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250502.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, May 2, 2025, Vol. 28, No. 88 Headlines A U S T R A L I A DRIVE THRU: First Creditors' Meeting Set for May 8 GUARDALA & CO: First Creditors' Meeting Set for May 8 J & B MANAGEMENT: ASIC Disqualifies Director for Maximum 5 Years METRO FINANCE 2025-1: Moody's Affirms (P)Ba2 Rating on Cl. E Notes P4L CORPORATION: First Creditors' Meeting Set for May 9 PARSRAM FOODS: First Creditors' Meeting Set for May 9 QUAY CIVIL: First Creditors' Meeting Set for May 9 ROBERTS CO: Investa Eyes June to Restart Stalled Housing Project TSINDOS GREEK: Enters Liquidation After 40 Years C A M B O D I A CAMBODIA: Moody's Affirms B2 Issuer Rating & Alters Outlook to Neg. C H I N A BAIC BLUEPARK: Q1 Net Loss Narrows to CNY953 Million BCG CHINASTAR: Fitch Affirms 'BB+' LongTerm Foreign Currency IDR INTERNATIONAL FINANCIAL: Fitch Affirms 'BB+' IDR, Outlook Negative JOY AIR: Halts All Flights Days Before China's May Holiday SEAZEN GROUP: S&P Affirms 'B' LongTerm ICR, Outlook Negative ZHAOJIN MINING: Fitch Alters Outlook on 'BB+' LongTerm IDR to Neg. I N D I A ACCURARCH ACRYLICS: Insolvency Resolution Process Case Summary ANSAL PROPERTIES: NCLAT Gives Relief to Ansal API Homebuyers ARBIND COLD: CARE Keeps B- Debt Rating in Not Cooperating Category BADRI KEDAR: Insolvency Resolution Process Case Summary COLOUR ROOF: JSW Steel Unit Wins Bid to Acquire Company ENCANA INTERNATIONAL: CARE Keeps B- Debt Rating in Not Cooperating EXPAT ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating FUTURE ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating FUTURE RETAIL: CARE Keeps D Debt Ratings in Not Cooperating GONDIA EDUCATION: CARE Keeps C Debt Rating in Not Cooperating GTN TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating HOSPITALITY EDUCATION: CARE Keeps D Debt Rating in Not Cooperating HYQUIP SYSTEMS: CARE Keeps D Debt Ratings in Not Cooperating HYQUIP TECHNOLOGIES: CARE Keeps D Debt Ratings in Not Cooperating KAMLA RICE: CARE Keeps D Debt Rating in Not Cooperating Category KISAN UDYOG: CARE Keeps B- Debt Rating in Not Cooperating Category MARUTI GRANITES: CARE Keeps D Debt Rating in Not Cooperating METROPOLE VINIMAY: CARE Keeps B+ Debt Rating in Not Cooperating MOON DIAMONDS: CARE Keeps B- Debt Rating in Not Cooperating OMEGA ENTERPRISES: CARE Lowers Rating on INR6.96cr LT Loan to C OMRV HOSPITALS: CARE Keeps B- Debt Rating in Not Cooperating QUADROS AUTOMARK: CARE Keeps D Debt Rating in Not Cooperating R.L.GOENKA SPICECHEM: Voluntary Liquidation Process Case Summary RADHEY GOVIND: CARE Lowers Rating on INR8cr LT Loan to B RAVINDRA RICE: CARE Keeps D Debt Ratings in Not Cooperating S. S. NATH: CARE Keeps B- Debt Rating in Not Cooperating Category SHANTI AGRO: CARE Keeps D Debt Rating in Not Cooperating Category SHIVAM INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating SION STEELS: CARE Keeps B- Debt Rating in Not Cooperating Category TIRUPATI POLYPLAST: Insolvency Resolution Process Case Summary VATSA AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating VELANI OILS: CARE Keeps D Debt Ratings in Not Cooperating Category N E W Z E A L A N D HOUSE4 BUILDERS: Creditors' Proofs of Debt Due on May 30 NEW ZEALAND IRRIGATION: Court to Hear Wind-Up Petition on May 22 PLATINUM CONCRETE: Court to Hear Wind-Up Petition on May 12 ROBSON CONSULTING: Creditors' Proofs of Debt Due on May 26 TITAN PARENT: S&P Withdraws 'B-' LongTerm Issuer Credit Rating TRICON CONSTRUCTION: Creditors' Proofs of Debt Due on May 30 S I N G A P O R E CHUG CHUG: Court to Hear Wind-Up Petition on May 9 HAN HOLDING: Court Enters Wind-Up Order MAXEON SOLAR: Zhonghuan Singapore, TCL Zhonghuan Hold 59% Stake ROOTRUNNER PTE: Court Enters Wind-Up Order YT FOOD: Court Enters Wind-Up Order ZENITHX GLOBAL: Commences Wind-Up Proceedings S O U T H K O R E A [] SOUTH KOREA: 1 in 2 Self-Employed Businesses Fold in 3 Years - - - - - ================= A U S T R A L I A ================= DRIVE THRU: First Creditors' Meeting Set for May 8 -------------------------------------------------- A first meeting of the creditors in the proceedings of Drive Thru Advertising Pty Ltd will be held on May 8, 2025 at 10:00 a.m. at the offices of Smith Hancock Chartered Accountants at Suite 47.04, Level 47, 8 Parramatta Square, 10 Darcy Street in Parramatta and via Microsoft Teams platform. Erwin Rommel Alfonso of Smith Hancock was appointed as administrator of the company on April 28, 2025. GUARDALA & CO: First Creditors' Meeting Set for May 8 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Guardala & Co Pty Ltd will be held on May 8, 2025 at 2:00 p.m. virtually via Microsoft Teams. Amanda Lott of ACRIS was appointed as administrator of the company on April 28, 2025. J & B MANAGEMENT: ASIC Disqualifies Director for Maximum 5 Years ---------------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has disqualified Mohamed Chabib, of Picnic Point, New South Wales, from managing corporations for a period of 5 years, after his involvement in four failed companies. Mr. Chabib was a director of four failed companies between 2017 and 2025: - J & B Management Pty Ltd (ACN 130 529 298) (J & B Management) - M & C Management Pty Ltd (ACN 622 332 236) (M & C Management) - Healthy Food Australia Pty Ltd (ACN 632 800 732) (Healthy Food), and - Cessy Café Pty Ltd (ACN 633 896 867) (Cessy Café). All four companies operated in New South Wales and were involved in the hospitality industry. At the time of ASIC's decision, the four companies owed a combined total of AUD1,113,756 to unsecured creditors. This included AUD486,201 owed to the ATO and AUD7,435 owed to the Workers Compensation Nominal Insurer. ASIC found that Mr Chabib acted improperly and failed to meet his obligations as an officer when he: -- failed to ensure that all companies paid their tax debts -- failed to ensure that J & B Management complied with their statutory lodgement obligations with the ATO -- failed to maintain books and records to allow for accurate financial statements to be prepared for all four companies -- failed to make a company vehicle of J & B Management available for collection by the liquidator -- improperly used his position of director by allowing payments to be made to the ATO from the bank account of J & B Management for debts that weren't related to J & B Management, and -- allowed J & B Management and M & C Management to continue to trade whilst insolvent. In disqualifying Mr Chabib, ASIC relied on supplementary reports lodged by liquidator Nicarson Natkunarajah of Roger & Carson. ASIC assisted Mr Natkunarajah to prepare the statutory reports by providing funding from the Assetless Administration Fund. Mr Chabib is disqualified from managing corporations until 28 April 2030. Mr Chabib has the right to seek a review of ASIC's decision by the Administrative Review Tribunal. METRO FINANCE 2025-1: Moody's Affirms (P)Ba2 Rating on Cl. E Notes ------------------------------------------------------------------ Moody's Ratings has affirmed the provisional ratings of six classes of notes to be issued by Perpetual Corporate Trust Limited in its capacity as trustee of Metro Finance 2025-1 Trust. The rating action reflects changes to the indicative margins of the notes, adjustments to the levels of subordination from Class B to Class F Notes, and an increase in portfolio size and the total amount of notes to be issued. Issuer: Perpetual Corporate Trust Limited in its capacity as trustee of Metro Finance 2025-1 Trust AUD658.50 million Class A Notes, Affirmed (P)Aaa (sf); previously on March 14, 2025 Assigned (P)Aaa (sf) AUD31.50 million Class B Notes, Affirmed (P)Aa2 (sf); previously on March 14, 2025 Assigned (P)Aa2 (sf) AUD24.00 million Class C Notes, Affirmed (P)A2 (sf); previously on March 14, 2025 Assigned (P)A2 (sf) AUD8.25 million Class D Notes, Affirmed (P)Baa2 (sf); previously on March 14, 2025 Assigned (P)Baa2 (sf) AUD19.87 million Class E Notes, Affirmed (P)Ba2 (sf); previously on March 14, 2025 Assigned (P)Ba2 (sf) AUD0.75 million Class F Notes, Affirmed (P)B2 (sf); previously on March 14, 2025 Assigned (P)B2 (sf) The AUD3.56 million Class G1 Notes and AUD3.57 million Class G2 Notes are not rated by us. RATINGS RATIONALE The rating action is prompted by the updates to the indicative margins on the notes, and an increase in subordination levels for the Class B, Class C, Class D, Class E, and Class F Notes. Subordination levels have increased to 8.00%, 4.80%, 3.70%, 1.05% and 0.95%, respectively, from 7.90%, 4.60%, 3.60%, 1.00% and 0.90% at the time of the provisional ratings assignment. This action also takes into account the increase in the amount of note issuance to AUD750,000,000, from AUD500,000,000 at the time of the provisional ratings assignment. Moody's affirmations of the provisional ratings take into account, among other factors, (1) Moody's evaluations of the underlying receivables and their expected performance, (2) an evaluation of the capital structure and credit enhancement provided to the notes, (3) the availability of excess spread over the life of the transaction, (4) the liquidity facility in the amount of 2.0% of the rated notes' balance, subject to a floor of AUD1,485,740, (5) the legal structure, (6) the experience of Metro Finance Pty Limited (Metro Finance) as servicer, and (7) the presence of AMAL Asset Management Limited (AMAL) as the back-up servicer. According to Moody's analysis, the transaction benefits from strong historical performance data which compares favourably to other originators of commercial auto and equipment loans and leases. The key challenge in the transaction is the inclusion of around 60.9% of receivables extended to prime commercial obligors on a no-income-verification basis and around 56.3% of receivables requiring a balloon payment at the end of the receivable term. Loans with a balloon payment are subject to higher refinancing risk and, consequently, default risk. Moody's have incorporated an additional stress into Moody's default assumptions to account for this. Moody's portfolio credit enhancement ("PCE") — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 13.5%. Moody's means expected default rate for this transaction is 2.10% and the assumed recovery rate is 40.0%. Expected defaults, recoveries and PCE are parameters used by us to calibrate Moody's lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in the cash flow model to rate auto ABS. Key transactional features are as follows: -- Principal collections will be at first distributed sequentially. Once the step down conditions are satisfied, all notes may participate in proportional principal collections distribution. The step down conditions include, among others, subordination to the Class A Notes of at least 1.5 times the initial Class A subordination, no charge offs on any of the notes and average arrears greater than 90 days not exceeding 4.0% of the aggregate loan amount. Principal pay-down will revert to sequential once the aggregate invested amount of the notes is less than 20.0% of the aggregate invested amount of the notes at closing, or on or after the payment date in July 2028. -- A swap provided by National Australia Bank Limited (Aa2/P-1/Aa1(cr)/P-1(cr)) will hedge the interest rate mismatch between the fixed rate assets and the floating rate liabilities. The notional balance of the swap will follow a schedule based on the repayment profile of the assets, assuming a certain prepayment rate. -- AMAL is the back-up servicer. If Metro Finance is terminated as servicer, AMAL will take over the servicing role in accordance with the standby servicing deed and its back-up servicing plan. Key pool features are as follows: -- 60.9% of the receivables were extended to prime commercial obligors on a no-income verification basis, referred to as "streamlined". This streamlined product allows obligors who meet certain stringent requirements to access the loan without providing financial statements. -- 56.3% of the receivables are loans with a balloon payment at the end of the receivable term. The aggregate balloon exposure as a percentage of current portfolio balance is 19.8%. -- The weighted average interest rate of the portfolio is 7.9%. -- The weighted average remaining term of the portfolio is 43.7 months. The weighted average seasoning of the initial portfolio is 11.8 months. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in August 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include a rapid build-up of credit enhancement due to sequential amortisation or better-than-expected collateral performance. The Australian job market is a primary driver of performance. Factors that could lead to a downgrade of the notes is worse-than-expected collateral performance, poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, a lack of transactional governance, or fraud. P4L CORPORATION: First Creditors' Meeting Set for May 9 ------------------------------------------------------- A first meeting of the creditors in the proceedings of P4L Corporation Pty Ltd and Pharmacy Services Co. Pty Ltd will be held on May 9, 2025 at 11:00 a.m. at the offices of Hayes Advisory at Level 3, 84 Pitt Street in Sydney and via Zoom. Wayne Marshall and Alan Hayes of Hayes Advisory were appointed as administrators of the company on April 29, 2025. PARSRAM FOODS: First Creditors' Meeting Set for May 9 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Parsram Foods Pty Ltd will be held on May 9, 2025 at 10:00 a.m. by virtual meeting on Microsoft Teams. Scott Matthew Clout and David Lewis Clout of David Clout & Associates were appointed as administrators of the company on April 28, 2025. QUAY CIVIL: First Creditors' Meeting Set for May 9 -------------------------------------------------- A first meeting of the creditors in the proceedings of Quay Civil Pty Ltd and Quay Civil (NSW) Pty Ltd will be held on May 9, 2025 at 12:00 p.m. at Level 1, Suite 1, 44 Pitt Street in Sydney. Michael Hogan of HoganSprowles was appointed as administrator of the company on May 9, 2025. ROBERTS CO: Investa Eyes June to Restart Stalled Housing Project ---------------------------------------------------------------- The Australian Financial Review reports that construction on Investa's stalled AUD450 million build-to-rent development in Melbourne could resume by June if a new builder can be appointed to replace failed contractor Roberts Co, which went into administration last month, sources close to the fund manager said. According to the Financial Review, the decision by Rich List businessman Andrew Roberts to call administrators into his Victorian company shuttered the Footscray housing site as well as separate Craigieburn site where ESR is developing Amazon's biggest warehouse in the southern hemisphere. But the developers that have paid subcontractors' bills since Roberts Co VIC went under – more than AUD10 million in the case of Investa's project alone – are hopeful of restarting construction in the next six to eight weeks, one source with knowledge of the negotiations said. "We want to get back to a productive site," the person said. "We're all getting close to appointing new builders. Hopefully, by June we will be actively back on site." One issue that remains to be decided is how much Mr. Roberts himself will contribute towards restarting the projects which – along with Investa and ESR's developments included Golden Age's AUD180 million 130 Little Collins Street strata office building, originally due to complete next month, and a fourth project for technology BioNTech to build an MRNA manufacturing facility at La Trobe University's Bundoora Melbourne campus. Two of the projects – those of Investa and Golden Age – were projects Roberts Co took over in 2022 from collapsed contractor Probuild as a way to expand into Victoria. After ceding control of the Victorian company to McGrathNicol administrators Jason Ireland and Matthew Caddy, Mr. Roberts has no formal responsibility for it, the report says. In addition, the separate announcement last week that he will sell the Roberts Co NSW parent company suggests an exit from construction completely by the man whose father John founded contractor Multiplex – and who made the family's fortune by selling it to Canada's Brookfield, according to the Financial Review. That didn't prevent him from putting funds in to help the projects get started again, another person close to the negotiations said. "He's still the shareholder of the ultimate parent company so he will continue to help where he can in that capacity," the person said. Another person who works for one of the developers agreed, but wasn't optimistic about getting money back, the Financial Review relays. "Andrew should have an absolute moral obligation," they said. "I'll believe it when I see it." Roberts Co's Victorian arm went into administration owing more than 100 trade creditors up to AUD50 million in debts – mostly current progress claims – creditors were told last month. Andrew Roberts declined to comment. A source close to Roberts Co Australia, the parent company, which is not in administration, said, however, that he had offered ways to help the projects get back on track, the Financial Review adds. About Roberts Co Roberts Co is an Australian-based, a boutique tier-one construction company. Jason Ireland and Matthew Caddy of McGrathNicol were appointed as voluntary administrators of Roberts Co (VIC) Pty Limited, the Victorian subsidiary of Roberts Co Australia, on March 14, 2025. TSINDOS GREEK: Enters Liquidation After 40 Years ------------------------------------------------ Greek City Times reports that Tsindos Greek Restaurant, a cherished family-run establishment in Melbourne's CBD for over four decades, has entered voluntary liquidation, marking the end of an era for the city's Greek dining scene. Located on Lonsdale Street, the restaurant, known for its traditional Greek banquets, seafood, mezes, and salads, ceased operations on Monday, according to a notice filed with the Australian Securities and Investments Commission. Insolvency expert Mark Brereton of HoganSprowles has been appointed as the liquidator to oversee the process, Greek City Times discloses. The restaurant, which opened in 1983, was a cornerstone of Melbourne's Greek precinct, a vibrant stretch of Lonsdale Street between Swanston and Russell Streets. However, the precinct has seen a decline in recent years, with several retailers and hospitality businesses, including the iconic International Cakes bakery, closing their doors. Founded in 1970 by Harry and Eleni Tsindos, the restaurant has been operated by three generations of the Tsindos family. Eleftheria and Fred Tsindos took over in 1984, and their son, Harry Tsindos Jr., has managed the eatery for over a decade. The family's dedication to authentic Greek cuisine made Tsindos a beloved destination for locals and visitors alike. The three-level building housing Tsindos was sold at auction in mid-2019 for approximately AUD8.1 million, reportedly AUD2 million above the reserve, to a Taiwan-based buyer, the report notes. At the time, the restaurant secured a four-year lease extension, which was nearing its end at the time of liquidation. According to Greek City Times, the closure of Tsindos follows a broader trend of challenges facing Melbourne's Greek precinct, once a bustling hub of Greek culture and cuisine. The loss of longstanding businesses like International Cakes, which shuttered in 2024 after 60 years, has diminished the area's vibrancy, reflecting shifting economic and cultural dynamics in the CBD. The liquidation of Tsindos Greek Restaurant leaves a void in Melbourne's culinary landscape, as the community mourns the loss of a family-run institution that embodied Greek hospitality for generations, the report notes. =============== C A M B O D I A =============== CAMBODIA: Moody's Affirms B2 Issuer Rating & Alters Outlook to Neg. ------------------------------------------------------------------- Moody's Ratings has changed the Government of Cambodia's outlook to negative from stable and affirmed the B2 long-term issuer rating. The change in outlook to negative reflects downside risks to Cambodia's growth prospects, given significant uncertainty surrounding US trade policy and sweeping tariffs. Cambodia's export exposure to the US accounts for close to 40%, or close to 20% of GDP in 2024, one of the highest in the Asia-Pacific (APAC) economies. Should the tariffs rise well above the 10% currently in place, and more generally global economic growth slow down markedly and durably, Cambodia's near- and long-term growth would be severely impacted at a time when growth is already hampered by a prolonged real estate downturn weighing on private consumption and raising banking sector risk. A severe trade shock would reduce export earnings from the garment sector and diminish foreign direct investment flows, eroding long-term growth potential and increasing external vulnerabilities. Additionally, Cambodia's attractiveness as a conduit for Chinese investments and goods to reach advanced economies, including the US, could diminish amidst escalating trade tensions between the US and China. The affirmation of the B2 rating balances low income levels, a weak institutional framework, and high dollarization, which limit policy flexibility, against a highly affordable government debt burden and robust growth potential. Cambodia's local and foreign currency country ceilings remain unchanged at Ba3 and B1, respectively. The two-notch gap between the local currency ceiling and the sovereign rating reflects low economic diversification, weak institutional strength, a modest government footprint, and moderate external vulnerability risk. The one-notch gap between the foreign currency ceiling and the local currency ceiling incorporates Moody's assessments of Cambodia's weak policy effectiveness, a track record of transfer and convertibility restrictions in times of stress, and a relatively open capital account. RATINGS RATIONALE RATIONALE FOR THE CHANGE IN OUTLOOK TO NEGATIVE The negative outlook reflects downside risks to Cambodia's growth prospects due to significant uncertainty surrounding US trade policy and sweeping tariffs. Cambodia's export exposure to the US accounts for close to 40%, or close to 20% of GDP in 2024, one of the highest in APAC economies. More than half of Cambodia's exports are apparel and footwear products, whose demand is likely to be sensitive to tariff-related price increases. As trade tensions between the US and China intensify, Cambodia's attractiveness as a conduit for Chinese investments and goods to reach advanced economies, including the US, could diminish as the US administration attempts to close this channel. Given Cambodia's high trade linkage and weakening global credit conditions, Cambodia is expected to be one of the APAC sovereigns most impacted by the uncertainty surrounding US trade policy and sweeping tariffs. Moody's calculations indicate that the direct impact of 49% reciprocal tariffs, if they are implemented as originally proposed, could reduce real GDP growth by nearly 2 percentage points in 2025, from Moody's current forecasts of 5.3%. This adds further downside risks to Moody's growth outlook for 2025-27, as Moody's factor in financial stability risks stemming from the ongoing downturn in the real estate sector, which affects private consumption and construction activities. Although the tourism sector is recovering to pre-pandemic levels, the shift in tourist composition from Chinese visitors to those from neighboring countries has significantly diminished tourism receipts. Consequently, if sweeping US tariffs persist, they could derail the gradual recovery efforts of the past 2-3 years, adversely impacting Moody's assessments of Cambodia's economic strength. The significant uncertainty surrounding US trade policy and sweeping tariffs could substantially undermine business confidence and consumer sentiment, leading to a material decline in FDI flows. In 2024, FDI was equivalent to nearly 10% of GDP, enabling the country to maintain basic balance surpluses. However, weakening external demand could turn the current account into deficits, making it challenging to finance the widening current account deficit with moderated FDI inflows, thereby increasing external vulnerabilities. Nonetheless, Cambodia's foreign-exchange reserves, excluding gold, remain robust at $18.3 billion as of the end of February 2025, providing approximately 7.5 months of import coverage, which helps mitigate these risks. RATIONALE FOR THE AFFIRMATION OF B2 RATING The affirmation of the B2 rating balances low income levels, a weak institutional framework, and high dollarization, which limit policy flexibility, against a highly affordable government debt burden and robust growth potential. Cambodia's debt burden remains modest at below 30% in 2024, lower than the median of B-rated sovereigns. The country largely relies on official multilateral and bilateral creditor support for government borrowings, which supports high debt affordability. Reliance on concessional loans also insulates Cambodia against the possibility of an abrupt market-driven spike in the cost of debt. ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS Cambodia's ESG Credit Impact Score CIS-4 indicates that the rating is lower than it would have been if ESG exposures were not present, reflecting exposure to environmental and social risks and overall weak governance profile and limited resilience. Cambodia's exposure to environmental risks (E-3 issuer profile score) is driven by physical climate risks. The economy has been subject to droughts and floods, which pose disruptions to agricultural activity and can deter tourist activity, both major economic drivers. Water management is also a consideration, reflecting very weak access to safe drinking water, with poor water storage and infrastructure facilities. Exposure to social risks (S-4 issuer profile score) remains despite a young and growing population. Low per capita incomes and poor provision of health and education services, as well as weak access to other basic infrastructure, have constrained human capital development. The influence of governance on Cambodia's credit profile (G-4 issuer profile score) reflects relatively weak institutional arrangements, a high incidence of corruption, generally weak rule of law, and transparency issues, which compound policy effectiveness. GDP per capita (PPP basis, US$): 7,608 (2023) (also known as Per Capita Income) Real GDP growth (% change): 5% (2023) (also known as GDP Growth) Inflation Rate (CPI, % change Dec/Dec): 2.7% (2023) Gen. Gov. Financial Balance/GDP: -2.8% (2023) (also known as Fiscal Balance) Current Account Balance/GDP: 1.3% (2023) (also known as External Balance) External debt/GDP: 54.5% (2023) Economic resiliency: b1 Default history: No default events (on bonds or loans) have been recorded since 1983. On April 23, 2025, a rating committee was called to discuss the rating of the Cambodia, Government of. The main points raised during the discussion were: The issuer's economic fundamentals, including its economic strength, have not materially changed. The issuer's institutions and governance strength, have not materially changed. The issuer's fiscal or financial strength, including its debt profile, has not materially changed. The issuer's susceptibility to event risks has not materially changed. