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250604.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, June 4, 2025, Vol. 28, No. 111 Headlines A U S T R A L I A AUSTRALIAN TRAVEL: May Have Taken Customers' Money While Insolvent FUTURE LASER: Suddenly Closes Down; Probe Launched Into Complaints GOOD AND FUGLY: First Creditors' Meeting Set for June 6 HARVEY TRUST 2024-1: S&P Assigns Prelim BB(sf) Rating to E-R Notes JOE BOOTH: First Creditors' Meeting Set for June 10 LIGHT PROJECT: First Creditors' Meeting Set for June 6 MA MONEY 2025-1: S&P Assigns B (sf) Rating to Class F Notes MAGENTA SHORES: First Creditors' Meeting Set for June 6 PROGRESS 2025-1: S&P Assigns Prelim BB (sf) Rating to Cl. E Notes SUPERSETT CONSTRUCTIONS: First Creditors' Meeting Set for June 6 TRITON BOND 2025-2: S&P Assigns Prelim B (sf) Rating to F Notes I N D I A ANNAPOORANI YARNS: CARE Keeps D Debt Rating in Not Cooperating BABA BAIDNATH: CARE Keeps B- Debt Rating in Not Cooperating BALAJI INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating BENARA BEARINGS: CARE Keeps D Debt Ratings in Not Cooperating EARTHEN TREASURES: CARE Keeps D Debt Rating in Not Cooperating GANESWARA RICE: CARE Keeps D Debt Rating in Not Cooperating GENGA MILLS: CARE Keeps D Debt Rating in Not Cooperating Category GROOM INDIA: CARE Keeps B- Debt Rating in Not Cooperating Category HINDUSTHAN NATIONAL: Lenders to Get More as INSCO Raises Payout INDIGO FACILITY: CARE Keeps C Debt Rating in Not Cooperating J S SPINTEX: CARE Lowers Rating on INR16.74cr LT Loan to B- JAYPEE CEMENT: NCLAT Upholds Insolvency Proceedings Against Firm KAMLA SHIVHARE: CARE Keeps C Debt Ratings in Not Cooperating KLN MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category KUFRI FUN: CARE Keeps D Debt Ratings in Not Cooperating Category LAKSHMI TRANSPORT: CARE Keeps B- Debt Rating in Not Cooperating LANDMARK SIZING: CARE Keeps D Debt Ratings in Not Cooperating MEENA JEWELS: CARE Keeps D Debt Rating in Not Cooperating Category METSMITH INNOVATIONS: CARE Keeps D Debt Ratings in Not Cooperating NANDI GRAIN: CARE Keeps D Debt Ratings in Not Cooperating Category NIRVIN COLD: CARE Keeps D Debt Rating in Not Cooperating Category OYSTER STEEL: CARE Keeps D Debt Ratings in Not Cooperating RAM CASHEW: CARE Keeps C Debt Rating in Not Cooperating Category RAMS ASSORTED: CARE Keeps D Debt Ratings in Not Cooperating RELIANCE INFRASTRUCTURE: NCLT Admits Insolvency Resolution Plea SAR SENAPATI: CARE Keeps D Debt Rating in Not Cooperating Category SATRANG STEELS: CARE Keeps B- Debt Rating in Not Cooperating SUNPAUL PROPERTIES: CARE Keeps C Debt Rating in Not Cooperating M A L A Y S I A 1MDB: Ex-Goldman Banker Leissner Sentenced to Two Years in Prison 1MDB: Singapore Court Dismisses Appeal by BSI CAPITAL A: Returns to Profitability with MYR689.57MM Q1 Net Profit N E W Z E A L A N D BOSSED LIMITED: Court to Hear Wind-Up Petition on June 12 JAGUAR TECH: Creditors' Proofs of Debt Due on July 4 JONESY CONSTRUCTION: Builder Fined NZD3.5K for Taking Deposit MARINE AND INDUSTRIAL: Creditors' Proofs of Debt Due on June 26 MIKNIK LIMITED: Creditors' Proofs of Debt Due on June 27 PACIFIC EDGE: Reports Full Year 2025 Earnings SAVAGE GARAGE: Court to Hear Wind-Up Petition on June 13 TARATAHI AGRICULTURAL: Sale 'Yet To Be Finalised' S I N G A P O R E MTRS ENGINEERING: Court to Hear Wind-Up Petition on June 13 ONRAIN ECOMMERCE: Court to Hear Wind-Up Petition on June 13 SCHEMACRAFT INTERIORS: Court to Hear Wind-Up Petition on June 13 SOMETHING SPECIAL: Court to Hear Wind-Up Petition on June 13 TAMARIND BOUTIQUE: Court to Hear Wind-Up Petition on June 6 S O U T H K O R E A HOMEPLUS: Workers, Store Owners Urge Withdrawal of Restructuring T H A I L A N D NR INSTANT: Regulator Demands Revision of Financial Statements - - - - - ================= A U S T R A L I A ================= AUSTRALIAN TRAVEL: May Have Taken Customers' Money While Insolvent ------------------------------------------------------------------ ABC News reports that Australians who said they have been left stranded overseas and broke after their travel agency collapsed have now been told the company was likely trading while insolvent. Melbourne-based agency Traveldream - which was registered as Australian Travel Deals Pty Ltd and sold discounted flights, cruises and international tour packages - collapsed in April and went into voluntary administration, ABC News notes. Now, an administrator's report has found the company was "likely" trading while insolvent from June 30, 2024, more than nine months prior to entering voluntary administration, according to ABC News. Directors found guilty of allowing a company to trade while insolvent can face civil or criminal penalties and be banned from managing companies. ABC News has spoken to dozens of travellers who booked once-in-a-lifetime overseas trips through the agency, many spending between AUD10,000 and AUD30,000, only to discover their bookings had been cancelled - in some cases mid-trip. If the company went into liquidation, there would be some possibility their costs could be recovered, but it would be a lengthy process. Debts to customers, who are considered "unsecured creditors," would be some of the last - and least likely - to be repaid. ABC News says Cairns healthcare worker Glenys Carpenter and her husband Glen booked a AUD32,000 tour of Canada and the US in February - during the period the travel agency was likely trading insolvent, according to the administrator's report. They were due to fly out on June 2, but last week discovered several tours and the hotel rooms they paid for had been cancelled, ABC News says. "I've lost sleep, lost weight and the stress has been unbelievable. People need to be held accountable." Some customers remain overseas, re-booking hotels and tours at their own expense. Others have cancelled plans they cannot afford to pay for again. According to ABC News, administrator Mcleod's investigation into the full financial picture remains ongoing. Since March, Traveldream's sole director has been Christopher Banson, who co-owns Saltwater Properties - a company operating high-end holiday rentals across Australia and which holds stakes in more than 30 other businesses. Documents filed with ASIC show Traveldream owed Saltwater Properties more than AUD758,000, ABC News discloses. ABC News relates that the administrator's report also showed nearly AUD1 million in payments flowed from Traveldream to Saltwater Properties over four years. "I note that the company and Saltwater Properties regularly transferred funds between one another," the administrator wrote. Mr. Banson told ABC News Traveldream was "funded by Saltwater Properties" and blamed the company's downfall on a separate wholesaler, My Travel Experience. He said Traveldream paid My Travel Experience in full for customer bookings and that it was the wholesaler who failed to pass on funds to hotels and airlines. But the wholesaler's director, Russ Masterson, rejected this, and said his company never took money directly from Traveldream customers and that cancellations were likely due to non-payment, ABC News relays. Traveldream was stripped of accreditation by the Australian Travel Industry Association in 2020 over concerns about its directorship and finances. Despite that, the company's website continued to display badges claiming affiliation with the International Air Transport Association (IATA) and Cruise Lines International Association (CLIA). ABC News has confirmed Traveldream was never a CLIA member and can also reveal it was operating without a trust account to hold customers' money - a key consumer protection mechanism used protect client funds in the event of collapse. Bill Karageozis of Mcleods Accounting was appointed as administrator of the company on April 28, 2025. FUTURE LASER: Suddenly Closes Down; Probe Launched Into Complaints ------------------------------------------------------------------ Charlotte McIntyre at Daily Mail Australia reports that an Aussie beauty chain is being investigated after it suddenly closed down following complaints from customers and workers. Future Laser and Body Clinic, which had three stores in Sydney, has ceased trading. Employees claim they are owed money in both wages and superannuation with several complaints made to the Fair Work Ombudsman, Daily Mail Australia relates. Among those to complain is Mos X, a moss selling business founded by ex-Married At First Sight star Brent Vitiello. NSW Fair Trading confirmed to news.com.au it was investigating Future Laser and Body Clinic, Daily Mail Australia relays. Future Laser and Body Clinic operated out of three stores in Granville, Chester Hill and Wetherill Park, with the latter closing months before the final two ceased trading. Daily Mail Australia notes that frustrated customers have shared their negative experience on social media as they remain desperate for answers. Daily Mail Australia relates that Tatjana Nikcevic revealed she prepaid AUD760 for ten laser sessions at the Granville clinic as part of a promotion in January. She claimed to have only one session on March 13 and said she expect a refund. Ms Nikcevic said she 'works hard for her money' and the beauty chain 'needs to be held accountable,' Daily Mail Australia relays. Customers have branded the business 'disgraceful' and 'unprofessional' in several one star reviews online. Aesthetic Laser and Body Clinic Pty Ltd is the holding entity of the beauty chain and Ibrahem 'Ibby' Sabra, a 33-year-old from Sydney's west, is listed as the sole director and owner of the holding company, Daily Mail Australia discloses. It's reported Bizcap AU, which provides small businesses with loans, launched winding up proceedings against the holding business and three other companies Mr. Sabra directs in May. Mr. Sabra featured on A Current Affair in 2023 after another business of his Elan Laser Clinics suddenly shut down. GOOD AND FUGLY: First Creditors' Meeting Set for June 6 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Good and Fugly Pty Ltd will be held on June 6, 2025 at 1:30 p.m. via Zoom video conferencing only. Shabnam Amirbeaggi and Nicholas Crouch of Crouch Amirbeaggi were appointed as administrators of the company on May 27, 2025. HARVEY TRUST 2024-1: S&P Assigns Prelim BB(sf) Rating to E-R Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to five classes of residential mortgage-backed securities (RMBS) to be issued by Perpetual Trustee Co. Ltd. as trustee for Series 2024-1 Harvey Trust. Series 2024-1 Harvey Trust is a securitization of prime residential mortgage loans originated by Great Southern Bank (GSB; a business name of Credit Union Australia Ltd.). S&P assigned the preliminary ratings in anticipation of the refinancing of the existing class A2, class B, class C, class D, and class E notes with class A2-R, class B-R, class C-R, class D-R, and class E-R notes, respectively. The assigned preliminary ratings reflect the following factors. S&P expects the trustee to issue A$77.2 million in class A2-R, class B-R, class C-R, class D-R, and class E-R notes. S&P has considered the credit risk of the underlying collateral portfolio. As of April 30, 2025, the pool has a balance of about A$736.2 million and a pool factor of about 74%. The pool's weighted average effective loan-to-value ratio is 66.7% and the weighted-average seasoning is 42.8 months. Loans more than 30 days in arrears make up 0.30% of the current pool balance, of which 0.19% are more than 90 days in arrears. There have been no losses to date for this portfolio. The credit support provided to the class A2-R, class B-R, class C-R, class D-R, and class E-R notes is sufficient to withstand the stresses S&P applies. The credit support for the rated notes comprises note subordination and lenders' mortgage insurance on 20.3% of the portfolio. The transaction is currently repaying principal on a sequential payment basis, which means that credit support will continue to build up for the rated notes until the pro-rata paydown conditions are met. The various mechanisms to support liquidity within the transaction, including an excess revenue reserve funded by available excess spread, principal draws, and a liquidity facility equal to 1.0% of the aggregate invested amount of the notes, are sufficient under our stress assumptions to ensure timely payment of interest. As of April 30, 2025, the excess revenue reserve has a balance of A$100,000. S&P has also assessed the benefit of a fixed- to floating-rate interest-rate swap provided by GSB to hedge the mismatch between receipts from any fixed-rate mortgage loans and the floating-rate notes. National Australia Bank Ltd. acts as standby swap provider. Preliminary Ratings Assigned Series 2024-1 Harvey Trust Class A2-R, A$40.00 million: AAA (sf) Class B-R, A$20.00 million: AA (sf) Class C-R, A$9.50 million: A (sf) Class D-R, A$4.50 million: BBB+ (sf) Class E-R, A$3.20 million: BB (sf) JOE BOOTH: First Creditors' Meeting Set for June 10 --------------------------------------------------- A first meeting of the creditors in the proceedings of Joe Booth Transport Pty Ltd will be held