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250521.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, May 21, 2025, Vol. 28, No. 101 Headlines A U S T R A L I A ABC PEST: First Creditors' Meeting Set for May 27 BERBERIAN GROUP: First Creditors' Meeting Set for May 26 CALAITE CAPITAL: ASIC Cancels AFS Licence CELESTE FUNDS: To Close Doors After Mandate Loss FTX RECOVERY: Plans $5B Second Distribution to Creditors May 30 GFG ALLIANCE: Temporarily Shuts Down Tasmanian Plant ICTONE PTY: First Creditors' Meeting Set for May 26 INSPIRED PROPERTY: Placed Into Voluntary Liquidation M GROUP: First Creditors' Meeting Set for May 23 MA MONEY 2025-1: S&P Assigns Prelim B (sf) Rating to Class F Notes PETER STEVENS: Enters Voluntary Administration; 400 Jobs at Risk PLM OPCO: First Creditors' Meeting Set for May 26 C H I N A [] CHINA: Tariff Cuts Ease Mass Layoffs Threat I N D I A ALLIANCE FREIGHT: CRISIL Reaffirms B+ Rating on INR6.5cr Loan ANGLE INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating ANS CONSTRUCTIONS: CRISIL Lowers Long and Short Term Ratings to D ARIHANT RETAIL: Insolvency Resolution Process Case Summary ASHOKA PULP: CRISIL Lowers Long and Short Term Ratings to D BBT ELEVATED: CARE Keeps D Debt Rating in Not Cooperating Category BHATIA COLOUR: CARE Keeps B- Debt Rating in Not Cooperating DECCAN INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating ENKAY FOAM: CRISIL Lowers Rating on INR10cr Cash Loan to D GANPATI COLD: CRISIL Lowers Rating on INR4cr Overdraft Debt to D GAURI RICE: CARE Lowers Rating on INR10cr LT Loan to B GOOD MEDIA: CARE Keeps C Debt Rating in Not Cooperating Category GREEN AGRO: CRISIL Moves D Debt Ratings to Not Cooperating HARSHITHA HOSPITALS: Insolvency Resolution Process Case Summary HUBTOWN BUS TERMINAL: CARE Keeps D Debt Ratings in Not Cooperating HUBTOWN BUS: CARE Keeps D Debt Rating in Not Cooperating Category JAY IBER CARE Keeps B- Debt Rating in Not Cooperating Category KAMAL SUITINGS: CRISIL Keeps D Debt Ratings in Not Cooperating KOVAI KALAIMAGAL: CARE Keeps D Debt Ratings in Not Cooperating KRISHNA EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating P.M. CARIAPPA: CARE Keeps C Debt Rating in Not Cooperating RAM FASHION: CRISIL Lowers Long and Short Term Ratings to D RENEW POWER G4: Fitch Affirms 'BB-' Rating on USD585M Sr. Sec Notes RSG FOODS: CARE Keeps B- Debt Rating in Not Cooperating Category S.B. IMPEX: CARE Keeps B- Debt Rating in Not Cooperating Category SHRUTHI MILK: Insolvency Resolution Process Case Summary SS INNOVATIONS: Expects $6.4 Million Q1 Revenue SUN ARK: CRISIL Keeps D Debt Ratings in Not Cooperating Category SWATHI SILKS: CRISIL Moves B+ Debt Ratings from Not Cooperating TALWALKARS BETTER: CARE Keeps D Debt Ratings in Not Cooperating TALWALKARS HEALTHCLUBS: CARE Keeps D Ratings in Not Cooperating J A P A N NISSAN MOTOR: To Offer Early Retirement to Japan Employees N E W Z E A L A N D APLEY ACRES: Creditors' Proofs of Debt Due on June 12 DEVELOP 1: Court to Hear Wind-Up Petition on May 23 FIGJAM TRANSPORT: Creditors' Proofs of Debt Due on June 27 KINGSTON HQ: Creditors' Proofs of Debt Due on June 18 MAURI MARLEY: Court to Hear Wind-Up Petition on May 27 S I N G A P O R E DIAMON' TIF: Creditors' Proofs of Debt Due on June 4 FSRU DEVELOPMENT: Creditors' Proofs of Debt Due on June 12 LOCUST PTE: Court to Hear Wind-Up Petition on May 30 MAGNUS ENERGY: Creditors' Proofs of Debt Due on June 14 PAULS TRANSPORTATION: Court Enters Wind-Up Order S O U T H K O R E A HOMEPLUS CO: MBK Chief Barred From Leaving Korea in Fraud Case - - - - - ================= A U S T R A L I A ================= ABC PEST: First Creditors' Meeting Set for May 27 ------------------------------------------------- A first meeting of the creditors in the proceedings of ABC Pest & Mould Services Pty Limited will be held on May 27, 2025 at 10:00 a.m. via Microsoft Teams. Amanda Lott -- amanda.lott@acris.com.au -- of ACRIS was appointed as administrator of the company on May 15, 2025. BERBERIAN GROUP: First Creditors' Meeting Set for May 26 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Berberian Group Pty Ltd will be held on May 26, 2025 at 11:00 a.m. at the offices of Vincents, Level 34, 32 Turbot Street, in Brisbane, QLD and via virtual meeting technology. Nick Combis of Vincents was appointed as administrator of the company on May 14, 2025. CALAITE CAPITAL: ASIC Cancels AFS Licence ----------------------------------------- The Australian Securities & Investments Commission (ASIC) has cancelled the Australian financial services licence (AFS) of Calaite Capital Partners Pty Ltd following a payment of compensation by the Compensation Scheme of Last Resort (CSLR). On July 8, 2024 and October 31, 2024, the Australian Financial Complaints Authority (AFCA) made two determinations against Calaite Capital, which Calaite Capital failed to pay. Subsequently, on April 2, 2025, the CSLR paid two payments totalling AUD267,235.57 for the AFCA determinations and notified ASIC. As a result, on May 5, 2025, ASIC cancelled Calaite Capital's AFS licence. Where the CSLR pays compensation to an eligible consumer in relation to an AFCA determination and notifies ASIC of the details of the firm that failed to pay the compensation, ASIC must cancel the AFS licence or credit licence of the firm. The cancellation is not subject to discretion or merits review. The CSLR was established in June 2023, commencing operations in April 2024. It can pay up to AUD150,000 in compensation to consumers who have an unpaid determination from AFCA relating to authorised personal financial advice, credit intermediation, securities dealing or credit provision, and where other eligibility criteria are met. The AFCA complaint process must first be completed before a claim can be lodged with the CSLR. All reasonable steps to obtain compensation from the financial firm must be taken before a CSLR payment can be made. ASIC's decision to cancel the AFS licence of Calaite Capital follows previous ASIC decisions. ASIC has cancelled seven AFS licences and four credit licences since the commencement of the CSLR. CELESTE FUNDS: To Close Doors After Mandate Loss ------------------------------------------------ The Australian Financial Review's Street Talk reports that Sydney-based small caps boutique Celeste Funds Management closes its door after 27 years. According to Street Talk, Celeste executive chairman Paul Biddle and portfolio manager Martin Byers have decided to shut the doors, and are expected to seek other opportunities. "After two decades at Celeste, the time has come to close this chapter with immense gratitude and pride," the report quotes the officers as saying. The firm had managed about AUD850 million, the report notes. FTX RECOVERY: Plans $5B Second Distribution to Creditors May 30 --------------------------------------------------------------- FTX Trading Ltd. (d/b/a. FTX.com) and the FTX Recovery Trust announced on May 15, 2025, that, consistent with FTX's Chapter 11 Plan of Reorganization, FTX will commence distributions to holders of allowed claims in the Plan's Convenience and Non-Convenience Classes that have completed the pre-distribution requirements on May 30, 2025. Eligible creditors should expect to receive funds from their selected distribution service provider, either Bitgo or Kraken, within 1 to 3 business days from May 30, 2025. Subsequent record and payment dates will be announced in due course. In the Second Distribution, in accordance with the waterfall priorities set forth in the Plan: -- Allowed Class 5A Dotcom Customer Entitlement Claims will receive a 72% distribution; -- Allowed Class 5B U.S. Customer Entitlement Claims will receive a 54% distribution; -- Allowed Classes 6A General Unsecured Claims and 6B Digital Asset Loan Claims will each receive a 61% distribution; and -- Allowed Class 7 Convenience Claims will receive a 120% distribution. Actual distribution percentages may differ slightly due to rounding of the figures referenced above. Additional details regarding the amounts distributed by Class will be filed on the docket on or prior to May 30, 2025. John J. Ray III, Plan Administrator of the FTX Recovery Trust, said: "These first non-convenience class distributions are an important milestone for FTX. The scope and magnitude of the FTX creditor base makes this an unprecedented distribution process, and today's announcement reflects the outstanding success of the recovery and coordination efforts of our team of professionals. Our focus remains on recovering more for creditors and resolving outstanding claims." Customers should be aware that by onboarding with a Distribution Service Provider, they have irrevocably elected to forego their right to receive cash distributions from FTX and have instead directed FTX to pay, directly to such Distribution Service Provider, any distributions to which they otherwise would be entitled to under the Plan. If customers have any questions related to the availability of the funds in their account with their selected Distribution Service Provider, they should contact customer support at their Distribution Service Provider directly. To be eligible to receive a distribution on subsequent distribution dates, customers and other creditors must complete the following prior to their distribution record date: -- Login to the FTX Customer Portal (https://claims.ftx.com) (applicable to customers). -- Complete required Know Your Customer verification. -- Submit the required tax forms. -- Onboard with either BitGo or Kraken, FTX's Distribution Service Providers. FTX will provide instructions for onboarding with each of the Distribution Service Providers on the existing FTX Customer Portal. For transferred claims, distributions will only be made to the transferee holder of an allowed claim that is processed and reflected on the official register of claims maintained by the Notice and Claims Agent as of future record dates, where the 21-day notice period has lapsed without objection. For more information, please visit: https://support.ftx.com/hc/en-us/sections/33189504164628-Distributions. Phishing Advisory Please remain aware of phishing emails that may look like they are from FTX and scam sites from channels that may appear to look like the FTX Customer Portal (https://claims.ftx.com). This is another reminder that FTX will never ask you to connect your wallets. Additional Information U.S. Bankruptcy Court filings, including the Plan and other documents related to the Court proceedings, are available at https://cases.ra.kroll.com/FTX/. FTX Digital Markets Ltd. will be separately communicating distribution information for customers who have elected to have their claims administered by FTX DM. