250526.mbx

250526.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, May 26, 2025, Vol. 28, No. 104 Headlines A U S T R A L I A 2 DEVELOP: First Creditors' Meeting Set for May 30 CREDABL ABS 2025-1: Moody's Assigns (P)B2 Rating to Class F Notes EGANS: 140 Workers Sacked as Company Collapses MPFAC (DENTAL SERVICES): Second Creditors' Meeting Set for May 30 NUFARM LTD: S&P Places 'BB' ICR on CreditWatch Negative RESIMAC TRIOMPHE 2025-1: S&P Assigns B+ (sf) Rating to F Notes RICHOS RENDERING: Second Creditors' Meeting Set for May 29 SUPERCARE DENTAL: Second Creditors' Meeting Set for May 29 TAURUS TRUST 2025-1: Moody's Assigns B2 Rating to AUD1.75MM F Notes THINK TANK 2025-2: S&P Assigns B+(sf) Rating to Class F Notes V C MOTORCYCLES: First Creditors' Meeting Set for May 29 VAILO PTY: Placed Into Liquidation B A N G L A D E S H BANGLADESH: Fitch Affirms 'B+' Foreign Currency IDR, Outlook Stable C H I N A CHINA HONGQIAO: Fitch Rates Proposed USD Sr. Unsecured Notes 'BB+' DATASEA INC: Stockholders Approve Proposals at Annual Meeting HUMAN HORIZONS: HiPhi Gets Lifeline From Lebanese Investor I N D I A ADAPTIO FACILITY: Liquidation Process Case Summary ADINATH SILKS: ICRA Keeps D Debt Rating in Not Cooperating BHUSHAN POWER: JSW Steel Seeks Refund of Payments CAMERICH PAPERS: Liquidation Process Case Summary CHAITANYA CHEMICALS: ICRA Keeps B+ Ratings in Not Cooperating FAIRSTREET SPORTS: Insolvency Resolution Process Case Summary FINE FACETS: ICRA Keeps D Debt Ratings in Not Cooperating FRONTLINE BUILDERS: ICRA Keeps B+ Debt Rating in Not Cooperating GEETANJALI AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating GILLCO DEVELOPERS: ICRA Keeps D Debt Ratings in Not Cooperating GIRIRAJ TIMBER: ICRA Lowers Rating on INR42cr ST Loan to D GOKUL COTTON: ICRA Keeps B+ Ratings in Not Cooperating Category GVK ENERGY: Insolvency Resolution Process Case Summary HANUMAN FOODS: ICRA Keeps D Debt Ratings in Not Cooperating HARI KRIPA: ICRA Keeps D Debt Ratings in Not Cooperating Category HARSHITA POLYPACK: ICRA Keeps D Debt Ratings in Not Cooperating JAY UMIYA: ICRA Keeps B Debt Ratings in Not Cooperating Category JONNA STEELS: ICRA Keeps B+ Debt Ratings in Not Cooperating JR TOLL: CARE Keeps D Debt Rating in Not Cooperating Category KAMARLI STEELS: ICRA Keeps D Debt Ratings in Not Cooperating KASTURI COMMODITIES: ICRA Keeps D Debt Ratings in Not Cooperating KEELZ FACILITY: CARE Assigns D Rating to INR15cr NCDs KIRTILAL M: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating KWALITY TOWNSHIP: ICRA Keeps D Debt Rating in Not Cooperating MAHALAXMI BUILDWELL: ICRA Keeps B+ Ratings in Not Cooperating MAHAVIR DEVELOPERS: CARE Lowers Rating on INR11.83cr LT Loan to B- MAHILA UDYOG: Liquidation Process Case Summary MDM TELEVENTURES Insolvency Resolution Process Case Summary NIKI AGRO: CARE Keeps D Debt Rating in Not Cooperating Category OM SHRI SHUBH: Insolvency Resolution Process Case Summary ROHTAK-HISSAR: CARE Keeps D Rating in Not Cooperating Category ROHTAK-PANIPAT: CARE Keeps D Rating in Not Cooperating Category S. SELLADURAI: CARE Keeps C Debt Rating in Not Cooperating SADBHAV BANGALORE: CARE Keeps D Debt Rating in Not Cooperating SADBHAVANA ENERGY: Voluntary Liquidation Process Case Summary SATYA IRON: Insolvency Resolution Process Case Summary STERNE INDIA: Insolvency Resolution Process Case Summary SUJAY FEEDS: CARE Keeps B- Debt Rating in Not Cooperating SURYA PLASTICS: CARE Keeps D Debt Rating in Not Cooperating VICTOR BUILDWEL: Insolvency Resolution Process Case Summary WELLSHINE CHIT: Voluntary Liquidation Process Case Summary M A L A Y S I A DC HEALTHCARE: Net Loss Narrows to MYR839K in Q1 Ended March 31 N E W Z E A L A N D 118 DEVELOPMENT: Court to Hear Wind-Up Petition on May 29 CANNASOUTH LIMITED: Kevin Davies Appointed as Receiver SEA ELECTRIC: First Creditors' Meeting Set for June 3 SORIANO LIMITED: Court to Hear Wind-Up Petition on June 5 STUDIO NEW ZEALAND: Court to Hear Wind-Up Petition on June 5 P A K I S T A N PAKISTAN: Funding Review Expected in Second Half of 2025, IMF Says S I N G A P O R E CHARLESTON SCIENTIFIC: Court to Hear Wind-Up Petition on May 30 CONTINUUM GREEN: Moody's Outlook on RG2's 'Ba2' Rating Now Neg. INNOVATE INTERIOR: Court Enters Wind-Up Order MEATERY LLP: Court to Hear Wind-Up Petition on May 30 TOMHOUSE PTE: Commences Wind-Up Proceedings VIRAGO AGRI: Court Enters Wind-Up Order S O U T H K O R E A CHUNGHO ICT: Drops 90% on First Day of Liquidation Trading HOMEPLUS CO: Deadline to Submit Rehab Plan Moved to July 10 - - - - - ================= A U S T R A L I A ================= 2 DEVELOP: First Creditors' Meeting Set for May 30 -------------------------------------------------- A first meeting of the creditors in the proceedings of 2 Develop Urban Pty Ltd will be held on May 30, 2025 at 10:00 a.m. at the offices of Jirsch Sutherland at Level 9, 120 Edward Street in Brisbane and via virtual meeting. Christopher John Baskerville of Jirsch Sutherland was appointed as administrator of the company on May 20, 2025. CREDABL ABS 2025-1: Moody's Assigns (P)B2 Rating to Class F Notes ----------------------------------------------------------------- Moody's Ratings has assigned provisional ratings to notes to be issued by AMAL Trustees Pty Limited as Trustee of the Credabl ABS 2025-1 Trust. Issuer: Credabl ABS 2025-1 Trust AUD364.50 million Class A Notes, Assigned (P)Aaa (sf) AUD37.80 million Class B Notes, Assigned (P)Aa2 (sf) AUD12.15 million Class C Notes, Assigned (P)A2 (sf) AUD10.35 million Class D Notes, Assigned (P)Baa2 (sf) AUD13.95 million Class E Notes, Assigned (P)Ba2 (sf) AUD2.25 million Class F Notes, Assigned (P)B2 (sf) The AUD4.50 million Class G1 Notes and AUD4.50 million Class G2 Notes are not rated by us. The transaction is a securitisation of a portfolio of practice premise (commercial real estate), equipment, practice purchase, fixture and fitting, and auto loans to Australian medical and healthcare professionals. Practice premise loans represent 33.2% of the portfolio and benefit from security over commercial real estate. All portfolio receivables were originated by Credabl Pty Ltd (Credabl). This is Credabl's third asset-backed securitisation (ABS) transaction. Credabl is a finance business that provides commercial loans and personal loans to medical, dental, veterinary and allied health professionals. Credabl started originating loans in 2018 and has originated approximately AUD2.0 billion since inception. Credabl has a loan book of AUD1.08 billion as at April 30, 2025. RATINGS RATIONALE The provisional ratings take into account, among other factors, (1) Moody's evaluations of the underlying receivables and their expected performance; (2) evaluation of the capital structure and credit enhancement provided to the rated notes; (3) availability of excess spread over the transaction's life; (4) the liquidity facility in the amount of 1.8% of all notes; (5) the legal structure; (6) experience of Credabl as servicer; and (7) presence of AMAL Trustees Pty Limited (AMAL) as the back-up servicer. In Moody's views, the credit strengths of this transaction include, among others: -- The strong obligor credit quality as demonstrated by the very low levels of historical portfolio losses and arrears. As of April 30, 2025, 1.52% of Credabl's portfolio is 30+ days in arrears. As at March 31, 2025 Credabl has written off loans totaling AUD4.7 million which represents 0.24% of approximately AUD2.0 billion of origination. Over 91.8% of the portfolio are loans to businesses operated by general / specialist dentists, specialist medical doctors, general medical practitioners or veterinary surgeons and personal guarantee from individuals. These businesses and individuals are prime obligors with high incomes relative to the general Australian population. -- High proportion of secured loans with 33% of the loans are secured by commercial real estate, 19% of the loans are secured by equipment and 7% of the loans are secured by vehicles. In addition all loans benefit from personal guarantees from the related medical, dental, veterinary and allied health professionals. -- An excess spread reserve will be available to cover portfolio losses. The excess spread reserve will be funded from the income waterfall to a target of 0.5% of the initial invested amount should any of: 1) an unreimbursed charge off exists, 2) 3 month rolling acreage 90+ days delinquent loans exceed 2% of the portfolio, or 3) a servicer default having occurred at any point in time. The excess spread reserve will be funded to an uncapped target from the call date. However, the transaction has several challenging features, such as: -- Credabl has a limited origination and servicing track record with loan originations starting in early 2018. This risk is partly mitigated by the fact that Credabl has an experienced management and operational team with a long track record in medical, dental, veterinary and allied health lending in Australia, a niche asset class with over twenty years of strong performance. -- Portfolio granularity: The number of obligors, 1504 individual obligor groups, is relatively low compared to other commercial ABS securitisations. There is also industry concentration to medical and healthcare professionals with 100% of the pool related to this industry. The lack of granularity is partly mitigated by the absence of significant over exposure to individual obligors, diversity at a geographical level and the fact that healthcare is a non-cyclical industry. The largest obligor exposure is about 1.0% of the portfolio and the top 10 obligors account for about 6.6%. -- Balloon loans constitute a significant proportion 61.0% of the portfolio. Balloon payments constitute 41.2% of the portfolio balance. This is due to the 1 to 5 year maturity of the practice premise and practice purchase loans with the balloon payments of these loans expected to be refinanced. Practice purchase loans constitute 10.0% of the portfolio. Moody's stressed the default probability of these loans and the correlation between these loans to account for the refinancing risk related to balloon maturities and in particular the fewer refinance options available for practice purchase loans due to the specialised nature of practice purchase loan lending. -- The pro-rata amortisation of the subordinate classes of notes will lead to reduced credit enhancement of the senior notes in absolute terms. This exposes the senior notes to the risk of loss in the tail end of the transaction, particularly should the timing of defaults prove to be backloaded. MAIN MODEL ASSUMPTIONS -- Mean default rate: Moody's assumed a mean default rate of 2.75% over a weighted average life of 4.55 years (equivalent to a Baa3 proxy rating). The default rate assumption was based on (1) the historical performance data of Credabl's portfolios; (2) benchmarking to comparable portfolios performance, in particular the performance of other specialist healthcare lender portfolios; (3) the high proportion of balloon loans and the corresponding impact on the assumed default rate and (4) the characteristics of the loan-by-loan portfolio information. -- Default rate volatility: Moody's assumed a coefficient of variation (i.e. the ratio of standard deviation over the mean default rate explained above) of 84.02%, as a result of the analysis of the portfolio concentrations in terms of single obligors and industry sectors. -- Recovery rate: Moody's assumed a 42.0% stochastic recovery rate with a standard deviation of 20.0%. The recovery rate assumption is primarily based on the characteristics of the collateral-specific loan-by-loan portfolio information. In particular, 33% of the portfolio is secured by real estate collateral on which third-party valuation has been obtained. -- Portfolio credit enhancement: Considering the above assumptions the Aaa portfolio credit enhancement was set at 18.9% PORTFOLIO CHARACTERISTICS The initial portfolio balance was AUD449,992,853, composed of loans to 1,504 obligor groups. The average obligor group exposure was AUD299,197. The portfolio consists of practice premise loans (33.2%), equipment loans (19.1%), practice purchase loans (22.5%), fixture and fittings loans (18.0%) and auto loans (7.3%). The top obligor exposure is 1.0% and the top ten obligors constitute 6.6% of the portfolio. The weighted average portfolio yield was 8.03%. KEY TRANSACTION STRUCTURAL FEATURES -- The notes will be repaid on a sequential basis initially. On and after the payment date occurring twelve months after the deal closing date, Class A to Class F Notes will receive their pro-rata share of principal, provided step-down conditions are satisfied. These include, among others, subordination to the Class A notes of at least 28.5%, no unreimbursed charge-offs and payment date occurring prior to the call option date. If step-down conditions are no longer met, the repayment of principal will revert to sequential. The call option date will occur on the earlier of the payment date in March 2029 or the date on which the aggregate outstanding amount of the trust receivables is less than or equal to 20% of the aggregate outstanding amount of the trust receivables as at settlement date. The transaction benefits from a funded liquidity reserve that is sized at 1.8% of the aggregate invested amount of notes, subject to a floor of AUD810,000, and is sufficient to cover approximately 3.6 months of required payments. Methodology Underlying the Rating Action The principal methodology used in these ratings was "SME Asset-backed Securitizations" published in July 2024. If the revised methodologies are implemented as proposed, it is not currently expected that the Credit Ratings referenced in this press release will be affected. