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250512.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, May 12, 2025, Vol. 28, No. 94 Headlines A U S T R A L I A ASCENT INVESTMENT: Director Charged With 33 Criminal Offences CBCH AUSTRALIA: Colette by Collette to Shut Doors for Good CPS NSW: First Creditors' Meeting Set for May 15 CRIMSON BOND 2025-1: S&P Assigns Prelim. Bsf Rating on F Notes ECOFIBRE LIMITED: First Creditors' Meeting Set for May 14 GEMINI PRIME 2025-1: S&P Assigns Prelim. B(sf) Rating on F Notes HARBOUR GUIDANCE: Administrators Put Jeanswest's IP for Sale MEDICAR NSW: First Creditors' Meeting Set for May 15 PRAXIS SYSTEMS: First Creditors' Meeting Set for May 15 PRIMACY TECHNOLOGY: Placed Into Creditors' Voluntary Liquidation SEA ELECTRIC: First Creditors' Meeting Set for May 16 C H I N A FUTURE FINTECH: Reports $33M Net Loss on $2.2MM Revenue for FY 2024 SHANDONG ENERGY: Moody's Puts 'Ba1' CFR on Review for Downgrade I N D I A ACIRA CONSULTANCY: Insolvency Resolution Process Case Summary ANUPAM PORT: Liquidation Process Case Summary ARYAN ELECTRICALS: Insolvency Resolution Process Case Summary AVADH MERCHANTS: Insolvency Resolution Process Case Summary AVESTHAGEN LIMITED: Insolvency Resolution Process Case Summary BALAJI RAW: CARE Keeps D Debt Rating in Not Cooperating Category BOMBAY RAYON: Insolvency Resolution Process Case Summary DR. SMITHS BIOTECH: Insolvency Resolution Process Case Summary EDAYAR ZINC: CARE Keeps D Debt Ratings in Not Cooperating GREENOCARE ENGINEERING: CRISIL Cuts Rating on INR17.5cr Loan to D GSR ECO: CARE Keeps D Debt Rating in Not Cooperating Category HARI EQUIPMENTS: CARE Keeps D Debt Ratings in Not Cooperating INCREDIBLE REALCON: CARE Keeps D Debt Rating in Not Cooperating JAYANTA KHAUND: CARE Keeps C Debt Rating in Not Cooperating KAMSA STEEL: CARE Keeps B- Debt Rating in Not Cooperating Category KHANAPUR TALUKA: CARE Keeps C Debt Rating in Not Cooperating KSSAGG SERVICES: CRISIL Assigns B Rating to INR0.5cr New Loan LANDMARK HOUSING : Liquidation Process Case Summary LARE FIBC: Liquidation Process Case Summary LI DIGITAL: Liquidation Process Case Summary MA MAHAMAYA: CARE Keeps D Debt Ratings in Not Cooperating MAGO CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR2cr Loan MAHARAJA PAPER: CARE Keeps C Debt Rating in Not Cooperating MANORAMA RUPAMATA: CRISIL Assigns B- Rating to INR33cr Term Loan MIKU POLYMER: Liquidation Process Case Summary PRASAD AGRO: CARE Keeps D Debt Rating in Not Cooperating Category PRATITI HEALTH: CARE Keeps B- Debt Rating in Not Cooperating RANA EDUCATION: CARE Keeps B- Debt Rating in Not Cooperating RASI FOODS: CRISIL Migrates Rating on INR11.5cr Loan to B+ ROCKDUDE IMPEX: CARE Keeps D Debt Ratings in Not Cooperating SAFETIX PROTECTIVE: CARE Cuts Rating on INR10cr LT Loan to B- SHIVJOT DEVELOPERS: CARE Keeps B- Debt Rating in Not Cooperating SHUBHAM COTTON: CARE Keeps B- Debt Rating in Not Cooperating SUSHEEL ENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating THANGAVEL FABRICS: CARE Keeps D Debt Ratings in Not Cooperating ULTRA SPACE: CARE Keeps D Debt Rating in Not Cooperating Category VATIKA INFRACON: CARE Keeps D Debt Rating in Not Cooperating [] INDIA: Banks Urged to Expedite Insolvency Resolution Process N E W Z E A L A N D BAR FRIDGES: Creditors' Proofs of Debt Due on June 12 CACAO LIMITED: Court to Hear Wind-Up Petition on May 19 FARMERS FIRST: Court to Hear Wind-Up Petition on May 29 JIM HOWLETT: Creditors' Proofs of Debt Due on June 17 SHAPE CONSTRUCTION: Creditors' Proofs of Debt Due on June 2 P A K I S T A N PAKISTAN: IMF Approves Disbursement of US$1 Billion Loan S I N G A P O R E BESPOKEDININGCLUB PTE: Creditors' Meetings Set for May 27 CITY DEVELOPMENTS: Fails in Bid to Buy Out New Zealand Hotel Unit FULFILL MOTORING: Court to Hear Wind-Up Petition on May 23 IASIA CAPITAL: Court to Hear Wind-Up Petition on May 16 PING AN: Court Enters Wind-Up Order SFO TECHNOLOGIES: Court Enters Wind-Up Order S O U T H K O R E A [] S. KOREA: Ailing Petrochems Mull More Cost Cutting Measures - - - - - ================= A U S T R A L I A ================= ASCENT INVESTMENT: Director Charged With 33 Criminal Offences ------------------------------------------------------------- Director of Ascent Investment and Coaching Pty Ltd, Michael Dunjey of Hampton, Victoria, appeared at the Perth Magistrates Court on May 9, 2025, charged with 33 criminal offences. Mr. Dunjey is charged with: * 23 counts of fraudulently obtaining a benefit under section 409 of the Criminal Code 1913 (WA), in relation to more than AUD4 million in investor funds * 5 counts of failing to act in good faith under section 184 of the Corporations Act 2001, relating to the use of just under AUD2.5 million, and * 5 counts of falsifying books relating to a company under section 1307 of the Corporations Act 2001, relating to the company's annual returns. The charges follow an ASIC investigation arising from concerns that Ascent Investment and Coaching Pty Ltd may have raised funds through misrepresentations made to investors and improperly dealt with investor funds. The criminal charges follow ASIC's civil action in the Federal Court in 2022 to wind up Ascent and the unregistered managed investment scheme it operated. The matter has been adjourned to July 4, 2025. This matter is being prosecuted by the Commonwealth Director of Public Prosecutions. CBCH AUSTRALIA: Colette by Collette to Shut Doors for Good ---------------------------------------------------------- News.com.au reports that a massive national fashion retailer that has been on the brink of collapse for some time has reportedly finally succumbed. CBCH Australia Pty Ltd, better known by its trading name Colette by Collette Hayman, announced it had been saved from closure last year but now appears to be poised to shut its doors for good, according to the report. Colette by Colette Hayman has been a registered business since 2012 and specialises in selling accessories such as jewellery and bags, with stores in NSW, Victoria, Queensland, the ACT, South Australia and Western Australia. Last week, the retailer announced a flash sale with deals of as much as 80 per cent off its stock while a sign outside one store warned it was shutting down imminently, news.com.au says. At a South Australia store in Westfield Tea Tree Plaza, a sign read: "Final day of trade. 60–80% off. Everything must go!" According to news.com.au, staff separately told 7NEWS that the company was indeed shutting down after years of financial struggles. The retail workers learned the news on May 8. Colette by Colette Hayman falls under the Marqee Retail Group banner, which is the holding company behind the brand. Marquee Retail Group is owned and chaired by Bernie Brookes, the former Myer and Edcon chief executive. News.com.au notes that the Colette brand had been limping along since May last year, when the business went into administration. But the appointed administrators, Domenic Calabretta, Mitchell Ball, and Richard Lawrence of insolvency firm Mackay Goodwin, appeared to have turned its fortunes around. They secured a deed of company arrangement from Marquee Retail Group, where the holding company put forward money to save the business by propping it up and taking it out of administration, in June last year, news.com.au recalls. Priority creditors received back 100c for every dollar they were owed under the deal, while important suppliers got back 20c in the dollar. Landlords received 10c and other unsecured creditors recovered 5c in the dollar. The deal also involved the group paying back AUD35,000 in monthly instalments over a four-year period. Marquee Retail Group kept 40 stores in operation. The brand originally had more than 60 stores. It was estimated at the time this saved 400 jobs and fewer than 10 people lost their employment in the restructure. However, less than a year later, the business appears to have collapsed, news.com.au says. News.com.au relates that the administration appointment was blamed on unplanned downturn in sales the business faced from October 2023 to March 2024. CPS NSW: First Creditors' Meeting Set for May 15 ------------------------------------------------ A first meeting of the creditors in the proceedings of CPS NSW Pty Ltd will be held on May 15, 2025 at 10:30 a.m. via Microsoft Teams. Bradd William Morelli and Stewart William Free of Jirsch Sutherland were appointed as administrators of the company on May 5, 2025. CRIMSON BOND 2025-1: S&P Assigns Prelim. Bsf Rating on F Notes -------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to eight classes of residential mortgage-backed securities (RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee for Crimson Bond Trust 2025-1. Crimson Bond Trust 2025-1 is a securitization of prime residential mortgage loans originated by BC Invest Loans Pty Ltd. The preliminary ratings assigned to the floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio, which comprises residential mortgage loans to residents of Australia and to self-managed superannuation fund borrowers, and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination, lenders' mortgage insurance covering 1.5% of the loan portfolio, excess spread, if any, and a loss reserve funded by the trapping of excess spread, subject to certain conditions. S&P's assessment of credit risk considers BC Securities' underwriting standards and approval process, and the servicing quality of BC Asset Management Pty Ltd. The rated notes can meet timely payment of interest and ultimate repayment of principal under the rating stresses. Key rating factors are the level of subordination provided, the loss reserve, the principal draw function, the liquidity facility, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and we assume the notes are not called at or beyond the call-option date. S&P said, "Our ratings also take into account the counterparty exposure to Australia and New Zealand Banking Group Ltd. as the bank account provider and National Australia Bank Ltd. as liquidity facility provider. "We also have factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness. "We assessed the servicing and standby servicing arrangements in this transaction under our "Global Framework For Assessing Operational Risk In Structured Finance Transactions" criteria, published on Oct. 9, 2014, and concluded that were no constraints on the maximum rating that could be assigned to the notes." Preliminary Ratings Assigned Crimson Bond Trust 2025-1 Class A1-MM, A$170.00 million: AAA (sf) Class A1-AU, A$230.00 million: AAA (sf) Class A2, A$55.00 million: AAA (sf) Class B, A$19.25 million: AA (sf) Class C, A$14.25 million: A (sf) Class D, A$5.50 million: BBB (sf) Class E, A$2.75 million: BB (sf) Class F, A$1.50 million: B (sf) Class G, A$1.75 million: Not rated ECOFIBRE LIMITED: First Creditors' Meeting Set for May 14 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Ecofibre Limited will be held on May 14, 2025 at 9:30 a.m. via virtual meeting. Scott Langdon of KordaMentha was appointed