on June 10, 2025 at 10:00 a.m. at the offices of Mcleods Accounting at Level 5, 145 Eagle Street in Brisbane and via virtual meeting technology. Nick Keramos and Bill Karageozis of Mcleods Accounting were appointed as administrators of the company on May 29, 2025. LIGHT PROJECT: First Creditors' Meeting Set for June 6 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Light Project Pty Ltd will be held on June 6, 2025 at 10:30 a.m. by virtual meeting via video conference. Daniel Walley and Adam Colley of PwC were appointed as administrators of the company on May 27, 2025. MA MONEY 2025-1: S&P Assigns B (sf) Rating to Class F Notes ----------------------------------------------------------- S&P Global Ratings assigned its ratings to eight classes of nonconforming and prime residential mortgage-backed securities (RMBS) issued by Perpetual Corporate Trust Ltd. as trustee of MA Money Residential Securitisation Trust 2025-1. MA Money Residential Securitisation Trust 2025-1 is a securitization of nonconforming and prime residential mortgages originated by MA Money Financial Services Pty Ltd. (MA Money). The ratings S&P has assigned to the 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. Note subordination and excess spread provide credit support. S&P's assessment of credit risk considers MA Money's underwriting standards and approval process as well as its servicing quality. The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the provision of a liquidity facility, the principal draw function, the yield reserve, retention amount built from excess spread, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the rated notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and it assumes the notes are not called at or beyond the call-option date. S&P said, "Our ratings also consider the counterparty exposure to National Australia Bank Ltd. as bank account provider and liquidity facility provider. The transaction documents for the facilities include downgrade language consistent with S&P Global Ratings' counterparty criteria. "We have also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Ratings Assigned MA Money Residential Securitisation Trust 2025-1 Class A1S, A$350.00 million: AAA (sf) Class A1L, A$450.00 million: AAA (sf) Class A2, A$71.00 million: AAA (sf) Class B, A$48.00 million: AA (sf) Class C, A$31.00 million: A+ (sf) Class D, A$27.00 million: BBB (sf) Class E, A$10.00 million: BB+ (sf) Class F, A$8.00 million: B (sf) Class G1, A$2.50 million: Not rated Class G2, A$2.50 million: Not rated MAGENTA SHORES: First Creditors' Meeting Set for June 6 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Magenta Shores Golf Management Pty Limited will be held on June 6, 2025 at 10:00 a.m. via videoconference facilities. Alexander Siu of Hall Chadwick was appointed as administrator of the company on May 27, 2025. PROGRESS 2025-1: S&P Assigns Prelim BB (sf) Rating to Cl. E Notes ----------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to six classes of prime residential mortgage-backed securities (RMBS) to be issued by Perpetual Trustee Co. Ltd. as trustee for Progress 2025-1 Trust. Progress 2025-1 Trust is a securitization of prime residential mortgages originated by AMP Bank Ltd. S&P said, "The preliminary ratings reflect our view of the credit risk of the underlying collateral portfolio and the credit support provided to each class of rated notes are commensurate with the ratings assigned. Credit support is provided by subordination, lenders' mortgage insurance (LMI), and excess spread, if any. Our assessment of credit risk considers AMP Bank's underwriting standards and approval process, which are consistent with industrywide practices, the servicing quality of AMP Bank, and the support provided by the LMI policies on 36.4% of the portfolio. "We believe the rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the LMI cover, the mechanism for trapping excess spread into an excess reserve, the provision of a liquidity reserve, and the provision of an income reserve--funded by AMP Bank at closing to cover extraordinary expenses--sized at a level consistent with the ratings. All rating stresses are made on the basis that the trust does not call the notes at or beyond the first call-option date, and that all rated notes must be fully redeemed via the principal waterfall mechanism under the transaction documents. "Our ratings also consider the counterparty exposure to Australia and New Zealand Banking Group Ltd. and MUFG Bank Ltd. as bank account providers. The transaction documents include downgrade remedies consistent with our counterparty criteria. The legal structure of the trust is established as a special-purpose entity and meets our criteria for insolvency remoteness." Preliminary Ratings Assigned Progress 2025-1 Trust Class A, A$460.00 million: AAA (sf) Class AB, A$22.05 million: AAA (sf) Class B, A$7.75 million: AA (sf) Class C, A$4.95 million: A (sf) Class D, A$2.00 million: BBB+ (sf) Class E, A$1.65 million: BB (sf) Class F, A$1.60 million: Not rated SUPERSETT CONSTRUCTIONS: First Creditors' Meeting Set for June 6 ---------------------------------------------------------------- A first meeting of the creditors in the proceedings of Supersett Constructions Pty Ltd will be held on June 6, 2025 at 11:30 a.m. at RSM Australia Bunbury Office, 6/1 Bonnefoi Boulevard in Bunbury and via electronic meeting facilities. Jerome Mohen and Greg Dudley of RSM Australia Partners were appointed as administrators of the company on May 26, 2025. TRITON BOND 2025-2: S&P Assigns Prelim B (sf) Rating to F Notes --------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to eight classes of prime residential mortgage-backed securities (RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee for Triton Bond Trust 2025-2 Series 1. The preliminary ratings reflect the following factors. S&P has assessed the credit risk of the underlying collateral portfolio, of which 33.3% is loans secured by specialist disability accommodation (SDA) and 37.4% is loans made to self-managed superannuation fund (SMSF) borrowers. SDA is housing accommodation funded through the National Disability Insurance Scheme (NDIS). This is a closed portfolio, which means no further loans will be assigned to the trust after the closing date. In S&P's credit assessment of NDIS-related loans, it considers such loans to have higher risks than typical residential mortgage loans due to the dependency on NDIS rental income in credit underwriting, which in turn is dependent on government funding; the reliance on the operations and compliance of the SDA provider to manage the property; the specialized accommodation requirements on the property; the going concern operating nature of such residential property; and the limited data of their performance in more stressful economic periods. S&P said, "Given the risks and despite the properties being residential, from a ratings perspective we consider NDIS-related loans to have a commercial nature and have applied our methodology for assessing pools of small-ticket commercial mortgages, based on our "Principles Of Credit Ratings" criteria, published Feb. 16, 2011. This includes different benchmark foreclosure frequency and loss-severity assumptions compared with our global RMBS methodology. "Under this methodology, we categorize NDIS-related loans as commercial. This reflects our belief that there are fundamental differences to typical residential mortgages that will only be accentuated as the economic environment becomes more stressed. The factors we use to adjust the benchmarks are generally in line with those seen in our global RMBS methodology, such as seasoning, repayment method, and asset location. However, other assumptions are more in line with our expectations for commercial properties, such as foreclosure expenses, recovery period and LTV ratio. We have also factored into our analysis our view of Columbus's origination, underwriting, and servicing of its NDIS-related loan product. "The credit support provided is sufficient to withstand the stresses we apply. This credit support comprises mortgage lenders insurance covering 5.4% of the loans in the portfolio as well as note subordination for all rated notes." The various mechanisms to support liquidity within the transaction, including an amortizing liquidity facility equal to 1.0% of the invested amount of all rated and class G notes, subject to a floor of 0.10% of the initial invested amount of all notes, principal draws, and a loss reserve that builds from excess spread, are sufficient under our stress assumptions to ensure timely payment of interest. An extraordinary expense reserve of A$150,000, funded from day one by Columbus Capital Pty Ltd., is available to meet extraordinary expenses. The reserve will be topped up via excess spread if drawn. A fixed- to floating-rate interest-rate swap is provided by Westpac Banking Corp. to hedge the mismatch between receipts from any fixed-rate mortgage loans and the variable-rate RMBS, should any be entered into after transaction close. S&P's ratings also consider the legal structure of the trust, which has been established as a special-purpose entity and meets our criteria for insolvency remoteness. S&P understands that the class A1-AU-S notes will be issued under the ColCap Sustainability Framework. Issuance proceeds from this bond will be used to purchase mortgages that meet the eligibility criteria outlined in the ColCap Sustainability Framework. S&P Global Ratings does not consider in its credit rating analysis the issuer's designation of the notes as "social." Preliminary Ratings Assigned Triton Bond Trust 2025-2 Series 1 Class A1-AU, A$678.00 million: AAA (sf) Class A1-AU-S, A$330.00 million: AAA (sf) Class A2, A$96.00 million: AAA (sf) Class B, A$36.00 million: AA (sf) Class C, A$35.40 million: A (sf) Class D, A$12.00 million: BBB (sf) Class E, A$5.40 million: BB (sf) Class F, A$3.00 million: B (sf) Class G, A$4.20 million: Not rated ========= I N D I A ========= ANNAPOORANI YARNS: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Annapoorani Yarns (AY) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 29, 2024, placed the rating(s) of AY under the 'issuer non-cooperating' category as AY had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AY continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 15, 2025, March 25, 2025, April 4, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Annapoorani Yarns (AY) was established as a partnership concern in 2000 by Mr. R Jayachandran and Ms. J Thavamani with equal profit-sharing ratio. AY is engaged in trading of blended yarns like poly cotton, poly viscose etc. and grey and finished fabric. The yarn is purchased from suppliers located in New Delhi, Punjab and Tamil Nadu. The firm deals with 20s-40s counts of yarn. The yarn purchased is fabricated into grey cloth and finished fabric on job work basis and sold to customers located in Tamil Nadu. The registered office of the firm is located in Tirupur, Tamil Nadu. BABA BAIDNATH: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Baba Baidnath Spinners Private Limited (BBSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.70 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 28, 2024, placed the rating(s) of BBSPL under the 'issuer non-cooperating' category as BBSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BBSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 13, 2025, April 23, 2025 and May 3, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Baba Baidnath Spinners Private Limited (BBSPL) was incorporated in 2014, as a private limited company by Saraf and Gadia families who have more than four decades of experience in the yarn industry through its other family owned businesses. BBSPL is engaged in the manufacturing polyester yarn. It procures material i.e. fibre staple from domestic suppliers and sells its products to the garment manufacturers situated in Surat and Mumbai. Company has the manufacturing unit and registered office located in Silvassa, Gujarat. BALAJI INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Balaji Industries Mysore (BI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 23, 2024, placed the rating(s) of BI under the 'issuer non-cooperating' category as BI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 8, 2025, April 18, 2025, April 28, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Mysore (Karnataka) based, Balaji Industries (BI) was established on May 10, 2012 and promoted by Mr. D. V. Narayana. The firm is mainly engaged in processing of Bengal fried gram and polishing gram. BENARA BEARINGS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Benara Bearings and Pistons Limited (BBPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 47.01 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.99 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 6, 2024, placed the rating(s) of BBPL under the 'issuer non-cooperating' category as BBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 22, 2025, April 1, 2025, April 11, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Benara