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include better-than-expected collateral performance. The Australian economy is a primary driver of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Additionally, Moody's could downgrade the ratings in case of poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, or lack of transactional governance and fraud. EGANS: 140 Workers Sacked as Company Collapses ---------------------------------------------- News.com.au reports that about 140 people across Australia have been immediately sacked following the sudden collapse of Australia's largest distributor of second-hand office furniture. According to news.com.au, staff at furniture company Egans received a text message on May 23 morning telling them to attend a compulsory all-staff meeting, where they were told they no longer had jobs. "Notice of important company announcement," the text message read. "Do not go to job site first." In a statement to news.com.au, Director Andrew Egan said the company had faced "pervasive cost increases" and a "revenue slump" which was affecting "every business in Australia". The company has staff across NSW, Victoria and South Australia. "Egans is a family business that has been developing a worlds (sic) best practice circular economy model for 30 years," news.com.au quotes Mr. Egan as saying in his statement. "Universities and corporations across Australia have adopted our model and are devastated by todays news. "Our staff have worked on this data-backed, fully resolved model for many decades. Like us, they are heartbroken." According to news.com.au, Mr. Egan said that his company had saved two million kilograms of office furniture through their approach: "Given there is no alternate model in the market, this is as difficult for our customers as it is for our staff. "Our thoughts go out to the 140 staff and their families who are affected by this." News.com.au says staff had no warning about the collapse and were only first told about the decision to close the business during the all-staff meeting. Egans' main company website has already been scrubbed from the internet. Egans provided office fit-outs, disposal, storage and transportation of office furniture. It provided office equipment for the likes of the SA Government, the Fair Work Ombudsman and Adelaide University. MPFAC (DENTAL SERVICES): Second Creditors' Meeting Set for May 30 ----------------------------------------------------------------- A second meeting of creditors in the proceedings of MPFAC (Dental Services) Pty Ltd (trading as Pilbara Dental Centre) has been set for May 30, 2025 at 11:30 a.m. via electronic means (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 29, 2025 at 4:00 p.m. Glenn Jeffrey Franklin and Jason Glenn Stone of PKF Melbourne were appointed as administrators of the company on April 24, 2025. NUFARM LTD: S&P Places 'BB' ICR on CreditWatch Negative ------------------------------------------------------- S&P Global Ratings placed its 'BB' long-term issuer credit rating on Nufarm Ltd. on CreditWatch with negative implications. S&P also placed its 'BBB-' long-term issue rating on the company's A$210 million senior secured bank facility (recovery rating of '1'), its 'BB-' long-term issue rating on its US$350 million senior unsecured notes (recovery rating of '5'), and 'B' long-term issue rating on its subordinated step-up hybrid notes (recovery rating of '6') on CreditWatch with negative implications. S&P said, "The CreditWatch placement with negative implications reflects risk of persistent weakness in the company's earnings in fiscal 2025, such that its debt-to-EBITDA ratio remains above our threshold for the 'BB' rating. We plan to resolve the CreditWatch over the next 90 days on review of the company's earnings outlook, working capital position, liquidity position, and any steps to strengthen its credit standing, including actions related to selling its seeds business. "Continued weak earnings could delay a recovery in Nufarm's cash flow and creditworthiness. We anticipate that persistently weak operating conditions could result in S&P Global Ratings-adjusted EBITDA of about A$200 million in fiscal 2025, compared with our prior forecast of A$235 million for the period. Without any offsetting factors, this would result in the company's ratio of debt to EBITDA remaining above our downside rating threshold of 3.5x in fiscal 2025. "The pace of restocking among farmers and distributors remains sluggish, and we have yet to see a notable recovery in the agrochemical industry. Demand from customers and future prices of active ingredients remain unpredictable. Additionally, the high degree of uncertainty surrounding implementation of tariffs and the potential effects on Nufarm's operations and supply chains compound these conditions. "We believe the industry downturn will likely linger through fiscal 2025, which will constrain a recovery in the company's earnings. In our prior base case, we anticipated a steady, gradual improvement in earnings over the course of fiscal 2025. This reflected our belief that unusual patterns of demand in the last 18 months were temporary. However, these conditions persist, with knock-on effects on earnings." A decline in earnings will absorb the buffer in Nufarm's debt covenant. Nufarm's A$800 million revolving asset-based lending credit facility includes a springing covenant, which is customary for a facility of this type and is only activated when the facility is highly utilized. That said ongoing pressure on earnings will erode room in the fixed charge coverage ratio component of this covenant. Prudent and proactive management of the facility's utilization will therefore be critical, at least in the next two years, in conjunction with measures to preserve cash that the company is instituting. S&P said, "We plan to resolve the CreditWatch placement after updating our base-case forecasts for fiscals 2025 and 2026 in the next 90 days and assessing implications of Nufarm's review of its seeds business ownership and the adequacy of its proposed action to remediate its level of debt to EBITDA in the next six months. We could lower the ratings if we believe the company's earnings will be unable to recover sufficiently or its balance sheet will not adequately strengthen to enable its debt-to-EBITDA ratio to return to below our downside threshold of 3.5x in fiscal 2025. Ratings stability could occur if we believe the debt-to-EBITDA ratio could return to below 3.5x in fiscal 2025." RESIMAC TRIOMPHE 2025-1: S&P Assigns B+ (sf) Rating to F Notes -------------------------------------------------------------- S&P Global Ratings assigned its ratings to seven classes of prime residential mortgage-backed securities (RMBS) issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC Triomphe Trust - RESIMAC Premier Series 2025-1. RESIMAC Triomphe Trust - RESIMAC Premier Series 2025-1 is a securitization of prime residential mortgage loans originated by RESIMAC Ltd. (RESIMAC). The ratings assigned reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each rated class of notes are commensurate with the ratings assigned. Subordination and lenders' mortgage insurance (LMI) cover provide credit support. The credit support provided to the rated notes is sufficient to cover the assumed losses at the applicable rating stress. Our assessment of credit risk takes into account RESIMAC's underwriting standards and approval process, which are consistent with industrywide practices; the strong servicing quality of RESIMAC; and the support provided by the LMI policies on 12.15% of the portfolio. 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 LMI cover, the liquidity facility, the principal draw function, and the provision of an extraordinary expense reserve. Our analysis is on the basis that the notes are fully redeemed by their legal final maturity date, and S&P does not assume the notes are called at or beyond the call date. S&P's ratings also take into account the counterparty exposure to National Australia Bank Ltd. as liquidity facility provider and Westpac Banking Corp. as bank account provider. The transaction documents for the liquidity facility include downgrade language consistent with S&P Global Ratings' counterparty criteria. S&P has also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness. Ratings Assigned RESIMAC Triomphe Trust - RESIMAC Premier Series 2025-1 Class A, A$1,125.00 million: AAA (sf) Class AB, A$67.87 million: AAA (sf) Class B, A$21 million: AA (sf) Class C, A$17.38 million: A (sf) Class D, A$6.25 million: BBB+ (sf) Class E, A$6.25 million: BB+ (sf) Class F, A$1.87 million: B+ (sf) Class G, A$4.38 million: Not rated RICHOS RENDERING: Second Creditors' Meeting Set for May 29 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Richos Rendering & Painting Pty Ltd has been set for May 29, 2025 at 10:00 a.m. at the offices of Rodgers Reidy (TAS) Pty Ltd at Cnr Bathurst & Argyle Street in Hobart 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 4:00 p.m. Shelley-Maree Brooks of Rodgers Reidy (TAS) Pty Ltd was appointed as administrator of the company on April 24, 2025. SUPERCARE DENTAL: Second Creditors' Meeting Set for May 29 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Supercare Dental & Cosmetics Kotara Pty Ltd, Supercare Dental & Cosmetics Tuggerah Pty Ltd, and Usman Dental Pty Ltd has been set for May 29, 2025 at 12:00 p.m. via Zoom virtual meeting facilities. 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. Domenico Alessandro Calabretta, Mathieu Tribut, and Richard Lawrence of Mackay Goodwin were appointed as administrators of the company on April 14, 2025. TAURUS TRUST 2025-1: Moody's Assigns B2 Rating to AUD1.75MM F Notes ------------------------------------------------------------------- Moody's Ratings has assigned definitive ratings to the notes issued by BNY Trust Company of Australia Limited in its capacity as trustee of Taurus 2025-1 Trust. Issuer: BNY Trust Company of Australia Limited in its capacity as the trustee of the Taurus 2025-1 Trust AUD245.00 million Class A1 Notes, Definitive Rating Assigned Aaa (sf) AUD4.60 million Class A1-X Notes, Definitive Rating Assigned Aaa (sf) AUD52.50 million Class A2 Notes, Definitive Rating Assigned Aaa (sf) AUD26.95 million Class B Notes, Definitive Rating Assigned Aa2 (sf) AUD7.35 million Class C Notes, Definitive Rating Assigned A2 (sf) AUD7.35 million Class D Notes, Definitive Rating Assigned Baa2 (sf) AUD8.40 million Class E Notes, Definitive Rating Assigned Ba2 (sf) AUD1.75 million Class F Notes, Definitive Rating Assigned B2 (sf) The AUD0.7 million Class G Notes is not rated by us. Taurus 2025-1 Trust transaction is a static cash securitisation of consumer and commercial auto loan receivables extended to prime borrowers in Australia. Taurus Finance Holdings Pty Limited (Taurus) originated and services the receivables. Taurus is a finance company that originates retail auto loans and provides floorplan finance to automotive dealers. Taurus was founded in 2016 and started originating retail auto loans in October 2019. As of January 31, 2025, Taurus had a loan portfolio of AUD783.3 million of retail auto loans. RATINGS RATIONALE The ratings take into account, among other factors, evaluation of the underlying receivables and their expected performance, evaluation of the capital structure and credit enhancement provided to the notes, availability of excess spread over the life of the transaction, the liquidity facility in the amount of 1.50% of the invested amount of all rated notes subject to a floor of AUD525,000, the legal structure, and the experience of Taurus as servicer. According to Moody's analysis, the transaction benefits from the prime nature of the obligors and the strong historical performance of Taurus's loan portfolio with delinquencies and losses since October 2019 lower than for comparable auto loan originators. However, the limited nature of historical performance data, presents a challenge as the future performance of auto loans could be subject to greater variability than the current data indicates. Moody's portfolio credit enhancement ("PCE") — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 15.0%. Moody's mean expected default rate for this transaction is 2.6% and the assumed recovery rate is 30.0%. Expected defaults, recoveries and PCE are parameters used by us to calibrate Moody's lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in the cash flow model to rate auto ABS. Moody's assumed mean default rate is stressed compared to observed levels of default, with only 281 loans written off between October 2019 and January 2025. To address the limited performance history, Moody's have benchmarked Taurus's portfolio performance, portfolio characteristics, underwriting and credit policies to comparable originators. Moody's have also overlaid additional stresses into Moody's loss assumptions to account for the limited origination and operational history. The PCE of 15.0% is broadly in line with other Australian auto ABS deals and is based on Moody's assessments of the pool taking into account (i) historical data variability, (ii) quantity, quality and relevance of historical performance data, (iii) originator quality, (iv) servicer quality, (v) certain pool characteristics, such as asset concentration. Key transactional features are as follows: -- Principal collections will be at first distributed pari passu and rateably to the Class A1 Notes and Class A2 Notes; then sequentially from Class B to Class G Notes. Once the step down conditions are satisfied, all notes, excluding the Class G Notes, may participate in proportional principal collections distribution. The step down conditions include, among others, subordination to the Class A2 Notes of at least 1.5 times the initial Class A2 subordination, no charge offs on any of the notes and average arrears greater than 90 days not exceeding 4.0% of the aggregate loan amount. Principal pay-down will revert to sequential once the aggregate stated amount of the notes (excluding the Class A1-X Notes) is less than 20.0% of the aggregate invested amount of the notes (excluding Class A1-X Notes) at closing, or on or after the payment date in May 2028. -- A swap provided by National Australia Bank Limited (Aa2/P-1/Aa1(cr)/P-1(cr)) will hedge the interest rate mismatch between the fixed rate assets and the floating rate liabilities. The notional balance of the swap will follow a schedule based on the repayment profile of the assets, assuming a certain prepayment rate. -- BNY Trust Company of Australia Limited (BNY), a wholly owned subsidiary of The Bank of New York Mellon (Aa1/P-1) acts as the standby servicer. BNY has delegated the standby servicer function to Verofi Pty Limited (Verofi), a specialist third-party standby servicer under a memorandum of understanding with Verofi. However, BNY retains legal responsibility for the standby servicer's contractual obligations. If Taurus is terminated or retires as servicer, BNY will take over the legal responsibility of the servicing role in accordance with the standby servicing deed and its back-up servicing plan. Key pool features are as follows: -- The pool consists of 91.4% consumer loans and 8.6% of commercial loans. -- Interest rates in the portfolio range from 6.1% to 16.9%, with a weighted average interest rate of 10.9%. -- The weighted average seasoning of the portfolio is 8.5 months, while the weighted average remaining term of the portfolio is 59.1 months. