fast bowler Brett Lee's Sydney Beer Co company owes nearly AUD10 million to suppliers, documents show. News.com.au, citing minutes of the first creditor meeting filed with the Australian Securities and Investments Commission, discloses that the beer company owed AUD9.76 million to 64 creditors. The amounts include AUD1.3 million to the tax office and AUD33,000 to former teammate Glenn McGrath's charitable organisation the Jane McGrath foundation, which helps cancer nurses deliver services across Australia, news.com.au relates. Sydney Beer Co, co owned by the fast bowler with actor Matt Nable, was sent into administration in early March, just months after announcing a AUD6 million capital raise for its US expansion plans. An entity operated by Sydney Beer Co chair David Catterrall is the biggest creditor, owed a little more than AUD6.2 million via a related party loan. RSM Australia partners Richard Stone and Brett Lord were appointed as administrators, with the first meeting with creditors on March 19. According to news.com.au, Mr. Lord said Sydney Beer Co directors had indicated they would put forward a deed of company arrangement proposal. "In liquidation process there is unlikely to be sufficient assets realisations available to pay to any class of creditor in full," news.com.au quotes Mr. Lord as saying. "The administrators will continue with further investigations on affairs of the company." Mr. Lee was one of Australia's premier fast bowlers, taking 310 wickets in 76 Test matches. TRINITY COMMERCIAL: Second Creditors' Meeting Set for April 2 ------------------------------------------------------------- A second meeting of creditors in the proceedings of Trinity Commercial Holdings Pty Ltd has been set for April 2, 2025 at 11:00 a.m. at the BDO offices at Level 18, Tower 4, 727 Collins Street in Docklands and via a conference telephone call. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by April 1, 2025 at 4:00 p.m. Mathew Dieter Windsor Blum and Luke Francis Andrews of BDO were appointed as administrators of the company on Feb. 25, 2025. TURQUOISE I 2025-1: S&P Assigns Prelim. 'B' Rating on F Notes ------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to seven classes of prime residential mortgage-backed securities (RMBS) to be issued by Permanent Custodians Ltd. as trustee of Turquoise I Series 2025-1 Trust. Turquoise I Series 2025-1 Trust is a securitization of prime residential mortgages originated by Bluestone Group Pty Ltd. and Bluestone Mortgages Pty Ltd. (collectively Bluestone). The preliminary ratings we have assigned to the floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Note subordination and excess spread provide credit support. Our assessment of credit risk considers Bluestone's underwriting standards and approval process, and Bluestone's strong servicing quality. The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the provision of a liquidity facility, the principal draw function, the yield reserve, and the provision of an extraordinary expense reserve. Our analysis is on the basis that the rated notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and S&P assumes the notes are not called at or beyond the call-option date. S&P said, "Our ratings also consider the counterparty exposure to Commonwealth Bank of Australia as bank account provider and National Australia Bank Ltd. as liquidity facility provider. The transaction documents for the facilities include downgrade language consistent with S&P Global Ratings' counterparty criteria. "We have also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Preliminary Ratings Assigned Turquoise I Series 2025-1 Trust Class A1, A$800.00 million: AAA (sf) Class A2, A$132.00 million: AAA (sf) Class B, A$27.00 million: AA (sf) Class C, A$20.00 million: A (sf) Class D, A$10.00 million: BBB (sf) Class E, A$6.00 million: BB (sf) Class F, A$1.50 million: B (sf) Class G1, A$1.75 million: Not rated Class G2, A$1.75 million: Not rated VAULT HOUSE: First Creditors' Meeting Set for April 2 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Vault House Group Pty Ltd will be held on April 2, 2025 at 3:00 p.m. virtually via Microsoft Teams teleconference. Bradley John Tonks of PKF was appointed as administrator of the company on March 21, 2025. ========= C H I N A ========= GREENTOWN CHINA: Zhang Yadong Steps Down as Chairman ---------------------------------------------------- Yicai Global reports that Greentown China Holdings announced a leadership change, with its long-serving chairman stepping down amid declining sales. According to Yicai, Liu Chengyun, deputy general manager of parent firm China Communications Construction, will take over as chairman, the Hangzhou-based real estate company announced on March 27. The engineering and construction giant became Greentown's largest shareholder in 2015 and has since appointed senior executives to the property developer. Liu, 56, has spent most of his career at China Communications but has no prior experience in real estate. Before becoming deputy GM in June 2023, he was chairman of Zhenhua Heavy Industries, a listed subsidiary specializing in crane manufacturing. Yicai says Zhang Yadong, the previous chairman whose tenure lasted for nearly six years, resigned on March 21, citing work-related changes. He was promoted to chairman in July 2019, after serving as chief executive since August 2018. Under Zhang's leadership, Greentown expanded significantly, surpassing CNY300 billion (USD41.3 billion) in annual sales for the first time in 2021, nearly doubling the CNY156.4 billion recorded when he took office, Yicai relays. Despite China's real estate downturn in recent years, Greentown maintained sales above CNY300 billion from 2021 to 2023. However, last year, sales fell to CNY276.8 billion. About Greentown China Greentown China Holdings Limited is a China-based property developer, with a primary focus in Hangzhou City and Zhejiang Province. As reported in the Troubled Company Reporter-Asia Pacific in mid-February 2025, Moody's Ratings has assigned a B1 senior unsecured rating to the proposed senior notes to be issued by Greentown China Holdings Limited (Greentown, B1 negative). Greentown will use the net proceeds from the proposed issuance to refinance existing debt. The company has also announced an offer to repurchase its USD senior notes due in April and July 2025 at par value. "The proposed issuance will enhance Greentown's liquidity profile without materially affecting its financial profile, because the proceeds are primarily used for debt refinancing," says Daniel Zhou, a Moody's Ratings Assistant Vice President and Analyst. MERCURITY FINTECH: Partners With BitGo for Digital Asset Security ----------------------------------------------------------------- Mercurity Fintech Holding Inc. announced a strategic engagement with BitGo, a recognized leader in institutional digital asset custody. This collaboration reinforces MFH's commitment to institutional-grade security, regulatory compliance, and investor protection as it expands its digital asset offerings. The strategic engagement with BitGo marks a major step forward in strengthening MFH's digital asset security and compliance framework, providing access to BitGo's trusted multi-signature wallets and institutional-grade custody solutions—the same high-caliber security infrastructure utilized by industry leaders such as Coinbase, 21Shares, and Core Foundation. This collaboration marks a significant milestone in MFH's strategy to bridge traditional finance with blockchain technology while strengthening compliance standards. By integrating BitGo's custody services, MFH enhances its ability to securely manage and protect real-world assets (RWA)—a move that underscores its proactive approach to risk management. The engagement with BitGo is expected to deliver several strategic benefits to MFH, including enhancing digital asset security, strengthening regulatory compliance, boosting credibility with investors, demonstrating a proactive approach to risk management and investor confidence. "Partnering with BitGo represents a pivotal step in our long-term strategy to provide our investors and clients with best-in-class security and regulatory assurance," said Shi Qiu, CEO of Mercurity Fintech Holding Inc. " As we continue to innovate at the intersection of traditional finance and blockchain, this collaboration reinforces confidence that assets under our management are safeguarded by one of the most trusted custodians in the industry. Through this collaboration, we're building trust while laying the groundwork for our next growth phase." About Mercurity Formerly known as JMU Limited, Mercurity Fintech Holding Inc. is a digital fintech company with subsidiaries specializing in distributed computing and digital consultation across North America and the Asia-Pacific region and is in the process of applying for FINRA approval to add brokerage services to its business. The Company's focus is on delivering innovative financial solutions while adhering to principles of compliance, professionalism, and operational efficiency. The Company's aim is to contribute to the evolution of digital finance by providing secure and innovative financial services to individuals and businesses. Singapore-based Onestop Assurance PAC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 22, 2024, citing that the Company has incurred recurring operating losses and negative cash flows from operating activities and has an accumulated deficit, which raise substantial doubt about its ability to continue as a going concern. Mercurity reported a net loss of $9.36 million for the year ended Dec. 31, 2023, compared to a net loss of $5.63 million for the year ended Dec. 31, 2022. As of Dec. 31, 2023, the Company had $30.39 million in total assets, $12.56 million in total liabilities, and $17.83 million in total shareholders' equity. SHANGHAI JUNSHI: Annual Loss Narrows to CNY1.2BB in 2024 -------------------------------------------------------- Yicai Global reports that Shanghai Junshi Biosciences surged on March 27 said its net losses contracted 44 percent last year from the year before thanks to robust sales of its new cancer drug. Junshi's net losses narrowed to CNY1.2 billion (USD165.2 million) last year, thanks to strong sales of its cancer drug toripalimab, which trades under the name Tuoyi, and a series of cost-cutting measures, the Shanghai-based firm said in its latest annual financial report released on March 27, Yicai relays. Revenue jumped 29.6 percent to CNY1.9 billion (USD269 million). Sales of Tuoyi alone in China soared 66 percent last year from the year before to CNY1.5 billion (USD206.5 million), accounting for 77 percent of the firm's annual revenue, the report said. In the first half last year, the drug generated CNY671 million (USD92.3 million) in sales in China, contributing 85 percent of the company's earnings for the period. Yicai notes that Tuoyi was the first PD-1 monoclonal antibody cancer treatment to be given the greenlight in China, and it has been approved for 11 indications, with several being exclusive or industry-leading therapies by Junshi. It has also had great success abroad, Yicai notes. Tuoyi became the first drug for the treatment of advanced nasopharyngeal cancer to be approved to go to market in the US and the EU when it was given the nod by the US Food and Drug Administration in October 2023 and by the European Commission in September 2024. It was also the first drug independently developed and produced by a Chinese company to be given the greenlight by the FDA. In addition to the US and the European Union, the drug has also been approved for marketing in countries such as India, the United Kingdom, Jordan, Australia and Singapore. However, the annual report did not provide sales data in overseas markets. Yicai adds that Junshi has ample financial reserves and is planning to select strategic overseas partners to expand the commercialization potential of its medicines abroad. The company is also looking for overseas innovative drugs with significant market potential to license. About Shanghai Junshi Shanghai Junshi Biosciences Co., Ltd., a biopharmaceutical company, engages in the discovery, development, and commercialization of various drugs in the therapeutic areas of malignant tumors, neurological, autoimmune, chronic metabolic, nervous system, and infectious diseases in the People's Republic of China. Shanghai Junshi Biosciences Co. reported three consecutive annual net losses of CNY718.56 million, CNY2.38 billion, and CNY2.28 billion for years ended Dec. 31, 2021, 2022 and 2023, respectively. VNET GROUP: Moody's Upgrades CFR to B2 & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings has upgraded VNET Group, Inc.'s (VNET) corporate family rating to B2 from B3. Moody's have also changed the outlook to stable from positive. "The rating upgrade reflects VNET's continued expansion of its wholesale IDC business as it benefits from the strong demand for data center capacity in China. Moody's expects solid revenue and earnings growth to continue in the next 12-18 months, leveraging operating synergies from the strategic shareholder Shandong Hi-Speed Holdings," says Shawn Xiong, a Moody's Vice President and Senior Analyst. "The stable outlook reflects Moody's expectations that the company will continue to execute on its significant capital spending plan and ramp up its wholesale IDC business whilst maintaining a steady profit margin, good access to funding and sufficient liquidity buffer," adds Xiong. RATINGS RATIONALE VNET's B2 CFR reflects the company's solid position in China's internet data center (IDC) market, its strategically located data centers with significantly expanded wholesale IDC capacity, operating track record featuring steady revenue growth, diversified customer base and established partnerships with leading cloud service providers and internet giants. It also considers the potential for increased funding access, with Shandong Hi-Speed Holdings Group Limited being a strategic shareholder. Shandong Hi-Speed Holdings Group Limited is a subsidiary of Shandong Hi-speed Group Co., Ltd (A3 stable). These strengths are counterbalanced by VNET's quickly growing but relatively limited operating scale, moderate financial metrics and significant investment needs for capacity expansion over the next two years. Moody's expects VNET will benefit from strong demand for data center capacity in China, driven by accelerated adoption of AI tools in China. The company's strategy to continue to expand and ramp up its wholesale IDC portfolio have contributed