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250603.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 Tuesday, June 3, 2025, Vol. 28, No. 110 Headlines A U S T R A L I A 1300 LOVE: First Creditors' Meeting Set for June 5 COMMSOL HOLDINGS: First Creditors' Meeting Set for June 6 FIRSTMAC MORTGAGE 2025-1: S&P Assigns B (sf) Rating to Cl. F Notes GEOSPATIAL COUNCIL: First Creditors' Meeting Set for June 6 NETCOMM WIRELESS: Wins Reprieve as Canadian Billionaire Buys Co. P3 WATER: First Creditors' Meeting Set for June 9 REDS TRUST 2023-1: S&P Raises Class E Notes Rating to BB+ (sf) YOUR DATA: First Creditors' Meeting Set for June 6 [] RSM Adds Melbourne Based Firm to Grow Insolvency Practice C H I N A ZHENRO PROPERTIES: Faces Share Receivership Amid Court Order H O N G K O N G NEW WORLD: Distress Worsens After Shock Delay on Bond Interest I N D I A ANNANYA INTERFACE: CRISIL Keeps C Debt Ratings in Not Cooperating ARUL INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ASSOCIATE LUMBERS: CRISIL Keeps D Debt Rating in Not Cooperating ASTRA ROCKS: CRISIL Keeps B- Debt Ratings in Not Cooperating BRIGHT FAME: CRISIL Keeps B Rating in Not Cooperating Category FIROZABAD CERAMICS: CRISIL Keeps D Ratings in Not Cooperating GADDALA FINANCIAL: CRISIL Keeps D Debt Ratings in Not Cooperating GOPIMAL KAUR: CRISIL Keeps D Debt Ratings in Not Cooperating HYDROBATHS RAMCO: ICRA Keeps D Debt Ratings in Not Cooperating IBD UNIVERSAL: ICRA Keeps D Debt Ratings in Not Cooperating JAY PALGHAR: ICRA Keeps B Debt Rating in Not Cooperating MAHESH MERCANDISE: ICRA Keeps D Debt Ratings in Not Cooperating NATIONAL TRADING: CRISIL Reaffirms B+ Rating on INR10cr Loan POLARIS LIQUOR: ICRA Keeps B+ Debt Rating in Not Cooperating S2 DATA: CRISIL Assigns B+ Rating to INR5cr Proposed LT Loan SAI SANGAM: CRISIL Keeps B Debt Rating in Not Cooperating SARADAMBIKA POWER: CRISIL Keeps D Debt Ratings in Not Cooperating SARLA MEDICAL: CRISIL Keeps D Debt Ratings in Not Cooperating SKATE TRADES: CRISIL Keeps D Debt Rating in Not Cooperating SPEEDOFER COMPONENTS: CRISIL Keeps B- Ratings in Not Cooperating SRIRATNA PACKAGING: CRISIL Keeps B Debt Rating in Not Cooperating SWE FASHIONS: CRISIL Keeps D Debt Ratings in Not Cooperating THERMOSOL GLASS: CRISIL Keeps D Debt Ratings in Not Cooperating ULTRA TRUST: CRISIL Keeps D Debt Rating in Not Cooperating VISHNU VANDANA: CRISIL Keeps B Debt Ratings in Not Cooperating N E W Z E A L A N D ARIA NZ: Court to Hear Wind-Up Petition on June 12 INIZIO LIMITED: Creditors' Proofs of Debt Due on June 13 LVL CONSTRUCTION: Creditors' Proofs of Debt Due on June 20 MAUI CIVIL: Creditors' Proofs of Debt Due on June 25 NZ NEW EMPEROR: Court to Hear Wind-Up Petition on June 12 SPEIRS ABS 2025-1: Fitch Assigns 'B-(EXP)sf' Rating to Cl. F Notes S I N G A P O R E ALPHA DX: Liquidators File Statement of Affairs CHUAN CHEONG: Court Enters Wind-Up Order GS METAL: Court to Hear Wind-Up Petition on June 13 IASIA CAPITAL: Court Enters Wind-Up Order KUDOS AND SOFTFAR: Court Enters Wind-Up Order MP PAYMENTS: Creditors' Proofs of Debt Due on June 11 SEAGATE DATA: Fitch Rates Sr. Unsecured Notes 'BB+' SEAGATE DATA: Moody's Rates New Senior Unsecured Notes 'Ba3' - - - - - ================= A U S T R A L I A ================= 1300 LOVE: First Creditors' Meeting Set for June 5 -------------------------------------------------- A first meeting of the creditors in the proceedings of 1300 Love It Pty Ltd will be held on June 5, 2025 at 10:00 a.m at the offices of Quigley & Co at Level 6, 231 Adelaide Terrace in Perth. Peter Reymond Quigley of Quigley & Co was appointed as administrator of the company on May 23, 2025. COMMSOL HOLDINGS: First Creditors' Meeting Set for June 6 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Commsol Holdings Pty Ltd and The Signal Connections Pty Ltd will be held on June 6, 2025 at 11:30 a.m. and 12:00 p.m. respectively, at the offices of Vincents at Level 34, 32 Turbot Street in Brisbane and via virtual meeting technology. Nick Combis of Vincents was appointed as administrator of the company on May 27, 2025. FIRSTMAC MORTGAGE 2025-1: S&P Assigns B (sf) Rating to Cl. F Notes ------------------------------------------------------------------ S&P Global Ratings assigned its ratings to eight of the nine classes of prime residential mortgage-backed securities (RMBS) issued by Firstmac Fiduciary Services Pty Ltd. as trustee for Firstmac Mortgage Funding Trust No.4 Series 2025-1. The ratings assigned to the prime floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support for the rated notes is provided by subordination, excess spread, and lenders' mortgage insurance (LMI). The credit support provided to the rated notes is sufficient to cover the assumed losses at the applicable rating stress. S&P's assessment of credit risk considers Firstmac Ltd.'s (Firstmac) underwriting standards and approval processes, which are consistent with industry-wide practices, and the strong servicing quality of Firstmac, and the support provided by the LMI policies on 6.8% of the loan portfolio. The rated notes can meet timely payment of interest--excluding the residual interest (if applicable) due on the class B, class C, class D, class E, and class F notes--and ultimate repayment of principal under the rating stresses. Key rating factors are the level of subordination provided, the LMI cover, the liquidity reserve, the principal draw function, the interest-rate swap, and the provision of an extraordinary expense reserve. Our analysis is on the basis that the notes are fully redeemed by their legal final maturity date, and S&P does not assume the notes are called at or beyond the call date. S&P said, "Our ratings also take into account the counterparty exposure to Westpac Banking Corp. as bank account provider and Australia and New Zealand Banking Group Ltd. as interest-rate swap provider. The transaction documents for the facilities include downgrade language consistent with our counterparty criteria. "We also have factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Ratings Assigned Firstmac Mortgage Funding Trust No.4 Series 2025-1 Class A1, A$1,260.00 million: AAA (sf) Class A2, A$56.00 million: AAA (sf) Class AB, A$15.80 million: AAA (sf) Class B, A$25.60 million: AA (sf) Class C, A$22.80 million: A (sf) Class D, A$7.10 million: BBB (sf) Class E, A$6.35 million: BB (sf) Class F, A$2.05 million: B (sf) Class G, A$4.30 million: Not rated GEOSPATIAL COUNCIL: First Creditors' Meeting Set for June 6 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Geospatial Council of Australia Limited will be held on June 6, 2025 at 2:30 p.m. at the offices of Equinox Building 4 at Level 2, 70 Kent Street in Deakin and via virtual meeting technology. Frank Lo Pilato and Jonathon Colbran of RSM Australia Partner were appointed as administrators of the company on May 26, 2025. NETCOMM WIRELESS: Wins Reprieve as Canadian Billionaire Buys Co. ---------------------------------------------------------------- Amelia McGuire at The Australian Financial Review reports that NetComm Wireless, the company behind Australia's first dial-up modem, has been saved again, this time by a Canadian billionaire who's plucked it out of its second stint in administration in five years. NetComm was headed for the scrapheap after its Nasdaq-listed owner, DZS, filed for bankruptcy in March, less than a year after buying it, the report notes. The Texas-based DZS bought it for US$7 million from another defunct technology business, Casa Systems - which also went bankrupt - at a US$150 million discount. But earlier this month, steel billionaire Clayton Zekelman acquired the wireless business for US$5.4 million (AUD8.4 million) through his company, Zhone Technologies, according to the Financial Review. The deal means NetComm has won another reprieve, as have its 39 staff members who were stood down across Sydney and Melbourne and the rest of the world when it appointed voluntary administrators, Cor Cordis, for the second time in two years. NetComm Wireless was once a well-known star of the local technology industry and powered most of the country's internet connections in the early 1990s. Over the past decade, however, the modem and router maker has seen its market share shrink as its tech fell behind bigger rivals such as Cisco and China's Huawei. According to the Financial Review, Mr. Zekelman said he has had his eye on NetComm's operations for years. "Our stategy is simple: stabilise, innovate and deliver . . . with our backing and NetComm's customer-proven portfolio we will support existing customers and engage globally to deliver innovative telecommunications solutions," the report quotes Mr. Zekelman as saying. NetComm Wireless provides telecommunications infrastructure equipment to telco companies in Australia and other markets. Rahul Goyal and Catherine Margaret Conneely of Cor Cordis were appointed as administrators of the company on March 17, 2025. P3 WATER: First Creditors' Meeting Set for June 9 ------------------------------------------------- A first meeting of the creditors in the proceedings of P3 Water Pty Ltd will be held on June 9, 