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250508.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, May 8, 2025, Vol. 28, No. 92 Headlines A U S T R A L I A BOD SCIENCE: Announces Change in Company Secretary CLEARIS PTE: Court to Hear Wind-Up Petition on May 16 CLUB FOGOLAR: First Creditors' Meeting Set for May 14 CRAWFORDS HAIR: First Creditors' Meeting Set for May 14 DARTS ENGINEERING: Deloitte Appointed Provisional Liquidators DB FERRIS: First Creditors' Meeting Set for May 15 HEALTHSCOPE: Ramsay Health Does Not Rule Out Buying Hospitals INFINITY ELECTRIC: Court to Hear Wind-Up Petition on May 16 LOB NOMINEES: First Creditors' Meeting Set for May 15 MEDIA8 PTY: Faces ATO Liquidation Bid R N D CONSULTANCY: Court to Hear Wind-Up Petition on May 23 TWO SHORT: Second Creditors' Meeting Set for May 14 UNIVERCELL PTE: Court to Hear Wind-Up Petition on May 16 C H I N A COUNTRY GARDEN: Borrows from Services Unit to Finish Homes I N D I A AGRIMONY TRADEX: CARE Keeps D Debt Ratings in Not Cooperating ALANKRIT ROAD: Insolvency Resolution Process Case Summary BEAM COX: CARE Keeps D Debt Ratings in Not Cooperating Category BHUSHAN POWER: JSW Steel to File Review Petition in SC BLIZZARD CERAMICA: Insolvency Resolution Process Case Summary BURNPUR CEMENT: CRISIL Keeps D Debt Ratings in Not Cooperating DAS PROCESSORS: CRISIL Moves D Debt Ratings to Not Cooperating FLOURISH PAPER: CARE Keeps D Debt Ratings in Not Cooperating GINNI INDUSTRIES: CRISIL Moves D Debt Ratings to Not Cooperating GLOBUS STEEL: CARE Lowers Rating on INR124cr LT Loan to B JYOTI HOSPITAL: CARE Keeps B- Debt Rating in Not Cooperating KANJIRAVELIL TRADERS: CARE Cuts Rating on INR30.70cr LT Loan to B- KRISHNA COLD: CARE Keeps B- Debt Rating in Not Cooperating KRISHNASHRAY INDIA: CARE Keeps C Debt Rating in Not Cooperating MYSORE PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating NORTH STAR: Voluntary Liquidation Process Case Summary PAWAN KUMAR: CARE Lowers Rating on INR12cr LT Loan to B PRUDHVI INFRA: CARE Keeps B- Debt Rating in Not Cooperating R.P. SINGH: CRISIL Keeps D Debt Rating in Not Cooperating RADHIKAREDDY INFRA: CRISIL Keeps B Rating in Not Cooperating RAJGARIA TIMBER: CRISIL Keeps D Debt Ratings in Not Cooperating RITHIK SIZING: CRISIL Keeps B+ Debt Ratings in Not Cooperating RUBY CABLES: CRISIL Keeps D Debt Ratings in Not Cooperating SARASWATI EXIM: CARE Keeps B- Debt Rating in Not Cooperating SAVE LIFE: CARE Keeps B- Debt Rating in Not Cooperating Category SAWANT LOGISTICS: Insolvency Resolution Process Case Summary SHAPE ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating SPR BUILDTECH: CARE Keeps B- Debt Rating in Not Cooperating STURDY INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating SUKHMANI MEGASTRUCTURES: CARE Keeps D Ratings in Not Cooperating N E W Z E A L A N D A THOUSAND YEARS: BDO Appointed as Receivers ASPIRING EARLY: Court to Hear Wind-Up Petition on May 16 BIKANERVALA CHRISTCHURCH: Restaurant May Owe Hundreds of Thousands BUTTAR TRANSPORT: Court to Hear Wind-Up Petition on May 15 FELIZ HOMEWARES: Creditors' Proofs of Debt Due on June 4 NZ CONCRETE: Creditors' Proofs of Debt Due on June 6 S I N G A P O R E QOO10: FTC Order Platforms to Rectify Handling of Refund Requests S O U T H K O R E A [] S. KOREA: Construction Firm Closures Hit 14-year High in Q1 - - - - - ================= A U S T R A L I A ================= BOD SCIENCE: Announces Change in Company Secretary -------------------------------------------------- TipRanks reports that Bod Science Limited has announced a change in its company secretary, with Carlie Hodges resigning and Joanne Patterson being appointed as her replacement. This change occurs as the company continues to operate under a Deed of Company Arrangement, reflecting ongoing restructuring efforts, TipRanks says. TipRanks relates that the appointment of a new company secretary may impact the company's administrative operations and stakeholder relations as it navigates its current financial and strategic challenges. About Bod Science Bod Science Limited (ASX:BOD), formerly trading as Bod Australia Ltd, is a cannabis focused drug development and product innovation company. Brent Morgan and Andrew Barnden of Rodgers Reidy were appointed Joint and Several Voluntary Administrators of the Company on Nov. 29, 2023. On April 8, 2024, creditors resolved that the Company execute a DOCA proposed by Biortica Agrimed Limited. The DOCA was subsequently executed on April 24, 2024. In March 2025, the DOCA period was extended until June 30, 2025. CLEARIS PTE: Court to Hear Wind-Up Petition on May 16 ----------------------------------------------------- A petition to wind up the operations of Clearis Pte. Ltd. will be heard before the High Court of Singapore on May 16, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on April 25, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 CLUB FOGOLAR: First Creditors' Meeting Set for May 14 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Club Fogolar Furlan Melbourne will be held on May 14, 2025 at 11:00 a.m. at Level 29, 360 Collins Street in Melbourne and via virtual meeting technology. Rachel Burdett and Matthew Sweeny of Cor Cordis were appointed as administrators of the company on May 2, 2025. CRAWFORDS HAIR: First Creditors' Meeting Set for May 14 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Crawfords Hair Pty. Ltd. will be held on May 14, 2025 at 11:00 a.m. via Microsoft Teams teleconferencing facility. Edwin Narayan and Grahame Ward of Mackay Goodwin were appointed as administrators of the company on May 1, 2025. DARTS ENGINEERING: Deloitte Appointed Provisional Liquidators ------------------------------------------------------------- Tan Wei Cheong and Lim Loo Khoon of Deloitte & Touche on April 25, 2025, were appointed as provisional liquidators of Darts Engineering Pte Ltd. The provisional liquidators may be reached at: Tan Wei Cheong Lim Loo Khoon 6 Shenton Way OUE Downtown 2 #33-00 Singapore 068809 DB FERRIS: First Creditors' Meeting Set for May 15 -------------------------------------------------- A first meeting of the creditors in the proceedings of DB Ferris Enterprises Pty Ltd will be held on May 15, 2025 at 11:00 a.m. at Unit 1, 78 Logan Road in Woolloongabba 4102 and via telephone facilities. William Roland Robson of Robson Cotter Insolvency Group was appointed as administrator of the company on May 5, 2025. HEALTHSCOPE: Ramsay Health Does Not Rule Out Buying Hospitals ------------------------------------------------------------- Michael Smith at The Australian Financial Review reports that Ramsay Health Care, the country's biggest hospital operator, has not ruled out buying Healthscope hospitals