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250530.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, May 30, 2025, Vol. 28, No. 108 Headlines A U S T R A L I A BBAGO PTY: First Creditors' Meeting Set for June 4 LIFESTYLE HOMES: First Creditors' Meeting Set for June 4 MW MINING: First Creditors' Meeting Set for June 5 NDISP PTY: First Creditors' Meeting Set for June 4 TAILORED FREIGHT: First Creditors' Meeting Set for June 6 I N D I A A. K. PIPE: CRISIL Keeps D Debt Ratings in Not Cooperating ADVAIT STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating AG CONVEYING: CRISIL Keeps D Debt Ratings in Not Cooperating ALASKA FABTECH: CRISIL Keeps D Debt Ratings in Not Cooperating ANUPAM INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating APS STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating ARPORA PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating ARTH INFRA: CRISIL Keeps D Debt Rating in Not Cooperating ARUN POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating BALA BALAJI: CRISIL Lowers Rating on INR17cr Cash Loan to D EARTHCON UNIVERSAL: CRISIL Keeps D Debt Ratings in Not Cooperating ELECTRA ACCUMULATORS: CRISIL Keeps D Rating in Not Cooperating FILM FARM: CRISIL Moves D Debt Ratings to Not Cooperating FOREST PRESS: CRISIL Keeps D Debt Ratings in Not Cooperating GREEN INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating GSM MEGA: CRISIL Keeps D Debt Ratings in Not Cooperating Category GURUKRUPA TRAVEL: CRISIL Keeps D Debt Ratings in Not Cooperating LAKSHMI COTTON: CRISIL Lowers Rating on INR5cr Cash Loan to D MITTAL INFRASTRUCTURE: CRISIL Cuts Long/Short Term Ratings to D SIPUL ENTERPRISES: CRISIL Cuts Rating on INR10cr Cash Loan to D SUYASH POLYMER: ICRA Keeps D Debt Ratings in Not Cooperating TIRUPATI COTTON-DWARKA: ICRA Keeps B Ratings in Not Cooperating VAMSI PHARMA: ICRA Withdraws D Rating on INR11.25cr Term Loan VARDHAMAN PRESSURE: ICRA Keeps B+ Debt Ratings in Not Cooperating VISHNU PRIYA: ICRA Keeps B+ Debt Rating in Not Cooperating J A P A N NISSAN MOTOR: Offers Buyouts to US Workers, Suspends Pay Increases N E W Z E A L A N D MBS FITOUTS: Court to Hear Wind-Up Petition on June 12 ONTRACK TRAILWORKS: Court to Hear Wind-Up Petition on June 5 ROTORUA ALUMINIUM: Creditors' Proofs of Debt Due on July 19 TOP TIER: Creditors' Proofs of Debt Due on June 10 VANGUARD HOLDINGS: Creditors' Proofs of Debt Due on May 28 P H I L I P P I N E S MFT GROUP: Court Issues Arrest Warrant Against CEO, 7 others PEOPLE'S CREDIT: SEC Shuts Down Financing Company S I N G A P O R E ATAS FOOD: Court to Hear Wind-Up Petition on June 6 BIPROLIFE PRIVATE: Court to Hear Wind-Up Petition on June 6 CREDITEL (S): Placed in Liquidation EN-TRAK PTE: Creditors' Proofs of Debt Due on June 23 NAVIGATOR CAPITAL: Creditors' Proofs of Debt Due on June 23 V I E T N A M VINFAST AUTO: In Talks for US$200MM Loan Ahead of India Debut - - - - - ================= A U S T R A L I A ================= BBAGO PTY: First Creditors' Meeting Set for June 4 -------------------------------------------------- A first meeting of the creditors in the proceedings of Bbago Pty Limited will be held on June 4, 2025 at 10:00 a.m. at the offices of WLP Restructuring, Suite 19.02, Level 19, 1 Castlereagh Street, Sydney and via virtual meeting technology. Alan Walker and Nicholas Charlwood of WLP Restructuring were appointed as administrators of the company on May 23, 2025. LIFESTYLE HOMES: First Creditors' Meeting Set for June 4 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Lifestyle Homes (ACT) Pty Ltd will be held on June 4, 2025 at 3:00 p.m. at Suite 19.02, Level 19, 1 Castlereagh Street in Sydney and by electronic facilities. Alan Walker and Nicholas Charlwood of WLP Restructuring were appointed as administrators of the company on May 26, 2025. MW MINING: First Creditors' Meeting Set for June 5 -------------------------------------------------- A first meeting of the creditors in the proceedings of MW Mining Pty Ltd will be held on June 5, 2025 at 10:30 a.m. at the offices of Worrells at Suite 2, 63 The Esplanade in Maroochydore. Paul Eric Nogueira of Worrells was appointed as administrator of the company on May 26, 2025. NDISP PTY: First Creditors' Meeting Set for June 4 -------------------------------------------------- A first meeting of the creditors in the proceedings of NDISP Pty Ltd will be held on June 4, 2025 at 10:30 a.m. virtually via teleconference. Desmond Byron of Business Reset was appointed as administrator of the company on May 23, 2025. TAILORED FREIGHT: First Creditors' Meeting Set for June 6 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Tailored Freight Pty Ltd will be held on June 6, 2025 at 11:00 a.m. via virtual meeting only. Craig Shepard and Andrew Knight of KordaMentha were appointed as administrators of the company on May 27, 2025. ========= I N D I A ========= A. K. PIPE: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of A. K. Pipe Fitting Private Limited (AKPFL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.25 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AKPFL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AKPFL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AKPFL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AKPFL continues to be 'Crisil D/Crisil D Issuer not cooperating'. AKPFL was incorporated in 1997, by promoters, Mr Anil Kadakia, Mr Bakul Kadakia, and Mr Kalpesh Kadakia. The company manufactures precision seamless and welded pipe fittings, forged and screwed fittings flanges, pipe spools, and long radius induction bends. ADVAIT STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Advait Steel Rolling Mills Private Limited (ASR) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.75 CRISIL D (Issuer Not Cooperating) Term Loan 3.04 CRISIL D (Issuer Not Cooperating) Working Capital 4.21 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with ASR for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ASR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ASR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ASR continues to be 'Crisil D Issuer not cooperating'. Set up in 2004 by Mr B S Garg, ASR has a thermo-mechanically treated bar manufacturing facility in Puducherry, with a capacity of 36,000 tonne per annum. AG CONVEYING: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of AG Conveying Systems Private Limited (AGCSPL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.5 CRISIL D (Issuer Not Cooperating) Cash Credit 1 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.85 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.8 CRISIL D (Issuer Not Cooperating) Working Capital 2.85 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with AGCSPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AGCSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AGCSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AGCSPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. AGCSPL was originally set up 1971 as a proprietorship firm by Mr. Gopal Apte. In 1983, Mr. Shripad Apte (son of Mr. Gopal Apte) joined the firm and it was reconstituted as a partnership firm; in 2008, the firm was again reconstituted as a private limited company. Until 1975, the company was only providing consultation services but later started manufacturing material-handling equipment. Currently, AGCSPL manufactures fuel-handling equipment (conveying systems). ALASKA FABTECH: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Alaska Fabtech Private Limited (AFPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.75 CRISIL D (Issuer Not Cooperating) Cash Credit 4.5 CRISIL D (Issuer Not Cooperating) Overdraft Facility 1.75 CRISIL D (Issuer Not Cooperating) Packing Credit 2 CRISIL D (Issuer Not Cooperating) Term Loan 4 CRISIL D (Issuer Not Cooperating) Term Loan 9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AFPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AFPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. AFPL, based in Derabassi (Punjab), manufactures terry towels, bath robes, hooded towels, and children's bibs. It was incorporated in 2011 to take over SR Industries Ltd (SRIL). In April 2012, after all the legal formalities were completed, the new management took over and renamed it AFPL. Mr Shankar Bansal manages operations. ANUPAM INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Anupam Industries Limited (AIL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 70 CRISIL D (Issuer Not Cooperating) Bank Guarantee 55 CRISIL D (Issuer Not Cooperating) Bank Guarantee 35 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) Cash Credit 30 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 31 CRISIL D (Issuer Not Cooperating) Cash Credit 28 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Corporate Loan 10.42 CRISIL D (Issuer Not Cooperating) Corporate Loan 30 CRISIL D (Issuer Not Cooperating) Inland/Import 10 CRISIL D (Issuer Not Letter of Credit Cooperating) Inland/Import 9 CRISIL D (Issuer Not Letter of Credit Cooperating) Inland/Import 11 CRISIL D (Issuer Not Letter of Credit Cooperating) Proposed Long Term 11.58 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with AIL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AIL continues to be 'Crisil D/Crisil D Issuer not cooperating'. AIL was set up by JC Patel as a proprietorship concern in Anand (Gujarat) in 1973; it was reconstituted as a closely public limited company in 1998. AIL manufactures different types of cranes (including the electric overhead, gantry, and tower variants), which are used in the steel, power, construction, ports, and defence segments. It is one of the largest overhead crane suppliers in India. APS STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Aps Steels Private Limited (APS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 CRISIL D (Issuer Not Cooperating) Inland/Import 5.0 CRISIL D (Issuer Not Letter of Credit Cooperating) Crisil Ratings has been consistently following up with APS for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of APS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on APS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of APS continues to be 'Crisil D/Crisil D Issuer not cooperating'. APS, incorporated in 2006, manufactures MS ingots at its facility at Hindupur in Andhra Pradesh. The company was acquired by the OP Gupta group in 2012. ARPORA PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Arpora Projects Private Limited (APPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Short Term 2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 10.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with APPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of APPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on APPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of APPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. APPL was incorporated by Mr Pawan Yadav and Mr Bhupendra Yadav in 2014. The company manages a holiday resort, Aromiaa, comprising 15 villas, at Arapora in Goa. ARTH INFRA: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Arth Infrastructure (AI) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 13 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with AI for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AI continues to be 'Crisil D Issuer not cooperating'. AI was established in 2008, it is located in Ahmedabad, Gujarat. AI owned & managed by Ashok A Patel and Anandiben A. Patel. AI is engaged in civil construction works, such as construction of roads, bridges and tunnels. ARUN POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Arun Polymers - Dindigul (AP) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Long Term Loan 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AP for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AP continues to be 'Crisil D Issuer not cooperating'. AP was set up in 2013 in Dindigul, Tamil Nadu as a proprietorship firm by Mr T Arunkumar. The firm manufactures polypropylene woven bags. It has an installed capacity of 150 tonne per day (tpd). BALA BALAJI: CRISIL Lowers Rating on INR17cr Cash Loan to D ----------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Bala Balaji Srinivasa Poultry Complex (BBSPC), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 17 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Long Term Loan 10 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with BBSPC for obtaining information through letter and email dated May 20, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component'. Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BBSPC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BBSPC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BBCPC have been downgraded to 'Crisil D Issuer Not Cooperating' from 'Crisil B+/Stable Issuer Not Cooperating' owing to delay in debt servicing. BBSPC was set up in year 2018. BBSPC is engaged in poultry and hatchery business. BBSPC is owned & managed by Dr. G.V. Subramaniam, Mr. G.V. Subramanyam and other family members. EARTHCON UNIVERSAL: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Earthcon Universal Infratech Private Limited (EUIPL; a part of the Earthcon group) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Rupee 25 CRISIL D (Issuer Not Term Loan Cooperating) Rupee Term Loan 100 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with EUIPL for obtaining information through letter and email dated April 14, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of EUIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EUIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of EUIPL continues to be 'Crisil D Issuer not cooperating'. EUIPL was incorporated in 2009 as Zayat Infratech Pvt Ltd and got its present name in 2010. Greater Noida Industrial Development Authority, through a bid system, allotted a 65,330-square-metre plot of land in Sector-I, Greater Noida, to a consortium of Universal Construction Company (a partnership firm), Earthcon Construction Pvt Ltd, and Omaxe Ltd. For the purpose of allotment and development of the land, EUIPL was set up as a special purpose vehicle with shareholding in a ratio of 46:44:10, respectively. Omaxe Ltd later transferred its shareholding to other shareholders. The Earthcon group, promoted by Mr Shabad Khan, constructs residential and commercial apartments in northern India. Since inception, the group has delivered various projects, including villas, cottages, and apartments in Delhi, Noida, Lucknow, Moradabad, and Nainital. ELECTRA ACCUMULATORS: CRISIL Keeps D Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Electra Accumulators Limited (EAL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 17.