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022 Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GFG ALLIANCE: Temporarily Shuts Down Tasmanian Plant ---------------------------------------------------- Simon Evans at The Australian Financial Review reports that Sanjeev Gupta's manganese alloy smelter in Tasmania has been temporarily shut down because of volatile prices and disruptions to ore supply, in another setback for his troubled metals empire. It comes as other smelters in the island state also face a bleak future, the report says. In late April, Rio Tinto said it was uncertain whether it could continue to operate its Bell Bay aluminium plant, and in March, Trafigura put its Nyrstar zinc smelter under review and called for federal government support. According to the Financial Review, Gupta's GFG Alliance said on May 19 that interruptions to manganese supply following cyclone damage to a key mine in the Northern Territory in early 2024 had hampered the Liberty Bell Bay smelter, and global price volatility and the imposition of US tariffs had also affected operations. The Financial Review says the financial strains on Mr. Gupta's broader operations in Australia are being scrutinised, after the Whyalla steelworks in South Australia was forced into administration in February with overall debts of $1.5 billion. Mr. Gupta also lost control of the nearby Whyalla port last week after South Australia Premier Peter Malinauskas rammed through legislation in parliament to give the clear title of that asset to administrators KordaMentha. The Financial Review relates that Mr. Gupta's Tahmoor coal mine in the Illawarra region in NSW has not mined coal for more than three months, and unpaid bills from suppliers are mounting. His InfraBuild steel distribution and recycling business reported a loss of $81 million in the December half. On May 19, GFG said the Liberty Bell Bay plant at George Town in north-west Tasmania would enter a period of "limited operations," the Financial Review relays. GFG said there were no immediate plans for redundancies, and it was in talks with unions about workers running down their annual leave balances, the Financial Review adds. The Liberty Bell Bay smelter was formerly known as TEMCO, the Tasmanian Electro Metallurgical Company. GFG bought the plant from ASX-listed South32 in 2020, and it employs about 250 people. GFG Alliance Australia owns and operates manufacturing companies InfraBuild; Primary Steel and Mining in South Australia and New South Wales; and LIBERTY Bell Bay in Tasmania. ICTONE PTY: First Creditors' Meeting Set for May 26 --------------------------------------------------- A first meeting of the creditors in the proceedings of ICTOne Pty Ltd will be held on May 26, 2025 at 11:30 a.m. at the offices of Vincents, Level 34, 32 Turbot Street, in Brisbane, QLD and via virtual meeting technology. Nick Combis of Vincents was appointed as administrator of the company on May 14, 2025. INSPIRED PROPERTY: Placed Into Voluntary Liquidation ---------------------------------------------------- Inspired Property Group, trading as Inspired Homes, was placed in liquidation after the second creditors' meeting on May 16, 2025. Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were appointed as liquidators of the company. The Perth-based residential builder went into administration on April 1, 2025, leaving 70 unfinished construction projects, according to Daily Mail Australia. M GROUP: First Creditors' Meeting Set for May 23 ------------------------------------------------ A first meeting of the creditors in the proceedings of M Group Trades and Labour Pty. Ltd. will be held on May 23, 2025, at 12:00 p.m. at the offices of SV Partners, Lvl 17 200 Queen St, in Melbourne, VIC, and via teleconference/electronic facilities (Microsoft Teams). Peter Gountzos and Fabian Kane Micheletto of SV Partners were appointed as administrators of the company on May 13, 2025. MA MONEY 2025-1: S&P Assigns Prelim B (sf) Rating to Class F Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to eight classes of nonconforming and prime residential mortgage-backed securities (RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee of MA Money Residential Securitisation Trust 2025-1. MA Money Residential Securitisation Trust 2025-1 is a securitization of nonconforming and prime residential mortgages originated by MA Money Financial Services Pty Ltd. (MA Money). The preliminary ratings S&P has assigned to the floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Note subordination and excess spread provide credit support. Our assessment of credit risk considers MA Money's underwriting standards and approval process as well as its servicing quality. The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the provision of a liquidity facility, the principal draw function, the yield reserve, retention amount built from excess spread, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the rated notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and it assumes the notes are not called at or beyond the call-option date. S&P said, "Our ratings also consider the counterparty exposure to National Australia Bank Ltd. as bank account provider and liquidity facility provider. The transaction documents for the facilities include downgrade language consistent with S&P Global Ratings' counterparty criteria. "We have also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Preliminary Ratings Assigned MA Money Residential Securitisation Trust 2025-1 Class A1S, A$175.00 million: AAA (sf) Class A1L, A$225.00 million: AAA (sf) Class A2, A$35.50 million: AAA (sf) Class B, A$24.00 million: AA (sf) Class C, A$15.50 million: A (sf) Class D, A$13.50 million: BBB (sf) Class E, A$5.00 million: BB (sf) Class F, A$4.00 million: B (sf) Class G1, A$1.25 million: Not rated Class G2, A$1.25 million: Not rated PETER STEVENS: Enters Voluntary Administration; 400 Jobs at Risk ---------------------------------------------------------------- Daily Mail Australia reports that a well-known motorcycle retailer with dozens of outlets across Australia has gone bust, with up to 400 workers now facing unemployment. Peter Stevens Motorcycles entered voluntary administration on May 19, 55 years after it was founded in 1970. Administrators Craig Shepard, Andrew Knight and Michael Korda from KordaMentha have taken control of the company, Daily Mail Australia discloses. 'The administrators intend to continue to operate the companies on a business-as-usual basis while they seek immediate expressions of interest for the sale or recapitalisation of the businesses,' KordaMentha said in a statement. Mr. Shepard declared that the business had plenty going for it and could be saved, notes the report. 'With more than 50 years of brand recognition, an established dealer footprint across the country and a significant share of the local motorcycle market, there is a genuine turnaround opportunity here,' Daily Mail Australia quotes Mr. Shepard as saying. 'These are strong foundations for a new owner to set the business up for future success.' According to Daily Mail Australia, the Federal Chamber of Automotive Industries said there had been a 3.5 per cent decline in motorcycle sales between January and March compared to the same time last year. 'Motorcycles are often a discretionary purchase, and in the current environment of high living costs and interest rates, many Australians are understandably more cautious with their spending,' FCAI chief executive Tony Weber said, the report relates. 'While there is a slight softening across all categories in the wake of current economic conditions, we expect to see enthusiasm among Australian riders to return as conditions stabilise and maybe ease.' PLM OPCO: First Creditors' Meeting Set for May 26 ------------------------------------------------- A first meeting of the creditors in the proceedings of PLM OPCO Pty Ltd (Formerly known as The JAGA Group Pty Ltd) will be held on May 26, 2025 at 11:00 a.m. via virtual facilities. Michael Brereton and Rashnyl Prasad of William Buck were appointed as administrators of the company on May 14, 2025. ========= C H I N A ========= [] CHINA: Tariff Cuts Ease Mass Layoffs Threat ---------------------------------------------- Reuters reports that Chinese worker Liu Shengzun lost two jobs in just one month as U.S. import tariffs shot up to triple digits in April, forcing a Guangdong lighting products factory, and then a footwear maker, to reduce output. Tariffs came down dramatically last week, but Liu has given up on factory jobs and is now back farming in his hometown in southern China. "It's been extremely difficult this year to find steady employment," said the 42-year-old, who used to earn 5,000 - 6,000 yuan ($693-$832) a month as a factory worker and now doesn't have a steady source of income, Reuters relays. "I can barely afford food." According to Reuters, the rapid de-escalation in the U.S.-China trade war after the Geneva talks earlier this month has helped Beijing avoid a nightmare scenario: mass job losses that could have endangered social stability - what the ruling Communist Party sees as its top-most priority, key to retaining its legitimacy and ultimately power. But this year's U.S. tariff hikes of 145% left lasting economic damage and even after the Geneva talks remain high enough to continue to hurt the job market and slow Chinese growth, say economists and policy advisers, Reuters notes. "It was a win for China," Reuters quotes a policy adviser as saying of the talks, speaking on condition of anonymity due to the topic's sensitivity. "Factories will be able to restart operations and there will be no mass layoffs, which will help maintain social stability." But China still faces challenging U.S. tariffs of 30% on top of duties already in place. "It's difficult to do business at 30%," the adviser added. "Over time, it will be a burden on China's economic development." Before the meeting in Switzerland, Beijing had grown increasingly alarmed about internal signals that Chinese firms were struggling to avoid bankruptcies, including in labour-intensive industries such as furniture and toys, Reuters has reported. Now there's some relief, Reuters says. Reuters relates that Lu Zhe, chief economist at Soochow Securities, estimates the number of jobs at risk has fallen to less than 1 million from about 1.5-6.9 million before the tariff reduction. Alicia Garcia-Herrero, chief Asia Pacific economist at Natixis, had estimated the triple-digit tariffs could cause 6-9 million job losses. Current tariff levels could trigger 4-6 million layoffs, while if tariffs drop by a further 20% some 1.5-2.5 million jobs could be lost, she said. China's 2025 economic growth could slow by 0.7 percentage points in the most optimistic scenario, 1.6 points under the current tariffs, or 2.5 points if the conflict returns to April's intensity, she estimated, Reuters relays. "When you increase the tariffs to such a high level, many companies decide to stop hiring and to start basically sending the workers back home," Reuters quotes Garcia-Herrero as saying. "At 30%, I doubt they will say, okay, come back. Because it's still high," she added. "Maybe the Chinese government is saying, wow, this was amazing. But I think many companies are not sure that this is going to work." ========= I N D I A ========= ALLIANCE FREIGHT: CRISIL Reaffirms B+ Rating on INR6.5cr Loan ------------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil B+/Stable' rating on the long-term bank facilities of Alliance Freight Carrier Pvt Ltd (AFCPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 6.5 Crisil B+/Stable (Reaffirmed) Proposed Working Capital Facility 3.5 Crisil B+/Stable (Reaffirmed) The rating continues to reflect the modest scale of operations and weak financial risk profile of the company. These weaknesses are partially offset by the extensive experience of the promoters in the transport and logistics industry and the efficient working capital management. Analytical approach Crisil Ratings has considered the standalone business and financial risk profiles of AFCPL. Key rating drivers and detailed description Weaknesses: * Modest scale of operations: Intense competitive transport and logistics industry, pricing power and profitability. Improvement in scale of operations and operating profitability will remain a rating sensitivity factor over the medium term. * Weak financial risk profile: The financial risk profile is constrained by leveraged capital structure and subdued debt protection metrics. Small networth coupled with high debt resulted in gearing of 2.49 times as on March 31, 2025. Debt protection metrics remain weak with interest coverage ratio of 1.90 times in fiscal 2025. Strengths: * Extensive industry experience of the promoters: The promoters have experience of around 20 years in the transport and logistics industry. This has given them an understanding of the market dynamics and helped establish relationships with suppliers and customers, which will continue to support the business. * Efficient working capital management: The working capital cycle is managed efficiently, as indicated by gross current assets of 56 days as on March 31, 2025, driven by receivables of 55 days. Liquidity: Stretched Bank limit utilisation was moderate at 79.18% on average for the 12 months through March 2025. Cash accrual, expected over INR57 lakh per fiscal, will sufficiently cover yearly term debt obligation of INR14-16 lakh over the medium term. In addition, surplus will cushion liquidity. Current ratio was moderate at 1.34 times as on March 31, 2025. The promoters will likely extend equity and unsecured loans to meet working capital requirement and debt obligation. Outlook: Stable Crisil Ratings believes AFCPL will continue to benefit from the extensive experience of the promoters and its established relationships with clients. Rating sensitivity factors Upward factors: * Steady revenue growth and rise in operating profitability leading to cash accrual of INR1.5 crore * Improvement in the financial risk profile and working capital cycle Downward factors: * Significant decline in revenue and fall in operating margin below 1.5% leading to lower cash accrual * Large, debt-funded capital expenditure or further stretch in the working capital cycle weakening the financial risk profile and liquidity AFCPL was incorporated in 2006 and is managed by Mr Sanjay Gupta. The company provides third-party logistics solutions for seeds, pesticides and fertilisers industries. It is based in Hyderabad and provides services in almost all major cities of India. ANGLE INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Angle Infrastructure Private Limited (AIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 90.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 13, 2024, placed the rating(s) of AIPL under the 'issuer non-cooperating' category as AIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 29, 2025, April 8, 2025, April 18, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in April 30, 2010, Angle Infrastructure Private Limited (AIPL) is engaged in the development of residential/group housing project in Gurgaon (Haryana). AIPL is a part of Delhi based Krrish Group, which has interests in liquor business in Delhi, Haryana, Bihar, Jharkhand, U.P. and real estate business in Gurgaon, Faridabad and Delhi in India and Colombo in Sri Lanka. The group is present in liquor business for over three decades through Frost Falcon Distilleries Limited. The group entered the real estate business in 2011 by launching its first ultra -luxury project Provence Estate (under Jasmine Buildmart Pvt. Ltd. (JBPL), a 10 lsf residential project in Gurgaon. ANS CONSTRUCTIONS: CRISIL Lowers Long and Short Term Ratings to D ----------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of ANS Constructions Private Limited (ACPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with ACPL for obtaining information through letter and email dated April 19, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management of ACPL, CRISIL Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of CRISIL Ratings to take a forward-looking view on the credit quality of the company. The rating action on ACPL is consistent with the criteria detailed in 'Assessing information adequacy risk'. CRISIL Ratings has downgraded its ratings on the bank facilities of ACPL to 'CRISIL D/Crisil D Issuer Not Cooperating' from 'CRISIL B/Stable/Crisil A4 Issuer Not Cooperating' as the entity has delayed servicing its debt obligation, as per publicly available information. ACPL was incorporated in 2002 by Mr Amar Nath Sharma and currently managed by Mr. Mehinder Sharma and is based in Delhi. The company is primarily engaged in civil construction work floated by various government authorities as well as private corporate contracts. The group companies include ANS infra and ANS-Sarthi (JV), a joint venture in which ACPL also has 75% stake, which registered a revenue of around INR120 .9 crore in fiscal 2019. ARIHANT RETAIL: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Arihant Retail Private Limited No. 29, Namashivaya Street, Old Washermanpet, Washermanpet, Tondiarpet Fort St. George, Chennai, Tamil Nadu, India, 600021 Insolvency Commencement Date: May 2, 2025 Estimated date of closure of insolvency resolution process: October 29, 2025 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: Sivakumar Amarendran AVS Villa, HIG 428, C5, TNHB Phase 3, Sholinganallur, Chennai-600119 Email: sivakumar.amarendran@gmail.com Email: cirp.arpl@decoderesolvency.com Last date for submission of claims: May 20, 2025 ASHOKA PULP: CRISIL Lowers Long and Short Term Ratings to D ----------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Ashoka Pulp and Paper Private Limited (APPPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with APPPL for obtaining information through letter and email dated November 11, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component'. Detailed Rationale Despite repeated attempts to engage with the management of APPPL, Crisil Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the company. The rating action on APPPL is consistent with the criteria detailed in 'Assessing information adequacy risk'. Crisil Ratings has downgraded its ratings on the bank facilities of APPPL to 'Crisil D/Crisil D Issuer Not Cooperating' from 'CRISIL B+/Stable/Crisil A4 Issuer Not Cooperating' as the entity has delayed servicing its debt obligation, as per publicly available information. Established in 2012, APPPL, promoted by Mr Krishan Kumar Gupta, Mr Brij Bhushan Gupta, Mr Shiv Kumar, and Mr Raj Kumar, manufactures kraft paper at its facility in Ghaziabad, Uttar Pradesh. BBT ELEVATED: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of BBT Elevated Road Private Limited (BERPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 135.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Riverbank Developers Private Limited extended corporate guarantee to BBT Elevated Road Pvt Ltd. The guarantee is to be operated through a structured payment mechanism for timely transfer of the required funds for payment of principal and interest (to the extent of INR135.0 crore) to a designated account. Rationale and key rating drivers CARE had, vide its press release dated June 10, 2020, placed the rating(s) of RDPL under the 'issuer non-cooperating' category as RDPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. RDPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 5, 2025, January 15, 2025, and January 25, 2025. In line with the extant SEBI guidelines, CARE has reviewed the rating based on the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating has been reaffirmed on invocation of corporate guarantee for the loan provided to BBT Elevated Road Private Limited (BERPL). There have been ongoing delays in debt servicing of BERPL for which corporate guarantee is provided by RDPL. The Hiland Group, promoted by Mr. Sumit Dabriwala and Mr. Nandu Belani, is a reputed developer of real estate in Kolkata. The Hiland Group collaborated with Bata India Limited (BIL) to establish two special purpose vehicles – Riverbank Developers Private Limited (RDPL) and Riverbank Holdings Private Limited (RHPL), both being part of the Hiland Group, for the development of an integrated township project, named Calcutta Riverside (CRS), spread over 262 acres of land at Batanagar, Kolkata. With the court order dated September 9, 2014, RDPL amalgamated with RHPL with April 1, 2012 as the appointed date. RDPL has proposed to develop 150 lakh square feet saleable area (launched 54.84 lakh sq ft till date) by FY25 in phased manner. BHATIA COLOUR: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bhatia Colour Company (BCC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 19.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 26, 2024, placed the rating(s) of BCC under the 'issuer non-cooperating' category as BCC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BCC continues to be non-cooperative despite repeated requests for submission of information through emails dated March 12, 2025, March 22, 2025, April 1, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Bhatia Colour Company (BCC) is a proprietorship firm set up in 1998 by late Mr. Brijlal Bhatia and is a part of the Surat citybased Bhatia group. Post demise of Mr. Brijlal Bhatia, the business is transferred to his son Mr. Bharat Bhatia. BCC is mainly engaged in the trading of chemicals, textile dyes, polyester filament yarn and staple fibre. DECCAN INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Deccan Industries (DI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.40 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 10, 2024, placed the rating(s) of DI under the 'issuer non-cooperating' category as DI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 26, 2025, April 5, 2025 and April 15, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings for DI have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Deccan Industries (DI) was established in 1981 as a partnership firm. The firm is mainly engaged in manufacturing of submersible pump set which finds its usage in irrigation pumping, building services, solar pumping and water supply engineering. The firm has in house manufacturing facilities for producing submersible pump sets. The firm has customer bandwidth with dealers of which majority of them located in Tamil Nadu region. The installed capacity of manufacturing unit is 1500 pumps per month