to an overall 11% gross revenue growth and an improved Moody's adjusted EBITDA margin of 37% in 2024. Moody's projects VNET's gross revenue will grow by 15%-20% in the next 12-18 months, driven primarily by growth in new wholesale IDC capacity and increasing utilization rate of its existing capacity. Wholesale IDC utilization rate improved to 73% as of year-end 2024 from 66% as of year-end 2023, while the retail IDC utilization rate remained steady at 64% over the same period. Moody's also forecasts VNET's Moody's-adjusted EBITDA margin will increase to 40%-45% in the next 12-18 months from 37% for 2024, with increased sales contribution from its wholesale IDC business, whose profitability is higher. In 2024, the revenue from wholesale IDC business grew significantly in 2024 and accounted for 24% of its total revenue compared to 14% in 2023. To capture the growth potential, the company expects to significantly increase its capital spending to the range of RMB10 billion-RMB12 billion for 2025, from RMB3 billion-RMB5 billion spending in the last three years. Moody's expects a large portion of this capital spending will be funded by incremental debt. However, a strong pre-commitment rate of around 83% for these planned new capacities will increase certainties around ramp-up in utilization, revenue and cash flow generations in the next 12-18 months. As a result, Moody's forecasts VNET's debt leverage, as measured by adjusted debt-to-EBITDA, will increase to around 6.5x for 2025 before improving to below 6.0x for 2026. The forecasted improvement in leverage will be driven by earnings growth coming from the continued ramp-up in its wholesale IDC business. VNET's liquidity remains adequate. Moody's projects its cash balance of RMB1.5 billion as of year-end 2024 together with projected annual operating cash flow and project financing will be sufficient to cover its planned capital spending and debts maturing in the next 12-18 months. The proceeds of around RMB1.2 billion from the setup of pre-REITs fund with a China insurance Company will also supplement the company's liquidity position, if successful. VNET's Credit Impact Score (CIS) of CIS-4 is primarily driven by the company's financial policy to meet its investment needs, resulting in periodic high financial leverage due to debt-funded investment lagging the ramp-up of new wholesale IDC business, as well as its large financing needs. The governance consideration also factor in VNET's concentrated ownership and the voting power held by Shandong Hi-Speed Holdings Group Limited, which acts in concert with the company's founder and co-chairman, Mr. Josh Chen. The presence of four independent directors on VNET's six-member board partially tempers this risk. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING VNET's rating could be upgraded if it (1) continues to execute on its strategy of growing its wholesale IDC business while maintaining stable cash flows from its retail IDC business, (2) continues to increase its scale, improve profitability and reduce its debt leverage to around 5.5x, (3) maintains an adequate liquidity position and debt service coverage ratio, and (4) demonstrates prudent and consistent financial planning, all on a sustained basis. VNET's rating could be downgraded if (1) the company fails to maintain growth and profitability or increases its debt significantly, such that it is unable to maintain its debt leverage below 6.5x on a sustained basis, or (2) its liquidity position weakens due to weaker operating cash flow or aggressive capital spending. The principal methodology used in this rating was Communications Infrastructure published in February 2022. Headquartered in Beijing, VNET Group, Inc. (VNET) began operations in 1999 and listed on the NASDAQ in 2011. The company is China's largest carrier- and cloud-neutral internet data center (IDC) services provider, operating in more than 30 cities. It also provides interconnectivity services and complementary value-added services, such as cloud services, virtual private network services and hybrid IT services. ========= I N D I A ========= 91 GAMEFI: Voluntary Liquidation Process Case Summary ----------------------------------------------------- Debtor: 91 Gamefi Private Limited No 57, Malleswaraswamy Nilaya Srinidhi, Layout, Jakkasandra, Nelamangala, Bangalore Rural, Nelamangala, Karnataka, India 562123 Liquidation Commencement Date: March 13, 2025 Court: National Company Law Tribunal Pune Bench Liquidator: Mr. Sujit Balakrishnan Manazhy 1-2, Aishwarya Sankul 17 G.A. Kulkarni Path Opposite Joshi's Railway Museum Kothrud, Pune - 411038 Email: rp.sujit@kanjcs.com Tel No: 020-25466265/ 25461561 Last date for submission of claims: April 12, 2025 ABF ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of ABF Engineering international Private Limited (AEIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.07 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.80 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 6, 2024, placed the rating(s) of AEIPL under the 'issuer non-cooperating' category as AEIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AEIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails 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 ABF Engineering International Private Limited (AEIPL) was established in 2007 as a company to render manufacturing services to industries and sectors such as construction, ship building, petrochemical, Oil and Gas, Fertilizers, Chemical plants, Power Sector, Pharma and Engineering Project Construction consultants. ABF is certified by American Society of Mechanical Engineers (ASME) for U and PP stamp to manufacture pressure vessels, piping fabrication and accessories. ABF Engineering is registered with IBR Act, 1950 to manufacture pressure parts and package boiler and certified by Engineers India Limited (EIL) for procurement of pressure vessels, and Nuclear Power Corporation of India Limited (NPCIL) as a vendor for condensers, storage tanks, process piping, structural fabrication, fabricated steel parts, Sheet metal parts etc. ADITYA INFRA: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Aditya Infra and Agri Business Private Limited (AIABPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 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 February 22, 2024, placed the rating(s) of AIABPL under the 'issuer non-cooperating' category as AIABPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AIABPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 7, 2025, January 17, 2025, January 27, 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 AIABPL was incorporated in 2011 by Mr U. Sadananda Nayak and Mr U. Aditya Nayak and has been engaged in civil construction of roads, water drainages etc. The company operates as sub-contractor for a fixed set of contractors' viz. M/s Yojaka India Private Limited, M/s Liya Infratech Private Limited and M/s Iqbal Ahmed Infra Projects Private Limited. AIABPL mainly operates in the state of Karnataka; however, it has undertaken few contracts in Kerala and Assam as well. Moreover, the promoters are also engaged in agricultural commodity export activities through a group concern viz. Entrack Overseas Private Limited for over 4 years now. ADITYAMAN ENTERPRISES: Insolvency Resolution Process Case Summary ----------------------------------------------------------------- Debtor: Adityaman Enterprises Private Limited Registered Address: C/O Minakshi Kamble, H No.4 A/P-Mhaisal TalMiraj Sangli, Maharashtra India 416409 Insolvency Commencement Date: March 6, 2025 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: September 2, 2025 Insolvency professional: Vivek Murlidhar Dabhade Interim Resolution Professional: Vivek Murlidhar Dabhade Flat No. 27, Rosewood-A, Riddhi Siddhi Paradise, Dhayari Pune - 411 041, Maharashtra Email: ipvivekdabhade@gmail.com Last date for submission of claims: March 20, 2025 AICON AFFORDABLE: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Aicon Affordable Real Estate Private Limited B-7 Om Parshwanath Apartments Desai 8t Sheth Nagar, Sai Baba Nagar, Borivali West, Mumbai City, Mumbai, Maharashtra, India 440092 Liquidation Commencement Date: March 12, 2025 Court: National Company Law Tribunal New Delhi Bench Liquidator: Ms. Nayana Premji Savala lll0l-A, Vishal Sushil CHS, Nariman Road, Vile Parle East, Mumbai 400057 Maharashtra, India Email: nalinisaval a@gmail. com Tel No: 9A82605500 Last date for submission of claims: April 10, 2025 AMEYAS BUILDCONS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Ameyas Buildcons Private Limited Vijigeesha, 17, Prashant Nagar, Navi, Peth, Pune - 411030, Maharashtra, India Insolvency Commencement Date: March 12, 2025 Estimated date of closure of insolvency resolution process: September 8, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Pushpak Surendrakumar Bakliwal Jain Plot No. 377 Nakshatra, 4th Floor, Gandhinagar Ambazari Road Nagpur - 440010, Maharashtra Email: nirpltd@gmail.com Email: cirp.ameyasbuildcons@gmailcom 402, Building No. 4 Ground Floor, Solitaire Corporate Park Chakala, Andheri East - 400093 Mumbai, Maharashtra Last date for submission of claims: March 26, 2025 ATS INFRABUILD: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: ATS Infrabuild Private Limited Registered Address: 711/92, Deepali Nehru Place, South Delhi, New Delhi, Delhi, India 110019 Insolvency Commencement Date: March 4, 2025 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: August 31, 2025 Insolvency professional: Nirmal Kumar Bhesoni Interim Resolution Professional: Nirmal Kumar Bhesoni A-211, Ground Floor, Gali No. 1, Hardev Nagar, Jharoda Majra, Burari, Delhi-110084, North, National Capital Territory of Delhi 110084 Email: ipnirmalkkumar@gmail.com -- and -- 4F-CS-14, Ansal Plaza Mall, Vaishali, Opposite Dabur, Ghaziabad, Uttar Pradesh 201010 Email: cirp.atsinfrabuild@gmail.com Last date for submission of claims: March 18, 2025 BABA BHUBANESWAR: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Baba Bhubaneswar Cold Storage Private Limited (BBCSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.66 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 20, 2024, placed the rating(s) of BBCSPL under the 'issuer non-cooperating' category as BBCSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BBCSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 5, 2025, January 15, 2025, January 25, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Baba Bhubaneswar Cold Storage Private Limited (BBCSPL), incorporated in the year 2014, is a Kolkata (West Bengal) based company, promoted by Mr. Radha Raman Mondal, Mr. Swapan Kumar Ghosh, Mr. Basudeb Majhi and Mr. Manas Kumar Dhara. BBCSPL is engaged in the business of providing cold storage services to potato growing farmers and potato traders, having an installed storage capacity of 19,500 MT in Burdwan district of West Bengal, which is divided into two chambers. Mr. Radha Raman Mondal having more than two decades of experience in the cold storage industry looks after the overall management of the company along with the other directors Mr. Swapan Kumar Ghosh, Mr. Basudeb Majhi and Mr. Manas Kumar Dhara and supported by the team of experienced professionals. BABA JHARESHWAR: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Baba Jhareshwar Multipurpose Himghar Private Limited (BJMHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.86 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 26, 2024, placed the rating(s) of BJMHPL under the 'issuer non-cooperating' category as BJMHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BJMHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 11, 2025, January 21, 2025, January 31, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Baba Jhareswar Multipurpose Himghar Pvt. Ltd. (BJMHPL) was incorporated in December 25, 2010 by Mr. Prabir Kumar Karan, Mrs. Rupali Karan, Mr. Sukumar Karan, Mr. Bidyut Kumar Mal & Mr. Monojit Kumar Mal of Medinipur, West Bengal to set up a cold storage facility. The company commenced commercial operation from December, 2011. BJMHPL is engaged in the business of providing cold storage facility for potatoes to local potato farmers and traders on a rental basis, having a storage capacity of 3,50,000 Kgs of potatoes in Medinipore district of West Bengal. Besides providing cold storage facility, the company also works as a mediator between the farmers and marketers of potato by taking advances from marketers on behalf of the farmers in order to facilitate the sale of potato stored, and it also provides interest bearing advances to farmers for farming of potato against the potato stored. This apart it provides additional services to farmers such as insurance of potatoes stored & drying of potatoes. BIRCH CHEMICALS: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Birch Chemicals (India) Private Limited 102, Floor-1, Plot-3, 59 the Krishna Chambers Vitthaldas Thackarsey Marg Marine Lines Mumbai Maharashtra 40020 Liquidation Commencement Date: March 10, 2025 Court: National Company Law Tribunal Allahabad Bench Liquidator: Survesh Kashyap Kashyap & Associates 101 Nipun Plaza, Sector-1, Near Max Hospital Viashali Ghaziabad-201019 Email: birchvoluntaryliquidation@gmail.com Mobile: 9818908851 Last date for submission of claims: April 9, 2025 BOMBAY JEWELLERY: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bombay Jewellery (BJ) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 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 February 2, 2024, placed the rating(s) of BJ under the 'issuer non-cooperating' category as BJ had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BJ 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 Bombay Jewellery (BJ), a Vijayawada (Andhra Pradesh) based firm, was initially set up in 1936 as a partnership firm by Mr. Sokalchand (Late) along with his family members. The firm is engaged in retailing business of jewellery made up of gold, diamond and platinum with single store at Vijayawada, Andhra Pradesh. The firm gets more than 80% of the total revenue from gold jewellery business. The gold, diamond and platinum ornaments are majorly procured domestically and sold across Telangana and Andhra Pradesh. The firm has already established a branch in Guntur with the existing partners in December 2017. However, the firm is adding 2 more new partners in FY19 who were categorized as a part of unsecured loans earlier and the capital contributed by them will be taken from unsecured loans. DHRUV WELLNESS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Dhruv Wellness Limited 207, Royal Appt, Kasam Baug