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250602.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, June 2, 2025, Vol. 28, No. 109 Headlines A U S T R A L I A AJAY DEMOLITIONS: First Creditors' Meeting Set for June 6 ANGLE ASSET 2025-1: Moody's Assigns (P)B3 Rating to Class F Notes DELDI HOLDINGS: MinterEllison Advises Frestine on Ferraro Buy FAJCON CARPENTRY: First Creditors' Meeting Set for June 5 FOXALL LAND: Second Creditors' Meeting Set for June 4 HEALTHSCOPE: Di Pilla Grants Rent Relief to Keep Hospitals Open I AM COMPANY: Second Creditors' Meeting Set for June 5 JERVOIS GLOBAL: Sidley Successfully Represents Firm in Ch. 11 MJ MILLER: Second Creditors' Meeting Set for June 5 STRONGROOM AI: Legal Action, Administration, Sale Drag On TRITON BOND 2025-3: S&P Assigns B (sf) Rating to Class F Notes C H I N A AIXIN LIFE: Delays Q1 10-Q Filing Due to Financial Statement Review COUNTRY GARDEN: Offshore Debt Restructuring Stalls MERCURITY FINTECH: Chaince Grows Advisory Services With APAC Deal H O N G K O N G NEW WORLD: Hong Kong Bankers on Edge Over US$11 Billion Loan Deal I N D I A ACE CONSTRUCTIONS: CARE Keeps B- Debt Rating in Not Cooperating AIRCEL CELLULAR: CARE Keeps D Debt Rating in Not Cooperating AIRCEL LIMITED: CARE Keeps D Debt Rating in Not Cooperating AIRCEL SMART: CARE Keeps D Debt Rating in Not Cooperating Category AJR INFRA: CARE Keeps D Debt Ratings in Not Cooperating Category APPOLLO DISTILLERIES: CARE Keeps D Debt Rating in Not Cooperating BHUSHAN POWER: Lenders, JSW Steel Differ Over Funds Recovery BMI WHOLESALE: CARE Keeps D Debt Ratings in Not Cooperating BYJU'S: SC Refuses Stay on Parent Company's Insolvency Case CAMSON AGRI-VENTURES: CARE Keeps D Debt Ratings in Not Cooperating COLD CARE: CARE Lowers Rating on INR9.75cr LT Loan to D DISHNET WIRELESS: CARE Keeps D Debt Rating in Not Cooperating ECRON ACUNOVA: CARE Keeps D Debt Ratings in Not Cooperating GENSOL ENGINEERING: Defaults on Bond Repayment for May HBS VIEW: CARE Keeps D Debt Rating in Not Cooperating Category JAI KRISHNA: CARE Lowers Rating on INR8.0cr LT Loan to B- LAXMI BALAJI: CARE Keeps B- Debt Rating in Not Cooperating MERCATOR LIMITED: CARE Keeps D Debt Ratings in Not Cooperating MITTAL INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating MOD AGE: CARE Keeps D Debt Rating in Not Cooperating Category NAVITAS LLP: CARE Keeps D Debt Ratings in Not Cooperating Category OMICRON POWER: CARE Keeps C Debt Rating in Not Cooperating RAIN CARBON: S&P Downgrades Long-Term ICR to 'B', Outlook Stable RAJAMANE INDUSTRIES: CARE Cuts Rating on INR13cr LT Loan to B- RANGOLI WOOD: CARE Keeps B- Debt Rating in Not Cooperating SALASAR AGRO: CARE Keeps D Debt Rating in Not Cooperating Category TEXOOL LIMITED: CARE Keeps D Debt Ratings in Not Cooperating VECTOR PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating VESTA EQUIPMENT: CARE Keeps D Debt Ratings in Not Cooperating [] INDIA: Corporate Insolvency Cases Fall 28% to 724 in FY2025 J A P A N KIOXIA HOLDINGS: Fitch Assigns 'BB+' Long-Term IDR, Outlook Stable TOKYO ELECTRIC: Egan-Jones Retains BB+ Senior Unsecured Ratings UNITIKA LTD: Egan-Jones Retains CCC Senior Unsecured Ratings M A L A Y S I A CAPITAL A: Extends Aviation Deal Deadline with AirAsia X to Jul 31 LYC HEALTHCARE: Falls Under GN3 Status; Prepares Revamp Plan M O N G O L I A TRANSPORT & DEVELOPMENT: Moody's Withdraws 'B3' LT Issuer Ratings N E W Z E A L A N D 100%PURENZ INTERNATIONAL: Court to Hear Wind-Up Petition on June 5 FORCELINE RECRUITMENT: Placed in Liquidation I GROOMERS: Court to Hear Wind-Up Petition on June 30 RDS WONDERS: Grant Bruce Reynolds Appointed as Liquidator STP GROUP: Creditors' Proofs of Debt Due on June 26 S I N G A P O R E CLEARIS PTE: Court Enters Wind-Up Order FISHEROO PTE: Creditors' Meeting Set for June 20 LONDON INSTITUTE: Creditors' Proofs of Debt Due on June 27 OPEN SESAME: Court Enters Wind-Up Order THIRD DRAGON: Creditors' Proofs of Debt Due on June 27 - - - - - ================= A U S T R A L I A ================= AJAY DEMOLITIONS: First Creditors' Meeting Set for June 6 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Ajay Demolitions & Asbestos Removal Pty Ltd will be held on June 6, 2025 at 11:00 a.m. via Microsoft Teams platform. Rajiv Ghedia of Westburn Advisory was appointed as administrator of the company on May 27, 2025. ANGLE ASSET 2025-1: Moody's Assigns (P)B3 Rating to Class F Notes ----------------------------------------------------------------- Moody's Ratings has assigned the following provisional ratings to the ABS notes to be issued by Perpetual Corporate Trust Limited as trustee of Angle Asset Finance - Radian Trust 2025-1. Issuer: Perpetual Corporate Trust Limited as trustee of Angle Asset Finance - Radian Trust 2025-1 AUD295.20 million Class A Notes, Assigned (P)Aaa (sf) AUD34.40 million Class B Notes, Assigned (P)Aa2 (sf) AUD17.60 million Class C Notes, Assigned (P)A2 (sf) AUD10.00 million Class D Notes, Assigned (P)Baa2 (sf) AUD17.60 million Class E Notes, Assigned (P)Ba2 (sf) AUD11.80 million Class F Notes, Assigned (P)B3 (sf) The AUD6.70 million Class G1 Notes and AUD6.70 million Class G2 Notes (together, the Class G Notes) are not rated by us. Angle Asset Finance - Radian Trust 2025-1 is a securitisation of auto and equipment loans and operating leases originated by A.C.N 603 303 126 Pty Ltd trading as Angle Asset Finance (Angle Asset Finance). The obligors in the pool are mainly small-to-medium-sized enterprises (SME), and also include corporates and government entities. All borrowers are domiciled in Australia. The underlying assets are comprised of cars (45.7%), trucks (13.9%) and other wheeled assets (23.2%). Angle Asset Finance originated about 99.6% of the receivables in this portfolio, with around 88.0% and 11.6% originated via broker and vendor channels, respectively. Capital Finance Australia Limited (CFAL), a wholly owned subsidiary of Westpac Banking Corporation (Westpac, Aa1/P-1), originated the remaining 0.4% of the receivables in this portfolio through its then vendor finance business. All receivables are serviced by Garrison Lending Operations Pty Limited, a wholly owned subsidiary of Angle Asset Finance. Angle Asset Finance is a non-bank lender providing asset financing to SMEs, corporates and government entities via brokers and vendor relationships. Angle Asset Finance has been in operation since October 2019, and started originating auto and equipment loans to SMEs via brokers in significant volumes from October 2020. As of April 30, 2025, its assets under management totaled around AUD1.80 billion. Angle Asset Finance is privately owned by an affiliate company of Cerberus Capital Management, L.P. as a majority shareholder and Deutsche Bank AG, Sydney Branch. RATINGS RATIONALE The provisional ratings take into account, among other factors, (1) Moody's evaluations of the underlying receivables and their expected performance; (2) evaluation of the capital structure and credit enhancement provided to the rated notes; (3) availability of excess spread over the transaction's life; (4) the liquidity facility in the amount of 1.5% of all notes other than the Class G Notes; (5) the legal structure; (6) experience of Garrison Lending Operations Pty Limited as servicer; and (7) the presence of Perpetual Corporate Trust Limited as the back-up servicer. According to Moody's analysis, the transaction benefits from a relatively high level of excess spread. The portfolio yield of 9.5% - relative to the transaction expenses - results in a relatively high level of excess spread available to cover losses arising from the portfolio. The key weaknesses in the transaction are the limited availability of historical data and higher-than-expected variability in performance to date. Firstly, Angle Asset Finance started its originations via brokers in January 2020, with significant volumes only beginning in October 2020. Its originations via vendors started in August 2021. Secondly, receivables originated between Q3 2022 to Q3 2023 are showing higher early cumulative defaults than prior origination vintages. As such, the performance of the portfolio could be subject to greater variability in the future than the observed performance to date indicates. Moody's have taken this into account in Moody's asset analysis. TRANSACTION STRUCTURE AND POOL CHARACTERISTICS Key transactional features are as follows: -- The notes will be repaid on a sequential basis initially. On and after the payment date occurring twelve months after the deal closing date, all notes, other than the Class G Notes, will receive their pro-rata share of principal, provided step-down conditions are satisfied. These include, among others, no unreimbursed charge-offs and the payment date occurring prior to the call option date. If step-down conditions are no longer met, the repayment of principal will revert to sequential. The call option date will occur on the earlier of the payment date in June 2028 and the invested amount of the notes falling below 10% of the initial invested amount of the notes. -- NATIXIS S.A. (A1/A1(cr)), Westpac Banking Corporation (Aa1/P-1/Aa1(cr)/P-1(cr)), and National Australia Bank Limited (Aa1/P-1/Aa1(cr)/P-1(cr)), will provide fixed rate swaps for around 35.0%, 32.0,% and 33.0% of the total swap notional, respectively, as of closing date. The swaps will hedge the interest rate mismatch between the assets bearing a fixed rate of interest, and floating rate liabilities. As at closing, the total swap notional will correspond to all notes, other than the Class G2 Notes. The total swap notional will follow a schedule based on the amortisation of the assets assuming a certain prepayment rate. Key pool features are as follows: -- The pool has a weighted average seasoning of 9.3 months. -- The proportion of loans with a balloon payment is 31.7%. -- Interest rates in the portfolio range from 5.0% to 27.0%, with a weighted average interest rate of 9.5%. -- Loans underwritten on the basis of 'no financials' verification represent around 91.7% of the pool. MAIN MODEL ASSUMPTIONS Moody's portfolio credit enhancement ("PCE") is 28%. Moody's expected default rate for this transaction is 6.4% and expected recovery is 22%, resulting in an expected loss of around 5.0%. The expected loss captures Moody's expectations of performance considering the current economic outlook, while the PCE captures the loss Moody's expects the portfolio to suffer in the event of a severe recession scenario. The expected default rate, recovery and PCE are parameters used by us to calibrate its lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in Moody's cash flow model. Moody's have estimated an expected default rate and PCE for this deal on the basis of: -- Cumulative default rates observed to date, and in particular receivables originated between Q3 2022 to Q3 2023 are showing higher early cumulative defaults than prior origination vintages. -- Benchmarking with other SME auto and equipment receivable portfolios in the market, in view of the relatively short performance history of receivables originated by Angle Asset Finance. Moody's asset assumptions also reflect qualitative analysis including portfolio characteristics, the limited operational track record of Angle Asset Finance as an originator and servicer and the current economic environment in Australia. Methodology Underlying the Rating Action The principal methodology used in these ratings was "Equipment Lease and Loan Securitizations" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include a rapid build-up of credit enhancement due to sequential amortization or a better-than-expected collateral performance. The Australian economy and job market are primary drivers of performance. Factors that could lead to a downgrade of the notes is a worse-than-expected collateral performance, poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, a lack of transactional governance, or fraud. DELDI HOLDINGS: MinterEllison Advises Frestine on Ferraro Buy ------------------------------------------------------------- MinterEllison has advised Frestine Dairy Australia Pty Limited, an Indonesian-owned dairy distributor, on its acquisition of Deldi Holdings Proprietary Limited, trading as Ferraro Dairy Foods, out of administration via a deed of company arrangement (DOCA). "The acquisition of Ferraro marks a strategic milestone in Frestine's growth, enabling it to strengthen its processing capabilities for dairy products for distribution locally and throughout Southeast Asia," MinterEllison said. MinterEllison provided end-to-end legal support on the transaction, including navigating the DOCA process, negotiations with administrators and secured creditors, the acquisition documents, acquisition finance and tax advice. The MinterEllison team was led by Partner Michael Scarf. Michael Scarf shared "This transaction reflects the continued strength of activity in the Australian dairy and agribusiness sectors. We're proud to have supported Frestine in securing a key asset that aligns with its long-term supply chain strategy." Martin Ford, Rebecca Gill and Robert Ditrich of PwC were appointed as administrators of the company on Jan. 31, 2025. FAJCON CARPENTRY: First Creditors' Meeting Set for June 5 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Fajcon Carpentry Pty Ltd will be held on June 5, 2025 at 10:00 a.m. at the offices of O'Brien Palmer at Level 9, 66 Clarence Street in Sydney. Daniel Frisken of O'Brien Palmer was appointed as administrator of the company on May 26, 2025. FOXALL LAND: Second Creditors' Meeting Set for June 4 ----------------------------------------------------- A second meeting of creditors in the proceedings of Foxall Land Holdings Pty Limited has been set for June 4, 2025 at 11:00 a.m. via virtual meeting. 