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FACTORS THAT COULD LEAD TO AN UPGRADE Given the negative outlook, an upgrade is unlikely in the near future. Moody's would consider revising the outlook back to stable if Moody's had a higher level of confidence that Cambodia's economic strength and external metrics are not likely to be materially weakened by developments in US trade policy and tariffs globally. FACTORS THAT COULD LEAD TO A DOWNGRADE Conversely, Moody's would likely downgrade the ratings if Moody's concluded that higher tariffs and slower global trade and growth would lead to a significant deterioration in Cambodia's growth outlook and a substantial decline in foreign direct investment inflows. This would indicate structurally weaker growth, thereby weakening Moody's assessments of Cambodia's economic strength. Such a scenario would see external metrics deteriorate, increasing pressure on financing the current account deficit and raising external vulnerability risks, and weaken fiscal metrics by eroding the government revenue base, leading to a significant increase in the debt burden. Additionally, Moody's would likely downgrade the ratings if strains on asset prices were material or prolonged, leading to liquidity and solvency concerns in the banking system, and raising macro stability risks for the sovereign. The principal methodology used in these ratings was Sovereigns published in November 2022. The weighting of all rating factors is described in the methodology used in this credit rating action, if applicable. Cambodia's "ba3" economic strength is set below the initial score of "ba1" to reflect financial stability risks stemming from the construction and real estate sectors, which are in the midst of a slump. Cambodia's "a3" fiscal strength is set below the initial score of "a2" to reflect the contingent liability risks associated with PPP projects and the downturn in the property sector affecting real estate and construction companies. Cambodia's "b" banking sector risk is set below the initial score of "ba" to account for the stresses on the banking system caused by the prolonged slowdown in the property sector. This leads to a final scorecard-indicated outcome of Ba3-B2, compared to an initial scorecard-indicated outcome of Ba1-Ba3. The assigned rating is within the final scorecard-indicated outcome. ========= C H I N A ========= BAIC BLUEPARK: Q1 Net Loss Narrows to CNY953 Million ---------------------------------------------------- Yicai Global reports that shares of BAIC BluePark New Energy Technology fell despite the Chinese electric carmaker narrowing its first-quarter loss and after it also revealed a plan to raise CNY6 billion (USD825 million) for its vehicle business and an artificial intelligence platform. The net loss at BAIC BluePark, part of BAIC Group, one of China's major state-owned carmakers, shrank 6.2 percent to CNY953 million (USD131 million) in the three months ended March 31, from CNY1.02 billion a year earlier, Yicai discloses citing earnings report on April 28. Operating revenue soared 151 percent to CNY3.77 billion (USD518 million) after a 174 percent surge in vehicle sales to 27,700. According to Yicai, the Beijing-based firm also said it plans to raise CNY6 billion (USD825 million) from a private placement of shares, a large chunk of which will come from its parent company and its commercial vehicle business arm, Foton Motor. The other investors have not yet been determined. A separate announcement from Foton on April 28 revealed that BAIC will subscribe to as much as CNY500 million of newly issued shares in BAIC BluePark, while Foton will invest up to CNY2.5 billion, Yicai relays. CNY5 billion of the funds raised will go to develop new energy vehicle models including the carmaker's ArcFox brand, with Huawei Technologies' self-driving software built in, as well as its Xiangjie brand, in which the automaker uses the Chinese tech giant's full-set solutions, according to Yicai. BAIC BluePark was one of the first traditional automakers to link arms with Huawei on vehicles. The other CNY1 billion will go toward developing an AI technology application platform and an intelligent driving electrification system, it said. BAIC BluePark also released its 2024 annual earnings on April 28, Yicai notes. Its net loss swelled 29 percent to CNY6.95 billion, from CNY5.4 billion the year before, on a 1.3 percent increase in revenue to CNY14.51 billion, Yicai discloses. The firm sold 113,860 vehicles in the year, up 23.5 percent. BAIC BluePark New Energy Technology Co Ltd engages in the research, development, design, manufacturing, sales and service of pure electric passenger vehicles. The Company mainly owns the two brands of Jihu and BEIJING. Its models mainly include the all-terrain performance pure electric SUV Jihu Alpha T, the smart pure electric car Jihu Alpha S, the new HI version of Jihu Alpha S, EU7, and EU5. BCG CHINASTAR: Fitch Affirms 'BB+' LongTerm Foreign Currency IDR ---------------------------------------------------------------- Fitch Ratings has affirmed Beijing Capital Group Company Limited's (BCG) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BBB-'. At the same time, Fitch has affirmed BCG Chinastar International Investment Ltd.'s (Chinastar) Long-Term Foreign-Currency IDR at 'BB+'. The Outlook remains Negative. BCG's support score of 20 points and its Standalone Credit Profile (SCP) of 'b' result in Fitch applying a five-notch uplift from the SCP to the IDR, in accordance with the notching guideline in Fitch's Government-Related Entities (GRE) Rating Criteria. BCG's SCP reflects weaknesses in its property development business amid the sector's downturn, resulting in deteriorating operating cash flow (OCF) and high leverage. BCG is shifting its focus from the market-driven property business to Chinese government projects, including the development of primary land and social housing. Progress in the monetisation of these projects is likely to yield sufficient funds to address its near-term OCF shortfall in the property segment and interest payment at BCG's holding company (holdco). Fitch believes an extended record of successful execution is essential to a revision to a Stable Outlook. Chinastar, BCG's sole directly and wholly owned offshore financing platform, is rated one notch below the parent's IDR, based on its assessment of 'Low' legal, 'Medium' strategic and 'High' operational incentives for the parent to provide support under its Parent and Subsidiary Linkage Rating Criteria. Key Rating Drivers 'Strong' State Decision-Making, Oversight: Fitch assesses the Beijing government's decision-making and oversight of BCG as 'Strong' as the company is 100%-owned by the Beijing State-owned Assets Supervision and Administration Commission (SASAC), which appoints senior management and has influence over the company's strategy and key investment decisions. BCG is mandated to undertake government-directed activities, such as the development of primary land, social housing and rental housing. 'Strong' Precedents of Support: Fitch assesses BCG's support precedents as 'Strong', as the government has provided consistent support to BCG in the form of capital and asset injections, as well as regular significant subsidies to its subway operations. In addition, government support has enabled BCG to secure low-cost funding for its long-stay rental projects. 'Strong' Contagion Risk: A default would have 'Strong' contagion risk due to BCG's significant size among GREs owned by the Beijing SASAC. BCG plays an important role in China's development plan for the Beijing-Tianjin-Hebei region and Beijing's development plan for the Daxing district. Beijing provided support to ease BCG's financial tension through asset injections and accelerate the development of policy-driven projects. A default by BCG could disrupt financing or increase financing costs for other state-owned enterprises in Beijing. Limited Role in Preserving Government Policy: This factor is not applicable to BCG as most of its services - subway operations and water supply - are unlikely to be affected by a default because they rely on pre-existing infrastructure and facilities that require minimal additional funding above maintenance costs. Its property arm aims to play a significant role in Daxing's development, but most of BCG's capital remains at its market-driven business, including property development, water treatment and supply business. Weak Property Sales, Cash Flow: The property business, operated by Beijing Capital City Development Group Co., Ltd. (BCCD, BBB-/Negative), accounts for about half of BCG's capital employed and weighs significantly on BCG's SCP. Fitch projects BCCD's sales to decrease by 20% in 2025 and an additional 5% in 2026. BCCD is likely to sustain Fitch-defined negative OCF of CNY3 billion-4 billion annually from its market-driven operations due to expected continued weak sales and minimal land acquisitions, constraining its financial and operational flexibility. Asset Monetisation to Fund Shortfalls: BCG holdco and BCCD have a cash requirement of CNY 4 billion-5 billion per year due to BCCD's CNY3 billion-4 billion OCF shortfall and the holdco's about CNY2 billion in annual interest obligations, with around half covered by dividends from key subsidiaries and major joint ventures. BCG plans to address this through asset monetisation. Fitch estimates cash flow from asset monetisation will be sufficient to cover operating expense and interest payments at BCG holdco and BCCD for 2024 and 2025. However, there is less visibility beyond 2026 regarding the pace and sustainability of the asset monetisation effort. BCG is formulating a comprehensive plan in collaboration with the government, which Fitch expects to provide clarity by end-2025. Resilient Environment Business: Fitch expects the EBITDA net leverage of BCG's environmental subsidiary, Beijing Capital Eco-Environment Protection Group Co. Ltd. (Capital Eco), to remain at about 7x over the next two years, driven by low single-digit revenue growth, stable margins, controlled capex and limited working-capital pressure. Capital Eco generated OCF of CNY2 billion in 2024 and CNY1.2 billion in 2023, which includes around CNY4 billion annually in working-capital outflow due to increasing receivables from the government. Fitch estimates that support from government special bonds to facilitate the payment of receivables will help Capital Eco's OCF cover most of its reduced capex. Stable Infrastructure Operations: The infrastructure segment has been receiving strong policy support. Fitch estimates the segment's net leverage will remain low at below 3.5x as Fitch expects new subway lines to start operating with higher government subsidies and BCG to control capex. Chinastar Rating Notched Down: BCG's guarantee of Chinastar's legal obligations fell to 21% after BCCD's issuance of USD950 million in notes. The ratio may rise to 24% after repayment of USD188 million in notes in January 2026, but this remains closer to the lower end of the 20%-50% range for a 'Medium' legal incentive, driving the 'Low' score. The operational incentive is 'High', as Fitch believes BCG will keep the offshore funding channel active. The two companies are fully integrated. Peer Analysis The five-notch uplift on BCG's IDR from its SCP is the same as that for Beijing Capital Development Holding (Group) Co., Ltd. (BCDH, BBB-/Negative, SCP: b), which has the same GRE assessment scores. BCG, similar to BCDH, has large exposure to the property development business. BCG performs policy roles in the development of primary land, social housing and rental housing, as well as through its water treatment, environmental protection and infrastructure businesses, while BCDH is the sole platform for taking over municipal state-owned enterprises' non-commercial assets and mandated by the government to lead the city's old-town renovation. Fitch regards the two entities as equally important to Beijing SASAC and expect similar government support. BCG's 'b' SCP encompasses the credit risk from its self-sufficient environmental-protection, infrastructure and financial-service segments, as well as the highly leveraged property business. The SCP also considers the large debt balance at BCG holdco and high interest payment burden from both the holdco and BCCD. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Assumptions used in the rating case for BCCD are used in BCG's rating case. - Beijing MTR: revenue to increase by 10% in 2024 and 2025 based on the operational timetable of new lines provided by the company. Capex of CNY1 billion per annum in 2024 and 2025. - Capital Eco: revenue to rise by a low single-digit percentage in 2025 on lower construction revenue for waste treatment build-operate-transfer projects, while other segments' growth will be at a lower rate due to slower capacity expansion. Capex to stay at the 2024 level. No material increase in trade receivables from 2025 due to support from the local government's special bond programmes. RATING SENSITIVITIES BCG: Factors that could, individually or collectively, lead to negative rating action/downgrade: - Material delay in asset monetisation, leading to insufficient cash flow to cover operating expense and interest payment, or continued increase in net debt at BCG holdco and BCCD; - Material increase in cash outflow from land acquisitions or M&A; - Weaker likelihood of support from the Beijing municipality. Factors that could, individually or collectively, lead to positive rating action/upgrade: - The Negative Outlook on BCG's IDR may be revised to Stable if the negative sensitivities are not met. Chinastar: Factors that could, individually or collectively, lead to negative rating action/downgrade: - A downgrade in BCG's IDR. - A perceived weakening in BCG's incentives to support Chinastar. Factors that could, individually or collectively, lead to positive rating action/upgrade: - The Negative Outlook on Chinastar's IDR may be revised to Stable if BCG's Outlook is revised to Stable. Liquidity and Debt Structure BCG had CNY40 billion in total cash as of end-9M24, which fell short of short-term debt of CNY59 billion. Fitch estimates about 53% of the short-term maturities are from bank loans and the rest from capital market debt. The company has limited exposure to trust loans. Fitch believes BCG will maintain strong domestic funding access given its status as a high-profile Beijing GRE. The company had CNY170 billion in undrawn bank facilities (uncommitted) at end-2023. Dividends from subsidiaries, joint ventures and associated companies may fall short of interest payments at the holdco level. However, the risk is mitigated by BCG's potential cash inflows from the sale of social housing projects and proceeds from land sales. Issuer Profile BCG is wholly owned by the Beijing SASAC. BCG has five core businesses: water supply and treatment, and solid waste treatment; infrastructure (subway and highway construction); real estate (primary-land and secondary-property development); financial services and investments; and operation of cultural and creative projects. The first three segments account for about 95% of BCG's total revenue. 