Opposite Bachani Nagar Jai Bhavani Lane Malad (East), Mumbai Maharashtra - 400097 Insolvency Commencement Date: February 18, 2025 Estimated date of closure of insolvency resolution process: August 17, 2025 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Ashok Mittal S-138, 2nd Floor, B- Wing, Express Zone Commercial Hub, Western Express Highway Goregaon East, Mumbai - 400063 Email: ashokmittal2020@gmail.com Email: cirp.dwl@gmail.com Last date for submission of claims: March 25, 2025 ESSEL HIGHWAYS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Essel Highways Limited 513/A, 5th Floor, Kohinoor City Kirol Road, Kurla (West) Mumbai City, Mumbai Maharashtra, India 400070 Insolvency Commencement Date: February 28, 2025 Estimated date of closure of insolvency resolution process: August 27, 2025 Court: National Company Law Tribunal, Mumbai Bench-VI Insolvency Professional: Mr. Kolapall Srinivasa Roa Flat No B 1203, Pittle Kourtyard Raghavendra Nagar Old Mundhwa Road Adj Chandan Nagar Police Station Charidan Nagar Pune, Maharashtra - 411014 Email: raoksrinivassa@gmail.com Email: cirp.esselhlway@gmail.com Last date for submission of claims: March 24, 2025 FORD SMART: Voluntary Liquidation Process Case Summary ------------------------------------------------------ Debtor: Ford Smart Mobility India Private Limited Plot Nos. 13, 15 & 16, Survey No. 602/3 Elcot IT/ITES SEZ Sholinganallur, Kancheepuram Chennai, Tamil Nadu - 600119 Liquidation Commencement Date: March 11, 2025 Court: National Company Law Tribunal New Delhi Bench Liquidator: Arun Gupta S-34, LGF, Greater Kailash-II New Delhi - 110048 Email: arungupta2211@gmail.com Email: fordsm.vol.liq@factumlegal.com Tel No: 011-41066313 Last date for submission of claims: April 10, 2025 GOVERNMENT TELE-COM: ICRA Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term rating of The Government Tele-communication Employees' Co-Operative Society Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 669.44 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with The Government Tele-communication Employees' Cooperative Society Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. The Government Telecommunication Employees' Co-operative Society Ltd is a multi-state employee credit cooperative society of BSNL and DoT employees. As on March 31, 2016, it had a member base of 15,261 spread over the states of Tamil Nadu, Andhra Pradesh, Kerala, Karnataka and the Union territory of Pondicherry; however, Tamil Nadu constituted 91% of the total member base. The society collects thrift and other mandatory deposits and also accepts fixed deposits from its members and raises bank term loans to extend loans to its members. The collection of monthly thrift, other mandatory deposits and loan instalments from the members are made directly in the form of salary deductions by BSNL and DoT, and remitted to the society. As on March 31, 2016, the society's total loan portfolio and net-worth stood at INR484 crore (provisional) and INR81 crore (provisional) respectively. GREEN INDIA: Liquidation Process Case Summary --------------------------------------------- Debtor: Green India Building Systems & Services Private Limited New Bridge Business Centre, Boomerang, Ground Floor, B Wing, B1-04/05, Chandivali Road, Mumbai City, Andheri East, Maharashtra, India 400072 Liquidation Commencement Date: March 4, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Birendra Kumar Agrawal 1606, Corporate Annexe, Sonawala Road Near Udyog Bhavan Goregaon East, Mumbai 400063 Email: bk@bhamaconsulting.com Email: liq.greenindia@gmail.com Last date for submission of claims: April 7, 2025 JAGSUKHKARAK HOUSING: Voluntary Liquidation Process Case Summary ---------------------------------------------------------------- Debtor: Jagsukhkarak Housing Developers Limited 201, Maruti Crystal Opposite Rajpath Club, Bodakdev S G Highway, Ahmedabad Gujarat, India 380054 Liquidation Commencement Date: February 28, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Sanjaykumar Jitendralal Shah 5th Floor, 501/502, Abhijt - 1 Opposite Bhuj Mercantile Bank Mithakhali Six Road Navrangpura, Ahmedabad 380009 Email: vollliquidator.jagsukhkarak@gmail.com Last date for submission of claims: March 30, 2025 JAIPRAKASH ASSOCIATES: Vedanta Group Submits EOI to Acquire JAL --------------------------------------------------------------- The Economic Times reports that Vedanta Group has shown interest in acquiring Jaiprakash Associates Ltd (JAL) through an insolvency process, according to sources. Jaypee Group's flagship firm JAL, which is into cement, power, hotels, construction and real estate businesses, has been admitted into the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, through an order dated June 3, 2024, passed by the National Company Law Tribunal, Allahabad Bench. ET relates that sources said that Vedanta Group has submitted an Expression of Interest (EOI) to acquire the bankrupt JAL. Adani Group has also submitted an EOI. Vedanta Ltd is one of the world's leading natural resources conglomerates, with primary interests in aluminium, zinc-lead-silver, oil and gas, iron ore, steel, copper, power, ferro alloys, nickel, semiconductor and glass. Earlier this month, the National Company Law Tribunal (NCLT) directed that the resolution plans to acquire JAL through the insolvency process should be invited for the entire company as a going concern and not by dividing its different business verticals, ET recalls. The JAL's total outstanding loans from banks and financial institutions stood at INR55,493.43 crore as of Feb. 20, 2025, ET discloses. ET adds that the company also recently informed that a consortium of lenders has transferred their outstanding loans to National Asset Reconstruction Company Ltd (NARCL). The total amount of the debt transferred to the NARCL was not disclosed. About JAL Jaiprakash Associates Ltd (JAL) is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses. JAL was one of the leading cement manufacturers with an installed capacity of ~28 million tonnes per annum (mtpa) and under implementation capacity of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is also engaged in the construction business in the field of civil engineering, design and construction of hydro-power, river valley projects. JAL is also undertaking power generation, power transmission, real estate, road BOT, healthcare and fertilizer businesses through its various subsidiaries/SPVs. JAL featured in Reserve Bank of India's second list of at least 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC, claiming a default of more than INR16,000 crore. On June 3, 2024, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. Bhuvan Madan is the resolution professional (RP) for the JAL. SBI has also moved NCLT against JAL, claiming a total default of INR6,893.15 crore as of Sept. 15, 2022. KANSAL WOOLLEN: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Kansal Woollen and Hosiery Mills Private Limited 203, Amrit Chamber, 2nd Floor, 78-79, Scindia, House Janpath, New Delhi New Delhi, Delhi, India 110001 Liquidation Commencement Date: March 5, 2025 Court: National Company Law Tribunal, Chandigarh Bench Liquidator: Bhupesh Gupta #2181, Sector 38-C, Chandigarh (U.T.) - 160036 Email: vol.liq.kansal@gmail.com Phone: 98156-05702/97800-16905 Last date for submission of claims: April 4, 2025 LIS STUDYLINK: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: LIS Study link India Private Limited First Floor, Thapar House (Central Wing) 124 Janpath, Connaught Place Central Delhi, New Delhi - 110001 Liquidation Commencement Date: March 11, 2025 Court: National Company Law Tribunal Allahabad Bench Liquidator: Deepak Gupta Unit No. 212, Tower-C, Bhutani Cyber Park Plot No. C-28-29, Sector-62 Noida 201301 Email: deepak@drassociates.org Contact No: 98114 23461 Last date for submission of claims: April 10, 2025 M J ENGINEERING: CARE Keeps C Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of M J Engineering Works Private Limited (MJEWPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.35 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 2.70 CARE C; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 18, 2024, placed the rating(s) of MJEWPL under the 'issuer non-cooperating' category as MJEWPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MJEWPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 1, 2025, February 11, 2025 and February 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 MJEWPL was incorporated in 1991 and is currently being managed by Mr Pradeep Kumar Jain. The company is engaged in designing and manufacturing of transmission line towers, microwave towers, sub-station structures, and cable trays up to 400 Kilovolts along with hot-dip galvanizing at its manufacturing facility located at Alwar, Rajasthan. MAHALIA CRYSTALS: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Mahalia Crystals Private Limited B1 Floor, 9, B Wing, Prithvi Apartments Kemps Corner, Altamount Road Cumballa Hill, Mumbai 400 026 Liquidation Commencement Date: March 7, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Purnima Shetty DX-6, Om Woods, Plot No. 144 Near Dmart Sector-21, Nerul East Navi Mumbai 400706 Email: pcspurnima@gmail.com Tel: No. +91-9920100695 Last date for submission of claims: April 6, 2025 MAIHAR ALLOYS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Maihar Alloys Private Limited (MAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 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 February 20, 2024, placed the rating(s) of MAPL under the 'issuer non-cooperating' category as MAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 5, 2025, January 15, 2025, January 25, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of MAPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Incorporated in May 2004, Maihar Alloys Pvt. Ltd. (MAPL) was promoted by the two brothers, Mr. Dhananjay Kumar and Mr. Pawanjay Kumar based out of Jharkhand. Since April 2005, the company was engaged in manufacturing of mild steel (MS) ingots. However, from November 2018, the company has discontinued the ingots manufacturing and has started manufacturing of mild steel billets. The manufacturing facility of the company is located at Rauta in Ramgarh, Jharkhand with an aggregate installed capacity of 80,000 metric tons per annum. The manufacturing facility of the company has ISO: 9001:2008 certified which helps in the wide acceptance of its products in the market. The company has not availed any moratorium from its lender that could be availed as per RBI circular. Moreover, it has availed Covid relief loan of INR1.78 crore from its lender. NAGWA INDIA: Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: Nagwa India Private Limited No. 4272, Second Floor, Sapthadri Vivekanand Park Road Near Seetha Circle Girinagar, Bangalore Karnataka, India 560098 Liquidation Commencement Date: March 12, 2025 Court: National Company Law Tribunal Bangalore Bench Liquidator: Vinod Sunder Raman B-703, Arvind Skylands Apartments Shivanahalli, Jakkur Main Road Yelahanka, Bengaluru 560064 Email: vinod@vrconsulting.biz Tel No: +91-9845884410 Last date for submission of claims: April 11, 2025 NISA INDUSTRIAL: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Nisa Industrial Services Private Limited FL 1, Mangal Bhandar, Ground Floor Plot 539, 13th Road, TPS 3, Khar West, Mumbai City, Mumbai, Maharashtra, India 400052 Insolvency Commencement Date: March 11, 2025 Estimated date of closure of insolvency resolution process: September 7, 2025 (180 Days) Court: National Company Law Tribunal, Mumbai Bench-VI Insolvency Professional: Gajesh Labhchand Jain 501, Clifton Society, Shastri Nagar, Raviraj Oberoi Marg, Andheri West, Mumbai - 400053 Email: gajeshjain@gmail.com C-602, Remi Biz Court, Off Veera Desai Road, Azad Nagar, Andheri west, Mumbai - 400053 Email: cirp.nisaindustrial@gmail.com Last date for submission of claims: March 25, 2025 NP PROPERTIES: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: NP Properties Private Limited 21/2, Vittal Nagar, Chamrajpet Bangalore - 560018 Liquidation Commencement Date: March 19, 2025 Court: National Company Law Tribunal New Delhi Bench Liquidator: CA Ravindranath Narayana Rao 522/C 2nd Floor, 1st D Cross, 15th Main, 3 Stage, 4 Block WCR, Basaveshwaranagar Bangalore 560 079 Email: nppropertiespvtltd@gmail.com Tel No: 9845258480 Last date for submission of claims: April 17, 2025 OFFSHORE INFRASTRUCTURES: Insolvency Process Case Summary --------------------------------------------------------- Debtor: Offshore Infrastructures Limited 22, Udyog Kshetra Mulund Link Road, Mulund (West) Mumbai -400053 Maharashtra Insolvency Commencement Date: March 11, 2025 Estimated date of closure of insolvency resolution process: September 7, 2025 Court: National Company Law Tribunal, Mumbai Bench-VI Insolvency Professional: Mr. Milind Khankhoje 1401 T4 VTP Beaumonte, NATIONR2 Manjari Khurd Near Godrej Boulevard Pune, Maharashtra - 412307 Email: milindkhankoje.ip@gmail.com Last date for submission of claims: March 27, 2025 OROVIA SOFTWARE: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Orovia Software Private Limited No. 43, Electronic City Phase 1, Hosur Road Electronics City Bangalore Bangalore South Karnataka, India 560100 Liquidation Commencement Date: March 10, 2025 Court: National Company Law Tribunal Bangalore Bench Liquidator: M/s. V7 Advisors LLP Flat No. 406 & 407, 4th Floor, MGR Estates Dwarakapuri Colony Punjagutta, Hyderabad - 500082 India Email: v7advisors@gmail.com Phone: +91 9014290839 Last date for submission of claims: April 9, 2025 PLUMBERS CHOICE : Liquidation Process Case Summary -------------------------------------------------- Debtor: Plumbers Choice Plastics Private Limited VII4 10 (1) Temple Road, Park Avenue Aluva, Kerala - 683101 Liquidation Commencement Date: February 21, 2025 Court: National Company Law Tribunal Kochi Bench Liquidator: Mr. K. Easwara Pillai 6th Floor, Amrita Trade Towers S A Road Pallimukku Kochi, Kerala - 682016 Email: kaeswaran@gmail.com Email: plumberschoice.ibc@gmail.com Email: kaeswaran@aaainsolvency.com Last date for submission of claims: March 23, 2025 PRACHAR COMMUNICATIONS: CARE Lowers Rating on INR30cr Loan to B- ---------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Prachar Communications Private Limited (PCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; 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 March 19, 2024, placed the rating(s) of PCPL under the 'issuer non-cooperating' category as PCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 2, 2025, February 12, 2025 and