Bearings & Pistons Ltd (BBPL) (ISIN: INE495Z01011), incorporated in 1970 by Mr. Panna Lal Jain, manufactures aftermarket automotive parts and has 2 units in Agra, Uttar Pradesh which manufactures engine bearings & bushes for stationary marine engines, pistons, pins, piston rings, engine bearing and bushes for all applications. Furthermore, the company is involved in the marketing of products like ball bearing, spark plugs, rocker arms, timing chains etc. EARTHEN TREASURES: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Earthen Treasures Natural Resources Private Limited (ETNRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 24, 2024, placed the rating(s) of ETNRPL under the 'issuer non-cooperating' category as ETNRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ETNRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 9, 2025, April 19, 2025 and April 29, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable ETNRPL was established in April 2013. Promoted by Mr Aniket Jain and Mr. Pratyush Bharatiya, operations of the company began from April 22, 2013. ETNRPL is currently engaged in quarrying, production and trading of granite. ETNRPL has leased the quarry measuring 2.13 acres from M/S Brothers Granite Exporter and has acquired rights of selling, supplying, and transporting of black granite blocks for a lease period of 7 years. The quarry of the entity is located in Chamrajnagar, Karnataka. GANESWARA RICE: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Ganeswara Rice Tech (SGRT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 36.17 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 25, 2024, placed the rating(s) of SGRT under the 'issuer non-cooperating' category as SGRT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SGRT continues to be non-cooperative despite repeated requests for submission of information through emails dated March 11, 2025, March 21, 2025, March 31, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Andhra Pradesh based, Sri Ganeswara Rice Tech (SGRT) is a partnership firm started in June, 2007 by Mr. Manukonda Sathi Reddy along with his wife Mrs. Manukonada Padmavathi. The firm is engaged in milling and processing of rice and trading of paddy. The rice mill is situated at Biccavolu village in East Godavari District of Andhra Pradesh. Currently, SGRT has as installed capacity of boiled rice of 12 tons per hour and raw rice of 14 tons per hour. The firm is mainly supplying rice in Kerala, Andhra Pradesh and Dubai. Mr. Manukonda Sathi Reddy is the Managing Partner of the firm and has experience of around 30 years in same line of business. During FY19, 60% of the revenue comprise of sales from domestic market and remaining 40% comprised from exports. The firm has also entered a 14 months agreement with Civil Supply, Andhra Pradesh for which it has availed the BG facility. GENGA MILLS: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sree Genga Mills Private Limited (SGMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.94 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 10, 2024, placed the rating(s) of SGMPL under the 'issuer non-cooperating' category as SGMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SGMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 24, 2025, March 6, 2025, March 16, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Tamil Nadu based, Sree Genga Mills Private Limited (SGMPL) was established as a partnership firm in 1993 by 9 partners and later in 2005, the constitution of the entity was changed to private limited. The company is managed by R. Srinivasan. The company is engaged in spinning of cotton yarn (20 to 60 counts) with a total installed capacity of 12,096 spindles with a total production capacity of 3200 kg/day as on October 2020. Located at Sattur, Tamil Nadu, SGMPL has its customer base in Tamil Nadu and Maharashtra. SGMPL purchases raw cotton mainly from dealers based at Warangal (Telangana) and Raichur (Karnataka). GROOM INDIA: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Groom India Salon and Spa Private Limited (GISSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.91 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 08, 2024, placed the rating(s) of GISSPL under the 'issuer non-cooperating' category as GISSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GISSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 24, 2025, April 3, 2025, April 13, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Groom India Salon and SPA Private Limited (GISSPL) was initially established as a proprietorship firm by Mrs. Veena Kumaravel in 2006. Later in 2009, the firm was converted into private limited company. GISSPL is promoted by Mrs. Veena Kumaravel and Mr. A. S. Vedagiri and the company is engaged in the business of rendering salon and beautician services to its customers. The company's Chief Executive Officer, Mr. C. K. Kumaravel, looks at the overall activities of the company. In April 2018, the company appointed Mr. Vaibhav Kumaravel as new director. GISSPL owns 663 saloon and beauty service centres all over India operating under the brand name of 'Naturals'. It also owns three saloon and beauty service centres in Sri Lanka. The company has its registered office at Chennai. HINDUSTHAN NATIONAL: Lenders to Get More as INSCO Raises Payout --------------------------------------------------------------- The Economic Times reports that the Supreme Court's latest ruling in the Hindusthan National Glass (HNG) insolvency case has increased the recovery for creditors as the payout by Independent Sugar Corporation (INSCO), the successful resolution applicant, has gone up. ET relates that while dismissing AGI Greenpac's review petition in the insolvency matter, SC recorded the assurance of Abhishek Manu Singhvi, counsel for INSCO, that the company remains committed to its earlier proposal to the Committee of Creditors (CoC). As per this commitment, INSCO will match AGI's cash offer to financial creditors, which pushes total payout to INR2,752 crore, ET notes. About Hindusthan National Hindusthan National Glass & Industries Limited is an India-based holding company. The Company is engaged in manufacturing and selling of container glass. The Company offers products in various categories, which include pharmaceuticals, liquor, beer, beverages, cosmetics and processed food. As reported in the Troubled Company Reporter-Asia Pacific on Oct. 27, 2021, the Kolkata bench of the NCLT has admitted application for initiating Corporate Insolvency Resolution Process (CIRP) against Hindusthan National Glass & Industries Ltd (HNG). The insolvency proceedings were initiated against the debt-ridden company by DBS Bank Ltd, one its financial creditors. INDIGO FACILITY: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Indigo Facility Services Private Limited (IFSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.85 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 10, 2024, placed the rating(s) of IFSPL under the 'issuer non-cooperating' category as IFSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IFSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 26, 2025, April 5, 2025 and April 15, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Hyderabad based, Indigo Facility Services Private Limited (IFSPL) was incorporated by Mr. Gadde Babji and Mrs. Vijayabharathi in the year 2000 as a private limited company. The directors of the company have more than two decades of experience in the manpower industry. The company offers services in sectors such as property management, housekeeping and security services. IFSPL serves and provides services for all individual and organisational needs as it has the skills, expertise and operational infrastructure to efficiently deliver the end user requirements. The examples of the trading materials are harpic products, Lysol, housekeeping material and stationary items etc. Additionally, IFSPL also sells its cleaning products in the brand name of 'SPARKLZ' and 'DETSOL'. The company procures its orders through online and through dedicated purchase department. To meet the timely manpower requirements of organisations, IFSPL maintains a separate recruitment team and executes the orders through best available quotations. Presently, IFSPL has availed services of around 400 security guards and other management teams to provide quality of services. J S SPINTEX: CARE Lowers Rating on INR16.74cr LT Loan to B- ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of J S Spintex Limited (JSSL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.74 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 13, 2024, placed the rating(s) of JSSL under the 'issuer non-cooperating' category as JSSL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JSSL continues to be non-cooperative despite repeated requests for submission of information through emails dated March 29, 2025, April 8, 2025, April 18, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of JSSL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Not Applicable J.S. Spintex Limited (JSSL) [Now J.S. Spintex Private Limited], based in Samana (Punjab), was incorporated in August, 2012 as a public limited company. It commenced operations in January, 2014. The company is currently being managed by Mr. Parminder Singh and Mr. Amandeep Singh. JSSL is engaged in manufacturing of coarse cotton yarn at its manufacturing plant located in Samana, Punjab, with total installed capacity of 4,500 MT per annum, as on June 9, 2016. The company manufactures yarn of different counts ranging from 18's to 24's depending upon the customer requirement. The yarn supplied by the company is used as raw material for manufacturing bed sheets, terry towel, foot-mats, suiting cloth, etc. JAYPEE CEMENT: NCLAT Upholds Insolvency Proceedings Against Firm ---------------------------------------------------------------- The Economic Times reports that the insolvency appellate tribunal has approved the insolvency proceedings against the debt-ridden Jaypee Cement, upholding an earlier order passed by the National Company Law Tribunal (NCLT). A two-member bench of the NCLAT rejected the appeal filed by Alok Gaur against the NCLT order, saying the debt and default matter is proved, and it did not find any error in the order directing the initiation of insolvency proceedings, ET relates. According to ET, the National Company Law Appellate Tribunal (NCLAT) rejected Gaur's submission that its parent firm Jaiprakash Associates Ltd (JAL) has signed an MRA (Master Restructuring Agreement) with lenders, undertaken to discharge its liabilities. As all debt stood transferred to JAL, now facing CIRP (Corporate Insolvency Resolution Process) for failure to implement MRA, and the debt of both JAL and JCCL can be considered, an appropriate resolution can be done. "The submission of the appellant that JAL having undertaken the liability to clear the debts and defaults of JCCL, hence, JCCL has no liability and no application was maintainable against JCCL, also does not commend us," said the NCLAT bench, comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra, ET relays. ET relates that the appellate tribunal further said initiation of CIRP proceedings against JAL cannot be a ground to contend that no proceedings can be initiated against JCCL. "JCCL has also given its securities for obtaining the various facilities from the SBI between 2012 and 2015. The Financial Creditor can always invoke the securities given by JCCL to realise the debt," it said. The Financial Creditor has never shown the debt of JCCL to be transferred to the JAL in its Financial Statements, and the fact that JAL and JCCL in their financial statements have treated the debt to be discharged is not binding on the Financial Creditors, ET adds. Jaypee Cement Corporation Limited (JCCL), a wholly owned subsidiary of Jaiprakash Associates Ltd, is engaged in cement manufacturing. JCCL commenced insolvency proceedings on July 22, 2024. KAMLA SHIVHARE: CARE Keeps C Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Kamla Shivhare (KS) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.70 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 7.36 CARE C; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 10, 2024, placed the rating(s) of KS under the 'issuer non-cooperating' category as KS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 26, 2025, April 5, 2025, April 15, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Madhya Pradesh based Kamla Shivhare (Kamla) was formed in 1995 as a proprietorship concern by Mrs Kamla Shivhare. The shops are allotted in Madhya Pradesh by the state government through a competitive bidding process for a period of one year. The company's product profile comprises almost all the major brands of IMFL such as Seagram, Signature, Mc Dowells No.1, DIG whisky among others. During FY21, KAMLA's was not allotted licence to trade liquor and business activity was executed through two other partnership firms "Prabha Star (PS) and Shivhare Liquors (SL)" for FY21. However, During FY22 Kamla was allotted licence to trade liquor. Shivhare Liquor group has entities namely Ram Swaroop Shivhare, Gopal Shivhare, Laxminarayan Shivhare, Kalpana Shivhare, Kamla Shivhare, Gopal Shivhare, Vinum Traders Pvt Ltd, Ranjeet Shivhare, Shriram & Co, Shivhare Liquors, Prabha Star and Rahul Shivhare which are engaged in similar business activity. KLN MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of KLN Motors Agencies Private Limited (KMAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.14 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 10, 2024, placed the rating(s) of KMAPL under the 'issuer non-cooperating' category as KMAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KMAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 24, 2025, March 6, 2025, March 16, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable KMAPL, incorporated in 2007 belongs to KTC group of companies. KMAPL was an authorized dealer of General Motors India Limited (GM) since inception. The company was a service provider of GM, after the exit of GM in May 2017 it has taken up the dealership of passenger cars of Tata Motors Limited (TM) from August 2017. KMAPL has one showroom at Ekkattuthangal for sale of cars & spares and service of TM and GM cars. KTC group has diversified line of business including automobile dealership (Two wheelers, Four Wheelers), chemicals trading business which includes engineering and plastic chemicals. KUFRI FUN: CARE Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Kufri Fun Campus Private Limited (KFCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.30 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 8.