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 ----------- ------ ----- Beijing Capital Group Company Limited LT IDR BBB- Affirmed BBB- LC LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- BCG Chinastar International Investment Ltd. LT IDR BB+ Affirmed BB+ Beijing Capital Polaris Investment Co., Ltd. senior unsecured LT BBB- Affirmed BBB- INTERNATIONAL FINANCIAL: Fitch Affirms 'BB+' IDR, Outlook Negative ------------------------------------------------------------------ Fitch Ratings has affirmed Beijing Capital City Development Group Co., Ltd.'s (BCCD) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-'. Fitch has also affirmed the Long-Term Foreign-Currency IDR of BCCD's main overseas investment platform, International Financial Center Property Ltd. (IFC) at 'BB+'. The Outlook remains Negative. Fitch has also affirmed the rating on Central Plaza Development Ltd's USD3 billion medium-term note programme at 'BBB-', which is linked to BCCD's credit profile as its financing SPV. Any drawdown from the programme will be unconditionally and irrevocably guaranteed by BCCD, or guaranteed by IFC with the benefit of a keepwell and liquidity support deed and a deed of equity interest purchase undertaking by Beijing Capital Group Company Limited (BCG, BBB-/Negative). The rating on the drawdown will depend on the final issuance structure. BCCD's rating is equalised with that of its stronger parent, BCG, based on Fitch's Parent and Subsidiary Linkage (PSL) Rating Criteria. This reflects its assessment of the 'Medium' legal, 'Medium' strategic and 'High' operational incentives for BCG to provide support. BCCD's Standalone Credit Profile (SCP) is assessed at 'b-', indicating continued deterioration in contracted sales and operating cash flow. The Negative Outlook is consistent with Fitch's view on BCG, reflecting uncertainties about the pace and magnitude of business transformation. This transformation focuses on BCCD's shift away from its market-driven property business, and the group's asset-monetisation efforts. Key Rating Drivers Weak Property Sales, Cash Flow: Fitch projects BCCD's sales to drop by 20% in 2025 and 5% in 2026. With expected continued weak sales and minimal land acquisitions, BCCD is likely to sustain a negative operating cash flow (OCF, Fitch defined) of CNY3 billion-4 billion annually from its market-driven operations, constraining financial and operational flexibility. The soft sales performance is due to weak land bank quality. BCCD almost ceased land purchases since 2021, leading to a lack of new projects that fit the latest appetite of homebuyers. Asset Monetisation to Fund Shortfalls: BCG Holdco also faces approximately CNY2 billion in annual interest obligations, with around half covered by dividends from key subsidiaries and major joint ventures. This results in a cash requirement of approximately CNY4 billion-5 billion per year for BCG Holdco and BCCD, which the company plans to address through asset monetisation. Fitch anticipates that cash flow from asset monetisation will be sufficient to cover operating expenses and interest payments at BCG Holdco and BCCD for 2024 and 2025. However, there is less visibility beyond 2026 regarding the pace and sustainability of the asset-monetisation effort. BCG is formulating a comprehensive plan in collaboration with government, which Fitch expects provide clarity by end-2025. Persistently High Leverage: Fitch expects BCCD's leverage - measured by net debt/net property assets - to remain elevated at about 70% in the next two years due to weak sales and cash generation. Fitch expects the company to exercise strict control over land acquisitions as it shifts its focus to government projects. However, this strategy may lead to a shortage of new projects, with the potential to continue to pressure sales, as a large portion of BCCD's land bank is located in cities with weaker demand and oversupply. 'Medium' Legal Incentive: BCG and its offshore financing platform, BCG Chinastar International Investment Ltd. (BB+/Negative), guarantee over 30% of BCCD's total debt. In addition, BCG provides keepwell deeds on all of BCCD's offshore capital market securities, amounting to USD1.14 billion. Fitch expects BCG to continue to provide legal support to BCCD, especially after the privatisation of the subsidiary. 'Medium' Strategic Incentive: Fitch's assessment of strategic incentive considers that BCCD undertakes the parent's political role in primary-land development, social housing and long-term rental projects. BCCD also accounts for about half of BCG's total assets. Fitch sees SOE asset size as a key consideration, as it reflects the relative importance of the entity within the government and may also affect funding access. That said, Fitch assesses the growth potential of BCCD as low. 'High' Operational Incentive: Fitch believes BCCD is strongly integrated within the BCG management framework. It is 100%-owned by its parent, and BCG maintains very strong control and direct oversight of the subsidiary. BCG appoints all of BCCD's board members and key management, and guides the subsidiary's strategic and financial planning. The two entities also share the same branding. IFC One Notch Below BCCD: IFC, which is 100% indirectly held by BCCD, is rated one notch lower than BCCD based on its assessment of 'Low' legal, 'Medium' strategic and 'High' operational incentives for the parent to provide support. Its view of the legal incentive is based on its expectation that the US dollar notes guaranteed by IFC and which carry a keepwell from BCG will be repaid this July. This means IFC will no longer trigger cross-default with BCCD afterwards. BCCD has a 'Medium' strategic incentive to support IFC as it is BCCD's primary overseas investment platform. The operational incentive to support is based on IFC being an integral offshore department of BCCD that is fully managed by the parent, and BCCD's intention to keep the offshore funding channel open. Peer Analysis BCCD has weaker land bank quality, operational flexibility and financial structure than Beijing Capital Development Holding (Group) Co., Ltd. (BCDH, BBB-/Negative, SCP: b). About half of BCDH's land bank is in Beijing, compared with less than 20% for BCCD. Therefore, Fitch believes BCDH's sales and operating cash flow risks are lower than those of BCCD. BCDH's leverage of 60%-65% is lower than BCCD's 70%-75%, justifying the one-notch higher SCP. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Total sales to drop by 20% in 2025, which is wider than its 5%-10% decrease for the industry as a result of lower-quality land bank, and another 5% in 2026; - Cash-collection rate of 100% over the next two years. - Limited land purchase over the next two years (2024: nil), based on BCCD's business transformation strategy; - Construction expenditure/sales collection of about 50% over the next two years; - Cost for new borrowings at 4.0%; - Policy assets monetised in 1Q25 has been reflected in the rating case. RATING SENSITIVITIES BCCD's IDR: Factors that could, individually or collectively, lead to negative rating action/downgrade - A downgrade in BCG's IDR; - A perceived weakening in BCG's incentive or ability to support BCCD. Factors that could, individually or collectively, lead to positive rating action/upgrade - The SCP will be stabilised if the negative sensitivities are not breached. BCCD's SCP: Factors that could, individually or collectively, lead to a lower SCP: - Inability to maintain a neutral operating cash flow, after considering the proceeds from asset monetisation, in the medium term; - Evidence of weakening in funding access; Factors that could, individually or collectively, lead to a higher SCP: - The SCP will be stabilised if the negative sensitivities are not breached. IFC: Factors that could, individually or collectively, lead to negative rating action/downgrade: - Deterioration in BCCD's IDR. - A perceived weakening in BCCD's incentives to support IFC. Factors that could, individually or collectively, lead to positive rating action/upgrade: - The Negative Outlook on IFC's IDR may be revised to Stable if Fitch sees stabilisation in BCCD's IDR. Liquidity and Debt Structure Robust Funding Access: BCCD's liquidity ratio, measured by readily available cash to short-term debt (no supply-chain ABS outstanding), fell to 0.6x by end-9M24. The CNY24.2 billion short-term debt consists of CNY1.9 billion of bank loans, CNY18.2 billion of bonds/notes (including CNY5.2 billion puttable), CNY3.4 billion in ABS and CNY700 million in insurance loans. BCCD has refinanced the USD450 million notes due July 2025, and has a record of continuously accessing the domestic bond market. It issued CNY5.2 billion 3-year corporate bonds in 1Q25. Issuer Profile BCCD is a wholly owned subsidiary of industrial conglomerate, BCG, which is fully owned by the Beijing State-owned Assets Supervision and Administration Commission. 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 ----------- ------ ----- Beijing Capital City Development Group Co., Ltd. LT IDR BBB- Affirmed BBB- International Financial Center Property Ltd. LT IDR BB+ Affirmed BB+ Central Plaza Development Ltd senior unsecured LT BB+ Affirmed BB+ senior unsecured LT BBB- Affirmed BBB- JOY AIR: Halts All Flights Days Before China's May Holiday ---------------------------------------------------------- Yicai Global reports that Joy Air has suspended all passenger flights just days before China's May Day holiday, underscoring the financial and operational challenges faced by regional carriers across the country. Employees were informed after work on April 27 that all of Joy Air's flights would be grounded for the rest of this month due to operational difficulties, Yicai learned. Its website shows that all flights have been canceled for May 1, and online travel agencies show no availability beyond that date. The May Day holiday is one of China's peak travel seasons, with millions of people taking to the roads, rails, and skies to visit family, go sightseeing in the country, or travel abroad, Yicai notes. The Xi'an-based company has not yet responded to a request for comment from Yicai. According to Yicai, China's regional airlines face intense competition, not only from major carriers such as Air China and China Southern Airlines, which operate extensive domestic and international networks, but also from the country's vast high-speed rail system. They often find themselves competing with bullet trains, particularly on short-haul routes, according to industry sources. In 2023, around three-fourths of regional routes offered only one flight a day, and their average passenger load factor -- the percentage of available seats on a flight occupied by paying customers -- was six to seven percentage points below that of major routes, according to industry data. Joy Air has had several changes of ownership since being set up in 2008, Yicai says. Its current controlling entity is the city government of Xi'an. When China Eastern Airlines transferred its stake in Joy Air in September 2015, it reported that the airline had an asset-liability ratio of 110 percent and a net loss of CNY152 million (USD20.9 million) in 2014, Yicai discloses. Most regional airline passengers are residents of small and mid-sized cities whose average incomes are about half that of their peers in first-tier cities, according to Lin Zhijie, a civil aviation expert, Yicai relays. Despite this, the cost per mile of regional flights tends to be higher than on major routes. To help lower fares and attract more travelers, local governments often subsidize regional airlines, Lin said. However, this reliance on subsidies creates significant uncertainty around their financial sustainability, he added. According to Yicai's findings, of China's 46 passenger airlines, only Genghis Khan Airlines is dedicated to regional routes. Others, including Joy Air, have gradually adopted more popular routes between urban hubs. Several major airlines, such as industry leader China Southern, have already withdrawn from services between smaller cities. Joy Air Co. Ltd. operates as an airline. The Company engages in air transportation and other businesses. Joy Air Co. Ltd. operates businesses in China. SEAZEN GROUP: S&P Affirms 'B' LongTerm ICR, Outlook Negative ------------------------------------------------------------ S&P Global Ratings affirmed its 'B' long-term issuer credit ratings on Seazen Group Ltd. and subsidiary Seazen Holdings Co. Ltd. The negative rating outlook reflects S&P's view that Seazen's liquidity buffer could further narrow due to weakening property sales over the next 12 months. Seazen will likely continue to tap asset-pledged borrowings to address debt maturities in 2025-2026. The group has Chinese renminbi (RMB) 17.9 billion of outstanding bonds. These comprise RMB10.7 billion of domestic bonds and RMB7.2 billion of offshore senior notes outstanding. They accounted for about 31% of group debt as of Dec. 31, 2024. The RMB10.7 billion in outstanding domestic medium-term notes, corporate bonds, and commercial mortgage-backed securities are all asset-pledged. S&P believes the group can refinance its domestic bonds by issuing new onshore bonds with credit enhancement measures. Subsidiary Seazen Holdings issued domestic medium-term notes totaling RMB2.92 billion in 2024, with a tenor of three to five years. China Bond Insurance Co. Ltd. guarantees the notes. The group also has unsecured offshore senior notes of US$1.04 billion (RMB7.2 billion) outstanding. Of this, US$600 million will mature in 2025 and the rest in 2026. The group's main repayment source for the offshore bonds will be new asset-pledged bank loans from unencumbered assets, in S&P's view. Seazen held unencumbered malls with a value of RMB18.9 billion as of Dec. 31, 2024. The company could obtain RMB9billion-RMB10 billion of new asset-pledged loans from banks, assuming a 50% loan-to-value (LTV) ratio. Seazen had about RMB33.3 billion in asset-pledged commercial property bank loans as of end-2024, with an average LTV ratio of about 40%. This low LTV ratio was due to the annual amortization of the principal of existing loans. New commercial property loans the company secured in 2024 had an average LTV ratio of about 50%. Seazen may be able to obtain RMB8 billion-RMB9 billion of additional financing if it can raise the LTV ratio of its already pledged properties by 10 percentage points to about 50%, in S&P's assessment. The satisfactory performance of