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250523.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, May 23, 2025, Vol. 28, No. 103 Headlines A U S T R A L I A ARCHIBALD CAPITAL: ATO Applies to Wind Up Distressed Debt Provider ARROW BUILDING: Second Creditors' Meeting Set for May 28 AUTOWD PTY: Second Creditors' Meeting Set for May 27 CRIMSON BOND 2025-1: S&P Assigns B (sf) Rating to Class F Notes DION LEE: US Retail Giant Buys Cult Fashion Label KADDY MARKET: Second Creditors' Meeting Set for May 28 M & C HAGARTY: Second Creditors' Meeting Set for May 29 PLAYFORD CITY: Second Creditors' Meeting Set for May 28 [] AUSTRALIA: Insolvency Levels at Record Highs in April C H I N A AIRNET TECHNOLOGY: Net Loss Widens to US$13.6MM for FY 2024 AIXIN LIFE: Reports $2.77 Million Net Loss for 2024 CHINA HONGQIAO: S&P Rates USD-Denominated Sr. Unsec. Notes 'BB-' FUTURE FINTECH: Appeals NY Court Ruling to Turn Over Shares I N D I A BALAJI TIMBER: CARE Keeps C Debt Rating in Not Cooperating BIVAB DEVELOPERS: CARE Keeps B- Debt Rating in Not Cooperating FUTURE IDEAS: NCLAT Upholds Insolvency Order HARYANA ROLLING: CARE Keeps B- Debt Rating in Not Cooperating ILASAKAA STEELS: CARE Keeps D Debt Ratings in Not Cooperating J AND P METALS: CARE Keeps B- Debt Rating in Not Cooperating JABALPUR HOSPITAL: CRISIL Keeps B- Ratings in Not Cooperating KARUNAMAYE BEVERAGES: CRISIL Keeps B- Ratings in Not Cooperating KHANNA AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating KHEDARIA ISPAT: CRISIL Keeps B Debt Ratings in Not Cooperating KUN UNITED: CRISIL Keeps B Debt Ratings in Not Cooperating LAXMI OIL: CARE Keeps D Debt Rating in Not Cooperating Category LAXMI VINAYAKA: CARE Keeps B- Debt Rating in Not Cooperating LUCKNOW PRODUCERS: CRISIL Keeps B Debt Ratings in Not Cooperating MARUTHI COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating PATIL CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating RAJAGANAPATHI TRADING: CARE Keeps D Debt Rating in Not Cooperating RGM FUTURE: CARE Keeps B- Debt Rating in Not Cooperating Category S.D.S. ELECTRONICS: CARE Keeps D Debt Ratings in Not Cooperating SHANKAR VIJAY: CARE Lowers Rating on INR47cr LT/ST Loans to D SHIV PRASAD: CARE Lowers Rating on INR36cr ST Loan to D SHRADDHA ENERGY: CARE Keeps D Debt Ratings in Not Cooperating UPL CORP: S&P Alters Outlook to Stable, Affirms 'BB' LT ICR VARRON INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating VENKATESH TRADING: CARE Keeps B- Debt Rating in Not Cooperating VINAYAK MARINE: CARE Lowers Rating on INR11.51cr LT Loan to B VINDHYA SHIKSHA: CARE Keeps D Debt Rating in Not Cooperating M A L A Y S I A POS MALAYSIA: Net Loss Widens to MYR41.5MM in Q1 Ended March 31 N E W Z E A L A N D HAWKES HARVESTING: Court to Hear Wind-Up Petition on May 26 KT WATERPROOFING: Creditors' Proofs of Debt Due on June 20 PLATINUM CONCRETE: Creditors' Proofs of Debt Due on June 30 RNB TRANSPORT: Grant Bruce Reynolds Appointed as Liquidator SMITH & CAUGHEY: To Close Queen Street and Online Stores UNIT FIRE: Court to Hear Wind-Up Petition on May 29 S I N G A P O R E APOLLO AQUACULTURE: Court Enters Wind-Up Order AXSYS TECHNOLOGIES: Court Enters Wind-Up Order FIGTECH PRIVATE: Commences Wind-Up Proceedings GREENWARE TECHNOLOGY: Creditors' Proofs of Debt Due on June 16 KCT ENGINEERING: Creditors' Proofs of Debt Due on June 16 [] SINGAPORE: More Bankruptcy Filed by Debtors in Past 5 Years S O U T H K O R E A KDB LIFE: At Risk of Troubled Financial Institution Designation S R I L A N K A SRI LANKA: Central Bank Cuts Rate by 25 bps to Foster Growth - - - - - ================= A U S T R A L I A ================= ARCHIBALD CAPITAL: ATO Applies to Wind Up Distressed Debt Provider ------------------------------------------------------------------ Max Mason at The Australian Financial Review reports that the Australian Taxation Office has applied to the Federal Court of Australia to wind up Ben Madsen's private credit lending group Archibald Capital, which has been one of the key backers of Sydney pub baron Jon Adgemis. The ATO first lodged a tax default notice on Archibald Capital, of which Madsen is managing partner and co-founder, in November. It then updated the notice earlier this May for AUD715,306 in outstanding tax payments, the Financial Review relates citing corporate filings. A notice of disclosure is published when taxes of more than AUD100,000 are overdue by more than 90 days, and the ATO has privately attempted to engage with a taxpayer. According to the Financial Review, the Archibald entity the ATO is pursuing is owned by a holding company which is equally owned by family companies of Mr. Madsen and Archibald co-founder Peter Shear, who left the business in 2022. Archibald, which specialises in providing distressed debt, was a lender to Mr. Adgemis, a former KPMG partner turned entrepreneur, who was attempting to keep his pub empire, Public Hospitality, from collapsing, the report notes. Mr. Adgemis founded Public Hospitality in 2021, accumulating a large portfolio of pubs and development projects during the COVID-19 pandemic when financing was cheap. At its height, the business owned about 20 hotels and venues, including Oxford House and The Norfolk in Sydney, and Guy Grossi's Puttanesca in Melbourne. However, difficulties in revamping the hotels and higher financing costs left Public Hospitality on the brink of collapse last year. Eventually, the business secured refinancing with Deutsche Bank. But the deal did not prevent the company from further decline after several venues - including Oxford House and The Exchange in Sydney - fell into administration, the Financial Review relates. The Financial Review relates that New York private credit investor Muzinich & Co pulled out of a deal to refinance after exercising its right to take on a chunk of Deutsche Bank's loans and put the venues under. Public Hospitality has a handful of pubs that were not placed into administration and secured loans from Deutsche Bank and Archibald. Separately, Mr. Madsen is fighting to stave off a bankruptcy notice from another Sydney private creditor lender HG Investment Capital, the Financial Review reports. In March, Mr. Madsen filed in the Federal Court of Australia to set aside a bankruptcy notice served on him personally by HG Investment. HG Investment is seeking to take possession of Madsen's family home, and has launched proceedings against Orange Gaming, a subsidiary of Public Hospitality where Madsen and Adgemis were directors until it fell into administration last year. Orange Gaming borrowed AUD7.25 million from HG Investments in September and October 2023, according to court filings. In March, The Australian Financial Review revealed the Australian Securities and Investments Commission is conducting a probe into the wider private credit sector. ASIC officials are concerned greater regulation of private credit lending, which accounts for AUD205 billion of the loans market, is needed. ARROW BUILDING: Second Creditors' Meeting Set for May 28 -------------------------------------------------------- A second meeting of creditors in the proceedings of Arrow Building Group Pty Ltd has been set for May 28, 2025, at 11:00 a.m. via teleconference only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 28, 2025 at 11:00 a.m. Stephen Dixon of Hamilton Murphy Advisory was appointed as administrator of the company on April 22, 2025. AUTOWD PTY: Second Creditors' Meeting Set for May 27 ---------------------------------------------------- A second meeting of creditors in the proceedings of AUTOWD Pty Ltd (Trading as Prindiville Care Sales) has been set for May 27, 2025, at 10:00 a.m. at Level 2, 68 St Georges Terrace, in Perth, WA, and via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 26, 2025 at 4:00 p.m. Mathieu Tribut of Mackay Goodwin was appointed as administrator of the company on April 10, 2025. CRIMSON BOND 2025-1: S&P Assigns B (sf) Rating to Class F Notes --------------------------------------------------------------- S&P Global Ratings assigned its ratings to eight classes of residential mortgage-backed securities (RMBS) issued by Perpetual Corporate Trust Ltd. as trustee for Crimson Bond Trust 2025-1. Crimson Bond Trust 2025-1 is a securitization of prime residential mortgage loans originated by BC Invest Loans Pty Ltd. The ratings assigned to the floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio, which comprises residential mortgage loans to residents of Australia and to self-managed superannuation fund borrowers, and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination, lenders' mortgage insurance covering 2.3% of the loan portfolio, excess spread, if any, and a loss reserve funded by the trapping of excess spread, subject to certain conditions. S&P's assessment of credit risk considers BC Securities' underwriting standards and approval process, and the servicing quality of BC Asset Management Pty Ltd. The rated notes can meet timely payment of interest and ultimate repayment of principal under the rating stresses. Key rating factors are the level of subordination provided, the loss reserve, the principal draw function, the liquidity facility, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and it assumes the notes are not called at or beyond the call-option date. S&P said, "Our ratings also take into account the counterparty exposure to Australia and New Zealand Banking Group Ltd. as the bank account provider and National Australia Bank Ltd. as liquidity facility provider. "We also have factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness. "We assessed the servicing and standby servicing arrangements in this transaction under our "Global Framework For Assessing Operational Risk In Structured Finance Transactions" criteria, published on Oct. 9, 2014, and concluded that were no constraints on the maximum rating that could be assigned to the notes. Ratings Assigned Crimson Bond Trust 2025-1 Class A1-MM, A$204.00 million: AAA (sf) Class A1-AU, A$276.00 million: AAA (sf) Class A2, A$66.00 million: AAA (sf) Class B, A$23.10 million: AA (sf) Class C, A$17.10 million: A (sf) Class D, A$6.60 million: BBB (sf) Class E, A$3.30 million: BB (sf) Class F, A$1.80 million: B (sf) Class G, A$2.10 million: Not rated DION LEE: US