as administrator of the company on May 2, 2025. GEMINI PRIME 2025-1: S&P Assigns Prelim. B(sf) Rating on F Notes ---------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to eight classes of residential mortgage-backed securities (RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee of Gemini Prime Trust 2025-1. Gemini Prime Trust 2025-1 is a securitization of prime residential mortgage loans originated by Brighten Financial Pty Ltd. The preliminary ratings reflect the following factors. The credit risk of the underlying collateral portfolio, which comprises 100% prime residential mortgage loans to Australian resident borrowers, and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination and excess spread, if any. S&P's assessment of credit risk considers Brighten Financials' underwriting standards and approval process, and its servicing quality. The rated notes can meet timely payment of interest and ultimate repayment of principal under the rating stresses. Key rating factors are the level of subordination provided, principal draw function, provision of a liquidity facility, and provision of an extraordinary expense reserve. Our analysis is on the basis that the notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and S&P assumes the notes are not called at or beyond the call-option date. S&P said, "Our ratings also take into account the counterparty exposure to Westpac Banking Corp. as bank account provider and Commonwealth Bank of Australia as liquidity facility provider. We also have factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness. "We have assessed the servicing and standby servicing arrangements in this transaction under our "Global Framework For Assessing Operational Risk In Structured Finance Transactions" criteria, published Oct. 9, 2014, and concluded that there are no constraints on the maximum rating that can be assigned to the notes." Preliminary Ratings Assigned Gemini Prime Trust 2025-1 Class A-S, A$127.50 million: AAA (sf) Class A-L, A$297.50 million: AAA (sf) Class A2, A$38.00 million: AAA (sf) Class B, A$12.50 million: AA (sf) Class C, A$13.75 million: A (sf) Class D, A$5.00 million: BBB (sf) Class E, A$2.50 million: BB (sf) Class F, A$1.50 million: B (sf) Class G, A$1.75 million: Not rated HARBOUR GUIDANCE: Administrators Put Jeanswest's IP for Sale ------------------------------------------------------------ Inside Retail reports that the administrators of Jeanswest are offering the brand's IP for sale. The company hopes to conclude the sale of AUD20 million worth of jeans and fashion items by May 20, both in-store and online, before the physical stores close, Inside Retail relates. According to Inside Retail, potential buyers will have until May 29 to lodge interest for Jeanswest's IP, including registered trademarks, apparel design, garment patterns, domain names, social media assets with customer data, and supplier relationships. The directors of Harbour Guidance pointed out their intention to propose a Deed of Company Arrangement (DOCA) allowing the company's restructuring, provided that the inventory and IP sales are successfully completed, the report says. "The successful sale of the intellectual property will be a key factor in determining the viability of a DOCA and the potential for the brand to continue operating in some form," Inside Retail quotes Lindsay Bainbridge, Jeanswest's administrator, as saying. Creditors have until June 30 to convene the second meeting, while the company continues to clear the remaining stock store-wide, the report adds. Harbour Guidance Pty Ltd, the parent company of Jeanswest, fell into voluntary administration on March 26, 2025, appointing administrators Lindsay Bainbridge, David Vasudevan and Andrew Yeo of Pitcher Partners Melbourne. MEDICAR NSW: First Creditors' Meeting Set for May 15 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Medicar NSW Pty Ltd will be held on May 15, 2025 at 10:00 a.m. online via Microsoft Teams. Luke Francis Andrews and Mathew Dieter Windsor Blum of BDO were appointed as administrators of the company on May 5, 2025. PRAXIS SYSTEMS: First Creditors' Meeting Set for May 15 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Praxis Systems Pty Ltd will be held on May 15, 2025 at 10:30 a.m. via virtual meeting only. Mervyn Jonathan Kitay of Worrells was appointed as administrator of the company on May 6, 2025. PRIMACY TECHNOLOGY: Placed Into Creditors' Voluntary Liquidation ---------------------------------------------------------------- Primacy Technology Australia Pty Ltd was placed into creditors' voluntary liquidation on April 23, 2025. Robert Brauer of McGrathNicol has been appointed as liquidator. SEA ELECTRIC: First Creditors' Meeting Set for May 16 ----------------------------------------------------- A first meeting of the creditors in the proceedings of SEA Electric Holdings Pty Ltd, SEA Automotive Pty Ltd, and SEA Electric Pty Ltd will be held on May 16, 025 at 11:00 a.m. virtually via Teams. David McGrath and Joseph Hansell of FTI Consulting were appointed as administrators of the company on May 6, 2025. ========= C H I N A ========= FUTURE FINTECH: Reports $33M Net Loss on $2.2MM Revenue for FY 2024 ------------------------------------------------------------------- Future FinTech Group Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net loss of $33.2 million on $2.2 million of revenue for the year ended December 31, 2024, compared to a net loss of $34 million on $21.7 million of revenue for the year ended December 31, 2023. The Company's financial statements are prepared assuming that the Company will continue as a going concern. The Company incurred operating losses and had negative operating cash flows and may continue to incur operating losses and generate negative cash flows as the Company implements its future business plan. The Company's operating losses amounted $36.62 million, and it had negative operating cash flows amounted $21.24 million as of December 31, 2024. These factors raise substantial doubts about the Company's ability to continue as a going concern. The Company has raised funds through issuance of convertible notes and common stock. The Company had net working capital of $7.60 million. The Company had current liabilities of $13.11 million which is expected to get repaid within twelve months. As of December 31, 2024, the Company had cash of $4.84 million, accounts receivable of $2.09 million and loan receivables of $7.09 million, which were expected to be liquid and used to repay the liabilities. As such, the Company believed it had sufficient cash to settle the liabilities within the next 12 months. Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered losses from operations. Therefore, the Company has stated substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to successfully execute its new business strategy and eventually attain profitable operations. The financial statements do not include any adjustments that might result from the outcome of this uncertainty A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/mynf33cj About Future FinTech Group New York, N.Y.-based Future FinTech Group Inc. is a holding company incorporated under the laws of the State of Florida. The Company historically engaged in the production and sale of fruit juice concentrates (including fruit purees and fruit juices) and fruit beverages (including fruit juice beverages and fruit cider beverages) in the PRC. Due to drastically increased production costs and tightened environmental laws in China, the Company transformed its business from fruit juice manufacturing and distribution to financial technology-related service businesses. The main business of the Company includes supply chain financing services and trading in China, asset management business in Hong Kong, and cross-border money transfer service in the UK. As of Dec. 31, 2024, the Company had $25.9 million in total assets, $13.3 million in total liabilities, and a total stockholders' equity of $12.6 million. SHANDONG ENERGY: Moody's Puts 'Ba1' CFR on Review for Downgrade --------------------------------------------------------------- Moody's Ratings has placed on review for downgrade the Ba1 corporate family rating of Shandong Energy Group Company Limited (Shandong Energy) and Yankuang Energy Group Company Limited (Yankuang Energy). Moody's have also placed on review for downgrade Shandong Energy's b1 Baseline Credit Assessment (BCA) and Yankuang Energy's ba3 BCA. Previously, the outlooks for both entities were negative. "The review for downgrade on Shandong Energy's rating reflects the challenges over its ability to deleverage, due to declining coal prices and continued large capital spending," says Daniel Zhou, a Moody's Ratings Assistant Vice President and Analyst. "The review for downgrade on Yankuang Energy's rating follows that of its parent Shandong Energy, because of their close credit linkage," adds Zhou. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Shandong Energy's current Ba1 CFR incorporates its BCA of b1 and a three-notch uplift, reflecting Moody's assessments of the strong likelihood of support from, and a high level of dependency on, the Shandong government and ultimately the Government of China (A1 negative), in times of stress. Moody's supports assumption reflects Shandong Energy's 100% ownership by the Shandong government; the importance of Shandong Energy's mining assets to the central and provincial governments by safeguarding energy security. Shandong Energy's BCA is constrained by its high leverage. Moody's estimates that Shandong Energy's EBITDA will decline over the next 12-18 months, driven by declining coal prices. The company's debt level will also stay elevated in view of high capital spending required for strategic projects in coal mines, the chemical sector and renewable energy. Moody's expects Shandong Energy to continue providing project loan guarantees for the Yulong Petrochemical Project. As such, Moody's projects Shandong Energy's adjusted debt/EBITDA to stay above 7x over the next 12-18 months. These metrics are weak for the company's b1 BCA. Yankuang Energy's Ba1 CFR incorporates its ba3 BCA and a two-notch uplift based on likely strong support from, and a high level of dependency on, the Shandong government and ultimately the Government of China, in times of stress. Moody's supports assessment reflects Yankuang Energy's controlling government ownership through Shandong Energy, and hence the close credit linkage. The downward pressure on the credit quality of Yankuang Energy follows that of Shandong Energy. Both Shandong Energy's and Yankuang Energy's liquidity profiles are weak. Nevertheless, both companies' refinancing risks are manageable because of their good access to domestic and overseas funding markets, backed by their state-owned status. The review will focus on Shandong Energy's business plan and its ability to deleverage amid coal price volatility and investment needs. Moody's would downgrade Shandong Energy's rating if the