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 17, 2024, placed the rating(s) of KFCPL under the 'issuer non-cooperating' category as KFCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KFCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 2, 2025, April 12, 2025, April 22, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Kufri Fun Campus Private Limited (KFCPL) was incorporated in 2006 and started its commercial operations in August, 2013 and is promoted and managed by Mr. Baldev Singh Thakur and Mr. Vikas Agarwal. KFCPL owns and operates a theme park called 'Kufri Fun Campus' located at Shimla, Himachal Pradesh. KFCPL also owns and operates Food and Beverages (F&B) outlets, retail and merchandise shops as well as banquet hall inside the theme park. Apart from this, KFCPL has provided hotel named 'Twin Towers' on lease to Colors of India Tours Private Limited w.e.f. April 2018. LAKSHMI TRANSPORT: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Lakshmi Transport Company (SLTC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 29, 2024, placed the rating(s) of SLTC under the 'issuer non-cooperating' category as SLTC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SLTC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 15, 2025, March 25, 2025, April 4, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Jaggayapet based, Sri Lakshmi Transport Company (SLTC) was established as a transport service provider in 2013 by Mr. Chinta Venkata Naga Janardhana Rao along with his family members. SLTC is primarily engaged in providing transport of cement from Cement manufacturing companies like Ultra tech, Kcp, Ramco. And also transporting of raw materials like Coal, gypsum, Iron ore etc., to these Cement Manufacturing companies. LANDMARK SIZING: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Landmark Sizing (LS) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.70 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 0.01 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 1.85 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 30, 2024, placed the rating(s) of LS under the 'issuer non-cooperating' category as LS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 16, 2025, March 26, 2025, April 5, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Coimbatore based, Landmark Sizing (LS) was established on February 8, 2005 as a partnership concern by Mr. S. Aruchamy and Mr. S. Sethuramasamy. Later due to death of Mr. S. Aruchamy, his son Mr. A. Selvakumar inherited the interest in the partnership firm with recon. LS is engaged in weaving and sizing of yarn. MEENA JEWELS: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Meena Jewels Exports (MJE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 32.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 23, 2024, placed the rating(s) of MJE under the 'issuer non-cooperating' category as MJE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MJE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 9, 2025, March 19, 2025, March 29, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Meena Jewels Exports, incorporated in 2012, belongs to the Meena Jewellers group (MJG) which is the jewellery arm of the Meena Bazar group which has over 75 years of presence in the twin cities of Hyderabad/Secunderabad. Meena Bazar group has varied business interests consisting of retailing in sarees, textiles, garments and jewellery, exhibition of films, construction, etc. METSMITH INNOVATIONS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Metsmith Innovations Private Limited (MIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.12 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.72 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 10, 2024, placed the rating(s) of MIPL under the 'issuer non-cooperating' category as MIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 24, 2025, March 6, 2025, March 16, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Metsmith Innovations Private Limited (MIPL) incorporated in August, 2013 as JMJ Switch Gears Private Limited (JMJ) and is promoted by Mr. Adaikalasamy along with his friend Mr. Philip Kumar. The company has changed its name to Metsmith Innovations Private Limited from May 4, 2021. The company started its commercial operation in January, 2014. It has been engaged in the business of manufacturing of electrical products like power control panels, low-tension & high-tension panels, compact substations with its sole manufacturing facility located at Bommasandra Industrial Area, Bangalore. These panels provide backup protection to the power transformers, generation, capacitor banks and power distribution. NANDI GRAIN: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Nandi Grain Derivatives Private Limited (NGDPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 69.30 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 10, 2024, placed the rating(s) of NGDPL under the 'issuer non-cooperating' category as NGDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NGDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 26, 2025, April 5, 2025 and April 15, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Established in June 2010, Nandi Grain Derivatives Private Limited (NGDPL) is part of Nandi Group of Industries based out of Nandyal in Andhra Pradesh. The group since 1978 has built a diversified presence of businesses such as cement, dairy, PVC pipes, construction, TMT bars etc. NGDPL is engaged in manufacturing of liquid starch using maize (wet milling process) as raw material. Gluten, germs, corn steep soluble and fiber are the other by products produced in the wet milling process which constitutes about 35% of the throughput. NIRVIN COLD: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nirvin Cold Storage Private Limited (NCSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.40 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 10, 2024, placed the rating(s) of NCSPL under the 'issuer non-cooperating' category as NCSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NCSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 26, 2025, April 5, 2025, April 15, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Nirvin Cold Storage Pvt. Ltd. (NCSPL), incorporated in the year 1984, is a Kolkata (West Bengal) based company, promoted by Shri Niraj Kumar Bansal and Smt. Jyoti Bansal (wife of Shri Niraj Kumar Bansal). It is engaged in the business of providing cold storage services to potato growing farmers and potato traders in Bankura district of West Bengal. Shri Niraj Kumar Bansal looks after the day to day activities of the business with adequate support from co-director and a team of experienced professionals. OYSTER STEEL: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Oyster Steel & Iron Private Limited (OSIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 100.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 20.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 23, 2024, placed the rating(s) of OSIPL under the 'issuer non-cooperating' category as OSIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OSIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 8, 2025, April 18, 2025 and April 28, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 2008 by Mr. Prem Chand Gupta, OSIPL is engaged in trading of aluminium and copper products in the form of ingots, wire rods etc. The company also has associate concerns i.e. Worldwide Metals Private Limited, Olympus Metal Private Limited, Prominent Metal Private Limited, and Duke Sponge and Iron Private Limited engaged in similar industry i.e. trading of aluminium and copper components. RAM CASHEW: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Ram Cashew (SRC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 17, 2024, placed the rating(s) of SRC under the 'issuer non-cooperating' category as SRC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 2, 2025, April 12, 2025 and April 22, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sri Ram Cashews (SRC) was established in the year 2010 as a partnership firm by Ms. Divya and other three family members as partners of the firm. SRC has its registered office located at Udupi, Karnataka covering an area of 1.50 acres. The firm is engaged in processing of raw cashew nuts and retailing of the same in domestic market. The firm markets its products under "Sri Ram Cashews" brand. The firm procures raw cashew nuts from international market, from places such as Dubai, Tanzania Ivory Coast and other African countries. The firm has customer base in Delhi, Punjab, Maharashtra, Karnataka and Andhra Pradesh. RAMS ASSORTED: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Rams Assorted Cold Storage Limited (RACSL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 45.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 9, 2024, placed the rating(s) of RACSL under the 'issuer non-cooperating' category as RACSL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RACSL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 25, 2025, April 4, 2025, April 14, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable RACSL, incorporated in May 1986, is engaged in processing and export of seafood. The company is promoted by Mr. Amarendra Dash who has more than four decades of experience in shrimp industry. The group has interest across diverse sectors like shrimp processing, shrimp feed trading, hospitality and print media. RACSL procures the prawns from farmers for processing in units located in Cuttack and Paradip. RACSL has taken the hatcheries and farms owned by group company Suryo Foods and Industries Limited on lease for hatching and shrimp farming. RELIANCE INFRASTRUCTURE: NCLT Admits Insolvency Resolution Plea --------------------------------------------------------------- The Economic Times reports that the Mumbai bench of the National Company Law Tribunal (NCLT) has admitted Anil Ambani-promoted Reliance Infrastructure Ltd. under the corporate insolvency resolution process (CIRP) and has appointed Tehseen Fatima Khatri as the interim resolution professional (IRP). According to ET, the development followed an application filed by IDBI Trusteeship Services Ltd on behalf of the operational creditors. The trustee company had approached the tribunal after the company defaulted on its dues of more than INR88 crore. In response to ET's queries, Reliance Infrastructure said there is no impact or bearing of the NCLT order on the company or any of its subsidiaries. "The company has made full payment of INR92.68 crore to Dhursar Solar Power Private Limited, towards the claim of tariff as per the energy purchase agreement with the company. Accordingly, the company preferred an appeal before the Hon'ble NCLAT and will seek withdrawal of the order dated May 30, 2025, passed by NCLT Mumbai in case no. C.P. (IB) 642/MB/2022, for corporate insolvency resolution process and appointment of the interim resolution professional," a Reliance Infrastructure spokesperson said, adding that the NCLT order has become infructuous, as legally advised, upon full payment having already been made. In its order of May 30, the division bench of judicial member KR Saji Kumar and technical member Sanjiv Dutt said, "We come to a definite conclusion that the operational creditor (IDBI Trusteeship) has become successful in establishing operational debt due and payable against the CD (corporate