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250605.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 Thursday, June 5, 2025, Vol. 28, No. 112 Headlines A U S T R A L I A DANIEL TRELEASE: First Creditors' Meeting Set for June 11 DL ASPLEY: First Creditors' Meeting Set for June 10 HEALTHSCOPE: 'Over My Dead Body', La Spina Says on Bupa Takeover MME PL 2024-1: Moody's Upgrades Rating on Class F Notes to Ba1 PAUNCEFOTE PTY: First Creditors' Meeting Set for June 11 REACON AUSTRALIA: Creditors Approve Deed of Company Arrangement TASK TRANSPORT: Second Creditors' Meeting Set for June 9 WYRED UP: First Creditors' Meeting Set for June 10 C H I N A CHINA GUANGFA: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable HUA XIA BANK: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable PING AN BANK: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable I N D I A AGARWAL CHEM: ICRA Keeps B Debt Ratings in Not Cooperating ARPEGGIO INDUSTRIES: ICRA Keeps B- Debt Rating in Not Cooperating ATLAS CYCLES: ICRA Keeps D Debt Ratings in Not Cooperating HINDUSTAN FIBRE: ICRA Withdraws C Rating on INR8.60cr LT Loan KANCHAN AUTO: ICRA Keeps B+ Debt Rating in Not Cooperating KANDALAA: ICRA Lowers Rating on INR30cr LT Cash Loan to B+ MADHUVAN COTTON: ICRA Keeps B Debt Rating in Not Cooperating MAHI CORPORATION: ICRA Keeps D Debt Ratings in Not Cooperating MEHTA & ASSOCIATES: ICRA Keeps D Debt Ratings in Not Cooperating MVR COTTON: ICRA Keeps B Debt Ratings in Not Cooperating Category NOMAX ELECTRICAL: ICRA Keeps C Debt Ratings in Not Cooperating OCEAN PEARL: ICRA Keeps C+/A4 Debt Ratings in Not Cooperating PICCADILY HOLIDAY: ICRA Keeps B+ Debt Rating in Not Cooperating PILOT 2: ICRA Keeps D Debt Ratings in Not Cooperating Category PRAGATEJ BUILDERS: ICRA Keeps D Debt Rating in Not Cooperating PRUDHVI CONSTRUCTIONS: ICRA Keeps B+ Ratings in Not Cooperating PUSHPAK BULLIONS: ICRA Keeps D Debt Ratings in Not Cooperating SARBAMANGALA AGRO: ICRA Keeps D Debt Ratings in Not Cooperating SHANTAI EXIM: ICRA Keeps C Debt Rating in Not Cooperating SNN BUILDERS: ICRA Keeps B+ Debt Rating in Not Cooperating SRINIVASA RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating SUNTANA TEXTILE: ICRA Keeps D Debt Ratings in Not Cooperating THERMOSET POLY: ICRA Keeps D Debt Rating in Not Cooperating URJA AUTOMOBILES: ICRA Keeps D Debt Ratings in Not Cooperating VARDHMAN POLYTEX: ICRA Keeps D Debt Ratings in Not Cooperating VIDYA EDUCATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating VILLUPURAM DISTRICT: ICRA Keeps B+ Debt Rating in Not Cooperating VIPUL INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating N E W Z E A L A N D CATHIE PLACE: Grant Bruce Reynolds Appointed as Liquidator DTM BUILDERS: Creditors' Proofs of Debt Due on July 4 NANOSHINE LIMITED: Creditors' Proofs of Debt Due on June 25 RED PAINT: Creditors' Proofs of Debt Due on July 8 REMUERA DEVELOPMENT: Court to Hear Wind-Up Petition on July 17 S I N G A P O R E ANLIV MANAGEMENT: Court to Hear Wind-Up Petition on June 13 COMMUNICATIONS & POWER: Creditors' Proofs of Debt Due on June 30 GRAB HOLDINGS: Moody's Ups CFR to Ba3, Outlook Remains Positive LONG NING: Creditors' Proofs of Debt Due on June 30 MW MAINTENANCE: Court to Hear Wind-Up Petition on June 13 SUNEAST CARPENTRY: Court to Hear Wind-Up Petition on June 6 V I E T N A M EVN FINANCE: Moody's Affirms 'B2' CFR, Outlook Remains Stable - - - - - ================= A U S T R A L I A ================= DANIEL TRELEASE: First Creditors' Meeting Set for June 11 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Daniel Trelease Pty Limited and Trelease Associates Property Management Pty Limited will be held on June 11, 2025 at 10:00 a.m. and 11:00 a.m., respecitively, at the offices of JLA Insolvency & Advisory at Level 13, 50 Margaret Street in Sydney. Jamieson Louttit of JLA Insolvency & Advisory was appointed as administrator of the company on May 30, 2025. DL ASPLEY: First Creditors' Meeting Set for June 10 --------------------------------------------------- A first meeting of the creditors in the proceedings of: - DL Aspley Pty Ltd (formerly known as "Doctorlink Holdings Pty Ltd") - DL Beenleigh Road Pty Ltd (formerly known as "Beenleigh Road Medical Centre Pty Ltd") - DL Belmont Pty Ltd (formerly known as "Belmont Medical Centre Pty Ltd") - DL Beaconsfield Pty Ltd (formerly known as "Brighton Village Medical Centre Pty Ltd") - Clinical Funding Pty Ltd - DL Albany Creek Pty Ltd (formerly known as Albany Care Medical Pty Ltd") - Bargara Medical Group Pty Ltd (Formerly Trading As "Bargara Family Medical") - DL Brighton Pty Ltd (Formerly Trading As "BRIGHTON MEDICAL CENTRE") - DL Bundaberg Pty Ltd (Formerly Trading As "Burrum Street Medical Practice") - DL Cooroy Pty Ltd (Formerly Trading As "Cooroy Family Medical") - DL Fortitude Valley Pty Ltd (Formerly Trading As "Doctors on Brunswick") - DL Imbil Pty Ltd (Formerly Trading As "Imbil Family Medical") - DL Indooroopilly Pty Ltd (Formerly Trading As "Healthy Women Medical