company is unlikely to deleverage to levels appropriate for its current BCA. Moody's could downgrade Yankuang Energy's rating if Shandong Energy's rating is downgraded. The methodologies used in these ratings were Mining published in April 2025. Shandong Energy is the largest coal mining group in Shandong province and the third-largest coal mining group in China in terms of coal production volume in 2024. The company is also involved in other businesses, including high-end coal chemical, logistics and trading, power generation, machinery manufacturing, financial services and others. Shandong Energy is ultimately owned by the Shandong government; it is directly held by the Shandong State-owned Assets Supervision and Administration with a 70% holding share. Shandong Guohui Invt Hldg Grp Co., Ltd. (Baa2 negative) and the Shandong Caixin Asset Management Co., Ltd hold the remaining 20% and 10% stakes in the company, respectively. Yankuang Energy owns and operates various coal mines across China and Australia. The company was listed on the Shanghai and Hong Kong stock exchanges in 1998. ========= I N D I A ========= ACIRA CONSULTANCY: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Acira Consultancy Private Limited Registered Address: 3rd Floor, Times Square, Scindia Society, Bima Nagar, Western Express Highway, Andheri East, Mumbai, Maharashtra, India 400069 Business Address: 104 & 105, Giridhar Apartment, Mathuradas Road, Kandivali West 400067, Maharashtra Insolvency Commencement Date: April 25, 2025 Estimated date of closure of insolvency resolution process: October 22, 2025 Court: National Company Law Tribunal, Jaipur Bench Insolvency Professional: Mr. Shreyansh Jain Registered Address: A-7 First Floor, Jodhpur Tower, Dharmnarayan Ji Ka Hatta, Paota, Opposite Hotel Mapple Abhay, Jodhpur, Rajasthan 342008 Email: shreyansh.jain@mail.ca.in Correspondence Address: Finvin Turnaround and Restructuring Private Limited 605, 6th Floor, Sunteck Crest, Mukund Nagar Road, Andheri (E), Mumbai, MH - 400059 Email: cirp.aciraconsultancy@gmail.com Last date for submission of claims: May 14, 2025 ANUPAM PORT: Liquidation Process Case Summary --------------------------------------------- Debtor: Anupam Port Cranes Corporation Limited Plot No. 138, GIDC, Industrial Estate Vithal Udyognagar, Gujarat, India 388121 Liquidation Commencement Date: April 25, 2025 Court: National Company Law Tribunal New Ahmedabad Bench Liquidator: Kabra Rejendrakumar C-107 Cozy Corner Society, Thaltej, Near Gulab Tower, Ahmedabad, Gujarat - 380054 Email: Rajendra_kabra@rediffmail.com Email: liquidator.apccl@gmail.com Last date for submission of claims: May 25, 2025 ARYAN ELECTRICALS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: M/s. Aryan Electricals Private Limited RP 25 Milap Nagar, MIDC Phase Dombivli East, Dombivali I.A., Thane, Kalyan, Maharashtra, India 421203 Insolvency Commencement Date: April 23, 2025 Estimated date of closure of insolvency resolution process: October 22, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: CA IP Vineeta Maheshwari 3rd Floor, Reegus Business Centre, New Citylight Road, Above Mercedes Benz Showroom, Bharthana - Vesu, Surat - 395007 Email: ipvineetak@gmail.com Email: ip.aryanelectricals@gmail.com Last date for submission of claims: May 9, 2025 AVADH MERCHANTS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Avadh Merchants Private Limited Vishwakarma Building, 86c Topsia Road (South), Kolkata, West Bengal, India, 700046 Insolvency Commencement Date: April 29, 2025 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: October 26, 2025 Insolvency professional: Bishwanath Choudhary Interim Resolution Professional: Bishwanath Choudhary Flat No. 8F, Block 7, Prasad Exotica, 71/3, Canal Circular Road, Kolkata, West Bengal, 700054 Email: choudhary bishwanath@rediffmail.com -- and -- 104, S. P. Mukherjee Road, Sagar Trade Cube, 2nd Floor, Kolkata - 700026 Email: cirp.avadhmerchants@gmail.com Last date for submission of claims: May 13, 2025 AVESTHAGEN LIMITED: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Avesthagen Limited WeWork Pavilion, 62/63 The Pavilion, Church Street, Bangalore 560001 Insolvency Commencement Date: April 28, 2025 Estimated date of closure of insolvency resolution process: October 5, 2025 Court: National Company Law Tribunal, Bangalore Bench Insolvency Professional: Ravi Sankar Devarakonda 41/1, 2nd Floor, 8th Main, 11th Cross Jayanagar 2nd Block, Bangalore 560011 Email: ravicacscmallb@gmail.com Email: cirpavesthagen@gmail.com Last date for submission of claims: May 12, 2025 BALAJI RAW: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Balaji Raw and Parboiled Rice Mills Private Limited (SBRPRMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 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 22, 2024, placed the rating(s) of SBRPRMPL under the 'issuer non-cooperating' category as SBRPRMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBRPRMPL 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 Incorporated in June 2013, Sri Balaji Raw and Parboiled Rice Private Limited (SBRPRMPL) is promoted by by Mr. Tatikonda Viswanadham and Mrs. Tatikonda Savithri. Mr. Tatikonda Viswanadham is operating two other rice mills, namely, M/s. Pallavi Enterprises and M/s. Girija Modern Rice Mills. SBRPRMPL operates on leased premises and machinery of Girija Modern Rice Mills and Pallavi Enterprises. The company hired machinery capacity of 250 TPD (out of 350 TPD total capacity) from Girija Modern Rice Mills and 150 TPD (out of 250 TPD total capacity) from Pallavi Enterprises. Both of these firms are currently operational and continue to do so till the management decides, after which, they would operate under the name of Sri Balaji Raw and Parboiled Rice Mills Private Limited. The facilities leased include 12 acres of land, machinery, 53 self-owned Lorries, 2.5 MW cogeneration bio-mass power plant and a warehouse to store up to 20,000 MT of different varieties of paddy. BOMBAY RAYON: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Bombay Rayon Clothing Limited 402, 4th Floor, Kamia Hub, N.S.Road No. 1 Juhu Scheme, Vile Parle (West), Mumbai City, Mumbai, Maharashtra, India 400049 Insolvency Commencement Date: April 24, 2025 Estimated date of closure of insolvency resolution process: October 21, 2025 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Ram Singh Setia Address 1: 1004, Tower B, Celestia Spaces, Tokershi Jivraj Road, Sewri, Off Zakaria Bunder Road, Mumbai City, Maharashtra 400015 Email: setiars@gmail.com Address 2: Finvin Turnaround Restructuring Private Limited 605, 6th Floor, Sunteck Crest, Mukund Nagar Road, Andheri (E), Mumbai, MH - 400059 Email: cirp.bombayrayon@gmail.com Last date for submission of claims: May 13, 2025 DR. SMITHS BIOTECH: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Dr. Smiths Biotech Private Limited Office No. 508-511, Sacred World, 5th floor, Above Macdonald, Vitthal Rao Shivarkar Road, W, Anowrie, Pune, Maharashtra, India, 411040 Insolvency Commencement Date: April 25, 2025 Estimated date of closure of insolvency resolution process: October 4, 2025 (180 Days) Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Megha Agrawal 001, Shivranjini Apartments in Circle of Congress Nagar Garden, Congress Nagar, Nagpur - 440012 (M.S.) Email: ip.meghaagrawal@gmail.com Plot No. 72, Anjaneya Niwas, Opposite Dew and Trinity Hospital, Hindustan Colony, Wardha Road Nagpur - 440015 (M.S.) Email: cirp.smithsbiotech@gmail.com Last date for submission of claims: May 12, 2025 EDAYAR ZINC: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Edayar Zinc Limited (EZL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 247.00 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 24, 2024, placed the rating(s) of EZL under the 'issuer non-cooperating' category as EZL had failed to provide information for monitoring of the ratingas agreed to in its Rating Agreement. EZL continues to be non-cooperative despite repeated requests for submission of information through e-mails 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: Not Applicable Edayar Zinc Limited (EZL), a subsidiary of Binani Industries Limited (BIL), has been in operations since 1967. The company is engaged in the manufacture of zinc at its plant located at Binanipuram in Kerala. The company also produces sulphuric acid and cadmium which are generated as by-products. GREENOCARE ENGINEERING: CRISIL Cuts Rating on INR17.5cr Loan to D ----------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Greenocare Engineering Private Limited (GEPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 17.5 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Cash Credit 2 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with GEPL for obtaining information through letter and email dated March 11, 2024 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 GEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on long term bank facilities of NIPL have been downgraded to 'Crisil D Issuer Not Cooperating from 'Crisil BB-/Stable Issuer Not Cooperating' due to delay in debt servicing debt obligation. GEPL, incorporated in 2015, undertakes projects related to erection and commissioning of pre-fabricated structures and buildings GSR ECO: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of GSR Eco Bricks Private Limited (GEBPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 19.00 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 25, 2024, placed the rating(s) of GEBPL under the 'issuer non-cooperating' category as GEBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GEBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 11, 2025, March 21, 2025 and 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: Not Applicable GSR Eco Bricks Private Limited (GEBPL) was incorporated as a private limited company in February 2014, by Mr. Jagan Mohan Rao along with Sitaramamma. Mr. Jagan Mohan Rao is the managing director and looks after the day to day activities of the company. The company has its registered office in Prakasam (Dist), Andhra Pradesh. The company is engaged in manufacturing of Automated Aerated Concrete Blocks. HARI EQUIPMENTS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Hari Equipments Private Limited (HEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.00 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 25, 2024, placed the rating(s) of HEPL under the 'issuer non-cooperating' category as HEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HEPL 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: Not Applicable Incorporated in 1971, Hari Equipments Private Limited (HEPL) was promoted by Mr. Kishanlal Choudhary who has more than three decades of experience in the Iron and Steel Industry. He is ably supported by his son Mr. Sunil Choudhary, who is the managing director and chief executive officer with an overall experience of 20 years. HEPL 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. INCREDIBLE REALCON: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Incredible Realcon Private Limited (IRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 600.00 CARE D; ISSUER NOT COOPERATING; Debentures Rating continues to remain under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 15, 2019, placed the rating of IRPL under the 'issuer non-cooperating' category as IRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter dated March 25, 2025, April 4, 2025, April 14, 2025, and April 24, 2025. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating takes into account the constraints relating to delays in the servicing of the debt obligations by IRPL. Analytical approach: Standalone Outlook: Not Applicable Detailed description of the key rating drivers: At the time of last rating on May 9, 2024, the following were the rating weaknesses: Key weaknesses * Delays in debt servicing: The company had not made the payment of interest/redemption due on NCDs on account of insufficient cash flow as per publicly available information. Liquidity: Poor IRPL has poor liquidity position since the company had not made the payment of interest/redemption due on NCDs on account of insufficient cash flow. Incredible Realcon Private Limited (IRPL) incorporated in 2013 is part of Ireo Group (IREO) and is a SPV being promoted for business of promotion, development and construction of real estate. However, presently there is no ongoing project in IRPL. Further, as per the publicly available information and The National Company Law Tribunal (NCLT) order dated August 7, 2019, the company had been amalgamated with IREO Private Limited. However, as per depository services, the NCDs still remain outstanding under the name of IRPL. JAYANTA KHAUND: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Jayanta Khaund (JK) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.00 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 26, 2024, placed the rating(s) of JK under the 'issuer non-cooperating' category as JK had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JK 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 Established in 1998, Jayanta Khaund (JK) was promoted by Mr. Jayanta Khaund based out of Guwahati, Assam. Since its inception, the firm has been engaged in execution of rural electrification works on turnkey basis. KAMSA STEEL: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Kamsa Steel Private Limited (KSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 23, 2024, placed the rating(s) of KSPL under the 'issuer non-cooperating' category as KSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KSPL continues to be non-cooperative despite repeated requests for submission of information through emails dated March 9, 2025, March 19, 2025, 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 Kamsa Steel Private Limited (KSPL) was incorporated in May, 1999 by Mr. Manoj Kumar Sharma and Mr. Pawan Kumar Kadwashra. The company is engaged in manufacturing of MS Ingots with its factory located at Plot No.M-44(P), 4th Phase, Adityapur Industrial area, Gamharia, Jamshedpur – 832108.It has a current installed capacity of 7200 MTPA. Mr. Manoj Kumar Sharma (aged, 43 years) and Mr. Pawan Kumar Kadwashra (aged, 45 years) having more than two decades of experience in the same line of industry, looks after the day to day operations of the company and they are ably supported by a team of team of experienced professionals. KHANAPUR TALUKA: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Khanapur Taluka Co-Operative Spinning Mills Limited (KTCSML) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 23.31 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 2, 2024, placed the rating(s) of KTCSML under the 'issuer non-cooperating' category as KTCSML had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KTCSML continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 18, 2025, March 28, 2025 and April 7, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable KTCSML is a not-for-profit co-operative society established in 1974. The society is engaged in the business of cotton spinning with its sole manufacturing unit of spread over an area of 1 acre located in Khanapur, Maharashtra. KSSAGG SERVICES: CRISIL Assigns B Rating to INR0.5cr New Loan ------------------------------------------------------------- Crisil Ratings has assigned its 'Crisil B/Stable/Crisil A4' ratings to the bank facilities of Kssagg Services Private Limited (KSPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Fund- Based Bank Limits 0.5 Crisil B/Stable (Assigned) Proposed Non Fund based limits 0.5 Crisil A4 (Assigned) The ratings reflect KSPL's modest scale of operations, exposure to risks posed by customer concentration in revenue profile and tender-based operations. These weaknesses are partially offset by the extensive industry experience of the promoters. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of KSPL. Key rating drivers and detailed description Weaknesses: * Modest scale of operations: KSPL's business profile is constrained by the modest scale of operations in the intensely competitive advertising industry. The small scale—with revenue of INR3.55 crore in fiscal 2025—will continue to limit its operating flexibility. Although there is no order as on date, a few orders are expected in the coming months. Getting the orders envisaged, and their timely execution will remain critical from a credit perspective. * Exposure to risks posed by customer concentration and tender-based operations: The company generates revenue from projects of government and semi-government bodies and thus faces high customer concentration risk. Revenue remains susceptible to progress on these projects and to intense counterparty risk. Delay in receivables may also constrain liquidity. Further, revenue accrues from Uttar Pradesh only. Currently, orders are availed on sub-contract basis, however the company plans to bid directly for new orders. The tender-based nature of operations, amid stiff competition, necessitates aggressive bidding and often restricts the operating margin. Strength: * Average capital structure: Capital structure is marked by nil gearing and estimated total outside liabilities to adjusted networth (TOLANW) ratio of 2.40 times as on March 31, 2025. Networth, modest at INR0.25 crore as on March 31, 2024, is expected to increase with accretion of profit to reserve. The company has not availed any external debt as on March 31, 2025. Financial risk profile is expected to remain average over the medium term, supported by limited reliance on external debt, moderate accretion of reserve and no debt-funded capital expenditure (capex) plans in the near term. Liquidity: Poor Liquidity has remained poor marked by low cash accrual. Current ratio was healthy at 1.06 times as on March 31, 2024. Promoters are expected to bring funds as and when needed. Outlook: Stable Crisil Ratings believes KSPL will continue to benefit from the extensive experience of its promoters. Rating sensitivity factors Upward factors * Increase in revenue and sustenance of operating margin, leading to higher cash accrual of more than INR1 crore. * Efficiency in working capital management leading to improvement in liquidity. Downward factors * Decline in revenue or operating margin leading to low cash accrual below INR0.10 crore. * A substantial increase in working capital requirements thus weakening the liquidity and financial risk profiles. KSPL (earlier known as Metho Pema Ecom Pvt Ltd) was incorporated in 2020. The company was acquired by the current promoters in fiscal 2024. It is engaged in the business of increasing awareness about government initiatives with focus on Jal Jeevan Mission through door-to-door campaigns, public plays, demonstrations, LED displays, graffiti and wall paintings. It is engaged in providing advertising solutions through electronic and print media and is based in Lucknow, Uttar Pradesh. KSPL is owned and managed by Mr Gurmeet Singh and Mr Ashutosh Singh. LANDMARK HOUSING : Liquidation Process Case Summary --------------------------------------------------- Debtor: Landmark Housing Projects Chennai Private Limited No. 27 Saravana Street, T Nagar, Chennai, Tamil Nadu, India 600017 Liquidation Commencement Date: April 16, 2025 Court: National Company Law Tribunal New Chennai Bench Liquidator: Ebenezar Inbaraj 397, Precision Plaza, No. 23, Third Floor, Teynampet, Anna Salai, Chennai - 600 018 Email: landmarkliq@gmail.com Email: ebiadvocate@gmail.com Last date for submission of claims: May 25, 2025 LARE FIBC: Liquidation Process Case Summary ------------------------------------------- Debtor: LARE FIBC & Energies Pvt Ltd Plot B-4, SIPCOT Industrial Area, Gangaikondan, Tirunelveli - 672352 Liquidation Commencement Date: April 25, 2025 Court: National Company Law Tribunal Chennai Bench Liquidator: Ramachandran Subramanian Old No 29, New No 52 Raju Naicken Street, West Mambalam, Chennai - 33 Email: larefibccirp@gmail.com Email: subraman267@yahoo.com Last date for submission of claims: May 22, 2025 LI DIGITAL: Liquidation Process Case Summary -------------------------------------------- Debtor: LI Digital Payments Private Limited Address 1: KH No. 632, Ground Floor, Vil. Rangpuri Near Telco, Delhi- 110037 Address 2: Plot No. 61, Ram Chandra Lane, Next to Kapolwadi Opposite to Bikaji Foods, Kanchpada, Malad, West Mumbai, Maharashtra 400064 Liquidation Commencement Date: March 13, 2025 Court: National Company Law Tribunal New Delhi Bench Liquidator: Shiv Nandan Sharma 129 Navjeevan Vihar, Ground Floor, Near Aurobindo College, New Delhi - 110017 Email: sharmasn@gmail.com Email: liquidation.lidigital@gmail.com Last date for submission of claims: May 28, 2025 MA MAHAMAYA: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ma Mahamaya Rice Mill Private Limited (MMRMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.36 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.45 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 25, 2024, placed the rating(s) of MMRMPL under the 'issuer non-cooperating' category as MMRMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MMRMPL 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: Not applicable Ma Mahamaya Rice Mill Private Limited was incorporated in July 2006 with an objective to enter into the rice milling and processing business. The manufacturing unit of the company is located at Madhyamgram, Dist: Burdwan. The company sells its finished product under the brand name of Mahamaya Bhog. The company is procuring raw paddy from the local farmers and small paddy agents. Mr. Sandip Hazra (Director) and Mrs. Madhumita Hazra who have around 21 years and 16 years of experiences, respectively, in similar line of business, are looking after the day-to-day operation of the company MAGO CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR2cr Loan ------------------------------------------------------------ Crisil Ratings has reaffirmed its 'Crisil B+/Stable/Crisil A4' ratings on the bank loan facilities of Mago Construction