if high-quality assets come onto the market. "We will always look at opportunities in the Australian market if the right assets come up, but we will be very sensible about it and that's probably all I will say," chief executive Natalie Davis told the Macquarie Australia Conference on May 7. Ms. Davis was asked about the company's acquisition strategy and whether Ramsay would consider buying Healthscope assets, the report says. Healthscope, the country's second-largest hospital operator with 38 facilities, is testing the market to gauge interest from potential buyers and said on May 6 it had received interest from a number of parties. According to the Financial Review, Ramsay has not confirmed whether it is in talks with Healthscope about buying the assets, but is seen as a potential buyer if they complement its existing network of 76 private hospitals and clinics in Australia. Brookfield-owned Healthscope said on May 6 that interest in its assets meant it was unlikely to become insolvent, the Financial Review relays. However, no confirmed bidders for the business have been made public. HMC Capital's David Di Pilla said on May 6 he would not put any equity into a deal to buy out the hospital operator. The Financial Review relates that Ms. Davis said Ramsay was focused on leveraging its existing assets, modernising the business and improving margins and productivity in its existing Australian hospitals. Goldman Sachs is advising Ramsay on the possible sale of its controlling stake in underperforming European operation, Sante, the report notes. The Financial Review says private hospital operators are also pressuring private health insurers to give them more funding to offset soaring staff wages and cost inflation. Patient numbers have also declined as people stay in hospital for shorter stays due to improvements in clinical care. Ms. Davis said Ramsay had reached in-principle agreements with two major insurers since February on funding deals which reflected the cost inflation, the Financial Review relays. Last year, Healthscope also extracted better funding deals from health insurers. Sources close to the situation but not authorised to speak publicly said Bupa and Ramsay were close to finalising a new deal which would avoid a repeat of a messy dispute between the two companies in 2022. 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. INFINITY ELECTRIC: Court to Hear Wind-Up Petition on May 16 ----------------------------------------------------------- A petition to wind up the operations of Infinity Electric Pte. Ltd. will be heard before the High Court of Singapore on May 16, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on April 25, 2025. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 LOB NOMINEES: First Creditors' Meeting Set for May 15 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Lob Nominees Pty Ltd will be held on May 15, 2025 at 11:00 a.m. via teleconference only. Stephen Dixon of Hamilton Murphy Advisory was appointed as administrator of the company on May 5, 2025. MEDIA8 PTY: Faces ATO Liquidation Bid ------------------------------------- B&T reports that the Federal Taxation Office has moved to wind up Brisbane-based creative agency group Media8 Pty Ltd. As of April 30, the ATO has commenced proceedings and is seeking a court order to dissolve Media8, which is managed by company director Brett McCallum, according to B&T. Simone McCallum, Brett's wife, owns all company shares in Media8 via her entity Kennedy Grace Australia Pty Ltd. No public details were available at this stage regarding the nature of Media8's alleged tax liability, or how much is owed by the defendant company, B&T says. According to the report, the formal legal request will be heard before a judicial registrar on the 11 June to dissolve the company as a result of being unable to pay its disclosed debts. In a statement, given to the Daily Telegraph Mr. McCallum said he was aware of the ATO application, B&T relays. "We're dealing with it through the proper legal channels and working hard to sort things out for everyone involved," B&T quotes Mr. McCallum as saying. "The business is still up and running, and we're focused on keeping things going as usual. "Since this is a legal matter, we can't dive into details like finances right now." R N D CONSULTANCY: Court to Hear Wind-Up Petition on May 23 ----------------------------------------------------------- A petition to wind up the operations of R N D Consultancy Services Pte. Ltd. will be heard before the High Court of Singapore on May 23, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on April 28, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 TWO SHORT: Second Creditors' Meeting Set for May 14 --------------------------------------------------- A second meeting of creditors in the proceedings of Two Short Dogs Pty Ltd has been set for May 14, 2025 at 10:30 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 13, 2025 at 5:00 p.m. Matthew James Jess of Worrells was appointed as administrator of the company on April 4, 2025. UNIVERCELL PTE: Court to Hear Wind-Up Petition on May 16 -------------------------------------------------------- A petition to wind up the operations of Univercell Pte. Ltd. will be heard before the High Court of Singapore on May 16, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on April 25, 2025. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 ========= C H I N A ========= COUNTRY GARDEN: Borrows from Services Unit to Finish Homes ---------------------------------------------------------- The South China Morning Post reports that the property-management unit of Country Garden Holdings agreed to loan CNY1 billion (U$138 million) to entities controlled by chairwoman Yang Huiyan, which will then lend to the home builder to fund housing deliveries, according to an exchange filing on May 7. Country Garden Services signed an agreement to provide Concrete Win and Fortune Warrior with a five-year revolving loan facility at 5 per cent interest, secured against 543 million shares in the property-management unit, the filing said, the Post relays. The shares represented a 16.3 per cent stake worth HK$3.61 billion (US$465 million) on May 7. Yang, once Asia's richest woman in Bloomberg rankings, controls both Hong Kong-listed entities. According to the Post, Concrete Win and Fortune Warrior would lend the entire amount to Country Garden Holdings to ensure the "guaranteed delivery of houses" for its projects on the mainland, the company said. The loan would accelerate construction and property deliveries while boosting revenue from the group's property management and other units, according to the filing. Country Garden's