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 June 3, 2025 at 4:00 p.m. Frank Farrugia and Bruce Gleeson of Jones Partners were appointed as administrators of the company on April 30, 2025. HEALTHSCOPE: Di Pilla Grants Rent Relief to Keep Hospitals Open --------------------------------------------------------------- Michael Smith at The Australian Financial Review reports that property funds controlled by David Di Pilla's HMC Capital have agreed to defer some of the rent due on the 11 Healthscope hospitals they own to ensure the facilities continue to operate while the hospital operator's receivers try to find a buyer. Healthscope, the country's second-largest private hospital operator, fell into receivership on May 26. The company and its receivers, McGrathNicol, said its landlords would need to agree to reduce rents to make the hospitals viable for future owners. According to the Financial Review, some parties of the 30-member lending syndicate that controls Healthscope's AUD1.6 billion in debt had suggested that Di Pilla would not be willing to reduce rents. However, HMC's real estate investment fund, Healthco Healthcare and Wellness Reit (HCW), and its Unlisted Healthcare fund said Healthscope told investors on May 30 they had agreed to a partial rent deferral to keep essential healthcare services operating, the Financial Review relates. "We are committed to the continued provision of healthcare services in the areas in which our assets are located," the Financial Review quotes HMC Capital's managing director of real estate, Sid Sharma, as saying. HCW said Healthscope rent arrears for March and April and 85 per cent of the rent due for May would be paid immediately. The funds would also receive 85 per cent of the rent due for June to August. The remaining 15 per cent of deferred rent for May to August is due in September. The Financial Review relates that HCW said the landlords were in talks with Healthscope and its receivers. They have also received expressions of interest from alternative Australian operators to re-tenant all 11 facilities. The Financial Review notes that Mr. Di Pilla had been seen as a potential bidder for Healthscope after HMC said it would consider forming a syndicate to buy out the hospital group, but this month he ruled out putting equity into any deal. HCW units jumped 15 per cent on the news on May 30, the report notes. Unitholders had been selling out this year over concerns that Healthscope would not be able to pay its rents. According to the report, Healthscope said last week it has enough capital to remain operational for a year after receiving a AUD100 million funding lifeline from the Commonwealth Bank, giving landlords more confidence that a deal would be done that protects their interests. Although the receivers hope to find a buyer for the entire business, there are fears some hospitals will be closed if the business is broken up and a buyer for all 37 facilities cannot be found. Healthscope's other big landlord, Northwest Healthcare Properties, is also in talks with receivers, but it already agreed to a AUD2 million rent relief deal in March, the Financial Review relays. Northwest has also held talks with the UK's Polus Capital, which holds one of the largest parcels of Healthscope's debt. When HCW bought the properties in 2023, Healthscope was granted a 7 per cent incentive that included a 50 per cent rent-free period for the first 24 months. About Healthscope Healthscope provides healthcare services. The Company manages a network of hospitals, clinics, and physicians for the provision of emergency care, women's services, cancer care, and pediatric services. Healthscope operates 38 hospitals across Australia. On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland & Katherine Sozou of McGrathNicol Restructuring were appointed as Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope NewCo Pty Ltd. The appointments are limited to these two entities only, which are 'holding companies' within the Healthscope Group corporate structure. According to Sky News Australia, the lenders behind Healthscope have opted to call in receivers to find a buyer for the private hospital operator. Healthscope was purchased by Canadian asset management firm Brookfield in 2019, however, it handed control of the health company to the lenders earlier this month. This syndicate of hedge funds and banks voted on May 26 to put the company into receivership, Sky News Australia said. I AM COMPANY: Second Creditors' Meeting Set for June 5 ------------------------------------------------------ A second meeting of creditors in the proceedings of I Am Company Pty Ltd has been set for June 5, 2025 at 10:30 a.m. at the offices of 50/41-49 Norcal Road in Nunawading. 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 June 4, 2025 at 5:00 p.m. Peter Goodin of Magnetic Insolvency was appointed as administrator of the company on April 30, 2025. JERVOIS GLOBAL: Sidley Successfully Represents Firm in Ch. 11 ------------------------------------------------------------- Sidley successfully represented Jervois Global Limited, an Australia-headquartered global supplier of advanced manufactured cobalt products with mining and refining operations, and certain affiliates in their prepackaged Chapter 11 cases filed on January 28, 2025 in the U.S. Bankruptcy Court for the Southern District of Texas. The restructuring transactions enabled the once Australian publicly traded company to be taken private by existing secured lenders Millstreet Capital Management LLC, the company's plan sponsor, and PenderFund Capital Management Ltd., providing for a AUD145 million new equity infusion and a reduction in funded debt from AUD195.5 million to approximately AUD31.6 million, significantly deleveraging the company's balance sheet and positioning the company for go-forward success. The company confirmed its prepackaged plan on March 6, 2025, and, following a voluntary administration in Australia, emerged from Chapter 11 on May 9, 2025. Notably, the restructuring transaction is one of the first cross-border Australian take-private transactions implemented through a prepackaged Chapter 11 plan coupled with an Australian Deed of Company Arrangement. The matter involved lawyers in New York, London, Chicago, Washington, D.C., Los Angeles, Tokyo, Houston, Dallas, Brussels, Hong Kong, Miami, and Boston. Brian Fahrney, Joe Michaels, and Anthony Grossi led the Sidley team which included Duston McFaul, Andrew Townsell, Weiru Fang, Chelsea McManus, Daniela Rakowski, Sydney Box, Jeffrey Butcher, Arianna Hall, Julia Jean Citron, and law clerks Jacob Lester and Vivian Li (Restructuring); James Crooks, Steven Rutkovsky, Nicholas Schwartz, Julie Ann Rosenberg Lamm, Horine Ye, Jacques Stivala, Henry Sasse, Hailey Zhang, Bill Turnbull, and law clerk Thomas Power (Global Finance); Travis Miller, Hannah Ellis, Lisa Holzman, Takeshi Funaki, and John Walker (M&A); Suresh Advani, Steve Quinn, Andrew Dibden, and Alice Qin (Tax); Sonia Gupta Barros (Capital Markets); Sven De Knop, James Mendenhall, and Alessandra Moroni (Global Arbitration, Trade and Advocacy); Vadim Brusser, Murray Reeve, Dominique Vletter, and trainee solicitor Jack Renner (Antitrust and Competition); John Skakun (Securities and Shareholder Litigation); and Eric Wolf (Employee Benefits and Executive Compensation). About Jervois Global Jervois Global Limited (ASX: JRV) (TSX-V: JRV) (OTC: JRVMF) and its affiliates are global suppliers of advanced manufactured cobalt products, serving customers in the powder metallurgy, battery and chemical industries. The Debtors' principal asset base is comprised of an operating cobalt facility in Finland and non-operating plants in both the United States and Brazil. On Jan. 28, 2025, Jervois Texas, LLC and seven affiliated debtors, including Jervois Global Limited filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. The Debtors' bankruptcy cases are seeking joint administration under Case No. 25-90002 and are pending before the Honorable Judge Christopher M. Lopez in the United States Bankruptcy Court for the Southern District of Texas. The Debtors tapped Sidley Austin LLP as restructuring counsel, Moelis & Company as investment banker, and FTI Consulting, Inc., as restructuring advisor. Stretto Inc. is claims agent to the Debtors. David Hardy and Gayle Dickerson of KPMG were appointed as administrators of the company on March 12, 2025. MJ MILLER: Second Creditors' Meeting Set for June 5 --------------------------------------------------- A second meeting of creditors in the proceedings of MJ Miller Electrical Pty Ltd has been set for June 5, 2025 at 11:00 a.m. virtually using Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 4, 2025 at 4:00 p.m. Travis Anderson and Robert Woods of Deloitte were appointed as administrators of the company on May 1, 2025. STRONGROOM AI: Legal Action, Administration, Sale Drag On --------------------------------------------------------- Startup Daily reports a case management hearing due May 27 has been moved to June 4, extending Federal Court-imposed asset freeze on four StrongRoom directors and the administrator, initiated by VC investor EVP. A second creditor's meeting in Sydney, a fortnight ago, chaired by administrator Todd Gammel of HLB Mann Judd, and attended by more than 40 creditors, lasted just six minutes and was adjourned until July 16, at the latest, amid a court application to approve the sale of StrongRoom, the report says. According to Startup Daily, Mr. Gammel had recommended liquidating the business ahead of the meeting, amid hopes that a sale could be finalised beforehand. It was not to be and the deal requires court approval. "The Administrators have entered into a sale agreement that has certain confidentiality provisions and a condition that the Administrators receive a direction that they are justified in entering into and performing the transaction. As the application is currently before the court and to avoid any prejudice, the Chairperson advised that no comment in relation to the application would be made," the May 13 creditor's meeting minutes said. "The Administrators were hopeful of issuing a further report to creditors and reconvening the meeting in a much shorter time frame." StrongRoom AI's 64 creditors - 2 secured, 35 employees and 27 unsecured - are owed a collective AUD23.357 million, Startup Daily discloses. That includes AUD944,038 for the workers and AUD1.72 million to the secured creditors and AUD23.327 million to unsecured creditors - a large majority of that figure being VC investors. Those figures, and previously scenarios outlined by Mr. Gammel suggest the business, valued at AUD70 million before its dramatic collapse, could be sold as an ongoing concern, and could be sold for just a few million dollars. Startup Daily relates that the administrators estimated in a report ahead of the creditor's meeting than in the best possible outcome would see secured creditors would receive 74 cents in the AUD1, and employees their full entitlements, while unsecured creditors, such as investors, will score around 14 cents in the AUD1, or potentially nothing. 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. TRITON BOND 2025-3: S&P Assigns B (sf) Rating to Class F Notes -------------------------------------------------------------- S&P Global Ratings assigned its ratings to seven classes of prime residential mortgage-backed securities (RMBS) and small-ticket commercial loans to Australian residents and nonresidents issued by Perpetual Corporate Trust Ltd. as trustee for Triton Bond Trust 2025-3 Series 1. The ratings reflect the following factors. S&P said, "We have assessed the credit risk of the underlying collateral portfolio, including that the portfolio has a 12-month substitution period, which means that further loans may be assigned to the trust after the closing date. "The credit support is sufficient to withstand the stresses we apply. This credit support comprises mortgage lenders insurance covering 9.1% of the loans in the portfolio as well as note subordination for all rated notes. "The various mechanisms to support liquidity within the transaction, including an amortizing liquidity facility equal to 1.0% of the invested amount of all rated and class G notes, subject to a floor of 0.10% of the initial invested amount of all notes, principal draws, and a loss reserve that builds from excess spread, are sufficient under our stress assumptions to ensure timely payment of interest." An extraordinary expense reserve of A$150,000, funded from day one by Columbus Capital Pty Ltd., is available to meet extraordinary expenses. The reserve will be topped up via excess spread if drawn. A fixed- to floating-rate interest-rate swap is provided by Westpac Banking Corp. to hedge the mismatch between receipts from any fixed-rate mortgage loans and the variable-rate RMBS, should any be entered into after transaction close. S&P's ratings also consider the legal structure of the trust, which has been established as a special-purpose entity and meets its criteria for insolvency remoteness. Ratings Assigned Triton Bond Trust 2025-3 Series 1 Class A1, A$900.0 million: AAA (sf) Class A2, A$34.5 million: AAA (sf) Class B, A$25.0 million: AA (sf) Class C, A$21.0 million: A (sf) Class D, A$9.0 million: BBB (sf) Class E, A$4.5 million: BB (sf) Class F, A$2.5 million: B (sf) Class G, A$3.5 million: Not rated ========= C H I N A ========= AIXIN LIFE: Delays Q1 10-Q Filing Due to Financial Statement Review ------------------------------------------------------------------- AiXin Life International, Inc. filed a Notification of Late Filing on Form 12b-25 with the U.S. Securities and Exchange Commission, informing that it is unable to timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2025, due to a delay in completing the financial statements required to be included therein, and the review procedures related thereto, which delay could not be eliminated by the Company without unreasonable effort and expense. The Company's financial statements have not been sufficiently completed so as to enable the Company to provide appropriate guidance with respect to its results of operations for the three months ended March 31, 2025, as compared to its results of operations for the comparable period of 2024. About AiXin Life International Sichuan Province, China-based AiXin Life International, Inc. is a Colorado holding company and conducts substantially all of its operations through its operating companies established in the People's Republic of China, or the PRC. The Company focuses on providing health and wellness products to the growing middle class in China. It currently develops, manufactures, markets, and sells premium-quality healthcare, nutritional products, and wellness supplements, including herbs and greens, traditional Chinese remedies, functional products such as weight management products, probiotics, foods, and drinks. The Company also provides advertising and marketing services to clients who engage us to market and distribute their products. Irvine, California-based YCM CPA INC., the Company's auditor, issued a "going concern" qualification in its report dated May 6, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company had a working capital deficit as of December 31, 2024 and a net loss and negative cash flows from operations for the year ended December 31, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, the Company had $4,406,360 in total assets, $8,688,763 in total liabilities, and total stockholders' deficit of $4,282,403. COUNTRY GARDEN: Offshore Debt Restructuring Stalls -------------------------------------------------- Yicai Global, citing The Paper, reports that Country Garden Holdings has hit a snag in efforts to restructure its offshore debt, after the Chinese builder failed to reach agreement with its ad hoc bondholders group over how to pay compensation of USD178 million to a group of banks. Seven lenders, including long-time business partners Bank of China and the Industrial and Commercial Bank of China, hold 48 percent of Country Garden's outstanding syndicated loans. According to Yicai, Country Garden and a steering committee formed by the banks previously agreed that the builder would pay USD178 million as part repayment of a loan they provided in 2023, with half to be paid in cash on the restructuring's effective date and the rest via a two-year secured loan. The committee also received USD500 million worth of collateral from the Foshan-based firm in 2023. But the ad hoc group, which represents holders of notes and convertible bonds, has objected to this agreement, after disagreeing with the compensation arrangement and questioning the collateral transferred to the banks, Yicai relates. The group believes the transfer was unreasonable, especially given that Country Garden -- once China's biggest builder -- was already teetering on the brink of default, the Paper reported, citing a source familiar with the matter. They argue that the unsecured offshore assets were supposed to be shared equally