Retail Giant Buys Cult Fashion Label ------------------------------------------------- Carrie LaFrenz at The Australian Financial Review reports that Dion Lee and the high-end fashion label's eponymous designer are back a year after the cult brand collapsed into administration, with the company scooped up by American online clothing empire Revolve Group. The designer made his debut at Australian Fashion Week in 2009, and over the years has been worn by celebrities from Taylor Swift to Meghan Markle. But the company fell into administration with debts of AUD35 million in May last year, just one of a slew of high-profile Australian fashion brands including Ginger & Smart and Alice McCall that have struggled recently, the Financial Review says. Dion Lee, which had six stores before it fell into administration, had been unprofitable for several years and was surviving off a AUD20 million loan extended by the wealthy Levis family, which owned the Cue Clothing and Veronika Maine brands. Cue owned some 70 per cent of Dion Lee. Since its collapse, Dion Lee has been run by dVT Group, an insolvency specialist, which has been selling stock to recoup AUD9 million. The Australian Financial Review has confirmed dVT has now sold Dion Lee's remaining assets, including its archives, to Revolve for just under AUD1 million. The Nasdaq-listed group did not respond to a request for comment. The Financial Review relates that people close to the negotiations who requested anonymity as they were not authorised to comment said Revolve, which targets younger shoppers and uses Instagram influencers, has been in discussions to buy the label since last year. Revolve has a market capitalisation of more than AUD2.3 billion. "We were appointed as administrators in May, and we completed orders of the new ranges from manufacturers out of China, Portugal, Turkey. Manufacturers had in the order of 15,000 units in production for the new ranges," the report quotes dVT's Antony Resnick as saying on May 21. Administrators sold over 40,000 Dion Lee items in the six months to December 31. The Financial Review revealed earlier this year that the failure of Dion Lee had contributed significantly to a divide among the wealthy Levis family. Justin Levis, who was a former director of Dion Lee and Cue, is suing his parents over their succession plans. He left the family business suddenly last May -- two weeks before Dion Lee was placed into administration. The Levis family has since sold Cue to British asset manager Hilco Capital. The Financial Review relates that Mr. Resnick said Dion Lee was quickly running out of money, adding that investigations were continuing into whether the company had traded insolvent at any point before it fell into administration. "The cost of running offices in New York and in Sydney, plus the opening of a Miami store that was heavily delayed and was an expensive ordeal, contributed to the demise of the business," he said, notes the report. "If the business were run on a tighter leash, then it would have had great prospects." Dion Lee opened a store in Miami in late 2023, nine months after it started paying rent on the outlet, the report says. Plans for a second New York store were plagued by planning issues, and it never opened. That SoHo property was not part of the administration but added to the woes of Dion Lee. It was purchased through another entity, the administrator said, funded by Justin Levis, who mortgaged his family home in Sydney to finance the transaction. Mr. Lee, who lives between New York and Paris, did not return calls but is expected to remain the label's creative director, according to the report. He was only 27 when he made his debut at New York Fashion Week with his eponymous label, known for experimental construction combined with traditional tailoring. One person close to Mr. Lee who spoke on the condition of anonymity said it was a good outcome for the brand given Revolve's scale, the Financial Review relates. "This is a good deal for Dion Lee - they have access to capital and Mitch Moseley at Revolve gets it. They have a customer who loves Dion. That is because his designs are incredible," the person said. "Despite the issues - this deal validates that great talent comes from Australia." Antony Resnick and Henry Kwok of dVT Solvency Solutions were appointed as administrators of Dion Lee on May 22, 2024. The appointment came after the Australian retail chain Cue announced it had withdrawn its investment in the designer apparel. KADDY MARKET: Second Creditors' Meeting Set for May 28 ------------------------------------------------------ A second meeting of creditors in the proceedings of Kaddy Market Place Pty Ltd has been set for May 28, 2025, at 11:00 a.m. at the offices of Dissolve, Level 8, 80 Clarence Street, in Sydney, NSW, and via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 27, 2025 at 5:00 p.m. Clifford John Sanderson of Dissolve Pty Ltd was appointed as administrator of the company on April 15, 2025. M & C HAGARTY: Second Creditors' Meeting Set for May 29 ------------------------------------------------------- A second meeting of creditors in the proceedings of M & C Hagarty Pty Ltd has been set for May 29, 2025, at 10:00 a.m. at the offices of SV Partners, 22 Market Street, in Brisbane, QLD, and virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 28, 2025 at 4:00 p.m. Abdul Chambal and Matthew John Bookless of SV Partners were appointed as administrators of the company on May 19, 2025. PLAYFORD CITY: Second Creditors' Meeting Set for May 28 ------------------------------------------------------- A second meeting of creditors in the proceedings of Playford City Hotel Pty Ltd has been set for May 28, 2025, at 10:00 a.m. at the offices of Dye & Co. Pty Ltd, 165 Camberwell Road, in Hawthorn East, VIC, and via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 27, 2025 at 4:00 p.m. Hamish Alan MacKinnon and Nicholas Giasoumi of Dye & Co. was appointed as administrators of the company on April 22, 2025. [] AUSTRALIA: Insolvency Levels at Record Highs in April -------------------------------------------------------- Jacob Shteyman at SmartCompany reports that the future of many businesses struggling to stay afloat rests upon the Reserve Bank and Donald Trump. Business conditions in Australia remain perilously difficult, with insolvency levels at record highs in April, CreditorWatch reported in its monthly Business Risk Index on May 22, SmartCompany relays. But there are signs the economy is turning a corner. With inflation back in the RBA's target band, interest rates are on the way down too, notes the report. According to SmartCompany, the number of companies hitting the wall has plateaued to about 1,250 a month and there are encouraging signs business conditions could improve as rate cuts in February and May filter through the system. The economy is at an interesting crossroads, said CreditorWatch chief economist Ivan Colhoun. "We hear so much about the cost of living crisis, but it's a 'cost of doing business crisis' as well, with businesses having seen significant increases in their cost bases," SmartCompany quotes Mr. Colhoun as saying. "Hopefully, the recent interest rate cuts by the RBA can build on the beneficial effects of last year's income tax cuts and cost of living support." Operators have been hit by a dual challenge in recent years of input costs rising at the same time as consumer spending weakened. According to SmartCompany, CreditorWatch CEO Patrick Coghlan said hospitality businesses have been worst affected, given their reliance on discretionary spending. "When households feel the pinch from interest rate rises and price increases, they typically spend less at places like cafes, restaurants, bars and pubs," he said, notes SmartCompany. "The increase in people working from home has also had an impact, mainly in outlets in CBD areas." One in 10 hospitality businesses closed over the past year, while the sector also ranked highest for late payments and tax defaults over AUD100,000, SmartCompany relays. The next worst industry for insolvencies -- administrative and support services -- had a substantially lower closure rate of 6.5%, SmartCompany discloses. Tax cuts, real wages growth and government cost-of-living supports like energy rebates boosted a gradual consumer recovery at the start of the year. But consumer confidence has stagnated since Donald Trump's 'Liberation Day' tariff announcements shocked investors and sent markets into a spin, notes the report. ========= C H I N A ========= AIRNET TECHNOLOGY: Net Loss Widens to US$13.6MM for FY 2024 ----------------------------------------------------------- AirNet Technology Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 20-F reporting a net loss of $13.6 million for the year ended December 31, 2024, compared to a net loss of $0.2 million for the year ended December 31, 2023. The Company incurred loss from continuing operations of $7.4 million, $3.8 million and $6.8 million for the years ended December 31, 2022, 2023 and 2024, respectively. As of December 31, 2024, it had an accumulated deficit of $332.5 million and a working capital deficiency of $52.6 million. Singapore-based Assentsure PAC, the Company's auditor since 2025, issued a "going concern" qualification in its report dated May 2, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a history of operating losses and negative operating cash flows and has negative working capital of approximately US$52.6 million as of December 31, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Historically, the Company has relied principally on both operational sources of cash and non-operational sources of equity and debt financing to fund its operations and business development. The Company's ability to continue as a going concern depends on management's ability to successfully execute its business plan which includes increasing the utilization rate of existing staffs and potential financing from public market or private placement. However, there is no assurance that the measures can be achieved as planned. AirNet Technology said, "We intend to meet the cash requirements for the next 12 months from the date of this annual report through business restructuring plan and private