Centre Indooroopilly") - DL Maroochydore Pty Ltd (Formerly Trading As "MAROOCHY WATERS MEDICAL PRACTICE" and "Maroochy Waters Medical Practice - MWMP") - DL Pomona Pty Ltd (Formerly Trading As "Pomona Family Medical") - DL Shailer Park Pty Ltd (Formerly Trading As "Shailer Park Medical Centre") - DL Stafford Heights Pty Ltd (Formerly Trading As "RODE MEDICAL CLINIC" and "Stafford Heights Medical Practice") - DL Stafford Pty Ltd (Formerly Trading As "STAFFORD CITY DOCTORS") - DL Newman Road Pty Ltd (Formerly Trading As "GEEBUNG MEDICAL CLINIC") will be held on June 10, 2025 at 11:00 a.m. at the offices of Mcleods Accounting at Level 5, 145 Eagle Street in Brisbane. Bill Karageozis and Jonathan McLeod of Mcleods Accounting were appointed as administrators of the company on May 29, 2025. HEALTHSCOPE: 'Over My Dead Body', La Spina Says on Bupa Takeover ---------------------------------------------------------------- The Australian Financial Review reports that Healthscope chief executive Tino La Spina has used a private briefing with staff to rubbish health insurance giant Bupa's chances of buying the collapsed private hospital business, and raised Brookfield Asset Management's embarrassment at losing its investment. In an extraordinarily frank discussion with hospital staff and doctors after the company fell into receivership last week, Mr. La Spina said Bupa would buy Healthscope "over my dead body", adding that Brookfield exited its ownership with its "tail between its legs," the Financial Review relates. Shareholders in its larger, ASX-listed rival Ramsay Health Care were "disillusioned" and its hospitals were not performing as well as Healthscope's, Mr. La Spina added. Healthscope, which has AUD1.6 billion in debt, was placed into receivership last week after Brookfield agreed to hand control of the operator of 37 private hospitals into the hands of lenders. The hope is to find a new owner for the company in about 10 weeks, and Healthscope is playing down concerns that some hospitals could shut, depending on who buys the group, the report notes. According to the Financial Review, Mr. La Spina told doctors and staff on the call that lenders and landlords would need to settle for less than they were owed to ensure the company survives. Attacking private health funds, Mr. La Spina said they should no longer be allowed to underfund the system or "dictate" the terms of clinical care. "I can't be clearer . . . over my dead body," the report quotes Mr. La Spina as saying when asked if a health fund such as Bupa would be allowed to buy the hospital operator. "I won't be part of anything that involves a health insurer coming to own Healthscope. I think that is abhorrent. The way they have underfunded hospitals and then come in to seek to take advantage, to try to pick it up on the cheap when they have created a situation, or at least contributed to the situation." Mr. La Spina, who said he hoped to remain on as Healthscope chief executive once a buyer is found, acknowledged he would not get to decide the outcome of the sale process being run by receivers McGrathNicol. But a health fund "won't have me sitting there as their CEO", he added. Healthscope and Bupa clashed last year after the British fund resisted pressure from Brookfield to increase how much it paid for its members' care. Bupa has appointed advisers to look at the assets, The Australian Financial Review's Street Talk has reported. Healthscope has received 10 indicative offers from private hospital operators, including Ramsay. In an online briefing for medical staff, Mr. La Spina said it was a misconception to compare the performance of Ramsay, which owns its hospitals, and Healthscope, which leases a large part of its network. "If you took the capital structure out and compared the two like for like, you will find we are doing better than them. The equity holders, the people who own the shares in Ramsay, have been disillusioned for years now because they are not getting the returns they should," he said, notes the report. "[Ramsay shareholders] are saying, hang on, we've funded all the growth, we bought all the property, we should be getting the returns you should otherwise be paying the landlords. I would not be holding Ramsay out as the poster child of what a successful hospital operator looks like." The Financial Review adds that Mr. La Spina, a former Qantas executive who was appointed to Healthscope in February, said there were no winners from Brookfield's AUD5.7 billion buyout of the company off the ASX in 2019, noting the firm had lost AUD2 billion. "There have not been a lot of winners for those who have invested into this whole sorry story," he said, according to the Financial Review. "The one who has lost the most is Brookfield . . . they've gone, but they have gone with no cash. They have probably gone with their tail between their legs a little bit, not feeling great about that." However, he was upbeat about the company's prospects once a new owner was known in