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250507.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 Wednesday, May 7, 2025, Vol. 28, No. 91 Headlines A U S T R A L I A CREATIVEMASS HOLDINGS: May 15 Plan Confirmation Hearing Set DAINTREE COCOA: First Creditors' Meeting Set for May 14 FIRST SERVICES: Second Creditors' Meeting Set for May 12 HARBOUR GUIDANCE: Intends to Save Jeanswest Via DOCA HARRIS FARM: Annual Net Loss Triples to AUD22 Million in 2024 HEALTHSCOPE: HMC Capital's David Di Pilla Rules Out Equity Bid KINGSTON HOTEL: Placed Into Voluntary Administration LEASE 15: First Creditors' Meeting Set for May 14 METRO FINANCE 4: Moody's Lowers Rating on Class E Notes to B2 MJ MILLER: First Creditors' Meeting Set for May 13 S.A.I.S.S. SOFTWARE: Second Creditors' Meeting Set for May 13 C H I N A POET TECHNOLOGIES: Targeting Strong Revenue Growth in 2026 I N D I A ADINATH BUILDWELL: Ind-Ra Assigns BB- Bank Loan Rating AKASH AGRO: CARE Keeps C Debt Rating in Not Cooperating Category AVIRAL EDUCATION: CARE Keeps B- Debt Rating in Not Cooperating B. ONE BUSINESS: Ind-Ra Withdraws BB- Loan Rating DIFFERENTIATED & SUSTAINABLE: CARE Keeps C Rating in Not Coop. DR. RAJENDRA: CRISIL Keeps B+ Debt Ratings in Not Cooperating GRD FOODS: CARE Keeps D Debt Rating in Not Cooperating Category HARSO STEELS: CARE Keeps D Debt Ratings in Not Cooperating INTERNATIONAL METAL: CARE Keeps B- Debt Rating in Not Cooperating JDC INDIA: CARE Keeps C Debt Rating in Not Cooperating Category LAKSHMI VENKATA: CRISIL Keeps D Debt Rating in Not Cooperating LAXMI INFRASTRUCTURE: CRISIL Keeps B+ Rating in Not Cooperating LINGA BHAIRAVI: CRISIL Keeps B Debt Ratings in Not Cooperating M/S GOLDEN: Ind-Ra Moves B+ Loan Rating to NonCooperating MAC STEEL: CRISIL Lowers Rating on INR4.5cr Cash Loan to B PAWAN AUTOWHEELS: CARE Keeps B- Debt Rating in Not Cooperating QUARTZKRAFT LLP: CRISIL Lowers LT/ST Loan Ratings to D RAFFLES GREEN: CRISIL Keeps D Debt Ratings in Not Cooperating RAJASTHAN BAL: CARE Keeps D Debt Rating in Not Cooperating RAMESHWARI PAPER: CRISIL Assigns B+ Rating to INR11cr New Loan RAMKA SILK: CRISIL Keeps D Debt Ratings in Not Cooperating RASIK VATIKA: CRISIL Keeps B Debt Rating in Not Cooperating RATAN TEXTILES: CRISIL Keeps B+ Debt Rating in Not Cooperating RD BROWN: CRISIL Keeps B Debt Ratings in Not Cooperating Category RELIANCE HOME: Invent Assets Files Insolvency Petition vs Firm SAISONS TRADE: CARE Keeps D Debt Rating in Not Cooperating SHIVA GLOBAL: Ind-Ra Withdraws B+ Bank Loan Rating SUNDER FOOD: CARE Keeps B- Debt Rating in Not Cooperating Category SURFICA INDIA: CRISIL Lowers Long Term Loan Rating to D VAJRATEJA RICE: Ind-Ra Moves BB- Loan Rating to NonCooperating VISHAVKARMA AGRO: CARE Keeps B- Debt Rating in Not Cooperating I N D O N E S I A MEDCO ENERGI: S&P Rates New USD Sr. Unsecured Notes 'BB-' M A L A Y S I A IVORY PROPERTIES: Sells The Birch House for MYR18MM to Repay Loan N E W Z E A L A N D ANNABELLE INDUSTRIES: Grant Bruce Reynolds Appointed as Liquidator BAILI PROPERTY: Court to Hear Wind-Up Petition on May 15 DEB PROPERTY: Creditors' Proofs of Debt Due on June 5 DESIGN ENERGY: Creditors' Proofs of Debt Due on June 2 SERIEN ENTERPRISES: Court to Hear Wind-Up Petition on June 16 P H I L I P P I N E S PH RESORTS: Chinabank to Sell Emerald Bay Casino Site in Cebu S I N G A P O R E BONAFIDES BEAUTE: Creditors' Proofs of Debt Due on May 30 PPGT DEVELOPMENT: Court to Hear Wind-Up Petition on May 16 SCHNEIDER ELECTRIC: Commences Wind-Up Proceedings THONG SENG: Commences Wind-Up Proceedings TRUGRIT COMEX: Creditors' Proofs of Debt Due on May 30 T A I W A N NANYA TECHNOLOGY: Fitch Lowers LongTerm IDRs to BB+, Outlook Stable - - - - - ================= A U S T R A L I A ================= CREATIVEMASS HOLDINGS: May 15 Plan Confirmation Hearing Set ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware will hold a hearing on May 29, 2025, at 9:00 a.m. ET in 824 North Market Street, Wilmington Delaware to confirm the joint prepackaged Subchapter V plan of liquidation of Creativemass Holdings Inc. and its debtor-affiliates. Objections to the confirmation of the Debtor's liquidation plan is May 15, 2025, at 4:00 p.m. Each of Debtors jointly propose this prepackaged subchapter V plan of liquidation for the resolution of outstanding Claims against and Equity Interests in the Debtors pursuant sections 1121(a) and 1189(a) of the Bankruptcy Code. Unless otherwise provided under the Plan, subject to payment of all Administrative Expense Claims and Professional Fees, Creditors will receive full payment of their Allowed Claims and Holders of Equity Interests will receive their pro rata share of the Plan Administrator Assets remaining after Creditors are paid in full. Additionally, a Plan Administrator will be appointed pursuant to the terms of this Plan. The Plan Administrator will primarily be responsible for: (1) distributing the Plan Administrator Assets pursuant to this Plan; (2) investigating and, if the Plan Administrator deems it to be in the best interest of the Estates, prosecuting all Causes of Action, including Causes of Action against Insiders, if any, and 3) resolving Disputed Claims and Disputed Equity Interests, if they arise. The Debtors said holders of Claims and Equity Interests are not required to file a Proof of Claim or Proof of Equity Interest, respectively, in order to receive a Distribution under the Plan. The Debtors noted they will make Distributions based on the Claims and Equity Interests denoted in their books and records and as set forth in this Plan and the Plan Supplement. As of the Solicitation Date, the Debtors' only current Asset is approximately $2,183,298.44 in cash (as such amount increases or decreases over the course of these Chapter 11 Cases, the held with Veritex Community Bank. These funds are the proceeds of an interim dividend Creativemass received from the Australian Liquidators in the Australian Administration. As of the Solicitation Date, the Debtors have approximately $1,537,721.96 in unsecured debt from outstanding Convertible Notes. Under the plan, Allowed Professional Fee Claims of approximately $150,000 that are due and owing as of the Confirmation Date will be paid 100% in Cash, from the Professional Fee Escrow Account. The Subchapter V trustee, owing approximately $10,000, will also be paid 100% in cash from the professional fee escrow account. In addition, unsecured noteholders claim and general unsecured claims will be paid in full, in Cash, from the Plan Administrator Assets in the third quarter of 2025 or as soon as practicable after the Debtors receive the Material Australian Dividend. Equity Interests shall be forever cancelled, and Holders of Equity Interests will receive, after accounting for the Plan Administrator Expenses and fully resolving any and all Disputed Equity Interests. Treatment of Claims Estimated Class Claim Amount Recovery ----- ----- ------------- -------- 1.A Unsecured $1,537,721.96 100% Noteholder 1.B General $565,276.93 100% Unsecured 2 Equity N/A 45% Interests Upon the Effective Date, the powers of the Plan Administrator will include any and all powers and authority to administer and distribute the Plan Administrator Assets and prosecute Causes of Action, if any and deemed actionable by the Plan Administrator, including: (1) receiving, holding, investing, supervising, and protecting the Assets of the Debtors; (2) taking all steps to execute all instruments and documents necessary to effectuate the Distributions to be made under the Plan from the Plan Administrator Assets; (3) making Distributions of the Plan Administrator Assets; (4) investigating, prosecuting and resolving Causes of Action, if any were deemed actionable by the Plan Administrator, including Causes of Action against Insiders, objecting to Filed Claims, and resolving Disputed Claims and/or Disputed Equity Interests; (5) subject to the terms set forth herein, employing, retaining, terminating, or replacing professionals to represent it with respect to its responsibilities or otherwise effectuating the Plan to the extent necessary; (6) paying all reasonable fees, expenses, debts, charges, and liabilities of the Debtors and the Estates; (7) setting aside the Japanese Bankruptcy Funds to enable the wind down of Wealthconnect (Japan) as set forth in Section 1.8 of the Plan; and (8) exercising such other powers as may be vested in him or her pursuant to an order of the Bankruptcy Court or pursuant to the Plan, or as it reasonably deems to be necessary and proper to carry out his or her responsibilities under the Plan. A full-text copy of the chapter 11 plan is available for free at https://tinyurl.com/2s34yjub About Creativemass Holdings Creativemass Holdings Inc. founded in June 2020 as a Delaware holding company, managed five subsidiaries across Australia, Japan, the UK, and the US. The group's operations were primarily driven by Creativemass Enterprises Pty Ltd., an Australian firm incorporated in 2017 and led by Michael Rouse, who also headed the parent company. Its core offering was WealthConnect, a subscription-based wealth management platform developed between 2017 and 2019, which anchored the group's broader push to deliver fintech solutions to the financial services sector. Creativemass Holdings Inc. and an affiliate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10695) on April 14, 2025. In its petition, Creativemass Holdings estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mary F. Walrath handles the cases. The Debtors tapped Pashman Stein Walder Hayden, P.C., as counsel. Novo Advisors, LLC is the Debtors' financial advisor. Stretto is the claims and noticing agent. DAINTREE COCOA: First Creditors' Meeting Set for May 14 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Daintree Cocoa Pty Ltd will be held on May 14, 2025 at 10:30 a.m. virtually via Zoom and via virtual meeting technology. Daintree Cocoa was placed into administration on May 1, 2025. The administrators can be reached at: Worrells Level 14 570 Bourke Street Melbourne, VIC 3001 FIRST SERVICES: Second Creditors' Meeting Set for May 12 -------------------------------------------------------- A second meeting of creditors in the proceedings of First Services Group Pty Ltd has been set for May 12, 2025 at 11:00 a.m. at the offices of Cor Cordis, Level 29, 360 Collins Street in Melbourne and via Microsoft Teams video conference. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 9, 2025 at 4:30 p.m. Shaun Matthews and Daniel P Juratowitch of Cor Cordis were appointed as administrators of the company on March 26, 2025. HARBOUR GUIDANCE: Intends to Save Jeanswest Via DOCA ---------------------------------------------------- Ragtrader reports that the parent company of Jeanswest is intending to table a Deed of Company Arrangement (DOCA) for the collapsed retailer following the current sell-off of all inventory. A DOCA is an agreement between a company and its creditors, outlining how the company's financial matters will be managed ahead. This is essentially a way for a company to restructure its debts and continue operating, Ragtrader says. Harbour Guidance Pty Ltd – the parent company of Jeanswest – fell into voluntary administration in late March this year, appointing administrators Lindsay Bainbridge, David Vasudevan and Andrew Yeo of Pitcher Partners Melbourne. According to Ragtrader, recent filings reportedly show that Harbour Guidance had AUD13 million in assets to cover around AUD53 million of debts when it collapsed. Of the debts, AUD4.1 million is owed to 600 staff, with administrators confirming that all staff salaries and superannuation have been paid to date, with other entitlements expected to be considered once the next creditors' meeting takes place. It is expected that all leave and other entitlements will be paid in full. Following the collapse, administrators launched a discounting campaign alongside inventory specialists Gordon Brothers to sell more than 360,000 items valued at AUD20 million altogether, Ragtrader relates. In the first week of the campaign, 53,000 pairs of jeans were sold. According to administrators, more than 175,000 people visited Jeanswest's 87 stores around Australia in the past six weeks. Following the discounting campaign, administrators are planning to shut down the entire fleet of Australian stores, according to Ragtrader. Ragtrader says there are discounts of up to 50 per cent off all items store-wide. The administrators added that stock is being replenished from existing inventory and new season stock is