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in August 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include a rapid build-up of credit enhancement due to sequential amortisation or better-than-expected collateral performance. The Australian job market is a primary driver of performance. Factors that could lead to a downgrade of the notes is worse-than-expected collateral performance, poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, a lack of transactional governance, or fraud. THINK TANK 2025-2: S&P Assigns B+(sf) Rating to Class F Notes ------------------------------------------------------------- S&P Global Ratings assigned ratings to eight of the nine classes of residential mortgage-backed, floating-rate pass-through notes issued by BNY Trust Co. of Australia Ltd. as trustee of Think Tank Residential Series 2025-2 Trust. Think Tank Residential Series 2025-2 Trust is a securitization of loans to residential borrowers, secured by first-registered mortgages over Australian residential properties originated by Think Tank Group Pty Ltd. (Think Tank). The ratings reflect the following factors. S&P has considered the credit risk of the underlying collateral portfolio, including the fact that this is a closed portfolio, which means no further loans will be assigned to the trust after the closing date. The credit support is sufficient to withstand the stresses S&P applies. This credit support comprises note subordination for each class of rated note. The transaction's cash flows can meet timely payment of interest and ultimate payment of principal to the noteholders under the rating stresses. Key factors are the level of subordination provided, the condition that a minimum margin will be maintained on the assets, an amortizing liquidity facility sized at 1.5% of the outstanding balance of the rated notes, the yield reserve, and the principal draw function. There is an extraordinary expense reserve of A$150,000, funded from day one by Think Tank, available to meet extraordinary expenses. The reserve will be topped up via excess spread if drawn. S&P's ratings also reflect the legal structure of the trust, which has been established as a special-purpose entity and meets our criteria for insolvency remoteness. S&P has also considered the counterparty exposure to Commonwealth Bank of Australia as bank account provider and National Australia Bank Ltd. as liquidity facility provider. The transaction documents for the bank account and liquidity facility include downgrade language consistent with its counterparty criteria. Ratings Assigned Think Tank Residential Series 2025-2 Trust Class A1-S, A$225.00 million: AAA (sf) Class A1-L, A$375.00 million: AAA (sf) Class A2, A$89.62 million: AAA (sf) Class B, A$22.73 million: AA (sf) Class C, A$18.15 million: A (sf) Class D, A$9.00 million: BBB (sf) Class E, A$4.87 million: BB+ (sf) Class F, A$2.63 million: B+ (sf) Class G, A$3.00 million: Not rated V C MOTORCYCLES: First Creditors' Meeting Set for May 29 -------------------------------------------------------- A first meeting of the creditors in the proceedings of: - V C Motorcycles Pty Ltd - Harley Heaven Pty Ltd - Peter Stevens Motorcycles Pty. Ltd. - Motorcycle Dealership Group Pty Ltd - Motorcycle Importers Pty Ltd will be held on May 29, 2025 at 11:00 a.m. by virtual meetings only via Zoom. Andrew Knight, Craig Shepard, and Michael Korda of KordaMentha were appointed as administrators of the company on May 19, 2025. VAILO PTY: Placed Into Liquidation ---------------------------------- Speedcafe.com, citing Adelaide Advertiser, reports that VAILO, the outgoing sponsor of the Adelaide Supercars event, has been placed into liquidation - revealing a AUD428,775 debt to the South Australian Motorsport Board. Speedcafe.com relates that VAILO – which went into receivership back in March – now has liquidator Robert Hutson of KordaMentha seeking debts owed to parties, while a seperate Supreme Court wind up order has been made with Robert Ferguson from Ferguson Hannam. This is the latest twist in an ongoing saga regarding VAILO and founder Aaron Hickmann that stretches back to a raid on the VAILO offices by Australian Federal Police and the Australian Tax Office last year, according to Speedcafe.com. Mr. Hickmann has consistently denied any wrongdoing and no charges were laid against him. "The directors and shareholders have put forward a rescue plan which we are doing through our own administrator," Mr. Hickmann told the Advertiser. "The shareholders resolved to go into voluntary administration and appoint a liquidator with a rescue plan." Speedcafe.com notes that the SA Motorsport Board cut its ties with VAILO following the 2024 Adelaide event and has since landed BP as a replacement naming rights partner. As part of that announcement, SA Premier Peter Malinauskas said 'reconciliation' was underway regarding any money owed by VAILO to the SAMB, and that big screens provided by the company could act as contra, Speedcafe.com relays. The SAMB is listed as a creditor owed AUD428,775, Speedcafe.com discloses citing the Advertiser. Vailo specialises in manufacturing of ultra-high-performance LED sports lighting and provides LED digital displays tailored to sporting venues and major outdoor events. =================== B A N G L A D E S H =================== BANGLADESH: Fitch Affirms 'B+' Foreign Currency IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Bangladesh's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B+' with a Stable Outlook. Key Rating Drivers Ratings Affirmed, Outlook Stable: Bangladesh's 'B+' rating balances a moderate level of government debt and availability of official external financing against a low government revenue-GDP ratio, low international reserves relative to its external financing requirements, significant financial sector weaknesses and lagging structural metrics compared with its peers. External refinancing risks are mitigated by a manageable external debt repayment profile, given the prevalence of official creditors, and progress in reforms to improve macroeconomic stability and address banking-sector weaknesses in the context of the 42-month 2023 IMF programme. Nevertheless, risks persist owing to elevated domestic political uncertainty, high inflation and uncertainty over global trade policy. Easing FX Pressures: The shift to a crawling peg, buoyant remittances, steady ready-made garment (RMG) export performance, lower commodity prices and more limited exchange-rate pressures have reduced pressures on external finances despite an easing of import restrictions. FX shortages have eased and the central bank has reduced interventions in the FX market. Remittances have surged by about 28% through April since last July, as reduced exchange-rate misalignment encouraged flows through formal channels. RMG exports have grown by about 10% yoy over the same period. Fitch forecasts the current account deficit to narrow to 0.6% of GDP in the fiscal year ended June 2025 (FY25), before widening to 1.7% of GDP in FY26 as imports normalise. Low Reserves: International reserves have been stable at around USD20 billion-21 billion since August 2024 despite modestly higher currency flexibility and a narrower current account deficit, partly due to clearance of external payment arrears. Fitch expects international reserves to rise slightly, averaging 3.3 months of current external payments over 2025-2026, below the 4.3-month 'B' median. Risks from high external financing needs, forecast at 41% of reserves in 2025, are mitigated by access to external bilateral and multilateral financing. US Tariff Risks: Bangladesh faces a 37% reciprocal tariff rate from the US if the 90-day pause by the Trump administration expires without a new agreement. The direct impact of higher tariffs may be limited, as the share of Bangladesh's exports to the US account for just under 2% of GDP (18% of total RMG exports). The EU is the key market for RMG and remains duty free, accounting for nearly 50% of total RMG exports. Nevertheless, the economy is still at risk from a broader slowdown in global trade given limited room for counter-cyclical policy response. Weaker Growth, Higher Inflation: Fitch forecasts GDP growth to reach 3.5% and 4.0% in FY25 and FY26 respectively, down from 4.2% in FY24 and 5.8% in FY23. Domestic and global uncertainty is likely to dampen investment, although strong remittances and resilient exports may partly offset this. The policy rate has been hiked by 150bp to 10% since August 2024 to contain inflation, which is still elevated at 9.1%, partly due to supply-side factors. Fitch forecasts annual average inflation of 8% in 2026, double of the projected 'B' median. Political Transition-Related Uncertainties: The interim government that took office in August 2024, after the Awami League government was ousted, has initiated wide-ranging reforms to improve public institution transparency, the fiscal framework and governance, and to address banking-sector weaknesses. Elections are likely to be held in 1H26. Policy and reform continuity is uncertain and may affect the progress of the IMF programme. An escalation in political volatility remains possible ahead of elections, given the history of political polarisation. Government Debt Below Peers: Fitch expects gross government debt to stabilise at about 41% of GDP over the medium term (FY23: 36%), but to be below the 'B' median of 52%. The fiscal deficit is projected to stabilise at just under 4% of GDP in the next two years as underspending offsets revenue shortfalls. Potential contingent liabilities from the banking sector, debt of state-owned enterprises and higher borrowing costs are risks to the debt trajectory. The interest-revenue ratio of 25% in 2024 was more than double the 12% 'B' median. Low Revenues: Low general government revenue to GDP is a long-standing fiscal weakness and, at 8.2% in FY24, was far below the 18.7% 'B' median. Revenue growth of 5.2% yoy from July 2024 to January 2025 underperformed the 13.2% budget target due to tax exemptions, weak tax administration and challenges in carrying out tax reforms. Successful implementation of fiscal reforms, part of the IMF programme commitments, including strengthening the independence of the national board of revenue, poses an upside to its revenue forecasts. Weak Banking Sector: Fitch believes the banking sector's credit metrics - asset quality, capitalisation and governance standards - are weak, especially for public-sector banks. Overall, the sector's non-performing loan ratio was 20.2% at end-December 2024, while that of state-owned banks was about 42.8%. The banking sector could be a contingent liability for the sovereign as weaknesses in the sector are addressed. Banking sector reforms initiated include establishing a sector reform task force, governance reforms and a Bank Resolution Ordinance. ESG - Governance: Bangladesh has an ESG Relevance Score of '5' for both Political Stability and Rights, and the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. These scores reflect the high weight that the World Bank Governance Indicators (WBGIs) have in its proprietary Sovereign Rating Model. Bangladesh has a low WBGI ranking in the 23rd percentile, reflecting weak rights for participation in the political process and institutional capacity, uneven application of the rule of law and a high level of corruption. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - External Finances: Increased external vulnerability due to, for instance, a deterioration in the policy mix or a sustained widening of the current account deficit that leads to a further decline in FX reserves. - Public Finances: Higher government debt-to-GDP or financing needs that are driven, for example, by a further sustained increase in the interest/revenue ratio or an inability to increase the government's revenue intake. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - External Finances: A reduction in external vulnerabilities due to, for example, increased credibility of the exchange-rate framework leading to a sustained build-up of FX reserves. - Public Finances: A structural increase in fiscal revenue collection that supports fiscal consolidation and improves the interest/revenue ratio. - Structural: A significant improvement in institutional capacity and the implementation of measures to address economic vulnerabilities, including weaknesses in the banking sector. Sovereign Rating Model (SRM) and Qualitative Overlay (QO) Fitch's proprietary SRM assigns Bangladesh a score equivalent to a rating of 'BB-' on the Long-Term Foreign-Currency IDR scale. Fitch's sovereign rating committee adjusted the output from the adopted SRM score to arrive at the Long-Term Foreign-Currency IDR by applying its QO, relative to SRM data and output, as follows: Structural: -1 notch to reflect weaknesses in institutional capacity, including the macroeconomic policy framework, and broader vulnerabilities in the banking sector in terms of governance, data quality, asset quality and capitalisation. Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three-year centred averages, including one year of forecasts, to produce a score equivalent to a Long-Term Foreign-Currency IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within its criteria that are not fully quantifiable and/or not fully reflected in the SRM. Country Ceiling Bangladesh's Country Ceiling is line with its Long-Term Foreign-Currency IDR. This reflects no material constraints and incentives, relative to the IDR, against capital or exchange controls being imposed that would prevent or significantly impede the private sector from converting local currency into foreign currency and transferring the proceeds to non-resident creditors to service debt payments. Fitch's Country Ceiling Model produced a starting point uplift of '0' notches above the IDR. Fitch's rating committee did not apply a qualitative adjustment to the model result. ESG Considerations Bangladesh has an ESG Relevance Score of '5' for Political Stability and Rights, as WBGIs have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and a key rating driver with a high weight. As Bangladesh has a percentile rank below 50 for the respective governance indicator, this has a negative impact on the credit profile. Bangladesh has an ESG Relevance Score of '5' for Rule of Law, Institutional & Regulatory Quality and Control of Corruption, as WBGIs have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and are a key rating driver with a high weight. As Bangladesh has a percentile rank below 50 for the respective governance indicator, this has a negative impact on the credit profile. Bangladesh has an ESG Relevance Score of '4' for Human Rights and Political Freedoms, as the Voice and Accountability pillar of the WBGIs is relevant to the rating and a rating driver. As Bangladesh has a percentile rank below 50 for the respective governance indicator, this has a negative impact on the credit profile. Bangladesh has an ESG Relevance Score of '4' [+] for Creditor Rights, as willingness to service and repay debt is relevant to the rating and is a rating driver for Bangladesh, as for all sovereigns. As Bangladesh has a 20-plus-year record without a restructuring of public debt - as captured in its SRM variable - this has a positive impact on the credit profile. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Bangladesh LT IDR B+ Affirmed B+ ST IDR B Affirmed B LC LT IDR B+ Affirmed B+ LC ST IDR B Affirmed B Country Ceiling B+ Affirmed B+ ========= C H I N A ========= CHINA HONGQIAO: Fitch Rates Proposed USD Sr. Unsecured Notes 'BB+' ------------------------------------------------------------------ Fitch Ratings has assigned China Hongqiao Group Limited's (Hongqiao, BB+/Stable) proposed US dollar senior unsecured notes a rating of 'BB+'. The proposed notes will be issued by Hongqiao and are rated at the same level as Hongqiao's senior unsecured debt because they constitute its direct, unconditional, unsubordinated and unsecured obligations and rank pari passu with all its other unsecured and unsubordinated obligations. The bond proceeds will be used for general corporate purposes. Hongqiao's rating reflects its position as one of the world's largest aluminium smelters, with a competitive cost position that is supported by high raw-material self-sufficiency and sustained low leverage. The Stable Outlook reflects its expectation that Hongqiao will maintain its strong business and financial profile. Key Rating Drivers Strong Performance, Low Leverage: Fitch expects profitability to remain high in the near term, driven by constrained supply and growing demand. Hongqiao's EBITDA reached CNY44 billion in 2024 amid strong alumina and aluminium prices and moderating raw material costs. Fitch forecasts EBITDA net leverage will stay below 1x in 2025-2027 after incorporating Hongqiao's investment in the Simandou project, as a result of decent cash generation during the period. Lower Short-Term Debt Reliance: Hongqiao reduced its short-term debt to 62% of total debt at end-2024, from 76% at end-2023. Fitch expects the ratio to decline further to 57% by end-2025, supported by its recent bond issuance and efforts to improve its debt structure. High short-term borrowings are mitigated by Hongqiao's low leverage and strong free cash flow (FCF) backed by high profitability. In addition, a large portion of its short-term debt is retained as cash, while the balance is used to fund its working capital, which is short term in nature. Long-Term Funding Accessible: Hongqiao continues to selectively issue longer-term debt, particularly for capex. Its solid banking relationships enhance access to longer-term financing, with support from minority shareholder CITIC Group. Management noted that its preference for short-term debt is driven by the cost advantage rather than the unavailability of longer-term funding. Fitch may view Hongqiao's high reliance on short-term debt as credit negative if there is evidence that its ability to issue longer-term debt is weakened or if FCF generation falls. Large Scale, High Self-Sufficiency: Hongqiao's large operating scale and vertical integration support its market-leading profitability. It is the world's second-largest primary aluminium producer with around 6.5 million tonnes (mt) of capacity. Hongqiao accounted for around 14% and 8% of domestic and global primary aluminum production, respectively, in 2024. In addition, it had high self-sufficiency in bauxite, alumina and electricity, allowing it to withstand raw material price fluctuations. Limited Diversification Mitigated: Hongqiao has limited product, geographical and customer diversification. However, its geographical concentration has improved after it relocated 1.5mt of capacity to Yunnan province, with another 1.5mt in the medium-term pipeline. Over 65% of 2024 revenue came from primary aluminium, with its five largest customers and largest customer accounting for 44% and 32% of revenue, respectively. Nevertheless, the high product and customer concentration is mitigated by the product's commoditised nature and diverse, high-quality end-demand. CITIC Shareholding Enhances Governance: CITIC Group became a shareholder of Hongqiao in 2017 and maintained about 6% shareholding as of end-2024. The group is represented by two board members and actively participates in Hongqiao's financing activities. Fitch believes that CITIC's involvement enhances Hongqiao's access to banking and capital markets, strengthens corporate governance, and mitigates key man risk associated with the 64% share ownership held by Hongqiao's chairman and family. Peer Analysis Hongqiao is comparable with its Fitch-rated peers Alcoa Corporation (BB+/Stable) and Aluminum Corporation of China Limited (Chalco, BBB+/Stable). Hongqiao has a less sophisticated product range than Alcoa, but it maintains a higher EBITDA margin due to the scale and efficiency of its core aluminium smelting business. Hongqiao's EBITDA is larger than that of Alcoa; however, Alcoa has better operational and end-market diversity as well as a mostly long-term debt structure. Hongqiao and Chalco have comparable aluminium revenue scale. Chalco has lower profitability but has better financial flexibility with higher interest coverage and liquidity. Chalco's rating also reflects its government-related entity status. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer - Fitch aluminum price (LME spot) assumptions (published 18 March 2025) of USD2,500/tonne in 2025 and 2026, and USD2,300/tonne thereafter; - EBITDA margin to remain around 28% in 2025 and 2026 and moderate to around 24% in 2027; - Annual capex of CNY13 billion in 2025 and 2026 and CNY10 billion in 2027; - Other cash outflow of CNY10 billion in 2025 and CNY5 billion per year in 2026 and 2027; - Dividend pay-out ratio of 60% between 2025 and 2027. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA net leverage sustained above 2.0x - Material increase in reliance on short-term financing - Sustained negative FCF generation Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Liquidity ratio at around 1.25x - Well-spread maturity schedule of debt, with short-term debt constituting less than 40% of total debt - EBITDA net leverage sustained below 2.0x Liquidity and Debt Structure Liquidity was adequate, with total debt of CNY74 billion at end-2024, including strategic investments of CNY3.4 billion. Hongqiao had CNY46 billion of short-term debt, of which CNY11 billion was capital-market debt. It had available cash of CNY45 billion and CNY33 billion of unused bank facilities. These are uncommitted facilities, but Fitch believes they are adequate as committed facilities are uncommon in China. Fitch expects Hongqiao will be able to roll over bank borrowings due to its healthy banking relationships. Issuer Profile Hongqiao, the world's second-largest primary aluminium producer, currently has around 6.5mt of annual production capacity, behind Chalco's 7.6mt, accounting for around 8% of global production. Date of Relevant Committee 22 April 2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ China Hongqiao Group Limited senior unsecured LT BB+ New Rating DATASEA INC: Stockholders Approve Proposals at Annual Meeting ------------------------------------------------------------- Datasea Inc. held an annual meeting of stockholders on May 7, 2025, at 9:00 a.m. Beijing Time. As of the close of business on March 20, 2025, the record date for the Annual Meeting, there were 7,651,111 shares of the Company's common stock, par value $0.001 per share issued and outstanding and entitled to vote on the proposals presented at the Annual Meeting. The holders of shares of the Company's Common stock are entitled to one vote for each share held. At the Annual Meeting, the holders of 4,759,497 shares of Common Stock, representing approximately 62.21% of the outstanding shares entitled to vote at the Annual Meeting, were represented by proxy at the Annual Meeting, constituting a quorum. Set forth are the final voting results for each of the proposals submitted to a vote of the Company's stockholders at the Annual Meeting: Proposal 1. Election of Directors -- Proposal No. 1 was to elect 5 directors: Zhixin Liu, Fu Liu, Yan Yang, Stephen (Chun Kwok) Wong, and Yijin Chen, each to serve as a director of the Company until the next annual meeting of stockholders or until their respective successors shall have been elected and qualified. Pursuant to Nevada Revised Statutes, this proposal required the approval by a plurality of the eligible votes cast at the Annual Meeting. This proposal was approved. Proposal 2. Ratification of Appointment of Independent Auditor -- Proposal No. 2 was to: * Ratify the appointment of Paris Kreit & Chiu CPA LLP as our independent registered public accounting firm for the fiscal year ending June 30, 2025. This proposal required the affirmative vote of at least a majority of shares present in person or by proxy and entitled to vote at the Annual Meeting and was approved. Proposal 3. Approval of Amendment No.4 to the Company's 2018 Equity Incentive Plan -- Proposal No. 3 was to approve: * Amendment 4 to the Company's 2018 Equity Incentive Plan. This proposal required the affirmative vote of at least a majority of shares present in person or by proxy and entitled to vote at the Annual Meeting. This proposal was approved. Proposal 4. The Adjournment Proposal -- Proposal No. 4 was to: * authorize an adjournment of the Annual Meeting to a later date or dates, if necessary or appropriate, to solicit additional proxies if there are not sufficient votes in favor of other proposals at the Annual Meeting. This proposal was approved. No other matters were considered or voted upon at the Annual Meeting. About Datasea Headquartered in Beijing, People's Republic of China, Datasea Inc. -- http://www.dataseainc.com-- is a technology company incorporated in Nevada, USA, on Sept. 26, 2014, with subsidiaries and operating entities located in Delaware, US, and China. The company provides acoustic business services (focusing on high-tech acoustic technologies and applications such as ultrasound, infrasound, and Schumann resonance), 5G application services (5G AI multimodal digital business), and other products and services to various corporate and individual customers. Los Angeles, California-based Kreit & Chiu CPA LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Sept. 26, 2024, citing that the Company had an accumulated deficit of $39.44 million and incurred a net loss from operations of approximately $11.38 million as of and for the year end June 30, 2024. The Company has had recurring losses from operations which has raised substantial doubt about the entity's ability to continue as a going concern. For the years ended June 30, 2024 and 2023, the Company had a net loss of approximately $11.38 million and $9.48 million, respectively. The Company had an accumulated deficit of approximately $39.44 million as of June 30, 2024, and negative cash flow from operating activities of approximately $6.40 million and $3.14 million for the years ended June 30, 2024 and 2023, respectively. HUMAN HORIZONS: HiPhi Gets Lifeline From Lebanese Investor ---------------------------------------------------------- Yicai Global reports that troubled Chinese electric vehicle maker HiPhi has found an unexpected new life and is preparing to restart business after more than a year, thanks to an investment from a Lebanese EV startup. Jiangsu HiPhi Automobile, a joint venture between HiPhi's owner Human Horizons Technology and Khalde-based EV Electra, was registered in Yancheng, China's Jiangsu province, on May 22, according to corporate data platform Tianyancha. The new firm has a registered capital of more than USD143 million. EV Electra holds a 69.8 percent stake in the JV, while Human Horizons owns the rest. Jihad Mohammad, founder and chief executive of the Lebanese firm, will serve as legal representative. EV Electra, Lebanon's first independent EV maker and a pioneer in the Middle East, has already displayed HiPhi's three main models -- the X, the Y, and the Z -- on its website. The firm has been expanding overseas, with branches in Canada, Italy, Germany, Turkey, and Sweden. In February last year, Human Horizons said that HiPhi would suspend production for at least six months due to its distressed capital chain. The parent firm faced severe financial difficulties early last year and began bankruptcy reorganization in August. As of Aug. 31, the consolidated assets of Human Horizons' 52 companies stood at just under CNY6 billion (USD833 million), while its liabilities topped CNY15.8 billion (USD2.2 billion). EV Electra has bought a prestigious Chinese EV brand once dubbed the "Maybach of EVs," several international media outlets recently reported. The acquisition has enhanced EV Electra's technological capabilities and expanded its presence in new global markets, the firm was cited as saying. In addition, EV Electra is reportedly planning to buy an iconic Italian car factory to boost its production capacity and strengthen its European market presence. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 12, 2024, Human Horizons, the parent company of luxury EV brand HiPhi, has entered the pre-reorganization phase after filing for bankruptcy. The company, struggling financially, has halted production. According to Car News China, the Yancheng Economic and Technological Development Zone People's Court accepted the pre-reorganization application on Aug. 8, 2024. The court's decision, which cited Human Horizons' inability to cover its debts exceeding its assets as of April 30, 2024, acknowledged the company's insolvency but noted its potential for restructuring. ========= I N D I A ========= ADAPTIO FACILITY: Liquidation Process Case Summary -------------------------------------------------- Debtor: Adaptio Facility Management Private Limited 1/12 6th Cross Street Venkentashwara Nagar, Ramapuram, Chennai 600089 Tamil Nadu Liquidation Commencement Date: May 2, 2025 Court: National Company Law Tribunal, Chennai Bench - I Liquidator: Jayashree S Iyer C-15 Abhinav Kailash 19A Velachery Road Saidapet, Chennai 600015 Email: jayashree2505@gmail.com -- and -- 13/6, Corporation Colony, Rangarajapuram 2nd Street, Kodambakkam, Chennai 600024 Email: cirp.adaptio@gmail.com Last date for submission of claims: June 5, 2025 ADINATH SILKS: ICRA Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating of Adinath Silks Private Limited (Erst Adinath Silks Limited) (ASPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 35.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with ASPL, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2016, ASPL is involved in the trading of raw silk, silk fabrics and silk saris. Initially, incorporated as a proprietorship concern by Mr. Rasiklal K Shah, the company has been in existence since 1959. The proprietorship entity was converted into Adinath Silks Limited (public limited company) in 2002 and further converted into Private Limited in June 2016. The product profile of ASPL comprises various silk fabrics such as chiffon, taffeta, georgette, dupion and plain silk. The company also trades in silk saris on order basis. ASPL procures yarn and silk fabrics from small-scale weavers located in and around Bangalore which are then sold to wholesalers and semi- wholesalers predominantly in Bangalore. BHUSHAN POWER: JSW Steel Seeks Refund of Payments ------------------------------------------------- The Economic Times reports that JSW Steel has issued demand notices to banks seeking a refund of payments made toward its INR19,300-crore resolution plan for Bhushan Power and Steel (BPSL), besides asking for its liquidation to be delayed for 60 days, said people aware of the matter. ET says the Supreme Court, earlier this month, struck down JSW's 2019 acquisition of the distressed company citing various non-compliances, and ordered BPSL's liquidation. Bhushan Power and Steel Limited manufactures and markets steel products. It offers flat products, such as coated products, galvanized/galvalume, color coated products, cable tapes, and cold rolled products; and long products, including iron making and sponge iron products. The company also provides steel pipes, hollow steel sections, grooved pipes, and carbon steel tubes. Mahendra Kumar Khandelwal was appointed as the IRP in the case under an order passed by the National Company Law Tribunal (NCLT) on July 26, 2017. Bhushan Power, which owes over INR37,000 crore to a consortium of lenders led by Punjab National Bank, was among 12 large companies identified by the Reserve Bank of India against which banks were directed to initiate insolvency proceedings. Barring Era Infra Engineering Ltd, petitions have been admitted in all other cases. As reported in the Troubled Company Reporter-Asia Pacific on March 29, 2021, JSW Steel group on March 26 closed the INR19,350-crore transaction with lenders to acquire Bhushan Power, bringing down the curtain on a corporate insolvency resolution process (CIRP) that has stretched over three-and-a-half years. Business Standard said the transaction was funded through a mix of equity and debt. As part of the payment, a sum of INR8,614 crore in Piombino Steel (PSL) was arranged through a mix of equity, optionally convertible instruments and debt. Of this, INR8,550 crore was invested in a special purpose vehicle (SPV), Makler, the bidding company. The remaining INR10,800 crore was funded through debt. JSW informed the stock exchanges that following the implementation of the resolution plan, which included payment of INR19,350 crore to financial creditors of BPSL and the merger of the SPV, PSL holds 100 per cent equity shares in BPSL. Seshagiri Rao, joint managing director and chief financial officer, JSW Steel, said the company took charge of the asset on March 26, according to Business Standard. CAMERICH PAPERS: Liquidation Process Case Summary ------------------------------------------------- Debtor: Camerich Papers Private Limited 229, 2nd Floor, Kohinoor Complex Canal Char Rasta, Ravapar Road, Morbi, Gujarat, India, 363641 Liquidation Commencement Date: May 8, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Rajesh Kumar Malani HG-1D, Wing-A, International Trade Centre, Ring Road, Majura Gate Crossing, Surat, Gujarat - 395002 Email: carajeshmalani@gmail.com -- and -- 601-B, International Trade Cente, Majuragate Crossing, Surat, Gujarat 395002 Email: ipcamerich@gmail.com Last date for submission of claims: June 7, 2025 CHAITANYA CHEMICALS: ICRA Keeps B+ Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Chaitanya Chemicals in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 0.85 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Chaitanya Chemicals, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Chaitanya Chemicals is a partnership firm started by Mr. S.V. Rama Moorthy (Managing Partner) and hisfamily members (5 partners in total) in 1990; each partner having equal share in the firm's profit. The firm is located in Kadapa district of Andhra Pradesh which is the only place in India where mining of barytes ore is done and has the single largest deposit of barytes in the world. FAIRSTREET SPORTS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Fairstreet Sports Private Limited Registered Address: No. 5/588, Vikas Khand, Gomti Nagar, Lucknow, Lucknow, Uttar Pradesh, India 226010 Also at: 1612-A, World Trade Tower, Sector 16, Noida, Uttar Pradesh 201301, IN Insolvency Commencement Date: May 9, 2025 Court: National Company Law Tribunal, Allahabad Bench Estimated date of closure of insolvency resolution process: November 5, 2025 Insolvency professional: Debashis Nanda Interim Resolution Professional: Debashis Nanda CS-14, C Floor, Ansal Plaza Mall, Vaishali, Ghaziabad, U.P. 201010 Email: dnanda.cma@gmail.com Email: cirp.fsspl@gmail.com Last date for submission of claims: May 23, 2025 FINE FACETS: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has kept the Short-Term rating of Fine Facets India Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term- 14.