Pvt Ltd (MCPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 12 Crisil A4 (Reaffirmed) Overdraft Facility 2 Crisil B+/Stable (Reaffirmed) The ratings continue to reflect the company's modest scale of operations and large working capital requirement. These weaknesses are partially offset by the extensive experience of the promoters in the construction industry and a moderate financial risk profile. Analytical Approach Unsecured loan of INR11.50 lakh as on March 31, 2024, has been treated as debt as the loan is likely to be repaid over the medium term. Crisil Ratings has considered the standalone business and financial risk profiles of MCPL. Key Rating Drivers & Detailed Description Weakness: * Modest scale of operations: Revenue is estimated to be average over INR13.5 crore in fiscal 2025 (INR5.8 crore in fiscal 2024), constraining cost efficiency. Scalability is constrained by the tender-based nature of business, intense competition and pricing power. However, with healthy order book of INR57 crore, revenue is expected to improve over the medium term. Customer concentration risk persists as all orders are from Military Engineer Services. Significant improvement in revenue backed by timely completion of tenders and new orders, along with steady operating margin, will remain key monitorable. * Large working capital requirement: Operations are working capital intensive, as reflected in gross current assets of 480-1,020 days over the three fiscals ended March 31, 2025, driven by large inventory. The inventory is large mainly because of pending approvals for bills. It takes over 9 months to approve the final bill due to multiple levels of authority approvals, leading to increase in finance cost and lower net cash accrual. Efficient working capital management leading to moderation in bank lines and increase in net cash accrual will remain key monitorable. Strengths: * Extensive experience of the promoters: The promoters have experience of over three decades in the construction industry and understanding of the market dynamics and the industry. Resultantly, the company has been able to establish a strong network of customers and suppliers, which will continue to support the business. * Moderate financial risk profile: Capital structure was healthy, as reflected in estimated networth of INR19.6 crore as on March 31, 2025, and gearing of less than 0.3 time. Debt protection metrics will be adequate, with interest coverage and net cash accrual to total debt ratios expected at 2.0-2.2 times and 0.25-0.30 time, respectively, over the medium term. The financial risk profile will likely remain stable in the absence of any debt-funded capital expenditure plan over the medium term. Liquidity: Poor Bank limit utilisation was around 85% for the 12 months through March 2025. Cash accrual, expected to be INR1.0-1.5 crore per fiscal, will comfortably cover yearly term debt obligation of INR0.10-0.20 crore over the medium term. Current ratio was healthy at 5.45 times as on March 31, 2024. Healthy capital structure supports financial flexibility, which will help to withstand adverse conditions or downturns in the business. Outlook: Stable MCPL will continue to benefit from the extensive experience of the promoters. Rating sensitivity factors Upward factors: * Improvement in revenue backed by timely execution of existing contracts and steady operating profitability leading to higher cash accrual of INR1.5-2 crore. * Improvement in working capital cycle leading to moderation in bank lines. Downward factors: * Delay in project execution resulting in decline in revenue and/or operating margin leading to net cash accrual below INR0.5 crore * Further stretch in the working capital cycle weakening the liquidity Incorporated in 1984 and promoted by Mr Amarjit Singh Mago, Mr Gurcharan Singh Mago and Ms Paramjit Kaur Mago, MCPL undertakes civil construction projects for buildings, roads, runways, hangars, residential complexes, industrial sheds and technical buildings. The company is registered as a super-special-category contractor and works only for MES, with major focus on North India. MAHARAJA PAPER: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Maharaja Paper Industries Private Limited (MPIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.06 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 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 25, 2024, placed the rating(s) of MPIPL under the 'issuer non-cooperating' category as MPIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MPIPL 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 Maharaja Paper Industries Private Limited (MPIPL) was incorporated in the year 1999 and promoted by Mr. P. V. Ramakrishna Raju and their relatives. The company was incorporated as Rolex Paper Mills Limited and later on, the name was changed to the current one. MPIPL is engaged in the production of paper of all varieties viz. newsprint, cream wove and kraft papers. The manufacturing facilities are located at Chintaparru, Palakol Mandal, West Godavari District, Andhra Pradesh. MANORAMA RUPAMATA: CRISIL Assigns B- Rating to INR33cr Term Loan ---------------------------------------------------------------- Crisil Ratings has assigned its 'Crisil B-/Stable' rating to the long-term bank facilities of Manorama Rupamata Natural Sugar Private Limited (MRNSPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 Crisil B-/Stable (Assigned) Term Loan 33 Crisil B-/Stable (Assigned) The rating reflects cyclicality associated with the sugar business, dependence on monsoon and weak financial risk profile. These weaknesses are partially offset by the extensive experience of the promoters in the sugar industry. Analytical approach Crisil Ratings has evaluated the business and financial risk profiles of MRNSPL. Key rating drivers and detailed description Weaknesses: * Cyclicality associated with sugar business and dependence on monsoon: Cane production is highly dependent on the monsoon and realisations in alternative crops such as rice and wheat, which may prompt farmers to switch to sowing other crops. Also, availability of cane is restricted to the command area allocated to each company. In India, alternative sweeteners to sugar are gur and khandsari. Lower sugarcane yields and an increase in the sale of sugarcane to gur and khandsari manufacturers may lead to decrease in sugar production. * Weak financial risk profile: Financial risk profile should remain constrained by high debt levels and low cash accrual. The capital structure is marked by gearing of 6.5 times and total outside liabilities to adjusted networth ratio of 7.5 times as on March 31, 2025. Debt protection metrics may continue to be subdued, with interest coverage ratio estimated at 1.8 times and net cash accrual to total debt ratio at 0.08 time for fiscal 2025. Strength: * Extensive experience of the promoters and fund support from promoters: The promoters have more than 2 decades of experience in the sugar industry; their strong understanding of market dynamics and healthy relations with customers and suppliers should continue to support the business. Any shortfall in repayments or working capital requirement, management would infuse funds in form of USL to support the company Liquidity: Stretched Bank limit utilisation was 100% for the 12 months through March 2025. Net cash accrual is estimated at INR3-5 crore per annum, against yearly repayment obligation of INR4 crore; the shortfall in cash flow would be met by unsecured loans extended by the promoters. Current ratio is estimated at 1.18 times on March 31, 2025. Outlook: Stable MRNSPL will continue to benefit from the extensive experience of its promoters and their established relationship with clients. Rating sensitivity factors Upward factors * Steady revenue growth with EBITDA(earnings before interest, taxes, depreciation, and amortisation) margin, leading to net cash accrual more than INR5 crore * Moderation in bank limit utilisation and improvement in the working capital cycle Downward factors * Decline in sales and profitability, resulting in cash accrual less than INR2 crore * Further stretch in the working capital cycle or any large, debt-funded capital expenditure MRNSPL, incorporated in 2020, manufactures sugar at its plant in Solapur, Maharashtra, with installed capacity of 1,250 tonne crushing per day. Mr Patwari Sanjay Dinkarrao and Mr Gund Vyankat Vishwanath own and manage the business. MIKU POLYMER: Liquidation Process Case Summary ---------------------------------------------- Debtor: Miku Polymer & Plastics Limited 518, Yakshkamal Building, Station Road, Vadodara, Gujarat, India 390020 Liquidation Commencement Date: April 23, 2025 Court: National Company Law Tribunal Ahmedabad Bench Liquidator: Malav Jitendra Ajmera A/8, 6th Floor, Safal Profitaire, Corporate Road, Prahladnagar, Ahmedabad, Gujarat - 380015 Email: malav.ajmera@maassociates.co.in Mobile: +91-98980-60744 Email: cirp.mikupolymers@gmail.com Last date for submission of claims: May 26, 2025 PRASAD AGRO: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Prasad Agro Industries (PAI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.20 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 30, 2024, placed the rating(s) of PAI under the 'issuer non-cooperating' category as PAI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PAI continues to be non-cooperative despite repeated requests for submission of information through emails dated March 16, 2025, March 26, 2025 and April 5, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Prasad Agro Industries (PAI) was established in November 2013 and is based out of Latur, (Maharashtra). The firm is engaged in the business of processing of Toor dal at its processing facility located at Latur. PRATITI HEALTH: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Pratiti Health Educational Institutes Private Limited (PHEIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.66 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 17, 2024, placed the rating(s) of PHEIPL under the 'issuer non-cooperating' category as PHEIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PHEIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 3, 2025, March 13, 2025, March 23, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Pratiti Health Educational Institutes Pvt. Ltd. (PHEIPL) was incorporated in Aug.2008 for establishing and operating a media & mass communication institute & hostel. The institute has setup its facilities in Noida, Uttar Pradesh in the form of educational institute & hostel. The hostel facility has started its operation from FY17 with capacity of 344 beds and the institute started partially from 2017. This apart, the institute has given a part of the building to Delhi World Public School, Noida, as lease rental from April 2017 with annual rental of INR0.60 crore per annum. The institute offers two courses; namely, certificate program in 3D modelling and graphics and certificate program in content development. The institute