arriving daily. Everything is expected to sell out and must be cleared by the time the stores have closed. It is anticipated that the in-store sales will be completed on or around May 20, 2025, Ragtrader notes. Due to the ongoing sale, an extension of the convening period ahead of the second creditors' meeting has been granted to June 30, 2025. According to Ragtrader, Jeanswest GM Anne Natale shared gratitude and appreciation for the team's dedication and commitment during the administration process. "Our team is made up of passionate people who love our brand and their customers, and because of this are committed to staying on and supporting their teammates through until closure," Ragtrader quotes Ms. Natale as saying. "Our stores in regional Australia in particular are part of communities where they have built relationships over the years, and as you can imagine this is a tough time for not only the team but also the loyal customers. "We are supporting our teams as much as possible, as we realise the impact it has on them and their families during this transition. "We have team members that have been with us for more than 30 years, and for some of whom this was their first job, which is incredible longevity. "I can highly recommend anyone who has been part of our Jeanswest family as they are some of the most dedicated people I have ever had the pleasure of working alongside." Ragtrader adds that Mr. Bainbridge also praised the support that Jeanswest employees have provided the administrators. "Jeanswest staff have been tremendous in their commitment to staying on during the sales and working with our team," he said. "We are committed to supporting the employees during the administration process and keeping them informed." HARRIS FARM: Annual Net Loss Triples to AUD22 Million in 2024 ------------------------------------------------------------- Carrie LaFrenz at The Australian Financial Review reports that Harris Farm Markets breached its banking covenants last year, after the high-end grocery chain reported that annual losses had more than tripled to AUD22 million due to substantial problems with the roll-out of a new business software system. Losses at the group controlled by the Harris family ballooned from AUD6.2 million to AUD22 million in the year to June 30, 2024, the Financial Review discloses citing the latest financial accounts lodged with the corporate regulator. Its sales rose 5.6 per cent to AUD788 million. Despite the widening losses, a AUD10 million dividend was paid to the Harris family during that period, the report notes. The Financial Review says the roll-out of the new software system caused major disruptions to Harris Farm's stock management and payments systems, resulting in higher costs. The difficulties led Harris Farm to breach its bank covenants, which occurs when a borrower fails to meet the conditions outlined in their loan agreement. However, its bankers granted it a waiver. According to the Financial Review, the company has refinanced with its lenders to increase its debt facilities from AUD230 million to AUD290 million, with an additional sum of up to AUD100 million to be used for growth plans and the construction of new stores. Harris Farm has 33 stores throughout NSW, Queensland and Canberra. The grocery chain is also scouting for new store sites in Victoria, but said there were no immediate plans to open in that state, the report relates. The company was founded in 1971 by David and Cathy Harris in Villawood in Sydney's west. Three of their five sons, Angus, Tristan and Luke, took over day-to-day operations of the company in 2013. The three brothers were all co-CEOs until two years ago, when Tristian exited his executive role. He remains a director. Angus Harris, who is a co-chief executive, said the problems with the software system were now resolved. In its account filings, the company said that trading had returned to normal towards the year-end, the Financial Review relays. "Harris Farm continues to invest in new technology and support infrastructure to drive our growing network of retail stores and keep customers happy," Angus Harris told The Australian Financial Review. "The investments made in the last couple of years into a new automated warehouse and enterprise resource planning system is just one part of this growth strategy. As expected, these investments have some upfront costs but will pay off significantly over time. Business operations and costs have normalised during the current financial year, so it is business as usual for us and our customers." In 2021, Harris Farm mulled taking on external capital – including a partial sale – to help the business accelerate its store roll-out. It recruited Goldman Sachs as an adviser, but ultimately the family decided to keep the business private, the Financial Review recalls. Over the years they have fielded numerous approaches from private equity and the major supermarkets, the report notes. HEALTHSCOPE: HMC Capital's David Di Pilla Rules Out Equity Bid -------------------------------------------------------------- The Australian Financial Review reports that HMC Capital's David Di Pilla has ruled out putting equity into any deal to buy out troubled private hospital operator Healthscope, saying an existing hospital operator is best placed to extract value from any purchase. According to the report, Brookfield-owned Healthscope, the country's second-largest hospital operator, has been gauging interest in a sale after reaching an agreement, due to expire next week, with the majority of its lenders to halt interest payments. The Financial Review relates that the company said on May 6 it was on a "more positive pathway" after receiving "considerable interest" from a number of parties, along with the government's pre-election commitment to support private hospitals. It has requested lenders provide further time to consider a sale or recapitalisation of the group. HMC and the listed HealthCo Healthcare & Wellness REIT is the landlord for 11 of Healthscope's 38 national hospitals. "What we've seen there from an investment point of view, is we think if there is a whole-of-company solution there, it's going to need an existing operator to take synergies out of the operating structure," Mr. Di Pilla told the Macquarie Australia Conference, the report relays. According to the Financial Review, HMC said previously it would consider pulling together a syndicate to buy out the hospital group, prompting concern about how the group would manage conflicts if it were forced to renegotiate with Healthscope's landlords. "Please judge HMC and our group on our actions, not what other people say. Never have we put ourselves in a position where we had a conflict of interest, or where we've ever worked against the interests of our underlying investors." The Financial Review relates that Mr. Di Pilla said HMC was committed to keeping the hospitals - which it values at AUD1.5 billion and purchased for AUD1.2 billion – and had started to build "a shadow book of alternative operators across the portfolio". During the session, Mr. Di Pilla acknowledged the slumping share price of HMC Capital and its satellites, but said he was keeping his focus on the longer term, the report relays. HMC Capital shares have fallen more than 50 per cent this year, and the Health & Wellness REIT is down 14.5 per cent. Data centre landlord DigiCo, which listed last year, has had more than 30 per cent shaved from its shares this year, which are trading below the listing price. When asked which opportunity held the greatest short-term potential, Mr. Di Pilla named DigiCo, noting that it needed to achieve approval and leasing before it unlocked capital by bringing on a capital partner. "It's hard to say when the share price is down and you're feeling bruised and painful but these [investments] are long duration," the report quotes Mr. Di Pilla as saying. "Success will be built on doing not saying." About Healthscope Limited Healthscope Limited -- http://www.healthscope.com.au/-- provides healthcare services. The Company manages a network of hospitals, clinics, and physicians for the provision of emergency care, women's services, cancer care, and pediatric services. Healthscope operates 38 hospitals across Australia. As reported in the Troubled Company Reporter-Asia Pacific in mid-March 2025, Healthscope Ltd has appointed restructuring experts at KordaMentha to prepare a contingency plan in case the country's second-largest private hospital operator is placed into voluntary administration. The company was acquired by Canadian investment giant Brookfield in 2019 but has struggled under a debt pile that has reached AUD1.6 billion. Healthscope has been negotiating with its lenders and has previously warned it may have breached the conditions of those loans, according to The Australian Financial Review. Earlier in March 2025, Healthscope was issued breach notices for 11 of its 38 hospitals after it failed to pay rent due to its landlord, HealthCo Healthcare & Wellness REIT, an investment vehicle run by David Di Pilla's HMC Capital. KINGSTON HOTEL: Placed Into Voluntary Administration ---------------------------------------------------- Clyde Mooney at PubTIC reports that Richmond's heritage-listed Kingston Hotel has sunk into insolvency following an ATO wind-up order, prompting a rapid sale campaign. Located only a few minutes from Melbourne's CBD, the Kingston, one of the city's most historic pubs, was established in the 1850s, PubTIC says. In the 1970s it was instrumental in the movement that saw inner-city pubs championing live music, playing host to big names, such as the Skyhooks. In the '80s it developed a reputation as a venue for gay women, under the guidance of the late Pat Longmore. Like many, it closed during pandemic lockdowns, in early 2021, PubTIC recalls. The De Fraga family took the opportunity for a comprehensive AUD1.5 million makeover, reopening mid-2022 with a revised interior and outdoor areas, and new restaurant Marble & Pearl, offering premium steaks and local seafood, cooked over a charcoal Parrilla grill. According to PubTIC, Victorian hospitality stalwarts Jonathan and Chantal De Fraga hold the Kingston under their Trident Star Enterprises vehicle, along with their nearby Swan Hotel. The couple also owned Public House, also in Richmond, under Public House Consolidated. The hotel underwent an estimated AUD3 million renovation in 2020. PubTIC relates that the family sold both the Swan and Public House to Australian Venue Co. late 2024, and according to a notice lodged with ASIC in April Public House Consolidated has now gone into liquidation. In January the ATO issued a wind-up application to the Kingston through the Federal Court, PubTIC recalls. If the court finds a debt is legitimate and the recipient cannot pay the money owed, the entity in question is typically put into administration. However, the business went into voluntary administration, managed by Cor Cordis' Daniel Juratowitch and Rachel Burdett, and the matter of the tax office's application has been adjourned, PubTIC relates. According to Cor Cordis, the De Fraga family could propose a DOCA (Deed of Company Arrangement) with creditors, but one has not yet been officially proposed, PubTIC relays. PubTIC adds that the administrators said they executed an Expressions of Interest campaign to sell the pub, which closed April 23, and suggest there are now multiple interested parties "undertaking due diligence" on the asset. A second meeting for creditors is not scheduled until July, PubTIC notes. LEASE 15: First Creditors' Meeting Set for May 14 ------------------------------------------------- A first meeting of the creditors in the proceedings of Lease 15 Pty Ltd will be held on May 14, 2025 at 11:00 a.m. via Zoom meeting. Barry Kenneth Hamilton and Kiara Melaleuca Calvert of Hamilton Calvert Advisory were appointed as administrators of the company on May 5, 2025. METRO FINANCE 4: Moody's Lowers Rating on Class E Notes to B2 ------------------------------------------------------------- Moody's Ratings has taken rating actions on five classes of notes issued by Metro Finance Trust No.4 Warehouse Series 1, following amendments. The affected ratings are as follows: Issuer: Metro Finance Trust No.4 Warehouse Series 1 Class A Notes, Affirmed Aa1 (sf); previously on Dec 20, 2022 Assigned Aa1 (sf) Class B Notes, Affirmed A1 (sf); previously on May 7, 2024 Upgraded to A1 (sf) Class C Notes, Upgraded to A2 (sf); previously on May 7, 2024 Upgraded to A3 (sf) Class D