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250516.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, May 16, 2025, Vol. 28, No. 98 Headlines A U S T R A L I A AUSJET HOLDINGS: Second Creditors' Meeting Set for May 21 BAREBODS PTY: First Creditors' Meeting Set for May 21 GENETIC TECHNOLOGIES: Exits From External Administration HIMARI ENERGY: First Creditors' Meeting Set for May 22 INNERWEST PRESCHOOLS: Second Creditors' Meeting Set for May 21 JET SOUTHERN: First Creditors' Meeting Set for May 23 ROBERTS CO: Bond Providers are Latest Casualty of Company's Failure B A N G L A D E S H BANGLADESH: To Receive US$1.3BB From IMF as Reform Deal Reached C H I N A CHINA VANKE: Gets Fourth Loan From Largest Shareholder H O N G K O N G [] Simpson Thacher Adds Restructuring Lawyer in Hong Kong I N D I A B K KHOSE: CRISIL Lowers Long Term and Short Term Ratings to D C. RAMAKRISHNA: CRISIL Keeps B+ Debt Ratings in Not Cooperating CARGO SOLAR: CRISIL Keeps B+ Debt Ratings in Not Cooperating CARREG COMMODITIES: CRISIL Keeps B+ Ratings in Not Cooperating CHANDRA ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating CORROSION ENGINEERS: CRISIL Keeps D Ratings in Not Cooperating DALAL REALITIES: CRISIL Keeps C Debt Rating in Not Cooperating DAULAT FLOUR: CRISIL Keeps B Debt Ratings in Not Cooperating DAYAL COTSPIN CRISIL Keeps D Debt Ratings in Not Cooperating DOLBIS GRANITE: CRISIL Keeps D Debt Ratings in Not Cooperating M&M FASTENERS: CRISIL Keeps B Debt Ratings in Not Cooperating MANKU AGRO: CRISIL Keeps B Debt Rating in Not Cooperating METAL PRODUCTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating METROSTAR PRINT: CRISIL Keeps D Debt Ratings in Not Cooperating MITHRA SEEDS: CRISIL Keeps B Debt Ratings in Not Cooperating MOHAN MOTOR: CRISIL Keeps D Debt Rating in Not Cooperating MOTHERLAND GARMENTS: CRISIL Keeps B+ Rating in Not Cooperating RAINBOW ENTERPRISES: CRISIL Lowers Rating on INR5cr Loan to D S.M.P. EXIM: CRISIL Keeps B Debt Ratings in Not Cooperating SAI LAXMI: CRISIL Keeps B+ Debt Ratings in Not Cooperating SATSANGI SAKET: CRISIL Keeps C Debt Ratings in Not Cooperating SINGH CYCLE: CRISIL Keeps D Debt Ratings in Not Cooperating SLS EXPORTS: CRISIL Lowers Rating on INR33cr Long Term Debt to B+ SOLANKI CONSTRUCTION: CRISIL Withdraws D Rating on INR3.5cr Loan SRINIVASA MEDICAL: CRISIL Keeps B Debt Ratings in Not Cooperating STAR ORGANIC: CRISIL Keeps D Debt Ratings in Not Cooperating STARKE ROCKSAND: CRISIL Keeps B Debt Ratings in Not Cooperating J A P A N RAKUTEN GROUP: Posts Worse-Than-Expected Quarterly Loss N E W Z E A L A N D COVISORY MANAGEMENT: Creditors' Proofs of Debt Due on June 12 DKW PERSONNEL: Creditors' Proofs of Debt Due on June 11 GREENMOUNT NEW ZEALAND: Court to Hear Wind-Up Petition on May 23 I SUPPLY: Grant Bruce Reynolds Appointed as Liquidator VSE COMPANY: Court to Hear Wind-Up Petition on May 23 S I N G A P O R E ARISAIG GLOBAL: Creditors' Proofs of Debt Due on June 10 ECONILI BATTERY: Court to Hear Wind-Up Petition Today IN-XS SPECIALIST: Court Enters Wind-Up Order UNITED VENTURE: Commences Wind-Up Proceedings VIRGO HOLDINGS: Creditors' Proofs of Debt Due on June 9 WELLERMAN BULK: Court Enters Wind-Up Order S O U T H K O R E A HOMEPLUS CO: To Terminate Rental Agreements at 17 Stores [] SOUTH KOREA: To Help Small, Medium-Sized Firms Hit by Tariffs V I E T N A M VIETJET AVIATION: London High Court Denies Payment Stay - - - - - ================= A U S T R A L I A ================= AUSJET HOLDINGS: Second Creditors' Meeting Set for May 21 --------------------------------------------------------- A second meeting of creditors in the proceedings of Ausjet Holdings Pty Ltd has been set for May 21, 2025 at 11:00 a.m. at Level 7, 201 Charlotte Street at Brisbane and via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 20, 2025 at 5:00 p.m. Stephen Earel of Cor Cordis was appointed as administrator of the company on April 3, 2025. BAREBODS PTY: First Creditors' Meeting Set for May 21 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Barebods Pty Ltd and BS Pomp Pty Ltd will be held on May 21, 2025 at 10:00 a.m. via Microsoft Teams. Sule Arnautovic of Salea Advisory was appointed as administrator of the company on May 9, 2025. GENETIC TECHNOLOGIES: Exits From External Administration -------------------------------------------------------- TipRanks reports that Genetic Technologies Limited has successfully completed its Deed of Company Arrangement (DOCA), marking its exit from external administration. The company's existing directors have resigned, and new directors have taken control. Additionally, a Creditors' Trust has been established, with creditors now becoming beneficiaries of this trust rather than creditors of the company, TipRanks relates. There is no expected return to unsecured creditors, but any potential returns will be communicated by the trustees, adds TipRanks. Victoria, Australia-based Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) -- https://genetype.com/ -- is a molecular diagnostics company. A global leader in genomics-based tests in health, wellness, and serious disease through its geneType and EasyDNA brands. GTG offers cancer predictive testing and assessment tools to help physicians to improve health outcomes for people around the world. The company has a proprietary risk stratification platform that has been developed over the past decade and integrates clinical and genetic risk to deliver actionable outcomes to physicians and individuals. Andrew Michael Smith and Robert Allan Jacobs of Auxuilium Partners were appointed as administrators of the company on Nov. 20, 2024. HIMARI ENERGY: First Creditors' Meeting Set for May 22 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Himari Energy Pty Ltd will be held on May 22, 2025 at 11:00 a.m. via virtual meeting technology from the offices of KPT Restructuring at Suite 10.01, Level 10, 50 Pitt Street in Sydney. Jason Tang and Ian Niccol of KPT Restructuring were appointed as administrators of the company on May 12, 2025. INNERWEST PRESCHOOLS: Second Creditors' Meeting Set for May 21 -------------------------------------------------------------- A second meeting of creditors in the proceedings of Innerwest Preschools Pty Ltd has been set for May 21, 2025 at 11:30 a.m. via teleconference only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 20, 2025 at 5:00 p.m. Juan Ignacio Otaegui-Campos and Richard Albarran of Hall Chadwick were appointed as administrators of the company on April 4, 2025. JET SOUTHERN: First Creditors' Meeting Set for May 23 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Jet Southern Transport Express Services Company Pty Ltd will be held on May 23, 2025 at 10:00 a.m. at the offices of Vincents at Level 34, 32 Turbot Street in Brisbane and via virtual meeting technology. Nick Combis of Vincents was appointed as administrator of the company on May 13, 2025. ROBERTS CO: Bond Providers are Latest Casualty of Company's Failure ------------------------------------------------------------------- The Australian Financial Review reports that bond providers are the latest casualty of the collapse of Andrew Roberts' building empire, with the billionaire putting another company into administration as developer clients ESR and Investa call in guarantees worth tens of millions of dollars on their stalled projects. The Financial Review relates that Roberts Co Australia, which the businessman put into administration last week, faces claims by a unique group of creditors - the providers of security bonds that the building companies took out before starting individual projects, typically worth 5 per cent of the total construction cost. Roberts Co is an Australian-based, a boutique tier-one