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250513.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 Tuesday, May 13, 2025, Vol. 28, No. 95 Headlines A U S T R A L I A AONE GROUP: First Creditors' Meeting Set for May 16 HEALTHSCOPE: To Transfer Control to Lenders as Brookfield Bows Out MECCANICA PTY: First Creditors' Meeting Set for May 15 QUALITY DECORATING: First Creditors' Meeting Set for May 20 RPO PTY: First Creditors' Meeting Set for May 16 SELECTIVE MEAT: First Creditors' Meeting Set for May 16 I N D I A 10CLUB: Files for Insolvency Proceedings AASRA FOUNDATIONS: ICRA Keeps D Debt Ratings in Not Cooperating ALAPATT JEWELS: ICRA Keeps B Debt Rating in Not Cooperating ASHIANA LANDCRAFT: CARE Keeps D Debt Ratings in Not Cooperating AZAM RUBBER: ICRA Keeps D Debt Ratings in Not Cooperating BABA BHUMAN: CARE Keeps D Debt Rating in Not Cooperating Category CFI VENTURES: CARE Keeps C Debt Rating in Not Cooperating Category DADHEECH INFRASTRUCTURES: Liquidation Process Case Summary HISSAR PIPES: CARE Lowers Rating on INR10cr LT Loan to B- JAI MAHARASHTRA: ICRA Keeps D Debt Rating in Not Cooperating K B SPONGE: CARE Lowers Rating on INR5.99cr LT Loan to D LAKSHYAN ACADEMY: CARE Reaffirms B+ Rating on INR71.22cr LT Loan MALNAD PROJECT: CARE Withdraws C Rating on INR490.0cr NCDs MALWA AUTOMOBILES: ICRA Keeps B+ Debt Rating in Not Cooperating MANGALAM AUTO: CARE Lowers Rating on INR9.95cr LT Loan to B MANSAROVER ROLLER: CARE Keeps B- Debt Rating in Not Cooperating ONKAR INTERNATIONAL: CARE Keeps C/A4 Rating in Not Cooperating PARAMOUNT STEELS: CARE Keeps D Debt Rating in Not Cooperating PEPSICO INDIA: NCLAT Rejects Insolvency Plea Against Company RANA MILK: CARE Keeps D Debt Rating in Not Cooperating Category REXON LABORATORIES: CARE Lowers Rating on INR7cr ST Loan to D SAMET PLAST: ICRA Keeps B+ Debt Ratings in Not Cooperating SUCHIRINDIA INFRATECH: ICRA Keeps B+ Rating in Not Cooperating SVSVS PROJECTS: ICRA Keeps D Debt Ratings in Not Cooperating TIKONA INFINET: Insolvency Resolution Process Case Summary TIKONA INFINET: Settles CCD Dues with L&T Finance WEENER EMPIRE: ICRA Lowers Rating on INR15cr LT/ST Loan to B+/A4 WEST COAST FROZEN: CARE Keeps D Debt Ratings in Not Cooperating WEST COAST: CARE Keeps D Debt Ratings in Not Cooperating Category J A P A N [] JAPAN: Corporate Bankruptcies Hit 11-Year High for April N E W Z E A L A N D BURGESS AND SONS: Court to Hear Wind-Up Petition on May 19 ELAA LIMITED: Khov Jones Appointed as Receivers GAIA PJ3: Creditors' Proofs of Debt Due on June 9 K & C MILLS: Court to Hear Wind-Up Petition on May 19 KHALSA TRADING: Court to Hear Wind-Up Petition on May 19 TITAN ACQUISITIONCO: Moody's Withdraws 'B3' Corp. Family Rating P H I L I P P I N E S CARITAS FINANCIAL: IC Placed Pre-Need Insurer Under Liquidation S I N G A P O R E ALLBEST CONTRACT: Court to Hear Wind-Up Petition on May 23 IBAY SYSTEMS: Court to Hear Wind-Up Petition on May 16 NAT AIRE: Court to Hear Wind-Up Petition on May 23 OPEN SESAME: Court to Hear Wind-Up Petition on May 16 VASI SHIPPING: Commences Wind-Up Proceedings - - - - - ================= A U S T R A L I A ================= AONE GROUP: First Creditors' Meeting Set for May 16 --------------------------------------------------- A first meeting of the creditors in the proceedings of Aone Group Pty Ltd will be held on May 16, 2025 at 10:00 a.m. via Microsoft teams. Joshua Philip Taylor of Taylor Insolvency was appointed as administrator of the company on May 6, 2025. HEALTHSCOPE: To Transfer Control to Lenders as Brookfield Bows Out ------------------------------------------------------------------ Michael Smith at The Australian Financial Review reports that Healthscope, Australia's second-largest hospital operator, has asked its lenders to take control of the board and oversee the search for a new owner in a bid to stave off insolvency and keep its network of 38 hospitals open. The Financial Review says the move marks the end of Brookfield Asset Management's disastrous ownership of the hospital operator and puts the company's future in the hands of the owners of its AUD1.6 billion debt pile. It remains unclear whether a single buyer will step in to buy the entire network of 38 hospitals or multiple bidders pick off single facilities, the Financial Review relates. The threat of private hospital closures is a major challenge for the new Labor government and Mark Butler who was reappointed as minister for health and aged care on Monday. According to the Financial Review, Healthscope's bid to avoid going into receivership and closing hospitals came after its lenders rejected a proposal to extend a temporary freeze on interest payments to allow it more time to recapitalise the business. Instead, Healthscope invited lenders to appoint their nominees to the board in a move it said would enable a "solvent restructure" and avoid disrupting hospitals. The move would give lenders the same level of control they would have if the company was insolvent and an opportunity to sell their debt to the highest bidder. Brookfield acquired Healthscope for AUD5.7 billion in 2019 just before the global COVID-19 pandemic, which stopped elective surgeries for months, the Financial Review recalls. Although there were 27 lenders in the original syndicate, a large chunk of the debt has since traded hands. Australia's big four trading banks, which do not want Healthscope to become insolvent, own about 15 per cent of the debt. The Financial Review notes tht the government launched an inquiry into the viability of Australia's private hospital sector last year. Operators have struggled with soaring wages, cost inflation and lower patient numbers since the pandemic because people stay in hospital for shorter periods. They are pressuring health insurers to tip in more funding to prevent ward closures. The NSW government has a public-private partnership with Healthscope's Northern Beaches Hospital in Sydney. Sources close to the situation, who were not authorised to speak publicly, said Healthscope and Brookfield had received interest from buyers for the business as a whole and for individual hospitals, the Financial Review relays. Healthscope owns hospitals in every state and territory including Prince of Wales Private Hospital in Sydney, Knox Private Hospital in Melbourne and Darwin Private Hospital. "The company has sent all lenders a letter detailing and committing to a transition of control to lenders. This can be undertaken without the need for costly enforcement proceedings or any lender-led process and with minimal disruption for staff or hospital operations," Healthscope said. "An orderly transition will also provide assurance to the multiple parties that have expressed interest in acquiring the business and enable Healthscope's sale process to move forward efficiently." Healthscope has a cash balance of AUD110 million, which its management says is enough to keep the business operating through an ownership change. Healthscope's debt has been trading between 30 cents to 50 cents in the dollar, which means an acquirer would likely pay about AUD300 million to AUD400 million if it wanted to buy the whole company, the Financial Review discloses. The Australian Financial Review's Street Talk column reported on May 11 that David Di Pilla's HMC Capital sold its slice of Healthscope loans via Bank of America, which doled out portions to distressed debt investors such as California's Canyon Partners, Paul Singer's Elliott Management and London's Polus Capital. It said the UK's Polus has emerged as the biggest lender to Healthscope. With Mr. Di Pilla out of the running to bid for the whole company, the focus