monthly contracted sales in March dropped more than 25 per cent from a year earlier to CNY3.2 billion, the Post discloses. The company posted a loss of CNY32.8 billion for 2024, narrowing from a year-earlier record loss of CNY178 billion. About Country Garden Holdings Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. Country Garden Holdings first defaulted on its debt in October 2023 when it failed to make payments on a US dollar-denominated bond. The company is now in a restructuring process that aims to reduce a debt load of US$14.1 billion by 78 per cent, according to the South China Morning Post. Earlier in May 2025, the company said it was moving ahead with efforts to restructure CNY12.4 billion in debt as part of a plan to reorganise nine bonds totalling CNY13.5 billion. ========= I N D I A ========= AGRIMONY TRADEX: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Agrimony Tradex Vyaappar Private Limited (ATVPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 22, 2024, placed the rating(s) of ATVPL under the ‘issuer non-cooperating’ category as ATVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ATVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 8, 2025, March 18, 2025, 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 Agrimony Tradex Vyaappar Private Limited (ATVPL) was incorporated in 2017 and is promoted by Mr. Sunil Kumar Choudhary, who is the managing director and the Chief Executive Officer of the company; he looks after the overall business operations of the company and has two decades of experience. He is ably supported by Mr. Bivor Bagaria, who is the director and Chief Financial Officer of the company and has an overall experience of over a decade and takes care of finance. ATVPL is part of Narayani group; the group comprises of five companies namely Narayani Steels Limited (NSL), Narayani Ispat Limited (NIL), Hari Equipment Private Limited (HEPL), Kedarnath Commotrade Private Limited (KCPL) and Agrimony Tradex Vyaappar Private Limited (ATVPL). Narayani group is engaged in trading of blooms, billets, TMT bars, pellets, wire coils and manufacturing of TMT bars and other long products such as rounds, flats, angles, channels, etc. Further, the group has a wide network for the sales and distribution of the products across Andhra Pradesh, Telangana and other states in India. ALANKRIT ROAD: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Alankrit Road Developers Private Limited 318, 4th A Road Sardarpura Jodhpur, Rajasthan, India - 342003 Insolvency Commencement Date: April 22, 2025 Estimated date of closure of insolvency resolution process: October 22, 2025 Court: National Company Law Tribunal, Jaipur Bench Insolvency Professional: Rishabh Chand Lodha E-5, Basant Vihar, Bhilwara – 311001 Email: rishabhlodha57@gmail.com Email: cirp.ardpl@gmail.com Last date for submission of claims: May 9, 2025 BEAM COX: CARE Keeps D Debt Ratings in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Beam Cox Constructions Private Limited (BCCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 22, 2024, placed the rating(s) of BCCPL under the ‘issuer non-cooperating' category as BCCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BCCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 8, 2025, March 18, 2025, 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 BCCPL was incorporated in the year 1994 by Mr Y Ravinder Reddy and other three directors. The company is registered as Class I contractor with Andhra Pradesh government and is into execution of civil works and construction contracts for government entities. Major works of the company include construction of school buildings, school and college hostel buildings, laying of cement roads, laying of water pipelines, etc. BHUSHAN POWER: JSW Steel to File Review Petition in SC ------------------------------------------------------ Business Standard reports that Sajjan Jindal-led steel major JSW Steel has decided to file a review petition against the Supreme Court order rejecting its resolution plan for Bhushan Power and Steel Ltd (BPSL), according to people aware of the matter. Concerned over the fallout of this order, the government, at the highest level, has stepped in to intervene and is in the process of gathering inputs from relevant departments and ministries, sources told Business Standard. As reported in the Troubled Company Reporter-Asia Pacific, India's top court on May 2, 2025, rejected JSW Steel's resolution plan to acquire Bhushan Power and Steel four years after the takeover was completed, and ordered the liquidation of the debt-ridden firm, two lawyers involved in the case said. The insolvency administrator and the lenders panel, which ran the insolvency process, failed to discharge their duties in line with the law, one of the lawyers said, citing the Supreme Court's verbal order, Reuters related. About Bhushan Power Bhushan Power and Steel Limited manufactures and markets steel products. It offers flat products, such as coated products, galvanized/galvalume, color coated products, cable tapes, and cold rolled products; and long products, including iron making and sponge iron products. The company also provides steel pipes, hollow steel sections, grooved pipes, and carbon steel tubes. Mahendra Kumar Khandelwal was appointed as the IRP in the case under an order passed by the National Company Law Tribunal (NCLT) on July 26, 2017. Bhushan Power, which owes over INR37,000 crore to a consortium of lenders led by Punjab National Bank, was among 12 large companies identified by the Reserve Bank of India against which banks were directed to initiate insolvency proceedings. Barring Era Infra Engineering Ltd, petitions have been admitted in all other cases. As reported in the Troubled Company Reporter-Asia Pacific on March 29, 2021, JSW Steel group on March 26 closed the INR19,350-crore transaction with lenders to acquire Bhushan Power, bringing down the curtain on a corporate insolvency resolution process (CIRP) that has stretched over three-and-a-half years. Business Standard said the transaction was funded through a mix of equity and debt. As part of the payment, a sum of INR8,614 crore in Piombino Steel (PSL) was arranged through a mix of equity, optionally convertible instruments and debt. Of this, INR8,550 crore was invested in a special purpose vehicle (SPV), Makler, the bidding company. The remaining INR10,800 crore was funded through debt. JSW informed the stock exchanges that following the implementation of the resolution plan, which included payment of INR19,350 crore to financial creditors of BPSL and the merger of the SPV, PSL holds 100 per cent equity shares in BPSL. Seshagiri Rao, joint managing