250528.mbx

250528.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, May 28, 2025, Vol. 28, No. 106 Headlines A U S T R A L I A BAMBIS IMPORT: Second Creditors' Meeting Set for May 30 CORONADO GLOBAL: Moody's Cuts CFR to Caa1, On Review for Downgrade FERRETTI INTERNATIONAL: First Creditors' Meeting Set for June 2 HARBOUR GUIDANCE: Owes AUD48MM to Creditors LUCAPA DIAMOND: First Creditors' Meeting Set for June 4 LUCAPA DIAMOND: Goes Into Administration MORTGAGE HOUSE 2025-1: S&P Puts Prelim B(sf) Rating to Cl. F Notes ROLLS ROYCE: First Creditors' Meeting Set for June 2 STRONGROOM AI: Creditors' Meeting Adjourned to Mid-July THREE VALLEY: First Creditors' Meeting Set for June 2 C H I N A RETO ECO-SOLUTIONS: Board Removes Par Value of Class A Shares SHINECO INC: HK Unit Closes 75% FuWang Acquisition SUNAC CHINA: Wins Debt-Holders' Support for Offshore Restructuring I N D I A ALTECH INFRASTRUCTURE: ICRA Keeps D Ratings in Not Cooperating ASHIANA DWELLINGS: ICRA Keeps D Debt Rating in Not Cooperating BHUSHAN POWER: SC Orders Status Quo on Liquidation Proceedings BYJU'S: App Removed From Google Play Store Due to Non-Payment DNP FOODS: ICRA Keeps D Debt Rating in Not Cooperating Category F6 CAPITAL: ICRA Keeps B+ Debt Rating in Not Cooperating Category GANESH FIRE: ICRA Keeps D Ratings in Not Cooperating Category K2 METALS: ICRA Keeps D Debt Ratings in Not Cooperating Category MURARI PAVAN: ICRA Keeps B+ Debt Rating in Not Cooperating NAVIN COLD: ICRA Keeps D Debt Ratings in Not Cooperating Category P.K.M. PROJECTS: ICRA Keeps D Debt Rating in Not Cooperating PADMA PRIYA: ICRA Keeps B+ Rating in Not Cooperating Category PARAMSHAKTI STEELS: ICRA Keeps D Debt Ratings in Not Cooperating PR PACKING: ICRA Keeps D Debt Ratings in Not Cooperating Category RAJ RATAN: ICRA Keeps C+/A4 Debt Ratings in Not Cooperating RAMAKRISHNAA TEXTILES: ICRA Keeps B Ratings in Not Cooperating SAMRUDDHA RESOURCES: ICRA Keeps D Debt Rating in Not Cooperating SETCO AUTO: ICRA Reaffirms B- Rating on INR350cr LT NCD SGS MARINE: CARE Keeps D Debt Ratings in Not Cooperating Category SHAKTI AGRO: ICRA Keeps C+ Ratings in Not Cooperating Category SHEKHAWATI ENTREPRENEUR: ICRA Assigns B+ Rating to INR5.0cr Loan SHIRDIWALE SAI: ICRA Keeps D Debt Rating in Not Cooperating SRS HEALTHCARE: ICRA Keeps D Debt Rating in Not Cooperating SURESH ANGADI: CARE Reaffirms D Rating on INR61.35cr LT Loan SURYA OIL: ICRA Keeps B+ Debt Ratings in Not Cooperating Category SUSEE PREMIUM: CARE Keeps D Debt Rating in Not Cooperating VETRIVEL FORGINGS: CARE Keeps D Debt Ratings in Not Cooperating VUDDANDA SOLAR: CARE Keeps D Debt Rating in Not Cooperating J A P A N NISSAN MOTOR: May Sell Headquarters to Cover Restructuring Costs N E W Z E A L A N D BEERFRIDGE LIMITED: Creditors' Proofs of Debt Due on June 17 CARTEL 2016: Court to Hear Wind-Up Petition on May 30 D & C HILL: Creditors' Proofs of Debt Due on June 18 KIWI FRIENDLY: Creditors' Proofs of Debt Due on June 18 METRO PERFORMANCE: Posts NZD13.5MM Loss for Year Ended March 31 OUTPUT FLOORING: Court to Hear Wind-Up Petition on June 5 S I N G A P O R E CARGO-PARTNER LOGISTICS: Creditors' Proofs of Debt Due on June 21 CHUG CHUG: Court Enters Wind-Up Order FLOWERS CITY: Court to Hear Wind-Up Petition on May 30 HYPERION PACIFIC: Court to Hear Wind-Up Petition on June 6 KSL AUTOMOTIVE: Court to Hear Wind-Up Petition on June 6 - - - - - ================= A U S T R A L I A ================= BAMBIS IMPORT: Second Creditors' Meeting Set for May 30 ------------------------------------------------------- A second meeting of creditors in the proceedings of Bambis Import Co. Pty. Ltd. has been set for May 30, 2025 at 2:00 p.m. online 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 29, 2025 at 4:00 p.m. Laurence Fitzgerald and Garth O'Connor-Price of William Buck were appointed as administrators of the company on April 25, 2025. CORONADO GLOBAL: Moody's Cuts CFR to Caa1, On Review for Downgrade ------------------------------------------------------------------ Moody's Ratings has downgraded Coronado Global Resources Inc.'s corporate family rating and the backed senior secured notes rating of Coronado Finance Pty Ltd to Caa1 from B2. The ratings remain on review for further downgrade. RATINGS RATIONALE The downgrade of Coronado's ratings, and further review, reflect the continued rapid weakening of its liquidity position driven by a declining cash position and uncertainty around its ability to access external funding. While the $150 million ABL facility remains in place under a waiver through May 31, 2025, access is conditional and at the discretion of lenders. Given Moody's expects the company will continue to be loss making and have significant negative free cash flow at current prices, Moody's believes future access to the current facility is unlikely even if further covenant waivers are received. Coronado is actively seeking to replace the ABL facility through alternative counterparties, which will likely come at a higher cost but potentially with more flexible terms. However, the ability to obtain this funding and timing if successful, are unknown at this point. The company is also pursuing other additional liquidity measures, including potential relief on Stanwell rebates and state royalty payments as well as potential coal prepayment transactions. However, the timing and feasibility of these initiatives also remain uncertain. Given the anticipated acceleration in cash burn, Coronado faces a future funding shortfall and increased default probability if it is not able to successfully execute these measures. Coronado reported weaker-than-expected operating performance in the first quarter of 2025, further straining its liquidity. Moody's expects Coronado to operate near the mid-point of its reaffirmed 2025 cost guidance of $92–105/t and production guidance of 16–18 Mt, however, Moody's still forecast substantial negative free cash flow for the year, based on a metallurgical coal price assumption of $180/t. Given a lag in price realisation due to contract structures, Moody's expects cash burn to peak in Q2 and Q3 before improving, reflecting the lower metallurgical coal prices earlier in 2025 and the company's remaining capital expenditure requirements. Cash declined to $229 million as of March 31, 2025, down from $339 million at December 31, 2024, and at current price levels is projected to fall below $100 million, if additional funding is not secured. While most expansion-related spending has already been completed, which should position the company to benefit from increased volumes and lower unit costs in the second half, Moody's still expects cash burn to persist due to weaker prices. Governance is a driver of the action reflecting the company's liquidity risk management, which demonstrates a weakening in financial strategy and risk management practices. The review for downgrade will focus on Coronado's ability to secure additional funding over the next 30-60 days, including: (1) obtaining extended waivers and/or replacing the $150 million ABL facility, (2) potential relief on Stanwell rebates and state royalty payments, and/or (3) the potential to execute a coal prepayment or other liquidity enhancing transactions. LIQUIDITY Coronado's liquidity profile is weak. As of March 31, 2025, the company had a cash balance of $229 million, which declined to around $200 million by the end of April. Under Moody's base case prices, Moody's do not expect current liquidity to be sufficient to cover its remaining capex and working capital needs over the next 12 months without external funding support. The company has in place a $150 million ABL facility but is unlikely to be able to draw on the facility as it is currently operating under covenant waivers and any borrowings remain subject to lender discretion despite the waivers in place through May 31, 2025. While Coronado is looking to secure additional financing in the coming months, its liquidity remains vulnerable to coal price and debt market volatility, which could affect both the timing and terms of any new funding. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Coronado's ratings could be downgraded further if the risk of an event of default intensifies, or if recovery prospects for the company's creditors weakens further. Ratings could be confirmed at Caa1 if the company swiftly addresses its liquidity needs and strengthens its liquidity buffers over the next 12-18 months. ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATION In terms of environmental, social, and governance (ESG) factors, rating action considers the company's deteriorating financial performance and weak liquidity management that has led to its elevated funding risks. The governance risk has negatively impacted the credit profile, leading to a revision of its governance issuer profile score (IPS) to G-5 from G-4 and its credit impact score (CIS) to CIS-5 from CIS-4. Coronado's CIS-5 indicates that the credit rating is lower than it would have been if ESG risk exposures did not exist. Coronado's CIS also reflects the company's exposure to environmental and social risks related to its coal mining operations. METHODOLOGY The principal methodology used in these ratings was Mining published in April 2025. PROFILE Coronado Global Resources Inc. (ASX:CRN) was founded in 2011 with the intention to acquire and develop existing met coal operations. Coronado owns a portfolio of eight active operating mines across 3 mining complexes located in Queensland, Australia, and in the states of Virginia and West Virginia in the US. Coronado is majority owned by the Energy & Minerals Group (EMG), a private investment firm, and has been listed on the Australian Stock Exchange (ASX) since 2018. The company generated around $2.5 billion in revenue and $170 million of Moody's-adjusted EBITDA in 2024. FERRETTI INTERNATIONAL: First Creditors' Meeting Set for June 2 --------------------------------------------------------------- A first meeting of the creditors in the proceedings of Ferretti International Ottoway Pty Ltd will be held on June 2, 2025 at 12:00 p.m. via virtual meeting. Michael Brereton, Sean Wengel, and Rashnyl Prasad of William Buck were appointed as administrators of the company on May 21, 2025. HARBOUR GUIDANCE: Owes AUD48MM to Creditors ------------------------------------------- Ragtrader reports that the parent company of collapsed Australian retailer Jeanswest owes more than AUD48 million to creditors, according to ASIC filings obtained by Ragtrader. The Australian owner, Harbour Guidance Pty Ltd, called in the administrators in late March this year, appointing Lindsay Bainbridge, Andrew Yeo and David Vasudevan of Pitcher Partners Melbourne. According to Ragtrader, the latest report tabled to ASIC by the administrators shows that Harbour Guidance owes AUD48.5 million to creditors. Of this, AUD25.68 million is owed to secured creditors, including AUD25,388,541.64 to its parent company Harbour Guide Ltd – a Hong Kong company owned by Chun Fan Yeung and his family interests. Meanwhile, AUD19,988,825 