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short Term- (5.00) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Fine Facets, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2005, Fine Facets India Pvt.Ltd. (Fine Facets) is engaged in trading certified and uncertified cut and polished diamonds primarily for exports. The company has its marketing office in Opera House, Mumbai. FRONTLINE BUILDERS: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term rating of Frontline Builders in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 50.00 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues Limits to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Frontline Builders, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Frontline Builders was founded in 2016 as a partnership firm and has its registered office in Hyderabad. The firm develops residential real-estate properties. FB is constructing a residential property called Frontline Seven in Kokapet, Hyderabad on a land parcel of 7 acres (4.50 acres being the firm's share) in JDA (the firm's share is 89%) with individual landowners. GEETANJALI AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term ratings of Geetanjali Agro Industries (GAI) in the 'Issuer Not Cooperating' category. The rating denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with GAI, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2011, Geetanjali Agro Industries (GAI) has a rice milling unit at Raichur district of Karnataka.The firm is engaged in milling, processing, and selling of boiled rice, raw rice, bran, and husk. Although, the rice mill commenced operations in November 2013, the promoter group has been engaged in similar business for more than two decades. The firm's plant is spread over an area of five acres in Raichur district of Karnataka with a capacity to process 28800 MT of paddy per year. GILLCO DEVELOPERS: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Gillco Developers and Builders Private Limited, at the request of the company and based on the No Objection Certificate/Closure Certificate received from its lenders. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 20.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Cash Credit Long-term 3.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Term Loan Gillco Developers and Builders Private Limited (GDB) was incorporated in February 2011 and is involved in real estate development in the Mohali region in Punjab. The company is closely held by the Gill family based in Chandigarh, Punjab and has Mr. Ranjeet Singh Gill as its Managing Director. Mr. Gill has more than 10 years of experience in the real estate development business, having executed various residential projects in Mohali, Punjab. The company builds residential spaces in Mohali, Punjab which includes plots, flats, villas and commercial complexes. GIRIRAJ TIMBER: ICRA Lowers Rating on INR42cr ST Loan to D ---------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Giriraj Timbers Pvt Ltd (GTPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term 42.00 [ICRA]D; ISSUER NOT COOPERATING; Non fund based- Rating Downgraded from [ICRA]A4 Others ISSUER NOT COOPERATING and continues to remain under the 'Issuer Not Cooperating' Category Long-term- 4.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Downgraded from Cash Credit [ICRA]B+(Stable) ISSUER NOT COOPERATING and continues to remain under the 'Issuer Not Cooperating' Rationale The rating is downgrade because of lack of adequate information regarding GTPL performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Giriraj Timber Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Giriraj Timbers Pvt Ltd (GTPL) is a privately-owned company that was incorporated in year 2003. The company is 100% held by promoter family and their friends and relatives. The company imports hardwood logs from various countries like Malaysia, Ghana and New Zealand. It distributes the sawn timber from its offices in Nangloi, Delhi (which is relatively sizeable timber market in northern India) and Gandhidham, Gujarat. GOKUL COTTON: ICRA Keeps B+ Ratings in Not Cooperating Category --------------------------------------------------------------- ICRA has kept the Long-Term rating for the Bank facilities of Gokul Cotton Industries (GCI) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 11.00 [ICRA]B+ (Stable); ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 9.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with GCI, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Gokul Cotton Industries (GCI) was established as a partnership firm in September 2013 and started business of ginning and pressing of cotton from April 2014. GCI's manufacturing facility is located at Takara, Dist. Rajkot in Gujarat. The unit is equipped with 32 ginning machines, 1 pressing machine, having processing capacity of approximately 16000 MTPA of raw cotton. GCI is a partnership firm with the promoters having an extensive experience in the cotton industry. GVK ENERGY: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: GVK Energy Limited Registered Address: Plot # 10, Paigah Colony, Phase-I Sardar Parel Road, Hyderabad, Secunderabad, Telangana, India 500003 Insolvency Commencement Date: May 6, 2025 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: November 3, 2025 Insolvency professional: Venkata Chalam Varanasi Interim Resolution Professional: Venkata Chalam Varanasi 12-13-205, Street No. 2, Tarnaka, Secunderaba, Telangana 500017 Email: vaaranasivkchalam@gmail.com -- and -- Flat No. 2003, Tower - C, Honer Aquantis, Tellapur Road, Gopanpally, Serilingampally, Rangareddy District, Telangana - 500019 Email: ip.gvkel@gmail.com Last date for submission of claims: May 21, 2025 HANUMAN FOODS: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings for the Bank facilities of Hanuman Foods in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]D ISSUER NOT COOPERATING/[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term- 3.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 12.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Hanuman Foods, ICRA has been trying to seek information from the entity so as to monitor its performance Further. ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Hanuman Foods was established in the year 1998 as a partnership firm with Mr. Sanjeev Kumar & Mr. Surender Kumar as partners in equal ratio. As per the management it has a milling capacity of 6 tonnes/hr for paddy. Hanuman Foods is engaged in the business of processing and trading of basmati rice in domestic market as well as exporting to countries in Middle East, Saudi Arabia, Dubai, Europe and Kuwait. Firm sells its product under the brand name of "Good luck". Company is having its manufacturing unit at Nadana Road, Taraori, Karnal. HARI KRIPA: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Hari Kripa Business Ventures Private Limited (HKBV) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 20.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 11.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term/ 3.00 [ICRA]D/[ICRA]D ISSUER NOT Short Term- COOPERATING; Rating continues Non Fund Based to remain in the 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with HKBV, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Hari Kripa Business Venture Private Limited (HKBV) was established in 2008 at Kaladera in Jaipur. The company started its commercial production in September 2012. The company is promoted by Mr. Mahendra Kumar Agarwal, Mr. Raghuveer Agarwal along with the other members of the family. HKBV manufactures Mild Steel (MS) ingots/billets, pipes, and flats. In FY2013, the company forward integrated and commenced the manufacturing of MS flats and other rolled products, wherein the key raw materials (billets and ingots) used were captively produced. HARSHITA POLYPACK: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings for the Bank facilities of Harshita Polypack (HP) in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]D ISSUER NOT COOPERATING/[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 1.37 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 0.09 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term- 4.60 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with HP, ICRA has been trying to seek information from the entity so as to monitor its performance Further. ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1978, Harshita Polypack (HP) is a part of the Damani group engaged in manufacturing of polypropylene disposable cups. Mrs. Pratima Nitin Damani is the proprietor of the firm while the affairs of the group are collectively managed by Mr. Neelesh Damani and Mr. Nitin Damani. JAY UMIYA: ICRA Keeps B Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Jay Umiya Industries (JUI) in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 1.34 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 5.50 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with JUI, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 1997, Jay Umiya Industries (JUI) is engaged in the business of ginning and pressing of raw cotton into cotton seeds and fully pressed cotton bales having a production capacity of ~34 metric tonnes per day (MTPD) of cotton bales. The firm is also engaged in crushing of cotton seeds to obtain cotton seed oil and cotton oil cake having an intake capacity of ~16 MTPD. The plant located at Kadi -Mehsana in Gujarat is equipped with 26 ginning machines, one fully automated pressing machine and three expellers. The firm is promote d by Mr. Jayram Patel along with his relatives and friends who have more than a decade of experience in the cotton ginning business. JONNA STEELS: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term ratings of Jonna Steels (JS) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 14.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 0.50 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with JS, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Jonna Steels (JS) was founded in year 1998 by Mr. Veeranjaneyulu and the firm is involved in trading of iron and steel products. The firm caters to the demands of the Hyderabad, and Rayalaseema districts like Chittoorand Anantapur. JS deals in the complete range of products including structural, MS range (beams, flats, rounds etc.), TMT bars etc. The firm procures traded products from steel rolling mills located in and around Hyderabad in addition to procuring from steel manufactures like TATA Steel and RINL. JR TOLL: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of JR Toll Roads Private Limited (JTRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 389.00 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 1, 2024, placed the rating of JTRPL under the 'issuer non-cooperating' category as the company had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JTRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 15, 2025, February 25, 2025, and March 7, 2025, and numerous phone calls. In line with the extant SEBI guidelines, CARE Ratings Limited has reviewed the rating based on the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. CARE's Rating on JTRPL's long-term bank facilities continues to be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders, and the public at large) are hence requested to exercise caution while using the above rating(s). The rating assigned to the bank facilities of JR Toll Road Private Limited continues to be constrained by ongoing delays and default in servicing of debt obligations. Analytical approach: Standalone Outlook: Not Applicable Detailed description of the key rating drivers At the time of last rating on April 1, 2024, the following were the rating weaknesses. (Updated for the information available from public domain including FY24 annual report from MCA website). Key weaknesses * Delay in debt and interest servicing obligations: There have been delays/default in servicing of its interest and repayment obligations as reported in Audit Report of FY24 (updated from Registrar of Companies). Liquidity: Poor Liquidity is poor marked by on-going delays/default in debt servicing. JR Toll Road Private Limited is one the of 11 toll road projects executed by Reliance Infrastructure Limited (R-Infra, rated IND D). R- Infra has 100% stake in the project. The project commenced commercial operations in July 2013 and was set up with the objective to design, build and operate 52 km long four lane NH11 road connecting regions in northern part of Rajasthan to its capital city, Jaipur. KAMARLI STEELS: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term and Short-Term ratings for the Bank Facility of Kamarli Steels Private Limited (KSPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- (10.00) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable Rating Continues to remain under 'Issuer Not Cooperating' Category Short-term 20.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Continues to remain under the 'Issuer Not Cooperating' Category Short Term- (10.00) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with KSPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Kamarli Steels Private Limited (KSPL) is a private limited company, established in the year 2004. The company is engaged in the business of trading of various types of steel. The company has its registered office in Mumbai and rented warehouse at Kalamboli and Bhavnagar. In FY 2014 and FY 2015, the company was only dealing in trading of MS Scrap and other scrap items. KASTURI COMMODITIES: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings for the Bank Facility of Kasturi Commodities Private Limited (KCPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- (16.00) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable Rating Continues to remain under 'Issuer Not Cooperating' Category Short Term- (10.50) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable Rating Continues to remain under 'Issuer Not Cooperating' Category Short-term 75.