February 22, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of PCPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Incorporated in the year 1993, Prachar Communications Private Limited is involved in the business of advertising (television, radio, press media and outdoor media on a national level). The company has around 35 clientele that includes 42 product categories and 75 brands. The company also has an in-house post-production studio. Apart from editing, the company carries out sound recording and dubbing for programs aired on various television and radio media channels. The company is also involved in generation of electricity through wind-mills at Panchpatta (Nashik, Maharashtra), Jaisalmer (Rajasthan) and Nipaniya Shamgarh (Mandsaur, Madhya Pradesh). PRASHANT LOGISTICS: Ind-Ra Assigns BB+ Bank Loan Rating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Prashant Logistics' (PL) bank facilities as follows: -- INR963.60 mil. Term loan due on July 31, 2028 assigned with IND BB+/Stable rating; and -- INR36.40 mil. Proposed term loan assigned with IND BB+/Stable rating. Detailed Rationale of the Rating Action The ratings reflect PL's short repayment structure of loans when compared with the returns along with the poor liquidity. The scale of operations is medium. Ind-Ra expects the revenue to improve year-on-year in FY25. However, the credit metrics are likely to deteriorate in FY25. The ratings are supported by the healthy EBITDA margins and comfortable credit metrics in FY24, along with experienced promoters. Detailed Description of Key Rating Drivers Short Repayment Structure of Loans: PL's vehicle loans have a short repayment period of a maximum of four years. Therefore, there is high pressure of repayments in the short run, which negatively affects the liquidity and debt servicing ability of the issuer. The planned repayment obligations FY25 and FY26 are INR224.90 million and INR412.10 million, respectively. Furthermore, an option of assets refinancing is also likely to be lower considering higher loan as the gross asset to loan ratio was 73.88% in FY24 (FY23: 79.64%). Poor Liquidity: Please refer to the liquidity para below. Improved and Medium Scale of Operations: The ratings reflect PL's medium scale of operations as indicated by a revenue of INR566.14 million in FY24 (FY23: INR408.49 million) and an EBITDA of INR268.65 million in (INR175.32 million). In FY24, the revenue improved mainly on account of additional 74 cranes acquired in FY24 (FY23: 37 cranes). Till 10MFY25, PL booked a revenue of INR658.24 million. In FY25, Ind-Ra expects the revenue to improve considering the year-to-date revenue. Healthy EBITDA Margins: The ratings also factor in the PL's healthy EBITDA margin of 47.45% in FY24 (FY23: 42.92%) with a return on capital employed of 15.80% (15.60%). In FY24, the EBITDA margin improved on account of an improved fixed cost absorption during the year. In FY25, Ind-Ra expects the EBITDA margin to remain at similar level considering the year-to-date performance. Comfortable Credit Metrics: PL's interest coverage (operating EBITDA/gross interest expenses) was 5.05x in FY24 (FY23: 5.37x) and net leverage (adjusted net debt/operating EBITDAR) was 2.90x (7.63x). In FY24, the interest coverage declined slightly due to higher gross interest expenses, led by an increased term loan outstanding and the net leverage improved on account of an improvement in the EBITDA. In FY25, Ind-Ra expects the credit metrics to decline considering the additional loans to be availed for capex. PL has a planned capex of around INR600 million to be completed by March 2025, which will be funded through a term loan of INR540 million and the rest INR60 million through internal accruals. Until March 1, 2025, PL had already incurred INR593.37 million for capex, which was funded by a term loan of INR534.06 million and the rest INR59.34 million through internal accruals. Experienced Promoters: However, the ratings are supported by the promoters' nearly one decade of experience in tower crane rental industry. This has facilitated the company to establish strong relationships with customers as well as suppliers. Liquidity Poor: PL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The cash flow from operations improved to INR160.84 million in FY24 (FY23: INR149.88 million), on account of the improved EBITDA. Furthermore, the free cash flow turned negative at INR256.37 million in FY24 (FY23: negative INR140.97 million) due to capex of INR417.21 million (INR290.85 million). The debt service coverage ratio (DSCR) improved to 1.5x (FY23: 1.2x) mainly on account of an increase in the EBITDA. However, it is likely to decline in FY25 and FY26 considering the repayment obligations for the respective financial years. The comfortable net working capital cycle stood at negative 40 days in FY24 (FY23: negative 50 days), mainly on account of the decreased creditor days of 103 (108) and increased debtor days of 64 (59). PL does not have any fund-based working capital facility. The cash and cash equivalents stood at INR56.78 million at FYE24 (FYE23: INR10.62 million). Rating Sensitivities Negative: Deterioration in liquidity with the DSCR reducing below 1x and/ or deterioration in the scale of operation and the overall credit metrics, could lead to a negative rating action. Positive: An improvement in the liquidity, along with the DSCR staying above 1.20x while maintaining the scale of operation and the overall credit metrics, all on a sustained basis, could lead to a positive rating action. About the Company Registered in 2004, PL in providing the tower cranes on a rental basis for construction activities. Based in Vadodara, PL is promoted by Prashant Mashru and family. PROSEED FOUNDATION: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-term rating of Proseed Foundation in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING." Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 9.86 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 0.14 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Proseed Foundation, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2009, Proseed Foundation is a charitable trust which has been promoted by the Career Point Group which has presence in informal education (tutorial services) and formal education (K-12 and higher education) segments. Till AY2014-15, Proseed Foundation runs and operates Career Point Technical Campus in Mohali (Punjab) which offers courses in engineering (B.Tech course in 6 disciplines) and management (MBA in 3 disciplines). However, since AY2015-16 there is change in scope of operations for the trust with closing of this technical institute and start of residential school campus. The concept was borrowed from the group company Career Point Limited, which already runs similar kind of residential cum school campus in Kota since FY2000. The course is divided into two parts Foundation Years (Grade 6th to 10th) and Target Years (Grade 11th, 12th and 12th pass).The trust is headed by Mr. Om Prakash Maheshwari, who is also the executive director and CFO of Career Point Limited (Flagship Company of the Career Point group). R.K. ELECTRICAL: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of R.K. Electrical Industries India Private Limited (RIIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 5.50 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 13, 2024, placed the rating(s) of RIIPL under the 'issuer non-cooperating' category as RIIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RIIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 27, 2025, February 6, 2025 and February 16, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable R. K. Electrical Industries India Private Limited (RKIPL) was incorporated in April 1980 as a private limited company by Mr. Sanjeev Sethi and Mrs. Manju Sethi. The company is engaged in the manufacturing of wide varieties of electrical cables and wires such as power cables (high tension & low tension), control cables, instrumentation cables, networking cables, aerial bunched cables, SLP cables, etc. The manufacturing facility of the company is located at Sonipat, Haryana. RAJ AGRO: ICRA Keeps B Debt Ratings in Not Cooperating Category --------------------------------------------------------------- ICRA has kept the Long-term rating of Raj Agro in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 2.11 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 3.75 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with RA, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Raj Agro (RA) is engaged in the business of milling and sorting of Non-Basmati Rice. The company started established in th year 2009. The installed capacity of the unit is 8 tons/hour which is located at Sarriya District Gorakhpur (U.P.). The Company mainly exports to Nepal. The day-to-dayoperations of the firm is managed by Mr. Ranjan Gupta. RAMCHANDER STRAW: CARE Keeps C Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shri Ramchander Straw Products Limited (SRSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE C; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.60 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 March 19, 2024, placed the rating(s) of SRSPL under the 'issuer non-cooperating' category as SRSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 2, 2025, February 12, 2025 and February 22, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Shri Ramchander Straw Products Ltd (SRSPL) was incorporated in 1994 as a public limited company. It is promoted by Mr. Ram Agarwal and Mr. Ravi Kumar Singhal along with their family members. SRPL's manufacturing facility is located at Moradabad (U.P.) for processing of kraft paper. The product is used for making corrugated boxes, cartons, paper bags etc. and thus the main consumption of kraft paper is in packaging. RANK PROJECTS: Ind-Ra Assigns BB Bank Loan Rating ------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Rank Projects and Development Private Limited's (RPDPL) bank loans as follows: -- INR255 mil. Fund-based working capital limit assigned with IND BB/Stable/IND A4+ rating; -- INR860 mil. Non-fund-based working capital limit assigned with IND A4+ rating; and -- INR185 mil. Proposed fund-based working capital limit assigned with IND BB/Stable/IND A4+ rating. Detailed Rationale of the Rating Action The ratings reflect a recovery in the scale of operations during 9MFY25, after deterioration in the last two years due to a change in scope of the projects. Furthermore, Ind-Ra expects the revenue to improve in the near term, while the EBITDA margin and credit metrics are likely to sustain at similar levels. The ratings are supported by the promoters' experience of nearly four decades in the civil construction industry. Detailed Description of Key Rating Drivers Average Credit Metrics: RPDPL's gross interest coverage (operating EBITDA/gross interest expense) deteriorated to 2.74x in FY24 (FY23: 6.24x) and net leverage to 2.25x (FY23: negative 0.31x, FY22: negative 0.13x), due to a decrease in the absolute EBITDA to INR115.46 million (INR182.71 million) coupled with new term loans and a higher utilization of cash credit and overdraft facility. The company does not have any major term loans as it hires machinery based on project needs instead of purchasing. The finance cost increased due to a rise in the bank charges to INR18.42 million in FY24 (FY23: INR17.68 million, FY22: INR1.40 million) incurred on account of it availing temporary overdraft facility across the 12 months ended January 2025 Tender-based Operations; Intense Competition: Given the intense competition, the revenue and profitability of entities in this business entirely depend on the ability to win tenders. Thus, they have to bid aggressively to obtain contracts, which restricts the operating margin at moderate levels. Expected Delay in Completion of Ongoing Projects and High Orderbook Concentration: The order book reflects delays in order execution beyond their estimated completion timelines; these delayed orders accounted for 58% of the total order book as on 31 December 2024. These delays in completion could impact EBITDA margins, as they may expose the company to fluctuations in raw material prices and other direct expenses like subcontracting and machinery hire charges. The order book stood at INR11,716.95 million as on 31 December 2024, reflecting a significant concentration in Maharashtra and Kerala, accounting for a combined 55% of the total outstanding value from just three projects. Maharashtra, with only one ongoing project, holds an order book value of INR3,108.05 million, contributing 27% to the total order book. Similarly, Kerala, with two projects, contributes INR4671.27 million or 28% of the total book. While these projects represent strong revenue potential, the heavy reliance on a few high value contracts introduces concentration risk, emphasizing the need for diversification and efficient project execution to ensure financial stability and sustained growth. Medium Scale of Operations; Revenue Growth in the Medium Term: Ind-Ra expects the revenue to improve in the near-to-medium term due to a strong order book and a likely higher execution. RPDPL had an order book of INR11,716.95 million as of December 31, 2024, to be executed by FY29 providing revenue visibility of 15.10x. In FY24, the total revenue stood at INR932.67 million (FY23: INR1,423.28 million), with INR775.78 million attributable to construction services and the balance from residential projects sales. These residentials projects were undertaken from FY22 to FY24 on a trial basis. However, starting FY25, the focus is entirely on construction services. The revenue from construction services decreased in FY23 and FY24 primarily due to a shift in the project scope to include design responsibilities, a process that typically requires at least 1.5 years to finalize. This extended design phase has delayed revenue recognition and contributed to the observed dip in the revenue and EBITDA in FY23 and FY24. In 9MFY25, RPDPL booked a revenue of INR775.06 million on account of a higher order execution. Margins Sustained in FY24 and Likely to Continue in FY25: RPDPL's EBITDA margin sustained at 12.38% in FY24 (FY23: 12.84%) due to a decline in the wages to 13.77% (24.20%) and sub-contracting charges for piling work at 22.08% (33.43%) on account of lower execution. The return on capital employed was 10.8% in FY24 (FY23: 22.9%). During 9MFY25, the EBITDA margins improved marginally to 13.50%. Ind-Ra expects the EBITDA margin to remain at similar levels due to the