is on other hospital operators. There is no timetable for a process as it will depend on decisions made by dozens of different lenders, although one source said they expected more clarity on Healthscope's future owner within weeks. Ramsay Health Care, the country's biggest private hospital operator, has not ruled out buying Healthscope's network, but it would have to overcome competition regulation barriers, the Financial Review relays. About Healthscope Limited Healthscope Limited -- http://www.healthscope.com.au/-- provides healthcare services. The Company manages a network of hospitals, clinics, and physicians for the provision of emergency care, women's services, cancer care, and pediatric services. Healthscope operates 38 hospitals across Australia. As reported in the Troubled Company Reporter-Asia Pacific in mid-March 2025, Healthscope Ltd has appointed restructuring experts at KordaMentha to prepare a contingency plan in case the country's second-largest private hospital operator is placed into voluntary administration. The company was acquired by Canadian investment giant Brookfield in 2019 but has struggled under a debt pile that has reached AUD1.6 billion. Healthscope has been negotiating with its lenders and has previously warned it may have breached the conditions of those loans, according to The Australian Financial Review. Earlier in March 2025, Healthscope was issued breach notices for 11 of its 38 hospitals after it failed to pay rent due to its landlord, HealthCo Healthcare & Wellness REIT, an investment vehicle run by David Di Pilla's HMC Capital. MECCANICA PTY: First Creditors' Meeting Set for May 15 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Meccanica Pty Ltd will be held on May 15, 2025 at 3:30 p.m. at the offices of Worrells Level 2, 1 Hobart Place, in Canberra, ACT. Stephen John Hundy of Worrells was appointed as administrator of the company on May 5, 2025. QUALITY DECORATING: First Creditors' Meeting Set for May 20 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Quality Decorating Victoria Pty Ltd will be held on May 20, 2025 at 11:00 a.m. at the offices of BDO, Tower 4, Level 18, 727 Collins Street, in Melbourne, VIC. Mathew Dieter Windsor Blum and Luke Francis Andrews of BDO were appointed as administrators of the company on May 8, 2025. RPO PTY: First Creditors' Meeting Set for May 16 ------------------------------------------------ A first meeting of the creditors in the proceedings of RPO Pty Ltd will be held on May 16, 2025 at 11:00 a.m. via Microsoft Teams videoconferencing facility. Shaun Fernando of Mackay Goodwin was appointed as administrator of the company on May 6, 2025. SELECTIVE MEAT: First Creditors' Meeting Set for May 16 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Selective Meat Traders Pty Ltd will be held on May 16, 2025 at 10:30 a.m. via virtual meeting technology. Mathew Gollant of CJG Advisory was appointed as administrator of the company on May 7, 2025. ========= I N D I A ========= 10CLUB: Files for Insolvency Proceedings ---------------------------------------- Entrepreneur reports that Thrasio-style ecommerce marketplace 10Club has filed for insolvency proceedings before the National Company Law Tribunal (NCLT), marking a significant setback in the roll-up ecommerce space. Entrepreneur, citing filings with the Registrar of Companies (RoC), relates that the Fireside Ventures-backed startup is initiating the Corporate Insolvency Resolution Process at the Bengaluru bench, citing that its assets are insufficient to pay off debts. Founded by Bhavna Suresh, Deepak Nair, and Joel Ayala, 10Club made headlines in 2021 with a USD40 million seed round - one of the largest in India. A year later, it raised another USD30 million from US-based Olive Tree Capital and existing backers. 10Club's model involved acquiring small businesses, retaining core teams, and scaling them under a single operational umbrella. In October 2023, the company announced a strategic pivot to build a consolidated home and kitchen brand. It also onboarded retail veteran Kavitha Rao as co-founder and COO in January 2024 to drive growth. However, despite early momentum, the model has faced headwinds, Entrepreneur notes. Industry peers like the Good Glamm Group have also seen roll-up bets falter, with recent brand divestitures occurring at steep losses. 10Club's insolvency underscores the volatility in scaling D2C brands through acquisition-led strategies, the report relays. AASRA FOUNDATIONS: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term rating of Aasra Foundations (Regd.) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 17.70 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 112.30 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Aasra Foundations (Regd.), ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Aasra Foundations (Regd.) is a society established in 1996 by Dr Zora Singh and his family members. It established a private university by the name Desh Bhagat University under Punjab Govt's Desh Bhagat University Act. Desh Bhagat United has its campuses at Mandi Gobindgarh, Shri Muktsar Sahib, Moga, Chandigarh and Kenya. The various courses taught in the university include Agriculture Sciences, Airlines, Animation, Applied Sciences, Art & Craft and Fashion Technology, Ayurveda, Commerce, Computer Sciences, Education, Engineering, Hospitality and Tourism, Hotel Management, Languages, Law, Management, Media, Nursing, Performing arts, Physical Education, and Social Sciences. The university has a total capacity of 21000 students with an average occupancy of 42%. ALAPATT JEWELS: ICRA Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term rating of Alapatt Jewels in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.50 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Alapatt Jewels, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Alapatt Jewels is a Cochin-based partnership firm established by Mr. Manuel Alapatt in 2000, which is involved in manufacturing and selling of gold and diamond jewellery through its 10,000-square feet retail showroom in Ernakulam, Cochin. It sources gold in the form of old gold from customers and outsources the same to goldsmiths in the region for converting them into ornaments. Besides, the firm also deals in traded jewellery procured from merchants based out of Mumbai and Bangalore. ASHIANA LANDCRAFT: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ashiana Landcraft Realty Private Limited (ALRPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 29.01 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 81.