director and chief financial officer, JSW Steel, said the company took charge of the asset on March 26, according to Business Standard. BLIZZARD CERAMICA: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Blizzard Ceramica LLP Survey no 83/1, 83/2, 83/3 and 83/4, Lunsar Road, Opposite Bhojapara, 8-A National Highway, Rajkot, Wankaner, Gujarat, India 36321 Insolvency Commencement Date: April 28, 2025 Estimated date of closure of insolvency resolution process: October 28, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Mr. Rahul Nareshbhai Shah 20, Sudershan Society, Part 2, Near Naranpura Bus stop, Naranpura, Ahmadabad, Gujarat - 380013 Email: carahulnshah@gmail.com Email: cirp.blizzard@gmail.com Last date for submission of claims: May 14, 2025 BURNPUR CEMENT: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Burnpur Cement Limited (BCL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (Issuer Not Cooperating) Short Term Rating - CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BCL 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 BCL, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BCL is consistent with 'Assessing Information Adequacy Risk’. Based on the last available information, the ratings on bank facilities of BCL continues to be 'Crisil D/Crisil D Issuer not cooperating’. BCL was set up in 1986 as a private limited company, Ashoka Concrete and Allied Industries Pvt Ltd, by late Mr Ramawatar Gutgutia and his son, Mr Ashok Gutgutia. It was reconstituted as a limited company with the current name in 2001. It manufactures portland blast furnace slag cement. DAS PROCESSORS: CRISIL Moves D Debt Ratings to Not Cooperating -------------------------------------------------------------- Crisil Ratings has migrated the ratings on bank facilities of Das Processors (DP) to 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 Crisil D (Issuer Not Cooperating; Rating Migrated) Cash Credit 5 Crisil D (Issuer Not Cooperating; Rating Migrated) Long Term Loan 0.48 Crisil D (Issuer Not Cooperating; Rating Migrated) Proposed Long Term 0.52 Crisil D (Issuer Not Bank Loan Facility Cooperating; Rating Migrated) Crisil Ratings has been consistently following up with DP for obtaining information through letter and email dated April 8, 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 DP, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DP is consistent with 'Assessing Information Adequacy Risk’. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of DP to 'Crisil D/Crisil D Issuer not cooperating'. Established in 2012, DP is based in Chhattisgarh. The firm is involved in civil construction of roads, bridges and canals, irrigation and electrification works. FLOURISH PAPER: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Flourish Paper & Chemicals Limited (FPCL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 18, 2024, placed the rating(s) of FPCL under the ‘issuer non-cooperating' category as FPCL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. FPCL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 4, 2025, March 14, 2025, March 24, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Flourish Paper and Chemicals Limited (FPCL), incorporated in June 7, 1995, is being managed by Mr. Atul Mehra, Mrs. Sangeeta Mehra and Mr. Sanjay Mahajan. The company is engaged in manufacturing of AKD Emulsion and other allied chemicals used in the paper and textile industry at its manufacturing facility located in Derabassi, Punjab. In addition to this, FPCL has logistic business of chemical distribution. UP Alums Private Limited (UAP), the group entity of FPCL, was incorporated in January, 1992, however, commenced its commercial operations in July, 1998. GINNI INDUSTRIES: CRISIL Moves D Debt Ratings to Not Cooperating ---------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Ginni Industries (GI; part of the Ginni group) to 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 Crisil D (Issuer Not Cooperating; Rating Migrated) Drop Line 7 Crisil D (Issuer Not Overdraft Facility Cooperating; Rating Migrated) Proposed Fund- 1.5 Crisil D (Issuer Not Based Bank Limits Cooperating; Rating Migrated) Crisil Ratings has been consistently following up with GI for obtaining information through letter and email dated March 13, 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 GI, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GI is consistent with 'Assessing Information Adequacy Risk’. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of GI to 'Crisil D Issuer not cooperating'. Established in 1993, the Ginni group was formed by starting GI, which manufactures LPG cylinders. The firm is managed, owned and promoted by Mr Santosh Kaur and Mr Zorawar Singh. HEPL was incorporated in 2011 and started commercial operations in 2018. It manufactures and repairs LPG cylinders. The manufacturing facility is in 24 Parganas, Kolkata. Mr Surjeet Singh and Mr Zorawar Singh are the promoters of the company. HG was established as partnership firm and is engaged in gas filling and distribution of LPG in cylinders for domestic, commercial and industrial purposes across different segments; under its own brand 'Hemkund'. GLOBUS STEEL: CARE Lowers Rating on INR124cr LT Loan to B --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Globus Steel & Power Private Limited (GSPPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 124.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING Rating continues to remain under ISSUER NOT COOPERATING category and downgraded from CARE B+ Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 23, 2024, placed the rating(s) of GSPPL under the ‘issuer non-cooperating' category as GSPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GSPPL 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). The ratings assigned to the bank facilities of GSPPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Not Applicable GSPPL, a part of the Focal Energy group and a double step-down subsidiary of Focal Energy Holdings BV (FEHL), has developed a solar photo-voltaic plant of 20 MW AC capacity in Mandsaur district, Madhya Pradesh under the MP state policy in collaboration with BPIPL, Indian subsidiary of Germany-based Belectric GmbH, with BPIPL holding 17.50% stake in the company. The remaining 82.50% shareholding is held by Focal Energy Solar Three Limited (FESTL). The project was synchronized to the grid on January 29, 2016. The company has entered into a long-term PPA with MPPMCL for a duration of 25 years for the entire capacity at a tariff of INR6.969/unit. JYOTI HOSPITAL: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Jyoti Hospital Private Limited (JHPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 5.58 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 26, 2024, placed the rating(s) of JHPL under the ‘issuer non-cooperating' category as JHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JHPL 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: Stable Allahabad (Uttar Pradesh) based JHPL was formed as a private limited company in 1994 by Late Dr. Ashwani Kumar Bansal and Dr. Vandana Bansal. JHPL is operating a multi-specialty hospital and infertility research centre, under the name of Jeevan Jyoti Hospital at Prayagraj having 300 beds which includes general wards, private rooms and Intensive-Care Units (ICU) etc. The hospital provides specialized services related to various medical specialties viz. Infertility & IVF, Obstetrics & Gynaecology, Dental, Pediatrics & Neonatology, Orthopaedics & Joint Replacement, ENT, cardiology, urology, nephrology and neurology etc. KANJIRAVELIL TRADERS: CARE Cuts Rating on INR30.70cr LT Loan to B- ------------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Kanjiravelil Traders (KT), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.70 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 10, 2024, placed the rating(s) of KT under the 'issuer non-cooperating' category as KT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 24, 2025, March 6, 2025, March 16, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of KT have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Ernakulam (Kerala) based Kanjiravelil Traders (KT) was established in 2006 by Mr. Jenny Varghese. The firm is currently involved in the trading of nutmeg, pepper, ginger and other spices. KT procures the spices from farmers and dealers within Kerala and supplies to various customers across India. The spices are initially sorted as per quality and then dried for few days to make these spices a marketable product. The firm currently has 3 collection shops for collection of agriculture produce at Kalady, Pulinchode and Erratupetta and a godown for storage at Pazhamthottam in Kerala. KRISHNA COLD: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shree Krishna Cold Storage Private Limited (SKCSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 12, 2024, placed the rating(s) of SKCSPL under the ‘issuer non-cooperating' category as SKCSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SKCSPL 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 Shree Krishna Cold Storage Private Limited (SKCSPL), incorporated in the year 1995, is a Kolkata (West Bengal) based company, promoted by Mr. Arindam Bala and Mr. Chirantan Bala. It is into cold storage services for potatoes. The company has its owned cold storage facility with a storage capacity of 173,000 quintals at Paschim Mednipur, West Bengal. This apart, the company is also engaged in potato trading activities. KRISHNASHRAY INDIA: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shri Krishnashray (India) Private Limited (SKPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.09 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 SKPL under the 'issuer non-cooperating' category as SKPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SKPL 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 Incorporated in 2001 by Mr Jagat Killawala with his wife Mrs Charu Killawala, SKIPL (erstwhile Shri Krishnashray, proprietorship entity established in 1996, later converted into a private limited company in 2001) is engaged in the manufacturing of modular switches, step lights and LED lights at its manufacturing facility located at Bhimpore, Nani Daman. MYSORE PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of The Mysore Paper Mills Limited (MPM) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Short Term Rating - CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with MPM 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 MPM, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MPM is consistent with 'Assessing Information Adequacy Risk’. Based on the last available information, the ratings on bank facilities of MPM continues to be 'Crisil D/Crisil D Issuer not cooperating’. MPML was founded in May, 1936 by the then Maharaja of Mysore (Karnataka). Government of Karnataka, which acquired a controlling stake in November 1977, held 64.7% of equity shares as on September 30, 2016; the remainder was held by financial institutions and the general public. MPML is an ISO-14001-certified company, producing newsprint, writing and printing paper, and sugar at its plant at Bhadravati in the Shimoga district of Karnataka. NORTH STAR: Voluntary Liquidation Process Case Summary ------------------------------------------------------ Debtor: North Star India Private Limited H-23 Jangpura Extension, New Delhi, India, 110014 Liquidation Commencement Date: April 29, 2025 Court: National Company Law Tribunal New Delhi Bench Liquidator: Rajeev Lochan 243, First Floor, AGCR Enclave, Near Karkardooma Courts, Delhi - 110092 Email: northstar.liquidator@gmail.com Email: csrajeevlochan@gmail.com Tel No: 9818034467 Last date for submission of claims: May 28, 2025 PAWAN KUMAR: CARE Lowers Rating on INR12cr LT Loan to B ------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Pawan Kumar Kanoi (PKK), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 23, 2024, placed the rating(s) of PKK under the 'issuer non-cooperating' category as PKK had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PKK 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). The ratings for PKK have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Kolkata (West Bengal) based Pawan Kumar Kanoi (PKK) was established in year 1978 as a proprietorship firm by Mr. Pawan Kumar Kanoi. The firm is into trading of iron and steel products like hot rolled sheets, hot rolled/cold rolled coils and plates, angles, channels, mild steel pipes, mild steel nuts, bolts, flat, round, sponge iron etc. The firm is a distributor of Tata Steel Limited for the state of West Bengal since September 2019. PRUDHVI INFRA: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Prudhvi Infra Projects Private Limited (PIPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 22.