2025 at 10:30 a.m. at Unit 11a, Lakes Vista Office Park, 2 Flinders Parade in North Lakes. Lee Crosthwaite of Worrells was appointed as administrator of the company on May 28, 2025. REDS TRUST 2023-1: S&P Raises Class E Notes Rating to BB+ (sf) -------------------------------------------------------------- S&P Global Ratings raised its ratings on three of the six classes of prime residential mortgage-backed securities (RMBS) issued by Perpetual Trustee Co. Ltd. as trustee for Series 2023-1 REDS Trust. At the same time, S&P affirmed its ratings on three classes of notes. Series 2023-1 REDS Trust is a securitization of prime residential mortgage loans originated by Bank of Queensland Ltd. The rating actions reflect S&P's view of the credit risk of the pool, which has been amortizing in line with its expectations. Credit support for the rated notes comprises note subordination and mortgage insurance covering 33.7% of the loan portfolio. Effective loan-to-value (LTV) ratios across the pool have been declining, decreasing our expectation of loss for the pool. As of March 31, 2025, the pool has a balance of about A$607 million and a pool factor of about 60.8%. The pool's weighted-average effective LTV ratio is 58.3% and weighted-average seasoning is 97.6 months. Loans more than 30 days in arrears make up 2.8% of the pool, of which 1.2% are more than 90 days in arrears. There have been no losses to date. S&P's expectation is that the various mechanisms to support liquidity within the transaction, including an amortizing liquidity facility, principal draws, and a loss reserve that builds up from excess spread, are sufficient under its cash flow stress assumptions to ensure timely payment of interest. A factor constraining the rating on the class E notes below model-implied outcomes is the absolute size of credit support provided to this class. Ratings Raised Series 2023-1 REDS Trust Class C: to A+ (sf) from A (sf) Class D: to BBB+ (sf) from BBB (sf) Class E: to BB+ (sf) from BB (sf) Ratings Affirmed Series 2023-1 REDS Trust Class A1: AAA (sf) Class A2: AAA (sf) Class B: AA (sf) YOUR DATA: First Creditors' Meeting Set for June 6 -------------------------------------------------- A first meeting of the creditors in the proceedings of Your Data List Pty Ltd will be held on June 6, 2025 at 11:00 a.m. at Suite 19.02, Level 19, 1 Castlereagh Street in Sydney and via virtual meeting technology. Glenn Livingstone and Nicholas Charlwood of WLP Restructuring were appointed as administrators of the company on May 27, 2025. [] RSM Adds Melbourne Based Firm to Grow Insolvency Practice ------------------------------------------------------------ RSM Australia has strengthened its ability to meet the growing demand for restructuring and insolvency experts, with highly regarded Melbourne-based insolvency practice, Brooke Bird, to join RSM. The merger, which takes effect on June 2, 2025, includes the transfer of approximately 70 ongoing engagements, including corporate and personal insolvency cases, and the appointment of Adrian Hunter as Partner and Robyn Erskine AM as a consultant. RSM Australia Chief Executive Partner Jamie O'Rourke said Brooke Bird has supported businesses in financial distress for more than 50 years, and their strong reputation and local market presence make them an ideal strategic and cultural fit for RSM. The move comes as recently released ASIC data reveals a rise in restructuring appointments, more than doubling in the financial year to May 4. Administration appointments have also significantly increased with 12,000 companies entering administration so far this financial year, up 22.9% from the previous year. "In the face of challenging business conditions and rising insolvencies among businesses of all sizes, the integration of Brooke Bird into RSM helps us meet the growing demand for restructuring and insolvency services among our clients and the mid-market sector," Mr. O'Rourke said. "Over the past four years, our Melbourne Restructuring & Recovery practice has established a position as a full-service practice, catering to both personal and corporate insolvency under the leadership of experienced practitioner Jonathon Colbran. "As trusted advisors within the industry, Adrian, Robyn and the Brooke Bird organisation bring a wealth of knowledge and experience to our restructuring and recovery practice that will no doubt build on this position. "The addition of Brooke Bird will see our practice size double in Melbourne to more than 200 active assignments, 16 team members and AUD5 million in fees. "Our clients and referrers will now benefit in Melbourne from working with four Registered Liquidators and three Registered Trustees as Robyn and Adrian will work alongside Jonathon Colbran and Tristana Steedman to meet the needs of our Melbourne clients." Adrian Hunter will join the team as a Restructuring and Recovery Partner, together with Robyn Erskine AM. A highly experienced practitioner with over 30 years in corporate and personal insolvency, Robyn's deep expertise and trusted counsel will be an invaluable asset to the team as she transitions into this next phase of her professional journey. "This merger represents a tremendous opportunity to leverage the scale and resources of RSM while continuing to provide the high-quality insolvency solutions our clients have come to expect," said Adrian Hunter. "Throughout my career, I've seen how vital it is for individuals and businesses to seek the right advice as early as possible. When facing financial difficulty, timely and informed guidance can make all the difference in achieving a successful outcome. We've been at the frontline of financial distress for decades, and this unique position gives us a window into the business community that few others have—insight we're proud to bring to this new chapter," said Robyn Erskine. Recent administrations lead by RSM Australia's Melbourne practice include the administration of gourmet food-delivery service Providoor and the wind ups of building firm Langford Jones, equipment hire operator Better Rentals, recycling operation Advanced Circular Polymers and the restructure of the Balthezar Whiskey Distillery. The Melbourne practice has supported the firm on a national level on a number of complex assignments including the administration of PBS Group, which was one of the largest construction Voluntary Administration appointments in recent times. The merger follows the recent establishment of a dedicated restructuring and recovery practice at RSM's Adelaide office. RSM's national Restructuring & Recovery team now have close to 100 team members spread across the firm's Perth, Brisbane, Sydney, Melbourne, Wagga Wagga, Canberra, Port Macquarie and Adelaide offices. Brooke Bird Biographies Adrian Hunter joined Brooke Bird in 2016 after a 20-year career with Deloitte, PPB Advisory and Ferrier Hodgson. A member of both CAANZ and CPA Australia, Adrian is also a Registered Liquidator and a Fellow of the Australian Restructuring Insolvency and Turnaround Association (ARITA). His credentials and decades of experience make Adrian a trusted advisor to those in financial distress with specialised expertise in corporate reorganisation and insolvency advice. Robyn Erskine AM is highly regarded in the accounting profession. As the first woman to become President of the IPAA now known as ARITA, she has led the way for women in what is traditionally a male-dominated sector. In addition to Robyn's formal recognition as a Member of the Order for Australia – for her contributions to the wider accounting profession - she is also a Fellow of both CAANZ and CPA Australia, a Registered Liquidator, a Registered Trustee and a Life Member of ARITA. Robyn's Life Membership was awarded for her distinguished service as a past President and Director of ARITA. ========= C H I N A ========= ZHENRO PROPERTIES: Faces Share Receivership Amid Court Order ------------------------------------------------------------ TipRanks reports that Zhenro Properties Group Limited announced the appointment of receivers over a substantial number of its shares held by its controlling shareholder, RoYue Limited. This decision follows a High Court order for the sale of 1,265,826,000 shares, representing approximately 28.98% of the company's issued shares, TipRanks relates. The move could significantly impact the company's control dynamics and shareholder interests, as the receivers are empowered to exercise all rights associated with the shares. Zhenro Properties Group Limited is an investment holding company principally engaged in the sale of properties. Along with its subsidiaries, the Company provides sales of properties, property leasing business, provision of commercial property management services, and sales of goods and provision of design consultation services. ================= H O N G K O N G ================= NEW WORLD: Distress Worsens After Shock Delay on Bond Interest -------------------------------------------------------------- Bloomberg News reports that New World Development Co. is sliding deeper into distress after jolting investors by delaying interest payments