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Optionally 10.00 CARE D; ISSUER NOT COOPERATING Fully Convertible Rating continues to remain Debenture under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings) had, vide its press release dated June 11, 2019, placed the rating of ALRPL under the 'issuer non-cooperating' category as ALRPL had failed to provide information for monitoring of the rating. ALRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 1, 2025, April 11, 2025 and April 21, 2025. In line with the extant SEBI guidelines, CARE Ratings has reviewed the rating on the basis of the best available information which however, in CARE Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Detailed description of the key rating drivers: At the time of last rating on May 16, 2024, the following were the rating strengths and weaknesses: Key weaknesses * Recent delays in debt servicing: There were delays in servicing of debt obligations on the OCD and bank facilities. The company had delayed the monthly instalment due for the month of March 2019 and the interest payment due on OCD on March 31, 2019. This is on the account of tight liquidity position of the company due to slower sales momentum for its ongoing projects. * Project execution risk: The company is developing a residential group housing project in Sector 88-A, Gurgaon. The total estimated cost of the project is INR1,038 cr which will be funded through promoter's contribution of INR59.00 cr, debt of INR423 cr and the rest through customer advances. As on December 31, 2018, the promoters have brought in INR52.6 cr, Outstanding debt of INR333 cr availed from PNBHFL and the Piramal group. As on March 31, 2018, the company has incurred INR610 cr out of the total project cost of INR1,038 cr that is, around 57% of the total project cost as on December 31, 2018 (49% upto March 31, 2018). However, the spending on construction remains low with total expenditure of INR247 cr out of the total INR498 cr on the construction and administration portion, that is, 50% of the total construction and administration cost. As significant portion of the cost is yet to be incurred; the project is exposed to execution risk. * Off take risk: Out of total saleable area of the project of 17.24 lsf, For Phase-1 (saleable area of 8.42 lsf), the company has sold 5.45 lsf of area that is around 64% (61% upto March 31, 2018) for sale value of INR351 cr till December 31, 2018. The sales has remained slow due to the slowdown in the real estate market. In the 12 months ending February 2019, the company has been able to generate collections of INR20 cr. With significant portion of the project yet to be sold, the company remains exposed to project off-take risk. * Subdued industry scenario: The industry has witnessed muted housing demand during recent past. Furthermore, the impact of Real Estate Regulation Act, 2016 remains to be seen on the developers. It is expected that the developers will have to bring about operational transformation in their business models to comply with RERA requirements. Key strengths * Experienced promoters with track record of project execution: The company derives strength from experience of the promoters – Ashiana Homes Pvt ltd (AHPL) and Landcraft Projects Private Limited (LPPL) in the real estate sector. Both the companies have an established track record of executing several real estate projects, including development of township, group housing, commercial complexes, etc. Some of the major completed projects include Ashiana Upvan (Ghaziabad), Ashiana Greens (Ghaziabad), Golf Links Flat (Ghaziabad), Ashiana Palm court (Ghaziabad) etc. Incorporated in 2012, ALRPL is a joint development between Ashiana Homes Pvt Ltd (AHPL) and Landcraft Projects Private Limited (LPPL) formed solely for a premium real estate residential project development named 'The Center Court' located at Sector 88A, Gurgaon. LPPL was incorporated in 2007 and is the real estate vertical of Garg group with the presence in Ghaziabad. The group has developed more than 20.04 lsf of area with residential and commercial projects in Ghaziabad. AHPL was incorporated in 1987, with presence mostly in North India and has developed more than 55 lsf of area with eight completed projects. AZAM RUBBER: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Azam Rubber Products Private Limited (ARPPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 26.62 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 43.23 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short Term- 5.80 [ICRA]D ISSUER NOT COOPERATING; Non Fund Based Rating continues to remain in Others the 'Issuer Not Cooperating' Category Long Term/ 4.35 [ICRA]D/[ICRA]D ISSUER NOT Short Term- COOPERATING; Rating continues Unallocated to remain in the 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with ARPPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1994, ARPPL is promoted by Mr. Azam Khan. The company manufactures footwear, including hawai slippers, sandals and sports shoes, among others. It has two manufacturing units in Gorakhpur Industrial Development Authority (GIDA), Gorakhpur, Uttar Pradesh with a total installed capacity of 4.5 crore pairs of footwear annually (assuming 300 days of production). ARPPL produces hawai footwear and ethylene vinyl acetate/polyvinyl chloride (EVA/PVC) footwear. The main raw material used by the company is rubber, EVA and PVC, which is procured domestically. Its products are marketed in UP, Bihar, Jharkhand, Chhattisgarh and Madhya Pradesh, under the brand name ARP, through a network of around 250 dealers. BABA BHUMAN: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Baba Bhuman Shah Ji Rice Mills (BBSJRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.28 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 May 2, 2024, placed the rating(s) of BBSJRM under the 'issuer non-cooperating' category as BBSJRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BBSJRM 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 Baba Bhuman Shah Ji Rice Mills (BBSJRM) was established in 2013 as a partnership firm by Mr Kewal Krishan, Mr Kharait Lal, Mr Sandeep Kumar, Mr Subhash Chander, Mr Rajinder Kumar, Mr Surinder Kumar and Mrs Kanta Rani. The commercial operations started from November 2013. The firm is engaged in processing of paddy at its manufacturing facility located in Fazilka, Punjab. CFI VENTURES: CARE Keeps C Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of CFI Ventures Private Limited (CVPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 6, 2024, placed the rating(s) of CVPL under the 'issuer non-cooperating' category as CVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 22, 2025, April 1, 2025 and April 11, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable CFI Ventures Private Limited (CVPL) (erstwhile Joshi Auto Wheels Private Limited) was incorporated in June 2015. The company operates a 3S facility (Sales, Spares, Service) showroom for Nissan Motor India Private Limited (NMIPL). The company started its operations in October-2015. The operations of the company are managed by the directors, Mr. Manish Joshi and Mrs. Bhawna Joshi. DADHEECH INFRASTRUCTURES: Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Dadheech Infrastructures Private Limited 9/12, Lal Bazar Street, Block E, 4th Floor, Kolkata 700001, West Bengal Liquidation Commencement Date: April 28, 2025 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Anil Kumar Dubey Meridian Splendora, Flat 4F 9A Umakant Sen Lane, Birpara Kolkata, West Bengal 70003 Email: anil@mandaasociates.in -- and -- 13th Crooked Lane, Ajit Sen Bhawan, 4th Floor, Room No. 401, Kolkata 700069 Email: ip.dadheechinfastructures@gmail.com Last date for submission of claims: May 28, 2025 HISSAR PIPES: CARE Lowers Rating on INR10cr LT Loan to B- --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Hissar Pipes Private Limited (HPPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 10.00 CARE B-; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 29, 2024, placed the rating(s) of HPPL under the 'issuer non-cooperating' category as HPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 15, 2025, March 25, 2025 and April 4, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings for HPPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Not Applicable Hisar (Haryana) based, Hissar Pipes Private Limited (HPPL) was incorporated in the year 2006. The company is engaged in the manufacturing of steel pipes, primarily Mild Steel (MS) Electric Resistance Welded (ERW) tubes and Black Galvanized Steel pipes. The manufacturing facility is located in Hisar, Haryana. JAI MAHARASHTRA: ICRA Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Debenture Programme of Jai Maharashtra Nagar Development Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 78.00 [ICRA]D; ISSUER NOT Non-convertible COOPERATING; Rating continues Debentures (NCD) to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Jai Maharashtra, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Jai Maharashtra Nagar Development Private Limited is a special purpose vehicle promoted by a Mumbai-based promoter group for the redevelopment of the Jai Maharashtra Nagar Co-operative Housing Federation Limited a federation of eight societies in Mumbai. The redevelopment project entails rehabilitation of its existing society tenants, as part of the free-sale component of the project, while the company has been entitled to sell about 1.23 million square feet of saleable area. K B SPONGE: CARE Lowers Rating on INR5.99cr LT Loan to D -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of K B Sponge Iron Limited (KBSIL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.99 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB-; Stable Short Term Bank 5.60 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE A4 Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 9, 2024, placed the rating(s) of KBSIL under the 'issuer non-cooperating' category as KBSIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KBSIL continues to be non-cooperative despite repeated requests for submission of information through emails dated March 25, 2025, April 4, 2025, April 14, 2025, May 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). The ratings assigned to the bank facilities of KBSIL have been revised on account of non-availability of requisite information. The revision further considers the ongoing delays in debt servicing as recognized from publicly available information i.e., CIBIL filings. Analytical approach: Standalone Outlook: Not applicable KBSIL, promoted by the Kejriwal family of West Bengal, was incorporated in April 2002 and started its operations from 2007. The company has been engaged in manufacturing of ingots/billets. Currently, the company has an installed capacity of 61,200 metric tons per annum (MTPA) (enhanced from 25,200 MTPA from June 2020). The manufacturing facility of the company is located at Durgapur, West Bengal. The day-to-day operations of the company is looked after by Mr. Ramesh Kumar Kejriwal with the support of other directors and a team of experienced professionals. LAKSHYAN ACADEMY: CARE Reaffirms B+ Rating on INR71.22cr LT Loan ---------------------------------------------------------------- CARE Ratings has reaffirmed ratings on certain bank facilities of Lakshyan Academy of Sports Private Limited (LASPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank Facilities 71.22 CARE B+; Stable Reaffirmed Rationale and key rating drivers Ratings assigned to the bank facility of LASPL continues to consider that the sports facility continues to face stabilization related issues with lower than envisaged enrolments translating into expected lower cash accruals generation against high upcoming debt repayment in FY26. CARE Ratings Limited (CARE Ratings) positively notes that the academy is gradually witnessing growth in enrolments however considering high repayment obligations healthy enrolments along with realisation of envisaged fees collections is critical for the company's prospects. The rating derives comfort from the state-of-the-art sports facilities, association with notable and eminent sports personalities as coaches, favourable location and accessibility along with stable industry growth prospects. Continuing timely funding support from promoters till operations stabilizes would be key rating monitorable. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Healthy enrolments and increase of cash accruals to sustain DSCR over 1.05x Negative factors * Delay in receipt of support from promoters * Any additional debt availed by the company leading to moderation in debt coverage indicators Analytical approach: Standalone Outlook: Stable CARE Ratings believes that LASPL will continue to receive enrolments aided by guidance and expertise of management personnels and coaches. Detailed description of key rating drivers: Key weaknesses * Gradual improvement in enrolment though lower than envisaged numbers: Since commencement of operations from April 2023, till date academy has received more than 5,000 enrolments. However, being sports academy, continuous revenue is particularly dependent on stickiness of exiting enrolments coupled with fresh enrolments. Though at present academy is operating only with 20-25% of its capacity, moving forward company is planning to increase sessions as to accommodate the increasing demand. In 9MFY25, academy has received 1198 enrolments. The improvement in enrolments and satisfactory operations over the near to medium term are key monitorable as revenue is dependent on stickiness of enrolments considering competition in the industry. * Stabilization risk: Though academy has been witnessing increase in enrolments with many national and state elite athletes joining the academy particularly due to presence of high-quality state of the art multi sports facilities/equipment. However, the business is still vulnerable to stabilization risk as alleviation of this risk will depend on stickiness of enrolments. The ability of LASPL to retain its customer base will be a key rating factor going forward. * Weak debt coverage indicators though regular fund infusion from promoters: Owing to losses incurred by the academy in FY24, debt coverage indicators remained negative. To cover the operational losses, promoters have been infusing money continuously in the business thus providing liquidity cushion. During FY24, LASPL has received INR5.84 crore of unsecured loans from promoters to fund losses and support operations of the company. Further in FY25, promoters have infused around ~INR8.8 crore in the business. Going forward, fixed cost will demand higher share from income, further debt repayment has also started from current fiscal so, the academy needs to significantly increase enrolments to cover up its operational expenses and fulfil its financial obligations. Since stabilization of the business is yet to be witnessed, promoters are committed to support business until the company becomes profitable. Key strengths * Qualified promoters along with eminent coaching staff: Jeevan Mahadevu, Promoter and Chief Executive Officer, holds master's by Research, Engineering Design from IIT-Madras. Dhanraj Pillai, a renowned hockey player and the former captain of Indian hockey team, has been appointed as a member of the core committee in LASPL for managing operations. Also, LASPL has Arjun Halappa, former captain of Indian National hockey team, as one of their many sports consultants. Yashica, Managing Director, holds master's in commerce and real estate finance and is a former Karnataka State & Bangalore University Basketball Player. LASPL has procured and made MOUs with top talents across India for their coaching facilities. * Advanced sporting facilities and equipment approved by leading international associations: The sporting facilities and equipment are made by world-class providers. These include: Squash courts by ASB, Germany, which is approved by World Squash Federation; swimming pools by Myrtha, world leader in the supply and installation of swimming pools approved by International Olympic Committee; Table tennis by STAG, approved by International Table Tennis Federation; Gym by Technogym, which is known globally in over 100 countries; Football