as on date December 7, 2020. The firm's manufacturing unit is located in Coimbatore and sells its products in its own brand named "Deccan" in Coimbatore. ENKAY FOAM: CRISIL Lowers Rating on INR10cr Cash Loan to D ---------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Enkay Foam Private Limited (EFPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with EFPL for obtaining information through letter and email dated January 8, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management of EFPL, Crisil Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the company. The rating action on EFPL is consistent with the criteria detailed in 'Assessing Information Adequacy Risk'. Crisil Ratings has downgraded its ratings on the bank facilities of EFPL to 'Crisil D Issuer Not Cooperating' from 'Crisil B/Stable Issuer Not Cooperating' as the entity has delayed servicing its debt obligation, as per publicly available information. Incorporated in 1990, EFPL is promoted by Mr Mayank Jain and Mr Saurabh Jain. The company manufactures industrial foam of 9-50 density. This is used in industries such as furniture, garments, footwear, automobiles, and packaging. GANPATI COLD: CRISIL Lowers Rating on INR4cr Overdraft Debt to D ---------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Ganpati Cold Storage (GCS), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 4 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Term Loan 2.25 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with GCS for obtaining information through letter and email dated May 13, 2025, among others, apart from telephonic communication. However, the issuer has remained non- cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GCS, which restricts the ability of Crisil Ratings to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that the rating action on GCS is consistent with criteria detailed in 'Assessing information adequacy risk'. Based on the last available information in the public domain, the rating on the long-term bank facilities of GCS is downgraded to 'Crisil D Issuer not cooperating' from 'Crisil B/Stable Issuer not cooperating'. Established in 2004 as a partnership firm in Deesa (Gujarat) by Mr Kachhawa Popatlal Chamnaji and his family members, GCS provides cold storage facilities for potatoes. GAURI RICE: CARE Lowers Rating on INR10cr LT Loan to B ------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Shree Gauri Rice Mill Private Limited (SGRMPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 29, 2024, placed the rating(s) of SGRMPL under the 'issuer non-cooperating' category as SGRMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SGRMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 14, 2025, January 24, 2025, February 3, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SGRMPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Ahmedabad (Gujarat) based SGRMPL is part of 'Janki Group' based out at Sanand (Ahmedabad). SGRMPL was incorporated in 2009 by Mr. Dilipkumar Kela and Mr. Ashokkumar Kela and currently managed by Mr. Dilipkumar Kela, Mr. Pradip Ramwani and Mr. Sunilkumar Ramwani. The company is engaged in the milling and processing of non-basmati rice. SGRMPL is operating from its sole manufacturing plant located in Dantali (Kheda, Gujarat) having installed capacity of 55,680 Metric Tonne Per Annum as on March 31, 2019. GOOD MEDIA: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Good Media News Private Limited (GMNPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.58 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 14, 2024, placed the rating(s) of GMNPL under the 'issuer non-cooperating' category as GMNPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GMNPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 30, 2025, April 9, 2025 and April 19, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Originally incorporated as a proprietorship firm with the name 'chee - Na - Telecom' on March 1992. In the year 2007, it converted into private limited company & the name changed to Bridge View Broadband Network Pvt. Ltd. Further, the name of the company was changed to Good Media News Private Limited (GMNPL) in 2013. The company is being currently managed by its directors i.e. Mr. Ashwani Thakur and Mr. Shekhar Mehta. GMNPL is engaged in cable business and Internet Service Provider (ISP) holder providing internet, broadband services, digital cable TV services, outdoor advertising etc. The company is operating a news channel with the name "City Channel" in Himachal Pradesh and also engaged in printing weekly newspaper 'Democracy Post' in Hindi language. The brand of GMNPL is 'City Channel. The company is having total 12 no. of branches in the state Himachal Pradesh. GREEN AGRO: CRISIL Moves D Debt Ratings to Not Cooperating ---------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Green Agro Pack Private Limited (GAPPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Bill Negotiation 9 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Letter of Credit 1 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Packing Credit 16 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Proposed Working Capital Facility 2 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 6 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with GAPPL for obtaining information through letter and email dated April 24, 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 GAPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GAPPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of GAPPL to 'Crisil D/Crisil D Issuer not cooperating'. GAPPL was incorporated in 1994 by Mr. B M Devaiah and his friends in Bengaluru (Karnataka). The company processes and exports gherkins. Its plant in Davangere (Karnataka) has capacity to process 12,000 tonnes of gherkins per annum. This facility can handle a mixed variety of vegetables, such as sliced cucumber, carrot, jalapeno, and round-cut and shredded capsicum. HARSHITHA HOSPITALS: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: HARSHITHA HOSPITALS PRIVATE LIMITED 128/1-A, Ayanpapakudi Village, Aruppukottai Main Road, Avaniya puram, Madurai - 625012, Tamil Nadu Insolvency Commencement Date: May 6, 2025 Estimated date of closure of insolvency resolution process: November 2, 2025 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: Priya S Anand No. 224A (New 346/1) (Next to National Public School), Avvai Shanmugam Salai, Gopalapuram, Chennai -600086 Email: priyaannand@yahoo.co.in C/o M/s SPR & Co, Chartered Accountants No. 3, 5th Floor, Apex Plaza Nungambakkam High Rd, Tirumuthy Nagar, Nungambakkam Chennai -600034 Email: cirphhp11@gmail.com Last date for submission of claims: May 20, 2025 HUBTOWN BUS TERMINAL: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Hubtown Bus Terminal (Ahmedabad) Private Limited (HBTPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 100.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 27.55 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 14, 2024, placed the rating(s) of HBTPL under the 'issuer non-cooperating' category as HBTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HBTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 30, 2025, April 9, 2025 and April 19, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Hubtown Bus Terminal (Ahmedabad) Pvt Ltd (HBTAHPL) is a special purpose vehicle formed by Hubtown Ltd. (formerly known as Akruti City Ltd) with an objective to develop a bus terminal at Geeta Mandir, Ahmedabad Gujarat, as per the concession agreement with Gujarat State Road Transport Corporation (GSRTC). The Hubtown group is in the business of developing real estate since two decades. The group commenced operations with the incorporation of Akruti Nirman Private Limited (ANPL) in February 1989. ANPL was subsequently converted into a public limited company in April, 2002 renamed as Hubtown Ltd. in 2012. Gujarat State Road Transport Corporation (GSRTC) floated a tender for redevelopment of the bus terminal at Geeta Mandir (Ahmedabad) in 2007. The Hubtown group was allotted development rights of the said bus terminal project to be executed through HBTAPL. HUBTOWN BUS: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Hubtown Bus Terminal (Adajan) Private Limited (HBTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 41.67 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 10, 2024, placed the rating(s) of HBTPL under the 'issuer non-cooperating' category as HBTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HBTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 26, 2025, April 5, 2025 and April 15, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Hubtown Bus Terminal (Adajan) Pvt Ltd (HBTPL) is a special purpose vehicle formed by Hubtown Ltd. (formerly known as Akruti City Ltd) with an objective to develop bus terminal at Adajan, Surat, Gujarat, as per the concession agreement with Gujarat State Road Transport Corporation. The Hubtown group is in business of developing real estate since more than two decades, commencing with the incorporation of Akruti Nirman Private Limited on February 16, 1989 which was subsequently converted into a public limited company on April 11, 2002. Company was renamed to Akruti City Limited in 2008 and further renamed to Hubtown Ltd in 2012. JAY IBER CARE Keeps B- Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jay Iber Private Limited (JIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.57 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 14, 2024, placed the rating(s) of JIPL under the 'issuer non-cooperating' category as JIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JIPL continues to be non-cooperative despite repeated requests for submission of information through emails dated March 30, 2025, April 9, 2025 and April 19, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Jay Iber Pvt. Ltd (JIPL) is promoted by the JP Minda group and was incorporated on April 19, 2012, with technical collaboration from Iber Medior S.L, Spain. JIPL has gravity die casting unit, which manufactures fully machined components of aluminium casting for automobile industries. The product portfolio of JIPL includes engine mounting brackets, CNG regulators and brake master cylinders. The manufacturing unit is located at Gurgaon (Haryana). KAMAL SUITINGS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kamal Suitings Private Limited (KSPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 0.5 CRISIL D (Issuer Not Cooperating) Standby Letter 0.5 CRISIL D (Issuer Not of Credit Cooperating) Term Loan 3.