on some bonds, marking the latest flashpoint in a years-long crisis in China's property market. New World, which is grappling with HK$210.9 billion ($26.9 billion) of liabilities, said in a filing late on May 30 that it's planning the deferment for coupons on four perpetual notes. In total, that means it's postponing $77.2 million of debt obligations, according to Bloomberg calculations. The bonds concerned slid to record lows, Bloomberg notes. Its 6.15% perpetual notes dropped about 3 cents to 23 cents on the dollar after tumbling more than 30 cents on May 30, on pace for its lowest level since issuance. Its 4.8% perpetual securities fell 10 cents to 15.5 cents, also on track for a record low and the biggest daily decline since October 2022. Its shares slid as much as 11%, the biggest intraday drop in about two months. "While this will not trigger a default, the total amount to be repaid will pile up so the headwind should remain in the long run," Bloomberg quotes Jeff Zhang, an analyst at Morningstar, as saying. Bloomberg relates that a company spokesperson said May 30 that the company was continuing "to manage its overall financial indebtedness whilst taking into account the current market volatility and continues to comply with its existing financial obligations." While the market moves on June 2 underscore how investor unease is worsening, there have also been some more positive developments for the builder, which is controlled by the family empire of tycoon Henry Cheng. Bloomberg reported earlier on June 2 that as of May 30 the company had received written commitments from banks for 60% of HK$87.5 billion of loan refinancing that it's seeking by the end of June, according to people familiar with the matter. The company also said May 30 that total contracted sales year-to-date amount to about HK$24.8 billion, representing over 95% of the annual sales target, according to its monthly business update. But markets clearly need more certainty on debt repayment plans after a years-long property slump in the city and mainland China has left New World with one of the highest debt burdens of any Hong Kong developer, Bloomberg states. Investors have also become increasingly skeptical after New World reported its first loss in 20 years for the financial year ended last June. The company's stock is trading at a price-to-book ratio of just 0.06, with a market capitalization of $1.4 billion versus about $17 billion at its peak in 2019, adds Bloomberg. 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. New World Development, 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 News. As at late May 2025, 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 said. 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. ========= I N D I A ========= ANNANYA INTERFACE: CRISIL Keeps C Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Annanya Interface and Controls Private Limited (AICPL) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 CRISIL A4 (Issuer Not Cooperating) Bank Guarantee 1.5 CRISIL A4 (Issuer Not Cooperating) Cash Credit 2.5 CRISIL C (Issuer Not Cooperating) Letter of Credit 1.5 CRISIL A4 (Issuer Not Cooperating) Proposed Long Term 0.56 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Proposed Long Term 0.50 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with AICPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AICPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AICPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AICPL continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. AICPL was set up by Mr. P S Pendharkar and Mr. S P Pendharkar as a partnership firm in 1989, and was reconstituted as a private limited company in 2004. The company primarily provides real time monitoring and control systems, and automation solutions for water supply schemes and electrical sub-stations. It installs, tests, erects, and commissions control systems for water treatment plants, water pumping stations, power stations, and sub-stations/switching stations. ARUL INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Arul Industries (AI) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Foreign Letter 2 CRISIL D (Issuer Not of Credit Cooperating) Packing Credit 0.6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AI for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AI continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 1992, AI is a partnership firm that manufactures kitchenware and utensils. Its plant is located in Tirunelveli (Tamil Nadu); the operations are managed by its managing partner, Mr. Jeba Suresh. ASSOCIATE LUMBERS: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Associate Lumbers Private Limited (ALPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 58 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ALPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ALPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ALPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ALPL continues to be 'Crisil D Issuer not cooperating'. ALPL, incorporated in 1986, is a joint venture between Agicha and Darvesh families. Based in Mumbai, it trades in timber. ASTRA ROCKS: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the ratings on bank facilities of Astra Rocks and Minerals Private Limited (ARMPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 Crisil B-/Stable (Issuer Not Cooperating) Proposed Long Term 2.5 Crisil B-/Stable (Issuer Not Bank Loan Facility Cooperating) Working Capital 6.5 Crisil B-/Stable (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with ARMPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ARMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ARMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ARMPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Based in Vijayawada, Andhra Pradesh, ARMPL is engaged in quarrying and selling of rough granite blocks. Incorporated in December 2014, operations began in December 2016. The company is promoted by Dr Satish Chandra and Dr Swati. BRIGHT FAME: CRISIL Keeps B Rating in Not Cooperating Category -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Bright Fame International (BFI) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BFI for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BFI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BFI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BFI continues to be 'Crisil B/Stable Issuer not cooperating'. BFI was established in 2011, it is engaged in trading and exporting of agro commodities such as cummin seeds, spices, cereals, maize, grains, pulses and pickles. BFI has set up its unit at Visnagar, Gujarat. BFI is owned & managed by Niraj Prabhu Das Patel. FIROZABAD CERAMICS: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Firozabad Ceramics Private Limited (FCPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.8 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with FCPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of FCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on FCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of FCPL continues to be 'Crisil D Issuer not cooperating'. FCPL was set up in 1981, by Mr. Shyam Sunder Jain. The company manufactures glassware products such as jars, tableware, and bottles used in various industries, including FMCG, pharma, cosmetic and liquor. The manufacturing unit is at Firozabad. GADDALA FINANCIAL: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Gaddala Financial Services Private Limited (GFS) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 4 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Proposed Long Term 6 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with GFS for obtaining information through letter and email dated April 14, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GFS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GFS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GFS continues to be 'Crisil D Issuer not cooperating'. The current promoter, Mr. John Gaddala, acquired GFS from Mr. Poorna Chandra Rao in 2009. Earlier the company was called Vanki Neni and operated as a hire purchase company. Post-acquisition, it commenced operations as a microfinance institution (MFIs) in 2010. However, unlike other MFIs, GFS does not operate in business models such as self-help group or joint liability group; instead it directly lends to individuals. The company is based in Telangana and confined to few districts such as Warangal, Mahubudabad, Jangaon and Hyderabad. GOPIMAL KAUR: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Gopimal Kaur Sain Industries Private Limited (GKSIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 13 CRISIL D (Issuer Not Cooperating) Long Term Loan 15 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GKSIPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GKSIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GKSIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GKSIPL continues to be 'Crisil D Issuer not cooperating'. Established in 2013, in Ludhiana, by Mr. Tarsem Mittal GKSIPL started trading of textile yarns and knitted cloths. The company later ventured into manufacturing of knitted cloths from fiscal 2017. The operations of the company is managed by Mr. Tarsem Mittal, Mr. Gaurav Mittal and Mr. Gautam Mittal. HYDROBATHS RAMCO: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings for the Bank facilities of Hydrobaths Ramco Marketing Private Limited (HRMPL) in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]D ISSUER NOT COOPERATING/[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 9.43 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 1.