Seazen's shopping malls underpins their quality for asset-pledged financing. Same-store sales for the company's shopping malls were up 9% at end-2024. Occupancy was 98.0%, up from 96.5% in December 2023. Despite their locations in lower-tier cities, rental income from these malls steadily increased in the past three years. S&P expects Seazen's rental income to increase by 5%-10% in 2025. The drivers will be organic growth and new mall openings in 2024. Rising rental income and declining construction costs could support operating cash flow. Seazen's project delivery cycle has peaked, in S&P's opinion. The company completed 126 projects with a gross floor area of 15.3 million square meters in 2024, down from 20.2 million sqm in 2023. S&P estimates it will complete less than half the 2024 level in 2025. This will lower construction costs by 45%-50%. Overall operating cash flow in 2025 should be slightly positive. Growth in rental income and lower construction costs will drive this. Contracted sales could decline further in 2025 as salable resources shrink. Due to a lack of land acquisitions, Seazen's land bank shrank to 31.4 million sqm by end-2024 from 64 million sqm at end-2021. About 42% of the land bank is in lower-tier cities outside the Yangtze River Delta. S&P believes it will generate minimal sales over the next 12 months due to weak demand in these cities. Seazen's contracted sales could decline to RMB22 billion-RMB23 billion in 2025, from RMB40.7 billion in 2024 and RMB70.9 billion in 2023. Contracted sales were RMB5.1 billion in the first quarter of 2025, down 57.3% year on year. This was below the industry average decline. Seazen's debt-to-EBITDA ratio could rise to 6x-7x in 2025-2026, from 4x in 2024. The increase mainly reflects a changing revenue mix over the next two years. While higher contributions from the high-margin rental business may lift the company's overall EBITDA margin to 18%-19% in 2025 and 21%-23% in 2026 from 16.9% in 2024, revenue could decline by 40%-45% in 2025 and 20%-25% in 2026. The decline reflects lower property development sales in the past few years. The net impact will be lower EBITDA over the next two years. S&P said, "Our rating on Seazen Holdings will move in tandem with that on its parent. This is given we deem Seazen Holdings a core subsidiary of Seazen. Seazen Holdings is listed in mainland China. The company holds all the property development and commercial property operations of the group. "The negative outlook on Seazen reflects our view that the company's contracted sales could weaken over the next 12 months due to a prolonged market downturn. The company's liquidity buffer could further narrow. "At the same time, we expect Seazen's rental income to be stable and the company to have access to funding by pledging its commercial properties. That will partly mitigate its refinancing risks." The ratings and outlook on Seazen Holdings will move in tandem with those on Seazen. S&P said, "We may lower the rating if Seazen's liquidity weakens further. This could happen if the company's property sales or growth in rental income are materially below our expectation, leading to net operating cash outflow for a prolonged period or significant cash depletion. "We may also downgrade Seazen if it fails to draw down new loans by pledging its shopping malls. We believe this will be its main source of funding to address debt maturities over the next 12 months. "We may revise the outlook back to stable if Seazen maintains sufficient liquidity sources to cover its repayment needs. That requires the generation of positive operating cash flow and the company's ability to secure smooth funding through various channels to settle debt maturities, including new financing by pledging its malls." ZHAOJIN MINING: Fitch Alters Outlook on 'BB+' LongTerm IDR to Neg. ------------------------------------------------------------------ Fitch Ratings has revised the Outlook on China-based Zhaojin Mining Industry Company Limited's Long-Term Issuer Default Rating (IDR) to Negative from Stable, and has affirmed the IDR and senior unsecured rating at 'BB+'. Zhaojin Mining's ratings are derived from Fitch's internal assessment of the credit profile of its immediate parent, Zhaojin Group Company Limited, under its Parent and Subsidiary Linkage Rating Criteria, based on high strategic and operational incentives for the parent to support the subsidiary. Zhaojin Group is effectively 90% owned by China's Zhaoyuan municipality and Fitch assesses its creditworthiness based on its Government-Related Entities Rating Criteria. The Outlook revision is based on Fitch's internal credit reassessment of Zhaoyuan municipality's outlook. Key Rating Drivers Parent's Strong State Linkage: Fitch assesses Zhaojin Group's decision-making and oversight as 'Strong'. The group is 90% owned by the Zhaoyuan government, which maintains a high level of control over its management appointments, strategy and operations. However, Fitch assesses support precedents as 'Not Strong Enough' as the group has received regular financial subsidies from the municipality, but its financial profile remains weak. 'Strong' Support Incentive, Contagion Risk: Fitch assesses the government's incentive to provide support as 'Strong'. Zhaojin Group is Zhaoyuan municipality's largest state-owned entity and the largest gold producer in a city where gold is a major economic contributor. The group accounts for over 60% of Zhaoyuan's gold processing capacity and its entire gold refining capacity. Fitch assesses the contagion risk following a default by the group as 'Very Strong', as Fitch believes Zhaojin Group is seen as a reference issuer of the government in the financing market. The group accounts for around 60% of total assets and 80% of total debt, and contributes close to 60% of the total revenue of the municipality's enterprises. Zhaojin Group is also the city's major debt issuer with publicly listed subsidiaries, and its default could significantly disrupt the ability of other regional government-related entities to raise funds in the capital market. 'Strong' Parent-Subsidiary Linkage: Zhaojin Mining is 34% owned by Zhaojin Group and holds most of the group's core mining assets. It accounts for over 90% of Zhaojin Group's EBITDA. Fitch believes the group has a 'High' operational and strategic incentive to support Zhaojin Mining, although the legal incentive is 'Low' due to the lack of debt guarantees from the parent. A group guarantee has so far not been required for Zhaojin Mining's financing activity. Acquisitions Drive Growth: Zhaojin Mining has been expanding its footprint outside China with its 2024 acquisitions, in line with the company's long-term "Double H" strategy to allocate resources "half in China, half outside China". Fitch expects the new acquisitions to increase annual gold output by around 5 tonnes. Fitch does not expect aggressive M&A activity in 2025-2027 as management has indicated caution towards acquisitions. However, Fitch would view any larger-than-expected debt-funded investment as an event-driven risk that could pressure the company's financial flexibility and weigh on its credit profile. Strong Profitability: Fitch expects Zhaojin Mining to maintain an EBITDA margin of over 40% in 2025-2027 on the back of elevated gold prices. Its strong profitability also stems from its high-quality assets, which are in the lower quartiles on the global cost curve. Zhaojin Mining has kept its EBITDA margin over 30% in the past few years despite cycles of high electricity and mining costs. Improved Leverage, Comfortable Coverage: Fitch reassessed Zhaojin Mining's Standalone Credit Profile, which is mostly constrained by its leverage, at 'bb-' from 'b+'. EBITDA net leverage dropped to 5.8x in 2024, from 7.5x in 2023, and Fitch expects it to fall to around 4.0x in the medium term given strong gold prices and increasing volumes. EBITDA interest coverage rose to 4.7x in 2024 (2023: 3.2x) and Fitch expects it to further improve to above 6.0x in the forecast period, supported by high profitability and low funding costs. Peer Analysis Zhaojin Mining's rating is derived from the credit profile of Zhaojin Group, based on the strong linkage between the two entities under Fitch's Parent and Subsidiary Linkage Rating Criteria. Zhaojin Group's profile is notched from Fitch's internal assessment of Zhaoyuan municipality's credit profile under its Government-Related Entities Rating Criteria, due to the high likelihood of support from the local government. Zhaojin Group's relationship with its parent is similar to that of steel producer HBIS Group Co., Ltd. (BBB+/Stable) with the Hebei State-owned Assets Supervision and Administration Commission (SASAC). HBIS is the largest state-owned enterprise under the Hebei SASAC, accounting for 30%-40% of total assets. Steel is a major economic driver for Hebei province, similar to gold's importance to Zhaoyuan, where Zhaojin Group is the largest gold miner. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer - Revenue increases from CNY14 billion in 2025 to CNY16 billion in 2027 as a result of acquisitions and the ramp-up of Haiyu mine; - EBITDA margin of over 40% in 2025-2027, supported by increasing volumes and a low-cost position; - Capex of CNY2.2 billion on average in 2025-2027. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - A downward revision of Fitch's internal assessment of the creditworthiness of Zhaoyuan - Weakening likelihood of support from the Zhaoyuan government - Weakening linkages between Zhaojin Mining and Zhaojin Group Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - The Outlook will be revised to Stable if Fitch's internal assessment of the outlook on the creditworthiness of Zhaoyuan is revised to Stable - Increase in the likelihood of support from the Zhaoyuan government Liquidity and Debt Structure Zhaojin Mining had around CNY26 billion in unused credit facilities and CNY2.3 billion in cash as of end-2024, against CNY10 billion in short-term debt. The credit facilities are uncommitted, but Fitch believes they are adequate, as committed facilities are uncommon in China. Zhaojin Mining's cash to short-term debt ratio has been low for the past four years. However, the company was able to continuously refinance its short-term debt and had sufficient unused credit facilities. Chinese state-owned enterprises generally rely heavily on short-term financing due to their cheaper funding costs. Therefore, Fitch believes the company's liquidity is adequate. Zhaojin Mining also has access to offshore equity markets and domestic and offshore bond markets, and maintains satisfactory relationships with major domestic financial institutions. Issuer Profile Zhaojin Mining is the largest gold miner in the city of Zhaoyuan in the east of Shandong province. It is mainly engaged in the exploration, mining, processing, smelting and sale of gold. Public Ratings with Credit Linkage to other ratings Zhaojin Mining's ratings are derived from its internal assessment of the credit profile of its immediate parent, Zhaojin Group, under its Parent and Subsidiary Linkage Rating Criteria. 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 ----------- ------ ----- Zhaojin Mining Industry Company Limited LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ ========= I N D I A ========= ACCURARCH ACRYLICS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Accurarch Acrylics Private Limited Door No. 5, Building No. 638, Ward No. 3. Plot No. 32, Kinfra Park, Nalukettu Road, K, Infra Park, Thrissur, Koratty, Kerala, India 680309 Insolvency Commencement Date: April 9, 2025 Court: National Company Law Tribunal, Kochi Bench Estimated date of closure of insolvency resolution process: October 6, 2025 Insolvency professional: Rajmohan R Interim Resolution Professional: Rajmohan R Rajbhavan, Krishnapuram St No 6, HS 175A & 514-12/1, Ollukkara (PO), Thrissur 680655 Email: rajmahanip@gmail.com Last date for submission of claims: April 23, 2025 ANSAL PROPERTIES: NCLAT Gives Relief to Ansal API Homebuyers ------------------------------------------------------------ Hindustan Times reports that the National Company Law Appellate Tribunal (NCLAT) on April 25 gave relief to homebuyers in Ansal API case through its interim order restraining the Interim Resolution Professional (IRP) from inviting expressions of interest as Form G hasn't been issued. The tribunal also allowed the intervention applications of the Lucknow Development Authority (LDA) and other development authorities, UP RERA, Housing Board and homebuyers. It directed them to file affidavit in support of their case within two weeks. The tribunal allowed the IRP to verify claims of creditors in accordance with the CIRP Regulations, 2016. The IRP was appointed to evaluate Ansal API Group's projects in Lucknow, Noida and other cities. In Lucknow, buyers of the group's major project, Sushant Golf City, started protesting after the group was declared bankrupt. Form G is a key document used to formally announce the commencement of the resolution process and to invite potential resolution applicants to submit their plans. Without the form being issued, the IRP cannot officially invite expressions of interest from potential resolution applicants. This means that potential investors or companies looking to submit resolution plans for the Ansal API cannot do so until Form G is officially issued by the IRP. The tribunal fixed May 20 as the next date of hearing. Ansal API had filed a 48-page petition in the NCLT, declaring itself bankrupt, on February 25 this year. NCLT declared Ansal Group insolvent and appointed an Interim Resolution Professional (IRP). Investors, who had been waiting for their plots for 12 to 15 years, were taken aback by the decision. Since then, protests have erupted, with affected homebuyers opposing the decision. The LDA and a group of 33 investors of Ansal Properties Infrastructure Limited had filed an appeal in the NCLAT against the decision of the NCLT to declare Ansal Properties Infrastructure Limited bankrupt. About Ansal Properties Ansal Properties and Infrastructure Ltd is engaged in real estate development in North India (in states of Delhi, Haryana, Punjab, Rajasthan and Uttar Pradesh). The company is a part of API group engaged in real estate