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 25, 2024, placed the rating(s) of PIPPL under the 'issuer non-cooperating' category as PIPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PIPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 11, 2025, March 21, 2025, March 31, 2025 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 Prudhvi Infra Projects Private Limited (PIPPL) was incorporated in the year 2012 by Mr. P. Somasekhar (Managing Director) and Mrs. P. Leelarani (Director). The company has its registered office located at S. R Nagar, Hyderabad. PIPPL is engaged in executing civil construction projects like construction of roads, bridges, irrigation channel, reservoir and others. The company get orders through sub-contracting from Ratna Infra Projects Private Limited, Mohan Projects Limited and Gayatri Projects Limited. R.P. SINGH: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of R.P. Singh Crusher and Construction Company (RSC) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.07 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RSC 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 RSC, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RSC is consistent with 'Assessing Information Adequacy Risk’. Based on the last available information, the rating on bank facilities of RSC continues to be 'Crisil D Issuer not cooperating’. RSC was established in 2014 by Mr Raj Pal. The firm trades in stone aggregate, stone dust, grit, stone crushers, and other such products, and lays ballast. RADHIKAREDDY INFRA: CRISIL Keeps B Rating in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the rating on bank facilities of Radhikareddy Infra Projects Private Limited (RIPL) continues to be 'Crisil B/Stable Issuer not cooperating’. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 25 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with RIPL 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 RIPL, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RIPL is consistent with 'Assessing Information Adequacy Risk’. Based on the last available information, the rating on bank facilities of RIPL continues to be 'Crisil B/Stable Issuer not cooperating’. Incorporated in 2019, RIPL is expected to be engaged in trading of infra related products like steel, cement, aluminum etc. It is promoted by Mr. Gummadi Venkateswerllu and Ms. Radhika Reddy. RAJGARIA TIMBER: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rajgaria Timber Private Limited (RTPL; part of Rajgaria Group) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Short Term Rating - CRISIL D (ISSUER NOT 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 ratings on bank facilities of RTPL continues to be 'Crisil D/Crisil D Issuer not cooperating’. Set up as a partnership firm by Kolkata-based Mr Pawan Rajgaria and family, the firm was reconstituted as a private-limited company in 2000. Following a division in the Rajgaria family in 2004, Mr Pawan Kumar Rajgaria acquired a controlling stake in RTPL. The company sells sawed timber. RITHIK SIZING: CRISIL Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Rithik Sizing Mills India Private Limited (RSMPL) continue to be 'Crisil B+/Stable Issuer not cooperating’. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.58 Crisil B+/Stable (Issuer Not Cooperating) Term Loan 11 Crisil B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RSMPL 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 RSMPL, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RSMPL is consistent with 'Assessing Information Adequacy Risk’. Based on the last available information, the rating on bank facilities of RSMPL continues to be 'Crisil B+/Stable Issuer not cooperating’. Incorporated in 2018, Erode (Tamil Nadu)-based RSMPL is engaged in wrapping and sizing. The company is owned and managed by Mr. Palanisamy Dhanasekaran and family. RUBY CABLES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ruby Cables Limited (RCL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3 Crisil D (Issuer Not Cooperating) Cash Credit 10 Crisil D (Issuer Not Cooperating) Proposed Long Term 4.35 Crisil D (Issuer Not Bank Loan Facility Cooperating) Term Loan 7.65 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RCL 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 RCL, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RCL is consistent with 'Assessing Information Adequacy Risk’. Based on the last available information, the ratings on bank facilities of RCL continues to be 'Crisil D/Crisil D Issuer not cooperating’. Established in 1993 as Ekank Cables Ltd by members of the Parekh family, RCL got its present name in 2010, following a change in management. The company manufactures conductors and low-tension power cables at its facility in Vadodara (Gujarat). In fiscal 2014, Mr S N Bhatnagar acquired 50% stake in the company. RCL is currently managed by Mr Bhatnagar and Mr Chirag Gada. The company is listed on Bombay Stock Exchange (BSE). SARASWATI EXIM: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Saraswati Exim Private Limited (SEPL) 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 16, 2024, placed the rating(s) of SEPL under the 'issuer non-cooperating' category as SEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 2, 2025, March 12, 2025, March 22, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in January 2011, Saraswati Exim Pvt Ltd (SEPL) is engaged in trading and exports of agro based commodities (viz., Maize, Wheat, Rice etc.). The company is located at Kolkata. The company sells its products in domestic market and export (i.e. 22.8% of total sales during FY15) as well (to the countries like Bangladesh, Dubai, Malaysia etc). The day-to-day affairs of the company are looked after by Mr Amit Ghosh, with adequate support from the other two directors and a team of experienced personnel. SAVE LIFE: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Save Life (SL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 31.30 CARE B-; Stable; ISSUER NOT Facilities COOPERATING Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 23, 2024, placed the rating(s) of SL under the 'issuer noncooperating' category as SL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SL 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 Save Life is a partnership firm incorporated on February 15, 2019. Save life is constructing a 104-bed multispecialty hospital in Gurgaon, Haryana in the name of Silver Streak Multispecialty Hospital. It is promoted and will be managed by Dr. V.K. Gupta, who is a neurosurgeon with experience of more than 25 years and is running a 30-bed neurosurgical hospital in Hisar, Haryana under the name of V. K. Healthcare & Medical Institute Pvt Ltd. The hospital will have specialization in Neurosurgery, Medicine, Orthopedics, ENT, Dermatology, Gynecology and Obstetrics, Pediatrics, Dental, etc. The hospital will have adequate consultants in each department all having requisite experience and technical qualifications for the same. The hospital has also planned to get NABH and JCI accreditation. SAWANT LOGISTICS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Sawant Logistics