construction company. Jason Ireland and Matthew Caddy of McGrathNicol were appointed as voluntary administrators of Roberts Co (VIC) Pty Limited, the Victorian subsidiary of Roberts Co Australia, on March 14, 2025. =================== B A N G L A D E S H =================== BANGLADESH: To Receive US$1.3BB From IMF as Reform Deal Reached --------------------------------------------------------------- Reuters reports that the International Monetary Fund is set to release $1.3 billion to Bangladesh in June following the fourth review of its $4.7 billion loan programme and a breakthrough in talks on exchange rate reforms, the finance ministry said. Reuters relates that the funds, covering both the fourth and fifth tranches, had been held up as the IMF pressed for greater exchange rate flexibility, particularly the adoption of a crawling peg mechanism that would allow the taka to adjust gradually over time. According to Reuters, the fourth review in Dhaka in April was followed by further discussions during the IMF and World Bank's Spring Meetings in Washington last month that focused on critical reforms in revenue management, fiscal policy, and the foreign exchange regime. "After carefully reviewing all the issues . . . both parties have agreed on the revenue management, currency exchange rate and other reform frameworks," the finance ministry said in a statement on May 14. The IMF confirmed it had reached a staff-deal with Bangladesh on the combined third and fourth reviews of the country's Extended Credit Facility (ECF), Extended Fund Facility (EFF), and Resilience and Sustainability Facility arrangements. Upon approval by the IMF Executive Board and completion of required prior actions, Bangladesh will receive SDR983.8 million (approximately $1.3 billion), it said in a statement. Bangladesh had also requested an augmentation of SDR 567.2 million (about $762 million) under the ECF and EFF to address rising external financing needs and support macroeconomic stability, the IMF said, Reuters relays. According to Reuters, the move comes amid persistent macroeconomic pressures, including high inflation, low growth, and an external financing gap. The government has committed to tightening fiscal and monetary policies, reforming the tax system, improving banking sector governance, and advancing climate-related investments to stabilize the economy and enhance long-term resilience, it said. The government has dissolved the National Board of Revenue (NBR), replacing it with two divisions under the finance ministry, to meet a key IMF condition. One division will handle tax policy with the other managing tax collection and administration, aiming to enhance efficiency, transparency, and accountability, the government said. In addition to the IMF funds, the government expects budget support of $2 billion from development partners, the finance ministry added, Reuters relays. Bangladesh turned to the IMF in 2023 for the $4.7-billion bailout as its foreign reserves were pressured by a global surge in commodity prices triggered by Russia's invasion of Ukraine, straining its ability to pay for key imports of fuel and gas. It received $2.3 billion across the first three tranches. An interim government led by Nobel Peace laureate Muhammad Yunus took office in August after the ouster of former prime minister Sheikh Hasina following deadly protests, says Reuters. About Bangladesh Bangladesh is a country in South Asia. It is the eighth-most populous country in the world and is among the most densely populated countries with a population of 170 million in an area of 148,460 square kilometres (57,320 sq mi). Dhaka, the capital and largest city, is the nation's political, financial, and cultural centre. Chittagong is the second-largest city and is the busiest port on the Bay of Bengal. As reported in the Troubled Company Reporter-Asia Pacific early December 2024, Moody's Ratings downgraded the Government of Bangladesh's long-term issuer and senior unsecured ratings to B2 from B1 and affirmed short-term issuer ratings at Not Prime. The outlook has been changed to negative from stable. ========= C H I N A ========= CHINA VANKE: Gets Fourth Loan From Largest Shareholder ------------------------------------------------------ Yicai Global reports that China Vanke announced its largest shareholder Shenzhen Metro will provide the troubled property developer with an additional CNY1.6 billion (USD221.8 million) loan, the fourth in just over three months, to help repay the builder's debt. The loan has a three-year term and carries a 2.34 percent interest rate, which is 76 basis points below China's benchmark one-year loan prime rate, the same as the three others, Shenzhen-based Vanke said in a statement on May 4, Yicai relates. In February, Shenzhen Metro granted Vanke two loans, the first of CNY2.8 billion and the second of CNY4.2 billion. The shareholder also provided a CNY3.3 billion loan on April 30. In total, Vanke received CNY11.9 billion (USD1.6 billion) in loans from Shenzhen Metro to help repay debts so far this year, according to Yicai. Yicai says the terms of the latest loan are the same as that in April. Vanke is allowed to repay the loan early or extend the repayment period with the lender's consent, and the loan interest only needs to be paid in full, along with the principal, at maturity. No collateral assets were needed for these last two loans. In comparison, the first two loans still required Vanke to pay interests on a quarterly basis and provide assets as collateral. According to Yicai, Shenzhen Metro's financial support is due to the heavy debt repayment pressure Vanke faces this year. Yicai, citing data from Wind Information, discloses that the developer has about CNY32.6 billion (USD4.5 billion) onshore debts due this year. This and next month, Vanke has three onshore and two offshore bonds maturing, with a total principal of over CNY6.6 billion. July will be a peak debt repayment month for the firm, with around CNY6 billion in domestic bonds maturing, Yicai notes. Yicai notes that Vanke has already repaid the principal and interest of a maturing bond with a principal amount of USD423 million on May 12. The next maturing bond is due on May 19 and has a principal of CNY1.5 billion. Yicai relates that the company also has a large amount of external guarantee obligation risks to deal with. As of April 30, its guarantee balance was CNY78.8 billion (USD10.9 billion), accounting for 39 percent of its audited net assets as of Dec. 31. The huge debt repayment amount, plus daily operating expenses, have caused Vanke's cash holdings to continue plunging, Yicai says. Its first-quarter earnings report showed that it paid CNY17.4 billion in cash to repay debts in the period, an increase of more than CNY1.7 billion from a year earlier. As of March 31, Vanke held around CNY75.5 billion in cash, much lower than the CNY88.2 billion at the end of last year, Yicai discloses. A large portion of Vanke's CNY75.5 billion cash has already been earmarked as construction funds for presold real estate projects under construction, so the company cannot divert them for other purposes, a real estate industry insider told Yicai. Excluding this portion of funds and without the recent shareholder loans, Vanke's actual available funds for debt repayment are very limited, they added. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. As reported in the Troubled Company Reporter-Asia Pacific in March 2025, S&P Global Ratings placed on CreditWatch with developing implications the following ratings: the 'B-' long-term issuer credit ratings on China Vanke and on China Vanke's subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK), and the 'B-' issue ratings on Vanke HK's senior unsecured notes. The TCR-AP in January 2025 reported that Fitch Ratings downgraded China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'B-', from 'B+'. Fitch has also downgraded the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), to 'CCC+', from 'B', and its senior unsecured rating and the rating on its outstanding senior notes to 'CCC+', from 'B', with a Recovery Rating of 'RR4'. The ratings are on Rating Watch Negative (RWN). The downgrade reflects a deterioration in China Vanke's sales and cash generation, which is eroding its liquidity buffer against large capital market debt maturities in 2025. ================= H O N G K O N G ================= [] Simpson Thacher Adds Restructuring Lawyer in Hong Kong --------------------------------------------------------- Simpson Thacher & Bartlett LLP on May 14, 2025, disclosed that Daniel Margulies has joined the Firm's Hong Kong office as a Partner, where he will focus on restructuring and special situations matters. Mr. Margulies has deep experience advising debtor, creditor, financial institution, private equity and hedge fund clients across Asia on cross-border restructuring and insolvency matters. His practice also includes representing sponsors on investments in special situations involving stressed or distressed companies. Daniel has been recognized as a "Next Generation Partner" for Hong Kong restructuring and insolvency matters by The Legal 500 Asia Pacific and IFLR1000 and for banking and finance matters by The Legal 500 Asia Pacific. "With more than 30 years in the region, Simpson Thacher's track record of success for corporate and private equity clients has earned the Firm a prominent reputation throughout Asia," said Adam Furber, Co-Head of the Firm's Asia offices. "Daniel is a commercially-minded attorney with extensive experience throughout the Asia market and his expertise will be a perfect addition to the Firm's incredibly strong bench in Asia," continued Ian Ho, Co-Head of the Firm's Asia offices. "Simpson Thacher is known for providing clients with innovative solutions that address their complex cross-border financing and liquidity needs in dynamic market environments," said Makiko Harunari, Head of the Firm's Asia Banking and Credit Practice. "Daniel's diversity of work, which spans restructuring, special situations and more, matches the Firm's multidisciplinary approach and will be of great benefit to our clients in Asia and across the globe." "Clients involved in complex domestic and cross-border restructuring and insolvency situations continue to turn to Simpson Thacher to develop cutting-edge, enduring solutions and opportunities. Daniel's expertise in this area, particularly in Asia, will be of great benefit to our global client base," said Adam Gallagher, Head of Simpson Thacher's Restructuring team in London. "Simpson Thacher has a leading presence in Asia. The opportunity to work alongside this wonderful team in Asia and across the Firm's global platform to advise on clients' most pressing financing needs is incredibly attractive and I'm excited to join the Firm," said Daniel. Named a Firm of the Year by The Legal 500 China, Asia Legal Business, IFLR, China Business Law Journal and Law.com International, among many others, Simpson Thacher's Asia platform includes offices in Beijing, Hong Kong and Tokyo. The Firm advises companies, investors and other capital providers on structuring and providing complex financing solutions for troubled and distressed companies. Simpson Thacher's multidisciplinary approach—drawing on the expertise of restructuring, credit, capital markets, M&A, private funds, litigation and tax—enables it to design and execute complex and bespoke return maximizing transactions around the world, including complex credit transactions and financial instruments at all levels of the corporate capital structure. Through its expansive market presence, Simpson Thacher has played a critical role the structural development and geographic expansion of the syndicated and private credit markets across all phases of the credit cycle. ========= I N D I A ========= B K KHOSE: CRISIL Lowers Long Term and Short Term Ratings to D -------------------------------------------------------------- Crisil Ratings has downgraded its ratings on the bank facilities of B K Khose (BKK) to 'Crisil D/Crisil D' from 'Crisil BB-/Stable/Crisil A4+'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (Downgraded from 'Crisil BB-/Stable') Short Term Rating - Crisil D (Downgraded from 'Crisil A4+') The ratings reflect delays in meeting term loan obligations due on April 10, 2025, due to stretched liquidity, and modest financial risk profile. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of BKK. Key Rating Drivers & Detailed Description Weaknesses: * Delay in debt servicing: B K Khose has delayed repaying term loan due on 10th April 25 which is not yet paid because of stretched liquidity. * Working capital-intensive operations: Gross current assets were at 221-565 days over the three fiscals through 2023 and stood at 565.2 days as on March 31, 2023, driven by stretched receivables and large inventory. Majority of the receivables are from the state departments wherein payments are delayed, leading to longer turnaround time. Strength: * Extensive experience of the proprietor: Experience of over three decades in the civil construction industry has given the proprietor an understanding of the market dynamics and enabled him to establish relationships with suppliers and customers. The proprietor has diversified into several segments such as tourism, education, construction of schools, sports centres and beautification projects. Liquidity: Poor The company has delayed meeting its debt obligation due to weak liquidity. This is due to the stretched working capital cycle following high receivables. Large working capital requirement and leveraged capital structure will continue to constrain liquidity. Rating sensitivity factors Upward factors * Track record of timely debt servicing for at least more than 90 days * Improvement in the financial risk profile and liquidity BKK was established in 1986 in Chinchwad, Pune. The firm undertakes civil construction works such as construction of buildings, roads and bridges. It is owned and managed by Mr Bhaskar Khandu Khose. C. RAMAKRISHNA: CRISIL Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of C. Ramakrishna Padayatchi (CRP) continues to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 5.15 CRISIL B+/Stable (ISSUER NOT Credit COOPERATING) Crisil Ratings has been consistently following up with CRP for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CRP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CRP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CRP continues to be 'Crisil B+/Stable Issuer not cooperating'. CRP was set up as a proprietorship firm by Mr C Ramakrishna Padayatchi in 1978. The firm processes raw cashew nuts and sells cashew kernels. The processing facility is near Cuddalore (Tamil Nadu). CARGO SOLAR: CRISIL Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Cargo Solar Power (Gujarat) Private Limited (CSP) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 166 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Proposed Long Term 1 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Rupee Term Loan 120 CRISIL B+/Stable (Issuer Not Cooperating) Rupee Term Loan 96 CRISIL B+/Stable (Issuer Not Cooperating) Rupee Term Loan 27 CRISIL B+/Stable (Issuer Not Cooperating) Rupee Term Loan 55 CRISIL B+/Stable (Issuer Not Cooperating) Rupee Term Loan 50 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CSP