among all creditors and not to a few banks, and that this constitutes preferential treatment for certain creditors. The group contends that paying cash to release the collateral now would deplete the firm's offshore cash reserves and harm the interests of US dollar bondholders, according to the source cited by The Paper, relays Yicai. Disagreements over the collateral held by the bank syndicate have been a sticking point in discussions over the offshore debt restructuring since as early as November 2024, Yicai notes. About Country Garden Holdings Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. Country Garden Holdings first defaulted on its debt in October 2023 when it failed to make payments on a US dollar-denominated bond. The company is now in a restructuring process that aims to reduce a debt load of US$14.1 billion by 78 per cent, according to the South China Morning Post. Earlier in May 2025, the company said it was moving ahead with efforts to restructure CNY12.4 billion in debt as part of a plan to reorganise nine bonds totalling CNY13.5 billion. MERCURITY FINTECH: Chaince Grows Advisory Services With APAC Deal ----------------------------------------------------------------- Mercurity Fintech Holding Inc. announced that its wholly-owned subsidiary, Chaince Securities, Inc., has secured a new engagement to serve as corporate advisor for a prominent Asia-Pacific healthcare company seeking strategic access to U.S. capital markets. Growing Cross-Border Advisory Practice: Chaince Securities leverages its expertise in executing complex cross-border transactions for international companies seeking to access the U.S. capital market. This corporate advisory engagement reflects Chaince Securities' commitment to cross-border advisory mandates. Cross-Border Business Advisory Service Capabilities: Chaince Securities offers comprehensive cross-border business advisory services, such as: * Strategic planning and execution support for the listing process * U.S. regulatory and exchange compliance coordination * Capital market positioning and investor outreach * Coordination with legal, auditing, and underwriting teams to support a seamless listing process "We are honored to serve as a trusted cross-border advisor in this important transaction," said Shi Qiu, CEO of Mercurity Fintech Holding. " This mandate demonstrates the strength of our advisory platform and validates our commitment to supporting innovative companies as they expand their footprint into U.S. capital markets. Our growing track record establishes Chaince Securities as the go-to partner for Asian companies seeking strategic access to U.S. investors and capital." About Mercurity Fintech Holding Inc. Mercurity Fintech Holding Inc. is a digital fintech company with subsidiaries engaged in distributed computing and financial brokerage. Beyond its core fintech operations, the Company contributes to the advancement of AI hardware technology by delivering secure and innovative solutions in intelligent manufacturing and advanced liquid cooling systems. Its focus on compliance, innovation, and operational efficiency supports its position as a trusted player in both the evolving digital finance space and the AI technology sector. For more information, please visit the Company's website at https://mercurityfintech.com. In an audit report dated April 30, 2025, the Company's auditor, Onestop Assurance PAC, issued a "going concern" qualification, citing that at Dec. 31, 2024, the Company has incurred recurring net losses of $4.5 million and negative cash flows from operating activities of $3.6 million and has an accumulated deficit of $680 million, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Mercurity Fintech Holding had $35.69 million in total assets, $11.60 million in total liabilities, and $24.09 million in total shareholders' equity. ================= H O N G K O N G ================= NEW WORLD: Hong Kong Bankers on Edge Over US$11 Billion Loan Deal ----------------------------------------------------------------- Bloomberg News reports that Hong Kong bankers have become fixated on an US$11 billion loan deal with unusually high stakes for the financial hub. New World Development (NWD), an embattled property developer controlled by one of Hong Kong's richest families, is aiming to complete one of the city's largest-ever corporate refinancing deals with more than 50 banks by the end of June after pushing back an initial deadline for this month, according to Bloomberg. As at last week, about 10 banks have agreed to terms while the rest are still talking. Failure to reach a deal could lead to demands for immediate repayment, Bloomberg says. The repercussions would threaten both New World and many of the banks which are already suffering from a sharp rise in non-performing loans from commercial real estate. Bloomberg relates that the stakes are so high that in many cases, the banks' chief risk officers have stepped in, sources familiar with the matter said. Even chief executive officers of banks are closely monitoring the situation with frequent updates, the sources added, asking not to be identified as the matter is private. "A New World Development failure wouldn't break the system, but that destabilisation could be contagious," Bloomberg quotes Brock Silvers, managing director at private equity firm Kaiyuan Capital, as saying. "A 'delay & pray' strategy would buy time while doing little to alleviate underlying risk to the company or Hong Kong's broader financial system." New World aims to secure HK$87.5 billion in refinancing, Bloomberg notes. It has commitments exceeding HK$20 billion from Bank of China, HSBC Holdings and Standard Chartered, local lenders Bank of East Asia, Fubon Bank (Hong Kong), Hang Seng Bank, and French lender Credit Industriel et Commercial along with several other financial institutions. The other banks are in the process of securing internal credit approvals, Bloomberg relates. A deal of this magnitude can take time as credit committees scrutinise every detail, raising numerous questions to evaluate the risks involved. Some banks are waiting for lenders with greater exposure to sign on before they can secure their own internal approvals, said the sources, according to Bloomberg. A couple of other top Chinese, Japanese and Singaporean banks are in the final stages of approving the loan, according to other sources familiar with the matter. "If one or two lenders in the syndicate are unwilling to commit, will the others in the syndicate be willing to take up the rest of the refinancing? If yes, the impact to the banking sector would be limited," Bloomberg quotes Cusson Leung, chief investment officer for KGI Asia, as saying. "If a majority of the lenders in the syndicate are unwilling to commit, it is much more destabilising." New World is controlled by the family of Henry Cheng, an avid player of a Chinese poker game called Big Two, whose fortune is estimated at US$22.9 billion, Bloomberg discloses. The developer has built many of Hong Kong's landmarks over the past several decades. Its trophy properties include the commercial complex located at the core area of Tsim Sha Tsui waterfront in Kowloon district and the 11 Skies commercial complex project next to the Hong Kong International Airport. However, the developer has been mired in a two-year crisis of confidence amid mounting liquidity pressure, Bloomberg states. Investors are increasingly sceptical of the firm's ability to manage the debt burden, after it reported its first loss in 20 years for the financial year ended last June, Bloomberg says. Adding to New World's woes, it changed its chief executive officer twice in two months, including the surprise sidelining of Adrian Cheng, Henry Cheng's eldest son. New World has multiple bond coupon payments due in June, Bloomberg notes. The builder had total liabilities of HK$210.9 billion at the end of December 2024 and in June it has at least US$116.6 million of coupon payments due, including on four perpetual notes. The company has pledged around 40 properties as collateral, including its crown jewel, Victoria Dockside, to get refinancing. The developer spooked creditors about possible liquidity strains when it opted not to call a US$345 million 6.15 per cent perpetual bond before interest costs jump to over 10 per cent. The price of this perpetual bond has plunged 28 per cent to about 56 cents so far this month, the steepest monthly decline since January, according to data compiled by Bloomberg. "The outcome of the loan refinancing is the near-term catalyst for the bonds, as failure to refinance the bank loans now could lead to liquidity issues down the road," Bloomberg quotes Leonard Law, a Singapore-based senior credit analyst at Lucror Analytics, as saying. About New World New World Development Company Limited -- https://www.nwd.com.hk/ -- an investment holding company, operates in the property development and investment business in Hong Kong and Mainland China. Its property portfolio includes residential, retail, office, and industrial properties. The company is also involved in the loyalty program, fashion retailing and trading, and land development businesses; and development and operation of sports park. In addition, it operates club houses, golf and tennis academies, and shopping malls; constructs and operates Skycity complex; and operates department stores. ========= I N D I A ========= ACE CONSTRUCTIONS: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ace Constructions (AC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 48.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 21, 2024, placed the rating(s) of AC under the 'issuer non-cooperating' category as AC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 6, 2025, April 16, 2025 and April 26, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable AC, established in 2004, is a part of the Pune (Maharashtra) based Gada group. The Gada Group started real estate activity in 1997 and has successfully developed about 5 lakh square feet (lsf) of commercial and residential development in Pune, Maharashtra. The group has interest in property development and financial services. The firm is developing a residential cum commercial project "Gada Anutham" at Hadapsar, Pune in two phases. The project consists of 4 buildings offering premium 39(1BHK), 121 (2 BHK) & 88(3 BHK) apartments and 10 commercial shops and offices with a host of amenities. AIRCEL CELLULAR: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Aircel Cellular Limited (ACL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17,479 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings), vide its press release dated May 2, 2024, continued to place ratings of ACL under the 'Issuer Not Cooperating' category, as the company failed to provide requisite information required for monitoring of ratings as agreed to in its rating agreement. ACL continues to be non-cooperative, despite repeated requests for submitting information through phone calls and emails dated March 18, 2025, March 28, 2025, and April 7, 2025. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CARE Ratings has reviewed the rating based on best available information, which however, in CARE Ratings' opinion, is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders, and the public at large) are hence requested to exercise caution while considering the above ratings. Analytical approach: Standalone Standalone while factoring in financial and managerial linkages with Aircel Limited (AL), integral to the operations of Aircel Cellular Limited. Outlook: Not applicable Detailed description of key rating drivers: At the time of last rating on May 2, 2024, following were the key rating weaknesses: Key weakness * Delays in resolution process under National Company Law Tribunal: The company has been admitted in the National Company Law Tribunal (NCLT) and its resolution process for debt is pending with the judiciary. Liquidity: Not applicable AL, together with its two wholly owned subsidiaries ACL and DWL, provides 2G wireless telecom services in 22 circles of India and 3G services in 13 circles. ASML, another wholly owned subsidiary of AL, provides mobile banking services. Maxis Communications Berhad (MCB), through Global Communication Service Holdings Limited and Deccan Digital Networks Private Limited, effectively holds ~73.99% equity interest in AL. AL filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016 before the NCLT, Mumbai Bench. AIRCEL LIMITED: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Aircel Limited (AL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17,479 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings), vide its press release dated May 02, 2024, continued to place ratings of AL under the 'Issuer Not Cooperating' category, as the company failed to provide requisite information required for monitoring of ratings as agreed to in its rating agreement. AL continues to be non-cooperative, despite repeated requests for submitting information through phone calls and emails dated March 18, 2025, March 28, 2025, and March 7, 2025. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CARE Ratings has reviewed the rating based on best available information, which however, in CARE Ratings' opinion, is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders, and the public at large) are hence requested to exercise caution while considering the above ratings. Analytical approach: Consolidated Outlook: Not applicable Detailed description of key rating drivers: At the time of last rating on May 2, 2024, following were the key rating weaknesses: Key weakness * Delays in resolution process under National Company Law Tribunal: The company has been admitted in the National Company Law Tribunal (NCLT) and its resolution process for debt is pending with the judiciary. Liquidity: Not applicable AL, together with its two wholly owned subsidiaries, ACL and DWL, provides 2G wireless telecom services in 22 circles of India and 3G services in 13 circles. ASML, another wholly owned subsidiary of AL, provides mobile banking services. Maxis Communications Berhad (MCB), through Global Communication Service Holdings Limited and Deccan Digital Networks Private Limited, effectively holds ~73.99% equity interest in AL. AL filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016 before the NCLT, Mumbai Bench. AIRCEL SMART: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Aircel Smart Money Limited (ASML) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17,479 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings) had, vide its press release dated May 2, 2024, continued to place ratings of ASML under the 'Issuer Not Cooperating' category as the company failed to provide the requisite information required for monitoring of ratings as agreed to in its rating agreement. ASML continues to be non-cooperative despite repeated requests for submission of information through phone calls and emails dated March 18, 2025, March 28, 2025 and April 7, 2025, among others. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CARE Ratings has reviewed the rating based on the best available information which however, in CARE Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders, and the public at large) are hence requested to exercise caution while considering the above ratings. Analytical approach: Standalone Standalone while factoring in financial and managerial linkages with Aircel Limited (AL), integral to the operations of Aircel Smart Money Limited. Outlook: Not applicable Detailed description of key rating drivers: At the time of last rating on May 2, 2024, following were rating weaknesses: Key weakness * Delays in resolution process under National Company Law Tribunal: The company has been admitted in National Company Law Tribunal (NCLT) and its resolution process for the debt is pending with the judiciary. Liquidity: Not applicable AL, together with two of its wholly owned subsidiaries, ACL and DWL, provides 2G wireless telecom services in all 22 circles of India and 3G services in 13 circles. ASML, another wholly owned subsidiary of AL, provides mobile banking services. Maxis Communications Berhad (MCB), through Global Communication Service Holdings Limited and Deccan Digital Networks Private Limited, effectively holds ~73.99% equity interest in AL. AL had filed a petition before the NCLT, Mumbai Bench in terms of Section 10 of the Insolvency and Bankruptcy Code, 2016. AJR INFRA: CARE Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of AJR Infra & Tolling Limited (AITL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 35.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings) had, vide its press release dated May 17, 2024, reaffirmed the rating(s) of AITL under the 'issuer non-cooperating' category as AJR Infra & Tolling Limited had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AJR Infra & Tolling Limited continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and emails dated April 2, 2025, April 12, 2025 and April 22, 2025. In line with the extant SEBI guidelines, CARE Ratings has reviewed the rating on the basis of the best available information which however, in CARE Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Detailed description of key rating drivers: At the time of last rating on May 17, 2024, the following were the rating strengths and weaknesses (updated for the information available from MCA website). Key weaknesses * Ongoing delays in servicing of debt obligations: The company continues to remain in default with respect to repayment of debt obligations as highlighted in the auditor's report for FY24. Liquidity: Not Applicable Assumptions/Covenants: Not Applicable AJR Infra & Tolling Limited (AITL; erstwhile Gammon Infrastructure Projects Limited) was incorporated in 2001 by Gammon India Limited (GIL; rated CARE D; INC). The company undertakes development of infrastructure projects on a public private partnership (PPP) basis under separate project-specific Special Purpose Vehicles (SPVs), having presence in project development, project advisory and sector-specific operations and maintenance. AITL is publicly listed entity on BSE and NSE and has a pan-India presence with two decades of experience and technical expertise in the multi-purpose infrastructure segments with diverse portfolio across Roads, Power and Port sectors. APPOLLO DISTILLERIES: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Appollo Distilleries and Breweries Private Limited (ADBPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 57.40 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 ADBPL under the 'issuer non-cooperating' category as ADBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ADBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 22, 2025, March 4, 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 Appollo Distilleries and Breweries Private Limited (erstwhile Appollo Distilleries Private Limited) owns and operates a brewery plant having an installed capacity of 50,000 KLPA (kilo litre per annum) at Billakuppam, Gummidipundi, Tamil Nadu (TN). The commercial operation of ADPL's manufacturing facility commenced in May 2012. The manufacturing facility was established at total cost of INR116 cr which was funded with term debt of INR75 cr and the rest in the form of equity from the promoters. Appollo Distilleries and Breweries Private Limited is the subsidiary of Empee Distilleries Limited (EDL) which is a part of Empee group. EDL is in the resolution process under Insolvency and Bankruptcy Code (IBC), 2016 as per National Company Law Tribunal (NCLT) order dated November 1, 2018. In accord with the Corporate Insolvency Resolution Process, the NCLT on January 20, 2020 has approved the resolution plan submitted by one of the resolution applicants with respect to EDL. BHUSHAN POWER: Lenders, JSW Steel Differ Over Funds Recovery ------------------------------------------------------------ The Economic Times reports that banks want compensation for wrongful losses caused to Bhushan Power and Steel (BPSL) under its former promoter Sanjay Singhal, according to people familiar with the matter. In a lawsuit filed with the National Company Law Tribunal (NCLT), banks claimed they are the rightful recipients of any recoveries realised from counterparties who benefited from wrongful transactions that resulted in losses to the company, ET relates. However, JSW Steel argued before the NCLT that the company should retain the recovered funds, ET says. These transactions occurred before insolvency proceedings. Recoveries are estimated at INR3,000 crore. 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, 2021, 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. In early May 2025, the Supreme Court initially nullified JSW Steel's acquisition and directed the liquidation of the debt-laden company, but later put the liquidation process on hold. BMI WHOLESALE: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of BMI Wholesale Trading Private Limited (BWTPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.33 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 21, 2024, placed the rating(s) of BWTPL under the 'issuer non-cooperating' category as BWTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BWTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 6, 2025, April 16, 2025 and April 26, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 2006, BMI Wholesale Trading Private Limited [BMI, formerly known as MK Retail Private Limited] is promoted by Prestige Brands Limited (a company wholly owned by New York based Murjani Group). BMI is engaged in wholesale trading and marketing of licensed products such as apparels and innerwear under the brand 'French Connection' in the Indian Territory wherein BMI has the exclusive long-term rights for "French Connection". BYJU'S: SC Refuses Stay on Parent Company's Insolvency Case ----------------------------------------------------------- The Economic Times reports that the Supreme Court on May 29 refused to stay the corporate insolvency resolution process (CIRP) of Think & Learn, the parent company of online education services company Byju's, even as it sought a response from the former's creditors, Aditya Birla Finance and US lender Glas Trust Co. LLC, and others. Responses have also been sought from former and current resolution professionals of Think & Learn on two separate appeals by the company's operational creditor, the Board of Control for Cricket in India (BCCI), and Byju's co-founder Riju Raveendran. Both BCCI and Raveendran have sought the withdrawal of the insolvency proceedings against Think & Learn, ET says. According to ET, a bench led by Justice Vikram Nath, while refusing to grant status quo on the CIRP proceedings before the National Company Law Tribunal (NCLT), fixed the matter for further hearing on July 21. "What status quo? Let the proceedings (NCLT) be continued," the judges said, adding that the prayer for the interim relief will be considered on the next date of hearing, ET relays. While both BCCI and Raveendran had sought withdrawal of the insolvency proceedings, the National Company Law Appellate Tribunal (NCLAT) and the Bengaluru bench of the NCLT had directed the resolution professional to present the withdrawal application before the Committee of Creditors (CoC) of the debt-laden company, according to ET. ET relates that the cricket board told the SC that the NCLAT had erred in not appreciating the uncontested fact that the settlement culminated prior to the constitution of the CoC of Think & Learn. Besides, the tribunal could not have shifted the responsibility of deciding the withdrawal application to the lenders, it added. Supporting BCCI's stand, Raveendran in his appeal stated that the NCLAT order is "erroneous and perverse" as the SC, despite setting out various scenarios in which filing of the withdrawal application arises, had not held that the parties are relegated to post-CoC constitution stage in the present case. "On the contrary, it states that when the settlement was permitted before the NCLAT, it was a situation where there was a withdrawal before the constitution of the CoC. However, while finally remitting the parties to the NCLT to seek such remedies as available to them in law, the SC (August 14 order) has specifically not held that such a withdrawal can only be after approval of CoC," ET quotes Raveendran as saying. The BCCI's claims stands fully settled as per the settlement terms of July 30, he added. He further submitted that the SC stay on settlement proceedings last year did not automatically revive the CIRP, ET relays. Stating the purported constitution of the CoC is wholly illegal and perverse, the appeal contended that ICICI Bank, which had nil dues, could not have been included. "Even Glas Trust is not a financial creditor. It is an alleged agent of a consortium, and under Section 21(6) of the IBC, the IRP should have received authorisation from each member of the consortium before permitting it to be part of the CoC, and the first CoC was provisional and not final," the appeal, as cited by ET, added. The entire CIRP process has been vitiated by fraud, first on the part of the erstwhile IRP in connivance with Glas, Raveendran said, adding that the erstwhile IRP has now filed an affidavit admitting that he was pressured by Glas to take a series of decisions and the whole process was "premeditated," ET relays. "Now the alleged CoC has replaced and brought in place a new Resolution Professional, who is also part of Ernst & Young LLP and is totally conflicted in the matter," the appeal added. Glas holds a dominant position in the CoC of Think & Learn, controlling 99.41% of the voting rights. Other members of the panel include Aditya Birla Finance and InCred Financial Services. 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 (NCLT) 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. CAMSON AGRI-VENTURES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Camson AgrI-Ventures Private Limited (CAPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 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 April 8, 2024, placed the rating(s) of CAPL under the 'issuer non-cooperating' category as CAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 22, 2025, March 4, 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 Camson AgrI Ventures Pvt. Ltd. (CAPL) was incorporated on January 25, 2013 by Mr. Rohit Sareen and Mr. Nimir Mehta. Camson Bio Technologies Limited (CBT) is a holding company. CAPL is an integrated provider of eco-friendly agricultural solutions. CAPL is engaged in the business of contract farming, food processing and trading of seeds and biocides. The company is majorly engaged in trading activity (agricultural goods viz. maize and paddy seeds). COLD CARE: CARE Lowers Rating on INR9.75cr LT Loan to D ------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Cold Care Technologies Private Limited (CCTPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE C; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 8, 2024, placed the rating(s) of CCTPL under the 'issuer non-cooperating' category as CCTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CCTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 22, 2025, March 4, 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 Cold Care Technologies Private Limited (CCTPL) was established in December, 2015 by Mr. P. Srinivasa Rao, Mr. P. Upender Rao and Mr. P. Janardhan Rao to set up an integrated cold chain unit at its plant located at Industrial Park, Gurram Palem, and Visakhapatnam. The company would be catering its services to retail outlets of KFC, McDonald's, Subways, Burger King, Mother dairy etc. DISHNET WIRELESS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Dishnet Wireless Limited (DWL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17,479 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings) had, vide its press release dated May 2, 2024, continued to place the rating of DWL under the 'Issuer Not Cooperating' category, as the company failed to provide the requisite information required for monitoring of ratings as agreed to in its rating agreement. DWL continues to be non-cooperative despite repeated requests for submission of information through phone calls and emails dated March 18, 2025, March 28, 2025, and April 7, 2025. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CARE Ratings has reviewed the rating based on the best available information, which however, in CARE Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. Analytical approach: Standalone Standalone while factoring in financial and managerial linkages with Aircel Limited (AL), integral to the operations of Dishnet Wireless Limited. Outlook: Not applicable Detailed description of key rating drivers: At the time of last rating on May 2, 2024, following were the rating weaknesses: Key weakness * Delays in resolution process under National Company Law Tribunal The company has been admitted in National Company Law Tribunal (NCLT) and its resolution process for the debt is pending with the judiciary. Liquidity: Not applicable AL, together with two of its wholly owned subsidiaries, ACL and DWL, provides 2G wireless telecom services in all the 22 circles of India and 3G services in 13 circles. DWL, another wholly owned subsidiary of AL, provides mobile banking services. Maxis Communications Berhad (MCB), through Global Communication Service Holdings Limited and Deccan Digital Networks Private Limited, effectively holds ~73.99% equity interest in AL. AL had filed a petition before the NCLT, Mumbai Bench in terms of Section 10 of the Insolvency and Bankruptcy Code, 2016. ECRON ACUNOVA: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ecron Acunova Limited (Ecron) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.16 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 15.