similar nature of operations. Experienced Promoters: The ratings are supported by the promoters' experience of nearly four decades in the civil construction industry, which has helped the company establish strong relationships with customers as well as suppliers. Liquidity Poor: RPDPL's average month end utilization of the fund-based limits was 92.23% and that of the non-fund-based limits was 99.88% during the 12 months ended January 2025, with multiple instances of overutilization of fund-based working capital limits up to five days. The company's net working capital cycle elongated to 314 days in FY24 (FY23: 136 days), due to a rise in the receivable days to 80 (71) and an increase in the inventory days to 314 (116 days). The inventory period increased due to a rise in the construction work-in progress pertaining to work that is completed but not billed due to milestone-based billing process. The receivables in the bucket of two-to-three years has increased to INR42.72 million in FY24 (FY23: INR7.53 million). The cash and cash equivalents stood at INR3.865 million at FYE24 (FYE23: INR79.5 million). The cash flow from operations turned negative at INR161.59 million in FY24 (FY23: INR185.06 million), mainly due to unfavorable changes in the working capital requirements. The free cash flow turned negative at INR193.96 million in FY24 (FY23: INR172.96 million). RPDPL has scheduled debt repayments of INR8.2 million in FY25 and INR8.9 million in FY26. RPDPL does not have any capital market exposure and relies on banks and financial institutions to raise funds to meet its funding requirements. Rating Sensitivities Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics and/or further pressure on the liquidity position, all on a sustained basis, could lead to a negative rating action. Positive: An improvement in the liquidity and working capital cycle and a timely execution of orders, along with maintaining overall credit metrics with the interest coverage remaining above 2.5x, all on a sustained basis, could lead to a positive rating action. About the Company Incorporated in 2013 as a partnership firm and converted to private limited in 2018, RPDPL undertakes civil construction tenders. The company's registered office is in Chennai, Tamil Nadu. D Shanmugavel, S Vinoth Kumar, S Vishnupriya, S Parvathi and Lokesh are the promoters. REPHRASE TECHNOLOGIES: Voluntary Liquidation Process Case Summary ----------------------------------------------------------------- Debtor: Rephrase Technologies Private Limited Trifecta Adatto, 21, ITPL, Main Road Gurudachar Palya Mahadevapura Whitefile Ld, Bangalore Banglore Karnataka India 560048 Liquidation Commencement Date: March 10, 2025 Court: National Company Law Tribunal Bangalore Bench Liquidator: Mr. Suman Kumar Verma Plot No. Wz D-9, Kh No.83/14, Gali No.5, Mahavir Enclave Palam Colony New Delhi - 110045 Email: ipskverma@gmail.com Email: vlrephrase@gmail.com Mobile No: 9716633301 Last date for submission of claims: April 9, 2025 SAMMAAN CAPITAL: Moody's Alters Outlook on 'B2' CFR to Positive --------------------------------------------------------------- Moody's Ratings has affirmed Sammaan Capital Limited's B2 long-term corporate family rating. At the same time, Moody's maintained Sammaan Capital's (P)B2 foreign and local currency senior secured medium-term note (MTN) program ratings. Moody's also revised the outlook on Sammaan Capital's ratings to positive from stable. RATINGS RATIONALE The affirmation of Sammaan Capital's ratings incorporates the lender's strong capitalization and strong loan loss buffers, which will help to cushion against high asset risks. This is balanced against the company's weak growth and modest earnings. At the same time, the affirmation also reflects Sammaan Capital's weaker-than-peers access to funding. The revision in the outlook of Sammaan Capital's ratings to positive from stable reflects Moody's expectations that the company will continue to reduce its legacy assets and improve its overall asset quality. Gross nonperforming assets (GNPA) has declined due to write offs and divesting of problem assets to asset reconstruction companies over the period between March 2024 and December 2024. As of December 2024, reported GNPA as a percentage of assets under management improved to 1.1% from 2.7% as of March 2024. However, the pool of stressed assets, which includes GNPA, stage 2 and security receipts increased during the period. In addition, legacy assets continue to account for a sizable proportion of its on-balance sheet loans at about 40%. Rundown of the legacy assets alongside an improvement in overall asset quality will be credit positive, if successful. Sammaan Capital reported a loss in the nine months ended December 2024 because of the sizable provisions made in the September 2024 quarter. Moody's expects while the lender will revert to profitability in the subsequent quarters. Sammaan Capital's funding access, though improving, continue to be modest. The lender's funding costs remain higher than peers and borrowings are concentrated as the amount from top 10 lenders accounted for 73% of the lender's total borrowings as of March 2024. At the same time, while the company's liquidity coverage ratio improved to 218% as of December 2024 from 81% a year earlier, it remains lower than some of its rated peers. The ability of Sammaan Capital to pivot to an asset-light model, which can help to improve profitability and reduce future funding volatility remains a key monitorable for the ratings. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS WHAT COULD MOVE THE RATING UP Moody's could upgrade Sammaan Capital's ratings if (a) the company continues to run down its legacy assets alongside an improvement in overall asset quality; (b) earnings quality improves while maintaining the return on assets at 1.5%; (c) the transition to an asset-light model shows signs of success, such as an increase in AUM on a sustained basis, which supports the company's profitability. The upgrade will be subjected to the company maintaining at capitalization above 25%. WHAT COULD MOVE THE RATING DOWN Moody's would downgrade Sammaan Capital's ratings if the company's (a) makes a loss on a sustained basis or (b) asset quality deteriorates as reflected by an increase in nonperforming loans and materially weaker loan loss buffers. The principal methodology used in these ratings was Finance Companies published in July 2024. Sammaan Capital Limited, headquartered in New Delhi, reported total assets of INR705.9 billion as of September 30, 2024. SHIVANSH DIAMOND: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shivansh Diamond Private Limited (SDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 47.00 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 March 15, 2024, placed the rating(s) of SDPL under the 'issuer non-cooperating' category as SDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 29, 2025, February 8, 2025, February 18, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable SDPL was established as a proprietorship firm named as M/s Shivansh by Mr. Ashutosh Sharma in 1998. This was later converted into a private limited company in January, 2010 promoted by Mr. Ashutosh Sharma and Mrs. Gunjan Garg. SDPL is engaged in whole-selling and retailing of diamond and studded gold jewellery. The company in October, 2012 started its retail operations from its Karol Bagh showroom. SDPL gets most of its jewellery manufactured on job work basis from Mumbai based jewellery makers. SHREERAM AND SONS: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-term and Short-Term ratings of Shreeram and Sons (SAS) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term 1.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Short-term 15.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- (3.00) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with SAS, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2012, Shreeram and Sons (SAS) is an apparel manufacturing firm, which caters to both the export and the domestic markets. It manufactures and exports apparels to the US, Korea and European countries. It specialises in manufacturing of shirts and bottom wear for all age groups and for both men and women. It procures fabric from customer approved suppliers based in India. It then partners with the client to design the product or manufactures the same based on the specifications provided by the customer. The company has its manufacturing facility in Peenya, Bangalore, with a capacity to produce 12 lakh pieces per annum. As Bangalore is a garment manufacturing hub for woven clothes, the firm gets access to skilled labour. The firm has certification of Worldwide Responsible Accredited Production (WRAP) and Supplier Ethical Data Exchange (SEDEX), which are the world's largest independent certification programs mainly focused on the apparel, footwear, and sewn products sectors. This helps the firm in showcasing its focus on quality, safety and security to potential customers. SHREYANS OILS: ICRA Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-term and Short-Term ratings of Shreyans Oils Limited (SOL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING /[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]B+(Stable);ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under the 'Issuer Not Cooperating' category Long Term- 2.50 [ICRA]B+(Stable)/[ICRA]A4; Unallocated ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SOL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Shreyans Oils Limited (SOL) was incorporated in 1992 by Mr. Jayant Singh Dullo and others. The company manufactures crude rice bran oil (RBO) and de-oiled rice bran cake (DORBC) at its Ludhiana (Punjab)- based manufacturing facility. The plant has a total installed capacity of 200 metric tonnes per day (MTPD). It is only into solvent extraction and sells the crude oil to the oil refiners to the nearby regions. The company procures rice bran from the rice millers in the near byregions of Punjab and Haryana. SHYAMA SHYAM: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shyama Shyam Vsk Water Managementprivate Limited (SSVWML) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.46 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 March 5, 2024, placed the rating(s) of SSVWML under the 'issuer non-cooperating' category as SSVWML had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSVWML continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 19, 2025, January 29, 2025 and February 8, 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 Delhi-based SSVWML was incorporated in 2012 as a joint venture between RK Automobiles Pvt Ltd, VSK Technologies Pvt Ltd and Professional Automotives Pvt Ltd. SSVWML is established with the aim of providing logistics services to Delhi Jal Borad (DJB). The company is being managed by Mr. Radhey Shyam Khathuria, Mr. Om Prakash Gupta and Mr. Sunil Suri are the directors of SSVWML who have around 5 years of experience in the field of water management. SSVWML is established with the aim of providing logistics services to Delhi Jal Borad (DJB). The company commenced operations in January 2013 with contract from DJB for providing logistics services for supplying water in unauthorized colonies through tankers for 10 years at a fixed price with an escalation clause towards diesel and labour charges. SIMPLICITY FOODS: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Simplicity Foods and Beverages Private Limited 402, 4th Floor, HTC Aspire No. 19 Ali Asker Road Bangalore, Karnataka India 560052 Liquidation Commencement Date: March 15, 2025 Court: National Company Law Tribunal New Delhi Bench Liquidator: Mr. Thirupal Gorige No. 87, 2nd floor, 21st Cross 7th main, N.S. Palya, BTM 2nd stage, Bangalore - 560076 Karnataka, India Cell: +91-94483-84064 Landline: +91-80-7963-4233 Email: gthirupal@gmail.com Last date for submission of claims: April 14, 2025 SOLAIMALAI ENTERPRISES: Ind-Ra Hikes Bank Loan Rating to BB+ ------------------------------------------------------------ India Ratings and Research has upgraded Solaimalai Enterprises' long-term bank facilities to 'IND BB+' from 'IND BB' with a Stable Outlook, and affirmed the short-term debt rating at 'IND A4+', as follows: -- INR550 mil. Fund-based working capital limits Long-term rating upgraded; short-term rating affirmed with IND BB+/Stable/IND A4+ rating; and -- INR120 mil. Term loan due on March 31, 2027 upgraded with IND BB+/Stable rating. Detailed Rationale of the Rating Action The upgrades reflects Solaimalai's improvement in the scale of operations and credit metrics in FY24. The ratings remain constrained by Solaimalai's modest EBITDA margins and stretched liquidity. Ind-Ra expects the EBITDA margins to remain at FY24 levels in the near to medium term, on account of the similar nature of operations. However, the ratings are supported by the firm's continued medium scale of operations and promoter's three decades of experience in a distributorship business. Detailed Description of Key Rating Drivers Continued Modest EBITDA Margin: Solaimalai had modest EBITDA margins of 1.9% in FY24 (FY23: 1.6%) with a return on capital employed of 11% (8.7%). In FY24, the EBITDA margin improved due to a decline in operating expenses such as sub-dealer expenses and rental expenses. Ind-Ra expects the EBITDA margin in FY25 and the medium term to remain at a similar level due to the similar nature of operations. Improved Scale of Operations: Solaimalai's revenue increased to INR7,127.43 million in FY24 (FY23: INR6,661.17 million) and EBITDA rose to INR131.94 million in (INR105.64 million), on account of increased inflow of orders and the addition of customers. The scale of operations remains medium. Till end-January 2025, Solaimalai had already booked revenue of INR6,410 million. Ind Ra expects the revenue to increase in FY25 and the medium term on account of a high demand for P&G products. Improved Credit Metrics: Solaimalai has modest credit metrics, with the interest coverage (operating EBITDA/gross interest expenses) increasing to 1.80x in FY24 (FY23: 1.34x) and the net leverage (total adjusted net debt/operating EBITDAR) reducing to 5.04x (6.39x). In FY24, the credit metrics improved due to the improvement in EBITDA. Ind-Ra expects the credit metrics to improve in FY25 and the medium term, due to a continued increase in EBITDA along with a decline in debt because of the scheduled repayment of term loans and an absence of any debt-led capex plan. Promoter's Experience: Solaimalai's promoter has nearly three decades of experience in a distributorship