Notes, Affirmed Baa3 (sf); previously on May 7, 2024 Upgraded to Baa3 (sf) Class E Notes, Downgraded to B2 (sf); previously on May 7, 2024 Upgraded to B1 (sf) RATINGS RATIONALE The rating actions were prompted by (1) amendments to the transaction structure, effective as of April 28, 2025, including reduction in the minimum subordination percentage for Class A and Class E notes, reduction to the note margins and a one-year extension of the availability period to April 30, 2026 and (2) improved asset performance assumptions. The downgrade of the Class E notes was prompted by the reduction in note subordination percentage from 2.5% to 1.5% following the amendments. The amendments also incorporate changes to various concentration limits, including among others, an increase in the limit on novated leases to 60% of the outstanding pool balance. Before the amendments, the subordination percentages for the notes were as follows: For Class A Notes, 11.0% For Class B Notes, 9.4% For Class C Notes, 7.1% For Class D Notes, 5.2% For Class E Notes, 2.5% Following the amendments, the subordination percentages for the notes are as follows: For Class A Notes, 10.0% For Class B Notes, 9.4% For Class C Notes, 7.1% For Class D Notes, 5.2% For Class E Notes, 1.5% As of end-February 2025, 0.9% of the outstanding pool was 30-plus day delinquent, and 0.3% was 90-plus day delinquent. Annualised net losses (as a percentage of outstanding pool balance) for the 6 months and 12 months to February 2025 averaged at 0.2% and 0.1% respectively, all of which have been covered by excess spreads. Based on the observed performance to date, Moody's have lowered Moody's default assumption for the transaction to 2.4% from 2.5% at the time of the last rating action in May 2024. Moody's have also lowered the Aaa portfolio credit enhancement assumption to 14.5% from 16% and increased the assumed recovery rate to 40% from 35%. The transaction is a securitisation backed by a revolving portfolio of Australian prime commercial auto and equipment loans and leases and novated leases originated by Metro Finance Pty Limited. 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 ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' required subordination amount. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' required subordination amount, and (3) a deterioration in the credit quality of the transaction counterparties. MJ MILLER: First Creditors' Meeting Set for May 13 -------------------------------------------------- A first meeting of the creditors in the proceedings of MJ Miller Electrical Pty Ltd will be held on May 13, 2025 at 11:00 a.m. virtually using Microsoft Teams. Travis Anderson and Robert Woods of Deloitte were appointed as administrators of the company on May 1, 2025. S.A.I.S.S. SOFTWARE: Second Creditors' Meeting Set for May 13 ------------------------------------------------------------- A second meeting of creditors in the proceedings of S.A.I.S.S. Software Group Pty Ltd has been set for May 13, 2025 at 10:00 a.m. via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 12, 2025 at 5:00 p.m. Andrew Hewitt and Matthew Byrnes of Grant Thornton Australia were appointed as administrators of the company on April 4, 2025. ========= C H I N A ========= POET TECHNOLOGIES: Targeting Strong Revenue Growth in 2026 ---------------------------------------------------------- POET Technologies Inc. announced significant new customer engagement in response to live demonstrations of the POET Teralight line of 1.6T transmit and receive optical engines that broke performance expectations at the 2025 Optical Fiber Communications (OFC) Conference at the Moscone Center in San Francisco, California. POET also debuted POET Blazar, a groundbreaking external light source (ELS) that promises to shrink costs by an order of magnitude with the potential to disrupt the AI connectivity ecosystem at a time when the industry is in need of viable new solutions. "Blazar represents a new class of laser and is designed to drive AI connectivity to the next level. It can transform the economics of AI connectivity with an architecture that reduces costs and increases scale and manufacturing efficiency," said Dr. Suresh Venkatesan, the Company's Chairman & CEO. "With the massive amount of compute power that AI demands, we believe that Blazar offers an economically superior solution for co-packaged optics (CPO) applications and, more importantly, for chip-to-chip, light-based connectivity in AI clusters." "The period immediately following OFC is a crucial one for POET and we are seeing robust engagement with existing and new customers alike," commented Raju Kankipati, POET's Chief Revenue Officer. "We are laser focused on driving revenue this year and preparing for substantial revenue growth in 2026." About POET Technologies Inc. POET Technologies Inc. -- www.poet-technologies.com -- is a design and development company offering high-speed optical modules, optical engines, and light source products to the artificial intelligence systems market and hyperscale data centers. POET's photonic integration solutions are based on the POET Optical Interposer, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using advanced wafer-level semiconductor manufacturing techniques. POET's Optical Interposer-based products are lower cost, consume less power than comparable products, are smaller in size, and are readily scalable to high production volumes. In addition to providing high-speed (800G, 1.6T, and above) optical engines and optical modules for AI clusters and hyperscale data centers, POET has designed and produced novel light source products for chip-to-chip data communication within and between AI servers, the next frontier for solving bandwidth and latency problems in AI systems. POET's Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained "Edge" computing applications, and sensing applications, such as LIDAR systems for autonomous vehicles. POET is headquartered in Toronto, Canada, with operations in Allentown, PA, Shenzhen, China, and Singapore. Hartford, Conn.-based Marcum LLP, the Company's auditor since 2009, issued a "going concern" qualification in its report dated March 15, 2024, citing that the Company has incurred significant losses over the past few years and needs to raise additional funds to meet its future obligations and sustain its operations. As of Dec. 31, 2024, the Company had $69,652,449 in total assets, $48,963,562 in total liabilities, and a total stockholders' equity of $20,688,887. ========= I N D I A ========= ADINATH BUILDWELL: Ind-Ra Assigns BB- Bank Loan Rating ------------------------------------------------------ India Ratings and Research (Ind-Ra) has rated Adinath Buildwell Private Limited's (ABPL) bank facilities: -- INR700 mil. Term loan due on November 1, 2029 assigned with IND BB-/Stable rating. Detailed Rationale of the Rating Action The rating reflects ABPL's medium offtake risk, and time and cost overrun risks related to the ongoing projects Adinath Anantam and Adinath Estella as the projects are yet to achieve financial closure. However, Ind-Ra expects the bookings to increase as the project approaches completion. The ratings are, however, supported by the promoter's more than two decades of experience in the construction industry and the favorable location of the project. Detailed Description of Key Rating Drivers Financial Closure Yet to be Achieved: As of January 2025, the projects achieved 47% completion. The balance project cost of INR1,991 million is planned to be funded by debt of INR700 million, promoters' infusion of around INR28.1 million and sales collection of INR1282 million. Further, as of January 2025, the firm had pending receivables of around INR390 million against pending construction cost of INR1,558 million. After factoring in the undisbursed debt of INR700 million and the committed receivables of INR1,015.3 million, ABPL is required to make an additional sale of around INR1,050 million to achieve a financial closure for completing the projects. Medium Offtake Risk: As of January 2025, out of the total 877 units, 387 units have been sold. During the 12 months ended January 2025, it sold 160 units. About 68% of the total cost is dependent on customer advances making it vulnerable to fluctuations in collections. Ind-Ra expects the booking velocity to increase in the medium term as the project approaches completion due to the construction-linked payment plan. Time and Cost Overrun Risk: The total estimated project cost of INR3,140.6 million is being funded by the promoters' contribution of INR190 million, unsecured loans of INR127.99 million, customer advances of INR2,122.6 million and a term loan of INR700 million. As of January 2025, ABPL incurred project cost of INR1,150 million funded through promoters contribution of INR161 million, unsecured loans of INR127 million and customer advances of around INR839.8 million. Although the project's progress is in line with the execution schedule, the ongoing project remains vulnerable to time and cost overrun risks. Favorable Project Location: Adinath Anantam is located at Palm Road, Chokha, which is a prime locality in Jodhpur. The project is within 11kms from the local railway station, 15.5kms from the local airport and in proximity to shopping complexes, educational hubs and hospitals. Experienced Promoters: The promoters have more than two decades of experience in the real estate and infrastructure segment. In September 2023, the group completed a 101,650-sf project named Laticia in Jodhpur, Rajasthan. Liquidity Stretched: The rating is constrained by a likely cash flow mismatch risk if the advances from customers are lower than Ind-Ra's expectations. ABPL does not have any exposure to capital markets and relies on bank loans and promoter funds to meet its funding requirements. At FYE24, it had a cash balance of INR9.16 million (FYE23: negative INR12 million). The company will commence debt repayments from FY29 with scheduled debt repayments of INR233 million and INR466 million FY29 and FY30, respectively. The minimum debt service coverage ratio, as per the management, will be 2.17x during FY26-FY28. Rating Sensitivities Negative: Time or cost overruns and a lower-than-expected sales volume or lower realization from bookings, leading to stressed cash flows, could lead to a negative rating action. Positive: A higher-than-expected sales and timely receipt of advances from customers and utilization of the same primarily for construction purposes, leading to stronger cash flows and an improvement in liquidity, could lead to a positive rating action. About the Company ABPL was incorporated in 2014 for constructing a residential project in Jodhpur, Rajasthan. The firm is developing a residential project- Adinath Anantam with premium 2&3 BHK apartments, which has a total saleable area of 1,072,901 sf. AKASH AGRO: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Akash Agro Industries (AAI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.00 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 17, 2024, placed the rating(s) of AAI under the 'issuer non-cooperating' category as AAI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AAI continues to be non-cooperative despite repeated requests for submission of information through emails 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 AAI was incorporated in August-2017 by Mrs. Laxmi Devi and Mr. Mangat Raj. The firm has set up a cotton ginning and pressing facility in Sirsa, Haryana which commenced operations in January- 2018. The firm is also engaged in the selling of cotton seeds (Binola), which is a by-product of the ginning process and derived ~30% of the total from this segment in FY18. Group concerns of the firm include Shiva Trading Firm (STC) engaged in the edible oil extraction business. AVIRAL EDUCATION: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Aviral Education Welfare and Cultural Society (AEWCS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 27.72 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 22, 2024, placed the rating(s) of AEWCS under the 'issuer non-cooperating' category as AEWCS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AEWCS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 8, 2025, March 18, 2025 and March 28, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Aviral Education Welfare and Cultural Society (AEWCS) was registered as an educational society in July, 2007 under Societies Registration Act, 1860 with an objective to provide education services by establishing and operating an educational institution and started its commercial operations in April, 2018. The society operates a school under the name of Delhi Public School (DPS) with a single campus located in Ghaziabad, Uttar Pradesh. AEWCS located in Ghaziabad, Uttar Pradesh was established for providing primary and secondary education from Nursery to standard XII. The day to day management of the trust is carried by Mr. Jyoti Gupta (director), Mr. Adarsh Gupta (President) and Mr. Panchanan Mali (Manager Accounts). B. ONE BUSINESS: Ind-Ra Withdraws BB- Loan Rating ------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained B. One Business House Private Limited's (BOBHPL) bank facilities' ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating actions are: -- INR225 mil. Fund-based working capital limits* maintained in non-cooperating category and withdrawn; -- INR165 mil. Term loan* due on March 31, 2026 maintained in non-cooperating category and withdrawn; and -- INR5 mil. Non-fund-based working capital limits** maintained in non-cooperating category and withdrawn. *Maintained at 'IND BB-/Negative (ISSUER NOT COOPERATING)' before being withdrawn **Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The ratings have been maintained in the non-cooperating category before being withdrawn because the issuer did not participate in the rating exercise despite repeated requests by the agency through phone calls and emails, and has not provided information about latest audited financial statement, sanctioned bank facilities and utilization, business plans and projections for the next three years, and management certificate. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the ratings, as the agency has received a request for withdrawal of ratings and no-objection certificate issued by the bankers. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with BOBHPL while reviewing the rating. Ind-Ra had consistently followed up with BOBHPL over emails since January 2019, apart from phone calls. The issuer has submitted the monthly no default statement until March 2024. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of BOBHPL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. BOBHPL has been non-cooperative with the agency since January 21, 2019. About the Company BOBHPL was incorporated in October 2012 and started its commercial operations in April 2013. The company exports frozen shrimp, mainly to Far East countries, Middle East and North America. It is registered with the Marine Products Export Development Authority. DIFFERENTIATED & SUSTAINABLE: CARE Keeps C Rating in Not Coop. -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Differentiated & Sustainable Solutions LLP (DSSL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 23, 2024, placed the rating(s) of DSSL under the 'issuer non-cooperating' category as DSSL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DSSL 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 Differentiated & Sustainable Solutions LLP (DSSLLP) was established as a partnership firm in December 2015 with an intention to develop and manufacture differentiated products for the epoxy segments. DSSLLP has developed and is planning to manufacture and market Thermoset Systems - mainly Epoxy resin and Hardener formulations, which finds application in the transportation, defence, electronic, electricals, adhesives, and coating industry. Its products would include Epoxy Resin Formulations, Polyurethane Formulations, Benzoxazine Formulations, Hardener Formulations, Amine Hardeners - Active Molecules, Resin - Active Molecules and others. DR. RAJENDRA: CRISIL Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Dr. Rajendra Prasad Educational Society (DRP) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 4 Crisil B+/Stable (Issuer Not Cooperating) Term Loan 5 Crisil B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DRP for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DRP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DRP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DRP continues to be 'Crisil B+/Stable Issuer not cooperating'. Set up in 2000 and based in Lucknow, DRP runs nine colleges and two schools. The society is promoted by Mr. Vijay Srivastava and Mrs Mamta Srivastava, and offers management, law, and commerce courses, and school education. GRD FOODS: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of GRD Foods Private Limited (GFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.89 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 23, 2024, placed the rating(s) GFPL under the 'issuer non-cooperating' category as GFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GFPL 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 Incorporated in 2012, GRD Foods Private Limited (GFPL) is engaged in the manufacturing of dairy products like ghee, whole milk powder (WMP), skimmed milk powder (SMP), dairy whitener, butter etc. The operations of GFPL started in April, 2014. The company has its milk processing unit in Kathua (Jammu and Kashmir) and sells its products under the brand name 'GRD' to wholesalers and institutional clients all over India. HARSO STEELS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Harso Steels Private Limited (HSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.82 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 11.18 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 17, 2024, placed the rating(s) of HSPL under the 'issuer non-cooperating' category as HSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HSPL 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: Not Applicable Harso Steels Private Limited (HSPL) was incorporated in 1986 and started its commercial operation in 1993. The company is currently being managed by Mr. Rakesh Kumar Bansal, Mr. Vikas Bansal and Mr. Adesh Tyagi. The company is engaged in manufacturing of steel tubes. PVC pipes, steel structure and bottom lid. The main raw material is steel which the company procures solely from Steel Authority of India Limited (SAIL). HSPL sells its products domestically to wholesalers and construction companies. The company has an associate concern named Rama Steel Tubes Limited which is engaged in manufacturing and exporting of steel pipes, steel tubes, steel pipes fittings, steel tubes fittings, PVC pipes, PVC tubes, steel pipes etc. INTERNATIONAL METAL: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of International Metal Industries (IMI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 22, 2024, placed the rating(s) of IMI under the 'issuer non-cooperating' category as IMI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IMI continues to be non-cooperative despite repeated requests for submission of information through emails dated March 8, 2025, March 18, 2025 and March 28, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Himachal Pradesh based, International Metal Industries (IMI) was established in February, 2012 as a proprietorship concern by Mr. Jinender Kumar Jain and commenced its commercial operations in August, 2014. The firm is engaged in manufacturing of Stainless Steel cold and hot rolled sheets. The manufacturing facility of the firm is located at Bilaspur District, Himachal Pradesh. JDC INDIA: CARE Keeps C Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of JDC India Limited (JIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.10 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.50 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 JIL under the 'issuer non-cooperating' category as JIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JIL 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: Stable JDC India Limited was incorporated in October 24, 1995 with an objective to enter into the rice milling and processing business. However, after remaining dormant for a few years, the company started its commercial operations from 2006. The manufacturing unit of the company is located at Ausgram, Burdwan, West Bengal. The current installed capacity of the unit is 24,000 tons per annum. The entity is procuring raw paddy from the local farmers. The company also has a cold storage facility in Ausgram for potato traders and farmers. This apart, it also exports electrical goods to Doha, Qatar. Mr. Ajoy Kumar Basu and Mr. Asim Kumar Bose both having almost four decades of experience in similar line of business, looks after the day to day operation of the company along with other directors and a team of experienced professionals who have rich experience in the similar line of business. LAKSHMI VENKATA: CRISIL Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Lakshmi Venkata Ramana Publishers (LVRP) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL D (ISSUER NOT COOPERATING) Long Term Loan 7.4 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 1.6 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with LVRP for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LVRP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LVRP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LVRP continues to be 'Crisil D Issuer not cooperating'. Established in 2015 as a partnership firm, LVRP is engaged in offset printing and book manufacturing business. Based in Vijaywada, Andhra Pradesh, the firm is promoted by Mr.P Srinivasa Rao. LAXMI INFRASTRUCTURE: CRISIL Keeps B+ Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Laxmi Infrastructure (LI) continues to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 30 Crisil B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with LI for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LI continues to be 'Crisil B+/Stable Issuer not cooperating'. LI was set up in 2014 by Mr. Jayesh Shah, Mr. Vasant K Shah, and Mr. Pinkesh Shah. The firm develops residential projects in Ahmedabad. LINGA BHAIRAVI: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Linga Bhairavi Enterprises (Linga) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 Crisil B/Stable (Issuer Not Cooperating) Term Loan 3 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Linga for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Linga, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Linga is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Linga continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 2007, Elcon is engaged in manufacture of heavy pressed and fabrication components. Linga was incorporated in 2016 and is also engaged in manufacture of heavy duty press parts. The day to day operations are promoted by Mr. Ganesh and Mrs Kalpana. M/S GOLDEN: Ind-Ra Moves B+ Loan Rating to NonCooperating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook on M/S Golden Shelters Pvt Ltd.'s bank facilities to Negative from Stable and has simultaneously migrated the ratings to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through phone calls and emails. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The ratings will now appear as 'IND B+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR410.30 mil. Term loan due on January 31, 2027 Outlook Revised to Negative from Stable; migrated to non-cooperating category with IND B+/Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on best available information Detailed Rationale of the Rating Action The migration of rating to the non-cooperating category and Outlook revision to Negative are in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with Golden Shelters while reviewing the ratings. Ind-Ra had consistently followed up with Golden Shelters over emails from January 10, 2025, apart from phone calls. The issuer has submitted no default statement until March 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of Golden Shelters, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company GSPL was incorporated in 2002. The company's registered office is in Chennai. GSPL conducts wellness courses at its center in Chittoor district, Andhra Pradesh, and it is also involved in commercial leasing. GSPL was established by N.K.V. Krishna and Preetha Krishna. MAC STEEL: CRISIL Lowers Rating on INR4.5cr Cash Loan to B ---------------------------------------------------------- CRISIL has revised the ratings on bank facilities of Mac Steel Private Limited (MSPL) to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') Proposed Long Term 0.6 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') Term Loan 1.4 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with MSPL for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MSPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable Issuer not cooperating'. Incorporated in 1997 and promoted by Mr. Mahesh Rajput and Mr. Rajeshree Rajput, MSPL manufactures sheet metal pressed and tubular components used across the automotive and electrical industries. Its facility is in Nashik, Maharashtra. PAWAN AUTOWHEELS: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Pawan Autowheels Private Limited (PAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.15 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 15, 2024, placed the rating(s) of PAPL under the 'issuer non-cooperating' category as PAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 1, 2025, March 11, 2025 and 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 Ghaziabad-based (Uttar Pradesh), PAPL incorporated in March 2009 by Mr. Ashok Kumar Garg and Mr. Shobhit Garg and commenced its commercial operations from April 2011. PAPL has an authorized dealership of Hyundai Motors India Ltd (HMIL). It is operating as 3S facility 'Sales, spares and service'. Suman Autos is an associate concern of PAPL; it is an authorized dealer of Bajaj Auto Limited. QUARTZKRAFT LLP: CRISIL Lowers LT/ST Loan Ratings to D ------------------------------------------------------ Crisil Ratings has downgraded its ratings on the bank facilities of Quartzkraft LLP (QKL) to 'Crisil D/Crisil D' from 'Crisil BB-/Stable/Crisil A4+'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (Downgraded from 'Crisil BB-/Stable') Short Term Rating - Crisil D (Downgraded from 'Crisil A4+') The downgrade in rating to 'Crisil D/Crisil D' reflects delays in the repayment of Term Loan during March 2025. The rating reflects QKL's vulnerability of operating margin to fluctuations in forex rates and raw material prices and Working capital intensive operations and exposure to inherent cyclicality in demand. These weaknesses are partially offset by extensive industry experience of promoters in the granite industry and geographical diversification in revenues and moderate financial risk profile. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of QKL. Unsecured loans of around INR20.12 crores as on March 2024 have been treated as neither debt nor equity as these are likely to be retained in the business. Key Rating Drivers & Detailed Description Weaknesses: * Vulnerability of operating margin to fluctuations in forex rates and raw material prices: Since majority of revenue comes from the international market, any sharp fluctuation in forex rates affects realizations and accrual. This exposes the operating margin to fluctuations in forex rates. Raw materials such as marbles, granite account for 50 to 60 per cent of the total cost of sales. Thus, the company is likely to remain susceptible to the inherent cyclicality in the end-user industries and to significant volatility in raw material prices, over the medium term. * Working capital intensive operations and exposure to inherent cyclicality in demand: Gross current assets were at 280 - 344 days over the three fiscals ended March 31, 2025. Its intensive working capital management is reflected in its gross current assets (GCA) of 277 days as on March 31, 2025. Its large working capital requirements arise from its inventory levels. It is required to extend long credit period. Furthermore, due to its business need, it holds large work in process & inventory. The marble & granite industry is cyclical and moves in-line with the level of activity in the construction sector. Strengths: * Extensive industry experience of promoters in the granite industry and geographical diversification in revenues: The promoters have an experience of over 25 years in granite industry. This has given them an understanding of the dynamics of the market and enabled them to establish relationships with suppliers and customers. QKL caters to a wide number of clients, both in India and overseas. It consistently derives 95% of its revenue from exports. Diversity in geographic reach and clientele should continue to support the business risk profile. * Moderate financial profile: Company's debt protection measures have also been at moderate level despite leverage due to moderately healthy profitability in FY2025. The interest coverage and net cash accrual to total debt (NCATD) ratio are expected to be at 1.91 times and 0.10 times for fiscal 2025. QKL debt protection measures are expected to remain at similar level over medium term. Liquidity: Poor Bank limit utilisation is high at around 98 percent for the past twelve months ended March 2025. There are delays in payment of term loan repayment obligations in March 2025. Rating sensitivity factors Upward factors: * Track record of timely debt servicing for at least 90 days * Improvement in working capital cycle QKL was established as a limited liability partnership firm in 2018 and started its commercial operation in August 2020. It is engaged in manufacturing, exporting, and processing of engineered quartz slabs (EQS). The firm has manufacturing facility located in Prakasam District of Andhra Pradesh and promoted by FS Enigma International PTE Ltd, Purple Investment LLC, QNEXT Stone Products Private Limited and The Stone Resources Inc. RAFFLES GREEN: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Raffles Green Pet India Private Limited (RGP) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.95 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 4.95 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RGP for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RGP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RGP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RGP continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2013, RGP is Kadi based company. It is setting up a unit to manufacture pet flakes by recycling used PET bottles. The company is promoted by Mr. Jerambhai Chhaganbhai Kalathiya and his younger brother, Mr. Ankitbhai Mansukhbhai Ajani. The year 2015-16 was the first year for the operations. RAJASTHAN BAL: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rajasthan Bal Kalyan Samiti (RBKS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.24 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 26, 2024, placed the rating(s) of RBKS under the 'issuer non-cooperating' category as RBKS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RBKS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 12, 2025, March 22, 2025 and April 1, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Udaipur (Rajasthan) based Rajasthan Bal Kalyan Samiti (RBKS) was registered as a trust in March 1983 under Rajasthan Societies Registration Act 1958 by Mr. Pandit Jeevat Ram Sharma with an aim to provide the benefit to poor and tribal community in India focusing for betterment of women and children. RBKS is mainly engaged into education to poor and tribal community and currently operating 9 graduation colleges, 1 nursing college, 1 training college and 6 schools in the backward of area of Rajasthan. RBKS is also engaged into rural development activities like Natural Resource Management (NRM) activities, plantation activities, watershed program, women and child development etc. and undertakes various projects for National Bank for Agricultural and Rural Development (NABARD). RAMESHWARI PAPER: CRISIL Assigns B+ Rating to INR11cr New Loan -------------------------------------------------------------- Crisil Ratings has assigned its 'Crisil B+/Stable' rating to the long-term bank facilities of Rameshwari Paper Mills Pvt Ltd (RPMPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 Crisil B+/Stable (Assigned) Proposed Fund- Based Bank Limits 11 Crisil B+/Stable (Assigned) Term Loan 25 Crisil B+/Stable (Assigned) The rating reflects initial stage of operations, expected leveraged capital structure and susceptibility to intense competition and cyclicality in the paper industry. These weaknesses are partially offset by the extensive entrepreneurial experience of the promoters and locational advantage of the plant with latest machinery. Analytical approach Crisil Ratings has considered the standalone business and financial risk profiles of RPMPL. Unsecured loan of INR12.99 crore as on March 31, 2025, has been treated as neither debt nor equity as the loan is expected to remain in the business over the medium term. Key rating drivers and detailed description Weaknesses: * Initial stage of operations: RPMPL is scheduled to commence its project in July 2025. The company remains exposed to risks related to timely implementation and financing. The company has acquired land for the project and construction has progressed at a healthy pace. The unit is being set up and machinery has been ordered; a large part of the machinery is under installation, which mitigates implementation risk to some extent. The company has tied up term loan, equity and unsecured loans of INR41.42 crore was infused as on March 31, 2025. While exposure to demand risk persists, the promoters have experience in paper trading, which will help them in getting orders. Timely completion and successful stabilisation of operations at the new unit will remain a key rating sensitivity factor. * Expected leveraged capital structure: The project is funded via term debt of INR25 crore, unsecured loan of INR12.99 crore and equity contribution of INR8.50 crore from the promoter. This has resulted in expected debt to equity ratio of 3.24 times. The financial risk profile will likely remain moderate with high gearing owing to initial stage of operations. * Susceptibility to intense competition and cyclicality in the paper industry: Owing to the commoditised nature of the paper industry, players have limited pricing flexibility. Moreover, end users of packaging paper are price-sensitive. This is expected to continue over the medium-to-long term as raw material prices are volatile owing to demand-supply imbalance. The industry is also cyclical, with small players shutting down capacities during downturns and recommencing operations when the economy revives. This prevents established players from generating large profits even during good economic growth. The business risk profile may remain constrained over the medium term. Strengths: * Extensive experience of the promoters: The promoters are well-qualified and highly experienced in multiple business across various industries, such as paper trading, logistics and real estate. This has given them an understanding of the market dynamics and enabled them to establish relationships with suppliers and customers. * Advantageous location of plant and latest machinery: The plant is in Sikhreda village, Jolly Road, Muzaffarnagar, Uttar Pradesh, which is well connected with customers in the north and is in proximity to its raw material suppliers. The unit has the latest equipment and technology. Installation of latest machinery will support the business risk profile. Liquidity: Stretched The company is availing debt of INR25 crore, which may create yearly obligation of INR1.20-1.80 crore in fiscals 2026 and 2027. With operations yet to commence, their timely commencement and sufficient cash accrual remain key monitorables. The promoters are likely to provide funding support via equity or unsecured loans, if required. Outlook: Stable Crisil Ratings believes RPMPL will continue to benefit from the extensive experience of the promoters. Rating sensitivity factors Upward factors: * Timely completion of project with no time or cost overrun * Successful ramp-up of operations post completion of the project leading to cash accrual of over INR2 crore Downward factors: * Delay in commencement of operations of the new unit * Failure to ramp up operations post completion of the project leading to cash accrual below INR50 lakh Incorporated in September 2021, RPMPL is setting up kraft paper, absorbent paper and tissue paper manufacturing unit in Muzaffarnagar, Uttar Pradesh, with capacity of 16,500 tonne per annum (MTPA). The plant is expected to be commissioned by July 2025. RPMPL is promoted and managed by Mr. Parvez Alam, Mr. Mohit Mittal, Mr. Yash Sharma, Mr. Asif Malik and Mr. Kamal Uddin Ansari. RAMKA SILK: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ramka Silk House Private Limited (RSHPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Packing Credit 14.5 CRISIL D (Issuer Not Cooperating) Packing Credit 10.