Services Private Limited 40/A, Main Gate, Bhajipala Market Yard Ahmendnagar Maharashtra 414001 Insolvency Commencement Date: April 28, 2025 Estimated date of closure of insolvency resolution process: October 25, 2025 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: CA. Anil Kashi Drolia B-508, Ekta Woods, Raheja Estate, Kulupwadi, Borivali East, Near National Park, Mumbai, Suburban, Maharahstra 400066 Email: anildrolia.ip@gmail.com Email: cirp.slspl@gmail.com Last date for submission of claims: May 14, 2025 SHAPE ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shape Engineering Co. Private Limited (SECPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 0.58 CARE C; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 26, 2024, placed the rating(s) of SECPL under the 'issuer non-cooperating' category as SECPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SECPL 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: Stable Uttarakhand based, Shape Engineering Company (P) Ltd. (SECPL) was established on November 9, 1984 as a private limited company and is currently being managed by Mr. Shri Sudhir Kumar Jain and Mr. Shri Saurabh Jain. The company is engaged in manufacturing of turbine parts with its manufacturing unit located in Uttarakhand. The company procures raw materials namely, M.S. Plates, Steel and Iron Ingots from the domestic suppliers. SPR BUILDTECH: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of SPR Buildtech Limited (SBL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.50 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 17, 2024, placed the rating(s) of SBL under the 'issuer non-cooperating' category as SBL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBL 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 Established in 2006 by Mr. Sanjeev Saluja and Mr. Sudesh Gupta, SPR Buildtech Limited (SBL) is engaged into development of residential and commercial project in Faridabad, Haryana. STURDY INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sturdy Industries Limited (SIL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Short Term Rating - CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SIL 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 SIL, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SIL is consistent with 'Assessing Information Adequacy Risk’. Based on the last available information, the ratings on bank facilities of SIL continues to be 'Crisil D/Crisil D Issuer not cooperating’. Established in 1995, SIL, promoted by Mr. Ramesh Guptamanufactures polyvinyl chloride pipes and irrigation systems, aluminium composite panels, and aluminium cables and conductors, and trades in aluminium products. The company also has a plant for manufacturing asbestos cement roofing sheets. SUKHMANI MEGASTRUCTURES: CARE Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sukhmani Megastructures Private Limited (SMSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 18, 2024, placed the rating(s) of SMSPL under the 'issuer non-cooperating' category as SMSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 4, 2025, March 14, 2025, March 24, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Sukhmani Megastructures Private Limited (SMSPL) was incorporated in May, 2007 as a private limited company and is currently being managed by Mr. Jaspreet Singh and Mrs. Parmeet Kaur. SMSPL undertakes civil construction work in Punjab, Chandigarh, Delhi, Haryana, Uttar Pradesh, Uttarakhand and Bihar which includes infrastructure development, road works, erection of sewage systems, earthwork etc. ===================== N E W Z E A L A N D ===================== A THOUSAND YEARS: BDO Appointed as Receivers -------------------------------------------- Iain Bruce Shephard and Jessica Jane Kellow of BDO on May 6, 2025, were appointed as receivers and managers of A Thousand Years Limited. The receivers and managers may be reached at: BDO Wellington Limited Level 1, 50 Customhouse Quay Wellington 6011 ASPIRING EARLY: Court to Hear Wind-Up Petition on May 16 -------------------------------------------------------- A petition to wind up the operations of Aspiring Early Learning Services Limited will be heard before the High Court at Auckland on May 16, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 5, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 BIKANERVALA CHRISTCHURCH: Restaurant May Owe Hundreds of Thousands ------------------------------------------------------------------ Otago Daily Times reports that liquidators are investigating if a Christchurch restaurant operation owing Inland Revenue an estimated NZD800,000 has further debts. Bikanervala Christchurch Limited, trading as Bikanervala, appears to have gone under as a result of difficult trading conditions, ODT relates. A first liquidator's report was put out on May 5 by Paul Vlasic and Derek Ah Sam from Rodgers Reidy (NZ) after they were appointed joint liquidators of the business on April 28, according to ODT. Bikanervala began trading in December, 2017 with Thomas Shaji Kurian listed as a company director and Divya Bereddy, Padmakar Shevde and Shawn Kurian Thomas as shareholders. ODT relates that the liquidators were advised the business and assets were sold last March with Mr. Kurian informing them difficult trading conditions were behind the insolvency. In the initial report to creditors and shareholders the liquidators said a copy of the sale and purchase agreement had been requested and the agreement would be reviewed, ODT relays. The were no employees when the business was put into liquidation. The liquidators are unaware of preferential employee claims. A list of creditors with security interests has been prepared for investigation with some of them discharged. According to ODT, Mr. Vlasic said they had yet to receive a preferential claim from IRD, however, they were aware of amounts outstanding. In the statement of affairs the IRD is listed as having NZD800,000 unpaid, while potential debts from other parties were still under investigation, ODT notes. The IRD estimate has yet to be confirmed. ODT adds that the liquidators said funds for unsecured creditors were unlikely, although recovery actions could yet bring in additional funds after the company's books and records were examined. A further report is due to be released in November with date yet to be set for the liquidation to be completed. BUTTAR TRANSPORT: Court to Hear Wind-Up Petition on May 15 ---------------------------------------------------------- A petition to wind up the operations of Buttar Transport Limited will be heard before the High Court at Auckland on May 15, 2025, at 10:45 a.m. Allied Petroleum Limited filed