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KSPL 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 KSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KSPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. KSPL is a Bhilwara (Rajasthan)-based entity acquired in 2008 by Mr. Kapil Maheshwari. The company manufactures and markets synthetics blended suiting cloth, which it supplies to wholesalers all over the country. KOVAI KALAIMAGAL: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Kovai Kalaimagal Educational Trust (KKET) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.66 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.14 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 9, 2024, placed the rating(s) of KKET) under the 'issuer non-cooperating' category as KKET had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KKET continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 25, 2025, April 4, 2025 and April 14, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Kovai Kalaimagal Educational Trust (KKET) was set up as a charitable trust under section 12A of Income Tax Act by Mr K.AChinnaraju and Mrs P. Shanmugadevi of Coimbatore, Tamil Nadu in the year 1992. The trust currently operates four educational institutes namely, Kovail Kalaimagal College of Arts & Science (KKCAS), Coimbatore Institute of Management & Technology (CIMAT), Coimbatore Institute of Engineering & Technology (CIENT) and Kovai Kalaimagal Matriculation School (from K-10). KRISHNA EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shree Krishna Educational and Charitable Society (REGD) (SKECS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Drop Line 1.97 CRISIL D (Issuer Not Overdraft Facility Cooperating) Funded Interest 0.08 CRISIL D (Issuer Not Term Loan Cooperating) Funded Interest 0.04 CRISIL D (Issuer Not Term Loan Cooperating) Long Term Loan 1.15 CRISIL D (Issuer Not Cooperating) Long Term Loan 2.26 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SKECS 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 SKECS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SKECS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SKECS continues to be 'Crisil D/Crisil D Issuer not cooperating'. SKECS was registered as charitable trust in 2008, under income tax act. It operates two institutes Aryabhatta Engineering and Management Institute and Aryabhatta Group of College that offer courses in various disciplines, such as engineering, management, along with other graduation courses and are located at Punjab. It is currently managed by Mr. R.K. Gupta, Mr. Vicky Singhal and Mr. Inderpal Goyal. P.M. CARIAPPA: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of P.M. Cariappa (P) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 24, 2024, placed the rating(s) of P under the 'issuer non-cooperating' category as P had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. P continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 10, 2025, March 20, 2025, March 30, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable P.M. Cariappa (PMC), established in 1998, is Karnataka based sole proprietorship concern engaged in the trading of Stationery, Invitation, Greeting Cards, and paper Products all-over Dubai. The firm procure the raw materials from domestic market based on the order flow. The business was originally established and controlled by Mr. P.M. Cariappa. After his demise during 2018, the business is being managed by his brother Mr P.M. Vasanth, who has almost more than two decades of experience in the same line of business. RAM FASHION: CRISIL Lowers Long and Short Term Ratings to D ----------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Ram Fashion Exports Private Limited (RFEPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with RFEPL for obtaining information through letter and email dated October 10, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component'. Detailed Rationale Despite repeated attempts to engage with the management, Crisil failed to receive any information on either the financial performance or strategic intent of RFEPL, which restricts Crisil Ratings' ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on RFEPL is consistent with 'Assessing Information Adequacy Risk'. The ratings on the bank facilities of RFEPL has been downgraded to 'Crisil D/Crisil D Issuer Not Cooperating' from 'Crisil B+/Stable/Crisil A4+ Issuer Not Cooperating' due to delay in debt servicing obligations based on publicly available information. RFEPL, incorporated in 1994 by Mumbai based Bhasin family, is engaged in manufacturing leather footwear for men. RFEPL derives its entire revenues from exports to Europe, Canada, USA, Australia and Middle East. Mr. Naresh Bhasin, Mr. Suresh Bhasin and Mr. Rakesh Bhasin are the directors of RFEPL. Mr Naresh Bhasin is also the Chairman at Design Task Force Committee. Mr Naresh Bhasin is also the Chairman at Design Task Force Committee, Make in India Programme Regional Chairman (West) of Council for Leather Exports. RENEW POWER G4: Fitch Affirms 'BB-' Rating on USD585M Sr. Sec Notes ------------------------------------------------------------------- Fitch Ratings has affirmed India-based ReNew Power Restricted Group 4's (ReNew RG4) USD585 million senior secured notes due 2028 at 'BB-'. The Outlook is Stable. RATING RATIONALE The rating on the notes benefits from parent ReNew Private Limited's (ReNew, BB-/Stable) full-tenor unconditional guarantee. ReNew is one of the largest renewable-energy independent power producers in India with a total renewable asset base of over 13GW, including projects under operation, in the pipeline and under development. The restricted group includes 10 renewable projects of ReNew with a total capacity of 803.1MW in seven states in India. The portfolio has nine wind assets (753.1MW) and one solar project (50MW). All the assets have been operating for more than seven years, except one 300MW wind project, which started operations in early 2021. This 300MW project is contracted with sovereign-owned Solar Energy Corporation of India (SECI), while the rest are contracted with weaker state-owned distribution companies. KEY RATING DRIVERS Proven Technology, Lack of Maintenance Reserve - Operation Risk: Midrange Fitch considers the technologies deployed in ReNew RG4's wind and solar projects as proven. Most of the wind turbines are procured from the world's largest manufacturers, while the solar modules are sourced from an internationally well-known supplier. Operation and maintenance (O&M) for five of the nine wind projects is by an affiliate company, ReNew Services Private Limited, at a fixed price, with 4%-5% annual price escalation, for short but extendable tenors. For the other four wind projects, O&M is by the original equipment manufacturers under 10-12 year contracts. The O&M for the solar project is by ReNew Services under a five-year fixed-price contract, with 5% annual price escalation. The operation risk assessment is constrained at 'Midrange' as the operating cost forecast is not validated by an independent technical advisor and the bond indenture does not have a maintenance reserve account. Wide Forecast Spread, Varying Operating Performance - Revenue Risk (Volume): Weaker The energy yield forecast from third-party experts indicates an overall P50/one-year P90 spread of 18%, leading to a 'Weaker' volume risk assessment. The portfolio has a capacity-weighted average record of seven years as all assets have been operating for over seven years, except one that started operation in 2021. The portfolio's actual load factors in the last few years were moderately volatile. Hence, Fitch applies a lower haircut of 7% on the volume forecast in its base and rating cases. Curtailment risk is limited in India due to the "must-run" status of renewable projects. Fixed Long-Term Prices, Minimal Renewal Risk - Revenue Risk (Price): Midrange ReNew RG4 contracts 63% of its total capacity with state-owned distribution companies and the balance with SECI under long-term fixed-price power-purchase agreements (PPAs), which protect the portfolio from merchant-price volatility. These PPAs have a capacity-weighted residual life of about 15 years, while the overall RG's PPA residual life stands at 17 years. The only contract with a shorter fixed-price tenor of 13 years, with a remaining life of one year, is a 28MW wind project signed with Maharashtra's state-owned distribution company. However, Fitch expects management to recontract the asset, as it will have a residual life of about 12 years at the end of the PPA. Fitch constrains the price risk assessment at 'Midrange' due to the low but certain merchant-price exposure due to this asset. Fully Hedged Structure, Manageable Refinancing Risk - Debt Structure: Midrange Noteholders are protected by ReNew RG4's ring-fenced structure and covenants. It has a standard cash distribution waterfall and a lock-up test at a backward-looking 1.3x interest-service coverage ratio for cash outflow. The notes are fixed-rate. The RG will not maintain a debt-service reserve or a major maintenance reserve account, but this will be partly offset by the excess cash it must retain in the last year of the notes' tenor. Refinancing risk is mitigated by the guarantee by the parent and ReNew RG4's access to banks and capital markets, with support from the PPAs, which extend beyond the notes' maturity. Management has fully hedged the bonds through cross-currency swaps till January 2026. Financial Profile Fitch's forecast assumes that the outstanding US dollar bond at maturity will be refinanced by another debt that will amortise across the remaining PPA terms or the projects' useful life, whichever is longer. Fitch does not rate the state-owned distribution companies that purchase power from some projects of the RG. These counterparties have weak credit profiles and histories of payment delays, but exposure to multiple counterparties mitigates risk. Fitch still believes it is prudent for such projects to meet a higher threshold to achieve the same rating as other projects with strong counterparties, all else being equal. Hence, Fitch bases the credit assessment of the notes on the indicative debt-service coverage ratio (DSCR) thresholds applicable to merchant projects for the share of exposure to state-owned distribution companies, instead of the ones for fully contracted projects, while cash flow is evaluated based on the contracted prices. SECI's credit quality does not constrain the rating, as Fitch views revenue exposure to SECI as a systematic sector risk. Fitch's base case assumes P50 generation, a 7% production haircut and a higher refinancing interest rate, which results in an average annual DSCR of 2.66x, 1.40x and 1.18x over the remaining bond life, portfolio life and refinancing period, respectively. Fitch's rating case assumes one-year P90 generation and a 7% production haircut. Fitch also applies a 15% stress on management's operating expense forecast and a higher refinancing interest rate. Its rating case results in an average annual DSCR of 2.17x and 1.07x over the remaining bond life and portfolio life, respectively. The average annual DSCR is below 1.00x during the refinancing period in the rating case. ReNew RG4 will benefit from the full-tenor unconditional guarantee from ReNew. Additionally, the RG will benefit from the interest income generated by inter-company loans extended to its affiliates. PEER GROUP ReNew RG4 can be compared to India Green Power Holdings (IGPH, US dollar notes: BB-/Stable). Both issuers' portfolios are dominated by wind assets, with IGPH at 78% and ReNew RG4 at 94%. While IGPH has a much stronger financial profile with rating-case DSCR of 1.45x leading to a 'bb' credit assessment, its rating is notched one level down owing to its orphan issuance structure. IGPH also draws a given interest income from the parent ReNew on inter-company loans, which accounts for a significant portion of cash flow available for debt servicing during the refinancing period. ReNew RG4's rating-case DSCR is below 1.00x during the refinancing period. However, the rating on the notes is driven by the parent's full-tenor unconditional guarantee. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A downgrade of the parent guarantor. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of the parent guarantor. CREDIT UPDATE ReNew RG4's electricity generation decreased by 26% yoy in the financial year ended March 2025 (FY25), with almost all projects' generation declining. The fall was due to low wind speeds across the majority of assets, collateral damage to equipment leading to three months of no generation in the biggest asset in the portfolio, the 300MW Gadhsisa Wind project, and breakdown maintenance activity undertaken at the transmission line in the Tejuva project leading to generation loss. The issues in both the projects have been resolved now. The portfolio's receivable position continued to improve in FY25. The receivable position improved across almost all the assets following the late payment surcharge scheme implemented by India's central government. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS The ratings on ReNew RG4's notes are directly linked to the Long-Term Issuer Default Ratings (IDR) rating of ReNew, which has provided a full-tenor unconditional guarantee. A change in Fitch's assessment of the IDR of ReNew would automatically result in a change in the rating on ReNew RG4's notes. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- ReNew Power Restricted Group 4 ReNew Power Restricted Group 4/ Project Revenues – First Lien/1 LT LT BB- Affirmed BB- RSG FOODS: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of RSG Foods Private Limited (RFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 23.00 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 8, 2024, placed the rating(s) of RFPL under the 'issuer non-cooperating' category as RFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 24, 2025, April 3, 2025, April 13, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable RFPL was incorporated in November 1999 and is currently being managed by Mr Kamal Kishore and Mr Naresh Kumar. The company is engaged in the processing of paddy at its facility located at Ferozepur, Punjab. RFPL is also engaged in trading of rice. RFPL sells its products, ie, Basmati and Non-Basmati rice under the brand name of 'Jaikar' in the states of Maharashtra, Madhya Pradesh and Punjab through a network of commission agents. S.B. IMPEX: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of S.B. Impex (SI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 23, 2024, placed the rating(s) of SI under the 'issuer noncooperating' category as SI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 9, 2025, March 19, 2025, March 29, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Satna based SI was formed in 2014 as a proprietorship concern by Mr. Nikhil Khandelwal. SBIM is engaged in the business of trading of minerals & chemicals which includes mainly Gypsums as well as industrial machinery equipment's that includes Pumps etc. The firm purchases Gypsums from United Arab Emirates (U.A.E.) and industrial equipment's from Japan and China. It sells its product in local market mainly to cement industries like J K laxmi Cement Limited, Shree Cement, Century Cement and Birla Corporation etc. The proprietor has also promoted Madan Mohan Vinod Kumar distributors Private Limited (Engaged in trading of Industrial spare parts and hardware etc.) SHRUTHI MILK: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: M/s. Shruthi Milk Products Private Limited Regd Address: 18 Vellalar Street Ambattur, Chennai, Tamil Nadu, India, 600058 Principal Address: D.NO: 4-2198/1, Bangalore Bypass Road, Opposite to District Police Training Center Chittoor – 517 128 Insolvency Commencement Date: April 29, 2025 Estimated date of closure of insolvency resolution process: October 26, 2025 Court: National Company Law Tribunal, Chennai Bench-II Insolvency Professional: Mr. R. Venkatakrishnan Rajparis Trimeni Towers First Floor, 147, G N Chetty Road, Chennai – 600 017 Email: rvk@rvkassociates.com Email: shruthimilk.ibc@gmail.com Last date for submission of claims: May 19, 2025 SS INNOVATIONS: Expects $6.4 Million Q1 Revenue ----------------------------------------------- SS Innovations International, Inc. reiterated guidance for the first quarter of 2025. Dr. Sudhir Srivastava, Chairman of the Board and Chief Executive Officer of SS Innovations, commented, "Following our recent uplisting to Nasdaq, we remain very pleased with the growth trajectory of our business as we conclude the first quarter of 2025 and enter the second quarter. We believe that we are well-positioned to maintain this momentum and achieve new and impactful milestones throughout 2025." The Company reiterated: * 14 SSi Mantra surgical robotic systems were installed during the first quarter of 2025, bringing the cumulative installed base to 78 as of March 31, 2025. * Revenue for the first quarter of 2025 is expected to be approximately $6.4 million with a gross margin of approximately 45%, based on preliminary unaudited results which are subject to change. The Company also provided the following updates: * As of April 30, 2025, 80 SSi Mantra robotic surgical systems have been installed in 75 hospitals and more than 3800 surgeries have utilized the SSi Mantra, including over 200 robotic cardiac surgeries. * SSi Mantra robotic surgical system orders totaled 9 in the first month of the second quarter, April 2025, up 200% from 3 orders in April 2024. About SS Innovations International SS Innovations International, Inc. (OTC: SSII) is a developer of innovative surgical robotic technologies headquartered in Gurugram, Haryana, India. The company’s vision is to make robotic surgery benefits more affordable and accessible globally. SSII’s product range includes its proprietary "SSi Mantra" surgical robotic system and "SSi Mudra," a broad array of surgical instruments for various procedures, including robotic cardiac surgery. The company plans to expand its presence with technologically advanced, user-friendly, and cost-effective surgical robotic solutions. Gurugram, India-based BDO India, LLP, the Company’s auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and has negative cash flows from operating activities during the year ended December 31, 2024. The Company is dependent on further funding to meet its obligations to sustain its operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. As of Dec. 31, 2024, the Company had $42,385,213 in total assets, $28,928,110 in total liabilities, and a total stockholders' equity of $13,457,103. SUN ARK: CRISIL Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sun Ark Aluminium Industries Private Limited (SAIPL) 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 9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SAIPL 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 SAIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SAIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 2007, SAIPL manufactures aluminium powder, which find its application in manufacturing refractory moulds and explosives. The operations are currently being managed by Mr. Sivakumar. SWATHI SILKS: CRISIL Moves B+ Debt Ratings from Not Cooperating --------------------------------------------------------------- Due to inadequate information and in line with the Securities and Exchange Board of India guidelines, Crisil Ratings had migrated its rating on the long-term bank facility of Swathi Silks & Readymades (SSR) to 'Crisil B+/Stable Issuer Not Cooperating'. However, the firm's management has subsequently started sharing the information necessary for a comprehensive review of the rating. Consequently, Crisil Ratings has migrated the rating to 'Crisil B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 Crisil B+/Stable (Migrated from 'Crisil B+/Stable ISSUER NOT COOPERATING') The rating reflects the firm's modest scale and working capital-intensive operations, and exposure to geographical concentration in revenue. These weaknesses are partially offset by the extensive experience of the proprietor in the apparel retailing business. Analytical approach Of the unsecured loan of INR5.59 crore as on March 31, 2025, 75% has been treated as equity and 25% as debt. The loan, which is extended by the proprietor and his family, will be retained in the business over the medium term. Moreover, it has an interest charge that is lower than the bank rate. Key rating drivers & detailed description Weaknesses: * Modest scale and working capital-intensive operations: Exposure to intense competition from organised as well as unorganised players in the apparel retail business restricts scalability and bargaining power with customers and suppliers. SSR had gross current assets of 179 days as on March 31, 2025, because of sizeable inventory of 112 days. * Geographical concentration in revenue: Majority of revenue is derived from Andhra Pradesh, which exposes income and profitability to adverse economic or political changes in the state. Strength: * Extensive experience of the proprietor: The two-decade-long experience of the proprietor in the apparel retail industry, his strong understanding of market dynamics and established relationships with suppliers and customers will continue to support the business risk profile. Liquidity: Stretched Bank limit utilisation was moderate at 86.4% on average for the 12 months through November 2024. Annual cash accruals are expected at INR2.5-3.5 crore against yearly term debt obligation of INR1.60 crore over the medium term, and the surplus will cushion liquidity. The current ratio was modest at 0.8 time on March 31, 2025. The proprietor is likely to extend support in the form of equity and unsecured loans to meet working capital requirement and debt obligations. Outlook: Stable SSR will continue to benefit from the extensive experience of its proprietor and healthy relationships with clients. Rating sensitivity factors Upward factors: * Sustained revenue growth of over 30% and steady operating margin, leading to higher cash accrual * Better working capital management with substantial reduction in inventory, leading to lower bank limit utilisation. Downward factors: * Significant stretch in the working capital cycle further straining liquidity * Sharp decline in revenue or profitability with total outside liabilities to tangible networth ratio over 10 times SSR was formed as a proprietary concern of Mr V Venkataramana Babu (Hindu undivided family). The firm is a retailer of readymade garments for men, women and children and has three outlets at Chirala, Narasapurpeta and Guntur in Andhra Pradesh. Operations are managed by Mr Babu. TALWALKARS BETTER: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Talwalkars Better Value Fitness Limited (TBVFL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 84.20 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Non-Convertible 50.