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RSHPL for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RSHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RSHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RSHPL continues to be 'Crisil D Issuer not cooperating'. Established in 2002, RSHPL, promoted by Mr. Sharad Rochlaney and Mr. Kiran Rochlaney, manufactures and exports embroidered fabric and garments. The company procures fabric or yarn depending upon requirement, provides the designs, and gets the processing and embroidery done on a jobwork basis. RASIK VATIKA: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Rasik Vatika Silk Mills Private Limited (RVSM) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RVSM for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RVSM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RVSM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RVSM continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 1993 as a proprietorship firm named Rasik Vatika Silk Mills, Surat-based RVSM was reconstituted as a private limited company in 2010. Mr. Harbans Lal Arora and Mr. Kapil Arora are the promoters. RVSPL dyes and processes grey fabric on a job-work basis and has also started trading in garments. RATAN TEXTILES: CRISIL Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Ratan Textiles Private Limited (RTPL) continues to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 6.5 Crisil B+/Stable (Issuer Not Credit Cooperating) Crisil Ratings has been consistently following up with RTPL for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RTPL continues to be 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 1985 and promoted by Mr. Naresh Jain and Mr. Anant Jain, RTPL manufactures and exports bed, kitchen, and table linen and other textile items to the USA, the UK, Australia, and Japan. Its unit is in Jaipur. RD BROWN: CRISIL Keeps B Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of RD Brown Box Packaging Private Limited (RDBB) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Term Loan 8 Crisil B/Stable (Issuer Not Cooperating) Long Term 13.5 Crisil B/Stable (Issuer Not Bank Facility Cooperating) Overdraft Facility 3.5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RDBB for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RDBB, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RDBB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RDBB continues to be 'Crisil B/Stable Issuer not cooperating'. RDBB, incorporated in 1984 at Chennai, manufactures corrugated boxes. Mr. Bhagwan Doss is the managing director. RELIANCE HOME: Invent Assets Files Insolvency Petition vs Firm -------------------------------------------------------------- ETLegalWorld reports that Invent Assets Securitisation & Reconstruction Private Limited, a financial creditor of the Reliance Home Finance Limited, has filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against the Company before the National Company Law Tribunal, Mumbai bench for a claim amount of INR7,80,98,017/- (including interest). Section 7 of the IBC outlines the initiation of the Corporate Insolvency Resolution Process (CIRP) by a financial creditor against a corporate debtor when a default has occurred. ETLegalWorld SAYS NCLT will have to ascertain the existence of a default from the records of an information utility or based on other evidence furnished by the financial creditor. Reliance Home Finance is currently seeking legal advice and will take appropriate steps, according to ETLegalWorld. "The Company shall seek appropriate legal advice and shall take appropriate steps to protect its interest in the aforesaid matter," RHFL said in its regulatory filing. Reliance Home Finance Limited (RHFL) was incorporated in June 2008 and was part of the Anil Dhirubhai Ambani Group (ADAG). RHFL is registered as housing finance company with National Housing Bank and is engaged in mortgaged based lending operations. SAISONS TRADE: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Saisons Trade & Industry Private Limited (STIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 35.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 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 23, 2024, placed the rating(s) of STIPL under the 'issuer non-cooperating' category as STIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. STIPL 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 STIPL incorporated in 1999, by Mr. Siddharth Shah, is engaged in manufacturing of various electrical and engineering products like electrical panel, fire panel & accessories, wire harness, accessories for telecom tower and fabrication of various products. SHIVA GLOBAL: Ind-Ra Withdraws B+ Bank Loan Rating -------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on Shiva Global Agro Industries Limited's (SGAIL) bank facilities: -- INR145.20 mil. Non-fund-based working capital limit** affirmed and withdrawn; -- INR31.16 mil. Working capital term loan# affirmed and withdrawn; and -- INR400 mil. Fund-based working limit* affirmed and withdrawn. * Affirmed at 'IND B+'/Stable/'IND A4' before being withdrawn ** Affirmed at 'IND A4' before being withdrawn # Affirmed at 'IND B+'/Stable before being withdrawn Detailed Rationale of the Rating Action The ratings reflect deterioration in SGAIL's credit metrics in FY24-FY25 and stretched liquidity. However, the ratings are supported by the company's continued medium scale of operations, Ind-Ra's expectation of an improvement in the EBITDA in the medium term, and the promoter's more than three decades of experience in the agriculture and fertilizer sectors. Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-objection certificate from the lender. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for the company. Detailed Description of Key Rating Drivers Deterioration in Credit Metrics: SGAIL's credit metrics deteriorated due to operating losses incurred in FY24 and FY25. However, Ind-Ra expects the credit metrics to improve in the medium term with a likely improvement in the EBITDA. Stretched Liquidity: Refer to the liquidity section below. Continued Medium Scale of Operations: SGAIL's revenue plunged to INR802.6 million in FY24 (FY23: INR1,793.4 million) EBITDA turned negative to INR78.3 million in FY24 (FY23: INR119.4 million). Till 9MFY25, SGAIL booked revenue of INR542.8 million. In the medium term, Ind-Ra expects the revenue to remain at similar levels. EBITDA Margins Likely to Improve in Medium Term: The EBITDA margin turned negative to negative 9.8% in FY24 (FY23: 6.7%) with a return on capital employed of negative 8.7% (9.5%). In FY24, SGAIL incurred operating losses due to the reduction in subsidy rate of single super phosphate (SSP) fertilizers, leading to a fall in the average realization of SSP fertilizer below the cost of its raw materials. During 9MFY25, the EBITDA margins were negative 8.80%. However, Ind-Ra expects the EBITDA margins to improve in the medium term. Experienced Promoter: SGAIL's promoter, Omprakash Gilda, who also serves as the managing director on its board, has more than three decades of experience in the agriculture and fertilizer sectors. The company has been manufacturing fertilizers for three decades with a network of over 350 dealers and a well-established presence in Maharashtra. Liquidity Stretched: The cash flow from operations stood at INR244.2 million in FY24 (FY23: negative INR118.21 million). Further, the free cash flow turned positive to INR239.2 million in FY24 (FY23: negative INR121.87 million). The net working capital cycle remained elongated at 260 days in FY24 (FY23: 222 days). The cash and cash equivalents stood at INR1.02 million at FYE24 (FYE23: INR1.43 million). SGAIL has scheduled debt repayments of INR5.50 million each in FY26 and FY27. About the Company Incorporated in 1993, SGAIL is a public limited company and has been listed on the BSE Limited. The company manufactures and trades fertilizers. The two main products manufactured by SGAIL are SSP, a type of multi nutrient fertilizer, and nitrogen, phosphorus, and potassium--mix fertilizers. The entity has two plants in Nanded, Maharashtra, and also trades in other agricultural commodities such as turmeric, chickpeas, pigeon peas, among others, in smaller proportions. SUNDER FOOD: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sunder Food Products (SFP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 24, 2024, placed the rating(s) of SFP under the 'issuer non-cooperating' category as SFP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SFP continues to be non-cooperative despite repeated requests for submission of information through emails dated March 10, 2025, March 20, 2025 and March 30, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Madhya Pradesh based, SFP was established in the year 2012 by Mr. Anil S. Setiya. The entity is engaged in manufacturing of snacks, namkeens and biscuits at its manufacturing facility located at Chhindwara, Madhya Pradesh. SURFICA INDIA: CRISIL Lowers Long Term Loan Rating to D ------------------------------------------------------- Crisil Ratings has downgraded its rating on the long-term bank facilities of Surfica India Limited (SIL) to 'Crisil D' from 'Crisil B-/Stable' and has reassigned its 'Crisil D' rating to the short-term bank facility. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (Downgraded from 'Crisil B-/Stable') Short Term Rating - Crisil D (Reassigned) The ratings reflect SIL's poor liquidity profile as indicated by delay in servicing of term debt obligation, intense competition, large working capital requirement and average financial risk profile. These weaknesses are partially offset by the expertise of the promoters in the plywood and laminates industry. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of SIL. Key Rating Drivers & Detailed Description Weaknesses: * Delays in servicing debt obligation: There have been delays in term loan repayment on account of poor liquidity position. * Modest scale of operations amid intense competition: The plywood and laminates industry is highly fragmented and the consequent intense competition may continue to constrain scalability, pricing power and profitability. Revenue is estimated at INR32-33 crore in fiscal 2025. * Large working capital requirement: The working capital cycle is likely to remain stretched as the company extends long credit periods to customers and maintains huge work-in-process and raw material inventory to meet business requirement. Gross current assets (GCAs) have been 490-955 days for the past three fiscals and were about 955 days as on March 31, 2024, driven by high debtors of 150 days and inventory levels of 938 days. Strength: * Expertise of the promoters: The promoters have more than five years of experience in the plywood and laminates industry; their strong understanding of market dynamics and healthy relationships with suppliers and customers should continue to support the business. Liquidity: Poor Bank limit utilisation was high at 98% on average for the 12 months through January 2025. Cash accrual is projected at INR3-3.50 crore per annum, against nil debt obligation over the medium term. The current ratio is estimated at 1.73 times as on March 31, 2025. The promoters are likely to extend timely, need-based funds (equity and unsecured loans) to aid operations. Rating sensitivity factors Upward factors * Track record of timely servicing of debt obligation continuously for at least 90 days * Improvement in the scale of operations and sustenance of operating margin, leading to higher-than-expected cash accrual of over INR4 crore * Improvement in the working capital cycle, with GCAs less than 400 days SIL, incorporated in May 2017, manufactures high-pressure laminates and markets it under various brands, including Digica, Extica, Innovica, Surfica, Flexica, Shinica, Slimica and Linica. Its facility is at Himatnagar in Gujarat. Mr. Raman Dhula Patel and his family members own and manage the business. VAJRATEJA RICE: Ind-Ra Moves BB- Loan Rating to NonCooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook of Vajrateja Rice Cluster Private Limited (VRCPL) bank facilities to Negative from Stable and has simultaneously migrated the ratings to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through phone calls and emails. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The ratings will now appear as 'IND BB-/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR604.4 mil. Term loan due on September 1, 2032 Outlook revised to Negative and migrated to non-cooperating category with IND BB-/Negative (ISSUER NOT COOPERATING) rating; and -- INR450 mil. Fund-based working capital limit Outlook revised to Negative and migrated to non-cooperating category with IND BB-/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on best available information Detailed Rationale of the Rating Action The migration of rating to the non-cooperating category and Outlook revision to Negative are in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with VRCPL while reviewing the ratings. Ind-Ra had consistently followed up with VRCPL over emails since February 11, 2025 apart from phone calls. The issuer has submitted no default statement until February 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of VRCPL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. VRCPL has been non-cooperative with the agency since February 2025. About the Company VRCPL was incorporated on August 4, 2020 and it commenced operations from November 11, 2022. The company is engaged in processing and selling of rice, broken rice and its by-products. The company's rice mill is located in Nalgonda district, Telangana with a processing capacity of 32 tons per hour. VISHAVKARMA AGRO: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vishavkarma Agro Industries (VAI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.73 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 22, 2024, placed the rating(s) of VAI under the 'issuer non-cooperating' category as VAI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VAI continues to be non-cooperative despite repeated requests for submission of information through emails dated March 8, 2025, March 18, 2025 and March 28, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Vishavkarma Agro Industries (VAI) was established as a partnership firm in 1991 with Mr. Surjit Singh Dhiman and Mr. Amarjit Singh as its partners. The firm is engaged in manufacturing of tractor equipment's such as wheat thresher, straw reaper, seed drill, combine harvesters, etc. at its manufacturing unit situated in Sangrur, Punjab. ================= I N D O N E S I A ================= MEDCO ENERGI: S&P Rates New USD Sr. Unsecured Notes 'BB-' --------------------------------------------------------- S&P Global Ratings assigned its 'BB-' long-term issue rating to U.S. dollar-denominated senior unsecured notes that Medco Cypress Tree Pte. Ltd. proposes to issue. Medco Cypress Tree is a wholly owned subsidiary of Medco Energi Internasional Tbk. PT. Medco Energi will unconditionally and irrevocably guarantee the notes. S&P rates the notes the same as the long-term issuer credit rating on Medco Energi (BB-/Stable/--), an Indonesia-based oil and gas company. Medco Cypress Tree will lend the bond proceeds to Medco Energi to tender for or refinance its existing debt, among other uses. Medco Energi is concurrently making a tender offer for any and all of its outstanding U.S. dollar-denominated senior unsecured notes maturing in 2026 and 2027. S&P said, "Our rating on Medco Energi reflects the company's midsize production scale, of which 70% is gas. Medco Energi's fixed-price gas contracts apply to about 50% of its production and provide good cash flow visibility. We estimate cash flow from fixed-price contracts will be US$420 million-US$425 million in 2025, representing 35%-40% of projected EBITDA and 65%-70% of projected cash flow from operations. The rating also reflects Medco Energi's strategy of pursuing both organic and inorganic growth to sustain its production and reserves. Medco Energi's proven and probable reserves are currently stabilizing at about 10.4 years. "We expect Medco Energi's earnings to moderate over the next two years, with EBITDA likely to be US$1.1 billion-US$1.2 billion per year in 2025 and 2026. This translates into a ratio of funds from operations (FFO) to debt of 16%-19%, leaving limited headroom to our rating downside trigger of 15%. The company reported EBITDA of US$1.3 billion in 2024. Our base case is based on our Brent oil price assumption of US$70 per barrel (bbl) for 2025-2027. "Medco Energi's financial policy supports a 'BB-' rating, in our view. Under our base case, the company will continue to deleverage its balance sheet as it repays debt related to past acquisitions. In 2022, Medco tightened its net debt-to-EBITDA ratio target to 2.5x for the restricted group (oil and gas business only). This assumes a mid-cycle oil price of US$65/bbl. The company has adhered to this financial policy target over the past two acquisitions; namely of the Corridor block in 2021 and the Oman Block 60 in 2023. "The stable outlook on the issuer credit rating on Medco Energi reflects our view that the company will maintain stable production over the next 18 months and use its discretionary cash flow to reduce debt. "We equalize the issue rating on the notes with the issuer credit rating on Medco because the company primarily operates in Indonesia, a jurisdiction where we believe the priority of claims in a theoretical bankruptcy is highly uncertain. The rating on the notes is subject to our review of the final terms and conditions." =============== M A L A Y S I A =============== IVORY PROPERTIES: Sells The Birch House for MYR18MM to Repay Loan ----------------------------------------------------------------- The Edge Malaysia reports that Practice Note 17 (PN17) company Ivory Properties Group Bhd is selling a double-storey detached commercial building known as The Birch House for RM18 million to settle its bank borrowings. In a filing with Bursa Malaysia on May 6, the group said the property, currently leased to a third-party restaurant chain, generates insufficient rental income to cover loan installments, the Edge relates. Consequently, the loan has fallen into default, prompting the financier, Bank Islam Malaysia Bhd to initiate legal action against Ivory Properties, the report says. The case has progressed to a summary judgment application and has been transferred from the Kuala Lumpur High Court to the Penang High Court. Given these circumstances, Ivory Properties has decided that selling this non-core asset to raise funds for loan repayment is in the company's best interest, the Edge says. Ivory Properties anticipates a net gain of about MYR7.28 million from the property sale, which is expected to be completed by the third quarter of this year. Of the MYR18 million in sales proceeds, MYR10.5 million will be used to immediately settle bank borrowings, while MYR7.5 million will be allocated for working capital, according to the Edge. Ivory Properties slipped into PN17 status in August 2022 after its external auditors, Messrs KPMG PLT, issued a disclaimer of opinion on the company's audited financial statements for the financial year ended March 31, 2022 (FY2022) and raised doubts regarding Ivory Properties' ability to continue as a going concern. According to KPMG, Ivory Properties reported a net loss of MYR79.51 million during FY2022, and the group's liabilities exceeded its current assets by MYR60.22 million. According to the Edge, the financial difficulties primarily stemmed from its wholly-owned subsidiary, Ivory Gleneary Sdn Bhd (IGSB), which incurred liquidated ascertained damages (LAD) totalling MYR73.6 million owed to purchasers of Phase 3 of the Penang Times Square - The Wave and Commercial - as of the cut-off date on March 31, 2024. As of end-June 2024, IGSB recorded accumulated losses of MYR74.5 million, with an additional MYR500,000 loss incurred between April and June. It was also sued by BIMB over an outstanding payment of MYR19.8 million. In September last year, Ivory Properties appointed interim liquidators to initiate the winding-up of IGSB as part of its regularisation plan, the Edge recalls. As of end-2024, the group's cash and bank balances stood at MYR1.69 million, while its short-term borrowings totalled MYR58.01 million, the Edge discloses. About Ivory Properties Ivory Properties Group Bhd. is a property development company. The Company's project portfolio includes medium to high-end apartments, luxury condominiums, semi-detached and bungalow homes, boutique gated communities, and retail and commercial lots. In August 2022, Ivory Properties slipped into Practice Note 17 (PN17) status after its external auditor Messrs KPMG PLT flagged material uncertainties about the company's ability to continue as a going concern. KPMG said Ivory Properties reported a net loss of MYR79.51 million during FY22, while the group's liabilities exceeded their current assets by MYR60.22 million. ===================== N E W Z E A L A N D ===================== ANNABELLE INDUSTRIES: Grant Bruce Reynolds Appointed as Liquidator ------------------------------------------------------------------ Grant Bruce Reynolds of Reynolds & Associates on May 1, 2025, were appointed as liquidators of Annabelle Industries Limited. The liquidator may be reached at: Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 BAILI PROPERTY: Court to Hear Wind-Up Petition on May 15 -------------------------------------------------------- A petition to wind up the operations of Baili Property Development Limited will be heard before the High Court at Auckland on May 15, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 4, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 DEB PROPERTY: Creditors' Proofs of Debt Due on June 5 ----------------------------------------------------- Creditors of Deb Property Developments Limited are required to file their proofs of debt by June 5, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 2, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 DESIGN ENERGY: Creditors' Proofs of Debt Due on June 2 ------------------------------------------------------ Creditors of Design Energy Limited are required to file their proofs of debt by June 2, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 2, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 SERIEN ENTERPRISES: Court to Hear Wind-Up Petition on June 16 ------------------------------------------------------------- A petition to wind up the operations of Serien Enterprises Limited will be heard before the High Court at Hamilton on June 16, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 21, 2025. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton ===================== P H I L I P P I N E S ===================== PH RESORTS: Chinabank to Sell Emerald Bay Casino Site in Cebu ------------------------------------------------------------- Meg J. Adonis at the Philippine Daily Inquirer reports that China Banking Corp. (Chinabank) will sell a 12.4-hectare beachfront property in Cebu province, where the casino of Dennis A. Uy-led PH Resorts Group Holdings Inc. (PHR) was supposed to rise, until the company faced difficulties paying its obligations. According to the Inquirer, billionaire Hans Sy, chair of the country's fifth-largest lender, told reporters last week they would open the property for sale to "people who showed interest." "There are a couple of interested parties," the report quotes Mr. Sy as saying without disclosing the identity of the investors. The sale involves the site of PHR's long-delayed Emerald Bay Resort Hotel and Casino in Lapu-Lapu City, the report says. In October 2023, PHR subsidiary Lapulapu Leisure Inc. (LLI), which is in charge of developing the casino, entered into an agreement with Chinabank to restructure its multibillion-peso debt with the Sy family-led bank, the Inquirer recalls. Under the leaseback deal, Mr. Uy's company sold the property to Chinabank under the condition it could eventually buy it back by March 2025. The restructuring allowed PHR to settle a PHP3.1-billion loan extended by Chinabank in 2018. Until 2024, with the expiration of the sale and leaseback agreement, PHR tried "working on a possible repurchase option." However, Mr. Sy emphasized that PHR could no longer buy back the property. "We gave Dennis a chance to redeem [the property]," the Inquirer quotes Mr. Sy as saying. "Of course, they asked for an extension and we already gave them more than a year. It's already in our name." "They don't have to renew that [agreement] . . . We're not renewing anymore," Mr. Sy added. After failed talks with three investors, PHR in December announced it had tapped listed construction firm EEI Corp. for the casino project that has yet to be completed since development began in 2017. The Inquirer relates that PHR parent company Udenna Corp. signed a memorandum of agreement with EEI, which will execute agreements with LLI and Lapulapu Land Corp. to "finance, construct and complete" the project. EEI is the fourth investor to take a risk on the Cebu project that was previously tagged as overpriced by analysts, the Inquirer says. Last July, Tiger Resort Leisure and Entertainment Inc. (TRLEI), the operator of Okada Manila, backed out from the deal that would have finally nudged the Emerald project toward completion. TRLEI's exit followed those of Cebu-based developer AppleOne Properties Inc. and tycoon Enrique Razon Jr.