is owed to Champion Glory Limited, a Hong Kong clothing exporter. While it is a related party, documents indicate this is not a secured creditor. Other key debts include AUD775,834.16 in gift card liability - in other words, how many unused gift cards customers have yet to spend, Ragtrader discloses. Jeanswest's parent company also owes AUD4.09 million in wages and other benefits to around 280 employees, according to Ragtrader. This includes redundancy owed to most and long service leave to around half of the employees, as well as annual leave entitlements. Some of the employees, according to the documents, have been working with the company since the 1990s. Most of the 280 employees owed are expected to be mostly store staff across the Jeanswest retail portfolio. Around AUD105,000 is owed to one related party employee. Harbour Guidance is also owed around AUD1.1 million across five debtors, including AUD1.06 million from Jeanswest Corporation (New Zealand) Limited, Ragtrader notes. The documents also show that Harbour Guidance had a total estimated asset value of AUD13,741,722.23, which predominantly included inventory across the store network and nearly AUD1 million in inventory in transit from China, as well as store fixtures and fittings across its 87-store network across Australia, Ragtrader discloses. The brand also had three stores in New Zealand, which are now closed. Following their appointment in late March, administrators launched an inventory reduction campaign, striving to sell off more than AUD20 million worth of goods, including 138,000 pairs of jeans and thousands of new season stock. It is believed this has now wrapped up, with administrators recently noting that sales should end on May 20. According to Ragtrader, the administrators have also called for buyers to submit expressions of interest to acquire the brand's intellectual property. Submissions have now closed. Ragtrader relates that the administrators recently noted that the directors of Harbour Guidance have indicated their intention to propose a Deed of Company Arrangement (DOCA), which would allow the company to restructure its debts and potentially continue operating in some form. However, this is contingent on the successful completion of both the inventory and IP sales. "The directors of Harbour Guidance are committed to exploring all options for the future of the Jeanswest brand, including a potential DOCA," Ragtrader quotes Mr. Bainbridge as saying. "The successful sale of the intellectual property will be a key factor in determining the viability of a DOCA and the potential for the brand to continue operating in some form." An extension of the convening period ahead of the second creditors' meeting has been granted until June 30, 2025. Harbour Guidance Pty Ltd, the parent company of Jeanswest, fell into voluntary administration on March 26, 2025, appointing administrators Lindsay Bainbridge, David Vasudevan and Andrew Yeo of Pitcher Partners Melbourne. LUCAPA DIAMOND: First Creditors' Meeting Set for June 4 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Lucapa Diamond Company Limited, Australian Natural Diamonds Pty Ltd, Brooking Diamonds Pty Ltd, and Heartland Diamonds Pty Ltd will be held on June 4, 2025 at 10:00 a.m. by virtual meeting via Microsoft Teams. Paul Pracilio and Richard Tucker of KordaMentha were appointed as administrators of the company on May 22, 2025. LUCAPA DIAMOND: Goes Into Administration ---------------------------------------- Angela East at Mining.com.au reports that Lucapa Diamond Company has engaged administrators following a cost cutting exercise and halving of its corporate workforce, with US President Donald Trump's trade tariffs putting pressure on pricing and demand for diamonds. Richard Tucker and Paul Pracilio of KordaMentha Restructuring have been appointed as voluntary administrators, mining.com.au discloses. Lucapa has a 40% stake in the Lulo alluvial mine in Angola, which produces large, premium Type IIa diamonds – with several recovered that are over 100 carats. The company's main exploration project is the Merlin Diamond Project in the Northern Territory, which is covered by a 24km2 mineral lease and a 210km2 exploration licence. Eight of the 11 known kimberlite pipes at Merlin were mined by Rio Tinto and Ashton Mining between 1999 and 2003, producing 500,000 carats of diamonds from 2.2 million tonnes of treated kimberlite. According to mining.com.au, the voluntary administrators are undertaking an urgent assessment of Lucapa and the operations and will shortly begin a dual-track recapitalisation and sale process. During the March quarter, Lucapa witnessed a 44% drop in its diamond inventories to 1,685 carats, a 41% decline in its cash and receivables to AUD2 million and had to take on interest-bearing debt of AUD600,000 compared to the same quarter of 2024, mining.com.au discloses. The company undertook a review of its corporate spend during the quarter which resulted in cuts to its corporate overheads and workforce. Mining.com.au relates that Lucapa said in its March quarter report that the overall effect of the tariffs introduced by the US post quarter end are still yet to be fully understood, with many buyers taking a wait and see approach during April. This impacted demand and prices for those producers still trying to sell diamonds. KordaMentha's Tucker told Mining.com.au late last year that around 99% of mining companies that KordaMentha assists will come out of administration, usually by way of a deed of company arrangement (DOCA). A DOCA is an agreement between the company and its creditors aimed at keeping the business operating and providing a better return for creditors than immediately winding up the company. Headquartered in Subiaco, Australia, Lucapa Diamond Company Limited (ASX:LOM) -- https://www.lucapa.com.au/ -- together with its subsidiaries, engages in the exploration, evaluation, mining, and development of diamond projects in Africa and Australia. The company primarily operates the Lulo Alluvial mine in Angola; and the Merlin Diamond project that comprises two tenements covering an area of 24 square kilometers mineral lease and 210 square kilometers exploration license located in Australia. The company was formerly known as Lonrho Mining Limited and changed its name to Lucapa Diamond Company Limited in October 2012. MORTGAGE HOUSE 2025-1: S&P Puts Prelim B(sf) Rating to Cl. F Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to eight classes of prime residential mortgage-backed securities (RMBS) to be issued by Perpetual Trustee Co. Ltd. as trustee for Mortgage House Capital Mortgage Trust No.1 - Mortgage House RMBS Osmium Series 2025-1. Mortgage House RMBS Osmium Series 2025-1 is a securitization of residential mortgage loans to Australian residents, nonresidents, and self-managed superannuation fund borrowers, originated by Mortgage House of Australia Pty Ltd. The preliminary ratings reflect the following factors. S&P said, "We have assessed the credit risk of the underlying collateral portfolio, and we believe the credit support provided to each class of notes is commensurate with the ratings assigned. Credit support for the rated notes comprises note subordination, lenders' mortgage insurance on 0.44% of the mortgage loan portfolio, and excess spread. "We have considered the underwriting standard and centralized approval process of the seller, Mortgage House of Australia. "We expect that the various mechanisms to support liquidity within the transaction, including a liquidity facility equal to 1.5% of the outstanding balance of the notes and principal draws are sufficient under our stress assumptions. "Our ratings also reflect the fixed- to floating-rate interest-rate swap provided by National Australia Bank Ltd. to hedge the mismatch between receipts from any fixed-rate mortgage loans and the variable-rate RMBS." Preliminary Ratings Assigned Mortgage House Capital Mortgage Trust No.1 – Mortgage House RMBS Osmium Series 2025-1 Class A1-S, A$181.00 million: AAA (sf) Class A1-L, A$219.00 million: AAA (sf) Class A2, A$39.50 million: AAA (sf) Class B, A$25.00 million: AA (sf) Class C, A$15.50 million: A (sf) Class D, A$11.00 million: BBB (sf) Class E, A$4.50 million: BB (sf) Class F, A$2.75 million: B (sf) Class G1, A$1.00 million: Not rated Class G2, A$0.75 million: Not rated ROLLS ROYCE: First Creditors' Meeting Set for June 2 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Rolls Royce Motors Pty Ltd will be held on June 2, 2025 at 11:00 a.m. via virtual meeting on Microsoft Teams. Thyge Howard Trafford Jones of TTJ Advisory was appointed as administrator of the company on May 22, 2025. STRONGROOM AI: Creditors' Meeting Adjourned to Mid-July ------------------------------------------------------- Capital Brief reports that StrongRoom AI's creditors will have to wait until mid-July to decide the startup's fate after administrators adjourned a crucial meeting, citing ongoing court proceedings related to a confidential sale agreement. Capital Brief, citing documents lodged with ASIC, discloses that the collapsed medtech startup's second creditors' meeting, held at HLB Mann Judd's Sydney office on May 13, lasted just six minutes before administrator Todd Gammel postponed proceedings until July 16 - the maximum 45 business days allowed under insolvency rules. The meeting had been scheduled to vote on StrongRoom's future - either liquidation or a deed of company arrangement proposed by early investor InterValley Ventures, Capital Brief relates. Capital Brief adds that Mr. Gammel told the 64 creditors, who are collectively owed AUD25.3 million, that no questions would be taken due to confidentiality requirements and a pending court application seeking judicial approval for a sale transaction. About Strong Room Headquartered in Melbourned, Australia, Strong Room -- https://strongroom.ai/ -- is a drug management platform that uses AI analytics and facial recognition technology to reduce adverse drug events in pharmacy, hospital, and aged care facility settings. The firm offers solutions and technologies including automated patient verification, powerful reporting, patient alerts, automated stock management, regular and secure back-ups, multiple terminals, 3D facial mapping, and biometric identification. As reported in the Troubled Company Reporter-Asia Pacific on April 1, 2025, financiers for Melbourne startup Strongroom AI have forced the company into administration, amid concerns about the company's accounts. On March 28, new regulatory filings with corporate regular ASIC revealed that Strong Room Technology Pty Ltd was in external administration. Todd Gammel, Barry Taylor, Matthew Levesque-Hocking from HLB Mann Judd stepped in on March 28 as administrators for the company, Startup Daily discloses. Walsh & Associates has also been appointed as receiver for banking assets in the startup at the behest of Paddington Street Finance. THREE VALLEY: First Creditors' Meeting Set for June 2 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Three Valley Food