turf by DOMO sports grass, which is well-known in over 84 countries and has 30 years of history; Badminton courts made of Teak wood approved by Badminton World Federation; and Basketball courts made of Maple wood, approved by the International Basketball Federation. * Favourable location and accessibility: The academy is located in Sarjapura, Bengaluru. It is one of the fastest developing real estate hotspots of Bengaluru, which is experiencing rapid pace of urbanization. This area boasts the presence of offices of IT corporates and tech parks like Wipro Technology Campus, RGA Tech Park, and Wipro SEZ, thus the academy stands to gain by enabling working class people use its facility for sports and corporate events. The area also houses reputed educational institutes like Indus International School, Chrysalis High, and Greenwood High. Sarjapur provides connectivity to other employments hubs such as Marathahalli, Whitefield, and Electronic City. Well known areas such as HSR Layout, BTM Layout, Koramangala are all accessible from Sarjapur. Completion of metro in this year will boost connectivity of this area with rest of the city. Liquidity: Stretched Liquidity of the company is constrained by lower-than-expected enrolments which could adversely impact its cash accruals against high debt repayment obligations in near to medium term. Though promoters of the company have been continuously infusing money to fulfilling liquidity requirement of the company and are committed to continue support the business in future also. Current ratio of the company stood at 0.95x as on March 31, 2024. The company has CC limit of INR5.00 Cr and utilization of the same stood at INR4.9 crore as of March 31, 2025. LASPL is a sports training institute offering wide range of sports infrastructure with dedicated coaches and specialised sport support services. Lakshyan academy houses state-of-the-art facility for swimming, table tennis, squash, football, cricket, badminton, shooting, basketball, judo, taekwondo, and chess. In addition to on-field training, LASPL also offers a full suite of support services. These include a well-equipped gymnasium, physiotherapy centre, medical centre, steam, spa, jogging track, pro-shop, conference room, dormitories, cafeteria, sports science and analytics centre. Jeevan Mahadevu, CEO, looks after the day-to-day operations and activities of the company. MALNAD PROJECT: CARE Withdraws C Rating on INR490.0cr NCDs ---------------------------------------------------------- CARE Ratings Ltd. has withdrawn the rating assigned to the Non-Convertible Debentures (NCDs) issue of Malnad Project (I) Private Limited (MPIPL) with immediate effect, as the company has repaid the aforementioned NCD issue in full and there is no amount outstanding under the instrument as on date. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 490.00 CARE C; ISSUER NOT COOPERATING; Debentures Withdrawn Analytical approach: Not Applicable Incorporated on April 26, 2017, Malnad Project (I) Private Limited (MPIPL) [Erstwhile, Kumar Housing Township Private Limited], initially promoted as "Krishcon Publication India Private Limited" by Mr. Rohit Vijaykumar Palsule and Ms Vaishali Prasanna Gole in the capacity of directors, was acquired in FY20 by Mr. Manish Vimalkumar Jain (99.99% of holding) and Ms. Mamta Jain, promoter family of Kumar Group of Pune. MPIPL has taken up the construction and development of township admeasuring over 100 lakh square feet (lsf) in Manjri, Pune, Maharashtra. MALWA AUTOMOBILES: ICRA Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term rating of Malwa Automobiles Private Limited (MAPL(T)) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 13.60 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with MAPL(T), ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1997, Malwa Automobiles Pvt. Ltd. (MAPL(T)) operates as an authorized Tata Motors dealership with showroom at Rohini (Delhi) and a workshop facility at Jahangirpuri (Delhi). In addition to the automobile dealership business, the company also has a HPCL fuel pump located in Kundli, Haryana. Incorporated in 2012, Malwa Automotives Private Limited (MAPL(J)) has been operating as a Jaguar and Land Rovers dealership. The showroom has started operations in October 2014. The showroom is in Karnal, based on 3S facility i.e. Sales of Vehicles, Spare Parts and Services. The promoters of the company are highly experienced in the field of automobiles and have been engaged in automobiles related business for the past 50 years. MANGALAM AUTO: CARE Lowers Rating on INR9.95cr LT Loan to B ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Shri Mangalam Auto Private Limited (SMAPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 9.95 CARE B; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 2, 2024, placed the rating(s) of SMAPL under the 'issuer non-cooperating' category as SMAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMAPL 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). The ratings for SMAPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Nagaur (Rajasthan) based Shri Mangalam Auto Private Limited (SMAPL) was incorporated in January 2015 by Mr. Mahendra Singh Bhati and Mr Bahadur Singh. SMAPL is an authorized dealer of Maruti Suzuki India Limited (MSIL) since April 2015. The number of showrooms has been increased from 4 to 7 in FY19 which include 5 Arena Outlet, 1 Nexa outlet and 1 Super Carry Vehicles Outlet currently operational in the regions of Rajasthan including Nagaur, Kuchaman, Didwana & Makrana. Out of which Nagaur and Kuchaman have facilities of Showroom cum Workshop, Body shop & true value shop while Didwana and Makrana have facilities of showroom and workshop. The company commenced operations from NEXA outlet at Nagaur (Rajasthan) from April 2018. MANSAROVER ROLLER: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mansarover Roller Flour Mills Private Limited (MRFMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.60 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 May 3, 2024, placed the rating(s) of MRFMPL under the 'issuer non-cooperating' category as MRFMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MRFMPL 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: Stable Mansarover Roller Flour Mills Private Limited (MRFMPL) was incorporated in 1989 and is currently being managed by Mr. Amrik Singh and Mr. Kamaljeet Singh. The company is engaged in the processing of wheat at its manufacturing facility located in Samrala, Punjab. ONKAR INTERNATIONAL: CARE Keeps C/A4 Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Onkar International Private Limited (OIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 18.00 CARE C/CARE A4; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term 1.00 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 26, 2024, placed the rating(s) of OIPL under the 'issuer non-cooperating' category as OIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OIPL 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 Incorporated in 1980, Onkar International Private Limited (OIPL) provides corporate travel management solutions. The company is engaged in the business of airline ticketing services, and other travel related services including visa/passport services and documentation, insurance services. OIPL is promoted by Mr. Karanvir Singh Bahia. The company is an International Air Transport Association (IATA) registered ticketing agency and is also the member of Travel Agent Federation of India. ATIPL derives commission from the booking of domestic and international tickets. OIPL offers services in business to