development with wide range of business verticals, viz, integrated townships, Condominiums, group housing, commercial, retail, hospitality, special economic zones, information technology parks, and facility management. The National company law tribunal (NCLT) has admitted Ansal Properties and Infrastructure (Ansal API) into insolvency proceedings after the company was unable to defend itself against a petition filed by IL&FS Financial services, as per a court order on Feb. 25, 2025. The tribunal appointed Navneet Kumar Gupta as the company's interim resolution professional. ARBIND COLD: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Arbind Cold Storage Private Limited (ACSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.19 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 27, 2024, placed the rating(s) of ACSPL under the 'issuer non-cooperating' category as ACSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ACSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 10, 2025, February 20, 2025, March 2, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Arbind Cold Storage Private Limited (ACSPL), incorporated in the year 2008, is a Samashtipur (Bihar) based company, promoted by the Mr. Amar Kumar, Mrs. Anupama Rani and Mrs. Indu Devi. It is engaged in the business of providing cold storage services to potato growing farmers and potato traders, having an installed storage capacity of 90,000 quintals in Samashtipur district of Bihar. The company is also engaged in trading of potato which contributed around 43% of total operating income during FY19. Mr. Amar Kumar (Director) looks after overall management of the company. Mr. Amar Kumar has more than two decades of experience in cold storage business and is supported by a team of experienced professionals who have rich experience in the same line of business. BADRI KEDAR: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Shri Badri Kedar Papers Private Limited Registered Address: Badrinath Marg, Kotdwara, Uttarakhand - 246149 Address at which the books of account are kept: 5 KM Nagina Road, Village Sikandarpur Basi, Najibabad, Bijnor, Uttar Pradesh - 246763 Insolvency Commencement Date: April 16, 2025 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: October 13, 2025 Insolvency professional: Rakesh Verma Interim Resolution Professional: Rakesh Verma H.No.1099, Vikas Kunj, Vikas Puri, Delhi - 110018 Email: rverma@ravkassociates.com -- and -- Flat no 954, Vikas Kunj, Vikas Puri, New Delhi - 110018 Email: badrikedar.cirp@gmail.com Last date for submission of claims: May 4, 2025 COLOUR ROOF: JSW Steel Unit Wins Bid to Acquire Company ------------------------------------------------------- ETLegalWorld reports that JSW Steel Coated Products Limited (JSWSCPL), a wholly-owned subsidiary of JSW Steel, has received a letter of intent from the resolution professional of Colour Roof (India) Limited, indicating its successful bid in the corporate insolvency resolution process (CIRP). The committee of creditors approved JSWSCPL's resolution plan, declaring the company the successful resolution applicant. ETLegalWorld relates that the completion of the transaction in contingent upon receiving the necessary approval from the National Company Law Tribunal (NCLT), Mumbai. JSWSCPL has submitted its resolution plan for Colour Roof India on July 1, 2024, which was subsequently amended on April 18, 2025. Colour Roof India entered CIRP under Section 7 of the Insolvency & Bankruptcy Code, 2016, following a petition filed by Phoenix Arc Private Limited concerning an outstanding debt of INR23.41 crore under an inland bill purchase account facility. According to ETLegalWorld, JSWSCPL emerged as the successful bidder from a pool of 24 eligible prospective resolution applicants (PRAs). Other PRAs included AM Mining India Private Limited, La Tim Metal & Industries Ltd, and consortiums such as Arcade Casters & Nand Kishore Agarwal, One City Infrastructure Pvt. Ltd & Aksum Trademart Pvt. and Resurgent Property Ventures Private Limited & Sanjay Lodha. Colour Roof (India) Limited engages in the manufacturing of asphalt felts and coatings. ENCANA INTERNATIONAL: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Encana International (EI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 6.45 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 10, 2024, placed the rating(s) of EI under the 'issuer non-cooperating' category as EI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 24, 2025, March 6, 2025 and March 16, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Encana International (EI) was established in March 2014 as a partnership firm by Mr. Mohit Malhotra and Mr. Sukhmilap Singh. However, the commercial operations started in December 2014. Later, in FY17, Mr. Vishal Todi was added as third partner. All the partners are sharing profit and losses equally. EIN is engaged in the manufacturing and flexographic printing of selfadhesive labels at its manufacturing unit located in Solan, Himachal Pradesh. EXPAT ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Expat Engineering India Limited (EEIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 13.50 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 April 12, 2024, placed the rating(s) of EEIL under the 'issuer non-cooperating' category as EEIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EEIL continues to be non-cooperative despite repeated requests for submission of information through emails dated February 26, 2025, March 8, 2025, March 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: Stable Expat Engineering India Limited (EEIL) was originally a division of Expat Properties India Limited, established in 1999 and part of the Expat Group. Later in 2007, this division demerged into a separate entity, EEIL. This restructuring was done to expand the operations for construction of residential buildings other than the group projects. EEIL, promoted by Mr. Santosh Balakrishna Shetty and several others, is engaged in executing contracts for land & infrastructure development and construction of residential & commercial buildings for projects belonging to the Expat group as well as others. FUTURE ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Future Enterprises Limited (FEL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1,175.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 602.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 325.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 100.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 358.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 50.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 300.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 265.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 327.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 332.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 150.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 425.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 92.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Fixed Deposit 700.00 CARE D; ISSUER NOT COOPERATING Rating continues to remain under ISSUER NOT COOPERATING category CARE Ratings Limited (CARE Ratings), vide its press release dated April 25, 2024, had reviewed the rating of FEL under the 'issuer not-cooperating' category as the company had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its rating agreement. The company continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 11, 2025, March 21, 2025, March 31, 2025, and April 4, 2025, among others. In line with extant Securities and Exchange Board of India (SEBI) guidelines, CARE Ratings has reviewed the rating on the basis of the best available information which however, in CARE Ratings' opinion is not sufficient to arrive at a fair rating. Detailed description of key rating drivers: Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). At the time of last rating on April 25, 2024, the following was the rating weakness (updated for information available from stock exchange): There are continuing delays in debt servicing. The Mumbai bench of the National Company Law Tribunal (NCLT), on March 8, 2023, directed initiating the corporate insolvency resolution process (CIRP) against FEL, admitting a plea filed by an operational creditor. Since then, the timelines for concluding CIRP have been extended with NCLT approval, and no resolution plan has been approved by the Committee of Creditors (CoC). In December 2023, an expression of interest (EoI) has been invited from prospective resolution applicants to submit applications for taking over the cluster(s) of assets formed but not allowed to choose selective asset(s) from any cluster(s). A list of prospective resolution applicants has been published on January 25, 2024, on the exchange. Multiple CoC meetings have been held for consideration of resolution plan. As per intimation on BSE dated March 25, 2025, 32nd CoC meeting was proposed to be held on March 26, 2025. Erstwhile Future Retail Limited (FRL) has been renamed as Future Enterprises Limited (FEL) and houses the physical assets (store formats of erstwhile FRL and Bharti Retail Limited including all the infrastructure assets situated in the stores) apart from strategic investments in various companies. The company also manufactures and trades men's wear, women's wear, and kids' wear in the denim segment. FEL is also the holding company for the Future group's various other businesses. FUTURE RETAIL: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Future Retail Limited (FRL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3,778.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2,500.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 199.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 100.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings), vide its press release dated April 25, 2024, had reviewed the rating of FRL under the 'issuer-not-cooperating' category as the company failed to provide information for monitoring of the ratings and had not paid the surveillance fees for the rating exercise as agreed to in its rating agreement. The company continues to be noncooperative, despite repeated requests for submission of information through e-mails dated March 11, 2025, March 21, 2025, March 31, 2025, and April 4, 2025, among others. In line with the extant SEBI guidelines, CARE Ratings has reviewed the rating based on best available information, which, however, in CARE Ratings' opinion is not sufficient to arrive at a fair rating. Detailed description of key rating drivers: Users of this rating (including investors, lenders, and the public at large) are hence requested to exercise caution while using the above rating(s). At the time of last rating on April 25, 2024, the following was the rating weakness (updated for information available from stock exchange): * Delays in servicing debt obligation: There are continuing delays in debt servicing. The Mumbai bench of the National Company Law Tribunal (NCLT) on July 20, 2022, directed initiating CIRP against FRL, admitting a plea filed by a lender and a resolution professional was appointed. After rounds of invitation of resolution applications, on April 23, 2023, some prospective resolution applicants submitted their applications. As per intimation on stock exchange, last date to complete CIRP was extended till September 30, 2023, with approval from NCLT. On November 9, 2023, RP filed an application with NCLT for initiation of liquidation proceedings of the company. Future Retail Limited has been admitted for liquidation by the NCLT vide its order dated July 29, 2024, and a liquidator has been appointed. Analytical approach: Standalone FRL is the flagship company of the Future Group (one of India's leading retailers) and is engaged mainly in home and electronics retailing and value retailing. The company operated Big Bazaar, Easy Day, Foodhall and other small format stores. As on March 31, 2021, FRL operated 1,308 stores with retail space of 15.69msf. GONDIA EDUCATION: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Gondia Education Society (GES) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 19, 2024, placed the rating(s) of GES under the 'issuer non-cooperating' category as GES had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GES continues to be non-cooperative despite repeated requests for submission of information through emails dated March 5, 2025, March 15, 2025 and March 25, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Gondia Education Society (GES) was established on December 8, 1958. The society was formed by Late Shri Manoharbhai Patel in the region of Bhandara and Gondia district of Maharashtra. Currently, the society is managed by its president Mrs. Varsha Prafulbhai Patel who has around 20 years of experience in the field of education. GTN TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of GTN Textiles Limited (GTL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.43 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 58.30 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 13, 2024, placed the rating(s) of GTL under the 'issuer non-cooperating' category as GTL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GTL continues to be non-cooperative despite repeated requests for submission of information through emails dated December 29, 2024, January 8, 2025, January 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 GTN Textiles Limited (GTL) (ISIN Number: INE302H01017) is part of Kerala-based GTN-BKP (GTN-BK Patodia) having its production facilities in the state of Kerala. The primary business activity of GTL is production and sale of cotton yarn. GTL had a capacity of 56,848 spindles which includes 34,896 compact spindles and 21,952 ring spinning as on March 31, 2018. The company produces fine and super fine counts of cotton yarn in the range of 40s to 140s. HOSPITALITY EDUCATION: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Hospitality Education Services International (HESI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 11.