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. [CARE] had, vide its press release dated March 13, 2024, placed the ratings of Ecron under the 'issuer non-cooperating' category as Ecron had failed to provide information for monitoring of the rating. Ecron continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 27, 2025, and February 16, 2025. In line with the extant SEBI guidelines, CARE has reviewed the ratings based on the best available information which, however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The ratings assigned to the bank facilities of Ecron are constrained due to delay of debt servicing in the bank facilities and poor liquidity position of the company. Analytical approach: Consolidated CARE Ratings had taken consolidated financials of Ecron Acunova along with subsidiaries - Navitas Life Sciences Company Limited, Thailand, and Navitas LLP, India along with factoring in linkages with TAKE group. Detailed description of key rating drivers: At the time of last rating on March 13, 2024, the following were the rating strengths and weaknesses (updated for the FY24(A) information available from Registrar of Companies (RoC)). Key weaknesses * Reduced operations due to sale of its major subsidiary: During May 2022, TAKE's major subsidiary TAKE Solutions Global Holdings Pte Ltd (Singapore) (TAKE Ghapte) had been sold to HIG as a part of enforced sale following the lenders of TAKE Ghapte initiating action on disposal of shares of TSL in Take Ghapte inview of continuing default on loan obligations. The enforced sale has resulted in disinvestment of 100% shareholding of TAKE Solutions in TAKE Ghapte. The divestment of TAKE Ghapte also restricted TAKE group in undertaking full-fledged clinical trials and accordingly the core Clinical Research business is no longer a portfolio in TAKE Solutions. The business that is remaining in the TAKE group is the Bio Availability & Bio Equivalence studies and a limited amount of heath tech business. With this as the base, the group has to rebuild the business to scale. For FY24 (refers to the period April 1 to March 31), the company on a standalone basis had reported revenue of INR63.96 crores (PY: INR100.51 crores) with net profit of INR1.07 crores. * Changing dynamics of global pharma industry: The pharmaceutical industry is tightly regulated all over the world with stringent norms and regulations. Structural reforms by governments stringent regulation both in regulated and semi-regulated market, intensification of competition has led to pricing pressure impacting the profitability of the industry players. Competition and increased pricing pressure on pharma companies has resulted in cost cutting measures adopted by them to remain competitive, resulting in reduced business for the companies operating in the pharma/drug market value chain including IT service providers. This has resulted in vendor consolidation approach adopted by pharma companies forcing tier-I/tier-II companies/service providers in the industry to move up the value chain. Pure play clinical research organizations (CRO) have also started providing IT services. Key strengths * Long standing relationship with major pharma companies: Clinical trials are a specialized field that requires numerous regulatory approvals, and its facilities are subject to inspection by a variety of agencies, including pharmaceutical companies and statutory organizations such as the Clinical Trial Registry, FDA, and the Drug Controller General of India. TAKE was one of the leading healthcare providers, with domain expertise and facilities that complied with all statutory regulations and were approved by the majority of large pharmaceutical companies. Despite not conducting full-fledged clinical trials, the group has strong qualification criteria, allowing it to obtain new business opportunities in Phase I trials as well as supplementary activities related to Phase II/Phase III clinical trials. The group caters to major pharmaceutical companies in India. Ecron Acunova Limited is a Clinical Research Organisation, which undertakes clinical studies including Bio equivalence and Bio Availability Studies and Phase I of Clinical Trials. The company is headquartered in Bangalore and has around 170 employees to date. The company has three subsidiaries- Acunova Life Sciences USA, which had discontinued operations in March 2023 and Navitas Life Sciences company ltd, Thailand, which is also into clinical research. During September 2021, Ecron purchased 99.9% stake in Navitas LLP. GENSOL ENGINEERING: Defaults on Bond Repayment for May ------------------------------------------------------ The Economic Times reports that Gensol Engineering, promoted by the founders of electric mobility firm BluSmart, has defaulted on payment of around INR4 crore to its pass-through certificates (PTCs) holders last month. The last repayment that was processed successfully was in April, people aware of the matter said. According to ET, the troubled solar engineering, procurement and construction company had raised these funds by issuing PTCs, which were distributed to retail investors via online platform Grip Invest. PTCs are usually loans that are raised in lieu of any underlying asset. In this case, the company had offered vehicles plied on the BluSmart platform as collateral for these loans. As the vehicles plied and generated revenue, repayments were processed out of that cash flow. Now, as the BluSmart cab service stopped and deal talks with ride hailing platform Uber and fleet operators are yet to come to fruition, the loan repayment has become uncertain, ET relates. Confirming the development, Grip Invest founder Nikhil Agarwal said that while the total issue size was INR5.6 crore, 56% of the principal amount has been repaid by Gensol and currently the outstanding is INR4.04 crore, ET relays. These loans were secured against 76 vehicles that were previously run on the BluSmart platform. On May 29, the Delhi High Court passed a final order and gave Vriksh Advisors, the lessor, the right to operate, sell or lease the assets. "All vehicles are now in the possession of the lessor. The same have been inspected and found to be in good working order," Aggarwal told ET. Vriksh Advisors is a subsidiary of Grip Invest. ET relates that Aggarwal said the company has taken possession of the vehicles, inspected them, created charging facilities and is now in talks with fleet operators looking to deploy these vehicles on ride sharing platforms. A senior industry insider, however, said the repayment structure for PTCs might change even if the vehicles start running. "Commissions, revenues, pricing and all the other factors would not remain the same across all platforms, so those things will need to be considered before starting the repayment schedule," he pointed out. Vriksh Advisors is in the process of finding the best suitable buyer of the assets, so they can be used to repay the loans taken against them, people cited above said, ET relays. "People invested in BluSmart bonds and PTCs thinking of the cab services, which had a big brand value, and they were also attracted to the high returns offered by these instruments," said an investor who has exposure to BluSmart bonds. ET, citing credit rating document issued by Care Edge Ratings on May 27, says these bonds issued in 2023 were due to mature in 2027 and offered a coupon rate of 13.6%. ET had reported on April 21 that BluSmart investors were expecting major defaults on bonds they had purchased via platforms like Yubi, Centricity and others. The ride-hailing company had issued more than INR100 crore worth of bonds over the last one year. The investor quoted above said that more than INR80 crore of NCDs are due for repayments from BluSmart. This comes at a time when the Gensol promoters Anmol Singh Jaggi and his brother Puneet Singh Jaggi are under investigation for siphoning off funds from the company for personal consumption. While BluSmart has halted its operations, Gensol's bank accounts have been frozen under directives from the National Company Law Tribunal, Ahmedabad, according to ET. State-run Indian Renewable Energy Development Agency (Ireda) last month said it has moved the Debts Recovery Tribunal, Delhi, against Gensol Engineering and its arm Gensol EV Lease, claiming a default of about INR729 crore, recalls ET. Ireda had earlier filed an insolvency petition against Gensol. Gensol Engineering is a part of the Gensol Group of companies, which offers engineering, procurement, and construction (EPC) services for the development of solar power plants. HBS VIEW: CARE Keeps D Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of HBS View Private Limited (HVPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 100.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 21, 2024, placed the rating(s) of HVPL under the 'issuer non-cooperating' category as HVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HVPL continues to be non-cooperative despite repeated requests for submission of information through emails dated April 6, 2025, April 16, 2025, April 26, 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 HBS View Pvt. Ltd (HVPL) is a special purpose vehicle to undertake redevelopment of residential tower on 3,63,930 sq. ft. of developable area, at Haji Ali Road, South Mumbai. The company is promoted by HBS Realtors Pvt. Ltd., a Mumbai based real estate developer, having track record of executing large scale project development in commercial as well as residential segment. JAI KRISHNA: CARE Lowers Rating on INR8.0cr LT Loan to B- --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Jai Krishna Steel Private Limited (JKSPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 21, 2024, placed the rating(s) of JKSPL under the 'issuer non-cooperating' category as JKSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JKSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 6, 2025, April 16, 2025, April 26, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of JKSPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Jai Krishna Steels Private Limited (JKSPL) was incorporated in September, 2010 and started its commercial operations from 2012. The registered office of the company is situated at Patna, Bihar. JSPL has been engaged in manufacturing and trading of MS structure and MS TMT bars at its plant located at Patna district of Bihar with an installed capacity of 46,500 metric tons per annum (MTPA). The company derives major revenue from manufacturing activities and very minor revenue from trading activities. LAXMI BALAJI: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Laxmi Balaji Cotton Industries (LBCI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.99 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 2, 2024, placed the rating(s) of LBCI under the 'issuer non-cooperating' category as LBCI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LBCI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 18, 2025, March 28, 2025, April 7, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sendhwa (Madhya Pradesh) based Laxmi Balaji Cotton Industries (LBCI) was formed in June 2015 as a partnership firm by Mr. Ankit Tayal and Mr Sajal Agrawal. In June 2017, Mr Sajal Agrwal has retired from the firm and Mr. Rachit Tayal has joined firm as partner. Mr Ankit Tayal and Mr Rachit Tayal share profit or loss in ratio of 60% and 40% respectively. The company belongs to Mahesh Group, Sendhwa, which is engaged in the business of cotton ginning and trading since more than two decades. The firm is engaged in the business of cotton ginning and pressing along with the production of cotton seed and cake. The manufacturing unit of the firm has installed capacity to manufacture cotton bales of 300 Bales per Day (BPD) as on November 20, 2019. LBCI has its plant located at Shahapur, Karnataka and procures raw cotton directly from farmers and local mandis and sells its finished products cotton bales mainly in Tamil Nadu and cotton Seed in Maharashtra. MERCATOR LIMITED: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Mercator Limited continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 959.53 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 150.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings) had, vide its press release dated May 23, 2024, reaffirmed the rating of ML under the 'issuer non-cooperating' category as ML had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ML continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and email dated April 2, 2025, April 12, 2025, and April 22, 2025. In line with the extant SEBI guidelines, CARE Ratings has reviewed the rating on the basis of the best available information which, however, in CARE Ratings' opinion is not sufficient to arrive at a fair rating. The company had been admitted under Corporate Insolvency Resolution Process (CIRP) vide order from the NCLT, Mumbai bench dated Feb. 8, 2021, and Mr. Girish Sriram Juneja had been appointed as the resolution professional (RP). The RP had invited Expressions of Interest (EoI) from prospective applicants on April 24, 2021. The resolution plans submitted by applicants failed to receive the required votes in the CoC and the NCLT has ordered for liquidation of the company vide order dated Feb 21, 2023. The same is under process. 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: Consolidated Outlook: Not Applicable Detailed description of key rating drivers: At the time of last rating on May 17, 2024, the following were the rating strengths and weaknesses (updated for the information available from stock exchange). Key weaknesses * Delay in servicing of debt obligation: The ratings consider the ongoing delays in debt servicing as per Annual report FY24. Moreover, the company is under liquidation vide NCLT order dated Feb 21, 2023. Liquidity: Not Applicable Assumptions/Covenants: Not Applicable Mercator Limited (ML), along with its subsidiaries, is a diversified group engaged in shipping (dry bulk, wet bulk and dredging), gas, coal mining and E&P activities. ML commenced business as a shipping company in 1984 (taken over by present promoters in FY1989) and has, over the years, diversified through its subsidiaries into various other sectors like coal mining and logistics, E&P and dredging. MITTAL INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Mittal Infrastructure Private Limited (MIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17,479 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 November 8, 2024, placed the rating(s) of MIPL under the 'issuer non-cooperating' category as MIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 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). The rating assigned to the bank facilities of MIPL have been revised on account of publicly available information and noncooperation from issuer to provide information for monitoring of ratings. Analytical approach: Standalone Outlook: Not Applicable MIPL was incorporated in October, 2005 by Mittal family of Pune. The company is engaged in civil construction business and undertakes the infrastructure work like construction of residential complex, office building, hostel building, college building, parking space, institute campus etc. The company is registered as Class A contractor with Military Engineer Services. The company executes orders for government/semi government authorities as well as private players. MOD AGE: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mod Age Consultants & Advisory Services Private Limited (Mod Age) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-convertible 17.00 CARE D; ISSUER NOT COOPERATING debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings), vide its press release dated February 15, 2018, had placed the rating of Mod Age under the 'Issuer not-cooperating' category, as the company had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its rating agreement. The company continues to be non-cooperative despite repeated requests for submission of information vide e-mail communications dated April 9, 2025, April 19, 2025, April 24, 2025, and April 29, 2025 among others. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CARE Ratings has reviewed the rating based on the best available information, which however, in CARE Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders, and the public at large) are hence requested to exercise caution while using the above rating(s). At the time of the last rating on May 24, 2024, the following was the rating weakness (updated for information available from the - stock exchange, Registrar of Companies and Debenture Trustee): Analytical approach: Standalone Detailed description of key rating drivers: Key weakness * Delays in interest servicing and principal repayment: The company has ongoing delays in servicing of its interest obligations on the outstanding non-convertible debenture (NCDs) as well as delay in repayment of principal amount that was due in October 2018. Being a strategic investment company, Mod Age has no operations of its own and therefore does not have any revenue from operations. The interest obligations of the company are serviced through the funds infused by the promoters. Timely servicing of debt obligations remains dependent on timely infusion of funds by promoters/shareholders. Incorporated on January 21, 2008, Mod Age Consultants & Advisory Services Private Limited, erstwhile known as Mod Age Investment Private Limited (name changed in December 2013), is a strategic investment holding company of the promoters of Jyoti Structures Limited (JSL). K. R. Thakur and P. K. Thakur, shareholders in JSL, each hold 50% shareholding in Mod Age. As Mod Age is only an investment holding company, it does not have its own operational cash flows. On October 30, 2013, the company issued NCDs of INR25.00 crore for investment in shares and offering loans to group companies. Of these, NCDs aggregating to INR17.00 crore were subscribed. The company has placed 1.18 crore shares of JSL as collateral against the NCD issue. The funds raised by the NCD issued are utilised for investment into shares of Surya India Fingrowth Private Limited, a group company. NAVITAS LLP: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Navitas LLP (Navitas) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 12.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. [CARE] had, vide its press release dated March 13, 2024, placed the ratings of Navitas under the 'issuer non-cooperating' category as Navitas had failed to provide information for monitoring of the rating. Navitas continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 27, 2025, and February 16, 2025. In line with the extant SEBI guidelines, CARE has reviewed the ratings based on the best available information which, however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The ratings assigned to the bank facilities of Navitas are constrained due to delay of debt servicing in the bank facilities and poor liquidity position of the company. Analytical approach: Combined CARE Ratings has combined the standalone financials of Navitas and consolidated financials of Ecron Acunova Limited and factors in linkages with TAKE group. Detailed description of key rating drivers: At the time of last rating on March 13, 2024, the following were the rating strengths and weaknesses (updated for the FY24(A) information available from Registrar of Companies (RoC)). Key weaknesses * Delays in debt servicing: The liquidity position of the group has been poor with reduced operations. And thereby, resulting in delays in debt servicing. There were delays in its interest payments for the working capital limits and debt repayments of GECL. * Reduced operations due to sale of its major subsidiary: During May 2022, TAKE's major subsidiary TAKE Solutions Global Holdings Pte Ltd (Singapore) (TAKE Ghapte) had been sold to HIG as a part of enforced sale following the lenders of TAKE Ghapte initiating action on disposal of shares of TSL in Take Ghapte in view of continuing default on loan obligations. The enforced sale has resulted in disinvestment of 100% shareholding of TAKE Solutions in TAKE Ghapte. The divestment of TAKE Ghapte also restricted TAKE group in undertaking full-fledged clinical trials and accordingly the core Clinical Research business is no longer a portfolio in TAKE Solutions. The business that is remaining in the TAKE group is the Bio Availability & Bio Equivalence studies and a limited amount of heath tech business. With this as the base, the group has to rebuild the business to scale. For FY24 (refers to the period April 01 to March 31), the company on a standalone basis had reported Nil revenue with net loss of INR13.90 crores as against INR44.29 crore with a net loss of INR49.79 crore in FY23. * Changing dynamics of global pharma industry: The pharmaceutical industry is tightly regulated all over the world with stringent norms and regulations. Structural reforms by governments stringent regulation both in regulated and semi-regulated market, intensification of competition has led to pricing pressure impacting the profitability of the industry players. Competition and increased pricing pressure on pharma companies has resulted in cost cutting measures adopted by them to remain competitive, resulting in reduced business for the companies operating in the pharma/drug market value chain including IT service providers. This has resulted in vendor consolidation approach adopted by pharma companies forcing tier-I/tier-II companies/service providers in the industry to move up the value chain. Pure play clinical research organizations (CRO) have also started providing IT services. Key strengths * Long standing relationship with major pharma companies: Clinical trials are a specialised field that requires numerous regulatory approvals, and its facilities are subject to inspection by a variety of agencies, including pharmaceutical companies and statutory organisations such as the Clinical Trial Registry, FDA, and the Drug Controller General of India. TAKE was one of the leading healthcare providers, with domain expertise and facilities that complied with all statutory regulations and were approved by large pharmaceutical companies. Despite not conducting full-fledged clinical trials, the group has strong qualification criteria, allowing it to obtain new business opportunities in Phase I trials as well as supplementary activities related to Phase II/Phase III clinical trials. The group caters to major pharmaceutical companies in India. Navitas LLP (Navitas) offers IP based software and extensive knowledge-based solutions (services and products) to enable efficient clinical, regulatory, safety and commercialization processes for the pharmaceutical/bioscience industry. The company provides consultancy right from clinical trials to data management, regulatory compliance, and analytics & pharmacovigilance (viz Post-Market Safety Monitoring). Since September 2021, Ecron Acunova Limited holds about 99.9% stake in Navitas. OMICRON POWER: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Omicron Power Engineers Private Limited (OPEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.09 CARE C; 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 21, 2024, placed the rating(s) of OPEPL under the 'issuer non-cooperating' category as OPEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OPEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 6, 2025, April 16, 2025 and April 26, 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 Aurangabad-based (Maharashtra) OPEPL was initially established as a partnership firm in 1990 and later in 2010 was converted into a private limited company. OPEPL is a turnkey power infrastructure development company engaged in execution of power infrastructure works like erection and commissioning of substations, transmission line setup for government, semi-government and private organizations. RAIN CARBON: S&P Downgrades Long-Term ICR to 'B', Outlook Stable ---------------------------------------------------------------- S&P Global Ratings lowered its long-term issuer credit rating on Rain Carbon Inc. to 'B' from 'B+'. S&P also lowered its issue ratings on the company's first-lien senior secured term loan B to 'BB-' from 'BB' and second-lien senior secured notes to 'B-' from 'B'. The stable outlook on the issuer credit rating reflects S&P's view that a gradual improvement in demand for calcined petroleum coke (CPC) will support Rain Carbon's earnings over the next 12 months. S&P said, "Supply disruptions in Rain Carbon's key business will weigh on its credit quality. The performance of the company's distillation and advanced materials businesses will be weaker over the next 12 months than we expected. We acknowledge that Rain Carbon's EBITDA for the first quarter of 2025 has shown year-on-year growth. However, that is not reflected in operating cash flows due to negative working capital." The distillation business is facing continued disruptions in coal tar supply due to cutbacks in the global steel industry and the ongoing Russia-Ukraine conflict. Coal tar is the key raw material for this business. The cracking facility of a key supplier in Europe is under review for closure. If the unit is closed, it could lower Rain Carbon's earnings from the advanced materials business. Advanced materials accounted for about 20% of the EBITDA of Rain Carbon's parent, Rain Industries Ltd., in 2024. S&P forecasts Rain Industries' ratio of FFO to debt at 10%-11%, against our previous expectation of 12%-13%. Rain Carbon's calcination business is gradually recovering. This is on the back of an improvement in spreads between raw material and finished products, and higher volumes in India. Rain Carbon's Indian facilities have been operating below optimal levels since the government restricted imports of green petroleum coke (GPC) in 2018. With the government easing these restrictions last year, CPC volumes should rise by 250,000 tons in 2025. This will likely support Rain Carbon's earnings over the next 12 months. Rising costs could weaken Rain Carbon's business position. Tightness in raw material supply due to intensifying geopolitical and trade tensions is driving up production costs. It also makes the company's earnings more susceptible to cost fluctuations, reflected in the higher volatility of its EBITDA margins relative to peers. Persistent cost pressures could weigh on S&P's assessment of Rain Carbon's business risk. Tariff uncertainty could hit Rain Carbon. U.S. tariffs don't affect raw materials or finished products in the company's carbon segment. However, a proposed levy on U.S.-origin coal tar as part of a second round of counter tariffs could hurt Rain Carbon's distillation business in Canada. This could increase raw material costs. Inability to pass on this cost to end-users could further squeeze distillation margins. The tariffs are unlikely to affect the calcination business in the U.S. because it largely serves the domestic market. However, a secondary effect of a macroeconomic slowdown in key operating markets could weaken Rain Carbon's credit ratios. S&P Global Ratings has lowered its GDP forecast for most countries because of the seismic and uncertain shift in the U.S. trade policy. Higher working capital needs to strain liquidity over the next 12 months. Rain Carbon's working capital borrowings nearly doubled in the first quarter of 2025 due to elevated raw material inventory. This was due to the company's higher GPC procurement to meet its allocated import quota in India. S&P said, "Even though Rain Carbon has an undrawn revolving credit facility (RCF), we believe the company's cash sources and cash FFO will not cover short-term maturities and capital expenditure (capex) over the next 12 months. Having said that, we understand a large part of the short-term maturities can be rolled over until January 2027. We have revised our assessment of Rain Carbon's liquidity to less than adequate from adequate. "The stable rating outlook reflects our view that a gradual improvement in demand for CPC will support Rain Carbon's earnings over the next 12 months. The outlook also reflects our expectation that the company will ramp up its facilities in India, leading to a more diversified earnings base. "We may lower our rating on Rain Carbon if its business competitiveness deteriorates, causing a prolonged weakness in operating performance. In such a scenario, we would expect Rain Industries' FFO-to-debt ratio to consistently remain below 5%." A significant increase in working capital requirements or a delayed renewal of the RCF could also result in a downgrade. S&P will likely raise the rating if Rain Carbon can swiftly ramp up its India capacity and improve its distillation business. A sustained FFO-to-debt ratio of more than 12% at the Rain Industries level could indicate such a scenario. RAJAMANE INDUSTRIES: CARE Cuts Rating on INR13cr LT Loan to B- -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Rajamane Industries Private Limited (RIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 26, 2024, placed the rating(s) of RIPL under the 'issuer non-cooperating' category as RIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 12, 2025, March 22, 2025, April 1, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of RIPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Incorporated on September 8, 1978, as private limited company, RIPL was promoted by Mr. Shivappa Rajamane and Mrs. Mahadevi Rajamane for manufacturing of coolant pumps at its manufacturing unit located at Bangalore, Karnataka. RIPL is engaged in the manufacturing of coolant pumps, oil skimmers, refueling pumps and electric motors used in automotive industry. Operations of RIPL are carried out at 3 facilities in Whitefield, Bangalore. The company is an ISO 9001:2008 certified entity. RANGOLI WOOD: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rangoli Wood Private Limited (RWPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.25 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 2, 2024, placed the rating(s) of RWPL under the 'issuer non-cooperating' category as RWPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RWPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 18, 2025, March 28, 2025, April 7, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Morbi-based (Gujarat) RWPL was incorporated in June, 2013 as a Private Limited Company by the Patel and Pandya families. Mr. Dineshkumar Bhagvanjibhai Patel, Mr. Kantilal Devrajbhai Patel and Mr. Bhavnesh Dinubhai Pandya are the directors in RWPL. The Company is into business of manufacturing different composition, size, grades and thickness of plywood, block boards, flush doors and core veneer which find application in the furniture industry. The company operates from its manufacturing facilities located at Chopdava, Gandhidham - Gujarat with an installed capacity of 10 Lakh Square Meters Per Annum (LSMPA) as on March 31, 2018. RWPL imports its primary raw materials from countries like Indonesia, Malaysia, Vietnam and China while it purchases other materials from local market and sells the finished goods directly or via dealers to various states in India. SALASAR AGRO: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shri Salasar Agro Processors (SSAP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 19.35 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 21, 2024, placed the rating(s) of SSAP under the 'issuer non-cooperating' category as SSAP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSAP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 6, 2025, April 16, 2025 and April 26, 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 Established in June 2013, SSAP is a Nagpur-based (Maharashtra) entity engaged in extraction of soya bean oil. The firm also sells the by-product, i.e., de-oiled cake to traders in vicinity of Nagpur. TEXOOL LIMITED: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Texool Limited (TL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.20 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 2.80 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities 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 May 22, 2024, placed the rating(s) of TL under the 'issuer non-cooperating' category as TL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 7, 2025, April 17, 2025 and April 27, 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 Texool Limited (TL) was incorporated in the year 1995 by the Sajdeh family. TL is engaged in manufacturing and export of shoddy yarns and rendered unserviceable used clothing through recycling. It is an export-oriented unit (EOU) with its facility in Kandla SEZ, Gujarat. VECTOR PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Vector Projects (I) Private Limited (VPIPL) continue to remain in the 'Issuer Not Cooperating ' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 152.