business (B2B) segment. PARAMOUNT STEELS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Paramount Steels Limited (PSL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 26, 2024, placed the rating(s) of PSL under the 'issuer non-cooperating' category as PSL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PSL 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: Not Applicable Paramount Steels Limited (PSL) previously Sriyansh Steel Limited was originally incorporated on June, 1981. The name of the company was changed in March, 1999. PSL was established with an aim to set up a manufacturing facility at Ludhiana, Punjab for manufacturing of steel items like steel rounds, steel bright bars, steel rods, wire drawing etc. PEPSICO INDIA: NCLAT Rejects Insolvency Plea Against Company ------------------------------------------------------------ Storyboard18 reports that the National Company Law Appellate Tribunal (NCLAT) has rejected an effort to initiate insolvency proceedings against PepsiCo India, siding with the food and beverage conglomerate in a dispute centered on contested interest payments. In a ruling issued on May 7, the NCLAT dismissed an appeal by SNJ Synthetics Ltd., a supplier of PET preforms and thermoplastics, which had sought to trigger corporate insolvency resolution against PepsiCo under the bankruptcy code, Storyboard18 relates. The case was reported on the Bar & Bench. According to Storyboard18, the three-judge bench found that the debt claim against PepsiCo had been largely settled, with the principal amount already paid. What remained, a Rs1.05 crore claim for interest, was deemed insufficient to support a bankruptcy proceeding. "The IBC is not a forum for recovering interest alone, particularly where the underlying contract is silent on such provisions," the tribunal wrote, as the report, highlighting that the Insolvency and Bankruptcy Code is not designed to function as a debt recovery mechanism. Storyboard18 notes the case stemmed from a 2018 supply agreement under which SNJ, classified as a micro, small, and medium enterprise, provided materials to PepsiCo. The company alleged that it was owed INR1.96 crore, including INR91.63 lakh in principal and substantial interest at an annual rate of 24 percent due to payment delays. After a reconciliation of accounts, PepsiCo paid a reduced principal sum of INR77.37 lakh in February 2023. SNJ accepted the payment but continued to pursue the interest component, arguing that the total debt, with interest, exceeded the Rs1 crore threshold required to initiate insolvency proceedings under Section 9 of the bankruptcy code. That position was rejected earlier this year by the National Company Law Tribunal in Chandigarh, and again by the appellate panel last week, Storyboard18 states. The NCLAT found that SNJ's interest demand was not supported by a written agreement, and that invoices generated unilaterally by the supplier did not create enforceable obligations on PepsiCo's part. Storyboard18 adds that the tribunal also cast doubt on SNJ's motivations, noting that its failure to revise the interest figure after the principal amount was reduced gave weight to PepsiCo's assertion that the interest demand was inflated merely to satisfy the jurisdictional threshold for insolvency proceedings. Efforts by SNJ to invoke protections under the MSME Act and the Interest Act of 1978 were similarly rebuffed. The tribunal said such claims fall outside the purview of insolvency proceedings and must be pursued through appropriate civil remedies. RANA MILK: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rana Milk Foods Private Limited (RMFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.08 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 RMFPL under the 'issuer non-cooperating' category as RMFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RMFPL 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 Rana Milk Foods Private Limited was incorporated in 2005. RMFPL is engaged in the production of various milk products like skimmed milk powder (SMP), whole milk powder, dairy creamer, dairy whitener and other milk products like desi ghee, white butter, etc. at its unit located at Samrala, Punjab. The company is engaged in the selling of packed milk and various milk products under the brand name "Royal. The brand is sold in the markets of Punjab, Chandigarh, Haryana and Himachal Pradesh. The company also has set up a sales unit in Jodhpur which is mainly for the sale of Desi Ghee in Rajasthan and nearby area. REXON LABORATORIES: CARE Lowers Rating on INR7cr ST Loan to D ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Rexon Laboratories Limited (RLL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE C Short Term Bank 7.00 CARE D; ISSUER NOT COOPERATING; Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE A4 Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 2, 2024, placed the rating(s) of RLL under the 'issuer non-cooperating' category as RLL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RLL continues to be non-cooperative despite repeated requests for submission of information through emails dated March 18, 2025, March 28, 2025, April 7, 2025 and May 2, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of ongoing delays in debt servicing as recognized from publicly available information i.e. CIBIL filings. Analytical approach: Standalone Outlook: Not Applicable The entity was initially established as a public limited company under the name of 'Priya Drugs Limited' in 1995. Later on, in 2002, the company got renamed to 'Rexon Laboratories Limited' (RLL). The company is currently being managed by Mr. Rakesh Sharma, Mr. Vijay Bharat and Mr. Pankaj Sharma. RLL is mainly engaged in the trading of diversified products such as packaging material (PVC film & Aluminium foil), allopathic medicines and construction material (PVC panel) and is also involved in manufacturing of pharmaceutical formulations which are available in the form of injections at its manufacturing facility located in Jalandhar, Punjab. SAMET PLAST: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Samet Plast (SP) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Short Term- 2.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SP, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2010, Samet Plast (SP) is a partnership firm engaged in the manufacturing of master batches. The products are sold under the brand name "Samtone" and are ISO: 9001-2000 certified. The firm has a manufacturing facility with an installed capacity of 2500 Metric Tonnes per Annum (MTPA) located at Waghodia near Vadodara in Gujarat. Earlier, the firm was promoted by three partners namely Mr. Shwetang Patel, Mr. Ram Chandra Patel and Mrs. Bhavita Shah; however Mr. Ram Chandra Patel separated from the organisation in FY 2016. SUCHIRINDIA INFRATECH: ICRA Keeps B+ Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Suchirindia Infratech (P) Limited (SIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Issuer rating - [ICRA]B+ (Stable); ISSUER NOT COOPERATING; Rating Continues to remain under issuer not cooperating category As part of its process and in accordance with its rating agreement with Jai Maharashtra, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2005, Suchirindia Infratech Private Limited (SIPL), is engaged in development of townships, land, and residential real estate projects in Hyderabad. SIPL is the holding and flagship company of Suchirindia group and the group is promoted by Mr. Y. Kiran Kumar, who has been associated with real estate industry for over two decades. The group is involved in diversified business such as Construction, Infrastructure, and Hospitality. The group has developed 5.1 million sq. meters of townships spread across different geographical locations majorly in and around Hyderabad. SVSVS PROJECTS: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term and Short-Term ratings of SVSVS Projects Private Limited (SPPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 48.