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Long-term- 1.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 2.50 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with HRMPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Hydrobaths Ramco Marketing Private Limited (HRMPL), incorporated in 2009, is involved in the trading of products like sanitary ware (bathtubs, shower trays, Jacuzzis, shower panels, shower enclosure, bathroom furniture, steam baths, spas), faucets, tiles and others which are largely procured from international manufacturers from countries like Thailand, Italy and China. The promoters were initially involved in the manufacturing of bathtubs through a proprietorship firm (set up in 1992). Later in 1999, another proprietorship firm named Hydrobaths Ramco Marketing Company (HRMC) was set up and in the year 2000, the firm started importing products like sanitary ware and faucets. In 2009, Hydrobaths 2 Ramco Marketing Private Limited, was incorporated which took over the business of HRMC. HRMPL procures products from international manufacturers like Guangzhou Metal & Mineral Imp Exp Limited, SIAM Cement Group, Ceramic Atlas Concorde Spa Italy and others and sell in domestic market. HRMPL sells its through distributors, dealers, own retail showroom and also project sales (sale to institutional clients). IBD UNIVERSAL: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term rating of Ibd Universal Pvt. Ltd. (IBDU) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 22.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 27.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' As part of its process and in accordance with its rating agreement with IBDU. ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. IBDU was incorporated on July 15, 1999, as a private limited company in the name of Indus Dwellings Pvt. Ltd. for development and construction of apartments, houses, flats, rooms, bungalows, markets, shopping complexes, townships or other building or accommodation. The name of the company changed to IBD Universal Private Limited on June 12, 2008. They have been actively involved in construction and development of real estate over the last 15 years in Central India. JAY PALGHAR: ICRA Keeps B Debt Rating in Not Cooperating -------------------------------------------------------- ICRA has kept the Long-Term rating of Jay Palghar Net Co. (JPNC) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 0.75 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 2.25 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with JPNC. ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in January 2015, Jay Palghar Net Co. (JPNC) is into manufacturing of Fishing Nets, Sports Nets and Safety Nets with its production facilities located in Porbandar, Gujarat with a total installed manufacturing capacity of 2000 kgs per day. The commercial production of the firm started from February 2016. The firm was started by Mr. Suresh Lodhari along with his son Mr. Jay Lodhari. Mr. Suresh Lodhari has a long experience in this line of business. MAHESH MERCANDISE: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings for the Bank facilities of Mahesh Mercandise Private Limited (MMPL) in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]D ISSUER NOT COOPERATING/[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term 19.50 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term- 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with MMPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Mahesh Merchandise Private Limited (MMPL) was incorporated in the year 2006 by Mr. Shish Pal Mittal. The company is involved in trading and processing timber logs. The company has offices located at Karnal, Gandhidham and Delhi. Mr. Shishpal has long experience of around four decades of working in the timber business. Prior to incorporating MMPL, he had been running the timber trading business under proprietorship and had been involved in various entities as partner/director. NATIONAL TRADING: CRISIL Reaffirms B+ Rating on INR10cr Loan ------------------------------------------------------------ Crisil Ratings has reaffirmed its 'Crisil B+/Stable' rating on the long-term bank facilities of National Trading Company (NTC). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 Crisil B+/Stable (Reaffirmed) The rating continues to reflect modest scale of operations, large working capital requirement and below-average financial risk profile of the firm. These weaknesses are partially offset by the extensive experience of the partners in trade and distribution of lighting and electrical products and their strong relationship with principal suppliers. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of NTC. Key Rating Drivers & Detailed Description Weaknesses: * Modest scale of operations amidst intense competition: The lighting and electrical components distribution sector is highly fragmented (comprising several small traders and wholesalers) and the consequent intense competition may continue to constrain scalability, pricing power and profitability. Hence, scale has been modest, as reflected in revenue of INR46 crore in fiscal 2024. * Large working capital requirement: The working capital cycle is likely to remain stretched and will be closely monitored. Gross current assets were high at 207 days as on March 31, 2024, driven by receivables of 114 days and inventory of 93 days. The firm has been extending credit of 75-115 days to customers for the past three fiscals and also maintains a sizeable inventory. * Below-average financial risk profile: The financial risk profile is constrained by modest networth of INR6.71 crore and high total outside liabilities to adjusted networth ratio of 3.52 times estimated as on March 31, 2024. Interest coverage ratio was also low at 1.2 times in fiscal 2024. Strength: * Extensive experience of the partners: The three-decade-long experience of the partners in the lightening and electrical goods trading and distribution industry in Kerala and healthy relationship with reputed principal suppliers, such as Philips India Ltd (PIL) and L&T Switchgears, should continue to support the business. Liquidity: Poor Bank limit utilisation was high at 98.64% on average for the 12 months through February 2025. Cash accrual is expected at more than INR60 lakh per annum, barely sufficient to meet the yearly debt obligation of ~INR60 lakh in the near term. Current ratio stood at 1.23 times on March 31, 2024. Outlook: Stable NTC will continue to benefit from the extensive experience of its partners and their healthy relationship with the principal suppliers. Rating Sensitivity Factors Upward factors * Revenue growth of 20% and increase in profitability, leading to higher-than-expected cash accrual * Improvement in the financial and liquidity risk profiles Downward factors * Decline in revenue and operating margin less than 4%, resulting in lower-than-expected cash accrual * Deterioration in the financial and liquidity risk profiles Set up as a partnership firm in 1993, Ernakulam (Kerala)-based NTC is a distributor and retailer of lighting products of PIL and electrical products of L&T Switchgears. Mr. Sree Prasad and Ms K Sona are the partners. POLARIS LIQUOR: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term ratings for the Bank facilities of Polaris Liquor Private Limited (PLPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 32.