business, leading to established relationships with suppliers and customers. Liquidity Stretched: Solaimalai's average maximum utilization of the fund-based limits was 91.58% during the 12 months ended February 2025. The free cash flow reduced to INR12.78 million (FY23: INR49.37 million) due to capex. The cash flow from operations increased to INR150.08 million in FY24 (FY23: INR51.63 million) due to favorable changes in working capital. The net working capital cycle shortened slightly to 41 days in FY24 (FY23: 45 days), mainly on account of a decline in debtor days to 35 (40). Solaimalai has debt repayment obligations of INR79 million and INR56.7 million in FY25 and FY26, respectively. The cash and cash equivalents stood at INR44.43 million at FYE24 (FYE23: INR26.38 million). Solaimalai does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A substantial decline in the scale of operations leading to deterioration in the overall credit metrics with gross interest coverage reducing below 1.7x on a sustained basis or further deterioration in the liquidity position could lead to a negative rating action. Positive: A substantial increase in the scale of operations, along with an improvement in the overall credit metrics with gross interest coverage exceeding 2.5x and the liquidity profile, all on a sustained basis, could lead to a positive rating action. About the Company Solaimalai, incorporated in 1995, is a distributor of P&G products in Tamil Nadu. It has a registered office in Madurai, Tamil Nadu. The partnership firm is promoted by P Pitchai, SP Anand, and SP Aravind who share profits and loss in the ratio of 0.1%, 49.5% and 49.5%, respectively. The firm has 63 branches all over Tamil Nadu, except Chennai and Coimbatore. TD TOLL: ICRA Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------- ICRA has kept the long-term of TD Toll Road Private Limited (TDTRPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 301.40 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with TDTRPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. TD Toll Road Private Limited (TDTRPL) was incorporated in March 2007 as a wholly owned subsidiary of Reliance Infrastructure Limited (R-Infra) to implement the project for strengthening and widening the Trichy to Dindigul stretch of National Highway (NH) 45 in Tamil Nadu from the existing two-lane to a four-lane one. The project was awarded by the National Highways Authority of India (NHAI) on a Build-Operate-and-Transfer (BOT) basis with a concession period of 30 years commencing from January 15, 2008. The project became operational and started tolling from January 2012. THOPPIL CONTRACTORS: CARE Keeps C Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Thoppil Contractors (India) Private Limited (TCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.57 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/Short 15.00 CARE C; Stable/CARE A4; Term Bank 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 16, 2024, placed the rating(s) of TCPL under the 'issuer non-cooperating' category as TCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TCPL 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 Thoppil Contractors (India) Private Limited (TCPL) is a Thiruvananthapuram (Kerala) based construction company formed in September 2010 and promoted by Mr. Nizamudeen Alikannu. TCPL remains as a closely held company with all of its shares held by Mr. Nizamudeen Alikannu, his wife, son and daughter. TCPL bids for projects in road development and civil works being floated by state departments of Government of Kerala. The company is an ISO 9001-2008 certified and is also certified "A Class Contractor" by the Public Works Department (PWD) of Kerala. The company has successfully executed various projects for Kerala State Urban Development Program (KSUDP), Pradhan Manthri Grameena Sadak Yojana (PMGSY), National Highway in Kerala Division (NH), and various rural & municipal bodies. TK TOLL: ICRA Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------- ICRA has kept the long-term of TK Toll Road Private Limited (TKTRPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 370.95 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with TKTRPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. TK Toll Road Private Limited (TKTRPL) was incorporated in March 2007 as a wholly owned subsidiary of R-Infra, to implement the project for strengthening and widening the existing two-lane stretch of NH-67 from Trichy to Karur in Tamil Nadu to a fourlane one. The project was awarded by the National Highways Authority of India (NHAI) on a BOT basis with a concession period of 30 years commencing from January 15, 2008. The project became operational and started tolling on 75% of the total stretch, i.e., ~63 km from February 2014. TRANSMISSION CORPORATION: CARE Moves B+ Rating to Not Cooperating ----------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Transmission Corporation of Andhra Pradesh Limited (APTRANSCO) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 600.00 CARE B+; Stable; ISSUER NOT bank facilities COOPERATING; Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings) has been seeking information from APTRANSCO to monitor ratings vide email communications/letter dated February 28, 2025, March 7, 2025, and March 12, 2025. However, despite repeated requests the company has not provided the requisite information for monitoring ratings. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed Ratings on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at fair rating. Ratings of APTRANSCO bank facilities will now be denoted as CARE B+; Stable; 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). Ratings of bank facilities of Transmission Corporation of Andhra Pradesh Limited (APTRANSCO) are constrained by the significant counterparty credit risk, characterised by weak financial risk profiles of its main beneficiaries – power distribution companies (discoms) of Andhra Pradesh. While collection track record has been improving, the elongated receivable period constrains ratings. Large capex implementation risk and its impact on the company's leverage and coverage metrics also offset ratings. Ratings also note the pending bifurcation of assets between APTRANSCO and Transmission Corporation of Telangana Limited (TSTRANSCO). However, ratings derive strength from its long-term revenue visibility and operation in a cost-plus return on equity (RoE) regulatory model, assuring stable cashflows. Ratings favourably factor the wide transmission network, operated at sustained high-system availability. Ratings also consider improving total debt to gross cash accruals (TD/GCA) in FY23 (FY refers to April 1 to March 31) as a result of reducing debt and improving profitability with Vidyut bonds completely repaid in FY23. Analytical approach: Standalone Outlook: Stable The stable outlook reflects CARE Ratings Limited's (CARE Ratings') expectation that APTRANSCO will continue to have an above normative system availability. CARE Ratings expects the company's financial risk profile to remain leveraged, with modest liquidity due to the high average collection period. Detailed description of key rating drivers: At the time of last rating on February 29, 2024, the following were the rating strengths and weaknesses considered. Key weaknesses * Counterparty risk with relatively weak financial risk profile: APTRANSCO derives majority its revenue from three state-owned discoms: Southern Power Distribution Company of Andhra Pradesh Limited (APSPDCPL), Eastern Power Distribution Company of Andhra Pradesh Limited (APEPDCL), and Andhra Pradesh Central Power Distribution Corporation Limited (APCPDCL). Discoms have weak credit profiles due to inadequate tariff hikes in the last few years with high dependence on state government subsidies and increasing debt levels. Hence, subdued financial positions of discoms render payment risk to APTRANSCO. However, the collection efficiency of APTRANSCO has considerably improved – from 50.41% in FY21 to 89.15% in FY22 and 98.88% in FY23. Sustaining reasonable collection efficiency will be important from the credit perspective. * Significant capex implementation risk: The company is targeting to incur capex of over INR2,500 crore in FY24 and INR3,500 crore in FY25. CARE Ratings projects the capex to be financed with a debt-to-equity mix of 75% and 25%, respectively. Tying-up debt on time and implementing the same will be crucial. CARE Ratings has no further updates regarding the same. * Pending bifurcation of assets between APTRANSCO and TSTRANSCO: Since the bifurcation of Andhra Pradesh, there have been numerous unresolved issues between Telangana and Andhra Pradesh, particularly related to investments, employees, public debt, remittances, loans and advances, and reserve funds, among others. Although assets were provisionally distributed between the two states, several issues are pending, and asset distribution is yet to be approved by the Central Government. Negative adjustments on this are likely to impact APTRANSCO's financial position, and hence, is a key monitorable. * Moderate financial risk profile: While the company's profitability has improved in FY23, debt level has remained elevated, constraining the leverage profile. Due to sizeable projected capex, CARE Ratings expects APTRANSCO's coverage metrics to be at a marginal level. Key strengths * Regulated power transmission business with long-term revenue visibility: APTRANSCO files its annual revenue requirement (ARR) and tariff proposals to Andhra Pradesh Electricity Regulatory Commission (APERC) under the multi-year tariff framework, where APERC determines tariffs to be charged by APTRANSCO. Tariffs are determined basis cost-plus, involving a fixed RoE (15.50%). Revenue is also based on peak demand and not usage, assuring stable revenue. Hence, irrespective of demand, consumers are required to pay fixed tariffs to APTRANSCO. The company has submitted the business plan for the 5th (covering FY25-FY29) and 6th control period (covering FY30-FY34). Tariff order for the 5th control period is pending to be issued. * Sole transmission entity in Andhra Pradesh: APTRANSCO is a wholly owned subsidiary of the Government of Andhra Pradesh and is of strategic importance to the state. It is the sole transmission entity in the state, and hence, plays an important role in the Andhra Pradesh's economy, delivering power to the final consumer. APTRANSCO transmits power generated by power generating companies (gencos) (both owned by government and private) to discoms. * Satisfactory operational performance: System availability for APTRANSCO has been continuously over 99% from FY19 to FY23, ensuring adequate recovery of transmission charges in the period. Liquidity: Stretched Projected GCA less internal accruals committed for the capex is marginal against scheduled debt repayments for FY24 and FY25. The company current ratio is at unity for FY23. APTRANSCO has free cash and cash equivalents of INR59.05 crore as on January 9, 2024. Assumptions/Covenants: Not applicable Incorporated on December 28, 1998, APTRANSCO is a wholly owned subsidiary of the Government of Andhra Pradesh. It was formed by carving out the transmission functions of the erstwhile Andhra Pradesh State Electricity Board (APSEB), which came into existence in 1959 and was responsible for generating, transmitting, and distributing electricity. Under electricity sectorreforms, the Government of Andhra Pradesh promulgated the Andhra Pradesh Electricity Reforms Act, 1998, and erstwhile APSEB was unbundled into one genco (APGENCO), one transco (APTRANSCO), and four discoms (APDISCOMs) as part of the reform process. APTRANSCO came into existence on February 1, 1999. From February 1999 to June 2005, APTRANSCO remained a single buyer in the state, purchasing power from gencos and selling it to discoms. Subsequently, in accordance with the Third Transfer Scheme notified by the Government of Andhra Pradesh, APTRANSCO ceased to do power trading and has retained powers of controlling system operations of power transmission. Hence, APTRANSCO handles power transmission from gencos to discoms in Andhra Pradesh, with monopoly in the business. TREE HOUSE: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Tree House Education & Accessories Limited (THEAL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 102.80 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 March 21, 2018, placed the rating(s) of THEAL under the 'issuer non-cooperating' category as Tree House Education & Accessories Limited had failed to provide information for monitoring of the rating. Tree House Education & Accessories Limited continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 25, 2025, February 15, 2025, February 5, 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 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 Detailed description of key rating drivers: At the time of last rating on March 22, 2024, the following were the rating strengths and weaknesses. Key rating weaknesses * Delay in debt-servicing obligations: The ratings of Tree house Education & Accessories Ltd continue to reflect delays in servicing of debt obligations by the company. Further, the company has not submitted No default statement. Tree House Education & Accessories Ltd incorporated on July 10, 2006, as a private limited company by Mr. Rajesh Bhatia and his wife Ms. Geeta Bhatia, is primarily engaged in pre-school education across various locations in India. As on date there are 524 pre-school centers across the country. THEAL also operates in K12 segment with 24 schools under its management. TUSK BITUMIN: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Tusk Bitumin Trading Private Limited Flat No. 101, Plot No. 10, Sector 2, Gandhidham, Kachchh, Gujarat 370201, India Liquidation Commencement Date: March 7, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Manish Kumar Bhagat B-1204, Shilp Corporate Park Rajpath Rangoli Road Bodakdev, Ahmedabad 380054 Email: mbhagat2003@gmail.com Mobile: +91 98790 61500 Last date for submission of claims: April 6, 2025 TUSK INTERNATIONAL: Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: Tusk International Impex Private Limited Flat No. 101, Plot No. 10, Sector 2, Gandhidham, Kachchh, Gujarat 370201, India Liquidation Commencement Date: March 7, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Manish Kumar Bhagat B-1204, Shilp Corporate Park Rajpath Rangoli Road Bodakdev, Ahmedabad 380054 Email: mbhagat2003@gmail.com Mobile: +91 98790 61500 Last date for submission of claims: April 6, 2025 UMAMAHESWARA PAPER: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Sri Umamaheswara Paper Private Limited Registered Address: 17-1-383/A/43, Vinaynagar Colony Saidabad, Hyderabad 500 009 Plant Address: Sy. No. 770, Bhoodan Pochampally (V&M) Yadadri - Bhuvanagiri District Insolvency Commencement Date: March 3, 2025 Court: National Company Law Tribunal, Amaravati Bench Estimated date of closure of insolvency resolution process: August 30, 2025 Insolvency professional: G Kalpana Interim Resolution Professional: G Kalpana H.No: 16-11-19/4, Sri Laxmi Nilayam, Saleem Nagar Colony, Malakpet, Hyderabad 500036 Email: kalpanagonugunta1@gmail.com -- and -- MSKM Group, Flat No. 1209, 11th Floor, Vasavi MPM Grand, Yellareddyguda Road, Ameerpet, Hyderabad 500073 Email: ipumppl@gmail.com Last date for submission of claims: March 19, 2025 VASP ENGINEERS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: VASP Engineers Private Limited Registered Address: 619, Shaniwar Peth Shivajinagar Pune, Maharashtra India 411030 Insolvency Commencement Date: February 26, 2025 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: August 25, 2025 Insolvency professional: Manasi Sarang Gudhate Interim Resolution Professional: Manasi Sarang Gudhate D-404, Sai Mystique, Behind Ashok Layland, Ambegaon Budruk, Pune, Katraj, Maharashtra 411046 Email: csmanasisg@gmail.com Email: ipmanasi16@gmail.com Last date for submission of claims: March 12, 2025 WONDER CONSTRUCTION: ICRA Keeps B- Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-term and Short Term rating of Wonder Construction in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]B-(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING." Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term (1.00) [ICRA]A4; ISSUER NOT Interchangeable COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Wonder, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2001, Wonder construction (Wonder) is a partnership concern based of Aurangabad, Maharashtra. The firm primarily operates as a civil contractor engaged in the construction buildings and roads. The firm's clientele includes government entities like the primarily Public Works Department (PWD) and Municipal Corporations/Councils of various cities/towns. The firm is a class A+ registered contractor. Wonder Construction was promoted and is managed by the Anwa Family having an experience of over three decades in construction industry. ================= I N D O N E S I A ================= PAKUWON JATI: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed Indonesia-based property developer PT Pakuwon Jati Tbk's (PWON) Long-Term Issuer Default Rating (IDR) at 'BB+'. The Outlook is Stable. Fitch has also affirmed the USD400 million notes due 2028 at 'BB+'. The ratings reflect its expectation that PWON's non-development cash flow - the main source of income - will remain strong and continue improving, with the company maintaining a conservative financial profile. Fitch also views the increased development risk from new greenfield projects to be manageable, given the company's strong operating record and sufficient rating headroom to absorb its planned capex. At the same time, Fitch has withdrawn PWON's senior unsecured class rating because it is no longer relevant to the agency's coverage. Key Rating Drivers Solid Non-Development Cash Flow: Fitch forecasts non-development EBITDA to stay above IDR3 trillion from 2025 onwards (2024 estimate: IDR2.9 trillion), underpinned by higher rental and service-fee income, as well as continued growth in the hotel segment. The recently opened Pakuwon City Mall Phase 3 and Bekasi Mall will support PWON's earnings growth in the short term, while planned expansion of malls and hotels will provide incremental earnings in the longer term. Fitch expects non-development EBITDA to improve, remaining above or around 85% of total EBITDA in the medium term (2024E: 80%, 2023: 75%). Stable Occupancy, Positive Rent Reversions: Fitch expects the company to maintain positive rent reversion and shopping mall occupancy above 90% in 2025. Most of its malls are in integrated developments next to residential properties, offices and hotels, supporting higher footfall than at standalone malls. PWON's malls and offices also benefit from diverse mix of high-quality tenants, such as large local corporates and multinationals. The recently opened malls and newly refurbished acquired malls at Yogyakarta and Solo have achieved strong occupancy rates of above 90%. Robust Portfolio, Concentrated Assets: PWON's rating is driven by its well-located investment properties in Indonesia's most affluent cities - Jakarta and Surabaya - which generate solid non-development EBITDA. Fitch believes the quality of top four assets mitigates concentration risk, as around 80% of non-development revenue is derived from four mixed-use projects. Fitch expects this proportion to decline, but remain significant, when the planned greenfield mixed-use projects start operations and stabilise. Higher but Manageable Development Exposure: PWON will maintain comfortable rating headroom despite anticipated higher capex and potential acquisitions, with non-development EBITDA/net interest expense well above the 4.0x negative sensitivity. PWON has planned about IDR10 trillion in capex between 2025-2030 to develop new superblocks in Batam and Semarang and expand existing blocks, with average annual capex peaking at above IDR2 trillion in 2027-2028 when most of the greenfield projects will pick-up development. Expansion is mostly at existing assets, mitigating development risk, over the medium term. Sufficient Funding for Expansion: Fitch expects expansion to be comfortably funded by its cash balance and strong internal cash flow. PWON plans to expand its malls' net lettable area by 10% to above 900,000 sq m, and double hotel rooms to around 4,000 by 2028 from 2024 levels. Fitch forecasts spending of up to IDR1 trillion in 2025, and about IDR700 billion a year subsequently, on opportunistic acquisitions of land and operational assets to support long-term portfolio growth. Prudent Project Execution: Fitch expects PWON to remain prudent in developing mixed-used projects despite multiple new greenfield projects in Batam and Semarang in the medium term. Each superblock development is multi-phased, extending over seven to eight years, with staged construction of residential and commercial components. Fitch expects PWON to secure enough presales to fund construction of the for-sale properties. Improving Contracted Sales: Fitch expects presales to improve to IDR1.6 trillion in 2025, as the VAT rebate extension until December 2025 supports demand for affordable homes. The 11% discount on the first IDR2 billion of the value of completed homes priced up to IDR5 billion from January 2025 to December 2025 targets middle-class buyers. PWON's IDR1.8 billion inventory, eligible for the VAT rebate at end-2024, strengthens its position. Fitch expects presales to cross IDR2 trillion in the next two years, driven by newly launched apartments in existing and new superblocks, steady GDP growth of around 5% and interest rate cuts. Rated on Standalone Basis: Fitch rates PWON on a standalone basis under its Parent and Subsidiary Linkage Rating Criteria. Its 69% parent, PT Pakuwon Arthaniaga, is an investment vehicle for the Tedja family. Fitch lacks financial information on the parent, but it is debt-free and solely involved in family investments. Fitch believes PT Pakuwon Arthaniaga's access to PWON's funds is governed by US dollar note covenants. Fitch expects PWON to maintain a dividend payout ratio of 20% of the previous year's net income. Historically, PWON has mostly kept its dividend payout ratio below 20%, with no payouts in the 2020-2021 downturn. Peer Analysis PWON is rated multiple notches higher than PT Kawasan Industri Jababeka Tbk (KIJA, B-/Stable), due to its fourfold larger non-development EBITDA, which has proven more resilient in economic downturns than the homebuilding sector, and a stronger financial profile. PWON's non-development income stems from premium-located shopping malls with high-quality tenants in mixed-use superblocks, while KIJA generates non-development income from its power plant, dry port and estate-management services. KIJA's residential property development business is also small, with almost half the presales scale of PWON's, and KIJA has high exposure to industrial land sales, which could be more volatile in economic downturns than residential sales. InRetail Real Estate Corp. (BBB-/Stable) is a leading shopping mall operator in Peru. The underlying business profile is stronger than that of PWON, driven by higher portfolio liquidity and leveragability and more granular assets that more than offset its weaker financial profile. PWON derives about 55% of its non-development revenue from three key assets, while the peer generates roughly the same proportion from 10 to 15 assets. InRetail's investment-grade rating reflects its strong credit linkages with the parent, InRetail Peru Corp, which has diversified businesses in food, pharmacy retail and shopping malls in Peru, and an adequate capital structure and financial flexibility. Key Assumptions Fitch's Key Assumptions Within the Rating Case for the Issuer: - Mall occupancy above 90% in 2025-2026; - Overall occupancy, including office and hotels, to rise and remain above 80% in 2025-2026; - Positive rent reversions on retail leases; - Average annual non-development EBITDA of IDR3 trillion until 2026 (2024E: IDR2.9 trillion); - Presales of IDR1.6 trillion in 2025 and IDR1.9 trillion in 2026 (2024E: IDR1.6 trillion); - Capex and discretionary acquisition of land and operational assets totalling IDR1.8 trillion in 2025 and IDR2.3 trillion in 2026 (2024E: IDR1.8 trillion). RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - A decline in non-development EBITDA, including falling occupancy rates and negative rental reversions, for a sustained period; - Non-development EBITDA/net interest expense falling to below 4.0x for a sustained period. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Fitch does not expect an upgrade in the medium term, due to PWON's asset concentration and exposure to the more cyclical homebuilding segment. Liquidity and Debt Structure PWON's liquidity is bolstered by strong cash balance of around IDR9 trillion at end-2024, with no debt maturity until 2028 when its only debt, a USD400 million unsecured note, matures. Fitch expects PWON's free cash flow to turn negative when expansion capex picks up from 2026. Nonetheless, Fitch expects PWON to have strong accumulated cash to fund its capex plan. PWON may need to rely on external debt in 2028 when its bond maturity coincides with the peak capex period. Fitch views PWON as having strong access to local funding. PWON currently relies entirely on capital-market debt, but it has a solid record of liquidity management and has benefited from incrementally lower funding costs. Issuer Profile PWON is a leading integrated property company in Indonesia. Most of its cash flow stems from its portfolio of rented shopping malls, offices and hotels, with property development accounting for a minority. Its owns and operates eleven malls, five offices, seven hotels and two serviced apartments. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- PT Pakuwon Jati Tbk LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ senior unsecured LT WD Withdrawn ========= J A P A N ========= MARUI GROUP: Egan-Jones Retains BB Senior Unsecured Ratings ----------------------------------------------------------- Egan-Jones Ratings Company on March 5, 2025, maintained its 'BB' foreign currency and local currency senior unsecured ratings on debt issued by Marui Group Co., Ltd. EJR also withdrew its rating on commercial paper issued by the Company. Headquartered in Tokyo, Japan, Marui Group Co., Ltd. provides retailing and credit card services. RICOH CO: Egan-Jones Retains BB+ Senior Unsecured Ratings --------------------------------------------------------- Egan-Jones Ratings Company on March 5, 2025, maintained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by Ricoh Company, Ltd. Headquartered in Ota City, Tokyo, Japan, Ricoh Company, Ltd. manufactures and markets office automation equipment, electronic devices, and photographic instruments. ZENSHO HOLDINGS: Sukiya to Shut 2,000 Shops After Hygiene Issues ---------------------------------------------------------------- Reuters reports that Japan's fast-food chain Sukiya will shut nearly all of its roughly 2,000 stores nationwide for four days from March 31 following recent incidents of customers finding a rodent in a bowl of miso soup and a bug in another meal, it said on its website on March 29. Reuters relates that Sukiya, the country's biggest beef bowl chain owned by dining giant Zensho Holdings, has apologised that miso soup served at one of its locations in western Japan in January had contained a rat. As of the end of 2024, Sukiya operated 1,965 stores in Japan, according to Zensho's latest filing, exceeding those of rival beef bowl chains Yoshinoya, which had about 1,250, and Matsuya with about 1,100. Sukiya also operates around 650 stores overseas in regions such as China, Southeast Asia an Latin America. Tokyo, Japan-based Zensho Holdings Co., Ltd. manages food service chain restaurants in Japan and internationally. The company develops sales systems and food processing systems. Its restaurants offer gyudon, udon, and hamburger steaks, as well as provides conveyor-belt sushi restaurant and coffee shop, and dining services under the Sukiya, Nakau, Coco's, Big Boy, Victoria Station, Jolly Pasta, EI Torito, Hama-sushi, Hanaya Yohei, Gyuan, Takarjima, Denmaru, Kyubeiya, Seto Udon, Tamon'an, Moriva Coffee, and Café Milano, Katsuan, Olive Hill, and Lotteria brands in Japan. The company serves customers under Sukiya brand name in China, Brazil, Thailand, Malaysia, Mexico, Taiwan, and Indonesia, as well as under the Chicken Rice Shop. In addition, it operates supermarket chains under United Veggies, Maruya, Yamaguchi Supermarket, Maruei, and Very Foods Owariya brand names; and offers residential and nursing care services for the elderly under Kagayaki, Royalhouse Ishioka, Senior Life Support, NYEREG, and IMedicare brand names. =============== M O N G O L I A =============== MONGOLIAN MINING: Moody's Rates Proposed Senior USD Notes 'B3' -------------------------------------------------------------- Moody's Ratings has assigned a B3 senior unsecured rating to the proposed senior notes co-issued by Mongolian Mining