for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CSP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CSP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CSP continues to be 'Crisil B+/Stable Issuer not cooperating'. Cargo Solar was incorporated in May 2010 as a special purpose vehicle to set up a 25-megawatt CSP plant in Kutch, Gujarat. The company is a part of the Ahmedabad, Gujarat-based Cargo group, promoted by Mr Jayant Nanda and his family members, and is a subsidiary of Cargo Power & Infrastructure Pvt Ltd (CPIPL), which is the holding company for the group's ventures in power and infrastructure. CPIPL is a subsidiary of Cargo Motors Pvt Ltd (CMPL), the group's flagship company. CMPL, set up in 1959, is among the largest dealers of commercial vehicles of Tata Motors Ltd ('CRISIL AA-/Stable/CRISIL A1+') in Gujarat, with estimated revenue of about INR1600 crore in fiscal 2017. Cargo Solar's CSP project is the group's first venture in the power sector. The estimated COD for the project has been revised to December 2018. The cost of the project is estimated at INR793 crore, and is being funded in a debt-to-promoters'-contribution ratio of 64:36. As of December 2017, the company had spent about INR207 crore on the project, funded through promoters' contribution of about INR192 crore and rest through credit from suppliers. CARREG COMMODITIES: CRISIL Keeps B+ Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Carreg Commodities Private Limited (Carreg) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 5 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with Carreg for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Carreg, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Carreg is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Carreg continues to be 'Crisil B+/Stable Issuer not cooperating'. Carreg was incorporated in November 2010, promoted by Ms Jacintha Panickeer. The company, based in Mangaluru, Karnataka, trades in diverse commodities such as coal, rice, and spices. CHANDRA ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Chandra Engineers (CE) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit/ 4.45 CRISIL D (Issuer Not Overdraft facility Cooperating) Rupee Term Loan 7.55 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CE for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CE continues to be 'Crisil D Issuer not cooperating'. Set up as a proprietorship firm in 1967, CE is promoted by Mr Satish Chandra. The firm manufactures various electrical and metal sheet stamping components, which majorly find application in the automotive, engineering and electronics industries. CE has manufacturing facilities at Manesar, Haryana and Alwar, Rajasthan. CORROSION ENGINEERS: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Corrosion Engineers Private Limited (CEPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (Issuer Not Cooperating) Letter of Credit 8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CEPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1974, Delhi-based CEPL is owned and managed by Mr Sanjay Kumar and Mr Narender Kumar. It trades poly-vinyl-chloride (PVC) resin, plasticiser, ethylene vinyl acetate, PVC heat stabilisers, waxes, rubber additives and other chemicals that are used in manufacturing plastics and auto components. DALAL REALITIES: CRISIL Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Dalal Realities (DR) continues to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 15 CRISIL C (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DR for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DR continues to be 'Crisil C Issuer not cooperating'. DR was set up as partnership firm in January 2016. It is involved in real estate development such as construction and sale of residential complexes and flats across Ahmedabad. The firm is developing a project in Ahmedabad. Mr. Naresh Patel, Mr. Arvind Patel, Mr. Bharatkumar Patel, Mr. Chhanalal Patel, Mr. Vijaykumar Patel are the partners in the firm and has extensive experience of over a 1 decade in real estate industry. DAULAT FLOUR: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the ratings on bank facilities of Daulat Flour Mill (DFM) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.80 Crisil B/Stable (Issuer Not Cooperating) Long Term Loan 2.86 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 0.34 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with DFM for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DFM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DFM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DFM continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2014 as a partnership concern by Mr Daulat Singh and family, DFM processes wheat products such as atta, maida, and suji at its facility in Bulandshahar. DAYAL COTSPIN CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Dayal Cotspin Limited (DCL) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 26 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 2 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with DCL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DCL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DCL continues to be 'Crisil D Issuer not cooperating'. DCL was set up by Mr Pavan Kumar Bachhuka and his family in 2006. The company, based in Akola (Maharashtra), is engaged in cotton ginning. DOLBIS GRANITE: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of DolbiS Granite Exports Private Limited (DGE) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 Crisil D (Issuer Not Cooperating) Long Term Loan 5 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DGE for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DGE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DGE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DGE continues to be 'Crisil D Issuer not cooperating'. DGE, is a Chennai based company, is involved in processing and export of granite. The company has manufacturing facility based in Tamil Nadu. M&M FASTENERS: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of M&M Fasteners India (M&M) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 5 CRISIL B/Stable (ISSUER NOT COOPERATING) Open Cash Credit 3.25 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Long Term 1.75 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with M&M for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of M&M, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on M&M is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of M&M continues to be 'Crisil B/Stable Issuer not cooperating'. M&M was incorporated in 2003 based out of Karnataka - Bengaluru. The firm is engaged in the manufacture of turned parts, Fasteners and Washer assemblies and has a capacity of 8 lacs pieces per month. Operations of the firm are managed by Mr Narasimha, Mr. Sooga Reddy and Family. MANKU AGRO: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Manku Agro Tech Private Limited (MATPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 7.2 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with MATPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MATPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MATPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MATPL continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 1999 in Patiala, Punjab by Mr Sukhwinder Singh and his family, MATPL manufactures combine harvesters under the Vishal 435 and Vishal 248 brands. The company is approved by the Central Farm Machinery Training & Testing Institute and the Ministry of Agriculture. METAL PRODUCTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Metal Products (ORA) (MP) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 4 CRISIL