Company Pty Ltd will be held on June 2, 2025 at 2:00 p.m. at the offices of Apex Advisory Australia at Suite 12, Level 1, 11 Morrison Street in Hobart and via electronic facilities. Adam Johnston of Apex Advisory Australia was appointed as administrator of the company on May 21, 2025. ========= C H I N A ========= RETO ECO-SOLUTIONS: Board Removes Par Value of Class A Shares ------------------------------------------------------------- ReTo Eco-Solutions, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors approved to amend and restate the Company's memorandum and articles of association, currently in effect, to adjust the par value of its existing Class A shares from "par value $1.00 each" to "no par value." On May 13, 2025, the Company filed the amended and restated memorandum and articles of association to reflect this adjustment with the British Virgin Islands Registrar of Corporate Affairs. This adjustment to remove par value was exercised to give the Board more flexibility to raise funds, by issuing stock at a price determined by the Board in compliance with the laws of the BVI. Having taken advice from BVI counsel, the Board understands that the Company are permitted to make this adjustment under the laws of the BVI and that: * The removal of par value (being a nominal value and minimum price at which stock can be issued) will have no impact on shareholders' rights; and * BVI law has no maintenance of capital rules, meaning BVI companies are not required to have par value shares and BVI law. For the avoidance of doubt, all Class A shares will continue to have the same entitlement to voting and economic rights, and the value of the shares will be unaffected. The adjustment to par value will not be submitted to a vote of the Company's shareholders. A copy of the Amended and Restated Charter is available at https://tinyurl.com/5e5sxyzz About Reto Eco-Solutions Reto Eco-Solutions, Inc., through its operating subsidiaries in China, is engaged in the manufacture and distribution of eco-friendly construction materials (aggregates, bricks, pavers and tiles), made from mining waste (iron tailings), as well as equipment used for the production of these eco-friendly construction materials. Headquartered in Beijing, Peoples Republic of China, the Company also provides consultation, design, project implementation and construction of urban ecological protection projects through its operating subsidiaries in China. It also provides parts, engineering support, consulting, technical advice and service, and other project-related solutions for its manufacturing equipment and environmental protection projects. Irvine, California-based YCM CPA Inc., the Company's auditor since 2021, issued a "going concern" qualification in its report dated May 8, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company reported a net loss of approximately $8.4 million and $16.1 million for the years ended December 31, 2024 and 2023, respectively, and the Company had a working deficit of approximately $2.6 million as of December 31, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $34.3 million in total assets, $4.3 million in total liabilities, and a total shareholders' equity of $29.9 million. SHINECO INC: HK Unit Closes 75% FuWang Acquisition -------------------------------------------------- Shineco, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Shineco Life Science Group Hong Kong Co., Limited, a subsidiary of the Company, closed the acquisition of 75% of the equity interests in FuWang (HK) International Company Limited, a company limited by shares incorporated in Hong Kong, pursuant to the stock purchase agreement dated March 20, 2025 with Yi Yang, the only shareholder of FuWang (HK). On or prior to May 12, 2025 (Closing Date), the closing conditions as set forth in the SPA were satisfied or otherwise waived by the parties thereto, and the Seller has transferred 75% of the equity interests in FuWang (HK) to Shineco Life Science; therefore, FuWang (HK) became a direct subsidiary of Shineco Life Science. In exchange, Shineco Life Science paid to the Seller RMB 63.89 million (approximately US$8.9 million) in cash, and the Company issued 3,400,000 shares of the Company's common stock, par value $0.001 per share and transferred the 71.42% equity interests in Dream Partner Limited it holds to the Seller. The Shares were issued in reliance on Rule 902 of Regulation S promulgated under the Securities Act of 1933, as amended, and the Seller represented that he was not a resident of the United States or a "U.S. person" as defined in Rule 902(k) of Regulation S and was not acquiring the Shares for the account or benefit of any U.S. person. About Shineco Inc. Headquartered in Beijing, People's Republic of China, Shineco, Inc. aims to 'care for a healthy life and improve the quality of life' by providing health and medical products and services to society. Shineco, operating through subsidiaries, has researched and developed 33 vitro diagnostic reagents and related medical devices to date, and the Company also produces and sells healthy and nutritious foods. Singapore-based AssentSure PAC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Sept. 30, 2024, citing that the Company had net losses of approximately US$$24.3 million and US$14.0 million, and cash outflow of US$3.9 million and US$5.4 million from operating activities for the years ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and 2023, the Company had accumulated deficit of US$54.3 million and US$31.7 million, respectively, and as of June 30, 2024 and 2023, the Company had negative working capital of US$6.7 million and US28.9 million, respectively. These conditions raise substantial doubt about the Company's ability to continue as a going concern. SUNAC CHINA: Wins Debt-Holders' Support for Offshore Restructuring ------------------------------------------------------------------ The Standard reports that Sunac China said it has gained the support from nearly two-thirds of holders of its outstanding debts for offshore debt restructuring. Holders of approximately 64 percent of the aggregate outstanding principal amount of the existing debt submitted letters to accede to the restructuring when the early consent fee deadline expired on May 23, the property developer said in a filing on May 26, The Standard relates. Among them, holders of around 82 percent of its outstanding offshore US dollar-denominated notes, convertible bonds and mandatory convertible bonds supported the plan, Sunac said. The company is aware that certain creditors are in the process of completing the necessary procedures to support the restructuring, according to the filing cited by The Standard. It also reminded all existing creditors that the base consent fee deadline is currently scheduled for June 6. The consenting creditors will receive an early consent fee equivalent to 1 percent of the principal of the debt they held in the firm, while the base consent fee is equivalent to 0.5 percent, the filing, as cited by The Standard, showed. About Sunac China Sunac China Holdings Limited (SEHK:1918) -- http://www.sunac.com.cn/-- engages in the sales of properties in the People's Republic of China. The Company operates its business through two segments: Property Development and Property Management and Others. The Company's subsidiaries include Sunac Real Estate Investment Holdings Ltd., Qiwei Real Estate Investment Holdings Ltd. and Yingzi Real Estate Investment Holdings Ltd. Sunac is among a string of Chinese property developers that have defaulted on their offshore debt payment obligations since the sector was hit by a liquidity crisis in 2021, roiling global markets, according to Reuters. Creditors of Sunac China Ltd have approved its US$9 billion offshore debt restructuring plan, the company said on Sept. 18, 2023, marking the first approval of such debt overhaul by a major Chinese property developer. Sunac China Holdings Limited sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-11505) on Sept. 19, 2023. U.S. Bankruptcy Judge Philip Bentley presides over the Chapter 15 proceedings. Sidley Austin is the legal counsel to Sunac China. ========= I N D I A ========= ALTECH INFRASTRUCTURE: ICRA Keeps D Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Altech Infrastructure Pvt. Ltd. (AIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term 3.40 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term- 6.75 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 0.23 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Long-term- 0.62 [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 AIPL, 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. AIPL was incorporated in the year 2006 and is engaged in the manufacturing of Deaerators, Pressure Vessels, Heat Exchangers, Condensers, Evaporators and other stainless-steel tanks which find application in many industries like, Chemical, Fertilizer, Breweries, Petro Chem., Paper, Plywood, Power, and others. The company has its manufacturing facility in Bhiwadi, Rajasthan. The promoters of the company are well experienced in the line of business and have other group companies along same line of business. ASHIANA DWELLINGS: ICRA Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the rating of Optionally Convertible Debenture of Ashiana Dwellings Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Optionally 64.81 [ICRA]D; ISSUER NOT COOPERATING; Convertible Rating continues to remain under Debentures 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Ashiana Dwellings, 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. ADPL is an SPV of Ashiana Homes Private Limited (AHPL), incorporated in 2014 for the purpose of development of Ashiana Mulberry project. AHPL, which holds majority stake in the company, was incorporated in 1987, with presence mostly in north India, and has developed more than 3.4 msf (million square feet) of area. Ashiana Mulberry is a residential project located in Sector 2, Sohna, Gurugram with total saleable area of 0.95 msf. BHUSHAN POWER: SC Orders Status Quo on Liquidation Proceedings -------------------------------------------------------------- The Hindu BusinessLine reports that the Supreme Court on May 26 ordered a status quo on the liquidation proceedings of Bhushan Power and Steel Ltd (BPSL), granting relief to JSW Steel. According to BusinessLine, JSW Steel can now file a review petition against a May 2 verdict that quashed the INR19,700 crore resolution plan of the Sajjan Jindal promoted steel-maker. A Bench comprising Justice BV Nagarathna and Justice Satish Chandra Sharma ordered the status quo, considering that JSW's limitation period for filing a review against the judgment is still open, BusinessLine relates. It directed the National Company Law Tribunal to keep the matter pending until the apex court decides on the review plea. A status quo order is a legal directive issued by a court to maintain the existing condition of a matter until a final decision or resolution is reached. It freezes the situation in place