has been founded & promoted by Mr. Rahul Kumar, an IIM alumnus with an experience of 10 years of employment in a private company & in managing 'Satyam Educational Health & Charitable Trust' (established in 2006) having four schools in its ambit and Mrs. Kanchan Kumari, who is a post-graduate with considerable experience in managing the same. RANA EDUCATION: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Rana Education Society (RES) continues to remain in the 'Issuer Not Cooperating ' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.90 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 26, 2024, placed the rating(s) of RES under the 'issuer non-cooperating' category as RES had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RES continues to be non-cooperative despite repeated requests for submission of information through emails 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 Founded in the year 2005, Rana Education Society (RES) is an educational trust registered under the Society Registration Act 1860 for operating educational institutions. Currently RES operates one school in the name of Delhi Public School, located at Saturna village in Amravati, Maharashtra which is recognized under The Maharashtra Self-Financed Schools (Establishment and Regulation) Act, 2012. Though the entity was established in 2005 the construction of the project was completed as on July, 2018 and thus FY19 was the first full year of operation. As on September 16, 2019 it operates from nursery to eight standards and has a total seating capacity of around 800 students as against currently 450 students are enrolled. The entity M/s Rana Education Society (RES) has applied for the affiliation to the CBSE Board; however, the same is awaited. RASI FOODS: CRISIL Migrates Rating on INR11.5cr Loan to B+ ---------------------------------------------------------- Due to inadequate information, Crisil Ratings, in line with SEBI guidelines, had migrated the rating of Rasi Foods (RF) to 'Crisil B/Stable Issuer Not Cooperating'. However, the management has subsequently started sharing requisite information, necessary for carrying out comprehensive review of the rating. Consequently, Crisil Ratings is migrating the rating on bank facilities of RF to 'Crisil B+/Stable' from 'Crisil B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11.5 Crisil B+/Stable (Migrated from 'Crisil B/Stable ISSUER NOT COOPERATING') The ratings continue to reflect the promoters' extensive experience in the poultry industry. This rating strength is partially offset by levered capital structure, and modest debt protection, and the firm's vulnerability to risks inherent in the poultry industry and to intense competition. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of RF. Key Rating Drivers & Detailed Description Weaknesses: * Leveraged capital structure, and modest debt protection: The capital structure remains leveraged as indicated by gearing and TOLTNW ratio of 2.3 times and 3.4 times, respectively, estimated as on March 31, 2025, due to modest networth of INR15 crore and high dependence on bank debt and credit from suppliers. Capital structure is expected to be levered over the medium term. Debt protection metrics are modest, as reflected by interest cover of 1.6 times, and NCA to Adjusted debt of 0.05 times estimated for FY25. Debt protection metrics are expected to remain modest over the medium term. * Vulnerability to risks inherent in poultry industry and intense competition: The poultry industry is driven by regional demand and supply factors due to the constraint on transportation and perishability of the product. There are also inherent risk like frequent outbreaks of disease leading to decline in realizations and profitability, and religious sentiments affecting demand supply dynamics, leading to seasonality in revenue profile. Strength: * Promoters' extensive experience in the poultry industry: The firm benefits from over two decades of extensive experience of its promoters, Mr. D Rajkumar, S Saravanakumar, and K Vijaykumar in the poultry industry. The good understanding of business dynamics and demand supply cycle, and the promoters' association with other players in the industry is expected to benefit the firm's business profile over the medium term. Liquidity: Stretched Bank limit utilization is high at around 99 percent for the past thirteen months ended March 25. Cash accruals are expected to be over Rs.1-2 which are insufficient against term debt obligation of over Rs.3-4 crores over the medium term. However, the repayments are expected to be supported by equity infusion by the promoters. Current ratios is at 1.4 times estimated on March31, 2025. Outlook: Stable Crisil Ratings believes Rasi Foods will continue to benefit over the medium term from the extensive industry experience of its promoters. Rating sensitivity factors Upward Factors: * Steady growth in revenue, with operating margins staying in the range of 1-2% leading to higher cash accruals. * Improvement in financial risk profile, and liquidity particularly improved cushion in working capital limits, and widening of cushion between NCA and RO. Downward Factors: * Decline in revenue and/or fall in operating margins below 1% leading to lower cash accruals. * Deterioration in financial risk profile and liquidity. Set up and commenced operations in May 2015, Namakkal based Rasi Foods is engaged in manufacturing poultry feed and trading eggs. The operations are managed by the partners Mr D Rajkumar, Mr S Saravanakumar, and Mr K Vijaykumar. ROCKDUDE IMPEX: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Rockdude Impex Private Limited (RIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.90 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 11.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 30, 2024, placed the rating(s) of RIPL under the 'issuer non-cooperating' category as RIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 16, 2025, March 26, 2025 and April 5, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 2009, Rockdude Impex Private Limited (RIPL) is engaged into manufacturing and trading of aluminium foil, reprocessed plastic granules and steel. RIPL generates more than 90% of its total operating income from aluminium foil business and rest through trading of reprocessed plastic granules. RIPL sells aluminium foils by resizing it as per customer's requirements and has also exported aluminium foils and containers. Further, company also imports aluminium foils from China. SAFETIX PROTECTIVE: CARE Cuts Rating on INR10cr LT Loan to B- ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Safetix Protective Equipments Private Limited (SPEPL), as: 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 and Downgraded from CARE B Short Term Bank 5.00 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 23, 2024, placed the rating(s) of SPEPL under the 'issuer non-cooperating' category as SPEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPEPL 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 bank facilities of SPEPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Not Applicable Safetix Protective Equipment Private Limited (SPEPL) was incorporated in June, 2005 and started its operations in July 2013. The company is currently being managed by Mr. Kamran Rahman, Mr. Nadeem Rahman, Mohd Raziuddin, Mr. Hammad Rahman and Mr. Ebbad Rahman. The company is engaged in manufacturing of leather gloves at its manufacturing facility located in Kolkata. The company is also engaged in trading of safety footwear and "Personal Protective Equipments" viz. helmet, goggles, etc. SHIVJOT DEVELOPERS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shri Shivjot Developers and Builders Limited (SSDBL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.50 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 May 3, 2024, placed the rating(s) of SSDBL under the 'issuer non-cooperating' category as SSDBL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSDBL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 19, 2025, March 29, 2025 and April 8, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Shri Shivjot Developers & Builder Limited (SSDBL) was incorporated in 2005, by Mr. Baljit Nain, Mr. Jaswinder Singh and Mr. Darshan Singh. The company is engaged in the real estate business since 2005 and is currently undertaking a commercial project namely 'Shivjot Green Project' at Kharar, Mohali, Punjab on 2.74 acres of land. Further, the company is developing a residential project namely "Shivjot Apartments". Besides SDB, the group has Shivjot Developers and Builders (established in 2005) and M/s Shivjot Dmag Apartments (established in 2008), as the group concerns, engaged in the real estate business SHUBHAM COTTON: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shubham Cotton (SC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.31 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 30, 2024, placed the rating(s) of SC under the 'issuer non-cooperating' category as SC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 16, 2025, March 26, 2025 and April 5, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable SC was established as a partnership firm in 2006. The firm is engaged in the business of cotton ginning and pressing and oil extraction at its manufacturing facility located at Vaijpur, Aurangabad. SUSHEEL ENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Susheel Engineers (SE) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 30, 2024, placed the rating(s) of SE under the 'issuer non-cooperating' category as SE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 16, 2025, March 26, 2025 and April 5, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable SE was established in 1994 by Mr. Sidram. G. Sidrure and is engaged in manufacturing and servicing of boiler components, steel casing, industrial chimney, collector columns, industrial duct etc. The manufacturing facility of SE is located at Bhosari, Pune (Maharashtra). THANGAVEL FABRICS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Thangavel Fabrics Private Limited (TFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 17.30 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 26, 2024, placed the rating(s) of TFPL under the 'issuer non-cooperating' category as TFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 12, 2025, March 22, 2025, 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 Thangavel Fabrics Private Limited (TFPL) (erstwhile Thangavelu Fabrics Private Limited), is an Erode based fabric manufacturer, established in January 2005, by merging four proprietorship concerns promoted by Mr. Thankavel. These proprietorship concerns were engaged in manufacture of fabric since 1975. Currently, the company has three manufacturing units in Erode, Tamil Nadu with a total weaving capacity of 81 auto looms (approximately 25,000 meters per day) as on March 22, 2017. TFPL is a deemed exporter for brands like GAP, HNM, Lewi's, MNS, Next, Target, Marks & Spencers, Gloria Jeans and C&A. The promoters, family and friends collectively hold 100% shareholding in the company. ULTRA SPACE: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ultra Space Developers Private Limited (USDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 200.00 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 26, 2024, placed the rating(s) of USDPL under the 'issuer non-cooperating' category as USDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. USDPL 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 Ultra Space Developers Private Limited (USDPL) is a Mumbai-based private limited company, engaged in the real estate development and construction. It develops residential and commercial spaces. The company was incorporated on August 20, 2008. USDPL operates as a subsidiary of RKW Developers Private Limited (RKW) which is the real estate arm of Wadhawan Group. The projects under RKW are marketed under the brand name "Dheeraj Realty". RKW has six premium residential projects at prime locations in Mumbai such as the Bandra-Kurla Complex, Juhu and Chembur. USDPL is currently implementing a residential cum commercial project "Insignia" spread over a land area of 1,06,284 sqft at Kalina in Santacruz East, Mumbai. VATIKA INFRACON: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Vatika Infracon Private Limited (VIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 128.90 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. has been seeking information from VIPL to monitor the ratings vide various e-mail communications dated April 24, 2025, April 23, 2025, April 21, 2025 and April 16, 2025 and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The ratings of Vatika Infracon Private Limited's NCD's will continue to be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating). The rating has been reaffirmed on account of ongoing delays in servicing of its debt obligations due to stressed liquidity position. There have been instances of delays in interest servicing for NCDs as reported in the audit report of FY24. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Improvement in liquidity position with timely repayment of debt obligations. Analytical approach: Standalone Outlook: Not Applicable Detailed description of key rating drivers: Key weaknesses * Delay in servicing of debt obligations: The company has no major income from its operational activities during FY24 (A) as compared to INR 4.74 crores in FY23 (A). On account of continuous weak performance and stretched liquidity position, the company has continued to delay the principal and interest payments w.r.t the NCDs as per the audit report of FY24. Liquidity: Poor The liquidity position of the company continues to remain poor owing to weak performance and year on year losses leading to default in repayment of NCD's interest and principal. Vatika Infracon Private Limited (VIPL) was incorporated in 2010 for the purpose of real estate development. The company is a step-down subsidiary of Vatika Ltd, Vatika Group's flagship company. VIPL is developing 77 acres gated township 'Vatika City 2' as the final phase of Vatika India Next (An integrated township with area spanning over 77 acres having residential- floors, plots, villas, group housing, gated towns and commercial projects) in Sector 89, Gurgaon with saleable area of 68.02 lakh square feet (lsf). The project will be developed in 4 phases. [] INDIA: Banks Urged to Expedite Insolvency Resolution Process --------------------------------------------------------------- Business Standard reports that the Department of Financial Services (DFS) has called on public sector banks (PSBs) to minimise procedural delays, particularly in filing applications under the Corporate Insolvency Resolution Process (CIRP), in an effort to accelerate the resolution of stressed assets under the Insolvency and Bankruptcy Code (IBC). At a high-level review meeting, DFS Secretary M. Nagaraju emphasised the need for banks to expedite the admission of cases at the National Company Law Tribunal (NCLT), avoid unnecessary adjournments, and ensure that other recovery channels are actively pursued in parallel with the IBC route, Business Standard. says According to Business Standard, the meeting, attended by senior officials from DFS, the Ministry of Corporate Affairs, the Insolvency and Bankruptcy Board of India (IBBI), and top PSB executives, focused on improving the efficiency of the insolvency resolution process and eliminating bottlenecks that delay asset recoveries. Banks were specifically instructed to regularly review their top twenty non-performing accounts and monitor cases where resolution plans have been pending with the Committee of Creditors (CoC) for more than three months. DFS also stressed the importance of promptly vacating stay orders to prevent further delays in the resolution process. According to a finance ministry statement, a detailed review of cases pending for admission at the NCLT was undertaken. Banks were advised to adopt a more proactive approach in filing and following up on CIRP applications. Legal teams at banks were directed to strongly contest any attempts to stall proceedings on frivolous grounds, Business Standard relays. ===================== N E W Z E A L A N D ===================== BAR FRIDGES: Creditors' Proofs of Debt Due on June 12 ----------------------------------------------------- Creditors of Bar Fridges New Zealand Limited are required to file their proofs of debt by June 12, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 30, 2025. The company's liquidators are: Iain Bruce Shephard Jessica Jane Kellow BDO Wellington Level 1, 50 Customhouse Quay Wellington 6011 CACAO LIMITED: Court to Hear Wind-Up Petition on May 19 ------------------------------------------------------- A petition to wind up the operations of Cacao Limited will be heard before the High Court at Hamilton on May 19, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 17, 2025. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton FARMERS FIRST: Court to Hear Wind-Up Petition on May 29 ------------------------------------------------------- A petition to wind up the operations of Farmers First Logistics Limited will be heard before the High Court at Auckland on May 29, 2025, at10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 25, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 JIM HOWLETT: Creditors' Proofs of Debt Due on June 17 ----------------------------------------------------- Creditors of Jim Howlett Flooring Limited are required to file their proofs of debt by June 17, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 17, 2025. The company's liquidator is: David Edward Thomas Don't Be Limited C/- 4 Willow Street Tauranga Central SHAPE CONSTRUCTION: Creditors' Proofs of Debt Due on June 2 ----------------------------------------------------------- Creditors of Shape Construction 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 =============== P A K I S T A N =============== PAKISTAN: IMF Approves Disbursement of US$1 Billion Loan -------------------------------------------------------- The Executive Board of the International Monetary Fund (IMF) on May 9, 2025, completed the first review of Pakistan's economic reform program supported by the EFF Arrangement. This decision allows for an immediate disbursement of around US$1 billion (SDR760 million), bringing total disbursements under the arrangement to about $2.1 billion (SDR1.52 billion). In addition, the IMF Executive Board approved the authorities' request for an arrangement under the Resilience and Sustainability Facility (RSF), with access of about $1.4 billion (SDR1 billion). Pakistan's 37-month EFF was approved on September 25, 2024, and aims to build resilience and enable sustainable growth. Key priorities include (i) entrenching macroeconomic sustainability through consistent implementation of sound macro policies, including rebuilding international reserve buffers and broadening of the tax base; (ii) advancing reforms to strengthen competition and raise productivity and competitiveness; (iii) reforming SOEs and improving public service provision and energy sector viability; and (iv) building climate resilience. Pakistan's policy efforts under the EFF have already delivered significant progress in stabilizing the economy and rebuilding confidence, amidst a challenging global environment. Fiscal performance has been strong, with a primary surplus of 2.0 percent of GDP achieved in the first half of FY25, keeping Pakistan on track to meet the end-FY25 target of 2.1 percent of GDP. Inflation fell to a historic low of 0.3 percent in April, and progress on disinflation and steadier domestic and external conditions, have allowed the State Bank of Pakistan to cut the policy rate by a total of 1100 bps since June 2025. Gross reserves stood at $10.3 billion at end-April, up from $9.4 billion in August 2024, and are projected to reach $13.9 billion by end-June 2025 and continue to be rebuilt over the medium term. The RSF will support the authorities' efforts to reduce vulnerabilities to natural disasters and to build economic and climate resilience. The authorities' program: (i) prioritizes resilience to natural disasters and strengthen public investment processes at all levels of government; (ii) makes the use of scarce water resources more efficient, including through better pricing; (iii) strengthens coordination of natural disaster response and financing between federal and provincial governments; (iv) improves the information architecture, for and disclosure of, climate-related risks by banks and corporates; and (v) supports Pakistan's efforts to meet its mitigation commitments and reduce related macro-critical risks. Following the Executive Board discussion, Nigel Clarke, Deputy Managing Director and Chair, made the following statement: "Pakistan has made important progress in restoring macroeconomic stability despite a challenging environment. Since the approval of the Extended Fund Facility, the economy continues to recover, with inflation sharply lower and external buffers notably stronger. Risks to the outlook remain elevated, however, particularly from global economic policy uncertainty, rising geopolitical tensions, and persistent domestic vulnerabilities. Against this backdrop, the authorities need to maintain sound macroeconomic policies and accelerate reforms to safeguard the macroeconomic gains and underpin stronger and sustainable, private sector-led medium-term growth. "The steadfast implementation of the FY2025 budget and the passage of key fiscal reforms, notably the Agricultural Income Tax, underpin the process of rebuilding policy making credibility. Continuing to mobilize greater revenue from undertaxed sectors and the noncompliant will make the tax system more equitable and efficient. This, combined with federal and provincial spending discipline, will strengthen sustainability, build resilience, and reduce the public sector's crowding out