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 42.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 70.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings) had, vide its press release dated April 26, 2024, reviewed the rating(s) of VPIPL under the 'issuer non-cooperating' category as the company had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VPIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 12, 2025, March 22, 2025 and April 1, 2025. In line with the extant SEBI guidelines, CARE Ratings has reviewed the rating on the basis of the best available information which however, in CARE Ratings' opinion is not sufficient to arrive at a fair rating. Hence, CARE Ratings' rating on VPIPL's bank facilities/instruments will continue to be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone while factoring in linkages with parent For arriving at the ratings, CARE Ratings has considered financial support from holding company 'Uniply Industries Limited' due to financial, managerial and operational linkages. Detailed description of key rating drivers: As per last Press Release dated April 26, 2024, the following were the rating weaknesses: Key weaknesses * Delay in debt servicing: Banker has informed CARE Ratings that VPIPL's accounts continue to remain in the NPA category. Further, the bank has filed recovery suit against the company in Debt Recovery Tribunal (DRT). As per the exchange fillings of Uniply Industries Limited, the debenture trustee has invoked pledge of shares provided as security for NCD. Liquidity: Not applicable Vector Projects (I) Private Limited (VPIPL) is engaged in architectural designing of interior fit-outs including modular work stations and providing turnkey interior solutions. It has its manufacturing facility at Pen, Maharashtra. With an in-house team of 470 architects, designers and project managers, the company has delivered over 1500 projects covering over 15 million square feet of area and installed over three lakh workstations and chairs. VPIPL was originally set up as a proprietorship firm in 2001 by Mr. Umesh Rao and his friends and was later reconstituted as a private limited company in 2004. It has domestic presence across India in major cities such as Delhi, Pune, Bangalore, Chennai, Hyderabad & Kolkata and international presence with offices in Dubai and Kuala Lumpur. It is an ISO 9001:2008, ISO 14001 and OHSAS 18001- certified organization. Uniply Industries Limited acquired complete equity stake in VPIPL in April 2016. Uniply Industries Limited (UPI), incorporated in 1996, is was engaged in manufacturing and sale of plywood with manufacturing facility located at Kanchipuram, Tamil Nadu. In February 2015, UIL was acquired by Mr Keshav Kantamneni from its erstwhile promoters. The company's shares are listed on the Bombay Stock Exchange and National Stock Exchange. In September 2017, the plywood division of UIL was sold to Uniply Décor Ltd. The group sources material locally and also imports raw materials for manufacturing and finished goods for trading. Post-acquisition and realignment, group has its presence spread across two major business – interior fit out and affordable housing, thereby providing a complete range of turnkey solutions from architectural design to complete interior fit outs and furniture. VESTA EQUIPMENT: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Vesta Equipment Private Limited (VEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.45 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 8.50 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities 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 VEPL under the 'issuer non-cooperating' category as VEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 22, 2025, March 4, 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 Vesta Equipment Private Limited (VEPL) was incorporated in May, 2010 and is promoted by Mr. R. Balasubramanian and Mr. Sam Alumkal Thampi of Bangalore, Karnataka. The company is engaged in designing, development and manufacturing of diesel engine driven portable screw air compressor in technical collaboration with M/s. Sullair Corporation, USA. Currently the company manufactures three kinds of air screw compressors which are utilized in water well drilling, coal bed methane drilling, geothermal, underbalanced drilling etc. The manufacturing unit of the company is situated at Bangalore. [] INDIA: Corporate Insolvency Cases Fall 28% to 724 in FY2025 -------------------------------------------------------------- The Economic Times reports that fewer companies went through the insolvency process under the Insolvency and Bankruptcy Code (IBC) in financial year (FY) 2025, according to the credit rating firm ICRA. As per the ICRA, only 724 companies were admitted for insolvency, a sharp 28 per cent drop from 1,003 in the previous year, ET discloses. The number of approved resolution plans also dipped slightly to 259 from 263 last year. Under the IBC, introduced in 2015, authorities try to streamline the process of resolving financial distress and insolvency of companies and individuals. The IBC offers a framework for prompt and effective resolution with the dual goals of protecting creditors and encouraging entrepreneurship. In the last quarter of FY2025, lenders recovered about 70 per cent of the admitted claims in some cases, registering the highest levels so far, said the ICRA, ET relays. However, ICRA noted that recoveries still remain low overall, with lenders facing a 67 per cent haircut on average. Since IBC began in 2016, a total of 8,308 companies have entered the process, ET discloses. About 61 per cent of these cases have been resolved, but the actual recovery through successful resolution plans remains low at just 33 per cent. According to ET, Manushree Saggar, Senior Vice President and Group Head, Structured Finance Ratings, at ICRA, said: "Historically, resolutions from the IBC have been plagued by long resolution timeframes, a high share of liquidations and sizeable haircuts. While FY2025 was a positive with improved realisations, the overall resolution time remains a cause for concern." He further added, "Almost 78 per cent of the ongoing CIRP cases have exceeded 270 days post admission by the NCLT, as of March 31, 2025. Nevertheless, some of the recent judgements reinforce the need for timely and transparent resolution, thereby putting greater onus on the Committee of Creditors (CoC) and NCLT." Empirical data suggests that recoveries in the case of successful resolution plans (33 per cent recovery) have been higher than liquidation (4 per cent recovery), ET adds. ========= J A P A N ========= KIOXIA HOLDINGS: Fitch Assigns 'BB+' Long-Term IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has assigned Japan-based Kioxia Holdings Corporation a Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BB+'. The Outlook is Stable. At the same time, Fitch has assigned a senior unsecured rating of 'BB+' to the company. Kioxia's IDR reflects its leading position in the NAND flash memory semiconductor industry, bolstered by advanced technological capabilities and high barriers to entry. The NAND industry is highly consolidated and the company can adjust production to match demand-supply dynamics. However, the ratings also reflect the industry's continuous need for substantial capex investments and the inherent volatility in demand and cash flows, as prices for commoditised NAND products fluctuate based on demand-supply mismatches. Kioxia's financial profile remains solid on a mid-cycle basis, characterised by high EBITDA profitability that supports positive FCF generation. However, its financial stability tends to weaken considerably during industry downturns. Fitch rates Kioxia based on average metrics through the industry cycle. Key Rating Drivers Cyclical Industry Dynamics: Kioxia's rating is weighed down by the high cyclicality of the memory semiconductor market. Despite strong secular demand, the industry is susceptible to oversupply from capacity additions, technology transitions and inventory corrections. Recent supply cuts have improved the supply-demand balance but changing consumer demand continues to affect pricing. While the NAND market faces excess supply additions, the memory sector should grow in the long term on rising demand for data centre solid state drives (SSDs). Strong Market Position: Kioxia, in collaboration with Sandisk Corporation (BB/Stable), is the second-largest NAND flash memory producer by revenue at end-2024, supported by a robust market position and extensive expertise. The company's memory solutions are integral to diverse applications, including servers, PCs, smartphones, and gaming consoles, with its SSD & Storage segment contributing significantly to revenue. This solid market position is bolstered by operations in 10 countries, serving major clients in the technology sector. Tariff Uncertainty: Kioxia is exposed to higher US tariffs, although the recent suspension provides temporary relief, particularly for NAND and SSD products. With uncertainty about the tariffs after the suspension, Kioxia is taking steps to mitigate related risks, including utilising bonded warehouses and negotiating prices with customers. However, further weakening in consumer demand, driven by tariff issues, is likely to negatively affect the company's operating performance. Technological Leadership: Kioxia has solid technological capabilities in the NAND and SSD segments, maintaining a competitive edge through collaborative development with Sandisk. The company leads advancements like CMOS Bonded to Array (CBA) technology, enhancing memory capacity and density. Kioxia's investments in technology migration ensure high product yield and efficiency, positioning it alongside industry leaders. This focus on innovation reinforces Kioxia's role as a low-cost producer, crucial for maintaining competitiveness. eSSD Growth Opportunity: Kioxia is positioned to capitalise on significant growth opportunities in the expanding enterprise SSD (eSSD) segment, a key driver of the NAND industry's growth. Rising demand for high-performance storage solutions in data centres offers Kioxia substantial potential to strengthen its market presence. The company's early qualification for PCIe 5.0 technology with leading hyperscale data centres underscores its ability to meet sophisticated demand. By focusing on the development of high-capacity SSDs, including those using BiCS FLASH generation 8 technology, Kioxia aims to capture a larger share of the eSSD market, reinforcing its strategic position and aligning with long-term growth trends in the NAND industry. Reliance on Strategic Joint Ventures: Kioxia enhances its production capacity through strategic joint ventures with Sandisk, known as 'Flash Ventures'. Kioxia enhances its scale, operational efficiency and cost effectiveness by using shared equipment at the Yokkaichi and Kitakami facilities, which strengthens its competitive position. The strategic partnership facilitates substantial investments in wafer fabrication that exceed its own capacity to do so. Flash Ventures, which is controlled by Kioxia and Sandisk and one of the longest running JVs in the technology sector, has consistently provided stability to Kioxia's operations. However, any limitations in availability of the JVs could materially impact Kioxia's operating performance. Kioxia is obligated to cover approximately half of the JVs' fixed expenses and capex, as well as guarantee certain operating leases, which represent cash commitments. Solid Financial Structure: Fitch forecasts Kioxia's EBITDA leverage ratio to return to about 1.5x in the medium term, after severe deterioration in 2023. This aligns with management's aim of keeping debt/EBITDA below 1.0x (excluding operating leases and including sales and leaseback liabilities). In the long term, the company aims for a net cash position. Fitch expects capex intensity to remain at around 20% of revenue, facilitating positive FCF generation over the medium term, which will provide a buffer during industry downcycles. Peer Analysis Kioxia is a pure NAND flash memory manufacturer, which results in less diversification compared with its peers, such as SK hynix Inc. (BBB/Stable) and Micron Technology Inc. (BBB/Stable), both of which supply DRAM in addition to NAND flash memory. SK hynix and Micron have greater scale, R&D capabilities and capex capacity than Kioxia. However, the recent trend among memory manufacturers to prioritise DRAM capital spending is expected to lead to a more balanced supply-demand dynamic in the NAND flash market. Greater scale contributes to a strong balance sheet, providing a buffer during downturns. Both SK hynix and Micron maintain conservative balance sheets, with EBITDA leverage ratios below 1.0x, and are targeting a net cash position over the medium term. Despite similar volatility, SK hynix and Micron demonstrate higher profitability compared with Kioxia, supporting the two-notch rating difference between Kioxia and the two peers. Compared with Renesas Electronics Corporation (BBB/Stable), Kioxia's business profile is weaker due to its exposure to the cyclical NAND flash market, resulting in less predictable cash flow generation. Renesas holds a strong market position in its core markets of microcontroller and system-on-chips platforms and is better diversified, particularly after acquiring analog-focused companies and diversifying its end-customer base. Kioxia has a stronger business profile than its JV partner Sandisk, given its larger operating scale, technological advancements and better diversification. In addition to half of the production from its joint venture, Kioxia has its own output, leading to a higher shipment market share. Kioxia's greater exposure to SSDs for servers results in higher profitability than Sandisk. Both companies are conservatively capitalised, with gross leverage ratios of around 1.5x-2.0x. Key Assumptions Revenue to moderately decline by high-single digits in 2025. This decline is driven by weak consumer demand from smartphones and PCs, while continued strong demand from servers helps limit downside pressure. Operating margin to decrease to