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non-Convertible 30.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non-Convertible 25.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non-Convertible 25.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings) had, vide its press release dated May 23, 2024, reaffirmed the rating of TBVFL under the 'issuer non-cooperating' category as TBVFL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TBVFL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and letter/email dated April 18, 2025, April 23, 2025 and April 28, 2025. In line with the extant SEBI guidelines, CARE Ratings has reviewed the rating on the basis of the best available information which, however, in CARE Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Combined Financials of TBVFL and Talwalkars Healthcare Limited (THL) have been combined for analysis given the strong operational synergies along with common management. Detailed description of key rating drivers: As per PR dated May 23, 2024, the following were the rating strengths and weaknesses. Key weaknesses * Deteriorating debt coverage indicators; asset monetisation remains key rating monitorable: As on March 31, 2019 (UA), the total outstanding debt stood at INR ~759 crore an increase of 45.30%. The debt was primarily on account of to fund its various expansion plans, predominantly for the David Lloyd Club in Pune. Consequently, the debt coverage metrics also deteriorated. As of March 31, 2019 (UA), the interest coverage ratio stood at 4.99x as against 7.10x as of March 31, 2018. Similarly, overall gearing as well as total debt to gross cash accruals deteriorated to 1.05x and 5.33x as against 0.89x and 3.91x respectively. Furthermore, TBVFL (combined) has invested in other complementing ventures in the lifestyle segment such as 'Sarva'. As these investments are taking longer than expected to generate material returns, adjusting for the same (including goodwill), the overall gearing ratio as on March 31, 2019 stands at 1.57x as against 1.11x as on March 31, 2018. The management is looking to raise funds by the end of calendar year 2019 through various avenues such as sale of equity, sale of stake in joint ventures/associate companies and to monetise some of its gym properties by entering in a sale and lease back transaction to partially retire its debt. The ability of the company to timely raise funds and subsequent debt reduction is a key rating monitorable. * Reduced financial flexibility: The financial flexibility of TBVFL (combined) has reduced on account of significant reduction in market capitalisation along with increase in promoters' pledged shares. The promoters' stake pledged has increased to 76.11% (TBVFL) and 77.30% (THL) as on June 30, 2019. The ability of the promoters to reduce quantum of pledged shares continues to remain a key rating monitorable. * Relatively moderate scale of operations: TBVFL's scale of operations are moderate and seasonal in nature as second quarter and fourth quarter of the fiscal year together contribute almost 61% of its overall consolidated revenues in FY19. Hence, any adverse impact on the business in the peak season may adversely impact the profitability. * On-going significant capex towards existing line of business as well as towards newer business segments which have not generated returns in line with expectation: During FY19, on a combined basis, the company had incurred capex of INR173.03 crore of which, INR111. 18 crore was for gym business and INR61.84 crore was for the lifestyle business. The company's ability to improve its asset turnover and increasing turnover of higher value-added segment is crucial to improve its credit profile. Further, the company is setting up a club in Pune in collaboration with David Lloyd Leisure Limited which got delayed and is expected to start operation shortly. The performance in terms of member addition remains a rating sensitivity. Key strengths * Long track record and extensive experience of the promoters in the fitness industry: TBVFL and THL, promoted jointly by the Talwalkar and Gawande families in 2003 has well-established track record of operating gyms/fitness centres of over a decade and half in the fitness industry with presence across the country. The brand "Talwalkars" is in existence since 1932. The promoters, Mr Madhukar Talwalkar and Mr Prashant Talwalkar, have more than four decades of experience in various segments/aspects of fitness industry. * Diversified product portfolio; albeit higher dependence on revenues from gym services: TBVFL (combined) have a diversified product portfolio offering multiple products spanning from basic gym services to aerobics, yoga, diet-based weight reduction programs, massage, spa, and health counselling. While the contribution from its value-added services is increasing the company continues to derive major share of revenues from basic gym services across its outlets Liquidity: Poor There are ongoing delays in company's debt service obligations. Incorporated in 2003, Talwalkars Better Value Fitness Limited (TBVFL) was jointly promoted by Mr. Madhukar Talwalkar, Mr. Prashant Talwalkar and Mr. Anant Gawande. The company operates one of the leading fitness chains in India offering a wide range of services like weight loss, weight gain, and other fitness programs like body sculpting, shaping, general fitness, massage, spa and health counselling under the brand "Talwalkars". TBVFL (combined) operates gyms/fitness centre on three models viz directly managed gyms, franchisee route and subsidiary model (wherein TBVFL enters into an agreement with a master franchise, and TBVFL owns around 51% equity and the brand). TBVFL grew rapidly from operating 63 gyms/fitness centres as on March 31, 2010 to 272 gyms/fitness centres as on March 31, 2019. TBVFL has split its operations into lifestyle business and gym business and formed two separate entities in the following manner: a) Lifestyle business: This business is housed under TBVFL. The business including various joint ventures/associate companies comprises of Nuform, Zumba Fitness, Mickey Mehta, Sarva (Yoga), Group X, Reduce, and sports club. As on March 31, 2019, there are 116 centers of Reduce, 80 centers of Nuform, 85 centers of Sarva Yoga and 19 centers of Mickey Mehta. TALWALKARS HEALTHCLUBS: CARE Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Talwalkars Healthclubs Limited (THL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 280.74 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Non-Convertible 25.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non-Convertible 63.34 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non-Convertible 25.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non-Convertible 25.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non-Convertible 25.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non-Convertible 25.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings) had, vide its press release dated May 23, 2024, reaffirmed the rating of THL under the 'issuer non-cooperating' category as THL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. THL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and letter/email dated April 18, 2025, April 23, 2025 and April 28, 2025. In line with the extant SEBI guidelines, CARE Ratings has reviewed the rating on the basis of the best available information which, however, in CARE Ratings' opinion is not sufficient to arrive at a fair rating. Analytical approach: Combined Financials of THL and Talwalkars Better Value Fitness Limited (TBVFL) have been combined for analysis given the strong operational synergies along with common management. Detailed description of key rating drivers: As PR dated May 23, 2024, the following were the rating strengths and weaknesses. Key weaknesses * Deteriorating debt coverage indicators; asset monetisation remains key rating monitorable: As on March 31, 2019 (UA), the total outstanding debt stood at INR ~759 crore an increase of 45.30%. The debt was primarily on account of to fund its various expansion plans, predominantly for the David Lloyd Club in Pune. Consequently, the debt coverage metrics also deteriorated. As of March 31, 2019 (UA), the interest coverage ratio stood at 4.99x as against 7.10x as of March 31, 2018. Similarly, overall gearing as well as total debt to gross cash accruals deteriorated to 1.05x and 5.33x as against 0.89x and 3.91x respectively. Furthermore, TBVFL (combined) has invested in other complementing ventures in the lifestyle segment such as 'Sarva'. As these investments are taking longer than expected to generate material returns, adjusting for the same (including goodwill), the overall gearing ratio as on March 31, 2019 stands at 1.57x as against 1.11x as on March 31, 2018. The management is looking to raise funds by the end of calendar year 2019 through various avenues such as sale of equity, sale of stake in joint ventures/associate companies and to monetise some of its gym properties by entering in a sale and lease back transaction to partially retire its debt. The ability of the company to timely raise funds and subsequent debt reduction is a key rating monitorable. * Reduced financial flexibility: The financial flexibility of TBVFL (combined) has reduced on account of significant reduction in market capitalisation along with increase in promoters' pledged shares. The promoters' stake pledged has increased to 76.11% (TBVFL) and 77.30% (THL) as on June 30, 2019. The ability of the promoters to reduce quantum of pledged shares continues to remain a key rating monitorable. * Relatively moderate scale of operations: TBVFL's scale of operations are moderate and seasonal in nature as second quarter and fourth quarter of the fiscal year together contribute almost 61% of its overall consolidated revenues in FY19. Hence, any adverse impact on the business in the peak season may adversely impact the profitability. * On-going significant capex towards existing line of business as well as towards newer business segments which have not generated returns in line with expectation: During FY19, on a combined basis, the company had incurred capex of INR 173.03 crore of which, INR 111. 