placement. In February 2024, we entered into share transfer agreement with a third party to sell the 33.67% equity interest we held in Unicom AirNet (Beijing) Network Co., Ltd for a consideration of RMB197 million. On April 15, 2024, we completed a private placement of US$5.7 million with certain investors. As a result, our management prepared the consolidated financial statements assuming our company will continue as a going concern. We have a significant working capital deficiency, have incurred significant losses and have generated negative cash flows from operations. We need to raise additional funds to meet our obligations and sustain our operations." A full-text copy of the Company's Form 20-F is available at: https://tinyurl.com/bdef9bn4 About AirNet Technology AirNet Technology Inc. was incorporated in the Cayman Islands on April 12, 2007. AirNet, its subsidiaries, through its variable interest entities and the VIEs' subsidiaries, operate its out-of-home advertising network, primarily air travel advertising network, in the People's Republic of China. The Company also conducts cryptocurrencies mining business operations by its Hong Kong subsidiary, Blockchain Dynamics Limited. AIXIN LIFE: Reports $2.77 Million Net Loss for 2024 --------------------------------------------------- AiXin Life International, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The Company incurred a net loss of $2,768,341, compared to a net loss of $2,090,694 for 2023, and net cash outflow from operating activities of $1,628,834 for the year ended December 31, 2024, and has a working capital deficit of $6,021,163 as of December 31, 2024. Revenue was $3,824,301 in the year ended December 31, 2024, compared to $4,089,799 in 2023, a decrease of $265,498 or 6%. From January 1, 2024 through December 31, 2024, the Company's cash and cash equivalents decreased from $443,758 to $62,310 mainly due to an increase in cash outflow from operating activities. Irvine, California-based YCM CPA INC., the Company's auditor, issued a "going concern" qualification in its report dated May 6, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company had a working capital deficit as of December 31, 2024 and a net loss and negative cash flows from operations for the year ended December 31, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company believes that it has developed a liquidity plan that, if executed successfully, should provide sufficient liquidity to meet its obligations as they become due for a reasonable period of time, and allow the development of its core business. The plan includes: * Gaining positive cash-inflow from operating activities through continuous cost reductions and the sales of higher margin products. * Raising cash through loans from related parties and potential equity offerings. "While management believes that the measures in liquidity plan will be adequate to satisfy its liquidity requirements for the twelve months after the date of the financial statements contained in this Report are issued, there is no assurance that the liquidity plan will be successfully implemented. Failure to successfully implement the liquidity plan may have a material adverse effect on our business, results of operations and financial position, and may adversely affect our ability to continue as a going concern. The consolidated financial statements included in this Report do not include any adjustments related to the recoverability and classification of recorded assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Company be unable to continue as a going concern," the Company said. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/m4zx8e92 About AiXin Life International Sichuan Province, China-based AiXin Life International, Inc. is a Colorado holding company and conducts substantially all of its operations through its operating companies established in the People's Republic of China, or the PRC. The Company focuses on providing health and wellness products to the growing middle class in China. It currently develops, manufactures, markets, and sells premium-quality healthcare, nutritional products, and wellness supplements, including herbs and greens, traditional Chinese remedies, functional products such as weight management products, probiotics, foods, and drinks. The Company also provides advertising and marketing services to clients who engage us to market and distribute their products. As of December 31, 2024, the Company had $4,406,360 in total assets, $8,688,763 in total liabilities, and total stockholders' deficit of $4,282,403. CHINA HONGQIAO: S&P Rates USD-Denominated Sr. Unsec. Notes 'BB-' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' long-term issue rating to China Hongqiao Group Ltd.'s (Hongqiao; BB/Stable/--) proposed issuance of U.S. dollar-denominated senior unsecured notes. The issue rating is subject to its review of final issuance documentation. S&P said, "We rate the notes one notch lower than the issuer credit rating on Hongqiao to reflect structural subordination risk. As of Dec. 31, 2024, Hongqiao had total debt of Chinese renminbi (RMB) 76 billion. This comprised RMB18 billion of secured debt and about RMB11 billion of unsecured debt at the parent level and about RMB47 billion unsecured debt at subsidiaries. Accordingly, after considering the new issuance, the ratio of Hongqiao's priority debt to total debt is above our 50% threshold to notch down an issue rating. "In April 2025, we raised to 'BB' from 'BB-' our long-term issuer credit rating on Hongqiao on improvements in its leverage and liquidity. The stable outlook reflects our view that the integrated aluminum producer's leverage will remain low during 2025-2026. This is mainly thanks to the company's solid operating cash flow amid resilient aluminum prices, which will be sufficient to cover its capital outlay. We also expect Hongqiao to maintain adequate liquidity." FUTURE FINTECH: Appeals NY Court Ruling to Turn Over Shares ----------------------------------------------------------- As previously disclosed, FT Global Capital, Inc., a former placement agent of Future FinTech Group Inc. filed a lawsuit against the Company in the Superior Court of Fulton County, Georgia in January 2021, relating to alleged breaches of an exclusive placement agent agreement between FT Global and the Company in July 2020. The Company timely removed the case to the United States District Court for the Northern District of Georgia on February 9, 2021, based on diversity of jurisdiction. On April 11, 2024, the Court entered a judgment awarding FT Global $8,875,265.31 and on April 16, 2024, the Court issued an amended judgment, awarding FT Global $10,598,379.93, which includes $7,895,265.31 in damages, $1,723,114.62 in prejudgment interest, and $980,000.00 in attorney's fees. On May 9, 2024, the Company filed a post-trial motion to set aside the jury verdict and for a new trial and the Court denied the motion on March 3, 2025. The Company filed notice of appeal to appeal the judgement to the United States Court of Appeals for the Eleventh Circuit on April 2, 2025 and the Company will continue to vigorously defend the action against FT Global. FT Global has registered the Court's judgment in the United States District Court for Southern District of New York, where FT Global has brought a motion requiring the Company to turn over its stock in its subsidiary companies. On August 28, 2024, the NY Court granted FT Global's motion for turnover of Defendant's shares in Defendant's wholly-owned subsidiaries as Defendant 1) failed to satisfy the $10.8 million judgment rendered in the Northern District of Georgia and registered in the Southern District of New York, and 2) is in possession of money and property in which it has an interest. The NY Court ordered Defendant shall turn over the shares, membership, or limited partnership interests in all of its subsidiaries, and the corporate seals of its China and Hong Kong-based subsidiaries, to the U.S. Marshal for auction or sale until the judgment is satisfied. Pursuant to the order issued by the United States District Court for the Southern District of New York on August 28, 2024, the United States Marshal for the Southern District of New York sold the securities of the subsidiaries of the Company other than those in Hong Kong and China in auction of: (i) all of the membership interests in Future Fintech Digital Capital Management LLC; (ii) all of the outstanding shares of FTFT UK Limited; (iii) the corporate seal of DigiPay FinTech Limited; (iv) the corporate seal of GlobalKey SharedMall Limited; (v) all of the outstanding shares of Future Fintech Labs Inc.; and (vi) all of the outstanding shares of Future Fintech Digital Number One GP, LLC (USA) to Alec Orudjiev, the general counsel of FT Global for $25,000 on December 18, 2024. On December 6, 2024, the Company agreed to sell all issued and outstanding shares of FTFT SuperComputing Inc. a wholly owned subsidiary of the Company to DDMM Capital LLC for a purchase price that equals to: (i) the assumption of the obligations of FTFT SuperComputing totaling $973,072.24; and (ii)$1,000,000, which was paid to an account at Olshan Frome Wolosky LLP to satisfy, in part, the right of payment held by FT Global Capital, Inc. arising from the judgment entered in favor of FT Global and against the Company registered in the Southern District of New York and all matters pertaining to such litigation. The Company has appealed the turnover order of the NY Court for the auction of securities of the subsidiaries of the Company in Hong Kong and China to the United States Court of Appeals for the Second Circuit and is waiting for the final decision of the Court of Appeals. On February 6, 2025, FT Global filed a motion in the NY Court, amended on February 12, 2025, seeking a turnover order for 39,825,939 (before 1 for 10 reverse stock split effected by the Company on April 1, 2025) unissued shares of the Company's common stock for sale to satisfy the judgement. On April 30, 2025, the Company received order from the NY Court to turn over its unissued shares to U.S. Marshal for auction and the Company will continue to vigorously defend the action against FT Global and has filed notice of appeal to appeal the order of the NY Court to the United States Court of Appeals for the Second Circuit. About Future FinTech Group New York, N.Y.