debtor) and that the CD (Reliance Infrastructure) is in default." ET notes that the genesis of the dispute lies in the energy purchase agreement (EPA) of 2011, between Reliance Infrastructure and Dhursar Solar Power Pvt Ltd (DSPPL). Under the agreement, the Anil Ambani-promoted company agreed to purchase all the solar energy generated from the solar power plant of DSPPL. Subsequently, in 2012, IDBI Trusteeship Services entered into a direct agreement (DA) with Reliance Infrastructure and DSPPL. As per the terms of the agreement, all the claims of the DSPPL were assigned to the IDBI Trusteeship. As per the agreement, DSPPL supplied solar energy to Reliance Infrastructure and raised 10 invoices for this during 2017 and 2018. ET says senior counsel Gaurav Joshi and Animesh Bisht of Cyril Amarchand Mangaldas, appearing for the IDBI Trusteeship, submitted that on account of Reliance Infrastructure's failure in making payments to the trustee company despite repeated requests, the trustee issued a demand notice in April 2022 under the Insolvency and Bankruptcy Code, seeking payment of more than INR88 crore along with interest. Countering this, senior advocate Prateek Seksaria, appearing for Reliance Infrastructure, argued that the main application filed by the creditor was time-barred by limitation since the last invoice was issued in September 2018 and was due and payable in November 2018, while the main application was filed in April 2022, ET relates. Reliance Infrastructure also argued that the main application against the company was not maintainable on account of a pre-existing dispute with DSPPL, ET relays. Besides, on the date of admission of the company, Reliance Infrastructure, through senior counsel Ashish S. Kamat, requested to stay the order of admission of CIRP and also sought to direct the resolution professional not to take charge of the company. The tribunal, however, rejected the request with the observation that it did not have any power to stay the CIRP against the company after passing an admission order, adds ET. About Reliance Infrastructure Reliance Infrastructure Limited (RIL) is the flagship company of the India-based Reliance Group, led by Anil Dhirubhai Ambani, active in the energy and infrastructure businesses. R-Infra has an in-house engineering-procurement-construction/EPC division that is active in the power and road segments. CARE Ratings, in early March 2025, said the rating of RIL's Long-Term and Short-Term bank facilities continue to remain in the 'Issuer Not Cooperating' category. CARE Ratings withdrawn the rating(s) assigned to the NCD issue (INR600 crore) of RIL with immediate effect, as the company has repaid the aforementioned NCD issue in full and there is no amount outstanding under the issue as on date. On March 4, 2021, CARE Ratings moved RIL's Long-Term and Short-Term bank facilities and NonConvertible Debentures to CARE D; Issuer Not Cooperating. SAR SENAPATI: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sar Senapati Santaji Ghorpade Sugarfactory Limited (SSSGSL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 265.97 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 16, 2024, placed the rating(s) of SSSGSL under the 'issuer non-cooperating' category as SSSGSL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSSGSL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 1, 2025, April 11, 2025 and April 21, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated on February 19, 2011, SSSGSL is promoted by Mr. Hasanrao Mushrif, chief promoter, along with Mr. Sajid Hasan Mushrif, Managing Director (MD). The company is engaged in manufacturing of sugar & related products. The manufacturing facility is located at Kolhapur with crushing capacity of 4,800 tonnes of cane crushed per day (TCD), 30 Kilo Litres per Day (KLPD) distillery and bagasse fired co-generation unit of 22 mega-watts (MW). SATRANG STEELS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Satrang Steels and Alloys Private Limited (SSAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 14, 2024, placed the rating(s) of SSAPL under the 'issuer non-cooperating' category as SSAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 30, 2025, April 9, 2025, April 19, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Jhansi (U.P.) based, Satrang Steels and Alloys Private Limited (SSAPL) was established in May, 2004 as a private limited company and is currently being managed by Mr. Mukesh Kumar Bansal and Mr. Puneet Bansal. The company is engaged in manufacturing of TMT bars and billets at its manufacturing facility located at Raisen, Madhya Pradesh. SUNPAUL PROPERTIES: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sunpaul Properties Private Limited (SPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 10, 2024, placed the rating(s) of SPPL under the 'issuer non-cooperating' category as SPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 24, 2025, March 6, 2025, March 16, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Sunpaul Properties Private Limited (SPPL) was incorporated on June 18, 2012 and the operation commenced in October 2013. The key promoter is Mr. Sunny Paul. SPPL belongs to Sunpaul Group of Companies which has interest in construction and real estate businesses. Associate concerns Dezira Projects & Realtors Pvt. Ltd. (DPR) and Sunpaul Dezira Projects Pvt. Ltd (SDP) are property developers in the Kerala. Mr. Sunny Paul is the Managing director of the group companies as well. SPPL is engaged in civil construction of residential and commercial business buildings for developers. SPPL is a regional player in Kerala state. The company is also engaged in property development. =============== M A L A Y S I A =============== 1MDB: Ex-Goldman Banker Leissner Sentenced to Two Years in Prison ----------------------------------------------------------------- Reuters reports that former Goldman Sachs banker Tim Leissner was sentenced to two years in prison by a judge in a New York court on May 29 after playing a key role in a multi-billion dollar scandal involving Malaysia's sovereign fund 1MDB. Malaysian and U.S. authorities estimated $4.5 billion was stolen from 1MDB in an elaborate scheme that spanned the globe and implicated high-level officials in the fund, former Malaysian Prime Minister Najib Razak, Goldman executives and others. Reuters says Mr. Leissner, a former Southeast Asia chairman for Goldman, pleaded guilty in 2018 to a conspiracy to violate the Foreign Corrupt Practices Act and participating in a money laundering conspiracy, all tied to his role in the 1MDB scandal. Mr. Leissner's conduct was "brazen and audacious," judge Margo Brodie said during sentencing. While his cooperation with the government was taken into account, it did not make up for the harm caused by the corruption at the highest levels in several countries, the judge said, Reuters relays. "First and foremost, I offer my sincere apology to the people of Malaysia," Mr. Leissner, 55, told the hearing, his voice breaking as he read a statement. "I deeply regret my actions." Goldman helped sell $6.5 billion of bonds for 1MDB, which former Malaysian Prime Minister Najib set up with the help of Low to promote economic development. Some of the funds were diverted to offshore bank accounts and shell companies linked to Malaysian financier Jho Low, who is now a fugitive. Reuters notes that Mr. Leissner became a U.S. government witness in the case after his arrest in 2018. He was allowed to remain free after he agreed to help the government in the investigation and testified against former banking colleague Roger Ng. Mr. Ng has pleaded not guilty to charges of conspiring to launder money and violate an anti-bribery law. The former head of investment banking for Goldman in Malaysia was convicted in Brooklyn and sentenced to 10 years in prison, but transported to Malaysia in 2023 to assist probes there. Reuters relates that Mr. Leissner met with the government on dozens of occasions, reviewing countless documents and communications he received related to the 1MDB scheme and other matters, according to a filing by prosecutors. "We respect the court's decision today and Mr. Leissner is prepared to serve his sentence and continue his future life of good works and care for his family," Reuters quotes Mr. Leissner's lawyer Henry Mazurek, a partner at Meister Seelig & Fein PLLC, as saying. Prosecutors requested the court impose a sentence below the applicable guidelines range due to Mr. Leissner's cooperation in the probe. According to Reuters, Malaysian minister Johari Abdul Ghani, who chairs its 1MDB asset recovery taskforce, said the two-year prison term for Mr. Leissner was "too short". "Considering he is one of the masterminds facilitating the 1MDB scandal, he should be given a maximum jail sentence," Johari told Reuters in a text message on May 30. Mr. Leissner told the court that he had lost his freedom, family and financial independence in the wake of the scandal. The former executive said his health also suffered, and that he took pills and lost the will to live. Goldman said in a letter to the court on May 21 that Mr. Leissner deceived his colleagues for years, culminating in the only criminal case filed against Goldman in its 156-year history, Reuters relays. Goldman in 2020 paid a record $2.9 billion fine in the United States and arranged for its Malaysian unit to plead guilty in U.S. court. It also clawed back $174 million in executive compensation. Malaysia's former prime minister Najib was found guilty in 2020 of criminal breach of trust and abuse of power for illegally receiving funds misappropriated from a unit of state investor 1Malaysia Development Berhad. Malaysia's top court in 2022 upheld a guilty verdict against Najib, sentencing him to 12 years in prison. The sentence was later halved by a pardons board chaired by Malaysia's former king. The former premier is currently in prison and is pursuing a legal bid to compel authorities to let him serve the rest of his sentence at home. About 1MDB Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent Malaysian strategic development company, wholly owned by the Malaysian Minister of Finance. 1MDB was established in 2009 to foster long-term economic development for the country by forging global partnerships, particularly in energy, real estate, tourism, and agribusiness. The Company was founded shortly after Dato Sri Najib Razak became Prime Minister of Malaysia in July 2009. Najib said the establishment of 1MDB into a federal entity was to benefit a majority of Malaysians. 1MDB is said to have raised billions of dollars in bonds, for investment projects and joint ventures, between 2009 and 2013. Among those projects are the Tun Razak Exchange, Tun Razak Exchange's sister project Bandar Malaysia, and the acquisition of three independent power producers. The Company came into heavy scrutiny in 2015 for suspicious money transactions and evidence pointing to money laundering, fraud and theft. The corruption scandal in 1MDB has implicated high-level officials, including Prime Minister Najib Razak, as wells as banks and financial institutions around the world. In 2016, the U.S. Department of Justice filed a lawsuit, alleging that at least US$3.5 billion has been stolen from 1MDB. In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be US$7.8 billion. Malaysia has been filing lawsuits over the years in an effort to recover the missing billions of dollars. Among others, in May 2021, Malaysia filed 22 civil suits against entities and people involved in the corruption scandal, including units of Deutsche Bank and JP Morgan. Malaysia said in September 2020 it has so far recovered about US$3.24 billion in assets linked to the 1MDB matter. This amount includes about US$600 million cash and assets returned by U.S. authorities; about US$2.5 billion paid by Goldman Sachs as settlement; as well as US$780 million in settlement amounts from Malaysian banking group AmBank and audit firm Deloitte. 1MDB: Singapore Court Dismisses Appeal by BSI --------------------------------------------- The Edge Malaysia reports that Singapore's High Court has dismissed an appeal by the now defunct BSI Bank Ltd to strike out a US$394 million claim against it by 1Malaysia Development Bhd (1MDB) and its unit Brazen Sky Ltd. In a decision on May 27, judge Andre Maniam ruled against BSI on all grounds and ordered BSI to pay 1MDB and Brazen Sky's costs for the appeals, according to a statement issued by London-based Byfield Consultancy on behalf of 1MDB. The dismissal allows 1MDB and Brazen Sky's case against BSI to proceed in full, the statement read. "We are pleased this application has been denied and are committed to holding accountable the institutions and individuals involved in misappropriating money from Malaysia's sovereign wealth fund," a spokesperson for the 1MDB board said in a statement on June 2, the Edge relays. 