to prevent any changes that might complicate the case or prejudice one party. According to BusinessLine, the Apex court asked JSW Steel to file the petition within the prescribed limitation period, BusinessLine relates. JSW undertook that the review petition would be filed within the limitation period. BusinessLine relates that a senior advocate said, the matter looks "positive" for JSW as the company "wanted time to file a review petition; and also seek a stay on the liquidation proceedings of Bhushan Power and Steel Ltd (BPSL)." "In all likelihood, the matter will be taken up mid-July when the Court resumes," said another lawyer, notes the report. The time limit to file a review petition in the Supreme Court is 30 days, BusinessLine notes. However, it was noted that review petitions are generally not listed during vacations or during the "partial working days" of the Court. Supreme Court resumes after the summer vacation from July 14. About Bhushan Power 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. BYJU'S: App Removed From Google Play Store Due to Non-Payment ------------------------------------------------------------- The Economic Times reports that troubled edtech firm Byju's Learning app has been taken down from the Google Play Store due to non-payment of dues to its vendor Amazon Web Services. Byju's Learning App hosts material for mathematics, physics, chemistry and biology for classes 4–12 and social studies for classes 6–8. The app also provides preparation support for competitive exams like Joint Entrance Examination (JEE), National Eligibility cum Entrance Test (NEET), and Indian Administrative Services (IAS). The app is still available on Apple's App Store, ET relates. However, other apps from the edtech company - including Byju's Exam Prep, which supports students preparing for competitive exams like IAS, Master of Business Administration (MBA), and University Grants Commission National Eligibility Test (UGC NET), and the Think and Learn Premium app - remain available on Android app store, according to ET. While Byju's website is still operational, several of its key services are facing technical issues, ET says. Features such as booking free sessions for students in classes four to nine and the Byju's Early Learn programme, designed for learners up to grade three, are currently showing server errors. Coaching operator Aakash Institute, a subsidiary of Byju's parent company Think & Learn, continues to operate as usual. Byju's and its resolution professional (RP), Shailendra Ajmera, did not respond to ET's request for comment. The company is currently managed by Ajmera, who took over as the new RP in February. The app and website-related disruption was first reported by Moneycontrol. About Byju's Based in Bengaluru, Karnataka, India, Byju's operates an online learning platform intended to deliver engaging and accessible education. The company's platform makes use of original content, watch-and-learn videos, animations, and interactive simulations that make learning contextual, visual, and practical, enabling students to receive a personalized educational experience. As reported in the Troubled Company Reporter-Asia Pacific in July 2024, the National Company Law Tribunal on July 16 ordered insolvency proceedings against the company after a complaint by the Board of Control for Cricket in India (BCCI) for not paying US$19 million in dues. Pankaj Srivastava was appointed as the interim resolution professional. Reuters said Byju's has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors who accused CEO Byju Raveendran of corporate governance lapses, job cuts and a collapse in its valuation to less than $3 billion. Byju's has denied any wrongdoing. The TCR-AP relayed that the National Company Law Appellate Tribunal (NCLAT) on Aug. 2, 2024, accepted the settlement between Byju Raveendran and the BCCI, thus removing Byju's parent Think and Learn from the insolvency resolution process. However, in October 2024, the Supreme Court quashed an earlier NCLAT ruling approving the settlement, according to The Economic Times. The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that foreign lenders, who collectively extended more than 85% of Byju's $1.2 billion term loan, have filed an insolvency petition against the online tutor in India. Moneycontrol related that the bankruptcy petition was filed in January 2024 in the Bengaluru bench of the National Company Law Tribunal (NCLT), the people said, requesting anonymity. BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Alleged creditors of Epic! Creations, also a U.S. unit, sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. DNP FOODS: ICRA Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- ICRA has kept the Short-Term rating for the Bank facilities of DNP Foods Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term- 16.00 [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 DNP Foods 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. Incorporated in September 2006 as a public limited company, DNP Foods Limited is engaged in processing and exporting seeds and spices, mainly guar gum splits. The company has set up a 12,000 metric tons per annum (MTPA) processing plant at Umber gam, Gujarat, which commenced operations in April 2010. The process involves sifting, de-stoning, removing metal particles, sorting as per color and size, and packaging the processed guar gum splits. Prior to the commercialization of the plant in April 2010, DNP was engaged in the trading of seeds and spices. Mr. Devji N Palani, the promoter of the company, has more than five decades of experience in the field of seeds and spice exports, mainly guar gum exports. The company is closely held by the Palani family and is not listed on any of the stock exchanges in India. F6 CAPITAL: ICRA Keeps B+ Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of F6 Capital and Finance Private Limited in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Unallocated to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with F6 Capital and Finance 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. Incorporated in June 1979, F6 Capital & Finance Private Limited (Formerly known as Bajaj Chit fund Co Private Limited) is registered as a non-banking financial company (NBFC) with the Reserve Bank of India (RBI). The company was acquired by the current promoters in May 2019. Following the change in ownership, the company actively commenced offering gold loans to individuals and jewellers in Mumbai Metropolitan Region (MMR). As on March 31, 2021 the company had a loan book of INR9.12 crore on a net worth of INR2.36 crore. GANESH FIRE: ICRA Keeps D Ratings in Not Cooperating Category ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Shri Ganesh Fire Equipments (P) Limited in the 'Issuer Not Cooperating' category. The rating is 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; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term- 3.00 [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 Shri Ganesh Fire Equipments (P) 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. Shri Ganesh Udyog (India) was established in 1981 as a proprietorship firm of Mr. Shri Gahesh Lal. Subsequently the firm was reconstituted into a private limited company (Shri Ganesh Fire Equipment Private Limited- SGFEPL) in 2010. Currently, it is being managed by Mr. Lal's son, Mr. Raj Kishore. The company has three manufacturing facilities, two in Delhi and one in Bihar. SGFEPL, an ISO 9001:2008 certified company has been engaged in the manufacturing of complete range of fire fighting vehicles, pumps, equipments and accessories. SGFEPL is engaged in fabrication of fire fighting vehicles like water tender, foam tender, DCP tender, crash fire tender, trailer fire pumps etc. and special purpose vehicles such as water cannon vehicles for riot control operations. K2 METALS: ICRA Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings for the Bank Facility of K2 Metals Private Limited (KMPL) 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- 4.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term- 13.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term- 10.00 [ICRA]D; ISSUER NOT COOPERATING; Non Fund based- Rating Continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with KMPL, 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, KMPL is a Maharashtra-based company involved in manufacturing of steel wires and galvanised wires in the range of 0.9 mm to 10.00 mm. The company is promoted by Mr. Rahul Kulkarni and Mrs. Megha Kulkarni. KMPL, which started operations in 2014, has its manufacturing unit in Jejuri MIDC, Pune with an installed capacity to manufacture 24,000 MTPA. MURARI PAVAN: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating for the Bank facilities of Sri Murari Pavan Agrotech (SMPA) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- 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 SMPA, 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. Sri Murari Pavan Agrotech (SMPA) was incorporated in 2015 as a partnership firm and is based out in Nandyal town of Kurnool district, Andhra Pradesh and is involved in the ginning & pressing of raw cotton to produce cotton lint & seeds. The firm has 24 gins and one pressing unit. The current capacity of the plant is 48000 bales of lint per annum. The operations are currently managed by Mr. B. Srihari and his family members who have more than 20 years of experience in ginning industry. NAVIN COLD: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-term rating for the bank facilities of Navin Cold Storage Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 6.67 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 1.81 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 0.52 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Navin Cold Storage Pvt. Ltd., 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. Navin Cold Storage Pvt. Ltd. had set up its cold storage unit in West Medinipur, West Bengal in 1990 to carry out the business of storage and preservation of potatoes. The current capacity of the cold storage unit is 23,557 metric tones (Mt). P.K.M. PROJECTS: ICRA Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the long-term ratings of P.K.M. Projects Private Limited (PKM) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 28.00 [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 PKM, 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 moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2006, PKM is a part of Mahesh Mehta Group, founded by Mr. Mahesh Mehta. The promoters have more than two decades of experience in real estate and hotel industry. The Group has presence in industries like Katha production, real estate and hospitality business through its group entities. PADMA PRIYA: ICRA Keeps B+ Rating in Not Cooperating Category ------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Sri Padma Priya Finance Corporation (PP) in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 18.