-based Future FinTech Group Inc. is a holding company incorporated under the laws of the State of Florida. The Company historically engaged in the production and sale of fruit juice concentrates (including fruit purees and fruit juices) and fruit beverages (including fruit juice beverages and fruit cider beverages) in the PRC. Due to drastically increased production costs and tightened environmental laws in China, the Company transformed its business from fruit juice manufacturing and distribution to financial technology-related service businesses. The main business of the Company includes supply chain financing services and trading in China, asset management business in Hong Kong, and cross-border money transfer service in the UK. Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered losses from operations. Therefore, the Company has stated substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to successfully execute its new business strategy and eventually attain profitable operations. As of Dec. 31, 2024, the Company had $25.9 million in total assets, $13.3 million in total liabilities, and a total stockholders' equity of $12.6 million. ========= I N D I A ========= BALAJI TIMBER: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sri Balaji Timber Mart (SBTM) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 14.50 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 2, 2024, placed the rating(s) of SBTM under the 'issuer non-cooperating' category as SBTM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBTM continues to be non-cooperative despite repeated requests for submission of information through emails dated March 18, 2025, March 28, 2025 and April 7, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone revised from Combined Previously, CARE has combined the business and financial risk profiles of Sri Loganayagi Timbers and Sri Balaji Timber Mart. This is because both the entities, have business synergies, common promoters and fungible cash flows. However, updated information is not available to ascertain financial linkages that warrant a continuation of combined approach. Outlook: Stable Tamil Nadu based, Sri Balaji Timber Mart (SBTM) was established in 2001 as a proprietorship concern by Mr. I.S. Murugan who is the key managerial personnel for Sri Balaji Timber Mart and Sri Loganayagi Timbers. Both the firms are engaged in trading and processing of different types of timber logs, sawn timber and timber products. The timber logs are imported from Malaysia, Singapore, Burma, Brazil etc., which are subsequently sized into various commercial sizes as per requirement of the customers and sells the end products to wholesalers, retailers and others. The firm's has presence and widespread distribution network in the states of Tamil Nadu, Kerala and Karnataka. BIVAB DEVELOPERS: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bivab Developers Private Limited (BDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.95 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 BDPL under the 'issuer non-cooperating' category as BDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 26, 2025, April 5, 2025, 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: Stable Incorporated in the year 1997, Bivab Developers Private Limited (BDPL) was promoted by Mr. Binay Krishna Das and Mrs Evarani Pattnaik based out of Bhubaneshwar, Odisha. Since its inception, BDPL's has been engaged in development of real estate projects in the state of Odisha. The entity has already developed a residential cum commercial real estate project namely 'Bivab Heritage' with total saleable area of 36,000 square feet. In the aforesaid project, the entity has developed G+4 with 36 units with parking facilities. Out of 36, 000 square feet saleable area, 30,617 square feet has already been sold out. Currently, it is developing four new projects in the name of 'Bivab Nest', 'Bivab Square', 'Bivab Sai Manour' and 'The Zeus'. The aggregate costs for the four projects are estimated to be INR165.82 crore which is be funded by term loan of INR24.00 crore, promoter's funds of INR53.41 crore and balance through customer advances. The entity has spent around INR53.41 crore till August 31, 2019 in the aforesaid projects funded through promoters' contributions. FUTURE IDEAS: NCLAT Upholds Insolvency Order -------------------------------------------- The Economic Times reports that National Company Law Appellate Tribunal (NCLAT) on May 19 upheld NCLT's order admitting Future Ideas Company Limited (FICL), part of the Future Group, into insolvency over dues of INR122.83 crore. According to ET, National Company Law Tribunal (NCLT), Mumbai, admitted FICL into insolvency last month in an insolvency petition filed by Axis Trustee Services, representing Franklin Templeton Asset Management (India) Pvt Ltd as its debenture trustee. A debenture trustee is a body representing the interests of debenture holders while holding debentures for them. The debt arose from non-convertible debentures issued by FICL in 2018, according to terms agreed under Debenture Trust-cum-Mortgage Deed (DTMD), ET relays. Future Ideas Company Limited provides consultancy services. The Company focuses on to identify, understand, translate, and execute ideas that build interfaces between organizations and their stakeholders. Future Ideas serves customers in India. HARYANA ROLLING: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Haryana Rolling Mills (Bhilai) Private Limited (HRMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.70 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 9, 2024, placed the rating(s) of HRMPL under the 'issuer non-cooperating' category as HRMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HRMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 25, 2025, April 4, 2025, 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: Stable Haryana Rolling Mills (Bhilai) Private Limited was incorporated in August 2004. Since its inception the company is engaged in manufacturing of MS wire, HB wires and GI wires. The manufacturing unit of the company is located at 71, Light Industrial Area, Bhilai with an installed capacity of 8900 metric tons for HB wires and 17500 metric tons for GI wires. The registered office of the company is located at 71, Light Industrial Area, Dist- Durg, Bhilai- 490026 Mr. Ashish Dinaudia (Director) and Mrs. Vimla Dinaudia (Director) having 18 years and 5 years of experiences respectively, in the similar line of business, look after the day to day operation of the company. They are supported by a team of experienced professionals. ILASAKAA STEELS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ilasakaa Steels Limited (ISL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 29.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 13, 2024, placed the rating(s) of ISL under the 'issuer non-cooperating' category as ISL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ISL continues to be non-cooperative despite repeated requests for submission of information through emails dated March 29, 2025, April 8, 2025 and 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 Ilasakaa Steels Limited was established in January 2009 by Mr. Ashwani Kumar Sharma, Mr. Ashok Kumar Jain, Mr. Anand Kumar Bindal, and Mr. Ajay Kumar Bindal (brother of Mr. Anand Kumar Bindal). The company is engaged into manufacturing steel CR strips and sheets and has its plant located in Bahadurgarh (Haryana). J AND P METALS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of J and P Metals (JPM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 15, 2024, placed the rating(s) of JPM under the 'issuer non-cooperating' category as JPM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JPM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 31, 2025, April 10, 2025 and April 20, 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 New Delhi based, J & P Metals (JPM) was established in September, 2015 as a proprietorship concern by Mr. Ayush Jain. The firm is engaged in trading of aluminium scraps, stainless steel scraps and stainless-steel utensils. JPM imports aluminium scraps talons and aluminium tense scraps from Nigeria and Dubai. The firm also deals in trading of stainless-steel utensils which it procures domestically from suppliers located in Rajasthan and Uttar Pradesh. The firm caters to various construction and infrastructure companies based in Northern India viz. Delhi, Punjab, Faridabad, and Haryana etc. like Padia Exports (P) Limited, JSB Aluminium Private Limited, Ravi Enterprises, Namo Alloys Private Limited, Vardhman Sale Agency and Century Metal Recycling Private Limited etc. JABALPUR HOSPITAL: CRISIL Keeps B- Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Jabalpur Hospital and Research Centre Private Limited (JHRC) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 Crisil B-/Stable (Issuer Not Cooperating) Term Loan 5.5 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JHRC 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 JHRC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JHRC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JHRC continues to be 'Crisil B-/Stable Issuer not cooperating'. JHRC, incorporated in 1989, is managed by Mr. R S Dhirawani, his wife Mrs Pragya Dhirawani, and his two younger brothers, Mr. Dinesh Dhirawani and Mr. Prakash Dhirawani. The company operates a 250-bed multi-speciality hospital in Jabalpur, Madhya Pradesh, with a focus on providing cardiac and pulmonary health services. The hospital is accredited and approved by the National Accreditation Board for Hospitals and Healthcare Providers, and the National Accreditation Board for Testing and Calibration Laboratories. KARUNAMAYE BEVERAGES: CRISIL Keeps B- Ratings in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Sri Karunamaye Beverages Private Limited (SKBPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 2 Crisil B-/Stable (Issuer Not Cooperating) Proposed Long Term Bank Loan Facility 5 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SKBPL 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 SKBPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SKBPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SKBPL continues to be 'Crisil B-/Stable Issuer not cooperating'. SKBPL was set up in 2013 by Mr. Manas Chakraborty. The company manufactures polyethylene terephthalate (PET) bottles and polypropylene (PP) caps. It started commercial operations in July 2017. The company is currently setting up a facility for manufacturing packaged drinking water, soda, and soft drinks under own brands. KHANNA AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Khanna Agro Industries (KAI) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.50 Crisil B/Stable (Issuer Not Cooperating) Rupee Term Loan 2.07 Crisil B/Stable (Issuer Not Cooperating) Working Capital 1.43 Crisil B/Stable (Issuer Not Demand Loan Cooperating) Crisil Ratings has been consistently following up with KAI 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 KAI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KAI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KAI continues to be 'Crisil B/Stable Issuer not cooperating'. KAI was set up by Mr. Rakesh Khanna and Mr. Vinod Khanna in 2013 as a partnership firm. It manufactures farm equipment, primarily rotavator blades and disc equipment in carbon and boron steel. Its manufacturing facility is in Karnal, Haryana. KHEDARIA ISPAT: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Khedaria Ispat Limited (KIL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 Crisil B/Stable (Issuer Not Cooperating) Long Term Loan 0.79 Crisil B/Stable (Issuer Not Cooperating) Proposed Cash 1.21 Crisil B/Stable (Issuer Not Credit Limit Cooperating) Proposed Long Term 14 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with KIL 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 KIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KIL continues to be 'Crisil B/Stable Issuer not cooperating'. KIL was incorporated in 2002. It is engaged in manufacturing of sponge iron and mild steel ingots. Its manufacturing facility located at Sundergarh-Odisha and promoted by Mr. Suryanarayan Senapati and Mr. Narottama Patra. KUN UNITED: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Kun United Motors Private Limited (KUMPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inventory Funding 9.75 Crisil B/Stable (Issuer Not Facility Cooperating) Inventory Funding 1.60 Crisil B/Stable (Issuer Not Facility Cooperating) Inventory Funding 4 Crisil B/Stable (Issuer Not Facility Cooperating) Long Term Loan 0.25 Crisil B/Stable (Issuer Not Cooperating) Overdraft Facility 2 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 0.4 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) SME Credit 2 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KUMPL 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 KUMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KUMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KUMPL continues to be 'Crisil B/Stable Issuer not cooperating'. KUMPL incorporated in 2005 is an authorized dealer of passenger vehicles of Hyundai Motor India Ltd in Andhra Pradesh. LAXMI OIL: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Laxmi Oil And Vanaspati Private Limited (LOVPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 50.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 13, 2024, placed the rating(s) of LOVPL under the 'issuer non-cooperating' category as LOVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LOVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 29, 2025, April 8, 2025 and 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 Laxmi Oil & Vanaspati Pvt Ltd (LOVPL) was incorporated in April 2003 as a private limited company. The company is engaged in business of manufacturing of refined oil. The company also has a packaging unit for the packaging the oil into pouch, tin, jar and bottle for supply to distributors. The company primarily caters to the wholesalers and suppliers of packaged refined oil. It holds the FSSAI compliance certificates. The company also sells refined and blended rice bran oil under the brand name of 'Parv' which is sold by a distribution network in the rural markets of eastern Uttar Pradesh, Madhya Pradesh and Bihar. LAXMI VINAYAKA: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sri Laxmi Vinayaka Agro Foods (SLVAF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.80 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 9, 2024, placed the rating(s) of SLVAF under the 'issuer non-cooperating' category as SLVAF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SLVAF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 25, 2025, April 4, 2025, 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: Stable Sri Laxmi Vinayaka Agro Foods (SLVAF) is a Koppal (Karnataka) based firm which was established in the year 2014 and commercial operations were started from April 2015.The firm was promoted by Mr. N. Suri Babu along with his wife Mrs. N. Leelarani. The rice milling unit of the firm is located at Near Dasnal Bridge, Venkatagiri, Gangavathi, Dist. Koppal, Karnataka. Apart from rice processing, the firm is also engaged in selling its by-products such as broken rice, husk and bran. LUCKNOW PRODUCERS: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Lucknow Producers Co-Operative Milk Union Limited (LPMUL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 Crisil B/Stable(Issuer Not Cooperating) Cash Credit 3 Crisil B/Stable(Issuer Not Cooperating) Cash Credit 10 Crisil B/Stable(Issuer Not Cooperating) Crisil Ratings has been consistently following up with LPMUL 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 LPMUL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LPMUL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LPMUL continues to be 'Crisil B/Stable Issuer not cooperating'. LPMUL is a cooperative milk union set up in 1938 to ensure fair payment to milk producers and regulate its supply in Uttar Pradesh. It works within the cooperative structure of PCDF. It procures milk from over 1000 village dairy co-operative societies in Lucknow, Hardoi, Lakhimpur, Sitapur, Raebareli, and Unnao districts in the state. Its processing unit is in Lucknow and has capacity of 1.5 lakh litre per day. MARUTHI COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Maruthi Cotton Mills Private Limited (MCMPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 Crisil B/Stable (Issuer Not Cooperating) Long Term Loan 4 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MCMPL 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 MCMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MCMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MCMPL continues to be 'Crisil B/Stable Issuer not cooperating'. Established in January, 2014 as a partnership firm, MCMPL is engaged in the business of cotton ginning and pressing. Based in Srikakulan, Andhra Pradesh, the firm is promoted and managed by Mr. P Srinivasa Rao and Mrs. P Suneetha. PATIL CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Patil Construction & Infrastructure Limited (PCIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 24.58 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 PCIL under the 'issuer non-cooperating' category as PCIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PCIL 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 Patil Construction and Infrastructure Limited (PCIL) is the flagship company of the Patil Group. PCIL is engaged in execution of construction contracts for infrastructure and commercial segments, with specialization in asphalt and concrete roads along with maintenance of bridges, buildings and storm water drainage etc. PCIL operates in various states such as Andhra Pradesh, Chhattisgarh, Jharkhand, Karnataka, Maharashtra, Orissa, Tamilnadu & Telangana. RAJAGANAPATHI TRADING: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Shri Rajaganapathi Trading Corporation (SRTC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 16, 2024, placed the rating(s) of SRTC under the 'issuer non-cooperating' category as SRTC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRTC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 2, 2025, March 12, 2025, March 22, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable SRK Traders, VT Traders and Sri Rajaganapathy Traders were established in 2008, 2009 and 2008 respectively by Mr. B K Venkatachalam and Ms. V Tamilayshhwarya. The entities were engaged in trading of Rice, turmeric and grams. Later on January 01, 2012, Shri Rajaganapathi Trading Corporation (SRTC) was established as a partnership concern with Mr. B K Venkatachalam and Ms. V Tamilayshhwarya as partners with the profit sharing ratio of 60:40 and the three existing entities was merged into one entity. SRTC is engaged in trading of para-boiled rice, commonly referred to as 'Ponni' variety and split red gram. The firm purchases the goods from suppliers located in different districts of Tamil Nadu and wholesales them to retailers located in Erode, Avinashi, among other places in Tamil Nadu. The firm has one associate concern namely, Shri Shivvishnu Traders engaged in similar line of business. The registered office and two warehouses of SRTC are located in Erode, Tamil Nadu. RGM FUTURE: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of RGM Future Vision 21 Private Limited (RFVPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 29.02 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 RFVPL under the 'issuer non-cooperating' category as RFVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RFVPL 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: Stable RGM Future Vision 21 Private limited was incorporated on July 23, 2020, by Mr. Roshan Lal Ranga, to establish 6 CBG (Compressed Biogas) manufacturing plant under the greenfield project. The company has entered into an agreement with oil marketing companies for supply of CBG. The company has entered into an agreement with the below mentioned companies for acquisition of land (5- acre land @40 lacs per acre i.e., INR 2.00 Cr) on a lease for a period of 15 years & above. The promoters the following entities have provided land for the project against a share of 20% profits of the company over a period of 15 years. S.D.S. ELECTRONICS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of S.D.S. Electronics Private Limited (SEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.00 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 SEPL under the 'issuer non-cooperating' category as SEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 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 SEPL was incorporated in 1993. The company is promoted and managed by Mr Yogeshwar Sahdev and Mr Kuldeep Sahdev. SEPL is engaged in the manufacturing as well as trading of electronic security equipments, Bomb Detection and Disposal Solution (BDDS) and Anti-sabotage equipments which include the products like non-linear junction detection, explosive detector, mine detector, deep search metal/mine detector, bomb disposal suit, digital portable X-Ray machine, multi zone walk through metal detector, search lights, flash lights, search and rescue devices, etc. Its manufacturing facility is located at Panchkula, Haryana. SHANKAR VIJAY: CARE Lowers Rating on INR47cr LT/ST Loans to D ------------------------------------------------------------- CARE Ratings has revised the ratings for the bank facilities of Shree Shankar Vijay Timber Exports Private Limited (SSVTEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 47.