of private credit. "Timely implementation of power tariff adjustments has helped reduce the stock and flow of circular debt. Meanwhile, cost-side reforms are showing early signs of success but need to be accelerated to safeguard the energy sector's viability and improve Pakistan's competitiveness. "The State Bank of Pakistan's (SBP) tight monetary policy stance has been pivotal in reducing inflation to historic lows. Monetary policy should remain appropriately tight and data-dependent to ensure inflation is anchored within the SBP's target range. A more flexible exchange rate will facilitate the adjustment to external and domestic shocks, aiding the rebuilding of reserves. Prompt action to address undercapitalized financial institutions and vigilance over the financial sector are necessary for financial stability. Strengthening of AML/CFT frameworks is also needed. "Accelerating structural reforms will unlock Pakistan's competitiveness, creating conditions to attract high-impact private investment. Reform priorities include reducing trade and investment barriers, advancing SOE reforms, and decisively strengthening governance and anti-corruption institutions. "Reducing Pakistan's vulnerability to extreme weather events will enhance macroeconomic stability and fiscal sustainability. The reforms under the Resilience and Sustainability Facility aim to build resilience to natural disasters by strengthening public investment processes, supporting efficient use of scarce water resources, strengthening coordination of natural disaster response and financing, improving the information on climate-related risks, and supporting Pakistan in meeting its international commitments." ================= S I N G A P O R E ================= BESPOKEDININGCLUB PTE: Creditors' Meetings Set for May 27 --------------------------------------------------------- Bespokediningclub Pte. Ltd. will hold a meeting for its creditors on May 27, 2025, at 11:30 a.m., via video conference. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to nominate Hubert Jen Wei Chang of AP Transaction Services Pte Ltd c/o 138 Cecil Street, #10-01 Cecil Court, Singapore 069538, as Liquidator for the purpose of winding up the affairs and distributing the assets of the Company; c. to resolve that the Liquidator be at liberty to open, maintain, and operate any bank accounts or an account for monies received by them as Liquidator of the Company, with such bank as the liquidator deems fit; d. to appoint a Committee of Inspection of not more than 5 members, if thought fit; e. Should a Committee of Inspection be formed, to approve the Liquidator's power pursuant to Section 144(1) of the IRDA; and f. any other business. Hubert Jen Wei Chang of AP Transaction Services was appointed as provisional liquidator of the company on April 30, 2025. CITY DEVELOPMENTS: Fails in Bid to Buy Out New Zealand Hotel Unit ----------------------------------------------------------------- Bloomberg News reports that City Developments Ltd (CDL) failed in a bid to buy out its listed New Zealand hotel unit, in another setback for the embattled Singapore developer. Bloomberg relates that the company controlled by Singapore's richest family has sought to take Millennium & Copthorne Hotels New Zealand private. A revised final offer did not attract sufficient interest from minority investors to meet a 90 per cent threshold by a May 8 deadline, the hotel operator said in a New Zealand stock exchange filing on May 9. CDL had offered to buy the 24 per cent of ordinary shares it did not own. That would have cost about NZ$71 million (S$54 million) at the most recent offer price, according to Bloomberg calculations. According to Bloomberg, the property firm is trying to recover from a family feud that has raised questions about the ability of chief executive officer Sherman Kwek to engineer a turnaround after a public spat with his father, executive chairman Kwek Leng Beng. An offer of NZ$2.25 a share for the New Zealand unit was first rejected by its independent directors in February, who said that it was "too low and is inadequate". After the offer was raised to NZ$2.80 a share in April, it was rebuffed again by the directors. A CDL spokesperson said that the firm had no immediate comment beyond what was in the exchange filing, Bloomberg relays. The result means Millennium & Copthorne will remain publicly traded in New Zealand, where it was first listed in 1985, according to the exchange. Bloomberg says CDL already controls the firm and managed to increase its stake to nearly 84 per cent after the latest proposal. The company has said that it will not make another offer before January, in accordance with New Zealand takeover rules. The developer has said that a delisting would simplify the ownership structure and give minority shareholders liquidity at a premium, Bloomberg adds. When it made the latest offer, it said it would continue to generate profit through hotel assets rather than winding up the portfolio. City Developments Limited (SGX:C09) -- http://www.cdl.com.sg/-- is a property developer and owner. The Company, through its subsidiaries, are principally engaged in the investment of properties and shares, property management, project management and the provision of consultancy services, hospitality-related information technology, and procurement services. FULFILL MOTORING: Court to Hear Wind-Up Petition on May 23 ---------------------------------------------------------- A petition to wind up the operations of Fulfill Motoring 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 29, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 IASIA CAPITAL: Court to Hear Wind-Up Petition on May 16 ------------------------------------------------------- A petition to wind up the operations of Iasia Capital 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: Adsan Law LLC 300 Beach Road #26-00 TheConcourse Singapore 199555 PING AN: Court Enters Wind-Up Order ----------------------------------- The High Court of Singapore entered an order on April 25, 2025, to wind up the operations of Ping An Dentist Pte. Ltd. DBS Bank Ltd filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 SFO TECHNOLOGIES: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on April 25, 2025, to wind up the operations of SFO Technologies Pte. Ltd. Arrow Electronics Asia (S) Pte Ltd filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Leow Quek Shiong c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ===================== S O U T H K O R E A ===================== [] S. KOREA: Ailing Petrochems Mull More Cost Cutting Measures -------------------------------------------------------------- The Korea Times reports that major petrochemical companies in Korea have begun considering additional cost-cutting measures after failing once again to return to profitability last quarter, due to a lingering global oversupply driven mainly by Chinese competitors. According to The Korea Times, Lotte Chemical recently began recommending that senior blue-collar employees at its Ulsan plant leave the company. This follows a two-month suspension of operations at another factory in Seosan, South Chungcheong Province, and a series of disposals of unprofitable assets here and abroad. Over the past three years, Lotte Chemical has not posted an annual operating profit, the report notes. Securities analysts also estimate the company's first-quarter operating loss - which will be announced May 13 - at around KRW140 billion (US$100 million), The Korea Times discloses. Its recent decisions are therefore being interpreted as a response to mounting losses, although the company denies that its ongoing staff reductions amount to downsizing. "The latest measure is just intended to streamline operations," a Lotte Chemical official said. The Korea Times says LG Chem recently informed employees at its plant in Yeosu, South Jeolla Province, of plans to sell two of the three dormitory buildings owned by the factory. The announcement follows two consecutive years of operating losses in the company's petrochemical business. Its first-quarter loss for that division amounted to KRW56.5 billion. "The company has made efforts to enhance competitiveness over the past three years by declaring an emergency and unloading unprofitable assets," LG Chem said in a notice to Yeosu workers, The Korea Times relays. "However, the petrochemical division suffered an operating loss for the second straight year due to sluggish demand caused by the global economic slowdown and oversupply." The Korea Times adds that SK Innovation's management reportedly decided to return 30 percent of their annual salaries, fly economy class for overseas business trips and come to the office by 7:00 a.m. six days a week. During the first quarter, the company recorded an operating loss of KRW114.3 billion in its petrochemical business, run by its subsidiary SK Geo Centric, The Korea Times notes. "We are standing in the center of a perfect storm, due to the petrochemical industry's structural slump and the prolonged decline in demand for electric vehicles," The Korea Times quotes SK Innovation CEO Park Sang-kyu as saying in an email sent to employees on May 7. S&P Global Ratings, which recently downgraded the credit ratings of major Korean petrochemical firms, forecast another difficult year ahead, citing overcapacity, weak demand and aggressive investments in petrochemical production by China and the Middle East, according to The Korea Times. "The downturn is too deep to exit over the next two years," the report quotes Kim Tae-hee, an analyst at the U.S. credit rating agency, as saying in a report on May 8. "Broader trade uncertainty is an additional risk that will exacerbate weak demand for chemical products, leading to lower utilization rates." The Korea Times adds that concerns are also mounting that the government's leadership vacuum may delay the announcement of follow-up measures to last year's reform plans aimed at boosting the competitiveness of the petrochemical sector. In December, when the government proposed tax incentives and low-interest loans to support the struggling industry, it said additional steps would be unveiled in the first half of 2025, The Korea Times recalls. However, the government has yet to announce any new measures, despite receiving a consulting report from Boston Consulting Group in April commissioned by the Korea Chemical Industry Association. Moreover, the previously announced measures have been widely viewed as insufficient to address structural challenges, as the government refuses to facilitate mergers of unprofitable plants by easing antitrust regulations, The Korea Times relates. "Korean chemical companies still rely heavily on commodity chemicals with thin margins," the S&P analyst said. "Although the companies keep trying to shift to high-value specialty chemicals, this transition requires significant time and investment." ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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