B+/Stable (Issuer Not Cooperating) Bill Discounting 1.35 CRISIL B+/Stable (Issuer Not Cooperating) Cash Credit 1.7 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MP for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MP continues to be 'Crisil B+/Stable Issuer not cooperating'. MP was set up in 1989 in Agra. The firm initially manufactured imitation jewelry wires, and began manufacturing electrical winding wires in 2002. Mr Vijay Kumar Agarwal is the key promoter. METROSTAR PRINT: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Metrostar Print Solutions Private Limited (MPSPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.26 CRISIL D (Issuer Not Cooperating) Term Loan 8.74 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MPSPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MPSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MPSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MPSPL continues to be 'Crisil D Issuer not cooperating'. MPSPL, incorporated in 2011, is setting up a unit for manufacturing offset printing plates that are used in the printing industry. The proposed facility is located at Taloja (Maharashtra). The company is promoted by Mr. Mukund Bhuta and his wife, Mrs. Hetal Bhuta. MITHRA SEEDS: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings for the bank facilities of Mithra Seeds (MS) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 4.55 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Secured Overdraft 4.45 CRISIL B/Stable (ISSUER NOT Facility COOPERATING) Crisil Ratings has been consistently following up with MS for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MS continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 2012 as a sole proprietorship entity, MS is involved in the trading of sowing seeds such as groundnuts, Bengal gram, black gram, Green gram, paddy, Jute and soybean. Based in Guntur, Andhra Pradesh, the firm is promoted and managed by Narasimha Rao. MOHAN MOTOR: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Mohan Motor Udyog Private Limited (MMUPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 65 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MMUPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MMUPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MMUPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MMUPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1986 and promoted by Mr Sandip Kumar Bajaj and Mr Gaurav Bajaj, MMUPL was an authorised dealer for Maruti Suzuki India Ltd till March 2014, when it acquired dealership of Hyundai Motor India Ltd vehicles. It has two exclusive showrooms with three extension counters and one workshop in Kolkata. MOTHERLAND GARMENTS: CRISIL Keeps B+ Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Motherland Garments Private Limited (MGPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL B+/Stable (Issuer Not Cooperating) Long Term Loan 1.15 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MGPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MGPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MGPL continues to be 'Crisil B+/Stable Issuer not cooperating'. MGPL was incorporated in 2005, promoted by Mr A J Pandian. The company undertakes chemical washing and colouring of readymade garments on a job-work basis at its facilities in Chennai and Bengaluru. RAINBOW ENTERPRISES: CRISIL Lowers Rating on INR5cr Loan to D ------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Rainbow Enterprises (RE), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Cash Credit 3 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with RE for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component'. Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Limited RE, which restricts Crisil Ratings ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on RE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on long term bank facilities of RE have been downgraded to 'Crisil D Issuer Not Cooperating' from 'Crisil B/Stable Issuer Not Cooperating' owing to delay in debt servicing as confirmed from publicly available information. RE, set up in 2007, trades in tiles and sanitary ware. The Chennai-based firm is promoted by Mrs U. Thiruselvi. S.M.P. EXIM: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of S.M.P. Exim Private Limited (SMPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 1.5 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SMPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SMPL continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2005 by Gupta Family, SMPL trades in sugar and is a part of the SM group that has interests in sugar trading, rolling mills, cylinder manufacturing, electronics distribution, and medical supplies. The company mainly caters to institutional requirement and operates from its office in Fatehpuri, Delhi. SAI LAXMI: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Sai Laxmi Narasimha Cotton and Ginning Mill (SSLN) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 2.5 CRISIL B+/Stable (Issuer Not Cooperating) Open Cash Credit 5.0 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSLN for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSLN, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSLN is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSLN continues to be 'Crisil B+/Stable Issuer not cooperating'. SSLN was set up in 2016 as a partnership firm by Mr Paladugula Rathan, Ms Paladugula Swarupa and others. This Telangana-based firm undertakes cotton ginning, cleaning and baling. SATSANGI SAKET: CRISIL Keeps C Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shree Satsangi Saket Dham Ram Ashram (SSSDRA) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 2.66 CRISIL A4 (Issuer Not Cooperating) Proposed Long Term 0.82 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Rupee Term Loan 6.67 CRISIL C (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSSDRA for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSSDRA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSSDRA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SSSDRA continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. SSSDRA was set up as a trust in 2001 by Mr. Bharatbhai Rao and his family. It operates KJ College of Pharmacy, KJ Institute of Management, and KJ Institute of Engineering and Technology, offering bachelors and masters courses in pharmacy, management, and engineering. SINGH CYCLE: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Singh Cycle & Motor Co. (SCMC) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.25 Crisil D (Issuer Not Cooperating) Cash Credit 1.50 Crisil D (Issuer Not Cooperating) Inventory Funding 4.25 Crisil D (Issuer Not Facility Cooperating) Term Loan 3.50 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SCMC for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SCMC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCMC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCMC continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1955, Singh Cycle and Motor Co (SCMC) is promoted by Mr. Palvinder singh Bedi based in Pune. The firm is having automobile dealership of Chevrolet range of vehicles and Hero Motorcorp Ltd. (HML) for two wheelers.The firm has two showroom of HML, and two of Chevrolet and specialized work shop across Pune. SLS EXPORTS: CRISIL Lowers Rating on INR33cr Long Term Debt to B+ ----------------------------------------------------------------- Due to inadequate information, Crisil Ratings, in line with guidelines of Securities Exchange Board of India, had migrated its rating on the long-term bank facilities of SLS Exports Private Limited (SLS) to 'Crisil BB/Stable issuer not cooperating'. However, the management has subsequently started sharing the information, necessary for carrying out comprehensive review of the rating. Consequently, Crisil Ratings is migrating the rating to 'Crisil B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating 33 Crisil B+/Stable (Migrated from 'Crisil BB/Stable ISSUER NOT COOPERATING') The ratings continue to reflect the extensive experience of the promoters in the seafood export business. These strengths are partially offset by the stretch in the working capital cycle, susceptibility to volatility in raw material prices and moderately leveraged financial risk profile. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of SLS. Key rating drivers & detailed description Weaknesses: * Stretch in working capital cycle: Working capital requirements are stretched with inventory holding period of 86 days and debtors receivable period of 46 days as of March 31, 2024 as against 18 days and 41 days respectively as of March 31, 2023 and is expected to stretch further in fiscal 2025 with increase in inventory holding and debtor receivables. * Susceptibility to volatility in raw material prices: The seafood export market remains susceptible to stringent regulations and fluctuation in raw material prices, based on availability and demand. Any sharp movement in raw material prices could have an adverse impact on profitability of players like SLS. * Moderately leveraged financial risk profile: Financial risk profile marked by a small networth of INR10.43 crore and high gearing of 2.9 times as on March 31, 2024. The gearing ratio is estimated to increase to 3.8 times as on March 31, 2025, led by higher reliance on working capital debt. Debt protection metrics remained modest with interest coverage and net cash accrual to total debt ratios estimated at 1 time and 0.01 time, respectively, for fiscal 2025. Strength: * Extensive experience of the promoter: The two-and-half-decade-long experience of the promoter, Mr B Harikrishnan, his strong understanding of market dynamics, and healthy relationships with customers and suppliers, should continue to support the business profile of SLS. Liquidity: Poor Bank limit utilisation was high, averaging around 91% for the 12 months ended March 31, 2025. Expected cash accrual of around INR1.3 crore could be tightly matched against the term debt obligation of INR1.2 crore over the medium term. Current ratio was moderate at 1.11 times as on March 31, 2024. Outlook: Stable Crisil Ratings believes SLS will continue to benefit from the extensive experience of its promoter in the seafood export business. Rating sensitivity factors Upward factors: * Growth in operating revenue and profit margin, leading to higher cash accrual of over INR1.5 crore * Improvement in financial risk profile and liquidity Downward factors: * Decline in revenue and operating margin (to less than 3%), leading to lower cash accrual * Weakening of financial risk profile and stretch in working capital cycle Incorporated in 1992, SLS processes and exports different forms of sea food such as squid, cuttle fish, octupus and shrimp. The company has a processing unit and cold storage unit at Cochin (Kerala). Daily operations are managed by the managing director, Mr B Harikrishnan. SOLANKI CONSTRUCTION: CRISIL Withdraws D Rating on INR3.5cr Loan ---------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Solanki Construction (SC), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.5 Crisil D/Issuer Not Cooperating (Withdrawn) Cash Credit 3 Crisil D/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with SC for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SC. This restricts Crisil Ratings' ability to take a forward looking view on the credit quality of the entity. Crisil Ratings believes that rating action on SC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has continued the ratings on the bank facilities of SC to 'Crisil D/Crisil D Issuer not cooperating'. Crisil Ratings has withdrawn its ratings on the bank facilities of SC on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Set up in 2000, SC, a partnership firm of Mr Bhalji Solanki and family, undertakes projects in civil construction, primarily road constructions and also, outsources the same to sub-contractors. SRINIVASA MEDICAL: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Srinivasa Medical Corporation (SMC) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Open Cash Credit 6.75 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Long Term 0.80 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Working Capital 0.95 CRISIL B/Stable (ISSUER NOT Term Loan COOPERATING) Crisil Ratings has been consistently following up with SMC for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SMC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SMC continues to be 'Crisil B/Stable Issuer not cooperating'. SMC was established as partnership firm in 1982. It is engaged in trading and wholesaling of various kind of medicines, pharmaceutical drugs and other medical products to the hospitals. Firm is based in Guntur- Andhra Pradesh and owned by Mr. T. Srinivasa Rao and Mr. Venkata Chaitanya. STAR ORGANIC: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Star Organic Foods Inc (SOFI) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Bill 3 CRISIL D (Issuer Not Discounting Cooperating) Letter of Credit 1 CRISIL D (Issuer Not Cooperating) Long Term Loan 1.85 CRISIL D (Issuer Not Cooperating) Packing Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.15 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SOFI for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SOFI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SOFI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SOFI continues to be 'Crisil D/Crisil D Issuer not cooperating'. SOFI is a partnership firm incorporated in 2011 and engaged in exports of shrimps, providing cold storage facilities for the group entities and shrimp pre-processing in addition to sale to local traders for shrimp exports. The entity was initially involved in trading of organic fruits in addition to shrimps till April 2011. The firm is located in Nellore, Andhra Pradesh (AP). STARKE ROCKSAND: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Starke Rocksand LLP (SRL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 Crisil B/Stable (Issuer Not Cooperating) Term Loan 3.5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SRL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SRL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRL continues to be 'Crisil B/Stable Issuer not cooperating'. SRL was established in the year 2016 and promoted by Mr. Datla Jogi Jagannadha Raju, Mr. P.Purna chand ,and Mrs. G.Vijayalakshmi. SRL is engaged in crushing and breaking of stone of of rock sand and stones in various types of sizes i.e. 40 mm, 20mm, etc. SRL manufacturing facility is located in Ranga Reddi district of Telangana state with an installed capacity of 240 TPH. ========= J A P A N ========= RAKUTEN GROUP: Posts Worse-Than-Expected Quarterly Loss ------------------------------------------------------- Alice French at Bloomberg News reports that Rakuten Group shares tumbled after the Japanese e-commerce firm reported a 19th straight quarterly loss, fueling concerns about the financial drag from its ailing mobile business. The stock plunged as much as 8.9% in Tokyo on May 15, its biggest intraday drop since April 7. The company's net loss for the three months to March widened to JPY73.47 billion ($500 million) from JPY42.39 billion a year ago, after financing costs mounted and as it sought to turn around its sluggish wireless operations, Bloomberg