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable/ CARE A4 Short Term Bank 0.22 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE A4 Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated October 4, 2024, placed the rating(s) of SSVTEPL under the 'issuer non-cooperating' category as SSVTEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSVTEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 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). The ratings have been revised on account of non-availability of requisite information. The rating revision also considers ongoing delays in debt servicing as recognized from publicly available information. Analytical approach: Standalone Outlook: Not Applicable Shree Shankar Vijay Timber Exports Private Limited (SSVTEPL) was incorporated by Mr Kirit Patel in 1975. SSVTEPL is engaged in the business of timber trading, wherein it majorly imports teakwood from Myanmar (Burma), Chile and Ecuador. The company earns the entire revenue from the domestic market where it invites its regular customers with whom the group has been dealing since past three decades. The company caters to retailers & sawmills based out of Kerala, Andhra Pradesh, Karnataka and Mumbai. SHIV PRASAD: CARE Lowers Rating on INR36cr ST Loan to D ------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Shiv Prasad Enterprises (SPE), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.35 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B-; Stable Short Term Bank 36.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE A4 Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated September 6, 2024, placed the rating(s) of SPE under the 'issuer non-cooperating' category as SPE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPE continues to be non-cooperative despite repeated requests for submission of information through emails dated May 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). The ratings have been revised on account of non-availability of requisite information. The rating revision also considers ongoing delays in debt servicing recognized from publicly available information. Analytical approach: Standalone Outlook: Not Applicable Established in 1993, Shiv Prasad Enterprises (SPE) is engaged in the business of trading of teak wood (round wood logs). SPE procures entire teak wood via imports (approximately 95% from Burma) and sells it in domestic market majorly through auction where it invites its regular customers with whom the group has been dealing since past three decades. The firm caters to retailers & saw mills based out of Kerala, Andhra Pradesh, Karnataka and Mumbai. SHRADDHA ENERGY: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shraddha Energy and Infraprojects Private Limited (SEIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 164.31 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 13.95 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 13, 2024, placed the rating(s) of SEIPL under the 'issuer non-cooperating' category as SEIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SEIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 29, 2025, April 8, 2025 and 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 SEIPL, promoted by Mr. Shivaji Bhagwanrao Jadhav in 1986, is the flagship company of Shraddha group. The company is engaged in the business of sugar manufacturing, co-generation from Sugar Unit and construction work related to dams, barrages lift irrigation, etc and power generation through wind energy. UPL CORP: S&P Alters Outlook to Stable, Affirms 'BB' LT ICR ----------------------------------------------------------- S&P Global Ratings revised its rating outlook on India-based UPL Corp. to stable from negative. At the same time, S&P affirmed its 'BB' long-term issuer credit rating on the company. S&P also affirmed its 'BB' issue rating on its senior unsecured notes and 'B+' issue rating on its subordinated perpetual securities. The stable outlook on UPL Corp. reflects S&P's expectation that earnings growth, proactive management of upcoming maturities, and prudent working capital management will likely improve its funds from operations (FFO)-to-debt ratio over the next two years. UPL Corp. is paying down debt. The company has raised significant funds over the past six months. This includes the sale of a minority stake in Advanta Enterprises Ltd. for US$350 million. Additionally, the company has received half of the money from its US$400 million rights issue and is likely to receive the rest by September 2025. S&P said, "We believe UPL Corp. will use a large part of the US$750 million in total proceeds from these initiatives to repay debt. It has already prepaid a US$250 million term loan maturing in September 2025. This ongoing debt reduction will improve UPL Corp.'s FFO-to-debt ratio to about 18% in fiscal 2026 (year ending March 31) from 13% in fiscal 2025. We expect this ratio to reach 20% by fiscal 2027 as earnings recover further. "A gradual recovery in the agrochemical industry will strengthen UPL Corp.'s earnings. We see signs of improvement in the fundamentals of the agrochemical industry. With inventory destocking largely complete, increased demand for restocking crop protection products will support UPL Corp.'s earnings. "UPL Corp.'s results for fiscal 2025 exceeded our expectations, with EBITDA 13% higher than our estimate. We expect this positive momentum to continue, supported by the likely turnaround in industry conditions." UPL Corp.'s credit ratios are sensitive to large swings in working capital. UPL Corp. has experienced considerable volatility in cash flows in the past due to large movements in working capital. The company's substantial business in Latin America results in its receivables being higher than the industry average. This weighs on how quickly it can turn sales into cash. S&P said, "We expect working capital requirements in fiscal 2026 to rise by Indian rupee (INR) 16 billion-INR18 billion. This is largely because increasing sales require a higher buildup of inventory. The working capital usage is likely to normalize to INR5 billion-INR8 billion in subsequent years. While our base case is for UPL Corp.'s FFO-to-debt to approach 20%, an additional INR10 billion in working capital requirement could slow the improvement of this ratio." UPL Corp. will weather the tariff storm. UPL Corp.'s U.S. business vertical has enough supplies of active ingredients and formulations secured until September 2025. Beyond that, the company should be able to pass on rising costs due to tariffs to distributors since crop protection products are essential. Tariffs would likely benefit UPL Corp.'s India business. This is because the U.S. has imposed a lower tariff of 10% on Indian imports compared with a 30% tariff on Chinese imports. This difference in tariffs will make Indian supplies more attractive to U.S. customers. S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses--specifically in regard to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. S&P said, "As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential and actual policy shifts and reassess our guidance accordingly." S&P said, "We have changed our assessment of the equity content of UPL Corp.'s US$400 million subordinated perpetual securities to minimal from intermediate. As a result, we add the full amount to our adjusted debt calculation. This follows the company's announcement of its plan to repurchase the hybrid instrument on its first reset date on May 27, 2025. Nonetheless, the revision will have minimal impact on our overall assessment of the company's creditworthiness. "We believe UPL Corp. will fund the transaction with proceeds from its recent rights issue, stake sale, and cash flows from operations. Should the company seek to pursue a future hybrid issuance, we would look to reassess the issuer's intent toward hybrid capital at that time, including the intention to replace such instruments. "The stable outlook on UPL Corp. reflects our expectation that growth of the company's earnings, proactive management of upcoming maturities, and prudent working capital management will likely improve its credit profile over the next two years. We expect its ratio of operating cash flow to debt to remain comfortably above 10% and its FFO-to-debt ratio to improve above 20% over the next 24 months, driven by steady growth in earnings and stable EBITDA margins. "We may lower the rating on UPL Corp. if a recovery in demand for crop protection products takes longer than we expect, resulting in stagnant volumes and low margins. In such a scenario, UPL Corp.'s FFO-to-debt ratio could remain sustainably below 20%. We may also downgrade UPL Corp. in the event of a material increase in debt, potentially due to an extended working capital cycle, debt-funded acquisitions, or higher shareholder distributions. "We could raise the rating on UPL Corp. if resilient