1MDB, created by former prime minister Datuk Seri Najib Razak in 2009, was snagged in graft and money-laundering investigations spanning more than a dozen jurisdictions from the US to Switzerland and from the United Arab Emirates to Singapore. Najib himself has since been found guilty in a case involving 1MDB's former subsidiary, and was sentenced to 12 years' jail and fined MYR210 million. He has been granted a partial pardon, which reduces his prison term to six years and fine to MYR50 million. According to the Edge, 1MDB and Brazen Sky are now seeking redress for large-scale financial losses suffered as a result of unauthorised fund transfers and money laundering schemes allegedly orchestrated through accounts at BSI. In the civil suit, which commenced on May 2, 1MDB and Brazen Sky accused BSI and several of its former officers of facilitating the unauthorised fund transfers and money laundering schemes, thus assisting in the misappropriation of 1MDB's assets, the Edge relates. The Edge says the action forms part of 1MDB's ongoing global asset recovery efforts to reclaim billions of dollars of misappropriated funds. "Through this action and others around the world, we will ensure the rightful recovery and restitution of these assets back to the Malaysian people," the spokesperson for the 1MDB board said. BSI is a wholly-owned subsidiary of BSI AG of Switzerland, which in turn was previously owned by Brazil's BTG Pactual. BSI AG was sold in 2017 to the Zurich-based banking group EFG International. In Switzerland, where BSI is headquartered, the bank has been convicted of money laundering offences, the Edge notes. Swiss authorities are currently updating the conviction to specify in detail the criminal acts perpetrated against the 1MDB entities, the statement read. In parallel with the appeals, the joint liquidators for Brazen Sky have applied to the Singapore High Court to pursue related claims against BSI Bank and its officers, the Edge adds. 1MDB and Brazen Sky were represented by King's Counsel Ng Jern-Fei, assisted by Tan Jun Hong of Duxton Hill Chambers and Qabir Sandhu, Law May Ning and Clara Lim of LVM Law Chambers LLC. Lim Chee Wee Partnership of Kuala Lumpur acts as global coordinating counsel for all 1MDB-related asset recovery efforts in Malaysia and abroad. Angela Barkhouse and Toni Shukla of Kroll (Cayman) Ltd are the joint liquidators for Brazen Sky and are represented by Oon & Bazul LLP. About 1MDB Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent Malaysian strategic development company, wholly owned by the Malaysian Minister of Finance. 1MDB was established in 2009 to foster long-term economic development for the country by forging global partnerships, particularly in energy, real estate, tourism, and agribusiness. The Company was founded shortly after Dato Sri Najib Razak became Prime Minister of Malaysia in July 2009. Najib said the establishment of 1MDB into a federal entity was to benefit a majority of Malaysians. 1MDB is said to have raised billions of dollars in bonds, for investment projects and joint ventures, between 2009 and 2013. Among those projects are the Tun Razak Exchange, Tun Razak Exchange's sister project Bandar Malaysia, and the acquisition of three independent power producers. The Company came into heavy scrutiny in 2015 for suspicious money transactions and evidence pointing to money laundering, fraud and theft. The corruption scandal in 1MDB has implicated high-level officials, including Prime Minister Najib Razak, as wells as banks and financial institutions around the world. In 2016, the U.S. Department of Justice filed a lawsuit, alleging that at least US$3.5 billion has been stolen from 1MDB. In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be US$7.8 billion. Malaysia has been filing lawsuits over the years in an effort to recover the missing billions of dollars. Among others, in May 2021, Malaysia filed 22 civil suits against entities and people involved in the corruption scandal, including units of Deutsche Bank and JP Morgan. Malaysia said in September 2020 it has so far recovered about US$3.24 billion in assets linked to the 1MDB matter. This amount includes about US$600 million cash and assets returned by U.S. authorities; about US$2.5 billion paid by Goldman Sachs as settlement; as well as US$780 million in settlement amounts from Malaysian banking group AmBank and audit firm Deloitte. CAPITAL A: Returns to Profitability with MYR689.57MM Q1 Net Profit ------------------------------------------------------------------ The Edge Malaysia reports that Capital A Bhd swung back to profitability with a net profit of MYR689.57 million in the first quarter ended March 31, 2025 (1QFY2025), mainly driven by a whopping MYR882.7 million profit from its aviation business, which has been classified as a discontinued operation in anticipation of its sale to AirAsia X Bhd. Capital A's turnaround followed a net loss of MYR91.55 million posted a year earlier and MYR1.57 billion in 4QFY2024, the Edge relates. As a result, the carrier posted an earnings per share of 15.9 sen in 1QFY2025 compared with a loss per share of 2.2 sen in 1QFY2024. Revenue for the quarter rose 15.2% to MYR414.52 million in 1QFY2025 from MYR359.76 million in 1QFY2024, driven by growth from its logistics, MRO services, and digital businesses, the Edge discloses. No dividend was declared during the current quarter. The last dividend declared by Capital A was 90 sen per share for FY2019. Its aviation segment's net profit of MYR882.74 million came on revenue of MYR4.91 billion in 1QFY2025, as fuel cost declines and cost optimisation lifted margins. "We've set ambitious but realistic internal targets for 2025, and I'm pleased to say we remain on track," the Edge quotes Capital A chief executive officer Tan Sri Tony Fernandes as saying in a statement on May 30. "Breakeven is targeted towards the later part of the year as BigPay (fintech) leverages on the AirAsia ecosystem as well as key partnerships. I'm confident 2025 will be a defining year for Capital A," he added. The aviation business, although classified under discontinuing operations, remains poised for recovery as AirAsia Aviation Group CEO Bo Lingam expects a stronger momentum in the second half of 2025, driven by seasonal demand, a favourable fuel environment, and stronger regional currencies, the Edge relays. "With plans to reactivate 20 aircraft and add a net of two new aircraft, we are positioning to scale capacity as we undertake demand-led network optimisation aimed at boosting frequency and connectivity across the Aviation Group," he said. The group targets carrying 70 million passengers in FY2025, with 16.17 million achieved in 1QFY2025, the Edge discloses. While full fleet reactivation has been delayed to July 2025 due to supply chain issues, new aircraft inductions are expected to mitigate this. About Capital A Capital A Bhd, formerly known as AirAsia Group Bhd, provides low-cost air carrier service. The company provides services on short-haul, point-to-point domestic and international routes. Capital A, headquartered in Malaysia, operates from hubs in Malaysia, Thailand, Indonesia, Philippines and India. The airline's Malaysia and Thailand operations are undertaken via AirAsia Bhd and Thai AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines operations are managed under PT Indonesia AirAsia and Philippines AirAsia Inc. Capital A triggered the PN17 suspended criteria in July 2020 after its external auditors, Ernst & Young PLT, issued an unqualified audit opinion with material uncertainty relating to going concern in respect of its audited financial statements for the financial year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a consolidated basis was 50% or less of its share capital. Capital A also triggered the prescribed criteria pursuant to Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market Listing Requirements (Main LR), where AirAsia's shareholders' equity on a consolidated basis was 25% or less of its share capital and the shareholders' equity is less than MYR40 million based on the audited financial statements for FY20. Following relief measures introduced by Bursa and the Securities Commission Malaysia, Capital A was not classified as a PN17 listed issuer and was not required to comply with the obligations under Paragraph 8.04 and PN17 of the Main LR for a period of 18 months from the date of the first relief announcement, theedgemarkets.com said. The date of the first relief announcement was July 8, 2020, and the 18-month period ended on Jan. 7, 2022. Under the relief measures, companies that triggered any of the suspended criteria between April 17, 2020 and June 30, 2021, would not be classified as a PN17 and Guidance Note 3 (GN3) company for 12 months. As reported in the Troubled Company Reporter-Asia Pacific in mid-October 2024, shareholders have backed plans for budget carrier AirAsia to be bought by its long-haul associate, AirAsia X paving the way for the Malaysian-based airlines to finalise their consolidation by the end of the year. AirAsia X shareholders approved the proposed acquisition of Capital A's equity interest in AirAsia units for MYR6.8 billion (US$1.6 billion) on Oct. 16, 2024, after Capital A shareholders gave the nod on Oct. 14 to the deal, company statements said, according to Reuters. Capital A CEO Tony Fernandes said on Oct. 14, 2024, the disposal of AirAsia Berhad and AirAsia Aviation Group, which includes AirAsia units in Thailand, Indonesia, Philippines, and Cambodia, will pave the way for Capital A's restructuring and exit from PN17 status. ===================== N E W Z E A L A N D ===================== BOSSED LIMITED: Court to Hear Wind-Up Petition on June 12 --------------------------------------------------------- A petition to wind up the operations of Bossed Limited will be heard before the High Court at Whanganui on June 12, 2025, at 9:30 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 21, 2024. The Petitioner's solicitor is: Deepika Belinda Padmanabhan Legal Services 55 Featherston Street PO Box 895 Wellington 6011 JAGUAR TECH: Creditors' Proofs of Debt Due on July 4 ---------------------------------------------------- Creditors of Jaguar Tech Limited and Glamour Holding Limited are required to file their proofs of debt by July 4, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 22, 2025 and May 26, 2025, respectively. The company's liquidator is: Kevin John Davies Principle Insolvency LP PO Box 1566 Hamilton 3240 JONESY CONSTRUCTION: Builder Fined NZD3.5K for Taking Deposit ------------------------------------------------------------- Deborah Morris at The Post reports that a builder who had left multiple clients without finished homes has been fined for taking NZD84,885 for a home he would not be able to deliver. At least 20 potential homeowners were left with either partially finished homes or just plans when Jonesy Construction went into liquidation in May 2022, The Post notes. Many had already paid substantial amounts to the failing company. In a recent decision, the Building Practitioners Board found Wellington builder Benjamin Jones had not done what he promised, had provided false assurances, and obtained and retained payments on that basis. They fined him NZD3,500 and ordered him to pay costs of NZD700, according to The Post. Mr. Jones was the sole shareholder and trader of Jonesy Construction. In 2022 the board cancelled Mr. Jones' licence as a licensed building practitioner. It disqualified him from reapplying for six months after finding he had taken money from clients to obtain a Master Build guarantee on their homes, but never actually lodged them. It also fined him NZD4,250 to cover the cost of the hearing, The Post says. This time the board heard from another client who had paid a deposit of NZD59,885, according to The Post. Mr. Jones had provided the client with rudimentary designs, generic specifications and Master Build Guarantee documentation. On Dec. 2, 2021, a contract deposit of NZD59,885.03, being 10% of the contract price was paid. The contract included an additional clause that stated the deposit was to cover the work required to achieve building consent. An invoice was issued by Mr. Jones a couple of months later for NZD25,000. The invoice said it was for architectural and engineering documentation for building consent, and the clients paid it. A building consent was not applied for, and no design documentation was ever received besides the rudimentary documentation provided during the contract negotiations, The Post relays. The board's decision said the client stated he was given a start date of late April but that from May 3, 2022, Mr. Jones could not be contacted. The business was put into liquidation on May 11, 2022. A liquidator's report dated December 2024 noted there were six secured creditors with filed claims totalling NZD765,922, that NZD1.7 million of claims had been made by trade creditors, there were NZD5.2 million in claims by homeowners and that there were NZD64,919 of unsecured claims from employees, The Post discloses. "The complainant has paid NZD84,885.03 and has received nothing of value in return," the board said. "He (Jones) either knew or should have known that his company was not in a strong financial position and that it may