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term- 2.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with SPPL, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. SVSVS Projects Private Limited (SPPL) is a Hyderabad-based construction company engaged in executing construction of roads, bridges, dams, buildings and irrigation works. The company is currently executing projects on construction and maintenance of roads for Road Construction Department of Bihar and Andhra Pradesh. TIKONA INFINET: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Tikona Infinet Private Limited 3A 3rd Floor, Corpora, LBS Marg, Bhandup (W), Mumbai - 400078 Insolvency Commencement Date: May 1, 2025 Estimated date of closure of insolvency resolution process: October 28, 2025 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Dhiren SShah 702, Matushree Apartment, Near Natraj Studio, Sir M.V Road, Andheri - East, Mumbai 400069 Email: dss@dsshah.in Email: cirpukona@gmail.com Last date for submission of claims: May 15, 2025 TIKONA INFINET: Settles CCD Dues with L&T Finance ------------------------------------------------- The Economic Times of India reports that Mumbai-based Tikona Infinet Pvt Ltd moves to settle its dues related to Series 'E' Compulsorily Convertible Debentures (CCDs) with L&T Finance Ltd, bringing closure to the insolvency resolution process against the broadband services provider. ET relates that the process for formal withdrawal of the insolvency petition from the NCLT is currently underway, said the company in its release. "It was a dispute amongst the shareholders about Coupon Rights," said Prakash Bajpai, founder and chief executive of Tikona Infinet, in a statement. Tikona Infinet Pvt Ltd offers secured wireless broadband services to home and enterprise customers in India. WEENER EMPIRE: ICRA Lowers Rating on INR15cr LT/ST Loan to B+/A4 ---------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Weener Empire Plastics Limited (WEPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 15.00 [ICRA]B+(Stable) ISSUER NOT Short Term COOPERATING/[ICRA]A4 ISSUER NOT Unallocated COOPERATING; Rating downgraded from [ICRA]BB+(Stable); ISSUER NOT COOPERATING/[ICRA]A4+; ISSUER NOT COOPERATING; and continues to remain under 'Issuer Not Cooperating' category Rationale The rating downgrade is attributable to the lack of adequate information regarding WEPL performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating, as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade". As part of its process and in accordance with its rating agreement with WEPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Weener Empire Plastics Limited (WEPL) was incorporated in 2008, by merging two entities operated by the promoters - Zeena Plastics Limited (ZPL, incorporated in 1992) and Empire Plastics Limited (EPL, incorporated in 1995). In December 2013, Weener Plastic Packaging Group (WPPG) of Netherlands purchased the shares of the Indian promoters in WEPL, thereby increasing its stake from 30.9% to 99.3%, which further increased to 99.99% in FY2015. The company was converted to a private limited entity in 2015, under the name – Weener Empire Plastics Private Limited. WEPPL is involved in the manufacturing of plastic bottles and caps, mainly for cosmetic and pharmaceutical products. The company currently has two factories at Silvassa (Dadra and Nagar Haveli), one at Dehradun (Uttarakhand), and one each at Tarapur (Maharashtra), and Umbergaon (Gujarat). WEST COAST FROZEN: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of West Coast Frozen Foods Private Limited (WCFFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 106.25 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 May 2, 2024, placed the rating(s) of WCFFPL under the 'issuer non-cooperating' category as WCFFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. WCFFPL 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 West Coast Frozen Foods processes and exports shrimps, predominantly the Black tiger and Vannamei variety. The company's hatchery, located in Diu, has a production capacity of approximately 120 million larvae. The company's prawn farms are spread across 400 acres of land in the coastal region of Gujarat. The company is part of West Coast Group (WCG) promoted by Mr. Kamlesh Gupta, an integrated aquaculture enterprise operating in the West Coast of India and in the Gulf of Cambay in Gujarat State. The Group is engaged in the business of prawn hatching, farming, processing, freezing, trading and exporting of prawns, distribution of frozen food products, trading/distribution of aquatic feed and feed supplement products and running quick service restaurants to serve seafood products. WEST COAST: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of West Coast Fine Foods India Private Limited (WCFFIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 24.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 15.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 1.11 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 May 2, 2024, placed the rating(s) of WCFFIPL under the 'issuer non-cooperating' category as WCFFIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. WCFFIPL 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 West Coast Fine Foods is into the supply of farm bred shrimps and prawns in the domestic market. The trading, distribution and Quick Service Restaurants (under the brand name Fisheteria) are operated through this entity. In the trading/distribution business, the company is the sole dealer of aquatic feed and feed supplement products of CP Aqua (a part of Charoen Pokphand Group, Thailand - one of the leading conglomerates of the seafood and aquaculture industry in the world), for the states of Gujarat and Maharashtra. The company is part of West Coast Group (WCG) promoted by Mr. Kamlesh Gupta, an integrated aquaculture enterprise operating in the West Coast of India and in the Gulf of Cambay in Gujarat State. ========= J A P A N ========= [] JAPAN: Corporate Bankruptcies Hit 11-Year High for April ----------------------------------------------------------- The Japan Times reports that the number of corporate bankruptcies with debts of at least JPY10 million in Japan totaled 828 in April, the highest level in 11 years for the reporting month, amid inflation and rising labor costs, Tokyo Shoko Research said on May 12. The monthly figure rose 5.7% from a year before. More failures were seen mainly among smaller companies with weak business bases as their revenue was squeezed by rising prices and higher labor costs amid labor shortages, the report relates. Total liabilities left by failed companies fell 9.3% to JPY102.8 billion, reflecting a smaller number of failures with debts of JPY100 million or more, the Japan Times discloses. Meanwhile, the number of smaller bankruptcies, with debts of less than JPY100 million, rose 11.3%, accounting for nearly 80% of all failures. According to the report, the number of failures due to labor shortages grew to 36 from 25 a year before, while the number of bankruptcies because of inflation remained high, at 56, against 60. By industry, the services sector had 292 bankruptcy cases, a record for April, up 10.6%. Bankruptcies numbered 152 in the construction sector, up 4.1%, and 106 in the retail sector, up 32.5%, the Japan Times relays. The high tariff policy of U.S. President Donald Trump's administration has so far had a limited impact on bankruptcies in Japan, a Tokyo Shoko Research official said. With many smaller companies still shouldering excessive debts from the COVID-19 pandemic, however, the U.S. tariff policy could put a dent on Japanese companies' order receipts and result in more failures mainly in the manufacturing sector, the official, as cited by the Japan Times, said. ===================== N E W Z E A L A N D ===================== BURGESS AND SONS: Court to Hear Wind-Up Petition on May 19 ---------------------------------------------------------- A petition to wind up the operations of Burgess And Sons Construction 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 April 2, 2025. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue Legal Services 21 Home Straight (PO Box 432) Hamilton ELAA LIMITED: Khov Jones Appointed as Receivers ----------------------------------------------- Steven Khov and Kieran Jones of Khov Jones Limited on May 9, 2025, were appointed as receivers and managers of Elaa Limited, Jeff Varghese Pulimoottil, The Trailers Limited and Jeff&Jeff Limited. The receivers and managers may be reached at: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 GAIA PJ3: Creditors' Proofs of Debt Due on June 9 ------------------------------------------------- Creditors of Gaia Pj3 Limited, Bni Pj1 Limited, Cantina Investment Limited and Matuka Properties Limited are required to file their proofs of debt by June 9, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 2, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone PO Box 352 Auckland 1140 K & C MILLS: Court to Hear Wind-Up Petition on May 19 ----------------------------------------------------- A petition to wind up the operations of K & C Mills 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 April 7, 2025. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue Legal Services 21 Home Straight (PO Box 432) Hamilton KHALSA TRADING: Court to Hear Wind-Up Petition on May 19 -------------------------------------------------------- A petition to wind up the operations of Khalsa Trading 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 April 7, 2025. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue Legal Services 21 Home Straight (PO Box 432) Hamilton TITAN ACQUISITIONCO: Moody's Withdraws 'B3' Corp. Family Rating --------------------------------------------------------------- Moody's Ratings has withdrawn the B3 corporate family rating of Titan AcquisitionCo New Zealand Limited's (Trade Me). Prior to the withdrawal, the rating outlook was positive. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). COMPANY PROFILE Trade Me is the leading online marketplace and classified business in New Zealand (NZ) with local scale across a breadth of service offerings including auctions, fixed-price sales for new and used goods (Marketplace) and classified advertisements for automotive (Motors), real estate (Property) and employment (Jobs). Trade Me also has web businesses specializing in display advertising, payments, and accommodation. The company was acquired by Apax Partners in 2019. ===================== P H I L I P P I N E S ===================== CARITAS FINANCIAL: IC Placed Pre-Need Insurer Under Liquidation --------------------------------------------------------------- The Insurance Commission (IC) has recently ordered the liquidation of Caritas Financial Plans, Inc. (CFPI) and approved the company's liquidation plan. This was because CFPI incurred trust fund and capital deficiencies as of year-end 2024, based on unaudited financial statements. The IC appointed Atty. Jose A. Barcelon as the liquidator of CFPI. "The Commission is closely and continuously monitoring the financial condition of the companies under the pre-need sector. It is our duty to ensure that only those companies that meet statutory and regulatory solvency requirements are allowed to operate in order to safeguard the interests of the consumers of pre-need products," said Insurance Commissioner Reynaldo A. Regalado. "Meanwhile, for those companies that cannot meet such requirements, the Commission will also make sure that the liquidation process is fast-tracked so that the claimants are able to receive payments of their liquidation values as soon as possible," he added. In August 2023, the IC placed CFPI under conservatorship due to its inability to comply with the requirements of the Pre-Need Code of the Philippines (Republic Act No. 9829) and the Commission's order to address its capital impairment. The IC later placed CFPI under receivership in April 2024 as the company continued to suffer from liquidity problems resulting in delay and difficulty in paying its obligations. CFPI's parent company, Caritas Health Shield, Inc. (CHSI), was not in a position to infuse additional capital to CFPI, as CHSI itself suffered from solvency issues. Section 50 of the Pre-Need Code of the Philippines empowers the IC to order the liquidation of a pre-need company and approve and implement a liquidation plan upon the determination and confirmation that such company is insolvent, i.e., it is generally unable to pay its liabilities as they fall due in the ordinary course of business or it has liabilities that are greater than its assets. According to the approved liquidation plan, claimant-planholders and creditors of CFPI shall have a 120-day period within which to file claims between the 3rd and 4th quarters of 2025. The initial distribution of payments is tentatively scheduled some time during the 1st quarter of 2026. The public is encouraged to regularly visit the IC's website at www.insurance.gov.ph for updates on their claims in the liquidation proceedings. All claimants will be notified of the results of the evaluation of their respective claims. ================= S I N G A P O R E ================= ALLBEST CONTRACT: Court to Hear Wind-Up Petition on May 23 ---------------------------------------------------------- A petition to wind up the operations of Allbest Contract Services Pte. Ltd. will be heard before the High Court of Singapore on May 23, 2025, at 10:00 a.m. DBS Bank Ltd. filed the petition against the company on April 28, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 IBAY SYSTEMS: Court to Hear Wind-Up Petition on May 16 ------------------------------------------------------ A petition to wind up the operations of Ibay Systems Pte. Ltd. will be heard before the High Court of Singapore on May 16, 2025, at 10:00 a.m. DBS Bank Ltd. filed the petition against the company on April 28, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 NAT AIRE: Court to Hear Wind-Up Petition on May 23 -------------------------------------------------- A petition to wind up the operations of Nat Aire Engineering 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 OPEN SESAME: Court to Hear Wind-Up Petition on May 16 ----------------------------------------------------- A petition to wind up the operations of Open Sesame MarketiNG 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 29, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 VASI SHIPPING: Commences Wind-Up Proceedings -------------------------------------------- Members of Vasi Shipping Pte. Ltd. on April 28, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Mr. Abuthahir Abdul Gafoor Ms. Yessica Budiman AAG Corporate Advisory 11 Collyer Quay #07-02 The Arcade Singapore 049317 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***