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating moved to Cash Credit Issuer Not Cooperating category As part of its process and in accordance with its rating agreement with PP, 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. PP was set up in 1995 as a partnership firm in Rajahmundry (Andhra Pradesh). It finances two-wheelers in the east Godavari region of Andhra Pradesh. As on March 31, 2022, PP's total vehicle loan portfolio stood at INR37.8 crore (including unmatured hire charges). PP reported a net profit of INR0.4 crore in FY2022 on an asset base of INR35.5 crore. PARAMSHAKTI STEELS: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings for the Bank Facility of Paramshakti Steels Limited (PSL) 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- 2.22 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term- 40.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 75.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Short-term 95.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Short Term- 165.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with PSL, 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 2005, PSL is engaged in processing and trading of hot rolled (HR) coils. The promoters of PSL have been in their on and steel trading business for almost 40 years through a company namely Gupta Steel Corporation (not operational now) before starting PSL. PR PACKING: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the long-term and short-term ratings of PR Packing Service in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING /[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 15.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term/ 3.50 [ICRA]D; ISSUER NOT Short Term- COOPERATING/[ICRA]D; 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 PR Packing Service, ICRA has been trying to seek information from the entity to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained noncooperative. In the absence of the requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. PR Packing Service is a partnership firm established in 1999 by Late Mr. Dhananjay Bhansali and his wife Mrs. Rekha Bhansali. At present, the firm's operations are managed by their sons, Mr. Pathik Bhansali and Mr. Parth Bhansali. It manufactures corrugated boxes using kraft paper. PRP has two manufacturing units in Silvassa (Union Territory of Dadra and Nagar Haveli) with a collective production capacity of 28,800 tonne per annum. Its registered office is in Mumbai. The operations of the firm are ISO 9001:2008 and ISO 22000:2005 certified. RAJ RATAN: ICRA Keeps C+/A4 Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Raj Ratan Smelter Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]C+; ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 18.50 [ICRA]C+/[ICRA]A4; Short Term ISSUER NOT COOPERATING; Fund Based/ Rating continues to remain Non Fund under issuer not cooperating Based-Others category As part of its process and in accordance with its rating agreement with Raj Ratan Smelter 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. Raj Ratan Smelter Limited was incorporated by the Khatri family in 2007 and is involved in the manufacture and sale of mild steel bars. Its plant, located in Kanpur (UP), has a capacity of 36,000 metric tonnes (MT) per annum. RAMAKRISHNAA TEXTILES: ICRA Keeps B Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-term rating for the bank facilities of Sri Ramakrishnaa Textiles in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.25 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 4.11 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 2.64 [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 Sri Ramakrishnaa Textiles, 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. Sri Ramakrishnaa Textiles was established as a proprietorship concern in 2006 by Mr. R Loganathan and was converted to a partnership firm in 2017 with Mr. R Loganathan and Mrs. Thulasimani as partners. Mr. Loganathan has extensive experience of nearly two decades in the weaving industry. The firm is involved in the production of grey cotton fabric at its manufacturing facility in Coimbatore, Tamil Nadu. The current installed capacity of the firm is 92 looms, which includes 56 conventional power looms and 36 auto power looms. The firm outsources most of its production to around 600 looms located nearby, by virtue of which it has an overall annual production capacity of around 12 million metres of grey fabric. The firm procures cotton yarn from various spinning mills in Tamil Nadu and Andhra Pradesh, weaves it into grey fabric and markets it to garment manufacturers across India. SAMRUDDHA RESOURCES: ICRA Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank Facility of Samruddha Resources Limited (SRL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 25.00 [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 SRL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1997 and formerly known as Samruddha Overseas Limited), SRL is involved in the mining and trading of iron ore fines. The group is promoted by Mr. Vinay Rohidas Patil, son of the Mr. Namdar Daji Saheb Rohidas Patil (former Minister of Agriculture Maharashtra State and belonging to Dhule district of Maharashtra). Prior to 1997, the promoters were engaged in the textile business. SETCO AUTO: ICRA Reaffirms B- Rating on INR350cr LT NCD ------------------------------------------------------- ICRA has reaffirmed ratings on certain bank facilities of Setco Auto Systems Private Limited (SASPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 215.00 [ICRA]B-(Stable); Reaffirmed Non-convertible Debenture Long-term- 350.00 [ICRA]B-(Stable); Reaffirmed Non-convertible Debenture Rationale The rating reaffirmation considers SASPL's weak financial profile on account of net losses and high debt levels, leading to modest debt coverage indicators as on December 31, 2024. The company is also exposed to high refinancing risk as the redemption of the non-convertible debentures (NCDs), entailing a total outflow of more than INR1,000 crore (including accrued interest) is due in September 2025. The same remains a key monitorable. ICRA notes that the company is at an advanced stage of discussions with potential investors to refinance the said NCD (along with the accrued interest), and the management expects this process to be completed prior to the due date. Setco Group's financial profile continues to be weak, given past delays in debt servicing by its associate concern, Lava Cast Pvt. Ltd. (LCPL) due to underutilisation of capacity. While SASPL had supported LCPL in March 2024 through its own funds, ICRA notes that the amount was raised by India Resurgence Fund (Ind-RF) extending a further loan of INR20 crore to SASPL, which reimbursed the support extended to LCPL. Hence, it was largely a stop-gap arrangement. ICRA does not foresee further support to LCPL or upstreaming of funds to Setco Automotive Limited (SAL) or any other Group entity, but the same will remain a key monitorable. The company is also exposed to the cyclicality in the auto industry, as evident from the volatility in the top line over the past fiscals. The rating, however, notes the extensive experience of the promoters, SASPL's established operational track record and strong relationships with original equipment manufacturers (OEMs) in the clutch manufacturing business of the medium and heavy commercial vehicles (MHCVs) industry. The rating also considers the improvement in SASPL's operating profile over the past two to three years, following infusion of funds through NCDs, which led to streamlining of the business. Consequently, the total revenues are expected to increase by 15-20% in FY2025 on a YoY basis. The operating margins of the company also improved to 14.6% in 9M FY2025 over 11.9% in 9M FY2024 owing to increase in scale of operations. The Stable outlook reflects ICRA's expectations that SASPL's large debt levels will continue to impact its credit profile. The ability of the company to refinance the existing NCD falling due for repayment in September 2025 remains a key monitorable. Key rating drivers and their description Credit strengths * Extensive experience of promoters and established operational track record of the Group in auto component industry: SASPL is managed by Mr. Harish Sheth, who has an experience of over 35 years in the auto component industry. The company manufactures clutches primarily for MHCVs and the Group has an established operational track record of nearly 35 years. The company's revenues are distributed across three key segments - OEMs, original equipment suppliers and independent aftermarket. It has also forayed into manufacturing clutches for the tractor segment and allied parts like lubricants, brake lining, fly wheels, and auto components in the MHCV segment. * Strong relationships with OEMs along with repeat business from major OEMs: The company has developed an established customer base, resulting in repeat orders. It has an established brand presence in the automotive market with reputed M&HCV OEMs in India. Credit challenges * Weak financial profile: SASPL's financial profile remained weak characterised by high debt levels and net losses. The high debt levels are on account of NCD subscribed by Ind RF in September 2021 to support the liquidity position of the company at that point of time. It reported losses of ~INR93 crore on a provisional basis in 9M FY2025 over loss of INR92.6 crore in 9M FY2024 (loss of INR117.9 crore in FY2024 and INR209.3 crore in FY2023) owing to high interest expenses. Although SASPL's revenue is expected to increase by 15-20% in FY2025 on a YoY basis, with operating margins projected at 14-15% over 12.2% in FY2024, the company's debt coverage indicators are likely to remain moderate in FY2025 due to high debt levels. The coverage indicators are expected to remain under pressure in the near-to-medium term, given the substantial debt on its books with the redemption falling due in September 2025. * Significant debt with accumulative interest and redemption falling due in FY2026: SASPL has a significant debt repayment obligation of INR575.0 crore in September 2025, along with the accrued interest till September 2025 aggregating to more than INR1,000 crore. SASPL is required to mandatorily pay 5% coupon interest per annum on NCDs, while the remaining 18% interest on outstanding debt is getting accrued. The company's ability to make timely repayments of NCDs and the accrued interest by September 2025, either through refinancing or equity support, along with the new terms and conditions of the funds, is crucial for its credit profile. ICRA notes that the company is in an advanced stage of discussions with potential investors to refinance the NCD along with the accrued interest, and this process is expected to be completed by September 2025. * Stressed financial profile of associate entity, LCPL: LCPL, in which SASPL has a 10.31% shareholding, started commercial production from April 2016. It has an