not have been able to complete the work that it had promised to complete and, if he was unaware, he would, given the size of the company's failure, have been in dereliction of his duties as a director." The Post adds that the board said it had decided that Mr. Jones' conduct was disreputable when he sought a further payment and obtained an unethical financial gain when he knew he was in financial difficulty and would not be able to deliver on his promises. It said Mr. Jones' actions were deliberate and calculated. About Jonesy Construction Jonesy Construction focused on residential construction projects throughout the Wellington region and had 27 staff. David Ian Ruscoe and Raymond Paul Cox of Grant Thornton New Zealand were appointed as liquidators of Jonesy Construction Limited on May 11, 2022. MARINE AND INDUSTRIAL: Creditors' Proofs of Debt Due on June 26 --------------------------------------------------------------- Creditors of Marine and Industrial Fabricators Limited are required to file their proofs of debt by June 26, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 27, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 MIKNIK LIMITED: Creditors' Proofs of Debt Due on June 27 -------------------------------------------------------- Creditors of Miknik Limited are required to file their proofs of debt by June 27, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 26, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 PACIFIC EDGE: Reports Full Year 2025 Earnings --------------------------------------------- Pacific Edge on May 30, 2025, reported a resilient financial result for the year to the end of March 2025. Improvements in the performance of the sales force, operating efficiencies and cash collection gains over the financial year have positioned the company well as it works towards regaining Medicare coverage of its tests. Pacific Edge also announced a NZD20 million equity raising to capitalize on recent clinical and commercial milestones, grow in non-Medicare channels, and regain Medicare coverage. FY25 Financial Performance * Operating revenue down 8.6% on FY 24 to NZD21.8 million, reflecting Medicare uncertainty. Total revenue is down 16% on FY 24 to NZD24.6 million * Total laboratory throughput (TLT) of Cxbladder tests fell 11.5% on FY 24 to 28,894; commercial tests fell 9.9% on FY 24 to 26,42 tests * Tests/Sales FTE in the US for Q4 25 were reported at 405.6, up 6.4% on Q4 24; ASP for all commercial tests in the US increases to US$594 in FY 25 vs US$584 in FY 24 as operating efficiencies and cash collection gains continue to improve * Strong performance from the Southern California Permanente Medical Group, increased APAC volume and sustained sales force efficiencies reduce the impact of Medicare uncertainty and the reduced sales team reach * Net loss after tax +1.4% on FY 24 to NZD29.9 million, 2H 25 net loss +6.4% on 1H 25 led by increased expenditure on clinical research, Triage Plus commercialization and legal fees * Cash, cash equivalents and short-term deposits of NZD22.6 million at the end of FY25; cash burn of NZD13.4 million in 2H 25 down 6.7% on 1H 25 FY25 Strategic Performance * Cxbladder Triage included in the American Urological Association (AUA) guidelines with a 'Grade A' evidence rating, the only biomarker to achieve this status * Triage Plus achieves a draft Medicare price of US$1,018.44, a significant premium to the current US$760 per test; full scale commercial launch is now contingent on re-coverage * Medicare coverage discontinued following Genetic Tests for Oncology (Specific Tests) (L39365) becoming effective after balance date (24 April 2025); Pacific Edge is now focused on regaining coverage for Triage and Monitor and obtaining coverage and launch of new products Triage Plus and Monitor Plus * Commercial team focused on profitable territories, non-Medicare revenue streams and selling the clinical and economic value of Cxbladder; Cxbladder Detect discontinued * FY25 Climate Disclosures released in compliance with NZCS Chairman Chris Gallaher said: "While a significant disappointment, the adverse determination based on out-dated evidence on Genetic Testing for Oncology: Specific Tests (L39365) LCD should not overshadow the major strategic progress we've made over the past year. "Cxbladder Triage was included in the American Urological Association's new microhematuria guideline with a 'Grade A' evidence rating – the only biomarker to receive that level of endorsement. "Meanwhile, with the US Centers for Medicare & Medicaid Services (CMS) announcing a draft price of US$1,018.44 for Cxbladder Triage Plus – a significant premium over the current US$760 price for our existing tests – Pacific Edge is positioned for a rapid acceleration of revenue growth in the US once Medicare coverage is achieved." Chief Executive Dr Peter Meintjes added: "The AUA guideline cements Pacific Edge's position as the market leader in non-invasive bladder cancer diagnostics, reinforcing our first-mover advantage. In combination with evidence not considered during the finalization of L39365, the guideline puts Pacific Edge in a strong position to regain Medicare coverage for Cxbladder Triage. We also believe we can make a strong case for Medicare coverage of Cxbladder Monitor, and longer-term Triage Plus and Monitor Plus tests. "Supported by our peer-reviewed clinical evidence – and the capital we are seeking – we are confident we can continue to advance the commercialization of our tests in the US. And, as we advance the development of in vitro diagnostic (IVD) kitted versions of Cxbladder, we are also confident we can deliver the same performance and value in other markets with kits run in partner labs." Financial Results Operating revenue of NZD21.8 million was down 8.6% from NZD23.9 million in FY24, but steady against 1H 25 reflecting the ongoing Medicare uncertainty and the reduced reach of the sales team following the restructuring at the start of 2H 24. FY 25 TLT of 28,894 tests was down 11.5% on the 32,633 tests in FY 24, but 2H 25 volume steady against 1H 25. Commercial test volumes was down 9.9% on FY 24 to 24,642 tests, but steady against 1H 25. "However, since the LCD became effective, we have seen its impact in reduced volumes," Dr. Meintjes said. Tests for Medicare and Medicare Advantage – those affected by L39365 – represented 53% of commercial tests in FY25 vs 60% in 1H 24. This improvement reflects rising demand from contracted payers such as the Southern California Permanente Medical Group, rising APAC volumes and sustained sales force efficiencies. The Average Sales Price for US testing increased to US$594 in FY 25 vs US$584 in FY 24 as cash collection improvements were sustained. Throughput per Sales FTE improved again to 405.6 tests in Q4 25 from 381.2 in Q4 24. Tests per unique ordering clinician (our preferred metric for measuring customer commitment to Cxbladder) was 7.1 in Q4 25 compared to 6.7 in Q4 24 as we focused efforts on profitable accounts and territories. The net loss after tax of NZD29.9 million was steady on FY24 (down 1.4%), reflecting the benefits of the cash conservation initiatives. Costs were higher in 2H 25 led by the increased investment in clinical research, the costs associated with the commercialization of Triage Plus and an increase in legal fees as the company challenged the LCD. Cash and cash equivalents and short-term deposits stood at NZD22.6 million at the end of March 2025, down from NZD35.9 million at the end of September 2024. The 2H 25 cash burn of NZD13.4 million was lower than the NZD14.3 million in 1H 25, but after considering the higher cash spend related to payments that cover a 12-month period, the underlying cash burn was steady as operating cash conservation initiatives continued to deliver. Strategic Progress "Pacific Edge has taken steps to mitigate the uncertainty linked to L39365 by focusing commercial operations on profitable territories, non-Medicare revenue streams and selling the clinical and economic value of Cxbladder. This has delivered tangible improvements in the performance metrics we track for sales force efficiency and customer stickiness," Dr. Meintjes said. "With L39365 becoming effective on 24 April 2025 – despite Pacific Edge undertaking vigorous political advocacy efforts and pursuing potential legal avenues – we have two paths forward. "The first is the definitive path to change the non-coverage determination to a coverage determination by submitting a reconsideration request to Novitas with the evidence that has previously not been reviewed. "We submitted a reconsideration request for Cxbladder Triage in March 2025, based on evidence not considered in the LCD, including the groundbreaking STRATA study and the AUA microhematuria guideline. "We lodged a reconsideration request for Cxbladder Monitor in May 2025 supported by two new real-world studies out of Australia. "The second is to appeal claim denials through the Medicare Appeals Process providing the AUA guideline as evidence to an Administrative Law Judge to reverse the claim denial. Our success is not guaranteed, but guideline inclusion has typically been viewed as more than sufficient to meet the standard of medically reasonable and necessary. "The AUA microhematuria guideline provides Pacific Edge with a number of options to build momentum despite the non-coverage determination on L39365. We expect to continue to receive reimbursement from contracted commercial US payers without interruption, notably Kaiser Permanente, the US Veterans Administration, Blue Cross Blue Shield plans under a group purchasing agreement and from non-contracted private payers. "Similarly, we expect to improve collections from non-contracted private payers through two initiatives. The first is to appeal denied claims to "external review", using the AUA microhematuria guideline as evidence to reverse the initial claim denial. The second is to establish 'client billing' relationships with hospitals and large urology group practices that are committed to Cxbladder Triage and agree to seek reimbursement from the commercial payers rather than Pacific Edge. For commercial claims that ultimately result in a denial, we intend to continue our enhanced patient responsibility and patient assistance programs to drive some payment from patients for our test. "Beyond the challenges of the new operating environment and these new initiatives, our clinical evidence program will continue to generate published evidence for further reconsideration requests or to embed them in guidelines. Importantly, our DRIVE Study and STRATA Concordance Study are on track for publication later this year. The publication from the DRIVE study is expected to be sufficient to establish coverage of Triage Plus and the STRATA Concordance Study will confirm the clinical utility of Triage Plus in the microhematuria patient population. "Recognising that no new evidence has been published that can be submitted for reconsideration of Cxbladder Detect, we have decided to discontinue the test in the US. Users are being migrated to Triage, accelerating a plan previously intended to coincide with the commercial launch of Triage Plus. "In New Zealand – our largest market outside of the US – we are seeking to further entrench Cxbladder with a national pathway for hematuria evaluation. The moves to extend our global reach and diversify our revenue with distribution agreements in Israel, Latin America and Southeast Asia continue to offer promise, delivering still small but steadily growing test volumes from these markets. We are targeting the development of a kit-based IVD to accelerate momentum in these markets and other markets globally. "Finally, we have continued to invest in the digitalization initiatives that will further drive the adoption of our tests and improve the experience for clinicians and patients. We are seeing evidence that these initiatives are embedding Cxbladder in clinical practice, with tests ordered and resulted through our digital integrations being less impacted by the adverse LCD," the company added. Outlook "In the short-term Pacific Edge expects to see a reduction in US test volumes reflecting the impact of L39365. However, in the medium to long-term we see a resumption of growth as we increasingly change physician behavior off the back of guidelines inclusion. "The AUA microhematuria guideline, the positive Triage Plus price, and the efficiency and operational improvements we have driven over the last two years position Pacific Edge to accelerate the company on the path to profitability after re-establishing Medicare coverage," Dr. Meintjes said. "The capital raising we have announced today will assist our commercialization efforts in the US, our digitalization initiatives that improve the customer experience, our clinical evidence generation, and our innovation in R&D to bring Cxbladder to more physicians and more patients globally," Dr. Meintjes said. "We look forward to updating investors on our progress." About Pacific Edge Dunedin, New Zealand-based Pacific Edge Biotechnology Limited (NZX:PEB) -- http://www.pacificedgebiotech.com/-- a