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with PLPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Polaris Liquor Private Limited is a part of the N. R. group of companies promoted by Mr. Neeraj Rawal and it is engaged in distributorship of IMFL & Beer especially of UB Group in Maharashtra & Andhra Pradesh. PLPL is engaged in distributorship of the brands of United Breweries Limited (UBL) and United Spirits Limited (USL). Barring 3 brands viz. Signature, DSP Blue & Antiquity, PLPL has distributorship rights for all the brands of UBL and USL in specified areas of Pune. The company also sells imported wine, Beer and Liquor among others. PLPL was also a Sole Selling Agent (Baramati) earlier and had distribution rights to entire Maharashtra except Mumbai, though this business has been discontinued since beginning of FY14. S2 DATA: CRISIL Assigns B+ Rating to INR5cr Proposed LT Loan ------------------------------------------------------------ Crisil Ratings has assigned its 'Crisil B+/Stable' rating to the long-term bank facility of S2 Data Systems Private Limited (SDSPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term Bank Loan Facility 5 Crisil B+/Stable (Assigned) The rating reflects the company's small scale of operations, high fixed cost and susceptibility to employee attrition, customer concentration in revenue. These weaknesses are partially offset by the extensive experience of the promoters in information technology (IT) consulting and other services industry and healthy financial risk profile. Analytical Approach Crisil Ratings has considered the standalone business and financial risk profiles of SDSPL. Key Rating Drivers & Detailed Description Weaknesses: * Small scale of operations: The operations of the company started in fiscal 23 where it boked revenue of Rs.21.3 lakhs in first year of operation. Within 2 years the company is able to book modest revenue of around INR2.67 crore in fiscal 2025. Management expects revenue to improve in upcoming years and plan to double it in next few years. Continuous orders and customer diversification will lead to significant improvement in the business risk profile and the same will be a key monitorable. * High fixed cost and susceptibility to employee attrition: Most of the expenses are fixed (employee costs and rentals), making the company susceptible to the quantum of work received and billing. The operating margin also depends on the nature of contracts awarded. Operations are susceptible to employee attrition. The IT software and services industry is constrained by high employee attrition (10-15% attrition rate). To mitigate this risk, it rewards employees with yearly increment and performance incentives. * Customer concentration in revenue: Currently the company's major revenue of around 90-95% is from EXL India which is a fortune 500 company. Although the clientele is reputed high dependence on it generates customer concentration risk. The company is trying to diversify its clientele by adding new clients along with the addition of a new product, the same remains monitorable going forward. Strengths: * Extensive industry experience of the promoters: The promoters have more than 10 years' experience in the IT consulting and services industry. This has given them an understanding of the market dynamics and enabled them to establish relationships with suppliers and customers, which will continue to support the business. * Healthy financial risk profile: Capital structure was healthy owing to no external debt leading to nil gearing and total outside liabilities to adjusted net worth (TOLANW) ratio of 2 times as on March 31, 2024. The TOLANW ratio is expected below 1 time as on March 31, 2025.The capital structure will likely remain healthy over the medium term. Liquidity: Poor Annual cash accrual is expected to be modest at INR0.3-0.7 crore in the medium term against no debt obligation over the medium term. Also, the company does not have any fund-based facilities. Although low gearing is expected to support financial flexibility, which will cushion liquidity in case of adverse conditions or downturns in the business. The current ratio is healthy, expected at 7-10 times as on March 31, 2025. Outlook: Stable Crisil Ratings believes SDSPL will continue to benefit from the extensive experience of the promoters and their established relationship with the client. Rating Sensitivity Factors Upward factors * Increase in revenue and sustenance of operating margin leading to cash accrual more than INR1 crore * Improvement in the net worth with accretion to reserves and sustainment of healthy financial profile. Downward factors * Decline in revenue by 30% or more, along with decline in profitability, leading to lower cash accrual * Stretched working capital cycle weakening the liquidity and financial risk profile Incorporated in 2021, SDSPL offers data, cloud and artificial intelligence (AI) solutions, providing insights into business growth, architectural assessment, strategy development and secure, scalable systems for diverse industries. It is based in Pune, Maharashtra. The company is owned and managed by Mr. Sachin Arora and Ms Manali P Kolekar. SAI SANGAM: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sai Sangam Holdings (SSH) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 12 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SSH for obtaining information through letter and email dated April 8, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative and the rating on bank facilities of SSH continues to be 'Crisil B/Stable Issuer not cooperating'. Earlier, the entity did not provide the No Default Statements (NDS) for the three consecutive months. Therefore, the issuer was classified as 'non cooperative' in line with Clause 11. 3 of SEBI CRA Operational Circular dated May 16, 2024. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSH, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSH is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSH continues to be 'Crisil B/Stable Issuer not cooperating'. SSH was established as a partnership firm in September 2021 by Mr. Bhalchandra M Kulkarni, Ms Sneha Bhalchandra Kulkarni, Mr. Karan Bhalchandra Kulkarni and Mr. Kunal Bhalchandra Kulkarni. It develops and leases commercial and industrial properties. The firm is currently developing a commercial building in Malkapur. SARADAMBIKA POWER: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Saradambika Power Plant Private Limited (SPPPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 0.68 CRISIL D (Issuer Not under Letter Cooperating) of Credit Funded Interest 3.57 CRISIL D (Issuer Not Term Loan Cooperating) Long Term Loan 23.54 CRISIL D (Issuer Not Cooperating) Long Term Loan 1.35 CRISIL D (Issuer Not Cooperating) Long Term Loan 3.49 CRISIL D (Issuer Not Cooperating) Open Cash Credit 3.50 CRISIL D (Issuer Not Cooperating) Working Capital 4.48 CRISIL D (Issuer Not Demand Loan Cooperating) Working Capital 4.39 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with SPPPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SPPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SPPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in August, 2004 and based in Srikakulam (Andhra Pradesh), SPPPL operates a biomass power plant with installed capacity of 10 megawatt'located in Chandrapur district (Maharashtra). The company commenced commercial operations in June 2008 and is promoted by Mr. B Govinda Rajulu. His son Mr. B Satya Srinivasa manages the operations. SARLA MEDICAL: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sarla Medical Centre Private Limited (SMCPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 10 CRISIL D (Issuer Not Cooperating) Overdraft Facility 2 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SMCPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SMCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SMCPL continues to be 'Crisil D Issuer not cooperating'. SMCPL, incorporated in 1999, is running a multispecialty hospital, in Sector-119, Noida, with 100 beds and spread over total built up area of 52,889 sqaure feet. The company was running a nursing home in Sector-56, Noida since its inception. SKATE TRADES: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Skate Trades and Agencies Private Limited (STAPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 13 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with STAPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of STAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on STAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of STAPL continues to be 'Crisil D Issuer not cooperating'. STAPL, established in 2003, manages a hotel and restaurant in Punjab. In 2015-16 (refers to financial year, April 1 to March 31), STAPL obtained license for liquor wholesale distributorship and retailing of Indian-made foreign liquor (IMFL) and country liquor. SPEEDOFER COMPONENTS: CRISIL Keeps B- Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Speedofer Components Private Limited (SCPL) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.5 CRISIL B-/Stable (Issuer Not Cooperating) Foreign Letter 3.5 CRISIL B-/Stable (Issuer Not of Credit Cooperating) Proposed Long Term 1.0 CRISIL B-/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SCPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Incorporated in 2007, SCPL is owned and managed by Mr. Bramha Jeet Singh Randhawa. The company manufactures soft ferrite cores. The manufacturing facility is in Greater Noida, Uttar Pradesh. SRIRATNA PACKAGING: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sriratna Packaging (SRP) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 10 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SRP for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SRP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRP continues to be 'Crisil B/Stable Issuer not cooperating'. SRP was incorporated in January, 2018 for establishing a facility for manufacturing of corrugated boxes. The company is located in Hyderabad (Telangana). The company is mainly promoted and managed by Mr. D Ammi Raju and his son Mr. D Satish Raju. SWE