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 10, 2024, placed the rating(s) of HESI under the 'issuer non-cooperating' category as HESI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HESI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 24, 2025, March 6, 2025 and March 16, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Hospitality Education Services International (HESI) was established in 2002 by Mr. Rohit Bhatia as a proprietorship firm to provide education in hotel management. HESI are running its institutes under the brand name of RIG Institute of Hospitality & Management since 2007. HESI are also engaged in providing consultancy to various hospitality management colleges like Hotel and Tourism Management Institute (HTMi), Switzerland. HES have campuses at three locations that is Greater Noida, Dwarka and Rohini. The courses offered by HES are specifically designed for hotel management and recognized by Indira Gandhi National Open University (IGNOU). HYQUIP SYSTEMS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Hyquip Systems Limited (HSL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.68 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 27.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 17, 2024, placed the rating(s) of HSL under the 'issuer non-cooperating' category as HSL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HSL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 3, 2025, March 13, 2025, March 23, 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 HSL was incorporated in 1984, and it is the flagship company of the Hyderabad-based Hyquip group. HSL is primarily engaged in the designing and manufacturing of material handling system and also has interests in flow control equipment and industrial automation. Mr K B K Reddy, the founder promoter of the Hyquip group has well over three decades of experience in the material handling equipment industry. HYQUIP TECHNOLOGIES: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Hyquip Technologies Limited (HTL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.14 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.30 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 17, 2024, placed the rating(s) of HTL under the 'issuer non-cooperating' category as HTL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HTL continues to be non-cooperative despite repeated requests for submission of information through emails dated March 3, 2025, March 13, 2025, March 23, 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 The company was incorporated in the year 2003 under the name Hyquip Exports Limited as a part of the Hyquip group, primarily established for exporting municipal solid waste management processing equipments manufactured by the associate concerns. Later in 2006, the company changed the name of the company to Hyquip Technologies Limited (HTL). HTL developed clean and green technologies for recycling of Municipal Solid Waste (MSW), conversion of MSW into compost, Refused Derived Fuel Facility (RDF), power from waste and also generation of power from biomass. KAMLA RICE: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kamla Rice and General Mills (KRGM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 12, 2024, placed the rating(s) of KRGM under the 'issuer non-cooperating' category as KRGM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KRGM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 26, 2025, March 8, 2025 and March 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 Kamla Rice and General Mills (KRGM) was established as a proprietorship concern in 1994 and it is currently being managed by Mr. Vipin Goyal. The firm is engaged in processing of paddy at its manufacturing facility located in Karnal, Haryana. KISAN UDYOG: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Kisan Udyog (KU) 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 April 19, 2024, placed the rating(s) of KU under the 'issuer non-cooperating' category as KU had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KU continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 5, 2025, March 15, 2025 and March 25, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Kisan Udyog (KU) based out of Nagpur, Maharashtra is a proprietorship concern promoted by Mr. Rameshkumar Sitaram Agarwal was established in the year 1996. The entity is engaged in the business of processing of pulses at its processing facility located at Nagpur, Maharashtra. MARUTI GRANITES: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Maruti Granites and Marbles Private Limited (MGMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 10, 2024, placed the rating(s) of MGMPL under the 'issuer non-cooperating' category as MGMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MGMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 24, 2025, March 6, 2025, March 16, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Maruti Granites and Marbles Private Limited (MGMPL), incorporated in 1987, is promoted by Udaipur (Rajasthan) based Rajgarhia family. MGMPL is engaged in the business of marble processing with its processing facility located at Sukher, Udaipur, Rajasthan having processing capacity of 2,00,000 sq ft per month to process marble slabs and tiles. The company procures marbles slabs and tiles from domestic market including purchase from its group concern and imports from Italy and Turkey. It sells its product in domestic market as well as export to other countries. METROPOLE VINIMAY: CARE Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Metropole Vinimay Private Limited (MVPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 26.50 CARE B+; Stable; ISSUER NOT Facilities COOPERATING Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 19, 2024, placed the rating(s) of MVPL under the 'issuer non-cooperating' category as MVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 5, 2025, March 15, 2025, March 25, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of MVPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Varanasi, Uttar Pradesh based Metropole Vinimay Private Limited (MVPL) was incorporated in March, 2007. The company started its commercial operations from February, 2017. It is currently managed by Mr Ajay Kumar Agrawal and Mr Madan Lal Agrawal. The company is engaged in the extraction of edible rice bran oil from crude oil in its refinery located in West Bengal with an installed solvent extraction capacity of 100 tonnes per day of rice bran oil as on June 22, 2018. MVPL has a group associate, Rosemerry Solvent Private Limited (RSPL) (incorporated in December, 2008; engaged in extraction of rice bran oil). MOON DIAMONDS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Moon Diamonds (MD) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.00 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 April 23, 2024, placed the rating(s) of MD under the 'issuer non-cooperating' category as MD had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MD continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 9, 2025, March 19, 2025 and March 29, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Established in 1999 as a partnership firm, Moon Diamonds (MD) is managed by Mr. Ummedmal Dugar, and Mrs. Saroj Dugar. Mr. Ummedmal Dugar along with Mrs. Saroj Dugar primarily looks into the sales, strategy and overall operations of the firm along with Mr. Anand Dugar who is responsible for the processing functions. The firm is engaged in the import of rough diamonds and export of cut and polished diamonds of various sizes. The firm has two fully owned factories situated at Dahisar & Goregaon, Mumbai. The firm is primarily involved in processing of the diamonds on a job work basis. OMEGA ENTERPRISES: CARE Lowers Rating on INR6.96cr LT Loan to C --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Omega Enterprises (OE), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.96 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B-; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 15, 2025, placed the rating(s) of OE under the 'issuer non-cooperating' category as OE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 22, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of OE have been revised on account of non-availability of requisite information. The revision also factors in delays in repayment of dues to operational creditor as recognized from pre-litigation notice issued by the operational creditor. Analytical approach: Standalone Outlook: Stable Established in 1995, Omega Enterprises (OE) as a proprietorship entity which is being managed by Mr. Pandra Ramiah Thevar. The entity provides wide range of services namely, cargo handling services of export & import consignments, car park business at airports, ground handling (equipment's & manpower), Vehicular maintenance workshop and cleaning services at different airports. The firm has offices at 7 different locations across India with head office at Mumbai. OMRV HOSPITALS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of OMRV Hospitals Private Limited (OHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.14 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 17, 2024, placed the rating(s) of OHPL under the 'issuer non-cooperating' category as OHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 3, 2025, March 13, 2025 and March 23, 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 OMRV Hospitals Private Limited (OHPL) was incorporated in 2011, promoted by Dr Govind Verma (Managing Director). The hospital is functioning by the name 'PACE Hospital' in Hyderabad. The hospital is specialized in 'Gastroenterology and Kidney care'. The hospital provides diagnostic, outpatient, surgery and inpatient services to the customers. OHPL is accredited by National Accreditation Board for Hospitals & Healthcare Providers (NABH) which grants hospitals certifications based on various quality standards and processes followed by hospitals. OHPL is managed by a team of experts from all related fields like Gastroenterology, Urology, Vitreo Retina and Liver Transplant Surgery. QUADROS AUTOMARK: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Quadros Automark Private Limited (QAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.68 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 19, 2024, placed the rating(s) of QAPL under the 'issuer non-cooperating' category as QAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. QAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 5, 2025, March 15, 2025 and March 25, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable QAPL incorporated in the year 2012 and is authorized dealer for Renault India Private Limited (Renault) and covers the south Goa region. QAPL is promoted by Mr Evencio Quadros and Mr Ramchandra Shirodlar and are first generation entrepreneurs. QAPL being an authorised dealer for Renault, also provides its spares and services by virtue of being a '3-S' dealer. However, QAPL has surrendered the dealership of Renault India Private Limited (Renault) and acquired the dealership of Hyundai Motors. R.L.GOENKA SPICECHEM: Voluntary Liquidation Process Case Summary ---------------------------------------------------------------- Debtor: R.L.Goenka Spicechem Private Limited 28, Armenian Street, Kolkata, West Bengal, India, 700001 Liquidation Commencement Date: April 15, 2025 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Niraj Kumar Agrawal Swastik, 334/157, Jessore Road, F No-3H, Kolkata - 700089 Email: rlg.vl.2025@gmail.com No: 9830016006 Last date for submission of claims: May 15, 2025 RADHEY GOVIND: CARE Lowers Rating on INR8cr LT Loan to B -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Radhey Govind Steel and Alloys Private Limited (RGSAPL), as: 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 and Downgraded from CARE B+; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 27, 2024, placed the rating(s) of RGSAPL under the 'issuer non-cooperating' category as RGSAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RGSAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 10, 2025, February 20, 2025, March 2, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of RGSAPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Incorporated in October 2004, Radhey Govind Steel And Alloys Private Limited (RGSAPL) was promoted by Mr. Ritesh Agrawal, Mr. Nikhil Agrawal and Mr. Chanchal Kumar Sahoo based out of Raigarh, Chhattisgarh. The company has been engaged in manufacturing of mild steel ingots and billets. The manufacturing unit of the company is located at Punjipathra, Raigarh, Chhattisgarh with an installed capacity of 30000 metric tons per annum (MTPA). Further, the entity has availed the moratorium for interest on working capital under the terms of recent RBI circular. RAVINDRA RICE: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ravindra Rice and General Mills (RRGM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 17, 2024, placed the rating(s) of RRGM under the 'issuer non-cooperating' category as RRGM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RRGM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 3, 2025, March 13, 2025, March 23, 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 Ravindra Rice and General Mills (RRGM) got established in 1998 as a partnership firm and are currently being managed by Mr. Ravinder Kumar Girdhar and Mr Sanjeev Kumar Girdhar. RRGM is engaged in the processing of paddy at its manufacturing facility located at Fazilka (Punjab). The firm is also engaged in milling for various government entities like PUNSUP, Pungrain, etc. S. S. NATH: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of S. S. Nath & Company (SSNC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 12, 2024, placed the rating(s) of SSNC under the 'issuer non-cooperating' category as SSNC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSNC continues to be non-cooperative despite repeated requests for submission of information through emails dated February 26, 2025, March 8, 2025 and March 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 SSNC, constituted as a partnership firm in 1974 is currently being managed by Mr Rajnish Jain, Mr Manish Jain, Ms Aarti Jain, Ms Pooja Jain and Mr Satpal Jain (sharing profit and loss equally). The firm is engaged in operating multi-brand readymade garments showrooms in Chandigarh, Mohali