cancer diagnostics company, engages in development and commercialization of bladder cancer diagnostic and prognostic tests for patients. It operates through two segments, Commercial and Research. The company offers Cxbladder, a genomic urine biomarker test for the detection and surveillance of bladder cancer. It also develops Cxbladder Triage, a frontline diagnostic product that helps de-intensify clinical work-up for patients with haematuria who have a low probability of bladder cancer; and Cxbladder Monitor, a non-invasive surveillance alternative that reduces the burden of repeated cystoscopy in patients with a low risk of recurrence. In addition, the company is developing products for bladder, gastric, colorectal, endometrial cancers, and melanoma. Pacific Edge reported three consecutive annual net losses of NZD32.19 million, NZD28.80 million, and NZD21.29 million for years ended March 31, 2024, 2023 and 2022, respectively. SAVAGE GARAGE: Court to Hear Wind-Up Petition on June 13 -------------------------------------------------------- A petition to wind up the operations of Savage Garage NZ Limited will be heard before the High Court at Auckland on June 13, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 10, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 TARATAHI AGRICULTURAL: Sale 'Yet To Be Finalised' ------------------------------------------------- Monique Steele of Radio New Zealand reports that the future of the Taratahi Agricultural Training Centre in Wairarapa is still up in the air, seven years after it was put into liquidation. The Taratahi Agricultural Training Centre was established in 1919 as a training farm for men returning from WWI. The centre near Masterton was known as the Wairarapa Cadet Training Farm until its name change in the early 1980s. Declining student numbers in recent decades saw the private training establishment and agricultural education provider put into liquidation in 2018, RNZ notes. While its commercial dairy farms continued to operate, various groups have tried to find a suitable buyer since. According to RNZ, liquidators said in a report last September, there was NZD15.2 million owing to 248 unsecured creditor claims. There was still a "significant amount outstanding" to the secured creditor and pre-liquidation payroll taxes to Inland Revenue too, they said. Liquidators said at the time, they were in contact with a potential buyer, and a sales and purchase agreement had been drafted, RNZ recalls. "A sale and purchase agreement has been presented to this party and while discussions with this party have been positive, we have not received a signed agreement," it read. RNZ relates that Vocational Education Minister Penny Simmonds said a deal had not yet been completed. "The liquidators continue to work with a potential buyer on purchasing the land, but a deal is still to be finalised," she said, notes the report. A sale would be subject to the Taratahi Agricultural Training Centre Act, which would have to be approved by the Minister of Agriculture. Agriculture Minister Todd McClay said he was aware of options for the resolution of the centre's liquidation, but details were commercially sensitive, RNZ relays. ================= S I N G A P O R E ================= MTRS ENGINEERING: Court to Hear Wind-Up Petition on June 13 ----------------------------------------------------------- A petition to wind up the operations of MTRS Engineering & Constructions Pte. Ltd. will be heard before the High Court of Singapore on June 13, 2025, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on May 22, 2025. The Petitioner's solicitors are: Adsan Law LLC 300 Beach Road #26-00 TheConcourse Singapore 199555 ONRAIN ECOMMERCE: Court to Hear Wind-Up Petition on June 13 ----------------------------------------------------------- A petition to wind up the operations of Onrain Ecommerce Pte. Ltd. will be heard before the High Court of Singapore on June 13, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on May 21, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 SCHEMACRAFT INTERIORS: Court to Hear Wind-Up Petition on June 13 ---------------------------------------------------------------- A petition to wind up the operations of Schemacraft Interiors Pte. Ltd. will be heard before the High Court of Singapore on June 13, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on May 21, 2025. The Petitioner's solicitors are: Adsan Law LLC 300 Beach Road #26-00 TheConcourse Singapore 199555 SOMETHING SPECIAL: Court to Hear Wind-Up Petition on June 13 ------------------------------------------------------------ A petition to wind up the operations of Something Special Pte. Ltd. will be heard before the High Court of Singapore on June 13, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on May 22, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 TAMARIND BOUTIQUE: Court to Hear Wind-Up Petition on June 6 ----------------------------------------------------------- A petition to wind up the operations of The Tamarind Boutique Spa Pte. Ltd. will be heard before the High Court of Singapore on June 6, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on May 16, 2025. The Petitioner's solicitors are: Adsan Law LLC 300 Beach Road #26-00 TheConcourse Singapore 199555 ===================== S O U T H K O R E A ===================== HOMEPLUS: Workers, Store Owners Urge Withdrawal of Restructuring ---------------------------------------------------------------- Maeil Business Newpaper reports that while many Homeplus stores have been notified of the termination of their contracts and have actually taken steps to close their stores, workers and store owners have urged the withdrawal of restructuring. According to the report, the Seoul Regional Joint Task Force (Joint Task Force) held a press conference in front of the Homeplus Jamsil branch in Songpa-gu, Seoul on June 2 and urged the headquarters and private equity firm MBK Partners to come up with measures, saying, "Restructuring with contract termination is a threat to the survival of numerous workers and small business owners." "Homeplus notified about a quarter of all stores of its contract termination three months after applying for rehabilitation on March 4," Maeil Business quotes Jung Joon-mo, secretary-general of the Seoul headquarters of the Mart Industrial Union, as saying. "It is known that 36 stores have been targeted so far, and Jamsil and Gayang stores are also included." Maeil Business relates that Kang Hee-jung, chairman of Homeplus' Jamsil branch, also pointed out, "There are many employees who have worked so far since its opening in 2007, but the company unilaterally notifies the possibility of closing the store and talks about the conversion arrangement," adding, "Most of the employees live near Jamsil, but no realistic conversion arrangement alternative has been proposed." "The company refers to the plan to deploy one to three preferred destinations, but there are few stores that can actually go," he said. "Eventually, we move around several stores." It sounds like retirement. We're living here, and we don't want to wander around and work until we retire," he said. Homeplus store owners also voiced their opinions, Maeil Business relays. Maeil Business relates that a Jamsil store owner who attended the press conference said, "We opened the store with all our assets, but we were notified of the termination of the contract in less than a year," adding, "We are paying debt again due to non-payment of settlement payments and the burden of food materials and labor costs." "The method of extending the contract for a year has been changed to a monthly grace contract at some stores," he said, adding, "As soon as the closure is confirmed, it seems to mean that we will notify the end of the contract and kick it out." In its rehabilitation plan submitted to the court, Homeplus specified the possibility of "cancellation of the lease contract if the rent adjustment fails," and since then, the contract adjustment process is underway for each store, according to Maeil Business. However, workers and merchants argue that the adjustment is "functioning as a de facto closing procedure." Maeil Business adds that the joint task force called for withdrawal of the contract termination policy, preparation of measures to protect employment and the local economy and public apology from MBK Chairman Kim Byung-joo and self-rescue efforts. About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. =============== T H A I L A N D =============== NR INSTANT: Regulator Demands Revision of Financial Statements -------------------------------------------------------------- The Bangkok Post reports that the Securities and Exchange Commission (SEC) has instructed NR Instant Produce (NRF) to revise its full-year 2024 and 2025 first-quarter financial statements, citing issues related to the accounting treatment of its shareholding changes in Kairous Asia Ltd (KAL). According to the SEC, NRF recorded the repayment of loans and accrued interest received in the form of KAL common shares as a business acquisition. KAL and its subsidiaries were established for the purpose of merging with other businesses under a special purpose acquisition company (SPAC) structure. As no such merger has taken place, and given that KAL's financials primarily consist of deposits and non-current liabilities without active business operations, the entity does not meet the definition of a "business" under relevant financial reporting standards, the regulator said in a statement, Bangkok Post relays. Bangkok Post relates that the SEC also highlighted delays in KAL's SPAC-related activities compared with the original plan, which raises concerns about potential impairment of assets tied to the SPAC structure. These may include investments in subsidiaries, loans to subsidiaries, and accrued interest, with future recoverability hinging on the eventual success of the SPAC transaction. "As a result, the SEC directed NRF to reclassify the shareholding change in KAL as an asset acquisition or acquisition of a group of assets, in line with applicable financial reporting standards, and evaluate and recognise appropriate impairment losses on related assets in its separate financial statements," the statement noted. According to Bangkok Post, NRF is required to submit the revised and auditor-reviewed financial statements for 2024 and the first quarter of 2025, as well as update its disclosure report under Section 56 of the Securities and Exchange Act of 1992. These updates must be made publicly available through the Stock Exchange of Thailand's SETLink platform by June 30, 2025. The SEC's directive underscores the importance of accurate financial representation, especially for complex investment structures such as SPACs, reinforcing its commitment to transparency and investor protection in Thailand's capital markets, said the regulator. In addition, the SEC recently raised concerns over a bond restructuring plan proposed by NRF and called on bondholders of NRF254A to exercise their voting rights at the bondholders meeting on May 30, Bangkok Post relates. Bangkok Post says NRF sought approval to amend its bond repayment terms by reducing the number of instalments from five to two. The company proposes repaying 130 million baht on April 20, 2026, and the remaining 1.17 billion baht on the bond's maturity date. NRF also requested permission for early partial or full redemption of the bonds without a minimum redemption amount, and a waiver of early redemption fees if it exercises this right. In addition, the company seeks to waive default conditions tied to its failure to repay principal on the original due date of April 20, and any resulting acceleration demands, noting the missed interest payment for that period has since been settled in full, Bangkok Post reports. "The SEC instructed the bondholders' representative to present a clear analysis of the pros, cons, and potential impact on investors, whether the proposal is approved or rejected," noted the regulator. Bangkok Post adds that the SET imposed an SP (suspension) sign on NRF shares on May 30, following the SEC's directive for revised financial statements. The SP sign is slated to be lifted on June 4, while the CS (caution: financial statement) sign remains in place. During this period, NRF shares can only be traded via cash balance accounts, requiring investors to fully deposit the purchase amount in cash before trading, until the issues are resolved. NR Instant Produce Public Company Limited (BKK:NRF) is a Thailand-based company that manufactures sustainably produced foods. The Company is engaged in the production and distribution of seasonings and instant foods. It offers sauces, seasoning mixes, condiments, ready-to-eat meals, noodles, fruit juices, and snacks, as well as private label and co-packing services. The Company produces and markets its products globally and operates two reportable segments: Thailand and Overseas. ********* 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. 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