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with EAL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of EAL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EAL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of EAL continues to be 'Crisil D Issuer not cooperating'. Established in 1962 by the late Mr Shantilal Sanghavi and his family, EAL manufactures automotive batteries, tubular batteries, and solar batteries. It has its manufacturing units in Vapi (Gujarat). The operations are managed by Mr Chetan Sanghvi. FILM FARM: CRISIL Moves D Debt Ratings to Not Cooperating --------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Film Farm India Private Limited (FFIPL) to 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 Crisil D (ISSUER NOT COOPERATING; Rating Migrated)) Working Capital 9 Crisil D (ISSUER NOT Term Loan COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with FFIPL for obtaining information through letter and email dated April 7, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of FFIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on FFIPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of FFIPL to 'Crisil D Issuer not cooperating'. Incorporated in 1999 by Mr Kalyan Guha, FFIPL produces TV serials and commercial advertisements. The company is based in Mumbai and entered film production in 2013. It has produced popular Hindi serials such as Uttaran, Kashi, and Tumhari Disha. FFIPL released a Marathi film, Narbachi Wadi, in September 2013 FOREST PRESS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Forest Press Machineries Private Limited (FPMPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL D (Issuer Not Cooperating) Cash Term Loan 13 CRISIL D (Issuer Not Cooperating) Inland/Import 0.55 CRISIL D (Issuer Not Letter of Credit Cooperating) Proposed Long Term 1.45 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with FPMPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of FPMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on FPMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of FPMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. FPMPL was set up in 2015 in Bangalore. The company is engaged in manufacture of machinery required to meet the demand of concrete and building materials industry. GREEN INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Green India Irrigation Limited (GIIL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Rupee Term Loan 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GIIL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GIIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GIIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GIIL continues to be 'Crisil D Issuer not cooperating'. Incorporated in August 2008, GIIL manufactures drip and sprinkler irrigation systems. Mr. Diliprao Autade Patil, and Mr Mahesh Aher are the promoters. The manufacturing unit is in Shrirampur MIDC, Ahmednagar District, Maharashtra. GSM MEGA: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of GSM Mega Infrastructures Private Limited (GSM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 25 CRISIL D (Issuer Not Cooperating) Long Term Loan 35 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GSM for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GSM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GSM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GSM continues to be 'Crisil D Issuer not cooperating'. GSM was set up in 2011 by Mr M V S Seshagiri Rao, Mr Murali Mohan Reddy, Mr Siva Shankar Reddy, and Mr Veera Sekhar Reddy. The company develops real estate. Its ongoing commercial real estate project, comprising a mall and a multiplex, is at Serilingampally in Telangana. GURUKRUPA TRAVEL: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Gurukrupa Travel Agency (GTA) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.7 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 0.45 CRISIL D (ISSUER NOT COOPERATING) Proposed Fund- 9.34 CRISIL D (ISSUER NOT Based Bank Limits COOPERATING) Term Loan 8.51 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with GTA for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GTA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GTA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GTA continues to be 'Crisil D/Crisil D Issuer not cooperating'. GTA was established in November 2020 in Mehsana, Gujarat, as a partnership firm of Mr Brijesh Indrajit Barot and Mr Girish Bhailalbhai Brahmbhatt. The firm offers cabs on rent for tours and other allied services. LAKSHMI COTTON: CRISIL Lowers Rating on INR5cr Cash Loan to D ------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Lakshmi Cotton Traders (LCT), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with LCT for obtaining information through letters and emails dated December 9, 2024 and May 20, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component'. Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LCT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LCT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LCT have been downgraded to 'Crisil D Issuer Not Cooperating' from 'Crisil B/Stable Issuer Not Cooperating' owing to delay in debt servicing. LCT was set up in 1992 as a partnership between Mr S Koteswara Rao and family. The Guntur (Andhra Pradesh)-based firm trades in raw cotton and cotton lint. MITTAL INFRASTRUCTURE: CRISIL Cuts Long/Short Term Ratings to D --------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Mittal Infrastructure Private Limited (MIPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with MIPL for obtaining information through email dated May 20, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MIPL, which restricts the ability of Crisil Ratings to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that the rating action on MIPL is consistent with criteria detailed in 'Assessing Information Adequacy Risk'. Based on the last available information in the public domain, the ratings on the bank facilities of GCS is downgraded to 'Crisil D/Crisil D Issuer Not Cooperating' from 'Crisil B/Stable/Crisil A4 Issuer Not Cooperating'. MIPL was incorporated in 2004, promoted by the Mittal family of Pune, Maharashtra. The company, registered as a Class A government contractor, undertakes civil works for government entities such as the Indian Railways, semi-government entities such as Hindustan Aeronautics Ltd and Bharat Electronics Ltd, and private entities such as educational trusts and manufacturing companies. SIPUL ENTERPRISES: CRISIL Cuts Rating on INR10cr Cash Loan to D --------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Sipul Enterprises Limited (SEL; formerly known as Shah Motilal Foods Limited), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Long Term Loan 3 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Long Term Loan 2.87 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Long Term Loan 1.8 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Long Term 2.33 Crisil D (ISSUER NOT Bank Loan Facility COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with SEL for obtaining information through letter and email dated April 19, 2024 and May 20, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SEL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SEL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SEL have been downgraded to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating' owing to delay in debt servicing. Based in Hyderabad (Telangana) and set up in April 2012, SEL is engaged in processing and trading of milk and milk products. The day-to-day operations of SEL are managed by Mr. Rajesh Gandhi. SUYASH POLYMER: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term and Short-Term ratings for the Bank facilities of Suyash Polymer (SP) in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]D ISSUER NOT COOPERATING/[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 0.86 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term- 4.60 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 0.13 [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 SP, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1978, Suyash Polymer (SP) is the flagship company of the Damani Group, which manufactures polypropylene disposable cups. Mrs. Radhika Neelesh Damani is the proprietor of the firm, while Mr. Neelesh Damani and Mr. Nitin Damani collectively manage the affairs of the group. TIRUPATI COTTON-DWARKA: ICRA Keeps B Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term rating for the Bank facilities of Tirupati Cotton-Dwarka (TC) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.50 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.50 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with TC, 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 May 2015, Tirupati Cotton (TC) is engaged in cotton ginning and pressing at its manufacturing facility located at Verad in Jamnagar district of Gujarat. The facility is equipped with 36 ginning machines and 1 pressing machine with a total installed capacity of processing ~24,192 MT of raw cotton per annum. TC started commercial operations from February 2016. VAMSI PHARMA: ICRA Withdraws D Rating on INR11.25cr Term Loan ------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Vamsi Pharma Private Limited, based on the request of the company and the No Objection Certificate received from its lender's. The Key Rating Drivers and their description, Liquidity Position, Rating Sensitivities, Key Financial Indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 2.80 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Cash Credit Long-term 11.25 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Term Loan Vamsi Pharma Private Ltd. (VPPL) is a private limited company incorporated on July 16, 2015. The registered office is located in Banjara Hills, Hyderabad. The company is looking at an annual production Brief Business Description capacity of 28,200 kg in manufacturing anti-asthmatics, corticosteroids and pre-mixes. It is promoted by Mr. Kesava Reddy, who has a 29% shareholding in VPPL, Mr. Pratap Reddy, Mr. Madhusudhan Reddy and Dr. Ravindra Purohit. The promoters are currently involved in manufacturing active pharmaceutical ingredients (API) through Vamsi Labs Ltd. (VLL) Solapur (Maharashtra). VARDHAMAN PRESSURE: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-Term rating for the Bank facilities of Vardhaman Pressure Die Casting (VPDC) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 1.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 4.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with VPDC, 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. Vardhaman Pressure Die Casting (VPDC) was incorporated in 2006 as a proprietorship firm by Mr. Vikram Pomani Vardhaman. The firm is currently managed by Mr. Vikram and his wife Ms. Sobha Pomani. The firm is engaged in manufacturing of aluminium castings which finds applications in a wide range of industries including automotive, kitchen appliances and lighting industry. The manufacturing facility is located in Bommasandra Industrial Area, Bangalore with a capacity of 3.5 MT per day. VISHNU PRIYA: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Sri Vishnu Priya Finance (VP) in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term bank 18.00 [ICRA]B+ (Stable); ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with VP, 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. VP was set up in 1996 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, VP's total vehicle loan portfolio stood at INR30.6 crore (including unmatured hire charges). VP reported a net profit of INR0.3 crore in FY2022 on an asset base of INR32.0 crore. ========= J A P A N ========= NISSAN MOTOR: Offers Buyouts to US Workers, Suspends Pay Increases ------------------------------------------------------------------ Reuters reports that Nissan Motor has started offering buyouts to U.S. workers and has suspended merit-based wage increases worldwide, internal emails reviewed by Reuters showed, as the automaker expands cost cuts amid weak performance in key markets. CEO Ivan Espinosa announced a new round of cost cuts this month that include closing seven production sites globally and cutting 11,000 more jobs, taking its total planned workforce reduction to around 20,000. As part of the cuts, Nissan has offered separation packages to workers at its Canton plant in Mississippi as well as to salaried workers in human resources, planning, information technology and finance, showed one email sent last week, Reuters relays. "While substantial efforts have been made in the U.S. to help right-size Nissan, we need to take additional, limited, strategic action here at a local level," Reuters quotes Nissan Americas Chairman Christian Meunier as saying in the email. The plan is "crucial for Nissan's comeback," he said. Reuters could not determine how many people have been offered buyouts or how many have accepted. A separate email reviewed by Reuters showed Japan's third-biggest automaker has also suspended merit-based pay increases globally for the current business year. According to Reuters, the automaker said in a statement that Nissan North America is offering a voluntary separation program to a limited group of U.S. salaried employees. It declined to give more details as the process is ongoing. Cutting U.S. workforce runs counter to President Donald Trump's aim of creating jobs and boosting domestic manufacturing through initiatives including a 25% tariff on imported vehicles. But Nissan's operating profit margin in North America including the U.S., its biggest market, worsened in the business year ended March, even as it sold more cars than a year earlier, Reuters states. It offered buyouts to Canton workers after launching a job-cut plan in November and has now followed that up with another round. Analysts attributed Nissan's troubles to factors including an ageing line-up, a lack of hybrid models in the U.S. and excessive focus on increasing output under former top executive Carlos Ghosn whose near two-decade year tenure ended in 2018. Separately, Nissan on May 27 said it had paid JPY646 million ($4.5 million) in compensation to former CEO Makoto Uchida and three other executive officers who left their positions at the end of March, Reuters reports. Nissan has yet to disclose a full list of production sites it plans to close. At home in Japan, Oppama and one other plant are under consideration, sources told Reuters this month. Reuters adds that Nissan has said it will consolidate Mexican and Argentinian pick-up truck production into a single Mexican site, and that Renault will buy its stake in their joint Indian business. It has also said it would close a Thai plant by June. 