Corporation (MMC, B3 positive) and its subsidiary, Energy Resources LLC, and guaranteed by other key subsidiaries. MMC will primarily use the net proceeds from the proposed issuance to repay its USD220 million bond maturing in September 2026. "The proposed issuance will enhance MMC's liquidity through further improvement in its debt maturity profile," says Daniel Zhou, a Moody's Ratings Assistant Vice President and Analyst. "Additionally, the proposed issuance continues to reflect MMC's adherence to a prudent financial policy, as underpinned by its proactive liquidity management well ahead of maturity and very low leverage," adds Zhou. RATINGS RATIONALE MMC's B3 corporate family rating (CFR) is underpinned by the company's integrated coking coal operations with long reserve lives, competitive cost position, stable operations and low debt leverage, as well as its adequate liquidity. At the same time, MMC's rating is constrained by its small scale with high concentration, emerging market risks and its exposure to carbon transition risks. MMC will maintain steady production and sales volume because of the continued downstream demand from Chinese steel producers. While declining coking coal prices lower the company's earnings and cash flow, MMC's long-term contracts with customers help mitigate the pricing volatility, and its competitive cost position further alleviates the impact. Moody's also expects MMC to stick to a conservative financial management strategy with modest reliance on external debt raising, which is driven by its ability to generate free cash flow under a moderate scale of capital spending. Accordingly, Moody's projects MMC's adjusted debt/EBITDA to stay low at around 1.0x or below for the next 12-18 months. Moody's also expects MMC's cash and operating cash flow to sufficiently cover its capital spending and debt repayment needs over the next 18 months. The company's liquidity position will be further strengthened by its planned bond issuance. The proposed senior notes are rated at the same level as MMC's CFR since the notes will rank pari passu with all other senior unsecured obligations of MMC and its subsidiary, Energy Resources LLC. In addition, the notes will be guaranteed on a senior unsecured basis by MMC's other key subsidiaries, which eliminates structural subordination risk. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The positive outlook reflects MMC's strengthening track record in maintaining stable operating cash flow and sufficient liquidity to cover all its funding needs over the next 18 months. In addition, Moody's expects the company to continue its stable operations and prudent financial management over the next 6-12 months. The ratings could be upgraded if MMC maintains adequate liquidity despite pricing volatilities, continues to demonstrate prudent financial management and maintain sound capital structure. Given the positive outlook, a downgrade of MMC's ratings is unlikely. Moody's could revise the outlook to stable if the company's liquidity worsens due to a more challenging market environment or larger funding needs. The principal methodology used in this rating was Mining published in October 2021. With its operations commencing since 2009, Mongolian Mining Corporation is the largest producer and exporter of high-quality washed hard coking coal in Mongolia (B2 stable). It has fully integrated coking coal operations, comprising mining, processing, transportation, and sales and marketing of coking coal and other coal products. In 2024, the company's total run-of-mine coal production was 16.3 million tonnes. Listed on the Stock Exchange of Hong Kong in 2010, MMC owns and operates two open-pit coking coal mines in the Gobi Desert – the main Ukhaa Khudag mine and the Baruun Naran mine. All of the company's coal operations are located in Mongolia, while most of its coal products are sold to industrial end-users in China. MMC is also developing the Bayan Khundii gold mine located in Mongolia, with expected commencement of production in the second half of 2025. ===================== N E W Z E A L A N D ===================== ACCELERANDO LIMITED: Creditors' Proofs of Debt Due on April 15 -------------------------------------------------------------- Creditors of Accelerando Limited are required to file their proofs of debt by April 15, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 13, 2025. The company's liquidators are: Trevor Edwin Laing Emma Margaret Laing Laing Insolvency Specialists Limited PO Box 2468 Dunedin 9044 ACCELERANDO LTD: Liquidators Likely to Sell Printing Business ------------------------------------------------------------- Otago Daily Times reports that a Dunedin-based photo printing firm - which has counted e-commerce giant Amazon among its customers - will continue to trade while liquidators explore the possibility of selling the business. Earlier this month, Trevor and Emma Laing, of Laing Insolvency Specialists, were appointed liquidators of Accelerando Ltd, which trades as HappyMoose, by shareholder resolution, ODT discloses. In their first report to creditors and shareholders, the liquidators said a decision was made in October last year to sell the HappyMoose business and use the proceeds to fund the international expansion of Keepers Photos Ltd, which developed a photo storage application and was wholly owned by Accelerando, ODT relates. But agreement could not be reached about the sale process and the delay contributed to a reduction in the business' cash reserves, the company's director told the liquidators. ODT says there were two registrations recorded on the Personal Property and Securities Register by trade suppliers. Unsecured trade creditors were estimated to be owed just over $6340 and unsecured investor creditors $447,936. The liquidators were aware of 12 unsecured creditors, the majority of whom were suppliers and were only owed amounts relating to the current trading period. A large proportion of the unsecured debt related to investment funds provided by angel investors and Callaghan Innovation; it appeared those funds were advanced on an unsecured basis, ODT relates. According to ODT, the company has three part-time employees and wages had been paid up to date, although there would be an amount outstanding relating to leave entitlements. Total assets were yet to be established and it was too early in the liquidation process to estimate if there would be a dividend available to creditors, the report said. ODT relates that the report said a proposed plan and documentation for the sale of the HappyMoose business were prepared by the company prior to the liquidation. The liquidators would assess the proposal as a potential process to sell the business and, in the interim, the liquidators would continue to have the business trade to maximise its value. The shareholding in Keepers Photos Ltd would be independently valued with the intention of selling the shares. The liquidators would investigate the company records to determine what other assets were to be realised or any transactions that required further action. Accelerando, whose name changed in December last year from HappyMoose, was incorporated in 2014 and provided photo printing services via an online ordering website. Its majority shareholder is Xun (Alex) Dong - who was also the sole director of Keepers Photos Ltd - and there were three other shareholders. AK AIR: Court to Hear Wind-Up Petition on April 4 ------------------------------------------------- A petition to wind up the operations of AK Air Conditioning & Refrigeration Limited will be heard before the High Court at Auckland on April 4, 2025, at 10:45 a.m. C&Y NZ Limited filed the petition against the company on Jan. 23, 2025. The Petitioner's solicitor is: Jeffrey Gray Ussher Level 19, 191 Queen Street Auckland CAFE SOLEIL: Creditors' Proofs of Debt Due on April 24 ------------------------------------------------------ Creditors of Cafe Soleil Limited are required to file their proofs of debt by April 24, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 24, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 FIRST TRUST: Baker Tilly Staples Rodway Appointed as Receivers -------------------------------------------------------------- Jared Waiata Booth and Tony Leonard Maginness of Baker Tilly Staples Rodway Auckland Limited on March 21, 2025, were appointed as receivers and managers of First Trust. The receivers and managers may be reached at: Baker Tilly Staples Rodway Auckland Limited PO Box 3899 Auckland 1140 JESSICA ENTERPRISE: Court to Hear Wind-Up Petition on April 10 -------------------------------------------------------------- A petition to wind up the operations of Jessica Enterprise Limited will be heard before the High Court at Auckland on April 10, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Jan. 23, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 KESTER BLACK: New Zealand Business Liquidation Process Completed ---------------------------------------------------------------- Otago Daily Times reports that the liquidation of Kester Black Ltd - the New Zealand business of the cosmetic and skincare brand started by Wānaka woman Anna Ross - has been completed. In July last year, the Australian-registered arm of the business, Kester Black Pty, entered voluntary administration, while the New Zealand business was put into liquidation the following month, with Kester Black Pty the sole shareholder, ODT notes. It caused outrage from investors, upset about how financial problems had been handled, and Kester Black founder Anna Ross received abuse and death threats, her partner Fergus Sully said last year. The stock, intellectual property (IP), and goodwill of Kester Black Pty were sold to New New New Pty Ltd, a company owned by Mr. Sully, who said the sale allowed the business to continue operating under the new, simplified, more viable structure. The sale was for just over AUD146,220 (NZD160,535), ODT discloses. Ms. Ross, who started the business in Wānaka, was the largest creditor when Kester Black Pty entered voluntary administration, owed more than NZD220,000 but she opted to be an excluded creditor, meaning she would be paid nothing, Mr. Sully said. In their final report, the liquidators of Kester Black Ltd, Adam Botterill and Damien Grant, said the sole recovery of the liquidation was an indemnity paid from the parent company, ODT relays. One preferential claim was received totalling just over NZD132,000, no secured claims were received and one unsecured claim was received totalling nearly NZD10,200. The level of recoveries did not enable a distribution to unsecured creditors. Last month, an Otago couple told the Otago Daily Times they had invested about AUD5,500 in the Kester Black crowdfunding capital raise, due to Ms. Ross being local, and the appeal of ethically-produced products. They believed Ms. Ross and Mr. Sully had not been ethical "and for them to be still trading under another guise is shameful". It was "shocking" there was no previous warning about the trading issues, and there was also disappointment Ms. Ross had not "fronted up" to shareholders. Previously, Mr. Sully said a warehouse packing its three largest nail polish orders ever was flooded in January 2023 and due to an "insurance gap" the damages could not be paid out. ODT relates that the couple said that showed "total incompetence". On March 26, the couple said they were ironically offered a total of NZD3,000 in product in an email from Ms. Ross on March 25. About Kester Black Launched in Melbourne in 2014, Kester Black offers vegan and cruelty-free nail polishes, lipsticks and skincare products. On July 9, 2024, Kester Black appointed Stephen Dixon of Hamilton Murphy Advisory as voluntary administrator. Documents listed by the Australian Securities and Investments Commission (ASIC) show creditors voted in favour of a Deed of Company Arrangement (DOCA) on Aug. 13, 2024, ensuring Kester Black will remain a going concern, according to SmartCompany. ================= S I N G A P O R E ================= CLOUD INVESTMENTS: Creditors' Proofs of Debt Due on April 25 ------------------------------------------------------------ Creditors of Cloud Investments Pte. Ltd. are required to file their proofs of debt by April 25, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 19, 2025. The company's liquidator is: Tan Lye Heng Paul c/o Nexia Solutions 36 Robinson Road #11-01 City House Singapore 068877 HAN HOLDING: Court to Hear Wind-Up Petition on April 11 ------------------------------------------------------- A petition to wind up the operations of Han Holding Company Pte. Ltd. will be heard before the High Court of Singapore on April 11, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on March 20, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 KME HOLDINGS: Creditors' Proofs of Debt Due on April 28 ------------------------------------------------------- Creditors of KME Holdings Pte. Ltd. are required to file their proofs of debt by April 28, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 18, 2025. The company's liquidator is: Robert Yam Mow Lam Messrs Robert Yam & Co PAC 190 Middle Road #16-01 Fortune Centre Singapore 188979 MA SUPPLEMENTS: Commences Wind-Up Proceedings --------------------------------------------- Members of MA Supplements Pte. Ltd. on March 18, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Mr. Ng Kian Kiat Mr. Goh Wee Teck 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 SL TECHNOLOGY: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on March 14, 2025, to wind up the operations of SL Technology Group Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidator is: Gary Loh Weng Fatt BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ============= V I E T N A M ============= VIETNAM: At Risk of Mass Power Firms Bankruptcies, Chamber Says --------------------------------------------------------------- Bloomberg News reports that Vietnam could experience a wave of bankruptcies of solar and wind producers if the state utility proceeds with its planned change in pricing for renewable energy, the Vietnam Chamber of Commerce and Industry said in a letter to parliament. The application of a new power purchasing price - which would be implemented retroactively for several years - by Vietnam Electricity, or EVN, puts 173 solar and wind projects at risk of insolvency, according to the March 24 letter the chamber made public on March 28, Bloomberg relays. The chamber accused the state-owned monopoly of "a serious violation of contractual principles." ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***