an early teens percentage in 2025 with softening average selling prices. Capex intensity to average around 20% through the cycle. Completion of the construction of Kitakami fab2 is likely to decrease capex, which will be allocated towards equipment acquisition. No dividend payment R&D spending to stay at around 8%-9% of revenue No major M&As during the forecast periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Significant loss of market share on eroding technological leadership - Sustained negative FCF on high capex intensity - EBITDA leverage above 3.5x and CFO-capex/total debt below 10% on average through the cycle - Negative developments in the relationship with Sandisk that could hamper the operating performance of Kioxia Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Successfully demonstrating the ability to consistently meet management targets across industry cycles - Improvement in market share in the enterprise SSD segment, demonstrating its strengthening technological competitiveness - EBITDA leverage below 2.5x and CFO-capex/total debt above 15% on average through the cycle - FCF margin in the mid-single digit on average through the cycle Liquidity and Debt Structure Kioxia's liquidity remained adequate at end-December 2024, with cash and cash equivalents of JPY174 billion, supplemented by undrawn committed facilities of JPY330 billion, including a revolving credit facility of JPY210 billion and capex facilities of JPY120 billion. The company had short-term debt amounting to JPY245 billion, which includes the current portion of a term loan of approximately JPY140 billion, with the remainder comprising sales and leaseback liabilities. Kioxia benefits from strong access to Japanese local banks due to its position as a major technology company. This is evident from the financial support received in 2018. Kioxia and Flash Ventures are also entitled to around JPY243 billion in government subsidies, part of which has been received. Kioxia's involvement in the development and production of memory products aligns with government initiatives to support technological advancement, making it eligible for subsidies. Issuer Profile Kioxia is a leading global manufacturer of flash memory and SSDs, and is headquartered in Japan. The company provides storage solutions that serve a wide range of applications, from consumer electronics to enterprise data centres. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Kioxia Holdings Corporation LT IDR BB+ New Rating senior unsecured LT BB+ New Rating TOKYO ELECTRIC: Egan-Jones Retains BB+ Senior Unsecured Ratings --------------------------------------------------------------- Egan-Jones Ratings Company on May 20, 2025, maintained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by Tokyo Electric Power Company Holdings, Incorporated. Headquartered in Chiyoda City, Tokyo, Japan, Tokyo Electric Power Company Holdings, Incorporated generates, transmits, and distributes electricity. UNITIKA LTD: Egan-Jones Retains CCC Senior Unsecured Ratings ------------------------------------------------------------ Egan-Jones Ratings Company on May 16, 2025, maintained its 'CCC' foreign currency and local currency senior unsecured ratings on debt issued by UNITIKA LTD. EJR also withdrew its rating on commercial paper issued by the Company. Headquartered in Osaka, Osaka, Japan, UNITIKA LTD manufactures and sells synthetic fibers and textile products used as apparel and industrial materials. =============== M A L A Y S I A =============== CAPITAL A: Extends Aviation Deal Deadline with AirAsia X to Jul 31 ------------------------------------------------------------------ The Edge Malaysia reports that AirAsia X Bhd and Capital A Bhd have extended the deadline for their aviation business restructuring deal by two months - from May 31 to July 31, 2025 - to, among others, finalise terms of AirAsia X's MYR1 billion private placement with investors. In a filing with Bursa Malaysia, the two companies said the extension is also to secure approvals from authorities, lenders and other parties which are pending, the Edge relates. According to the report, Capital A in its filing with the bourse said due diligence for both AirAsia Aviation Group and AirAsia Bhd has been completed. AirAsia X had announced plans to buy AirAsia Aviation Group for MYR3 billion and AirAsia Bhd for MYR3.8 billion on April 25, 2024, the Edge recalls. The deal included a plan by AirAsia X to raise MYR1 billion via a private placement of shares to identified investors. In early May, Capital A's auditors Ernst & Young flagged concerns over the group's ability to continue operating due to uncertainty around its planned asset sales, according to the Edge. At the time, Capital A assured investors that its restructuring plan is on track for completion by June 2025. It said that AirAsia X's private placement was nearly done, led by a sovereign wealth fund and that most lender approvals have been secured, the Edge adds. About Capital A Capital A Bhd, formerly known as AirAsia Group Bhd, provides low-cost air carrier service. The company provides services on short-haul, point-to-point domestic and international routes. Capital A, headquartered in Malaysia, operates from hubs in Malaysia, Thailand, Indonesia, Philippines and India. The airline's Malaysia and Thailand operations are undertaken via AirAsia Bhd and Thai AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines operations are managed under PT Indonesia AirAsia and Philippines AirAsia Inc. Capital A triggered the PN17 suspended criteria in July 2020 after its external auditors, Ernst & Young PLT, issued an unqualified audit opinion with material uncertainty relating to going concern in respect of its audited financial statements for the financial year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a consolidated basis was 50% or less of its share capital. Capital A also triggered the prescribed criteria pursuant to Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market Listing Requirements (Main LR), where AirAsia's shareholders' equity on a consolidated basis was 25% or less of its share capital and the shareholders' equity is less than MYR40 million based on the audited financial statements for FY20. Following relief measures introduced by Bursa and the Securities Commission Malaysia, Capital A was not classified as a PN17 listed issuer and was not required to comply with the obligations under Paragraph 8.04 and PN17 of the Main LR for a period of 18 months from the date of the first relief announcement, theedgemarkets.com said. The date of the first relief announcement was July 8, 2020, and the 18-month period ended on Jan. 7, 2022. Under the relief measures, companies that triggered any of the suspended criteria between April 17, 2020 and June 30, 2021, would not be classified as a PN17 and Guidance Note 3 (GN3) company for 12 months. As reported in the Troubled Company Reporter-Asia Pacific in mid-October 2024, shareholders have backed plans for budget carrier AirAsia to be bought by its long-haul associate, AirAsia X paving the way for the Malaysian-based airlines to finalise their consolidation by the end of the year. AirAsia X shareholders approved the proposed acquisition of Capital A's equity interest in AirAsia units for MYR6.8 billion (US$1.6 billion) on Oct. 16, 2024, after Capital A shareholders gave the nod on Oct. 14 to the deal, company statements said, according to Reuters. Capital A CEO Tony Fernandes said on Oct. 14, 2024, the disposal of AirAsia Berhad and AirAsia Aviation Group, which includes AirAsia units in Thailand, Indonesia, Philippines, and Cambodia, will pave the way for Capital A's restructuring and exit from PN17 status. LYC HEALTHCARE: Falls Under GN3 Status; Prepares Revamp Plan ------------------------------------------------------------ The Edge Malaysia reports that LYC Healthcare Bhd has been classified as a Guidance Note 3 (GN3) company after its shareholders' equity fell below 25% of its issued share capital, based on unaudited results for the financial year ended March 31, 2025 (FY2025). GN3 status applies to financially distressed companies listed on Bursa Malaysia's ACE Market, similar to Practice Note 17 (PN17) classification on the Main Market. According to the Edge, the loss-making healthcare group - which operates confinement homes, childcare centres, senior living homes and family clinics - said it is formulating a regularisation plan to address the GN3 classification. The Edge relates that the company has 12 months to submit its plan and secure Bursa Malaysia's approval. If it fails to do so, its securities may be suspended and the company will be delisted. For the fourth quarter ended March 31 (4QFY2025), LYC Healthcare narrowed its net loss to MYR8.7 million from MYR8.91 million a year earlier amid lower operating costs, the Edge discloses. Quarterly revenue fell 9.6% to MYR31.82 million from MYR35.22 million, mainly due to weaker contributions from its Malaysian operations. For the full year, the group narrowed its net loss to MYR17.39 million from MYR19.16 million in FY2024, as revenue rose 17.9% to MYR153.53 million. LYC has been loss-making since 2012, according to the Edge. Separately, the group announced the appointment of Lee Ai Vi, its group accountant, as new chief financial officer, the Edge reports. Looking ahead, LYC said it will continue to pursue expansion both locally and abroad, focusing on growing its clinical and nutraceutical segments while optimising the performance of its subsidiaries, the Edge relays. "The group remains confident in its longer-term growth by improving our positioning in the growing healthcare markets and we will continue delivering encouraging performance in coming years through consolidation and execution of our committed business plans," it added. LYC Healthcare Berhad provides health care services primarily in Malaysia and Singapore. =============== M O N G O L I A =============== TRANSPORT & DEVELOPMENT: Moody's Withdraws 'B3' LT Issuer Ratings ----------------------------------------------------------------- Moody's Ratings has withdrawn Transport and Development Bank CJSC's (TransBank) B3 foreign-currency and local-currency long-term issuer ratings and bank deposit ratings, b3 Baseline Credit Assessment (BCA) and Adjusted BCA, B3 foreign-currency long-term Counterparty Risk Rating (CRR), B2 local-currency long-term CRR, B2(cr) long-term Counterparty Risk (CR) Assessment, NP foreign-currency and local-currency short-term issuer ratings, bank deposit ratings and CRRs, and NP(cr) short-term CR Assessment. Prior to the withdrawal, the outlooks on long-term issuer ratings and bank deposit ratings are negative. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). COMPANY PROFILE Transport and Development Bank CJSC (TransBank) is a commercial bank in Mongolia that provides corporate banking services. It received a full banking license and permissions in 2018. As of year-end 2024, Radnaabazar P., the bank's largest shareholder, owned a 66.87% stake in the bank (including the stake owned by Infrastructure LLC, a wholly owned company by Radnaabazar P.). Headquartered in Ulaanbaatar, Mongolia, the bank reported total assets of MNT1,112 billion (USD325 million) as of year-end 2024. ===================== N E W Z E A L A N D ===================== 100%PURENZ INTERNATIONAL: Court to Hear Wind-Up Petition on June 5 ------------------------------------------------------------------ A petition to wind up the operations of 100%Purenz International Trading Limited will be heard before the High Court at Auckland on June 5, 2025, at 10:00 a.m. MrHong Limited filed the petition against the company on April 11, 2025. The Petitioner's solicitor is: McVeagh Fleming 5/7 Corinthian Drive Albany Auckland 0632 FORCELINE RECRUITMENT: Placed in Liquidation -------------------------------------------- Grant Bruce Reynolds of Reynolds & Associates on May 23, 2025, was appointed as liquidator of Forceline Recruitment Solutions Limited. The liquidator may be reached at: Grant Bruce Reynolds Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 I GROOMERS: Court to Hear Wind-Up Petition on June 30 ----------------------------------------------------- A petition to wind up the operations of I Groomers NZ Limited will be heard before the High Court at Timaru on June 30, 2025, at 10:00 a.m. W.H. Collins & Co., Limited filed the petition against the company on April 23, 2025. The Petitioner's solicitor is: Catherine Louise Waugh c/- Credit Consultants Group NZ Limited Level 6, 15 Willeston Street Wellington Central Wellington 6011 RDS WONDERS: Grant Bruce Reynolds Appointed as Liquidator --------------------------------------------------------- Grant Bruce Reynolds of Reynolds & Associates on May 23, 2025, was appointed as liquidator of RDS Wonders Contract Limited. The liquidator may be reached at: Grant Bruce Reynolds Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 STP GROUP: Creditors' Proofs of Debt Due on June 26 --------------------------------------------------- Creditors of STP Group Limited are required to file their proofs of debt by June 26, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 23, 2025. The company's liquidator is: Simon Rogan Kelman & Co PO Box 7575 Auckland 1141 ================= S I N G A P O R E ================= CLEARIS PTE: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on May 16, 2025, to wind up the operations of Clearis Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani C/o BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 FISHEROO PTE: Creditors' Meeting Set for June 20 ------------------------------------------------ Fisheroo Pte. Ltd. will hold a meeting for its creditors on June 20, 2025, at 11:00 a.m., via Zoom. Agenda of the meeting includes: a. to nominate liquidator(s) or to confirm members' nomination of liquidator(s); b. to receive a full statement of the Company's affairs together with a list of its creditors and the estimated amount of their claims; c. to consider and if thought fit, appoint a Committee of Inspection for the purpose of such winding up; and d. to consider any other matters which may be brought before the meeting. Farooq Ahmad Mann was appointed as provisional liquidator of the Company on May 22, 2025. LONDON INSTITUTE: Creditors' Proofs of Debt Due on June 27 ---------------------------------------------------------- Creditors of The London Institute Of Banking & Finance (APAC) Pte. Ltd. are required to file their proofs of debt by June 27, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 20, 2025. The company's liquidator is: Chek Khai Juat c/o Tricor Singapore 9 Raffles Place #26-01 Republic Plaza Singapore 048619 OPEN SESAME: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on May 16, 2025, to wind up the operations of Open Sesame Marketing Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani C/o BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 THIRD DRAGON: Creditors' Proofs of Debt Due on June 27 ------------------------------------------------------ Creditors of Third Dragon Holding Pte. Ltd. are required to file their proofs of debt by June 27, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 22, 2025. The company's liquidators are: Leow Quek Shiong Seah Roh Lin Gary Loh Weng Fatt C/o BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ********* 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 ***