earnings and cash flow lead to a sustained improvement in the company's credit quality. In such a scenario, we would expect liquidity to improve further and the company's FFO-to-debt ratio to be comfortably above 20%." VARRON INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Varron Industries Private Limited (VIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.94 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 109.10 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 142.80 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 2, 2024, placed the rating(s) of VIPL under the 'issuer non-cooperating' category as VIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 18, 2025, March 28, 2025 and April 7, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Varron Industries Private Limited (VIPL) is engaged in the manufacturing of alloy and aluminium based ingots, aluminium castings and steel forgings utilized in the production of automotive components and forgings. It manufactures aluminium ingots of all grades by recycling of aluminium scrap material. The manufacturing plant of the company is located at Ratnagiri, Maharashtra, VAPL has installed eight furnaces for the manufacturing of aluminium ingots. VENKATESH TRADING: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shri Venkatesh Trading Company (SVTC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 19, 2024, placed the rating(s) of SVTC under the 'issuer non-cooperating' category as SVTC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SVTC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 5, 2025, March 15, 2025, March 25, 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 Katni (Madhya Pradesh) based SVTC was formed in 1991 as a proprietorship concern by Mr. Bhagwan Das Maheshwari to carry out business of logistics services. Subsequently in 2010, it was converted into partnership firm with Jyoti Maheshwari and currently they are sharing profit and loss in the ratio of 60%:40%. VINAYAK MARINE: CARE Lowers Rating on INR11.51cr LT Loan to B ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Vinayak Marine Services Private Limited (VMSPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.51 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING and Downgraded from CARE B+; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 16, 2024, placed the rating(s) of VMSPL under the 'issuer non-cooperating' category as VMSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VMSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 1, 2025, April 11, 2025 and April 21, 2025 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 VMSPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Incorporated in 2006 by Mr. Ravi Kapoor and Mr. Shakti Kapoor, Vinayak, Marine Services Private Limited (VMS) is engaged in providing shipping services viz. offshore personnel transportation for those personnel engaged in offshore oil & gas exploration activities. Moreover, the company is also engaged into bunker & marine spares supply, ship management & consultancy services, ship brokers & charterer services, ship sale & purchase services, men & material movement (MMM) and salvage & towage services. VINDHYA SHIKSHA: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Vindhya Shiksha Samiti (VSS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.04 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 23, 2024, placed the rating(s) of VSS under the 'issuer non-cooperating' category as VSS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VSS continues to be non-cooperative despite repeated requests for submission of information through emails dated March 9, 2025, March 19, 2025, March 29, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Balaghat (Madhya Pradesh) based Vindhya Shiksha Samiti (VSS) is registered as a society in 2000 under M.P. Society Registration Act, 1973 with an objective to impart education. The society is presently operating nine colleges in Balaghat, Mandla and Dongariya district of Madhya Pradesh and offers degree courses in Engineering and Technology, Medical and Pharmaceutical sciences, basic science, nursing education, commerce and Polytechnic as well as post graduate course in M.Sc (IT) stream, M.Ed. It also offers diploma course in electrical mechanical & civil engineering courses to students under its colleges, Sardar Patel College of Technology and Sardar Patel Polytechnic College which are affiliated with Rajiv Gandhi Proudyogiki Vishwavidyalaya (RGPV) and Rani Durgawati Vishwavidyalaya University, Jabalpur and has taken approval from All India Council for Technical Education (AICTE), Pharmacy Council of India (PCI) and NCTE. The society is also running a school namely Mount Litera Zee Learn School in Balaghat from nursery to seventh. The school became operational from academic year 2017-18. The society is also running a university namely Sardar Patel University in Balaghat in Madhya Pradesh. University became operational from academic years 2018-19 and here are more than 70 courses in university. =============== M A L A Y S I A =============== POS MALAYSIA: Net Loss Widens to MYR41.5MM in Q1 Ended March 31 --------------------------------------------------------------- The Star reports that Pos Malaysia Bhd has continued its streak of losses, posting a net loss of MYR41.52 million for the first quarter ended March 31, 2025 compared to a net loss of MYR19.68 million for the same quarter a year ago. According to a filing on Bursa Malaysia, the postal service company said the loss was due to lower sales as well as an operating expense of MYR36.9 million, The Star discloses. For its postal segment, revenue fell 4% due to the drop in bulk mail volume handled and lower international volume during the quarter. Its logistics segment also saw a decrease in revenue from the automotive and freight management business due to the lower volume handled and change in pricing mechanisms and the extended docking period of a vessel. Its one positive was the aviation segment which recorded a higher revenue attributable to the in-flight catering business with higher number of meals uplifted. Its revenue for the quarter under review was also lower at MYR467.06 million compared to MYR491.97 million in the same quarter last year. It noted, however, its revenue for 1Q25 was 2% higher than 4Q24, driven by stronger performances in its postal and aviation segments. Moving forward, Pos Malaysia said it will remain committed to advancing its transformation agenda, The Star relays. "This will center around enhancing customer experience, expanding our service portfolio, upskilling our workforce, embedding environmental, social and governance priorities and strengthening operational efficiencies," it said, notes the report. It added it will stay cautious for the remaining of the year despite the external environment being dynamic. Pos Malaysia Berhad is engaged in providing postal and related services, including receiving and dispatching of postal articles, postal financial services, dealing in philatelic products and sale of postage stamps. ===================== N E W Z E A L A N D ===================== HAWKES HARVESTING: Court to Hear Wind-Up Petition on May 26 ----------------------------------------------------------- A petition to wind up the operations of Hawkes Harvesting Limited will be heard before the High Court at Whangarei on May 26, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 26, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 KT WATERPROOFING: Creditors' Proofs of Debt Due on June 20 ---------------------------------------------------------- Creditors of KT Waterproofing Contractor Limited are required to file their proofs of debt by June 20, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 16, 2025. The company's liquidators are: Rachel Mason-Thomas Jeffrey Philip Meltzer Meltzer Mason, Chartered Accountants PO Box 6302 Victoria Street West Auckland 1141 PLATINUM CONCRETE: Creditors' Proofs of Debt Due on June 30 ----------------------------------------------------------- Creditors of Platinum Concrete Limited are required to file their proofs of debt by June 30, 2025, to be included in the company's dividend distribution. The High Court at Tauranga has appointed Paul Manning and Jessica Jane Kellow of BDO Wellington as liquidators. RNB TRANSPORT: Grant Bruce Reynolds Appointed as Liquidator ----------------------------------------------------------- Grant Bruce Reynolds of Reynolds & Associates on May 14, 2025, was appointed as liquidator of RNB Transport Limited. The liquidator may be reached at: Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 SMITH & CAUGHEY: To Close Queen Street and Online Stores -------------------------------------------------------- Radio New Zealand reports that after 145 years in business, Auckland department store Smith & Caughey's has announced it will close on July 31. In a statement posted to social media, Smith & Caughey's said 98 staff would be made redundant when the Queen Street retail and online stores close, RNZ relates. Smith & Caughey's closed its Newmarket store last year and reduced its CBD store to a single-floor format due to financial difficulties. According to RNZ, the company cited increased competition from new shopping malls, continued economic uncertainty and low consumer confidence and spending power has contributed to their closure. Smith & Caughey's also said many city office workers were continuing to work from home, post-Covid. They said the city centre has also faced significant disruption and change in the form of ongoing roadworks and the slow progress of CRL causing traffic congestion, RNZ relays. The company also said a large decline in foot traffic on Queen Street and an increase in parking costs had caused an impact, forcing the "heartbreaking" closure of the entire business. "We are acutely aware that this has been a difficult and uncertain time for our staff and today's announcement is a deeply emotional one for all the team, our suppliers and our loyal customers," RNZ quotes acting chief executive Matt Harray as saying. "Our intention has always been to address the business challenges so that Smith & Caughey's can continue. Every attempt has been made to