FASHIONS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of SWE Fashions Private Limited (SFPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.02 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 1 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.98 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SFPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SFPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SFPL was incorporated in October 2013. The company manufactures jeans for various brands including Levi's, Mufti, Louis Philippe, U.S. Polo, and Allen Solly. It also washes fabric for several garment manufacturers. Its Bengaluru-based promoter director, Mr. S Princeton, oversees the company's daily operations. The promoter began operations through a proprietorship firm, Snow White Enterprises, which was acquired by SFPL in April 2014. THERMOSOL GLASS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Thermosol Glass Private Limited (TGPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (Issuer Not Cooperating) Bank Guarantee 1.5 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Cash Credit 8 CRISIL D (Issuer Not Cooperating) Long Term Loan 21.58 CRISIL D (Issuer Not Cooperating) Long Term Loan 7.78 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with TGPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of TGPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TGPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. TGPL was incorporated in March 2011 to set up a glass-processing unit in the Kutch district of Gujarat, primarily to supply parabolic mirrors to CSP plants. The unit is estimated to have installed capacity of 1.1 million square metres (sqm) per annum. The project has been commissioned at an estimated cost of INR86.4 crore, funded through debt of around INR46.0 crore, promoters' contribution of around INR28.0 crore, and the remaining through credit from suppliers. External debt is likely to be replaced with contribution from promoters over the medium term. TGPL is a part of Ahmedabad-based Cargo group, and a wholly-owned subsidiary of flagship company, Cargo Motors Pvt Ltd (CMPL). The Cargo group is promoted by Mr. Jayant Nanda and his family members. CMPL, established in 1959, is one the largest dealers of commercial vehicles of Tata Motors Ltd (rated 'Crisil AA-/Stable/Crisil A1+') in Gujarat. ULTRA TRUST: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Ultra Trust (UT) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with UT for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of UT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on UT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of UT continues to be 'Crisil D Issuer not cooperating'. UT was set up by Mr. K R Arumugam in 1981. Based in Madurai, Tamil Nadu, it offers undergraduate, post-graduate, and diploma courses in pharmacy, nursing, physiotherapy, and engineering. VISHNU VANDANA: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vishnu Vandana Rice Industries (VVRI) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Open Cash Credit 7.85 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 0.65 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with VVRI for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VVRI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VVRI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VVRI continues to be 'Crisil B/Stable Issuer not cooperating'. VVRI is a partnership firm of Mr. Laxman Kumar and his 4 partners. The firm is engaged in the processing of rice and has a rice mill and a boiled rice mill with each having an installed capacity of 4 metric tonne per hour at Nalgonda (Telangana). ===================== N E W Z E A L A N D ===================== ARIA NZ: Court to Hear Wind-Up Petition on June 12 -------------------------------------------------- A petition to wind up the operations of Aria NZ Limited will be heard before the High Court at Napier on June 12, 2025, at 2:15 p.m. The Commissioner of Inland Revenue filed the petition against the company on April 2, 2025. The Petitioner's solicitor is: Tara Nicola Carr Legal Services, 55 Featherston Street PO Box 895 Wellington 6011 INIZIO LIMITED: Creditors' Proofs of Debt Due on June 13 -------------------------------------------------------- Creditors of Inizio Limited, CH Gas Limited and C H Restaurant & Bar Limited are required to file their proofs of debt by June 13, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 22, 2025. The company's liquidator is: Yunus Ahmed Musa TFS Chartered Accountants 214 Main Road Tawa Wellington 5028 LVL CONSTRUCTION: Creditors' Proofs of Debt Due on June 20 ---------------------------------------------------------- Creditors of LVL Construction Consultants Limited are required to file their proofs of debt by June 20, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 20, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 MAUI CIVIL: Creditors' Proofs of Debt Due on June 25 ---------------------------------------------------- Creditors of Maui Civil Construction Limited are required to file their proofs of debt by June 25, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 22, 2025. The company's liquidator is: Digby John Noyce RES Corporate Services Limited PO Box 301890 Albany Auckland 0752 NZ NEW EMPEROR: Court to Hear Wind-Up Petition on June 12 --------------------------------------------------------- A petition to wind up the operations of NZ New Emperor Limited will be heard before the High Court at Napier on June 12, 2025, at 2:15 p.m. The Commissioner of Inland Revenue filed the petition against the company on April 2, 2025. The Petitioner's solicitor is: Tara Nicola Carr Legal Services, 55 Featherston Street PO Box 895 Wellington 6011 SPEIRS ABS 2025-1: Fitch Assigns 'B-(EXP)sf' Rating to Cl. F Notes ------------------------------------------------------------------ Fitch Ratings has assigned expected ratings to Speirs ABS Trust 2025-1's pass-through floating-rate notes. The notes are backed by a pool of first-ranking New Zealand automotive and equipment loans and operating leases originated by L & F Limited, a subsidiary of Speirs Finance Group Limited. The notes will be issued by NZGT (EL&F) Trustee Limited in its capacity as trustee of Speirs ABS Trust 2025-1. Entity/Debt Rating ----------- ------ Speirs ABS Trust 2025-1 A LT AAA(EXP)sf Expected Rating B LT AA(EXP)sf Expected Rating C LT A(EXP)sf Expected Rating D LT BBB(EXP)sf Expected Rating E LT BB(EXP)sf Expected Rating F LT B-(EXP)sf Expected Rating G LT NR(EXP)sf Expected Rating KEY RATING DRIVERS Structure Supports SME Borrower Credit Risk: Fitch performed historical data analysis to derive a one-year default probability assumption for the broker, direct and Yoogo Fleet origination channels, based on the annual average historical default rates associated with the underlying portfolio. Fitch added the default probability assumption to its proprietary Portfolio Credit Model, which also considers other key variables, such as borrower concentration and industry distribution. The weighted-average (WA) annual default assumption for the SME portfolio is 1.4%. The rated notes can withstand all of Fitch's relevant stresses under its cash flow analysis. Portfolio performance is supported by New Zealand's economic recovery, despite GDP falling by 0.5% during 2024 and a softening labour market, with unemployment of 5.1% in March 2025. Fitch forecasts GDP growth of 1.5% in 2025 and 2.5% in 2026, with unemployment at 5.2% and 5.1%, respectively. Recovery Rates Analysis: Fitch analysed Speirs' historical asset recovery rates and assigned base-case recovery assumptions of 65% for the broker and direct origination channels and 85% for Yoogo Fleet. A 'AAAsf' haircut of 50% was applied to the Yoogo Fleet channel, while 60% was applied to the broker and direct channels. Residual Value Risk: Residual value makes up 11.6% of the portfolio. Fitch used the historical performance of sales proceeds versus the initial residual value to assign a base-case residual value assumption of 100%. Fitch applied a 'AAAsf' residual value haircut of 35% to reflect the size of New Zealand's used-car market, potential changes in technology and the distribution of scheduled maturities. Granular Portfolio: The securitised portfolio is granular. The largest obligor accounts for no more than 0.54% of the portfolio balance and the 10-largest obligors account for 5.25%. The portfolio is also diversified across geography and industry. All receivables are amortising. The transaction will initially pay principal sequentially and convert to pro rata paydown, subject to the pro rata paydown conditions being met. This includes a trigger to switch payments back to sequential at the earlier of 20% of the initial note balance or June 2029, mitigating tail risk. Structural Risk Addressed: Counterparty risk is mitigated by documented structural mechanisms that ensure remedial action takes place should the ratings of the liquidity facility provider, swap providers or transaction account bank fall below a certain level. Rated Above Sovereign's Local-Currency IDR: New Zealand's 'AA+' Issuer Default Rating is less than six notches lower than the rating of the most senior note. The rated notes are sufficiently strong to withstand the stresses resulting from a sovereign default and demonstrate lower default risk than that of the sovereign country. This mitigates country risk. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Unanticipated increases in the frequency of defaults, loss severity on defaulted receivables and reduction in sale proceeds could produce loss levels higher than Fitch's base case and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - defaults or recoveries - are modified, while holding others equal. The modelling process uses the modification of default and loss assumptions to reflect asset performance in up and down environments. The results below should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Downgrade Sensitivity: Notes: A / B / C / D / E / F Rating: AAAsf / AAsf / Asf / BBBsf / BBsf / B-sf Increase mean defaults by 25%: AAAsf / AAsf / Asf / BBBsf / BBsf / less than B-sf Increase mean defaults by 50%: AAAsf / AAsf / Asf / BBBsf / BBsf / less than B-sf Reduce recoveries by 25%: AAAsf / AA-sf / BBB+sf / BB+sf / B+sf / less than B-sf Reduce recoveries by 50%: AAAsf / A+sf / BBB+sf / BBsf / Bsf / less than B-sf Increase mean defaults by 25% and reduce recoveries by 25%: AAAsf / AA-sf / A-sf / BBB-sf / BB-sf / less than B-sf Increase mean defaults by 50% and reduce recoveries by 50%: AAAsf / Asf / BBB+sf / BBsf / B-sf / less than B-sf Reduce sale proceeds by 10%: AAAsf / AA-sf / A-sf / BBB-sf / BB-sf / less than B-sf Reduce sale proceeds by 25%: AAAsf / A+sf / BBB+sf / BB+sf / Bsf / less than B-sf Reduce sale proceeds by 50%: AAAsf / Asf / BBB-sf / Bsf / less than B-sf / less than B-sf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Macroeconomic conditions, loan performance, credit losses and sale proceeds that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for the credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivity: Notes: A/B/C/D/E/F Decrease mean defaults by 25%, increase recoveries by 25% and increase sale proceeds by 10%: AAAsf / AAAsf / AA-sf / Asf / BBB+sf / Bsf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available for this transaction. Fitch reviewed a small targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. 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. ================= S I N G A P O R E ================= ALPHA DX: Liquidators File Statement of Affairs ----------------------------------------------- TipRanks reports that Alpha DX Group Limited, a company incorporated in Singapore, is currently undergoing compulsory liquidation. The liquidators have filed the company's Statement of Affairs as of the liquidation date and are continuing to review its affairs. Shareholders are advised to seek professional guidance regarding their actions. Further announcements will be made upon any material developments. Singapore-based Alpha DX Group Ltd (SGX:VVL) operates as a holding company. The Company, through its subsidiaries, engages in providing digital transformation services in the learning and educational sectors. Alpha DX Group serves clients worldwide. Alpha DX Group was placed under judicial management in March 2023. The High Court of Singapore entered an order on April 8, 2025, to wind up the operations of Alpha Dx Group Limited. The company's liquidators are: Tan Wei Cheong Lim Loo Khoon 6 Shenton Way #33-00, OUE Downtown Two Singapore 068809 CHUAN CHEONG: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on May 16, 2025, to wind up the operations of Chuan Cheong Huat Builders Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 GS METAL: Court to Hear Wind-Up Petition on June 13 --------------------------------------------------- A petition to wind up the operations of GS Metal Engineering Pte. Ltd. will be heard before the High Court of Singapore on June 13, 2025, at 10:00 a.m. Sashtha Construction Pte. Ltd filed the petition against the company on April 30, 2025. The Petitioner's solicitors are: Skandan Law LLC 5 Tank Road Nagarathar Building Suite #02-02 Singapore 23806 IASIA CAPITAL: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on May 16, 2025, to wind up the operations of Iasia Capital Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 KUDOS AND SOFTFAR: Court Enters Wind-Up Order --------------------------------------------- The High Court of Singapore entered an order on May 16, 2025, to wind up the operations of Kudos and Softfar Singapore Pte. Ltd. Ultra Source Trading Hong Kong Ltd filed the petition against the company. The company's liquidators are: Leow Quek Shiong Gary Loh Weng Fatt c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 MP PAYMENTS: Creditors' Proofs of Debt Due on June 11 ----------------------------------------------------- Creditors of MP Payments Singapore Pte. Ltd. are required to file their proofs of debt by June 11, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 23, 2025. The company's liquidators are: Mr. Kon Yin Tong Mr. Aw Eng Hai Ms. Ow Xiu Jing c/o 1 Raffles Place #04-61 One Raffles Place Tower 2 Singapore 048616 SEAGATE DATA: Fitch Rates Sr. Unsecured Notes 'BB+' --------------------------------------------------- Fitch Ratings has rated Seagate Data Storage Technology Pte. Ltd.'s senior notes that it is offering to be exchanged from Seagate HDD Caymen, 'BB+', with a Recovery Rating of 'RR4'. Seagate Data Storage Technology Pte. is offering to exchange eight issues of senior unsecured notes. The exchanged notes will be fully and unconditionally guaranteed by each of Seagate Technology Holdings plc, Seagate Technology Unlimited Company and Seagate HDD Cayman, and other than Seagate Data Storage Technology Pte. being the issuer and the obligor, the terms of the new notes are identical to the old ones with respect to their interest rate, interest payment dates, optional redemption prices and maturity. The notes will be pari passu with the company's existing and future senior unsecured obligations, including existing senior notes at Seagate HDD Cayman. Key Rating Drivers Capital Allocation Priority Shift: Seagate is prioritizing debt reduction with FCF to accelerate the return of credit metrics in line with the 'BB+' rating. Seagate remains on track to end fiscal 2025 with EBITDA leverage below its 3.0x negative rating sensitivity, down from a Fitch-estimated 7.4x in fiscal 2024. Seagate is targeting reducing debt to roughly $5 billion, which positions the company to maintain credit metrics within Fitch's rating sensitivities throughout the forecast period. Upon achieving this target, Fitch anticipates Seagate will resume returning the significant majority of pre-dividend FCF to shareholders through common dividends and stock buybacks. Improving Profitability Profile: Cost reductions and a richer product sales mix from data center (DC) infrastructure investments, including robust investments by hyperscalers to support artificial intelligence (AI), will strengthen the company's profitability profile. High-capacity drives should account for more than 80% of consolidated revenue going forward. Meanwhile, near-record profitability and healthier inventory levels amid tight industry supply will position Seagate to achieve its structurally lower debt target. Secular Demand: Fitch believes that robust demand for storage across media types provides a path for modest positive organic long-term revenue growth. AI and 5G-enabled applications across computing environments will be significant drivers of demand. Fitch expects most of the data creation to be cool or cold storage on lower-cost hard disk drive (HDD)-based capacity drives in the public cloud, driving the bulk of Seagate's long-term revenue growth. Surveillance penetration and other edge applications should lead the remainder of top-line growth. Constructive Industry Conditions: Fitch believes that Seagate's nearly 50% market share in capacity drives supports constructive supply conditions that should enable long-term profitable growth and solid FCF margins. Seagate's intensified capital spending in recent years and repurposing of existing capacity as legacy revenue declines should enable it to manage capital spending at structurally lower levels, including lower near-term capacity additions. Significant Technology Risk: Fitch believes that storage technology and product risks remain high, with capacity increases required to offset significant pricing pressure to sustain HDD's total cost of ownership (TCO) advantage over solid-state drives (SSDs) and keep pace with its chief competitor, Western Digital Corp. (BB+/Rating Watch Negative). Energy assist-based drives promise to provide a roughly decade-long roadmap to drives of more than 50 terabytes, reducing Seagate's technology risk. In addition, the breakdown of Moore's Law constrains SSD makers' ability to close the TCO gap. Peer Analysis Seagate is positioned in line with the current Long-Term Issuer Default Rating and its operating profile is in line with that of its HDD competitor, Western Digital. Seagate and Western Digital represent most of the high-capacity disk drives market, which benefits from secular growth dynamics. Fitch expects Seagate and Western Digital to have similar investment intensities. Tight supply conditions are likely to support average selling prices throughout the forecast period. Fitch considers Seagate's financial profile comparable to that of Western Digital's. Key Assumptions - Robust revenue growth in fiscal 2025 driven by base effects and strong nearline demand; - Resumption of low-to-mid-single digits in fiscal 2026 before correcting in fiscal 2027; - EBITDA margins ranging from 20% to 25% throughout the forecast period; - Dividends remaining roughly flat and capital spending at the midpoint of 4% to 6% of long-term guidance; - Seagate uses FCF and a substantial portion of net proceeds from its system-on-a-chip business sale for debt reduction over the next couple of years; - Longer term, Seagate resumes returning cash flow to shareholders through dividends and buybacks. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Expectations for annual FCF sustained below $500 million or FCF margins in the low-single digits due to persistently weaker-than-expected revenue trends or profit margins, indicating poor execution on its technology road map; - Expectations for EBITDA leverage sustainably above 3.0x, resulting from debt issuance to support debt funded shareholder returns persistently in excess of FCF. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Public commitment to manage debt levels for EBITDA leverage sustainably below 2.5x; - Expectations for annual FCF margins consistently in the mid-to-high single digits, along with rising revenue, structurally higher market share and diversifying end-market and product exposure. Liquidity and Debt Structure Fitch views Seagate Technology Holdings plc's liquidity as adequate. As of March 28, 2025 (fiscal 3Q25), liquidity consisted of $814 million in cash, cash equivalents and short-term investments, along with an undrawn $1.3 billion senior unsecured revolving credit facility due June 30, 2030. Average annual FCF of $250 million to $500 million also supports liquidity. Subsequent to its fiscal 3Q25 Seagate Data Storage Technology Pte. issued $400 million in senior unsecured notes maturing in 2030, with net proceeds and available cash to be used to redeem in full the 4.875% senior notes due 2027. Issuer Profile Seagate is a leading provider of data storage technologies, primarily high-capacity disk drives for cloud service providers and enterprise data centers. Date of Relevant Committee 07 October 2024 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 Recovery ----------- ------ -------- Seagate Data Storage Technology Pte. Ltd. senior unsecured LT BB+ New Rating RR4 SEAGATE DATA: Moody's Rates New Senior Unsecured Notes 'Ba3' ------------------------------------------------------------ Moody's Ratings assigned a Ba3 rating to eight tranches of new Seagate Data Storage Technology Pte. Ltd. (Seagate Data) backed senior unsecured notes (New Notes). The eight tranches of New Notes are being offered in exchange for eight existing tranches of Seagate HDD Cayman (Seagate HDD, Ba2 stable) senior unsecured notes (Existing Notes). The New Notes have identical terms to the Existing Notes, though differing in terms of the issuer and guarantors. Seagate Data's notes, including the New Notes and the recently issued 5.875% backed senior unsecured notes due 2030 (2030 Notes), are guaranteed by Seagate Technology, Seagate HDD and Seagate Technology Unlimited Company (the Guarantors). Excluded from this exchange offer are Seagate HDD's 4.875% Senior Notes due 2027 (2027 Notes), which were redeemed as part of Seagate Data's May 12th issuance of the 2030 Notes, and Seagate HDD's 3.5% Exchangeable Senior Notes due 2028 (2028 Notes). The rating on the 2027 Notes will be withdrawn upon closing of the redemption. Seagate Data is a wholly owned subsidiary of Seagate Technology Holdings plc (Seagate Technology). Seagate HDD is an indirect subsidiary of Seagate Technology, collectively (Seagate). As Seagate Data's New Notes are guaranteed by Seagate Technology, Seagate HDD and Seagate Technology Unlimited Company (the Guarantors). The New Notes' guarantees will rank equally in right of payment with all of the Guarantors' other existing and future unsecured indebtedness. Assuming 100% participation of holders of the Existing Notes, following this exchange offer, all of Seagate's debt will reside at Seagate Data, with only the $1.3 billion senior unsecured revolving credit facility (Revolver) and the 2028 Notes residing at Seagate HDD. RATINGS RATIONALE Seagate has good operating scale and a strong market position as one of the two principal suppliers of high-capacity Hard Disk Drives (HDDs). HDDs are the primary, cost-effective storage solutions for the hyperscale cloud segment that has strong long-term growth prospects, and other applications with large data storage requirements. Financial leverage is currently moderately high for the rating, at about 3x debt to EBITDA (twelve months ended March 28, 2025, Moody's adjusted), which limits financial flexibility. Nevertheless, Moody's expects this to improve over the next 12 to 18 months toward the mid 2x level of debt to EBITDA (Moody's adjusted). Seagate has high business risks from its revenue concentration in the HDD product category, substitution risks from flash memory in legacy end markets that still account for a meaningful share of its revenues, and sustained pricing pressure that it needs to offset through technology innovation and growth in capacity shipments. Product cycles are short and execution risk in managing technology transitions with increasingly complex storage technologies is high. Growing revenue concentration in the hyperscale cloud end market and customers within that market has increased revenue variability. The stable outlook reflects Moody's expectations that Seagate's annual revenues will increase toward $10 billion over the next 12 to 18 months as end market demand continues to recover. With the increasing revenues, profitability and free cash flow (FCF) should likewise improve supporting a decline in financial leverage. Moody's expects debt to EBITDA (Moody's adjusted) to decline toward the mid 2x level over the next 12 to 18 months and FCF to debt (Moody's adjusted) to increase to the upper single digits percent level. Moody's rate both Seagate HDD's senior unsecured notes and Seagate Data's senior unsecured notes at Ba3, one notch below the Ba2 corporate family rating (CFR). The rating incorporates a one-notch downward override to reflect the lower expected recovery for senior unsecured debt in the event of default. In a default scenario, the rating thresholds requiring the company to secure obligations under the credit agreement governing the Revolver are likely to be triggered. If the springing collateral provision under the credit agreement were to be permanently eliminated, Moody's would equalize the ratings for the senior unsecured debt with that of its CFR as the capital structure would consist of a single class of debt. Seagate has good liquidity, as reflected in the liquidity rating of SGL-2. Seagate had $814 million of cash balances as of March 28, 2025. The company has full access to funds under its $1.3 billion of revolving credit facility maturing January 2030. Over the next 12 to 18 months, Moody's expects Seagate to remain in compliance on its financial maintenance covenant (maximum net leverage, as defined in the credit agreement). The company's long-term model contemplates capital expenditures of 4% to 6% of revenues, but capital expenditures in the near term are expected to be well below the long-term range until demand improves. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The rating could be upgraded if: -- Commits to and establishes a track record of conservative financial policies, including funding share repurchases from FCF, such that Moody's expects the company to sustain average total debt to EBITDA (Moody's adjusted) below 3.5x through industry cycles -- Generates sustained growth in profits with lower revenue volatility, and, -- Meaningfully strengthens its cash position considering its investment requirements and industry cyclicality The rating could be downgraded if: -- Liquidity deteriorates -- Debt to EBITDA (Moody's adjusted) will be sustained above 4.5x or FCF to debt (Moody's adjusted) will be sustained below the high single digit percentage. -- Seagate's financial policies prioritize shareholder returns rather than strengthening liquidity as profitability and FCF rebounds Seagate HDD Cayman is an indirect subsidiary of Seagate Technology Holdings plc and is a leading provider of data storage solutions, primarily hard disc drive (HDD) products. Seagate Data is a wholly owned subsidiary of Seagate Technology Holdings plc. The principal methodology used in these ratings was Diversified Technology published in February 2022. ********* 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. 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