discloses. The loss exceeded analysts' forecast of JPY40.38 billion. A decision by billionaire founder Hiroshi Mikitani to enter Japan's saturated cellular network market in 2014 has been pressuring Rakuten's earnings, even as business booms in its online shopping and finance operations, according to Bloomberg. Rakuten Group's mobile segment posted a loss that narrowed to JPY59.3 billion from a year earlier, it said in a release on May 14. The number of mobile subscribers rose by 4% from the previous quarter, while average revenue per user slightly decreased to JPY2,078. "Contracts and average revenue per user are weak and income is sluggish, with no apparent catalysts to drive share price recovery," Morgan Stanley MUFG Securities analysts including Tetsuro Tsusaka wrote in a note, Bloomberg relays. The burden of financial expenses, such as interest payments on overseas bonds, also continues to weigh on earnings, Bloomberg notes. Further improvements in the mobile business may be needed to help boost its credit rating and break its financial downward spiral. According to Bloomberg, CEO Mikitani said at a news briefing on May 14 that the company will focus on improving communication quality and increasing awareness to attract new users. Rakuten plans to install an additional 10,000 base stations within 2025, aiming to eliminate areas with no signal and ease network congestion in densely populated areas. About Rakuten Group Japan-based Rakuten Group provides e-commerce, fintech, digital content, and communications products and services. As reported in the Troubled Company Reporter-Asia Pacific in December 2024, S&P Global Ratings said it has assigned its 'B' issue credit rating to Rakuten Group Inc.'s (BB/Stable/--) proposed U.S. dollar-denominated perpetual subordinated bonds. The proceeds of issuance will be applied to the refinancing of the series two subordinated bonds worth JPY26 billion and the series four subordinated bonds worth JPY50 billion that the company had previously issued. ===================== N E W Z E A L A N D ===================== COVISORY MANAGEMENT: Creditors' Proofs of Debt Due on June 12 ------------------------------------------------------------- Creditors of Covisory Management 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 May 1, 2025. The company's liquidators are: Iain McLennan Steve Farquhar McDonald Vague Limited PO Box 6092 Victoria Street West Auckland 1142 DKW PERSONNEL: Creditors' Proofs of Debt Due on June 11 ------------------------------------------------------- Creditors of DKW Personnel (Dunedin) Limited are required to file their proofs of debt by June 11, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 7, 2025. The company's liquidator is: Robin Crimp RAC Insolvency Limited PO Box 1477 Christchurch 8140 GREENMOUNT NEW ZEALAND: Court to Hear Wind-Up Petition on May 23 ---------------------------------------------------------------- A petition to wind up the operations of Greenmount New Zealand Limited will be heard before the High Court at Auckland on May 23, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 18, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 I SUPPLY: Grant Bruce Reynolds Appointed as Liquidator ------------------------------------------------------ Grant Bruce Reynolds of Reynolds & Associates on May 9, 2025, was appointed as liquidator of I Supply Solutions Limited. The liquidator may be reached at: Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 VSE COMPANY: Court to Hear Wind-Up Petition on May 23 ----------------------------------------------------- A petition to wind up the operations of VSE Company Limited will be heard before the High Court at Auckland on May 23, 2025, at 10:45 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 ================= S I N G A P O R E ================= ARISAIG GLOBAL: Creditors' Proofs of Debt Due on June 10 -------------------------------------------------------- Creditors of Arisaig Global Emerging Markets Fund (Singapore) Pte. Ltd. are required to file their proofs of debt by June 10, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 30, 2025. The company's liquidator is: Chek Khai Juat c/o Tricor Singapore 9 Raffles Place #26-01 Republic Plaza Singapore 048619 ECONILI BATTERY: Court to Hear Wind-Up Petition Today ----------------------------------------------------- A petition to wind up the operations of Econili Battery Pte. Ltd. will be heard before the High Court of Singapore today, May 16, 2025, at 10:00 a.m. United Forever Limited filed the petition against the company on April 21, 2025. The Petitioner's solicitors are: WongPartnership LLP 12 Marina Boulevard Level 28 Marina Bay Financial Centre Tower 3 Singapore 018982 IN-XS SPECIALIST: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on May 2, 2025, to wind up the operations of In-Xs Specialist Services 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 600 North Bridge Road #23-01 Parkview Square Singapore 188778 UNITED VENTURE: Commences Wind-Up Proceedings --------------------------------------------- Members of United Venture Development (Bedok) Pte. Ltd. on May 5, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ms. Chin Moy Yin 101 Upper Cross Street #05-24 People’s Park Centre Singapore 058357 VIRGO HOLDINGS: Creditors' Proofs of Debt Due on June 9 ------------------------------------------------------- Creditors of Virgo Holdings Pte. Ltd. and Virgo Shipholding Pte. Ltd. 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 April 30, 2025. The company's liquidator is: Chian Yeow Hang c/o Guardian Advisory 531A Upper Cross Street #03-118 Hong Lim Complex Singapore 051531 WELLERMAN BULK: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on April 25, 2025, to wind up the operations of Wellerman Bulk Pte. Ltd. TI Resources Ltd filed the petition against the company. The company's liquidators are: Timothy James Reid Ng Yau Yee Theresa Baker Tilly Reid 600 North Bridge Road #05-01 Parkway Square Singapore 188778 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: To Terminate Rental Agreements at 17 Stores -------------------------------------------------------- Korea JoongAng Daily reports that Homeplus, Korea's second-largest hypermarket chain, has notified landlords of 17 leased locations that their rental contracts will be terminated, the company said May 14. According to the report, Homeplus said the decision was made after it failed to reach agreements with landlords within the legally required time frame and obtained court approval to proceed with the contract terminations. JoongAng Daily relates that the retailer, currently undergoing corporate rehabilitation, is required under the Debtor Rehabilitation and Bankruptcy Act to notify its intention to maintain or terminate leases by May 15. Failure to respond is considered a waiver of the right to terminate, which the company cited as a key reason for taking early action. Of Homeplus's 127 stores nationwide, 68 are operated on leased properties, the report notes. Excluding locations leased from local governments or scheduled for closure, Homeplus is currently renegotiating rent for 61 stores. The 17 stores facing termination are largely located in suburban areas such as Siheung, Ilsan, Ansan, Cheonan and in regional cities like Jeonju and Busan. JoongAng Daily says the company has long pointed to excessive rent as a primary cause of its financial instability, arguing that the lease rates were set during the heyday for large retailers and are now therefore unsustainable during the present economic uncertainty. Most leases were signed before MBK Partners acquired Homeplus in 2015, with typical lease terms running 20 to 25 years. Currently, Homeplus pays between