achieve this and every feasible option investigated, no stone left unturned. "However, it's sadly clear it is no longer viable for us to keep the doors open." The online store will close on May 30, RNZ adds. UNIT FIRE: Court to Hear Wind-Up Petition on May 29 --------------------------------------------------- A petition to wind up the operations of Unit Fire Protection will be heard before the High Court at Auckland on May 29, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 24, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ================= S I N G A P O R E ================= APOLLO AQUACULTURE: Court Enters Wind-Up Order ---------------------------------------------- The High Court of Singapore entered an order on May 9, 2025, to wind up the operations of Apollo Aquaculture Group Private Limited. The company's liquidators are: Tan Wei Cheong Lim Loo Khoon c/o Deloitte & Touche LLP 6 Shenton Way #33-00 OUE Downtown Singapore 068809 AXSYS TECHNOLOGIES: Court Enters Wind-Up Order ---------------------------------------------- The High Court of Singapore entered an order on May 9, 2025, to wind up the operations of Axsys Technologies & Engineering (Pte.) Ltd. The Comptroller of Goods and Services Tax filed the petition against the company. The company's liquidators are: Chan Kwong Shing, Adrian Tan Yen Chiaw Toh Ai Ling KPMG Services 12 Marina View #15-01 Asia Square Tower 2 Singapore 018961 FIGTECH PRIVATE: Commences Wind-Up Proceedings ---------------------------------------------- Members of Figtech Private Limited on May 8, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Mr. Goh Wee Teck Mr. Lin Yueh 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 GREENWARE TECHNOLOGY: Creditors' Proofs of Debt Due on June 16 -------------------------------------------------------------- Creditors of Greenware Technology Pte. Ltd. are required to file their proofs of debt by June 16, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 9, 2025. The company's liquidators are: Victor Goh Khor Boon Hong Marie Lee c/o Baker Tilly 600 North Bridge Road #05-01 Parkview Square Singapore 188778 KCT ENGINEERING: Creditors' Proofs of Debt Due on June 16 --------------------------------------------------------- Creditors of KCT Engineering & Trading Pte. Ltd. are required to file their proofs of debt by June 16, 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: Chian Yeow Hang c/o Abacus Insolvency Solutions 238A Thomson Road #25-07 Novena Square Singapore 307684 [] SINGAPORE: More Bankruptcy Filed by Debtors in Past 5 Years -------------------------------------------------------------- The Straits Times reports that more than half of the bankruptcy applications in 2024 were made by the debtors themselves, according to the Ministry of Law (MinLaw). This is the fifth consecutive year since 2020 that the number of self-filed applications was higher than the number of applications by creditors, based on figures the ministry provided to The Straits Times in response to queries. ===================== S O U T H K O R E A ===================== KDB LIFE: At Risk of Troubled Financial Institution Designation --------------------------------------------------------------- The Korea Times reports that KDB Life Insurance, a subsidiary of state-run Korea Development Bank (KDB), fell into a state of complete capital erosion as of March, raising the possibility that it may be designated a troubled financial institution, industry officials said May 20. Such a designation could carry significant consequences, considering that KDB Life held insurance liabilities, including future payouts to policyholders, totaling about KRW17 trillion ($12.4 billion) as of March, The Korea Times relates. This amount is more than four times the KRW4 trillion in liabilities held by MG Non-Life Insurance, which was designated as a troubled financial institution in 2022 and is now being phased out of the market. If KDB Life is classified as a troubled financial firm, the impact on its policyholders is expected to far exceed that of MG Non-Life, The Korea Times says. According to The Korea Times, the state-run bank said it plans to normalize and eventually sell its insurance subsidiary, but doing so is expected to require an enormous injection of capital. Given that the bank is funded by taxpayers, the plan is likely to draw criticism for using public funds to sustain a failing financial institution. According to KDB Life's latest quarterly filing, the insurer had total assets of KRW17.85 trillion and total liabilities of KRW17.99 trillion, leaving it with negative equity of KRW134.8 billion, The Korea Times discloses. The firm's capital adequacy has plunged far below acceptable levels, with a capital erosion rate of 127 percent, meaning its liabilities exceed assets by a wide margin. KDB Life stressed that its capital erosion does not indicate any issues with liquidity or its ability to pay out insurance claims. A company official noted that the negative capital figure stems from accounting adjustments tied to the adoption of the International Financial Reporting Standard 17, a set of new global accounting standards, in 2023. "Under the new framework, insurance contracts are measured at market value. As market interest rates declined and regulators further lowered the discount rate used to assess insurance liabilities, the resulting valuation losses were reflected in our capital figures, leading to what appears to be capital erosion," the official explained. "However, this is purely an accounting outcome and does not suggest we are unable to meet policyholder obligations." The KDB has long faced criticism for sustaining the struggling financial firm with public funds. The controversy dates back to 2010, when the bank took over Kumho Life Insurance, the predecessor of KDB Life, as part of the restructuring of the financially troubled Kumho Asiana Group. At the time, the acquisition was widely viewed as a preferential deal financed by taxpayer money. Since 2014, the bank has tried six times to sell the insurer, but all attempts have been unsuccessful. Criticism is likely to continue, as market expectations suggest that around 1 trillion won more will be needed to stabilize the insurer, on top of the approximately KRW1.5 trillion already invested by the state-run bank. The bank stated that it plans to undertake capital expansion measures, including a rights offering, within this year to normalize the insurer. "We are planning to discuss a rights offering within this year, although the specific amount has not yet been finalized," a bank official said, notes the report. ================= S R I L A N K A ================= SRI LANKA: Central Bank Cuts Rate by 25 bps to Foster Growth ------------------------------------------------------------ Reuters reports that Sri Lanka's central bank cut the policy rate by 25 basis points in a surprise move on May 22, aiming to foster stronger economic growth after a lingering financial crisis and buffer any fallout from potential U.S. tariffs. The Central Bank of Sri Lanka (CBSL) changed the overnight policy rate to 7.75%, it said in a statement, in contrast with a Reuters poll of 12 analysts and economists who had unanimously expected the bank to maintain its policy stance. "The board is of the view that this measured easing of monetary policy stance will support steering inflation towards the target of 5%, amidst global uncertainties and current subdued inflationary pressures," the bank said. Supported by a $2.9-billion programme from the International Monetary Fund (IMF), Sri Lanka has steadily recovered from a financial crisis caused by a severe shortfall of foreign exchange reserves three years ago, according to Reuters. The island nation turned around its economy to post growth of 5% in 2024, and the World Bank predicts it will grow 3.5% this year. Inflation, which stood at minus 2% in April on the year, is expected to turn positive in the early part of the third quarter, the central bank, as cited by Reuters, added. Inflation is only expected to reach the bank's target of 5% in 2026, analysts said. "While not being the main driving force, the cumulative concern of domestic inflation and a potential global recession may have prompted officials to make this marginal downward adjustment," Reuters quotes Raynal Wickremeratne, co-head of research at Softlogic Stockbrokers, as saying. Before the United States suspended them for three months, its tariffs of 44% on Sri Lanka threatened to affect about $3 billion of the country's exports and possibly undermine its economic recovery. Officials of both sides are in talks to strengthen trade relations, Reuters says. "If the language in the statement is interpreted to mean further cuts in the year with inflation staying lower than expected, then rates can shift down a bit more," Reuters quotes Thilina Panduwawala, head of research at Colombo's Frontier Research, as saying. "That can help sustain the robust growth momentum we have been seeing and offset some impacts from global volatility." About Sri Lanka Sri Lanka, formerly known as Ceylon and officially the Democratic Socialist Republic of Sri Lanka, is an island country in South Asia. Sri Jayawardenepura Kotte is its legislative capital, and Colombo is its largest city and financial centre. The island nation defaulted on its foreign debt for the first time in its history in April 2022 as the worst financial crisis since independence from Britain in 1948 crushed its economy. Fitch Ratings upgraded Sri Lanka's Long-Term Foreign-Currency IDR to 'CCC+', from 'RD' (Restricted Default) on Dec. 20, 2024. Fitch also upgraded the Long-Term Local-Currency IDR to 'CCC+', from 'CCC-', to align with the Long-Term Foreign-Currency IDR. Moody's also upgraded Sri Lanka's long-term foreign currency issuer rating to Caa1 from Ca on Dec. 23, 2024. The outlook is stable. S&P Global Ratings on Dec. 27, 2024, affirmed its 'SD/SD' (selective default) long- and short-term foreign currency and 'CCC+/C' long- and short-term local currency sovereign credit ratings on Sri Lanka. The outlook on the long-term local currency rating is stable. ********* 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. 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