the petition against the company on March 7, 2025. The Petitioner's solicitor is: Catherine Louise Waugh C/- Credit Consultants Group NZ Limited Level 6, 15 Willeston Street Wellington Central Wellington 6011 FELIZ HOMEWARES: Creditors' Proofs of Debt Due on June 4 -------------------------------------------------------- Creditors of Feliz Homewares Limited are required to file their proofs of debt by June 4, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 4, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 NZ CONCRETE: Creditors' Proofs of Debt Due on June 6 ---------------------------------------------------- Creditors of NZ Concrete Structures Limited are required to file their proofs of debt by June 6, 2025, to be included in the company's dividend distribution. The High Court at Auckland appointed Stephen White and Janet Sprosen of PwC as liquidators on May 1, 2025. ================= S I N G A P O R E ================= QOO10: FTC Order Platforms to Rectify Handling of Refund Requests ----------------------------------------------------------------- Yonhap News Agency reports that the antitrust regulator said on May 7 it has ordered two local e-commerce platforms, TMON and WeMakePrice, to address their failure to make refunds or repayments to consumers amid a liquidity crisis last year. According to Yonhap, the Fair Trade Commission (FTC) issued correction orders for the companies, saying they have violated the Act on the Consumer Protection in Electronic Commerce. TMON failed to return approximately KRW67.5 billion ($48.3 million) to its customers within the legally required three business days, despite refund requests, from December 2023 to July 2024, according to the FTC. WeMakePrice is accused of failing to process KRW2.3 billion worth of refund requests within three business days between March and July last year, Yonhap relays. The two platforms were at the center of a massive payment delay scandal last year, sparked by liquidity problems of its parent company based in Singapore, Qoo10, according to Yonhap. They are currently undergoing court-led rehabilitation processes after filing for court receivership last year. On top of the correction orders, the FTC also issued a directive requiring the companies to submit a rehabilitation plan that includes their unpaid refunds to the court, Yonhap says. Some 56,000 vendors and 470,000 customers had yet to receive payments worth KRW1.3 trillion and KRW130 billion, respectively, from TMON and WeMakePrice as of March, according to the platforms' legal administrator. About Qoo10 Singapore-based Qoo10 Group retails e-commerce products. The Company offers personal care, sports apparel, consumer electronics, home furnishing, food, toys, and other consumer products. Qoo10 serves customers worldwide. Qoo10 owns Korean online shopping platforms TMON and WeMakePrice. As reported the Troubled Company Reporter-Asia Pacific on Sept. 11, 2024, the Seoul Bankruptcy Court on Sept. 10 granted a rehabilitation process for liquidity crisis-hit e-commerce platforms TMON and WeMakePrice, allowing them to restructure their debts to creditors under the supervision of court-appointed custodians. According to Yonhap News Agency, the decision came more than a month after TMON and WeMakePrice filed for court-supervised rehabilitation, following overdue payments to vendors operating on their platforms that reached nearly KRW1 trillion (US$744 million). In November 2024, a liquidator was appointed to take over management of the insolvent company after Korea Culture Promotion (KCP), which operates culture portal sites and issues culture gift certificates in South Korea, sued Qoo10 for nearly KRW76 billion (SGD69 million) in unpaid debt, The Straits Times said. Singapore's High Court approved the winding up of Qoo10 in November 2024 and allowed 21st Century Healthcare, which said it is owed SGD954,115, to replace KCP as the claimant. A committee of inspection, a group that represents the interests of the creditors, was appointed on Jan. 17, 2025, to supervise and assist the liquidator with the administration of Qoo10's affairs. This includes appointing lawyers, approving the liquidator's fees and starting legal proceedings for asset recovery. ===================== S O U T H K O R E A ===================== [] S. KOREA: Construction Firm Closures Hit 14-year High in Q1 -------------------------------------------------------------- The Korea Times reports that the number of construction companies that went out of business rose to a 14-year high in the first three months of this year, as more of them failed to withstand surging construction costs, a sluggish housing market and other unfavorable economic conditions, government data showed Tuesday. The Korea Times, citing data from the government-run Knowledge Information System of Construction Industry (KISCON), discloses that a total of 160 construction companies shut down in the first quarter, up 19.4 percent from the same period last year. It also marked the highest number since the first quarter of 2011, when a total of 164 builders went out of business. "The data suggests an increasing number of builders are financially distressed at an unbearable level, as construction costs are rising and the housing market is unstable," The Korea Times quotes an industry official as saying. According to The Korea Times, the official assessed that the months-long political turmoil, caused by now-ousted President Yoon Suk Yeol's declaration of martial law on Dec. 3, further worsened the already unfavorable economic conditions. The pressing conditions for builders were also evidenced by the record-low number of construction companies that opened in the first quarter of this year, The Korea Times says. KISCON's data showed a total of 131 newly registered companies in the construction sector during the corresponding period, down 6.3 percent from a year earlier. It marked the lowest number since KISCON began compiling this data in 2004, The Korea Times notes. The Korea Times says KISCON's data aligns with multiple construction indicators highlighting the harsh business environment for builders. For instance, newly contracted orders from January to February this year were valued at KRW21.7 trillion ($15.61 billion), down 14.9 percent from the previous year, according to the Korea Research Institute for Construction Policy. The public sector struggled more than the private sector. The aggregate value of newly contracted orders in the public sector during the first two months of this year dropped by 26.9 percent, compared to a 9 percent decline in the private sector, adds The Korea Times. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***