installed casting capacity of 30,000 MTPA. LCPL has been reporting losses for the past seven years till FY2024 owing to internal challenges such as higher rejections and lower yields. LCPL could not service the debt obligation in FY2020 due to high losses and internal challenges. The company underwent debt restructuring in FY2021, providing a much-needed liquidity buffer to LCPL through an elongated repayment period, along with lower interest costs. The company was unable to service the debt obligation in FY2022 and FY2023 as the internal challenges continued. SASPL supported LCPL in FY2022 from the NCD funds and equity for maintenance capex and stabilisation of business. ICRA notes that SASPL has further provided financial support to LCPL in FY2024 from its own cash flows. However, the money was advanced on the pretext of Ind-RF extending a further loan of INR20 crore to SASPL, which was reimbursed in FY2025 for the support extended to LCPL. Hence, the same was largely a stop-gap arrangement. ICRA notes that the account of LCPL has been restructured in FY2024 and ICRA does not foresee further support to LCPL or upstreaming of funds to SAL or any other Group entity, but will remain a key monitorable. LCPL undertook a major maintenance exercise in FY2023, which mitigated the internal challenges faced earlier, improving its yield and rejection rates in FY2024 and FY2025. * High exposure to cyclicality in auto Industry: SASPL primarily caters to the automobile industry and manufactures clutches used in MHCVs. Thus, it remains exposed to the cyclicality in the auto industry, evident from the volatility in the top line over the past fiscals. However, supplies to OEMs account for approximately 27% of the top line, and the balance 73% comes from the replacement market. Liquidity position: Stretched The company's liquidity profile remains stretched, with significant debt obligation with accumulated interest due in FY2026. Its ability to successfully refinance the same remains a monitorable. The company's working capital utilisation remained moderate at ~78% during the 13-month period ended in March 2025, with buffer of INR6.1 crore as on March 31, 2025. Positive factors – A large maturing debt obligation in FY2026 against SASPL's earnings constraints the possibility of any rating upgrade in the near term. However, any meaningful reduction in debt, coupled with sustained improvement in its sales turnover and profitability along with liquidity, strengthening the entity's overall financial profile, would be a credit positive. Negative factors – Inability of the company to refinance the maturing NCD along with the accrued interest, or any restructuring of the existing NCDs to prevent the occurrence of default, will be a negative rating trigger. Established in 1982 in collaboration with Gujarat Industrial Development Corporation (GIDC), Gujarat Setco Automotive Limited (GSAL) was a manufacturer of clutches for OEMs. In 2000, GIDC stepped out of GSAL, and the latter was renamed as Setco Automotive Limited (SAL). SAL manufactured clutches primarily for MHCVs. SAL's clutch business was transferred to its wholly-owned subsidiary, Setco Auto Systems Private Limited, on a slump sale basis in September 2021. SASPL now manufactures clutch products. There were no operations under SASPL before the slump sale. SASPL sells clutches under its own brand, LIPE. SASPL is managed by Mr. Harish Sheth, who has an extensive experience of over 35 years in the auto component business. The company has its own manufacturing unit at Kalol, Vadodara (Gujarat), and an assembly unit at Sitarganj, Udham Singh Nagar (Uttarakhand). The company's research and development centre along with its manufacturing facility are approved by the Department of Science and Industrial Research (DSIR). The manufacturing facility is also certified by IATF 16949, ISO 14001 and OHSAS 18001. In addition to OEMs, the company caters to clutch demand from original equipment services and independent aftermarket, which together generated 64% of its annual sales in FY2025. The company has also forayed into manufacturing clutches for the farm segment (tractors) and has supplied products to major tractor manufacturers like Eicher Motors and Sonalika Tractors, among others. SASPL has also ventured into a new business of allied parts (shop and ship) like lubricants, brake lining, fly wheels, and auto components in the MHCV segment. SGS MARINE: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of SGS Marine Habitability Private Limited (SMHPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 6.00 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 17, 2024, placed the rating(s) of SMHPL under the 'issuer non-cooperating' category as SMHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 3, 2025, March 13, 2025 and March 23, 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 SGS Marine Habitability Private Limited (SMHPL) was incorporated in the year 2012 and commercial operations of the company started from July 2013. SMHPL is promoted by Mr. Ghanshyam Sharma and family members. The products of the company include doors & hatches and services like providing modular accommodation which comprise of supply, installation and commissioning all products, equipment, machinery, cabins, galley (kitchen), doors, wall and ceiling paneling, flooring, illumination, working area, dining halls, messes, recreation spaces among others, for warships under construction and ships in service for Indian Navy with various shipyards in India. The company gets the orders through participating in tenders. The company's register office and manufacturing unit is located at Visakhapatnam and branches are located at Cochin (Kerala), Port Blair (Andaman & Nicobar Islands), Mumbai (Maharashtra) and Karwar (Karnataka). SHAKTI AGRO: ICRA Keeps C+ Ratings in Not Cooperating Category -------------------------------------------------------------- ICRA has kept the long-term ratings of Shree Shakti Agro Industries (SSAI) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]C+; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 0.90 [ICRA]C+; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term- 9.00 [ICRA]C+; 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 SSAI, 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. The promoters, Mr. Vikas Doda and Mr. Vijay Kumar, took over a partially erected seed crushing plant in Ellenabad, Haryana from the previous promoters and incorporated Shree Shakti Agro Industries (SSAI) in the year 2015. The firm started commercial manufacturing of mustard oil and cake and cottonseed oil and cake in the existing unit. However, as one of the partners (Mr Vijay Kumar) expired, Mrs Prem Lata (wife of Mr Vikas Doda) has taken over as the partner w.e.f July 1, 2017. SHEKHAWATI ENTREPRENEUR: ICRA Assigns B+ Rating to INR5.0cr Loan ---------------------------------------------------------------- ICRA has assigned rating to the bank facilities of Shekhawati Entrepreneur Private Limited (SEPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B+ (Stable); Assigned Overdraft Rationale The rating assigned to SEPL is constrained by its limited track record in the construction industry (started operations in FY2020) and a weak financial risk profile. This is reflected in its modest scale of operations (INR57.1 crore in FY2024 (audited) and INR100 crore in FY2025, as per management's guidance), low operating profit margin (Less than 5%) and marginal net worth (INR5 crore as of December 2024, provisional data), leading to high leverage (TOL/TNW of 2.6 times as of December 2024). The company has been operating as a subcontractor to larger EPC players in the road construction segment, which also constrains its margin profile. SEPL's revenues and operating margins remain susceptible to the stiff competition and tender-driven nature of business, an inherent feature of the entities associated with the construction industry. The company's ability to sustainably build up its order book (OB) and execute in a timely manner remains crucial from a credit perspective. The rating is, however, supported by its moderate OB position, which stood at ~INR213 crore as of March 2024. This translates into OB/OI in FY2025 (provisional) of 2.1 times, providing revenue visibility for a period of 1.5-2 years. The unsecured loans (USL) extended by the promoters, limited the company's reliance on bank borrowings until FY2025. However, with the scaleup in operations and repayment of USLs, external debt levels are expected to increase. SEPL's ability to enhance its bank lines to manage the scaling up of its operations while maintaining a prudent working capital cycle and liquidity remains a key credit monitorable. The Stable outlook on the long-term rating reflects ICRA's opinion that the company will sustain its scale of operations given the outstanding OB. The company's coverage metrics are likely to remain commensurate with its rating level, despite operating margins being range-bound (3-4%). Key rating drivers and their description Credit strengths * Moderate order book position provides medium-term revenue visibility: SEPL had an unexecuted OB of ~Rs. 213 crore as of March 2025, translating into OB/OI (order book/operating income) (FY2025 estimated) of over 2 times, providing mediumterm revenue visibility. Credit challenges * Weak financial risk profile: SEPL has a limited track record of operations, having started its operations in FY2020. Its financial profile remains weak, as reflected in a modest scale (INR100 crore in FY2025 estimated), low margins (3-4%) and marginal net worth (INR5 crore as of December 2024). High reliance on creditors, along with low net worth, results in elevated leverage metrics (TOL/TNW of 2.6 times as on December 31, 2024). The company remains susceptible to any significant decrease in the credit period extended by its suppliers, which could pressurise the cash flows. Additionally, its liquidity is stretched, with limited cushion in its fund-based limits and no sanction of non-fund-based limits. Given the scale-up in operations, its ability to improve profitability and judiciously manage its working capital cycle (including tie-up for working-capital lines) remains important from a credit perspective. * High client and geographical concentration risks: As per the current OB, more than 90% of the company's revenues will stem from the Rajasthan-based project, exposing it to region-specific economic and political risks. Also, the entire OB constitutes sub-contracting orders from a single counterparty, which exposes its revenues to client concentration risk. However, the promoter family's long and established association with this client mitigates counterparty risk to an extent. * Competitive industry; tender-driven nature of business impacting pricing flexibility: SEPL is exposed to intense competition, given the highly fragmented industry with numerous players in the organised and unorganised segments. Also, given the tender-based contract award system, the company remains exposed