KRW30 billion and KRW40 billion ($21.5 million to $28.6 million) in monthly rent, the report notes. The shift in consumer trends toward online shopping has put further pressure on brick-and-mortar retail. According to the Ministry of Trade, Industry and Energy, the share of supermarkets in Korea's total retail sales dropped from 23.8 percent in 2016 to 13.5 percent in 2024, while online sales grew from 32.4 percent to 50.6 percent over the same period. Despite the lease terminations, Homeplus emphasized that no job cuts would result, JoongAng Daily relays. "We plan to guarantee employment for all affected employees, with no artificial restructuring," the company said. Employees at the affected stores will be reassigned to nearby locations and offered financial incentives. However, workers are pushing back, saying commuting long distances is not feasible for many of them who live near their current workplaces. In a statement, the Homeplus labor union claimed, "The lease termination is evidence that MBK Partners is executing a restructuring scenario aimed at liquidation, not rehabilitation," JoongAng Daily relays. The union began a one-person protest in front of the Seoul Bankruptcy Court on May 14. JoongAng Daily adds that Homeplus said it would continue negotiations with the landlords of the 17 stores until June 12, the deadline to submit its rehabilitation plan. However, reaching agreements may be difficult, as many of the properties are owned by real estate funds. "If the landlord were an individual, they might agree to lower the rent, but fund managers lack the flexibility to revise lease terms," JoongAng Daily quotes one investment industry insider as saying. "This could be a strategy to offload underperforming stores and exit with only profitable assets." About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. [] SOUTH KOREA: To Help Small, Medium-Sized Firms Hit by Tariffs ---------------------------------------------------------------- Reuters reports that South Korea has prepared support measures for small and medium-sized firms expected to be hurt by U.S. tariffs, the government said on May 14. The measures include financing support worth KRW4.6 trillion ($3.25 billion), subsidies to ease the burden of logistics costs, and other policies to help expand export markets, Reuters discloses. While their exports accounted for 17% of South Korea's total exports in the first quarter, 81% of small and medium-sized enterprises considered themselves vulnerable to 25% tariffs introduced by the Trump administration in early April but later suspended for 90 days, the government said in a statement, Reuters relays. Earlier this month, South Korea approved an extra government budget of KRW13.8 trillion, including spending plans for tariff responses, to bolster an economy grappling with weak domestic demand and the potential impact of U.S. tariffs, Reuters notes. ============= V I E T N A M ============= VIETJET AVIATION: London High Court Denies Payment Stay ------------------------------------------------------- Bloomberg News reports that a London High Court has refused VietJet Aviation's application for a stay and ruled the Vietnamese carrier must pay around US$180 million to an aircraft leasing firm starting this week, bringing to a head a years-long legal dispute that started during the Covid-19 pandemic Bloomberg relates that the money must be paid in three equal instalments beginning May 15 and ending in late November, and represents a win for FW Aviation, a unit of a London buyout fund that specialises in leasing aircraft. According to Bloomberg, FitzWalter Capital, co-founded by former Macquarie Group executive Ben Brazil and backed by UK and Australian pension funds, has been battling VietJet in court for years after the airline fell behind on rent for four planes. FitzWalter has long argued that VietJet appeared to have the money to make good on its payments and had simply chosen not to. A High Court Judge in a May 1 ruling agreed, stating that "for practical purposes, I am in no doubt that the defendant could, if it chose, find the funds that are required to be found to meet the judgement of this court in the same way that the defendant is able, apparently, to find funds to purchase aircraft or enter into other contracts relating to its business activities," Bloomberg relays. That will come as a blow to VietJet, which set out in an April 27 witness statement all the ways in which it would not be able to pay the money, Bloomberg relates. The statement painted a catastrophically dire picture of an over-leveraged airline with, at most, two weeks of cash on hand and one that has nearly exhausted all of its credit lines. According to Bloomberg, VietJet said that it "remains optimistic that it will overturn the original judgement in the appeal scheduled to be heard later this month". FW Aviation declined to comment. In its April 27 statement, VietJet said it would be "unable to pay the entire judgment debt without having to re-arrange its business and quite possibly dismantle parts of it," Bloomberg relays. VietJet's financial footing weakened considerably during the pandemic and while it said it is now back to operating normally, it "continues to be subject to significant financial constraints". Unrestricted cash of around US$45 million is needed for day-to-day operations, such as paying salaries and suppliers, the carrier said, and the company has no physical assets that it could liquidate to pay the judgment. All 110 jets in its fleet are subject to leasing arrangements of one kind or another, it added. Bloomberg says the May 15 payment deadline will also be a reckoning for VietJet's founder and largest shareholder Nguyen Thi Phuong Thao, who has a net worth of around US$1.5 billion according to the Bloomberg Billionaires Index. Madame Thao, as she's better known, is the face of the airline, which at one point made headlines for its bikini-clad cabin crew marketing, Bloomberg notes. After the 54-year-old launched the budget carrier in 2011, it took just five years to go public. The airline is currently worth almost US$1.9 billion. Hanoi-based VietJet, which mainly serves domestic routes in Vietnam as well as regional destinations such as China, Thailand and South Korea, has made ambitious bets, ordering 200 Boeing 737 Max jets and almost 120 Airbus single-aisle aircraft, but so far has not taken delivery of most of the planes. A grounding of a "material part of" its 110-strong fleet would force significant flight cancellations, VietJet said. With Vietnamese law requiring passenger refunds on scheduling disruption, that would mean a liability of around US$600 million alone, it stated. "This would therefore be a further direct consequence of the judgement that would force VietJet into liquidation," VietJet said, Bloomberg relays. VietJet also said a default would wipe out about US$500 million it's already spent on advanced payments for 318 new aircraft to Airbus and Boeing, which would become unrecoverable, Bloomberg relays. Those pre-delivery payments were funded by bonds and other financing arrangements and failure to make ongoing jet payments would also trigger a cross-default, leading to bondholders and lenders being owed the principal amount, which "VietJet could not afford to do". As per the schedule set out by the court, VietJet must pay US$60.5 million on May 15, another US$60.5 million on July 31 and the final amount for a total of US$181.5 million on Nov. 28, Bloomberg states. Vietjet Aviation Joint Stock Company, operating as VietJet Air or Vietjet, -- https://www.vietjetair.com/ -- is a Vietnamese low-cost airline based in Hanoi. ********* 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 ***