-led Bloomberry Resorts Corp., both in 2023, the Inquirer notes. About PH Resorts PH Resorts Group Holdings Inc. operates as a holding company. The Company, through its subsidiaries, manages and maintains tourism-related businesses which includes resort and casino projects. PH Resorts Group holdings serves customers in the Philippines. As reported in the Troubled Company Reporter-Asia Pacific on May 2, 2024, PH Resorts (PHR) Group Holdings reported losses of PHP4.213 billion in 2023, up 270 percent from PHP1.14 billion the previous year. PHR reported a net loss of PHP1.802 billion for the year ended Dec. 31, 2024. ================= S I N G A P O R E ================= BONAFIDES BEAUTE: Creditors' Proofs of Debt Due on May 30 --------------------------------------------------------- Creditors of Bonafides Beaute Pte. Ltd., Bonafides Beautistyle Pte. Ltd., and Bonafides Beauty Pte. Ltd. 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 24, 2025. The company's liquidators are: Don M Ho David Ho Chjuen Meng c/o DHA+ pac 63 Market Street #05-01A Bank of Singapore Centre Singapore 048942 PPGT DEVELOPMENT: Court to Hear Wind-Up Petition on May 16 ---------------------------------------------------------- A petition to wind up the operations of PPGT Development Pte. Ltd. will be heard before the High Court of Singapore on May 16, 2025, at 10:00 a.m. My Square Metre Pte. LTD filed the petition against the company on April 22, 2025. The Petitioner's solicitors are: Messrs. Meritus Law LLC 20 Collyer Quay, #21-02 Singapore 049319 SCHNEIDER ELECTRIC: Commences Wind-Up Proceedings ------------------------------------------------- Members of Schneider Electric Global Mobility Pte. Ltd. on April 28, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Mr. Thong Kum Keen Benjamin Perun Consultants (Singapore) 10 Anson Road International Plaza, #10-10 Singapore 079903 THONG SENG: Commences Wind-Up Proceedings ----------------------------------------- Members of Thong Seng Metal Pte. Ltd. on April 25, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Ms. Koh Geok Hoon Ms. Chng Thian Hooi 380 Jalan Besar #06-06 ARC 380 Singapore 209000 TRUGRIT COMEX: Creditors' Proofs of Debt Due on May 30 ------------------------------------------------------ Creditors of Trugrit Comex Pte. Ltd. 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 25, 2025. The company's liquidators are: Balasubramaniam Janamanchi c/o JBS Practice PAC 137 Telok Ayer Street #05-03 Singapore 068602 =========== T A I W A N =========== NANYA TECHNOLOGY: Fitch Lowers LongTerm IDRs to BB+, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has downgraded Taiwan-based Nanya Technology Corporation's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'BB+' from 'BBB-' and National Long-Term Rating to 'A-(twn)' from 'A(twn)'. The Outlook is Stable. Fitch has also downgraded the Short-Term Foreign- and Local-Currency IDRs to 'B' from 'F3' and National Short-Term Rating 'F2(twn)' from 'F1(twn)'. The downgrade reflects the company's weaker operating performance and the greater uncertainties surrounding US tariff policies, which could influence global demand for consumer electronics and, consequently, the pace at which profitability and cash generation recover. Fitch has also revised Nanya's Standalone Credit Profile (SCP) to 'bb-' from 'bb'. The downgrade is also driven by its revised assessment of Formosa Plastic Group (FPG) group's credit profile, which has been hurt by higher leverage resulting from an extended industry downcycle, coupled with substantial capex and investments in recent years. Key Rating Drivers Bottom-up Rating: Fitch's rating approach to Nanya is based on expectations of support from its stronger parent, FPG, according to its Parent and Subsidiary Linkage (PSL) Rating Criteria. Fitch takes into consideration FPG's four largest subsidiaries - Formosa Petrochemical Corporation, Formosa Chemicals & Fibre Corporation, Formosa Plastics Corporation and Nan Ya Plastics Corporation, which collectively own 62% of Nanya ‒ as the parent. Its 'Medium' strategic incentive assessment is due to its projected capex for Nanya of about 44% of the four entities' consolidated capex. Fitch expects Nanya to contribute around 20% of the parent's EBITDA in 2026, due to its higher long-term growth potential than other group businesses. The operational incentive is 'Medium' on significant management and brand overlap, as well as some related-party transactions with other semiconductor group companies. The legal incentive is 'Low' in the absence of debt guarantees or cross-default clauses. Weaker Technology Position: Nanya's SCP reflects its smaller scale and weaker market position in the global, oligopolistic DRAM industry. Over 97% of DRAM revenue market share is controlled by the three largest vendors: Samsung Electronics Co., Ltd. (SEC, AA-/Stable), SK hynix Inc. (BBB/Stable) and Micron Technology Inc. (BBB/Stable). Nanya's technology lags the top-three vendors, but Fitch expects its investment to close the DRAM market gap with the successful development of in-house technologies since 2017. Rising Uncertainties: Regional economic slowdowns and uncertainty from US tariff policy are likely to dampen demand for traditional DRAM in coming quarters. China's stimulus policy may have helped improve DRAM demand and inventory, but US tariff conflicts could exacerbate global economic concerns. The direct impact of US tariff hikes on Nanya remains minimal, but the indirect effects could be significant. Nanya's product portfolio being heavily concentrated on consumer and commodity DRAM means that Fitch believes the company may find it challenging to achieve its bit shipment growth target of over 30% in 2025. Slower Near-Term Recovery: Fitch expects EBITDA to remain depressed until the contribution from 10nm-class process technology takes off. Its 10nm-class process technology made up around 10%-20% of its total wafer input in terms of total capacity. Nanya aims to boost this ratio to 40% in 2H25. Fitch does not expect EBIT to turn around before 1H26; sales tend to lag production by at least one to two quarters, together with greater depreciation and amortisation and higher R&D expenses associated with technology transition. Fitch tightened the leverage guideline to 3.0x from 3.5x for the SCP revision to 'bb-' from 'bb' to reflect its view that business risk has risen, given the weaker-than-expected financial performance and greater uncertainty over future demand and profitability. Negative FCF: Fitch forecasts ongoing negative FCF in the next few years, with a slower recovery in profitability and higher capex for its new fabrication facility, Fab 5, where the investment plan is in several phases. About half of the 2025 capex budget is to fund the Fab 5 construction, which is scheduled to be completed by mid-2026. Capex for the next phase will be substantial, as Nanya will deploy extreme ultraviolet lithography equipment for a future advanced process. Prudent Approach: Nanya is likely to keep prioritising profitability and FCF. Fitch expects a measured approach on capex, ensuring sufficient liquidity and managing EBITDA leverage to below 3.0x in 2026 and 2027, from 4.7x in 2024. Fitch sees total capex in 2025-2028 ranging from TWD70 billion to TWD110 billion, depending on market conditions and the timing of the second phase capex for Fab 5A. Its rating case assumes this capex cycle will peak in 2028 and EBITDA leverage will rise to 3.5x in 2028 and 2029. Long-Term Growth Intact: The consumer DRAM market is migrating from DDR3 to DDR4 as DDR3 nears its lifecycle end at major suppliers. The top-three vendors are migrating DDR4 capacity into high-bandwidth memory HBM and DDR5, tightening DDR4 and LPDDR4 supply, which should lead to a better pricing environment for Nanya's products. Product Upgrade: Nanya is also launching its 10nm-class process technology. Fitch expects the product upgrade to drive robust revenue growth and stronger margin recovery in 2026-2027, with the EBITDA margin rebounding to around 32%-36%, from 15% in 2024. Peer Analysis Nanya's SCP is four notches lower than the credit profile of larger DRAM peers such as SK hynix and Micron, given its smaller scale, and weaker market share and technological capability in the DRAM industry. Nanya also faces higher capex and technology risk than SK hynix and Micron as it plans to upgrade its technology and build a new fab, increasing its financial risk. Nanya's profitability is weaker than peers due to lower economies of scale. It also has higher mid-cycle EBITDA leverage of 2.5x-3.5x than SK hynix's 1.0x-1.4x and Micron's 0.5x-1.0x. Nanya's national SCP of 'BBB(twn)' is four notches lower than the credit profile of Taiwan-based outsourced assembly and test (OSAT) company ASE Technology Holding Co., Ltd. (ASEH; BBB/A+(twn)/Positive). ASEH has a leading market position in the global OSAT market, and a better financial profile than Nanya because of ASEH's lower mid-cycle EBITDA leverage of 1.5x-2.5x. Taiwan Mobile Co., Ltd.'s (TWM; AA-(twn)/Stable) National Rating is five notches higher than that of Nanya, due to its position as Taiwan's second-largest mobile operator by revenue. TWM faces significantly less volatility than the highly volatile memory industry. TWM has a slightly better financial profile than Nanya, as Fitch forecasts TWM's EBITDA leverage to be around 2.6x-2.7x in 2024-2025. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Revenue compound annual growth rate of around 15% in 2025-2027 (2024: 14%), before slowing to mid-single-digit growth in 2028; - EBIT loss of around TWD8 billion in 2025 (2024: EBIT loss of TWD11 billion), EBIT breakeven in 1H26, and fuller recovery in 2H26 and 2027; - Capex of TWD15 billion-20 billion in each year from 2025 to 2027 (2024: TWD16 billion) and TWD70 billion in 2028, driven mainly by capex on the Fab 5A expansion; - No cash dividend in 2025-2028 (2024: nil). RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A weakening in FPG's incentives to support Nanya, although Fitch believes this is unlikely; - A prolonged industry downturn and/or high capex in the industry, leading to EBITDA leverage sustained above 4.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade is unlikely unless its assessment of the combined credit profile of the big-four entities improves. Under Fitch's PSL criteria, bottom-up outcomes are capped at top-down minus one notch where the subsidiary's SCP is more than one notch away from the consolidated credit profile. Negative Action Guideline for Nanya's SCP of 'bb-': - A prolonged industry downturn and/or high capex in the industry, leading to EBITDA leverage sustained above 4.0x. Positive Action Guideline for Nanya's SCP of 'bb-': - The SCP may be raised if there is an increase in scale and market share, a successful migration to self-developed advanced products, and EBITDA leverage sustained below 3.0x. Liquidity and Debt Structure Fitch expects the company to maintain adequate liquidity over the medium term. Nanya had readily available cash of TWD62 billion at end-2024, compared with total debt of TWD25 billion. The company also has short-term uncommitted banking facilities at about TWD60 billion (including joint facilities available to other FPG affiliates). The company will raise new debt in phases to fund its second phase capex plan for Fab 5A, and may lose its net cash position around 2028. Nevertheless, Fitch expects it to adjust capex spending according to the recovery pace of the company's core market segments. Issuer Profile Nanya, based in Taiwan, is a memory semiconductor company with around a 1% revenue share in the global DRAM industry in 2024, according to TrendForce. It designs, manufactures and sells DRAM memory chips 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 ----------- ------ ----- Nanya Technology Corporation LT IDR BB+ Downgrade BBB- ST IDR B Downgrade F3 LC LT IDR BB+ Downgrade BBB- LC ST IDR B Downgrade F3 Natl LT A-(twn) Downgrade A(twn) Natl ST F2(twn) Downgrade F1(twn) ********* 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 ***