to volatility in order inflows, revenues and pressure on profit margins. Liquidity position: Stretched The company has minimal long-term debt obligations, but the cushion remains limited in terms of free cash on books or unutilised working capital limits, which constrain its liquidity. The cash flows from operations are projected to be INR2-3 crore. The limit utilisation for the Dropline Overdraft facility for trailing 11 months, as of February 2024, stood at 61%. At present, the company has no non-fund-based sanction limits. Timely sanction (NFB) and enhancement of WC limits would be imperative for sustainably scaling up of operations. Rating sensitivities Positive factors – Sustained and significant improvement in scale of operation and net worth, along with improvement in liquidity position, will be crucial for a rating upgrade. Negative factors – Pressure on SEPL's rating could arise if there is a significant decline in the scale of operations due to a slow fresh order addition or delays in execution. Further, any significant deterioration in the working capital cycle and/or any major debt-funded capex, which adversely impacts the company's leverage metrics and/or liquidity position, would also be a credit negative. Incorporated in 2009, Shekhawati Entrepreneur Private Limited (SEPL) is an engineering, procurement and construction player based in Rajasthan. SEPL is primarily involved in road and EPC works, often subcontracting for private players such as New India Contractors Private Limited. The company executes construction work for roads, bridges, canals and others. Additionally, SEPL is also involved in optical fibre laying, precast manhole manufacturing and RCC Hume pipes production. The company recently executed a HAM project in Maharashtra, subcontracted by New India Contractors and Developers Private Limited. Its primary clientele includes the NHAI, MoRTH and others. SEPL has undertaken projects across Rajasthan and Maharashtra. SHIRDIWALE SAI: ICRA Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term rating of Shirdiwale Sai Exim Private Limited (SSPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 8.00 [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 SSPL, 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 SSPL was incorporated in 2005 and it is a private limited company and is managed by Mr. Deepak Gupta and his wife Mrs. Pallavi Gupta. The company is involved in merchant trading of betel nuts and trading of memory cards used in mobile phones. The company is involved in both import and export operations. In the last few years there was not much activity in the business until recently in July 2015. The company imports betel nuts from Indonesia and exports to Dubai. The memory card is imported from China and sold to group companies and also in the domestic market. SRS HEALTHCARE: ICRA Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-term and Short-term ratings for the bank facilities of SRS Healthcare and Research Centre Limited 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/ 115.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues Unallocated to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with SRS Healthcare, 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 May 2013, SRS Healthcare and Research Centre Limited is a part of Faridabad-based SRS Group. Approximately 85% stake in SRS Healthcare is owned by BTL Holding Company Limited, which is the holding company of SRS Limited. SRS Healthcare was set up with the objective of venturing into hospitals business. For this purpose, the Company entered into an operations and management agreement (OMA) with a charitable trust - Bharadwaj Welfare Trust (BWT) - for a hospital in Sector 16A Faridabad (Haryana). Thereafter, it commenced a major renovation of the hospital while also expanding its bed capacity to 285 beds from 210 beds earlier. SURESH ANGADI: CARE Reaffirms D Rating on INR61.35cr LT Loan ------------------------------------------------------------ CARE Ratings has reaffirmed ratings on certain bank facilities of Suresh Angadi Education Foundation (SAEF), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 61.35 CARE D; Rating removed from Facilities ISSUER NOT COOPERATING category and Reaffirmed Rationale and key rating drivers Ratings of SAEF were earlier placed under the 'Issuer not cooperating (INC)' category as the company had not provided information for carrying out the surveillance exercise. SAEF has now shared the requisite information with CARE Ratings Limited (CARE Ratings), and accordingly, the rating has been removed from 'INC'. The reaffirmation of the ratings assigned to the bank facilities of Suresh Angadi Education Foundation (SAEF) factors in the ongoing delays in debt servicing of the term loan facility. The same has been confirmed by the management and the lender. There has been a delay in the payment of principal and interest for the month of March-25 and subsequently there have been instances of penal charges in the bank statement for the month of April-25. The ratings continue to remain constrained on account of small scale of operations despite continuous improvement in Total Operating Income (TOI) ,weak financial risk profile marked by high debt and negative net worth and presence in intensely competitive and regulated industry. The ratings, however, derive strength from the vast experience of trustees and diverse portfolio of courses offered. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Delay-free track record of over three months Negative factors: Not Applicable Analytical approach: Consolidated Outlook: Not Applicable Detailed description of key rating drivers: Key weaknesses * Ongoing delays in debt servicing: There are ongoing delays in debt servicing of term loan facility. The same has been confirmed by the management and the lender. There has been a delay in the payment of principal and interest for the month of March-25 and subsequently there have been instances of penal charges in the bank statement for the month of April-25. As articulated by the management, the delay was on account of cashflow mismatch between the fee collection and scheduled payment. With the increase in enrolment and fee collections, the same is expected to be regularized going forward and shall remain a key rating monitorable. * Small scale of operations albeit continuous improvement in TOI: The scale of operations of SAEF have remained small with Total Operating Income (TOI) in the range of INR20-35 crore during FY23-FY25. However, the TOI has grown at a CAGR of 27% from FY21-FY25 and has improved by 22 % from INR27.55 crore in FY24 to INR33.62 crore in FY25 driven by increase in enrolment and revenue of Angadi Institute of Technology and Management. * Weak financial risk profile marked by high debt and negative net worth: The financial risk profile of SAEF stood weak marked by high term debt and negative net-worth as on March 31, 2025. The net-worth has remained negative over the past 3 years owing to continued losses at net level from FY21-FY24. However, the trust has reported SAT of INR3.42 crore in FY25 as per FY25(Prov.) financials. * Intense competition and regulated industry: Despite the increasing trend of privatisation in the education sector in India, the sector continues to operate under stringent regulatory purview. In addition to the University Grants Commission (UGC) and AICTE norms, higher education institutes such as colleges and universities are regulated by the respective state governments with respect to the number of management seats and amount of the tuition fees charged for the government quota and management quota giving limited flexibility to the institutions. These factors resultantly have significant impact on the institutions' revenue generating capacity and profitability. Key strengths * Vast experience of trustees: SAEF was established in 2008 by late Dr. Suresh M Angadi (Former Member of Parliament from Belagavi constituency and Union Minister of State for Railways) and is currently managed by Smt. Mangal S Angadi(wife of late Mr. Suresh Angadi) who is presently serving as the Chairman of Suresh Angadi Education Foundation (SAEF).She was elected as a Member of Parliament for Belagavi Lok Sabha constituency in 2021. She is ably assisted by her elder daughter, Dr. Spoorti Patil who is serving as the director of SAEF and younger daughter Smt. Shradha Shettar who is looking after overall operations of the trust. * Diverse portfolio of courses offered: SAEF offers wide variety of courses spanning schooling, diploma, graduation and post-graduation levels across diverse disciplines such as management, engineering, science, commerce, arts and architecture. Liquidity: Poor The liquidity of the trust is poor marked by delay in servicing of debt obligations.The trust has high repayment obligations of INR10-11 crore in FY26 and FY27 against which it has achieved a GCA of INR10 crore as per FY25 (Prov.) financials. Suresh Angadi Education Foundation (SAEF) was established in the year 2008 by Late Mr. Suresh Channabasappa Angadi, who was once an MP from Belagavi, Karnataka till Sept'20. The trust was established to set up educational institutions in Belagavi. At present SAEF has 4 institutions under its ambit i.e Angadi Institute of Technology and Management,Angadi College of Commerce & Science , Angadi International School and Angadi School of Architecture. SURYA OIL: ICRA Keeps B+ Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term ratings of Surya Oil & Agro Industries (SOAI) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.79 [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 SOAI, 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 August 2011, Surya Oil and Agro Industries (SOAI) is a partnership firm engaged in refining of edible cottonseed oil and maize oil. SOAI is promoted by Mr. Sanket Zalaria, Mr. Narottam Patel and Mr. Jateen Adroja. The firm also carries out trading of other edible oils such as Sunflower oil, sesame oil, rice bran oil etc. SOAI operates from its plant located in Wankaner, Rajkot with a total installed capacity of refining 100 MT of edible oil per day. SUSEE PREMIUM: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Susee Premium Automobiles Private Limited (SPAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.48 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 16, 2024, placed the rating(s) of SPAPL under the 'issuer non-cooperating' category as SPAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 2, 2025, March 12, 2025 and March 22, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Susee Premium Automobiles Private Limited (SPAPL) was incorporated in the year 2008 by Mr. S. Jeyabalan, Mr. J. Rajiv Subramanian and Ms. J. Nirmala. SPAPL is the authorised dealer of Ford India Private Limited for vehicles and spare parts. It has two operating showrooms named Rockcity Ford in Trichy and Salem, Tamil Nadu. The company procures the vehicles and spare parts directly from FIPL's manufacturing units in Gujarat and