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 ===================== MBS FITOUTS: Court to Hear Wind-Up Petition on June 12 ------------------------------------------------------ A petition to wind up the operations of MBS Fitouts Limited will be heard before the High Court at Christchurch on June 12, 2025, at 10:00 a.m. Gascraft Engineering Limited filed the petition against the company on April 3, 2025. The Petitioner's solicitor is: Tania Hutchinson Barrister & Solicitor Level 3, 22 Moorhouse Avenue Christchurch 8011 ONTRACK TRAILWORKS: Court to Hear Wind-Up Petition on June 5 ------------------------------------------------------------ A petition to wind up the operations of Ontrack Trailworks Limited will be heard before the High Court at Dunedin on June 5, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 14, 2025. The Petitioner's solicitor is: David Tasker Inland Revenue, Legal Services PO Box 1782 Christchurch 8140 ROTORUA ALUMINIUM: Creditors' Proofs of Debt Due on July 19 ----------------------------------------------------------- Creditors of Rotorua Aluminium Joinery Limited are required to file their proofs of debt by July 19, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 19, 2025. The liquidator may be reached at: David Edward Thomas Don't Be Limited C/- 4 Willow Street Tauranga Central TOP TIER: Creditors' Proofs of Debt Due on June 10 -------------------------------------------------- Creditors of Top Tier Builders Limited are required to file their proofs of debt by June 10, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 12, 2025. The company's liquidator is Ryan Eathorne of InSolve Partners. VANGUARD HOLDINGS: Creditors' Proofs of Debt Due on May 28 ---------------------------------------------------------- Creditors of Vanguard Holdings (Nelson) Limited are required to file their proofs of debt by May 28, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 17, 2025. The company's liquidator is Ryan Eathorne of InSolve Partners. ===================== P H I L I P P I N E S ===================== MFT GROUP: Court Issues Arrest Warrant Against CEO, 7 others ------------------------------------------------------------ Bilyonaryo.com reports that the Batangas Regional Trial Court Branch 85 in Lipa City has issued an arrest warrant against self-styled trading prodigy Maria Francesca "Mica" Tan-Cancio and seven others for syndicated estafa. The case was raffled on March 24, 2025, and the arrest warrant was issued later that same week, Bilyonaryo.com says. According to Bilyonaryo.com, Ms. Tan, CEO of the Maria Francesca Tan (MFT) Group of Companies, is facing criminal charges for allegedly engaging in illegal investment activities, with investors reportedly being forced to sign non-disclosure agreements. Aside from Ms. Tan, those covered by the Batangas RTC arrest warrant are Florita dela Fuente Tan, Enrique Eduardo dela Fuente Tan, Charles Edward dela Fuente Tan, Christian Constantin Pangilinan Agbayani, Roxanne Gimenez Agbayani, Christian Marasigan Olan, and Noel Marasigan Olan. Bilyonaryo.com relates that the arrest warrant is linked to Criminal Case No. 03-0004-2025C for syndicated estafa, filed under Article 315, paragraph 2(a) of the Revised Penal Code in relation to Section 1 of Presidential Decree No. 1689. Article 315 addresses estafa, while PD 1689 deals specifically with syndicated estafa - both commonly applied in prosecuting investment scams and fraudulent financial schemes in the Philippines. Bilyonaryo.com reached out to Ms. Tan's lawyer, Atty. Estrella Elamparo, for comment, but she has not responded. Bilyonaryo.com notes that the Securities and Exchange Commission has filed a criminal complaint against Ms. Tan and her co-accused for soliciting investments without the necessary license. The corporate watchdog also cited Isla Lipana & Co., the local affiliate of PwC, for allegedly colluding with the MFT Group by issuing unqualified opinions on the company's 2020 and 2021 financial statements despite inconsistencies and inaccuracies. MFT Group operates as a private equity firm with strategic investments in robust industries including healthcare, financial services, food and beverage, and real estate. PEOPLE'S CREDIT: SEC Shuts Down Financing Company ------------------------------------------------- Bilyonaryo.com reports that People's Credit and Finance Corporation (PCFC) can no longer operate as a financing company. Bilyonaryo.com relates that the Securities