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Continues to remain under the 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with KCPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Kasturi Commodities Private Limited (KCPL) was incorporated in 1993 and was acquired by its present promoters Mr. Shreenath Das Agarwal and his sister-in-law Mrs. Puja Agarwal in 2003. KCPL is mainly engaged in ship breaking business. It currently operates from its allotted plot no. 29 by Gujarat Maritime Board (GMB) for this purpose at Alang (Gujarat) and Darukhana, Mumbai (Maharashtra). Till now, the company has demolished more than 200 ships. KEELZ FACILITY: CARE Assigns D Rating to INR15cr NCDs ----------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Keelz Facility Management Services Private Limited (Keelz), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-convertible Debentures 15.00 CARE D Assigned Rationale and key rating drivers CARE Ratings Limited (CARE Ratings) has arrived at the rating of Keelz after factoring business and financial profiles of Bhandari Foils & Tubes Limited (BFTL; rated 'CARE D; ISSUER NOT COOPERATING'), given that there are no standalone operations in Keelz and BFTL shall remain liable for servicing the debt obligations of Keelz. The rating assigned to instruments of Keelz factors poor liquidity marked by inadequacy of cashflows for servicing debt obligations. The rating further reflects weak financial profile of BFTL marked by negative net worth, recently completed One Time Settlement (OTS) of its BFTL's dues with its lenders, working capital intensive operations, exposure of BFTL's profitability to volatile raw material prices, and its presence in highly fragmented and cyclical steel industry. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Turnaround in business operations of BFTL marked by substantial increase in scale of operations and healthy profit before interest, lease rentals, depreciation and taxation (PBILDT) margins on a sustained basis. * Decline in debt of BFTL resulting in interest coverage above 1.0x on a sustained basis. Negative factors: Not applicable Analytical approach: Standalone The rating of Keelz has been also arrived at factoring business and financial profiles of BFTL given that there are no standalone operations in Keelz and BFTL shall remain liable for servicing the debt obligations of Keelz. Keelz is a Special Purpose Vehicle (SPV) to mobilise funds for infusion in BFTL. Detailed description of key rating drivers: Key weaknesses * Cash flows to remain inadequate to service debt obligations and weak financial profile of BFTL: Keelz, an SPV, is raising INR15 crore in non-convertible debentures (NCDs), which shall be utilised towards infusion in BFTL for meeting its working capital requirement. Keelz is a non-operational company, and the debt being raised in Keelz shall be serviced by BFTL. Being part of Bhandari Group of Chennai, BFTL is engaged in manufacturing stainless steel (SS) and tubes. Its operations experienced a significant downturn from FY19 due to the imposition of anti-dumping duties by the US on steel products imported from India resulting in decline in revenue and continued losses leading to stress in liquidity. BFTL consequently defaulted in servicing bank debt obligations leading to classification of the account as non-performing asset (NPA) by banks. Challenges in securing adequate working capital funding resulted in further scale down of operations of the company. In March 2025, BFTL has settled the account with its banks under OTS Scheme at ~INR100 crore, with banks taking the haircut of ~INR54 crore. Such settlement has been funded through NCDs of INR90 crore raised at BFTL and balance through own funds. With completion of OTS and infusion of funds by Keelz for working capital, BFTL is expected to scale up its operations. Notwithstanding the expected scale up of operations, cashflows are unlikely to remain adequate to service the debt obligations. BFTL also has a weak financial profile marked by negative net worth, which restricts the flexibility to raise funds. * Working capital intensive nature of operations: This industry is inherently working capital intensive, primarily due to the long inventory holding period. Additionally, the competitive nature of the industry requires extending longer credit periods to customers. Elongated working capital cycle could constrain the liquidity and ability to scale up of operations. * Presence in highly fragmented and cyclical stainless steel tubes and pipes industry: The SS tubes and pipes industry is intensely competitive and fragmented marked by the presence of both larger players and numerous smaller players in the unorganised segment. The demand of welded and seamless tubes and pipes is considered cyclical, as it depends upon the capital expenditure plan of major players in the end-user industry. Hence, it is susceptible to the slowdown in the end-user industries and global economic slowdown. The industry also faces threat of cheaper imports from China, Europe, and Taiwan. The company's operating margin remains susceptible to volatility in raw materials prices. Liquidity: Poor Cash accruals are expected to be insufficient to meet the debt obligation over the medium term. Further, coupon on NCDs to be raised by Keelz is expected to be substantially high at ~20% p.a. The group plans to monetise its assets to meet its scheduled debt obligations. Key strength * Experience of promoters in the steel industry: The promoters have wide experience and long track record of over three decades in the SS industry. BFTL has a wide range of SS products, including tubes, pipes, pipe fittings, coils, foils, and strips. The company's operations are also supported by the backward integration with manufacturing facility for cold-rolled stainless steel (CRSS) coils, which is the raw material for manufacturing SS tubes and pipes. Incorporated in 1993, BFTL, promoted by Bhandari group, is engaged in manufacturing SS Tubes, Bright Annealing tubes, CRSS Coils, Strips, Foils, Sections, and Components, among others. BFTL has its manufacturing unit situated in Dewas, Madhya Pradesh, and has an installed capacity of 9,000 Metric Ton Per Annum (MTPA) for SS Tubes/Bright Annealing tubes, 6,000 MTPA for SS Sections/Components/Strips, and 8,000 MTPA for CRSS Coils/Strips/Foils. KIRTILAL M: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term and Short-Term ratings for the Bank facilities of Kirtilal M. Shah (KMS) in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 70.84 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Fund Based- Rating Continues to remain Cash Credit under issuer not cooperating Category As part of its process and in accordance with its rating agreement with KMS, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established as a partnership firm in 1968, Kirtilal M Shah (KMS) is engaged in the processing and export of polished diamonds and in the trading of rough and polished diamonds. The firm is collectively managed by six partners namely, Mrs. Sonal V. Shah, Mr. Nalin J. Shah, Mr. Dipak G. Shah, Mr. Dilip G. Shah, Mr. Pankaj G. Shah and Mr. Sunil Gagaldas Shah. KMS has a marketing office at Mumbai and two diamond polishing facilities at Surat and Navsari. KWALITY TOWNSHIP: ICRA Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Kwality Township Pvt. Ltd. (KTPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with KTPL, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2009, KTPL develops housing projects and townships and undertook its first township project, "ARK City" in 2009. In this project located in Meerut, Uttar Pradesh, the company sold 300 plots and is developing single story and duplex houses on another 100 plots as row houses. KTPL commenced the construction of its second project "ARK Residency", Meerut, in 2012. This is a mixed-use project, comprising 72 commercial units and 45 residential units. The total project cost is estimated at INR19.72 crore, which is proposed to be funded by customer advances (40%), promoter's contribution (35%) and debt (25%). MAHALAXMI BUILDWELL: ICRA Keeps B+ Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Mahalaxmi Buildwell Enterprises Private Limited (MBEPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.40 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term 3.60 [ICRA]B+ (Stable); ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with MBEPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2010, MBEPL is involved in the development and marketing of real estate and is currently undertaking two residential projects in the heart of Dehradun. MBEPL is an associate concern of Mahalaxmi Buildwell India Private Limited, which has completed projects in Rishikesh and Dehradun. It is currently constructing two projects called 'Lord Krishna Terraces', which has 43 flats and saleable area of 1.26 lakh square feet, and 'Lord Krishna Crest' with 106 flats and 1.58 lakh square feet saleable area. The total project cost for 'Lord Krishna Terraces' is estimated at INR38.60 crore, which is proposed to be funded through partner's capital/unsecured loans of INR9.22 crore, debt of INR6.40 crore and the remaining through customer advances of INR22.98 crore. The total project cost for 'Lord Krishna Crest' is estimated at INR41.76 crore, which is proposed to be funded through partner's capital/unsecured loans of INR9.00 crore, debt of INR9.00 crore and the remaining through customer advances of INR23.75 crore. MAHAVIR DEVELOPERS: CARE Lowers Rating on INR11.83cr LT Loan to B- ------------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Shri Mahavir Developers (SMD), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 11.83 CARE B-; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 26, 2024, placed the rating(s) of SMD under the 'issuer non-cooperating' category as SMD had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMD continues to be non-cooperative despite repeated requests for submission of information through emails dated March 12, 2025, March 22, 2025 and April 1, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SMD have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Ahmedabad-based (Gujarat), SMD was formed as a partnership firm in July, 2015. The operations are jointly managed by the partners Mr. Vikesh Dewani, Mr. Anil Mohandas Dewani, Mr. Jaikumar Dewani, Mr. Kailashkumar Dewani and Mr. Ashish Dewani. Over the period, the group has completed various real estate projects under the residential space in Ahmedabad. SMD is currently under process of executing a commercial project named 'Sai Sapphire Square' involving construction of a commercial complex consisting of 8 floors with a total 41 shops and a saleable area of 1,25,000 sq. ft. at Chandkheda, Ahmedabad. The implementation of project 'Sai Sapphire Square' commenced from December 2017 and completed by December 2021. The total project cost incurred is Rs.31.50 crore with project gearing of 3.2 times. MAHILA UDYOG: Liquidation Process Case Summary ---------------------------------------------- Debtor: Mahila Udyog Limited 17A/1A Laxmanrao Kirloskar Road Khadki, Pune, Maharashtra, India, 411003 Liquidation Commencement Date: April 1, 2025 Court: National Company Law Tribunal, Mumbai Bench - II Liquidator: Milind Kasodekar Third Floor, Satyagiri Apartments, 77, Vijayanagar Colony, 2147, Sadashiv Peth, Pune 411030 Email: milind.kasodekar@kmdscs.com Email: liq.mahilaudyog@gmail.com Last date for submission of claims: June 5, 2025 MDM TELEVENTURES Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: MDM Televentures Private Limited Registered Address: Radhe Kunj Raja Vali Dhani Road, G31-Manesar, Gurugram, Nsg Camp Manesar, Gurgaon, Haryana, India, 122051 Insolvency Commencement Date: May 9, 2025 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: November 5, 2025 Insolvency professional: Ashok Kakkar Interim Resolution Professional: Ashok Kakkar H.No. 538, Sector 48A, Shantivan Society, Chandigarh - 160047 Email Address: akkakkar.58@gmail.com Email Address: cirp.mdmteleventures@gmail.com Last date for submission of claims: May 23, 2025 NIKI AGRO: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Niki Agro Products Private Limited (NAPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.24 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 17, 2024, placed the rating(s) of NAPPL under the 'issuer non-cooperating' category as NAPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NAPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 2, 2025, April 12, 2025 and April 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 Incorporated in 2001, NAPPL is a Jalgaon based company promoted by Mr. Kantilal Jain and Mr. Deepak Jain. The company is engaged in the processing and trading of pulses comprising of Toor dal, Moong dal, Urad dal, Masoor dal, Lobia, Chana, Rajma, dried peas etc. OM SHRI SHUBH: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: OM Shri Shubh Labh Agritech Private Limited Registered Address: Infront of IIITM College Near Hazira Police Station, Morena Link Road, Gwalior, Madhya Pradesh, India 474015 Insolvency Commencement Date: May 5, 2025 Court: National Company Law Tribunal, Indore Bench Estimated date of closure of insolvency resolution process: November 1, 2025 Insolvency professional: Rahul Anand Interim Resolution Professional: Rahul Anand Flat No. 9A, Orchard Residency, Sarvdharm Sector A, Kolar Road, Bhopal, Madhya Pradesh 462042 Email: cirp.omshri@gmail.com Last date for submission of claims: May 19, 2025 ROHTAK-HISSAR: CARE Keeps D Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rohtak-Hissar Tollway Private Limited (RHTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 942.82 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 1, 2024, placed the rating of RHTPL under the 'issuer non-cooperating' category as the company had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RHTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 15, 2025, February 25, 2025, and March 7, 2025, and numerous phone calls. In line With the extant SEBI guidelines, CARE Ratings Limited has reviewed the rating based on the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. CARE's Rating on RHTPL's long-term bank facilities continues to be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders, and the public at large) are hence requested to exercise caution while using the above rating(s). The rating assigned to the bank facilities of Rohtak-Hissar Tollway Private Limited continues to be constrained by ongoing delays/default in servicing of debt obligations. Analytical approach: Standalone Outlook: Not Applicable Detailed description of the key rating drivers At the time of last rating on April 1, 2024, the following were the rating weaknesses. (Updated for the information available from public domain including FY23 annual report from MCA website). Key weaknesses * Delay in debt and interest servicing obligations: There have been delays/default in servicing of its interest and repayment obligations as reported in Audit Report of FY24 (updated from Registrar of Companies). Liquidity: Poor Liquidity is poor marked by on-going delays/default in debt servicing. Rohtak Hissar Tollway Private Limited (RHTPL) is a special purpose vehicle (SPV) incorporated and owned by Sadbhav Infrastructure Project Limited (SIPL; rated 'CARE B-; Stable/CARE A4; Issuer Not Cooperating'), the holding company of BOT projects of Sadbhav Engineering Limited. RHTPL entered into a 22-year concession agreement (CA) with the National Highways Authority of India (NHAI; rated 'CARE AAA; Stable') on May 27, 2013 for the four laning of Rohtak to Hissar section of National Highway – 10 (NH-10) from km 87/000 to km 170/000 including connecting link from km 87/000 of NH-10 to km 348/000 of NH 71 with design length of 98.81 km on BOT - toll basis. The total cost of the project was INR1,271.58 crore which was funded through debt of INR952.40 crore, grant from NHAI of INR211.50 crore and remaining through promoter's contribution. ROHTAK-PANIPAT: CARE Keeps D Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Rohtak-Panipat Tollway Private Limited (RHTPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 937.92 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 1, 2024, placed the rating of RPTPL under the 'issuer non-cooperating' category as the company had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RPTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 15, 2025, February 25, 2025, and March 7, 2025, and numerous phone calls. In line with the extant SEBI guidelines, CARE Ratings Limited has reviewed the rating based on the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. CARE's Rating on RPTPL's long-term bank facilities continues to be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders, and the public at large) are hence requested to exercise caution while using the above rating(s). The rating assigned to the bank facilities of Rohtak-Panipat Tollway Private Limited continues to be constrained by ongoing delays/default in servicing of debt obligations. Analytical approach: Standalone Outlook: Not Applicable Detailed description of the key rating drivers At the time of last rating on April 1, 2024, the following were the rating weaknesses (updated for the information available from public domain including FY23 annual report from MCA website). Key weaknesses * Delay in debt and interest servicing obligations: There have been delays/default in servicing of its interest and repayment obligations as reported in Audit Report of FY24 (updated from Registrar of Companies). Liquidity: Poor Liquidity is poor marked by on-going delays/default in debt servicing. Rohtak Panipat Tollway Private Limited (RPTPL) is a special purpose vehicle (SPV) incorporated and owned by Sadbhav Infrastructure Project Limited (SIPL; rated 'CARE B-; Stable/CARE A4; Issuer Not Cooperating'), the holding company of BOT projects of Sadbhav Engineering Limited (SEL). The company had entered into a 25-year concession agreement (CA) with NHAI for the construction of 80.86 - km road project on BOT basis. The concession period of 25 years included construction period of 910 days. The project was for four laning of the existing two lanes of Rohtak – Panipat section of Km. 63.30 of NH – 10 to Km. 83.50 of NH – 1 (total 80.86 kms) in the state of Haryana. RPTPL was required to pay an annual concession fee of Rs.45 crore to NHAI immediately on COD on a monthly basis which was to be increased by 5% every year throughout the concession period. However, as per the letter dated May 23, 2014, NHAI has allowed deferment of premium for the project and has entered into supplementary concession agreement with RPTPL. S. SELLADURAI: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of S. Selladurai Nadar Hotel & Catering World (SSNHCW) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 5.00 CARE C; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 25, 2024, placed the rating(s) of SSNHCW under the 'issuer non-cooperating' category as SSNHCW had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSNHCW continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 11, 2025, March 21, 2025, March 31, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable S. Selladurai Nadar Hotel & Catering World (SSNHCW) was established in 2003 as a Hindu Undivided Family by Mr. Suthanthiraseelan S along with his family members in Chennai, Tamil Nadu. The entity sells products like cookware, housekeeping needs and small kitchen appliances through its retail outlet in Chennai. The outlet is spread over 2000 square feet and has, ground plus three floors. The product range includes aluminium products, baking equipment, barware, copper and brass ware, crockery and cutlery items, table decorators, electronic appliances and housekeeping needs that are used in households and by small scale operators in the hotel industry. SSN's products are also exported to foreign destinations like USA, Canada, Singapore through Selladurai Nadar Exports, a proprietorship concern of Mrs. Santhi, wife of Mr. Suthanthiraseelan S. SADBHAV BANGALORE: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sadbhav Bangalore Highway Private Limited (SBHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 484.00 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 December 1, 2022, placed the rating(s) of SBHPL under the 'issuer non-cooperating' category as SBHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBHL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 12, 2025, January 22, 2024, and February 1, 2025, among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating considers the on-going delays in the debt servicing as well as substitution of concessionaire i.e SBHPL in the month of October 2022. Detailed description of key rating drivers: At the time of last rating on February 27, 2024, the following were the rating strengths and weaknesses Key weaknesses * On-going delays in debt servicing as well as lender exercising their right of substitution: SBHPL has entered into settlement agreement entered with authority for issuance of partial commercial operations date for 81.17 km of length while de-scoping of unavailable land and allowing extension of time till December 2021 for completion of balance 58.82 km and entire work till June 2022. However, as per the annual report of Sadbhav Infrastructure Projects Limited (SIPL) for FY24, lenders have notified to NHAI about exercise of their right of substitution of concessionaire against this notice and requested to allow 180 days for the substitution of the concessionaire. Further, as per the interaction with lenders, there are ongoing delays in debt servicing. The lenders of SBHPL notified NHAI about exercise of their right of substitution of concessionaire i.e SBHPL in the month of January 2022. Subsequently, the lenders have approved the anchor offer received from the Gawar Construction Limited in the month of October 2022 for the purpose of substitution of the Company. Consequent upon this, Endorsement agreement has been executed on February 13, 2023, between NHAI, Lead Banker, New SPV of GCL and the subsidiary Company. The new SPV Gawar Bangalore Highways Private Limited is debt-free post-acquisition by Capital Infra Trust in January 2025. Liquidity: Poor Analytical approach: Standalone SBHPL, a special purpose vehicle (SPV), incorporated and owned by SIPL has entered into 17-year (including construction period of 730 days from appointed date) CA with NHAI for the design, build, finance, operate and transfer (DBFOT) of 170.92 km road on HAM basis. The project under consideration aims at two/four laning of BRT Tiger Reserve to Bangalore section of NH – 209 from km 287.500 to 458.420 in the State of Karnataka. The project includes refurbishment of existing two-lane bituminous road with design chainage from 287.500 to 424.920 (137.42 km) and four laning of existing two-lane bituminous road with design chainage from 424.920 to 458.420 (33.50 km). The bid project cost (BPC) of the project of INR1,008 crore is proposed to be funded through debt, sponsor's contribution, and construction support from NHAI in the ratio of 48%, 12% and 40% respectively. SADBHAVANA ENERGY: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Sadbhavana Energy Private Limited #99, 2nd Main, 2nd Cross, MLA Layout, R T Nagar, Bangalore, Karnataka, India, 560032 Liquidation Commencement Date: May 9, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Kondisetty Kumar Dushyantha No.1, Ashoka Pillar, 5th Floor, 3rd Cross Jayanagar, I Block, Bangalore - 560011 E-mail: dushyanthak@gmail.com Tel. No.: 080 26560400 Last date for submission of claims: June 8, 2025 SATYA IRON: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Satya Iron & Steels Private Limited Registered Address: 252, Parthiv Pacific Tatibandh, Raipur, Chattisgarh, India 492001 Principal Office: 5/L, Heavy Industrial Area, Hathkhoj, Bhilai, Durg, Chhattisgarh 490026 Insolvency Commencement Date: May 9, 2025 Court: National Company Law Tribunal, Cuttack Bench Estimated date of closure of insolvency resolution process: October 20, 2025 Insolvency professional: Ashutosh Khemani Interim Resolution Professional: Ashutosh Khemani Office No. 1-C, 3rd Floor, Shyam Plaza, Pandri, Opp New Bus Stand, Raipur, Chhattisgarh, 492001 Email: ashutosh.khemani@gmail.com Email: cirp.sispl@gmail.com Last date for submission of claims: May 20, 2025 STERNE INDIA: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Sterne India Private Limited Registered Address: 5th Floor, Salarpuria Sattva Eminence Amani Bellendur Khane, Varthur Hobli, Bellandur, Bengaluru 560103 Insolvency Commencement Date: April 22, 2025 Court: National Company Law Tribunal, Bengaluru Bench Estimated date of closure of insolvency resolution process: October 19, 2025 Insolvency professional: Ravindra Beleyur Interim Resolution Professional: Ravindra Beleyur Beleyur Resolutions Private Limited 'Shreevathsa', 428, 19th B Cross, 3rd Block, Jayanagar Bengaluru 560011 Tel: +91 80 26540193 Email: ravi@beleyur.com Email: Sterne-cirp@beleyur.com Last date for submission of claims: May 12, 2025 SUJAY FEEDS: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sujay Feeds (SF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 8.80 CARE B-; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 10, 2024, placed the rating(s) of SF under the 'issuer noncooperating' category as SF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SF 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 Bangalore based, Sujay Feeds (SF) was established in 1991 by its founder Late Mr. B R Murthy. In the year 1991, Late Mr. Murthy started his commercial feed plant with the capacity of producing 2700 tons per month of poultry mash feed and sold under the brand name of "SUJAY FEEDS". From 2012 onwards, Mr. B R Sujay looks after the day to day operations of the firm. In 1994, the promoter has undertaken the expansion of SF by starting a new project of Broiler parent breeding activity i.e., Hatching and processing of chicken under the brand name of "Uncle Chicken". The firm has four outlets for selling its chicken product to its customers and is likely to increase its outlets in the near future to expand its customer base. SURYA PLASTICS: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Surya Plastics Manufacturing Private Limited (SPMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 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 17, 2024, placed the rating(s) of SPMPL under the 'issuer non-cooperating' category as SPMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 2, 2025, April 12, 2025 and April 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 Bhiwani (Haryana) based Surya Plastics Manufacturing Private Limited (SPMPL) was incorporated as a Private Limited Company in 2012 by Mr. Keshav Aggrawal and Ms. Ruchi Aggarwal. The company commenced its operation in January 2016. The company is engaged in manufacturing of non -woven fabric and Poly Propylene (PP) tape. The key raw material i.e. Plastic granules are procured from distributors of Reliance Industries Limited (RIL), IOC Ltd and Haldia Petro Chemicals Ltd and also from open market of Delhi and local traders in Bhiwani (Haryana). The company markets non-woven fabric through dealers located in Delhi, Haryana and Rajasthan etc. VICTOR BUILDWEL: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Victor Buildwel Private Limited Registered Address: YC Co-Working Space, 3rd Floor, Plot No. 94, Dwarka, Sector-13, Opposite Metro Station, Near Radisson Blu Hotel, N.S.I.T. Dwarka, South West Delhi, Delhi 110078, India Address at which the books of account are maintained: 6th Floor, Plot No. 14A, Sector-18, Maruti Industrial Complex, Gurugram, Haryana 122015 Insolvency Commencement Date: May 3, 2025 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: October 30, 2025 Insolvency professional: Bijay Murmuria Interim Resolution Professional: Bijay Murmuria Sumedha Management Solutions Private Limited 2B, Geetanjali Apartment, 8B, Middleton Street, Kolkata 700071 Email: info@sumedhamanagement.com Email: ip.victorbuildwel@gmail.com Last date for submission of claims: May 17, 2025 WELLSHINE CHIT: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Wellshine Chit Funds Private Limited First Floor, New No. 6, Old No. 3, Thomas Street, Race Course Road, Kajamalai, Ticuchirappalli, Tamilnadu, India 620020 Liquidation Commencement Date: April 30, 2025 Court: National Company Law Tribunal, Chennai Bench Liquidator: Chitra Perinkulam Ragavan "Anurag", Old No 16, New No: 7: Appadurai Street, Teynampet, Chennai - 600018, Tamilnadu Email Id: chitraprc@yahoo.com Mobile No: +919841080995 Last date for submission of claims: May 30, 2025 =============== M A L A Y S I A =============== DC HEALTHCARE: Net Loss Narrows to MYR839K in Q1 Ended March 31 --------------------------------------------------------------- New Straits Times reports that DC Healthcare Holdings Bhd's net loss narrowed to MYR839,000 in the first quarter ended March 31, 2025 (1QFY25) from a net loss of MYR7.9 million a year earlier. This is supported by a higher gross profit of MYR9 million, a significant increase from MYR1.22 million last year. Its revenue jumped 89 per cent to MYR17.9 during the period from MYR9.45 million previously, driven by higher redemption rates for aesthetic services and improved cash sales collection due to strong consumer interest in aesthetic treatments and expanding service capacity, according to NST. NST says the aesthetic segment contributed MYR14.86 million or 83 per cent of total revenue, representing a 104 per cent increase from MYR7.27 million in a year ago. According to NST, managing director Dr Chong Tze Sheng said the improvement reflects the company's dedication to enhancing treatment offerings, improving operational execution and expanding market access. "DC Healthcare remains focused on delivering sustainable growth through several strategic pillars. "The company is strengthening its brand ecosystem by integrating Dr Chong Clinic, Dr Chong Slimming and NewB Premium Skincare, while broadening its skincare product portfolio to capture a larger share of the aesthetic and wellness market," he said in a statement. DC Healthcare is also enhancing patient engagement by introducing artificial intelligence-assisted skin analysis and personalised treatment plans, aimed at optimising treatment outcomes, improving service quality, and driving customer retention, NST adds. DC Healthcare Holdings Berhad, an investment holding company, provides aesthetic medical services specializing in non-invasive and minimally invasive procedures in Malaysia. The company offers aesthetic services, including facial and skin treatments, facial sculpting, body contouring, and hair growth and removal; and general medical consultation services comprising annual health check-ups and skin disease treatment, as well as sells skincare products under the newB brand name through online stores. It also provides slimming services, such as personalized nutrition planning and specialized treatments, such as lymphatic massage. ===================== N E W Z E A L A N D ===================== 118 DEVELOPMENT: Court to Hear Wind-Up Petition on May 29 --------------------------------------------------------- A petition to wind up the operations of 118 Development Limited 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 Sept. 5, 2024. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 CANNASOUTH LIMITED: Kevin Davies Appointed as Receiver ------------------------------------------------------ Kevin J. Davies -- kevin.davies@principleinsolvency.com -- of Principle Insolvency on March 30, 2025, was appointed as receiver and manager of Cannasouth Limited. SEA ELECTRIC: First Creditors' Meeting Set for June 3 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Sea Electric Limited will be held on June 3, 2025 at 1:00 p.m. virtually via Teams. Joseph Hansell and David McGrath of FTI Consulting were appointed as administrators of the company on May 21, 2025. SORIANO LIMITED: Court to Hear Wind-Up Petition on June 5 --------------------------------------------------------- A petition to wind up the operations of Soriano Limited will be heard before the High Court at Auckland on June 5, 2025, at 10:00 a.m. Grant McRae and Cadmont Holdings Limited filed the petition against the company on April 11, 2025. The Petitioner's solicitor is: Bruce Pamatatau Barrister Level 6, 5 Short Street Newmarket Auckland STUDIO NEW ZEALAND: Court to Hear Wind-Up Petition on June 5 ------------------------------------------------------------ A petition to wind up the operations of Studio New Zealand Limited will be heard before the High Court at Wellington on June 5, 2025, at 10:00 a.m. LeeSalmonLong filed the petition against the company on April 11, 2025. The Petitioner's solicitor is: David Bullock LeeSalmonLong Level 34, Vero Centre 48 Shortland Street Auckland 1010 =============== P A K I S T A N =============== PAKISTAN: Funding Review Expected in Second Half of 2025, IMF Says ------------------------------------------------------------------ An International Monetary Fund (IMF) mission led by Mr. Nathan Porter has concluded its staff visit to Islamabad which began on May 19, 2025. The staff visit focused on recent economic developments, program implementation, and the budget strategy for fiscal year (FY) 2026. At the end of the visit, Mr. Porter issued the following statement: "We held constructive discussions with the authorities on their FY2026 budget proposals and broader economic policy, and reform agenda supported by the 2024 Extended Fund Facility (EFF) and the 2025 Resilience and Sustainability Facility (RSF). The authorities reaffirmed their commitment to fiscal consolidation while safeguarding social and priority expenditures, aiming for a primary surplus of 1.6 percent of GDP in FY2026. Discussions focused on actions to enhance revenue - including by bolstering compliance and expanding the tax base - and prioritize expenditure. We will continue discussions towards agreeing over the authorities' FY26 budget over the coming days. "Discussions also covered ongoing energy sector reforms aimed at improving financial viability and reducing the high-cost structure of Pakistan's power sector as well as other structural reforms which will help foster sustainable growth and promote a more level playing field for business and investment. "The authorities also emphasized their commitment to ensuring sound macroeconomic policy making and building buffers. In this context, maintaining an appropriately tight and data-dependent monetary policy remains a priority to ensure inflation is anchored within the central bank's medium-term target range of 5–7 percent. At the same time, rebuilding foreign exchange reserve buffers, preserving a fully functioning FX market, and allowing for greater exchange rate flexibility are critical to strengthening resilience to external shocks. "The mission thanks the federal and provincial authorities for their hospitality, constructive discussions, and strong collaboration and commitment to sound policies. The IMF team will remain engaged and continue its close dialogue with the authorities. The next mission associated with the next EFF and RSF reviews is expected in the second half of 2025." Pakistan is a country located in South Asia. It has a coastline along the Arabia Sea and the Gulf of Oman and is bordered by Afghanistan, China, India, and Iran. Pakistan's capital is Islamabad. As reported in the Troubled Company Reporter-Asia Pacific on April 21, 2025, Fitch Ratings has upgraded Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'B-' from 'CCC+'. The Outlook is Stable. ================= S I N G A P O R E ================= CHARLESTON SCIENTIFIC: Court to Hear Wind-Up Petition on May 30 --------------------------------------------------------------- A petition to wind up the operations of Charleston Scientific Pte. Ltd. will be heard before the High Court of Singapore on May 30, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on May 9, 2025. The Petitioner's solicitors are: Adsan Law LLC 300 Beach Road #26-00 The Concourse Singapore 199555 CONTINUUM GREEN: Moody's Outlook on RG2's 'Ba2' Rating Now Neg. --------------------------------------------------------------- Moody's Ratings has changed the outlook of Continuum Green Energy Holdings Limited's (CGEHL) restricted group (RG2) to negative from stable. At the same time, Moody's have affirmed the Ba2 rating on the USD-denominated backed senior secured notes issued by the eight co-issuers from RG2: (1) Bothe Windfarm Development Private Limited (BWDPL), (2) DJ Energy Private Limited (DJEPL), (3) Uttar Urja Projects Private Limited (UUPPL), (4) Watsun Infrabuild Private Limited (WIPL), (5) Trinethra Wind and Hydro Power Private Limited (TWHPPL), (6) Renewables Trinethra Private Limited (RTPL), (7) Kutch Windfarm Development Private Limited (KWDPL), and (8) Continuum Trinethra Renewables Private Limited (CTRPL) RATINGS RATIONALE The outlook change reflects the potential that RG2's financial metrics, in particular, the funds from operations (FFO) to debt ratio may fall below the 8% downgrade threshold on a sustained basis. This view is driven by greater than earlier expected variability in power generation, and the potentially lower realization of net commercial and industrial (C&I) tariffs. Both of these factors will likely result in RG2's full-year fiscal 2025 (FY2025) FFO/debt ratio in the range of 6-7%. Over the next 12–18 months, Moody's will focus on the likelihood that even more conservative assumptions will need to be applied on future generation levels and net tariff realizations. Further sponsor diversification could also happen during this timeframe, given the announced Initial Public Offering at Continuum Green Energy Limited (CGEL), which is the intermediary holding company of RG2. Moody's expects RG2's operational performance in FY2025 to be below Moody's expectations, primarily due to less favorable wind conditions across India. Moody's case had earlier assumed that RG2's wind-based projects would underperform P90 generation performance, reflecting historical performance and the natural variability inherent in wind energy production. However, it is likely that FY2025 performance would be even lower than these assumptions. The lower generation performance will have a knock-on impact on per unit open access charges because some charge components are fixed costs that are now spread across lower volumes. This will likely result in the actual net C&I tariff being lower than previously expected. Approximately 40% of RG2's capacity is located in Gujarat, and this portion supplies power exclusively to C&I customers. The tariffs charged to the C&I customers are linked to the state's high-tension discom tariffs. Gujarat discom tariffs have undergone a correction in FY25 after two years of rapid growth. This, combined with macroeconomic uncertainties, introduces uncertainty about the future movement of Gujarat discom tariffs. As a result, Moody's expects RG2's FY2025 full-year FFO/debt ratio to fall below the 8% downgrade threshold, with an increased likelihood that the average FFO/debt ratio could trend below Moody's earlier projection of 8–11% over the life of the notes. A sustained underperformance, if coupled with increasing competition in the C&I space beyond the next three years, may also weigh on the mandatory cash sweeps (MCS) in the last three years prior to maturity of the bonds. Sponsor diversification has increased in the past year and this alleviated prior uncertainties regarding sponsor commitment. Moody's expects further clarity upon the conclusion of the planned Initial Public Offering of CGEL, following the completion of a share transfer between the two sponsors at CGEHL level, along with the onboarding of long-term investor Just Climate at CGEL level in 2024. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The outlook change reflects the potential that RG2's financial metrics will not meet earlier expectations a sustained basis. Over the next 12–18 months, Moody's could revise the outlook to stable if power generation demonstrates a meaningful recovery, while net tariffs improves, such that RG2's FFO/debt ratio returns to at least 8% in FY2026 and the average FFO/debt ratio recovers to the 8–11% range. A downgrade could take place if RG2's FFO/debt ratio is expected to remain 8% or below on a sustained basis, due to any of the following: (1) weaker than expected generation performance, (2) below-expectations net tariff realization, or (3) sustained depreciation of the Indian rupee, resulting in increased debt servicing requirements or additional hedging expenses. Although currently unlikely given the company's negative outlook, upward rating momentum could develop if RG2's FFO/debt consistently improves to 14% or above, due to a sustained improvement in RG2's operational performance or due to C&I tariffs being supported at materially stronger levels than currently expected. The principal methodology used in these ratings was Power Generation Projects published in June 2023. RG2's rating is currently one notch above the scorecard-indicated outcome of Ba3 and this reflects the negative outlook. RG2 owns and operates power plants with 990.8 megawatts (MW) of capacity – 772 MW of wind and 218.8 MW of solar -- across Maharashtra, Madhya Pradesh, Tamil Nadu and Gujarat states in India. RG2 is owned by CGEHL through its India-based intermediary holding company CGEL, which is 85% owned by CGEHL and 15% by Just Climate. CGEHL's shareholders currently include Clean Energy Investing Ltd (Morgan Stanley Infrastructure Partners, 26%) and Continuum Energy Pte Ltd (founders, 74%). CGEHL, the ultimate holding company based in Singapore, operates wind and solar power plants with a combined generating capacity of 2,235 MW, along with an additional 1,290 MW of capacity under construction as of December 31, 2024. The company plans to expand its total capacity by a further 1,700 MW over the next two to three years. INNOVATE INTERIOR: Court Enters Wind-Up Order --------------------------------------------- The High Court of Singapore entered an order on May 9, 2025, to wind up the operations of Innovate Interior Design Pte. Ltd. DBS Bank Ltd filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 MEATERY LLP: Court to Hear Wind-Up Petition on May 30 ----------------------------------------------------- A petition to wind up the operations of The Meatery LLP will be heard before the High Court of Singapore on May 30, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on May 9, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 TOMHOUSE PTE: Commences Wind-Up Proceedings ------------------------------------------- Members of Tomhouse Pte. Ltd. on May 13, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ms. Chan Li Shan c/o Agile 8 Solutions 133 Cecil Street #14-01 Keck Seng Tower Singapore 069535 VIRAGO AGRI: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on May 9, 2025, to wind up the operations of Virago Agri Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ===================== S O U T H K O R E A ===================== CHUNGHO ICT: Drops 90% on First Day of Liquidation Trading ---------------------------------------------------------- ChosunBiz reports that Chungho ICT, a listed company on the securities market, fell more than 90% in early trading on May 16, the first day of the liquidation trading, ahead of its delisting on May 27. ChosunBiz relates that Chungho ICT, a manufacturer of automated teller machines (ATMs), entered a liquidation trading period starting from that day until May 26, ahead of its delisting on May 27. Earlier, on May 12, the Korea Exchange noted that it decided to delist Chungho ICT after considering its business continuity, management transparency, and other public interest and investor protection. Chungho ICT, which was listed in 1990, faced the grounds for delisting due to a KRW4 billion embezzlement case involving its then-CEO in April 2021, according to ChosunBiz. The exchange decided to delist the company on Sept. 26 last year, but the related process was suspended when Chungho ICT filed for a provisional disposition to suspend the effect of the delisting decision at the Seoul Southern District Court. However, the court rejected this on May 12, ChosunBiz notes. Headquartered in Gimpo-si, South Korea, Chungho Ict Co.,Ltd., together with its subsidiaries, engages in the manufacture, maintenance, and sales of financial automation business. The company offers domestic and global ATMs and utility bill collectors; and construction worker electronic card terminal. It produces and sells air and oil filters for internal combustion engines. In addition, the company is involved in rental business; and provides communication equipment. The company was formerly known as Central Insight.Co.,Ltd and changed its name to Chungho Ict Co.,Ltd. in March 2023. HOMEPLUS CO: Deadline to Submit Rehab Plan Moved to July 10 ----------------------------------------------------------- Maeil Business Newspaper reports that the deadline for Homeplus -- which is undergoing corporate rehabilitation procedures -- to submit its rehabilitation plan, has been extended until July 10. The Seoul Rehabilitation Court's Rehabilitation Division 4 (Chief Justice Chung Joon-young) on May 21 decided to extend the period for submitting the rehabilitation plan from June 12 to July 10, notes the report. Maeil Business Newspaper relates that the deadline for Samil Accounting Corporation, who was appointed as an investigator of Homeplus, to submit an investigation report to the Seoul Rehabilitation Court was originally that day, but it was reportedly postponed to the 12th of next month. Prosecutors are investigating allegations of fraud, believing that the management of Homeplus and its majority shareholder, MBK Partners, hid their credit ratings and issued short-term bonds even after planning to apply for corporate rehabilitation, notes Maeil Business Newspaper. About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***