Chennai. The registered office is located in Madurai, Tamil Nadu. VETRIVEL FORGINGS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Vetrivel Forgings (VF) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.91 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 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 15, 2024, placed the rating(s) of VF under the 'issuer non-cooperating' category as VF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 31, 2025, April 10, 2025 and April 20, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Vetrivel Forgings (VF) was established in January 2007 as a proprietorship concern by Mrs T N Sabithadevi in Chennai, Tamil Nadu. The firm is engaged in manufacturing of iron and steel forgings which finds its application primarily in automotive, mining, power sectors and engineering industries. The product range of the firm is well diversified which includes Shells, Inconel, Rollers, Link Plates, rods, brake flanges, hooks, levers, joint couplings, flywheels, cam Shafts, etc. The firm manufactures closed die forgings in all types of steels like Carbon, low-alloy & stainless. The firm has its registered office and manufacturing facility located in Chennai, Tamil Nadu. The firm has three associate concerns namely Thillai Engineering Works (Engaged in manufacturing of forgings), Vetrivel Auto Components and Sathya Forging Agencies (Engaged in machining and fabrication works) in Chennai, Tamil Nadu. VUDDANDA SOLAR: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vuddanda Solar Power Private Limited (VSPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.82 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 8, 2024, placed the rating(s) of VSPPL under the 'issuer non-cooperating' category as VSPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VSPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 22, 2025, March 04, 2025, March 14, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Vuddanda Solar Power Private Limited (VSPPL) was incorporated in 2013 and promoted by Mr. M. Balakrishna Reddy along with his friends. The first solar power project commissioned by VSPPL, of 3.3 MW power, was installed on over 24 acres of land located Kothapalli, Near Kalikiri, Chittoor District, Andhra Pradesh. FY17 was the first full year of operations of the 3.3 MW plant. VSPPL has executed this project under third party open access agreement. The power is being purchased by 4 customers located in Tirupathi (Andhra Pradesh). VSPPL has entered Power Purchase Agreements (PPAs) with Bliss Hotels Limited, Bhimas Residency Hotels, Thirumala Residency Hotels and Sri Vishnu Priya Hotels Private Limited. ========= J A P A N ========= NISSAN MOTOR: May Sell Headquarters to Cover Restructuring Costs ---------------------------------------------------------------- Kyodo News reports that Nissan Motor Co. is considering selling its headquarters building in Yokohama, near Tokyo, to help cover costs related to plant closures and other restructuring efforts, sources familiar with the matter said May 23. Kyodo News relates that the struggling automaker may also book an additional JPY60 billion ($418 million) in restructuring costs this fiscal year as it pushes ahead with its revamp plans, according to records from a meeting with analysts last week on its latest earning results. According to Kyodo News, Nissan announced on May 13 that it posted a net loss of JPY670.9 billion in the fiscal year ended March after recording an impairment loss of JPY460 billion and JPY60 billion in restructuring costs under its reform plans. The carmaker did not issue an earnings forecast for the current fiscal year, as additional restructuring costs and the impact of U.S. tariffs have yet to be factored in, Nissan Chief Financial Officer Jeremie Papin said at a press conference that day. Even if it sells its headquarters, Nissan may consider leasing back the office space, Kyodo News states. But it remains unclear whether the company will ultimately go ahead with the sale as some executives oppose the idea, the sources said. Kyodo News says Japan's third-biggest automaker by volume is in need of funds, having announced that it will shut seven of its current 17 auto assembly plants and cut 20,000 jobs globally. Pressured by faltering vehicle sales in China and the United States, coupled with a series of U.S. tariffs, Nissan is rushing to streamline its global operations to return to profitability in the next fiscal year, adds Kyodo News. About Nissan Motor Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. Fitch Ratings, in April 2025, downgraded Nissan Motor Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) and senior unsecured rating to 'BB' from 'BB+'. The Outlook is Negative. Fitch has affirmed the Short-Term Foreign- and Local-Currency IDRs at 'B'. S&P Global Ratings, on March 7, 2025, lowered its long-term issuer credit ratings on Nissan Motor and its overseas subsidiaries to 'BB' and affirmed its short-term issuer credit ratings on each company at 'B'. The negative outlook reflects S&P's view that the company's creditworthiness may continue to deteriorate as a challenging operating environment hampers profitability improvement and free cash flow losses continue. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. ===================== N E W Z E A L A N D ===================== BEERFRIDGE LIMITED: Creditors' Proofs of Debt Due on June 17 ------------------------------------------------------------ Creditors of Beerfridge Limited are required to file their proofs of debt by June 17, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 19, 2025. The company's liquidator is: Mohammed Tazleen Nasib Jan Liquidation Management Limited PO Box 50683 Porirua 5240 CARTEL 2016: Court to Hear Wind-Up Petition on May 30 ----------------------------------------------------- A petition to wind up the operations of Cartel 2016 Limited will be heard before the High Court at Nelson on May 30, 2025, at 11:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 11, 2025. The Petitioner's solicitor is: Jury Kauwhata Teniteni-Smeaton Legal Services, Asteron Centre 55 Featherston Street PO Box 895 Wellington 6011 D & C HILL: Creditors' Proofs of Debt Due on June 18 ---------------------------------------------------- Creditors of D & C Hill Limited are required to file their proofs of debt by June 18, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 20, 2025. The company's liquidators are: Raymond Paul Cox Gareth Russel Hoole Ecovis KGA Limited, Chartered Accountants Level 2, 5–7 Kingdon Street Newmarket Auckland 1023 KIWI FRIENDLY: Creditors' Proofs of Debt Due on June 18 ------------------------------------------------------- Creditors of Kiwi Friendly Construction Limited are required to file their proofs of debt by June 18, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 20, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 METRO PERFORMANCE: Posts NZD13.5MM Loss for Year Ended March 31 --------------------------------------------------------------- The Post reports that Metro Performance Glass has reported what the glass company said is an unsatisfactory result for the year to March 31. The company made a loss of NZD13.5 million, down 51.1%, on revenue of NZD213.9 million which was 10.6% lower, the Post discloses. According to the Post, executive director Simon Bennett said market weakness affected Australia Glass Group in Australia and New Zealand business. "As previously signalled, we did not expect the improvements in operating performance and cost reduction initiatives to flow through to improve financial performance in 2025," Mr. Bennett said in a statement to NZX. The company refreshed and reduced the size of its board in March last year and business leadership was replaced in May 2024, the Post relays. "Improved customer experience and business efficiency have been achieved, such that the business is stabilised and well positioned for continually improving performance," the Post quotes Mr. Bennett as saying. "While the market continues to be challenging in Australia and New Zealand, this is an unsatisfactory result." A number of changes had been implemented, designed to meaningfully transform the business and costs had been reduced in a number of areas with the the full benefits expected to flow through into the 2026 financial year, he said. "Nonetheless there is still a great deal of work to do and the board remains committed to improving performance, putting the right capital structure in place and restoring shareholder value." Based in Auckland, New Zealand, Metro Performance Glass Limited (MPG.NZ) -- https://www.metroglass.co.nz/ -- together with its subsidiaries, supplies processed flat glass and related products for the residential and commercial building sectors in New Zealand and Australia. OUTPUT FLOORING: Court to Hear Wind-Up Petition on June 5 --------------------------------------------------------- A petition to wind up the operations of Output Flooring Limited will be heard before the High Court at Auckland on June 5, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 16, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ================= S I N G A P O R E ================= CARGO-PARTNER LOGISTICS: Creditors' Proofs of Debt Due on June 21 ----------------------------------------------------------------- Creditors of Cargo-Partner Logistics Pte. Ltd. are required to file their proofs of debt by June 21, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 15, 2025. The company's liquidator are: Mr. Yiong Kok Kong Avic DKKY Pte. Ltd. 180 Cecil Street, #12-04 Singapore 069546 CHUG CHUG: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on May 6, 2025, to wind up the operations of Chug Chug SG Private Limited. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt and Dev Kumar Harish Nandwani BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 FLOWERS CITY: Court to Hear Wind-Up Petition on May 30 ------------------------------------------------------ A petition to wind up the operations of Flowers City 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: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 HYPERION PACIFIC: Court to Hear Wind-Up Petition on June 6 ---------------------------------------------------------- A petition to wind up the operations of Hyperion Pacific Holdings Pte. Ltd. will be heard before the High Court of Singapore on June 6, 2025, at 10:00 a.m. DBS Bank Ltd. filed the petition against the company on May 13, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 KSL AUTOMOTIVE: Court to Hear Wind-Up Petition on June 6 -------------------------------------------------------- A petition to wind up the operations of KSL Automotive Pte. Ltd. will be heard before the High Court of Singapore on June 6, 2025, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on May 14, 2025. The Petitioner's solicitors are: Tan Kok Quan Partnership 1 Wallich Street #07-02 Guoco Tower Singapore 078881 ********* 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 ***