and Exchange Commission (SEC) has cancelled PCFC's primary registration and certificate of authority due to a persistent failure to comply with reportorial requirements. In a May 14 order, the SEC's Financing and Lending Companies Department (FinLend) confirmed that PCFC failed to submit 15 mandated reports. This non-compliance violates several key regulations, including the Revised Corporation Code, the Financing Company Act and its related rules, alongside various SEC circulars. According to Bilyonaryo.com, the decision to revoke PCFC's licenses also comes after a directive from the Office of the President, calling for the company's abolition and the orderly winding down of its business. "The company has been declared delinquent by the Commission for its failure to comply and/or submit the required reportorial requirements," the SEC said in the order, Bilyonaryo.com relays. "After the declaration, no effort from the company has been made" to address the violations or begin its winding down, it added. People's Credit and Finance Corporation (PCFC), a government-owned firm, was created to support microfinance institutions but has since faced calls for closure due to overlapping mandates with other financial agencies. ================= S I N G A P O R E ================= ATAS FOOD: Court to Hear Wind-Up Petition on June 6 --------------------------------------------------- A petition to wind up the operations of Atas Food Group Pte. Ltd. will be heard before the High Court of Singapore on June 6, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on May 19, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 BIPROLIFE PRIVATE: Court to Hear Wind-Up Petition on June 6 ----------------------------------------------------------- A petition to wind up the operations of Biprolife Private Limited will be heard before the High Court of Singapore on June 6, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on May 15, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 CREDITEL (S): Placed in Liquidation ----------------------------------- Mr. Lam Zi Yang of Argile Partners on May 20, 2025, were appointed as liquidator of Creditel (S) Pte. Ltd. The liquidator may be reached at: Mr. Lam Zi Yang 138 Cecil Street #10-01 Cecil Court Singapore 069538 EN-TRAK PTE: Creditors' Proofs of Debt Due on June 23 ----------------------------------------------------- Creditors of En-Trak Pte. Ltd. are required to file their proofs of debt by June 23, 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: Cheong Beng Sheng, Dean c/o Guardian Advisory Pte Ltd 531A Upper Cross Street #03-118 Hong Lim Complex Singapore 051531 NAVIGATOR CAPITAL: Creditors' Proofs of Debt Due on June 23 ----------------------------------------------------------- Creditors of Navigator Capital VCC and Navigator Asia Fund are required to file their proofs of debt by June 23, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 16, 2025. The company's liquidators are: Lim Siew Soo Liu Shao Xuan c/o 215 Henderson Road #01-05 Singapore 159554 ============= V I E T N A M ============= VINFAST AUTO: In Talks for US$200MM Loan Ahead of India Debut ------------------------------------------------------------- VinFast Auto Ltd. is in talks to raise a loan of as much as $200 million from Indian state-owned banks, people familiar with the plan said, ahead of the Vietnamese electric vehicle maker's debut in the world's third-biggest car market. Central Bank of India Ltd. and Union Bank of India Ltd. are among those in discussions with VinFast for the loan, the people said, asking not to be identified as the talks are private. VinFast Auto Ltd. (NASDAQ: VFS) -- https://vinfastauto.us/ -- is an automotive manufacturer, engages in Automobiles and E-scooter related business in Vietnam and the United States. The company operates through Automobiles, E-scooter, Spare Parts, and Aftermarket Services segments. The Automobiles segment offers design, development, manufacturing, and sale of cars and electric buses. The E-scooter segment provides design, development, manufacturing, and sales of e-scooters. The Spare Parts, and Aftermarket Services segment engages in sale of spare parts and aftermarket services for automobiles and e-scooters. VinFast Auto Ltd. is based in Hai Phong City, Vietnam. The company operates as a subsidiary of Vingroup Joint Stock Company. VinFast Auto's working capital deficit was VND106.7 million at December 31, 2024. The deficit was VND101.4 million at December 31, 2023. At December 31, 2024, the Company had total current assets of VND64.8 million and total current liabilities of VND171.5 million. At December 31, 2023, the Company had total current assets of VND50.6 million and total current liabilities of VND152.0 million. ********* 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. 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