18 crore was for gym business and INR 61.84 crore was for the lifestyle business. The company's ability to improve its asset turnover and increasing turnover of higher value-added segment is crucial to improve its credit profile. Further, the company is setting up a club in Pune in collaboration with David Lloyd Leisure Limited which got delayed and is expected to start operation shortly. The performance in terms of member addition remains a rating sensitivity. Key strengths * Long track record and extensive experience of the promoters in the fitness industry: TBVFL and THL, promoted jointly by the Talwalkar and Gawande families in 2003 has well-established track record of operating gyms/fitness centres of over a decade and half in the fitness industry with presence across the country. The brand "Talwalkars" is in existence since 1932. The promoters, Mr Madhukar Talwalkar and Mr Prashant Talwalkar, have more than four decades of experience in various segments/aspects of fitness industry. * Diversified product portfolio; albeit higher dependence on revenues from gym services: TBVFL (combined) have a diversified product portfolio offering multiple products spanning from basic gym services to aerobics, yoga, diet-based weight reduction programs, massage, spa, and health counselling. While the contribution from its value added services is increasing the company continues to derive major share of revenues from basic gym services across its outlets. Liquidity: Poor There are ongoing delays in company's debt service obligations. Incorporated in 2003, Talwalkars Better Value Fitness Limited (TBVFL) was jointly promoted by Mr. Madhukar Talwalkar, Mr. Prashant Talwalkar and Mr. Anant Gawande. The company operates one of the leading fitness chains in India offering a wide range of services like weight loss, weight gain, and other fitness programs like body sculpting, shaping, general fitness, massage, spa and health counselling under the brand "Talwalkars". TBVFL (combined) operates gyms/fitness centre on three models viz directly managed gyms, franchisee route and subsidiary model (wherein TBVFL enters into an agreement with a master franchise, and TBVFL owns around 51% equity and the brand). TBVFL grew rapidly from operating 63 gyms/fitness centres as on March 31, 2010, to 272 gyms/fitness centres as on March 31, 2019. ========= J A P A N ========= NISSAN MOTOR: To Offer Early Retirement to Japan Employees ---------------------------------------------------------- The Japan News reports that Nissan Motor Co. is planning to offer early retirement to employees in administrative positions in Japan from July to August, according to sources close to the company. The move is part of the company's plan to cut 20,000 jobs worldwide as it makes efforts to restructure. According to the report, the company plans to provide extra retirement allowances and job-placement assistance to the early retirees, according to the sources, who also said it is the first time since 2007 that the automaker has offered early retirement to Japan-based employees. The Japan News relates that the sources said the company has already notified relevant employees of its plan. In explaining the reasons behind the decision, the company reportedly said that optimizing administrative expenses is becoming extremely important amid the increasingly difficult business environment brought about by U.S. President Donald Trump’s tariff measures and other novel factors, according to the Japan News. The Japan News relates that the early retirement program covers a wide range of job categories, including sales and accounting. However, development, production and design divisions will be excluded. The program covers full-time employees aged from 45 to 64 who have worked at the company for at least five years and are section or department heads, acting section chiefs or below. The program also covers those reemployed after reaching retirement age. The company did not present the specific number of people to be offered early retirement. Nissan plans to reveal more details to its employees as early as mid-June, the sources said, The Japan News relays. The automaker reported a net loss of JPY670.8 billion in its consolidated financial results for the fiscal year ending March 2025, the report discloses. Last Tuesday [May 13], it announced a new business restructuring plan, called Re:Nissan, that will reduce its workforce by about 20,000 people - equivalent to 15% of its worldwide workforce. Of those workers, 65% will come from manufacturing divisions, such as plants, 18% from administrative divisions, and 17% from research and development divisions, the company said. The number includes contract workers. Nissan said it is targeting a cut of JPY250 billion to its fixed costs, such as personnel expenses, by fiscal 2026 through workforce reduction and other measures, The Japan News adds. About Nissan Motor Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. Fitch Ratings, in April 2025, downgraded Nissan Motor Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) and senior unsecured rating to 'BB' from 'BB+'. The Outlook is Negative. Fitch has affirmed the Short-Term Foreign- and Local-Currency IDRs at 'B'. S&P Global Ratings, on March 7, 2025, lowered its long-term issuer credit ratings on Nissan Motor and its overseas subsidiaries to 'BB' and affirmed its short-term issuer credit ratings on each company at 'B'. The negative outlook reflects S&P's view that the company's creditworthiness may continue to deteriorate as a challenging operating environment hampers profitability improvement and free cash flow losses continue. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. ===================== N E W Z E A L A N D ===================== APLEY ACRES: Creditors' Proofs of Debt Due on June 12 ----------------------------------------------------- Creditors of Apley Acres Limited and Donald Hospitality 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 9, 2025. The company's liquidator is: Heath Gair Palliser Insolvency PO Box 57124 Mana, Porirua 5247 DEVELOP 1: Court to Hear Wind-Up Petition on May 23 --------------------------------------------------- A petition to wind up the operations of Develop 1 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 10, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 FIGJAM TRANSPORT: Creditors' Proofs of Debt Due on June 27 ---------------------------------------------------------- Creditors of Figjam Transport Limited are required to file their proofs of debt by June 27, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 12, 2025. The company's liquidator is: Paul Vlasic Rodgers Reidy (NZ) Limited PO Box 45220 Te Atatu, Auckland 0651 KINGSTON HQ: Creditors' Proofs of Debt Due on June 18 ----------------------------------------------------- Creditors of Kingston HQ Limited are required to file their proofs of debt by June 18, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 12, 2025. The company's liquidator is: Bryan Williams c/o BWA Insolvency Limited PO Box 609 Kumeu 0841 MAURI MARLEY: Court to Hear Wind-Up Petition on May 27 ------------------------------------------------------ A petition to wind up the operations of Mauri Marley Construction Limited will be heard before the High Court at Wellington on May 27, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 11, 2025. The Petitioner's solicitor is: Isaac Henry Linstrom Legal Services, Asteron Centre 55 Featherston Street (PO Box 895) Wellington 6011 ================= S I N G A P O R E ================= DIAMON' TIF: Creditors' Proofs of Debt Due on June 4 ---------------------------------------------------- Creditors of Diamon' Tif Construction & Design Singapore Pte. Ltd. are required to file their proofs of debt by June 4, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 2, 2024. The company's liquidator is: Gary Loh Weng Fatt BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 FSRU DEVELOPMENT: Creditors' Proofs of Debt Due on June 12 ---------------------------------------------------------- Creditors of FSRU Development Pte. Ltd. are required to file their proofs of debt by June 12, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 30, 2025. The company's liquidator is: Cheong Beng Sheng, Dean c/o Guardian Advisory 531A Upper Cross Street #03-118 Hong Lim Complex Singapore 051531 LOCUST PTE: Court to Hear Wind-Up Petition on May 30 ---------------------------------------------------- A petition to wind up the operations of Locust Pte. Ltd. will be heard before the High Court of Singapore on May 30, 2025, at 10:00 a.m. Heng Choon Leng filed the petition against the company on May 2, 2025. The Petitioner's solicitors are: Fortress Law Corporation 20 Collyer Quay, #13-07 Singapore 049319 MAGNUS ENERGY: Creditors' Proofs of Debt Due on June 14 ------------------------------------------------------- Creditors of Magnus Energy (SEA) Pte. Ltd., MEG Global Ventures Pte. Ltd., Oriental Magnus EPC (S) Pte. Ltd., Magnus DV Energy Services Pte. Ltd. and Cornerfive Holdings Pte. Ltd. are required to file their proofs of debt by June 14, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 8, 2025. The company's liquidators are: Mr. Don M Ho Mr. David Ho Chjuen Meng c/o 63 Market Street #05-01A Bank of Singapore Centre Singapore 048942 PAULS TRANSPORTATION: Court Enters Wind-Up Order ------------------------------------------------ The High Court of Singapore entered an order on May 2, 2025, to wind up the operations of Pauls Transportation Services Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: MBK Chief Barred From Leaving Korea in Fraud Case -------------------------------------------------------------- The Korea Herald reports that South Korean prosecutors have imposed a foreign travel ban on Michael Byung-ju Kim, chairman of Seoul-based private equity giant MBK Partners, as part of an investigation into fraud allegations related to the short-term debt issuance by supermarket chain Homeplus. The Korea Herald relates that the Seoul Central District Prosecutors' Office reportedly requested the Justice Ministry to place an exit ban on Kim. According to the report, prosecutors sought the travel restriction out of concern that Kim might not cooperate with the ongoing probe if allowed to leave the country. He also failed to appear at a National Assembly audit concerning the matter. On May 17, prosecutors conducted a raid on Kim at Incheon Airport upon his return from London. During the operation, they retrieved a mobile phone used by Kim. The Korea Herald notes that MBK and its portfolio company Homeplus are accused of issuing asset-backed short-term bonds while allegedly anticipating a credit rating downgrade that was publicly disclosed on Feb. 28. Homeplus filed for court-led rehabilitation on March 4. The Korea Herald says the prosecution has been intensifying its investigation into MBK's top management. In late April, it raided the headquarters of both Homeplus and MBK Partners, as well as the residences of Kim; Kim Kwang-il, a partner at MBK and co-CEO of Homeplus; and Joh Joo-yun, also a co-CEO of Homeplus. Kim founded MBK in 2005. The firm, recognized as the largest buyout firm in Northeast Asia, manages over $30 billion in assets. Kim is among South Korea's wealthiest individuals, with a net worth of $9.7 billion as of 2024, The Korea Herald discloses. In 2015, MBK acquired Homeplus for approximately $5 billion, marking the largest private equity-led deal in Asia at the time. 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. ********* 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 ***