and Panchkula under the brand name of 'Meena Bazaar' and 'Aliyana'. All the showrooms are currently engaged in the retail trade of readymade garments and houses renowned brands of men's, kids and women's wear like Tommy Hilfiger, Reebok, Van Heusen, Adidas, Levis, Gini & Jony, Pepe, Zardozi, Sanskriti, etc. Besides this, the firm is also engaged in the trading of bridal wear and ethnic clothing which are sourced from local manufacturers. SHANTI AGRO: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shanti Agro Foods Private Limited (SAFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 29.42 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 12, 2024, placed the rating(s) of SAFPL under the 'issuer non-cooperating' category as SAFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SAFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 26, 2025, March 8, 2025, March 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 Shanti Agro Food Private Limited (SAFPL) was established as a proprietorship firm in November, 2008 by Mr Sahil Verma under the name of M/S Shanti Foods. In 2013, the business operations were taken-over by Shanti Agro Food Private Limited with Mr Sahil Verma and Mr Bishambar Lal as its directors. The company is engaged in processing of paddy at its manufacturing facility located at Karnal, Haryana. SHIVAM INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shree Shivam Industries (SSI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.99 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 19, 2024, placed the rating(s) of SSI under the 'issuer non-cooperating' category as SSI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 5, 2025, March 15, 2025, March 25, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Shree Shivam Industries (SSI) was established in March 2016 as a partnership firm by Mr. Gulshan Agrawal and Mrs. Priyanka Agrawal. The firm is engaged in rice milling, processing and trading of rice and its by products business and started its commercial operations since January 2017 at its plant, located at Dhamtari district of Chhattisgarh with aggregate installed capacity of 2,400 metric ton per month. Moreover, the firm has availed moratorium from its lender under the terms of recent RBI circular. SION STEELS: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sion Steels (SS) 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 April 23, 2024, placed the rating(s) of SS under the 'issuer non-cooperating' category as SS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 9, 2025, March 19, 2025 and March 29, 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 Sion Steels was established as a partnership firm in 1992 by Mr. Ainul Haque Abdul Haque Shaikh, Ms. Afsana Khatoon Shaikh and Ms. Khushnainnisa Abdul Haque Shaikh. Sion Steels is engaged in trading of scrap and all kinds of structural material viz. MS channels, MS beam, MS angle, MS plate and TMT bars, which are sold to infrastructure project companies, real estate players, machine manufacturers, construction entities. It operates through its registered office located at Mumbai, Maharashtra while its warehouse is located at Dahisar, Mumbai, Maharashtra. TIRUPATI POLYPLAST: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Tirupati Polyplast Irrigation Systems Private Limited J-22, MIDC Area, Jalgaon, Maharashtra, India 425003 Insolvency Commencement Date: April 4, 2025 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: October 3, 2025 Insolvency professional: Indrajit Mukherjee Interim Resolution Professional: Indrajit Mukherjee Flat No. B 405, Siddhivinayak Twins, Plot No. 9, Sector 17, Roadpali, Kalaboli, Navi Mumbai, Raigad, Maharashtra 410218 Email: indrajitmukherjee15@yahoo.com -- and -- 502, A Wing, Shiv Chambers, Sector 11, CBD Belapur, Navi Mumbai 400614 (MH) Email: cirp.tirupoly@gmail.com Last date for submission of claims: April 30, 2025 VATSA AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vatsa Automobiles Private Limited (VAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.04 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 15, 2024, placed the rating(s) of VAPL under the 'issuer non-cooperating' category as VAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 1, 2025, March 11, 2025, March 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: Not applicable Incorporated on April 10, 2012, Bhagalpur (Bihar) based Vatsa Automobiles Pvt Ltd (VAPL) was promoted by Mr. Shailesh Singh with his wife Mrs. Kiran Singh and son Mr. Chandra Prakash Singh. VAPL is an authorized dealer of Mahindra & Mahindra Ltd for its commercial and passenger vehicle segment. It also offers spare parts, accessories, lubricants& aftersales services (repair and refurbishment) for its vehicle sold. The commercial operation of VAPL was started since September 13, 2013. VAPL has one showroom at Bhagalpur (Bihar) equipped with 3-S facilities (Sales, Service and Spare-parts) which covers Munger, Naogachia and Bhagalpur area of Bihar. VELANI OILS: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Velani Oils Private Limited (VOPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 45.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 12, 2024, placed the rating(s) of VOPL under the 'issuer non-cooperating' category as VOPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VOPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 26, 2025, March 8, 2025 and March 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 Velani Oils Private Ltd (VOPL) was incorporated on June 9, 2010 by its present promoter director Mr. Mansukh Lal Patel and his son Mr. Tushar Patel. The company is engaged in the business of trading edible and non-edible oils for supplying it to large edible/ non-edible oil refining companies in India. VOPL operates from its Head office (HO) in Delhi and branch offices in Gujarat in Gandhidham and Kandla. ===================== N E W Z E A L A N D ===================== HOUSE4 BUILDERS: Creditors' Proofs of Debt Due on May 30 -------------------------------------------------------- Creditors of House4 Builders Limited are required to file their proofs of debt by May 30, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 16, 2025. The company's liquidator is: Andrew Marchel Oorschot Ashton Wheelans Chartered Accountants PO Box 13042 Christchurch NEW ZEALAND IRRIGATION: Court to Hear Wind-Up Petition on May 22 ---------------------------------------------------------------- A petition to wind up the operations of New Zealand Irrigation Limited will be heard before the High Court at Auckland on May 22, 2025, at 10:45 a.m. Brown Brothers Engineers Limited filed the petition against the company on March 14, 2025. The Petitioner's solicitor is: Jeffrey Gray Ussher Level 19, 191 Queen Street Auckland PLATINUM CONCRETE: Court to Hear Wind-Up Petition on May 12 ----------------------------------------------------------- A petition to wind up the operations of Platinum Concrete Limited will be heard before the High Court at Tauranga on May 12, 2025, at 10:00 a.m. Supacrete Concrete Limited filed the petition against the company on March 25, 2025. The Petitioner's solicitor is: Catherine Louise Waugh c/- Credit Consultants Group NZ Limited Level 6, 15 Willeston Street Wellington Central Wellington 6011 ROBSON CONSULTING: Creditors' Proofs of Debt Due on May 26 ---------------------------------------------------------- Creditors of Robson Consulting Limited, Crossroads Fire Limited and Metrobuilt Limited are required to file their proofs of debt by May 26, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 28, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 TITAN PARENT: S&P Withdraws 'B-' LongTerm Issuer Credit Rating -------------------------------------------------------------- S&P Global Ratings withdrew its 'B-' long-term issuer credit rating on Titan Parent New Zealand Ltd. (Trade Me) at the issuer's request. S&P also withdrew the 'B-' issue rating on the New Zealand-based online classifieds company's first-lien term loan debt. The positive outlook on the issuer credit rating at the time of the withdrawal reflected Trade Me's sustained earnings growth and positive free operating cash flow over a period of economic uncertainty. TRICON CONSTRUCTION: Creditors' Proofs of Debt Due on May 30 ------------------------------------------------------------ Creditors of Tricon Construction Services Limited are required to file their proofs of debt by May 30, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 30, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 ================= S I N G A P O R E ================= CHUG CHUG: Court to Hear Wind-Up Petition on May 9 -------------------------------------------------- A petition to wind up the operations of Chug Chug SG Private Limited will be heard before the High Court of Singapore on May 9, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on April 14, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 HAN HOLDING: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on April 11, 2025, to wind up the operations of Han Holding Company Pte. Ltd. DBS Bank Ltd filed the petition against the company. The company's liquidators are: Leow Quek Shiong Gary Loh Weng Fatt c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 MAXEON SOLAR: Zhonghuan Singapore, TCL Zhonghuan Hold 59% Stake --------------------------------------------------------------- Zhonghuan Singapore Investment & Development Pte. Ltd. and TCL Zhonghuan Renewable Energy Technology Co., Ltd. disclosed in a Schedule 13D (Amendment No. 14) filed with the U.S. Securities and Exchange Commission that as of March 31, 2025, they beneficially owned a total of 9,959,362 Ordinary Shares of Maxeon Solar Technologies, Ltd., representing approximately 59% of the 16,892,736 Ordinary Shares outstanding as of April 9, 2025. Zhonghuan Singapore Investment & Development Pte. Ltd. and TCL Zhonghuan Renewable Energy Technology Co., Ltd. may be reached through Tian Lingling at No. 10 South Haitai Road, Huayuan Industrial Park, Hi-tech Industrial Park Tianjin, China, 300384. About Maxeon Solar Maxeon Solar Technologies, Ltd. is a Singapore-based company that designs and manufactures photovoltaic panels. The company was previously a division of the American SunPower company before it was spun off in August 2020. Maxeon is still the primary provider of solar panels for SunPower. Singapore-based Ernst & Young LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated May 30, 2024, citing that the Company has suffered recurring losses from operations and negative free cash flows and has stated that substantial doubt exists about the Company's ability to continue as a going concern. ROOTRUNNER PTE: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on April 11, 2025, to wind up the operations of Rootrunner Pte Ltd filed the petition against the company. Maybank Singapore Limited filed the petition against the company. The company's liquidator is: Gary Loh Weng Fatt BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 YT FOOD: Court Enters Wind-Up Order ----------------------------------- The High Court of Singapore entered an order on April 4, 2025, to wind up the operations of YT Food Management Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidator is: Gary Loh Weng Fatt BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ZENITHX GLOBAL: Commences Wind-Up Proceedings --------------------------------------------- Members of Zenithx Global Pte. Ltd. on April 14, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Mr. Cosimo Borrelli Kroll Pte. Limited 10 Collyer Quay #05-04/05 Ocean Financial Centre Singapore 049315 ===================== S O U T H K O R E A ===================== [] SOUTH KOREA: 1 in 2 Self-Employed Businesses Fold in 3 Years --------------------------------------------------------------- The Korea Times reports that only about half of self-employed businesses survive beyond three years and nearly 60 percent close within five amid the deepening economic downturn, government data showed May 1. The grim figures come at a time when many small business owners are calling for a freeze in next year's minimum wage, strained by surging labor costs and anemic consumer demand, the report says. According to National Tax Service data, which shows the survival rates of the top 100 self-employed sectors from 2019 to 2023, the three-year survival rate stood at 53.8 percent in 2023 and the five-year rate came to 39.6 percent, The Korea Times discloses. Those figures are significantly down from the one-year survival rate of 77.9 percent. According to The Korea Times, hair shops and "pension" guest houses had the highest three-year survival rates of 73.4 percent and 73.1, respectively. However, the rate was below average for online telecommunication shops (45.7 percent), snack shops (46.6 percent) and fast-food businesses, including fried chicken and pizza shops (46.8 percent). "Many self-employed fried chicken shop owners are closing their businesses only months after opening - a couple of quarters if they are lucky," said the owner of an eatery in Seoul. Stagnant consumer spending in the years after the COVID-19 pandemic have yet to recover. In addition, a rapid increase in postpandemic borrowing costs has significantly curtailed the spending power of most, he said. "Eating out or ordering in has become a luxury. Many are cutting back spending on what they can live without. Businesses that provide such services are going down." Meanwhile, according to a survey by the Minimum Wage Commission of 3,070 business owners and 6,084 workers late last year, 67.2 percent of small business owners said the minimum wage should be frozen for 2026, The Korea Times reports. This year's minimum hourly wage, set last year, is 10,030 won ($6.90), up 1.7 percent from 2024. The commission began discussions on next year's figure last week. The survey also showed that nearly half, or 47.4 percent, said the current minimum wage is "very high" or "somewhat high." A separate survey by the Korea Federation of SMEs also showed that 86.7 percent of business owners who recently closed cited soaring labor costs as the main reason, adds The Korea Times. ********* 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 ***