about eight to 10 weeks, the Financial Review relays. While he could not rule out multiple buyers for the assets, the receivers would prefer to find a buyer for the whole business, which would be less risky. "I'm long enough in the tooth that I've seen many transactions fall over at the last minute, and the receivers would much rather do one transaction that is clean, lock stock and barrel, and get it done," he said, adds the report. About Healthscope Healthscope provides healthcare services. The Company manages a network of hospitals, clinics, and physicians for the provision of emergency care, women's services, cancer care, and pediatric services. Healthscope operates 38 hospitals across Australia. On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland & Katherine Sozou of McGrathNicol Restructuring were appointed as Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope NewCo Pty Ltd. The appointments are limited to these two entities only, which are 'holding companies' within the Healthscope Group corporate structure. According to Sky News Australia, the lenders behind Healthscope have opted to call in receivers to find a buyer for the private hospital operator. Healthscope was purchased by Canadian asset management firm Brookfield in 2019, however, it handed control of the health company to the lenders earlier this month. This syndicate of hedge funds and banks voted on May 26 to put the company into receivership, Sky News Australia said. MME PL 2024-1: Moody's Upgrades Rating on Class F Notes to Ba1 -------------------------------------------------------------- Moody's Ratings has upgraded the ratings on five classes of notes issued by MME PL 2024-1 Trust. The affected ratings are as follows: Issuer: MME PL 2024-1 Trust Class B Notes, Upgraded to Aa1 (sf); previously on Jul 18, 2024 Definitive Rating Assigned Aa2 (sf) Class C Notes, Upgraded to Aa3 (sf); previously on Jul 18, 2024 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to A3 (sf); previously on Jul 18, 2024 Definitive Rating Assigned Baa2 (sf) Class E Notes, Upgraded to Baa2 (sf); previously on Jul 18, 2024 Definitive Rating Assigned Ba2 (sf) Class F Notes, Upgraded to Ba1 (sf); previously on Jul 18, 2024 Definitive Rating Assigned B2 (sf) A comprehensive review of all credit ratings for the transaction has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available to the affected notes and good performance of the collateral pool to date. No action was taken on the remaining rated class in the deal as credit enhancement remains commensurate with the current rating for the notes. Following the May 2025 payment date, the credit enhancement available for the Class B, Class C, Class D, Class E and Class F Notes has increased to 40.2%, 33.3%, 26.0%, 18.2% and 10.0% respectively, from 27.3%, 22.3%, 17.0%, 11.3 and 5.4% at closing in July 2024. Principal collections have been distributed on a pro-rata basis across the rated notes since January 2025 payment date. Current total outstanding notes as a percentage of the total closing balance is 53.9%. As of end-March 2025, 2.2% of the outstanding pool was 30-plus day delinquent and 1.1% was 90-plus day delinquent. The portfolio has incurred 1.2% and 1.1% (as a percentage of the original note balance) of gross and net losses to date, which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have revised Moody's expected default assumption to 8.5% of the current pool balance (equivalent to 5.7% of the original pool balance), from 9.8% of the pool balance at closing. Moody's have also revised Moody's Aaa portfolio credit enhancement (PCE) to 36% from 38% at closing. The deal includes an interest rate swap agreement to mitigate the fixed-floating mismatch between underlying fixed rate assets and the floating rate notes. Following the May 2025 payment date, the swap's notional balance is around 30% below the balance of the rated notes adjusted by the balance of variable rate assets. In Moody's analysis, Moody's have considered the extra costs the deal may incur in a rising interest rate environment due to under-hedging. Moody's analysis has also considered various scenarios involving different mean default rate, PCE, and recovery rate to evaluate the resiliency of the note ratings. The transaction is a cash securitisation of unsecured personal loans extended to obligors located in Australia. Of the loans in the portfolio, 16% were originated by MoneyMe Financial Group Pty Ltd (MoneyMe) and 84% were originated by SocietyOne Australia Pty Ltd (SocietyOne). MoneyMe is a wholly owned subsidiary of MoneyMe Limited, an ASX listed lender providing a diversified mix of credit products to borrowers in Australia. In March 2022, MoneyMe completed the acquisition of SocietyOne, an Australian online personal loan provider. The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. PAUNCEFOTE PTY: First Creditors' Meeting Set for June 11 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Pauncefote Pty Ltd will be held on June 11, 2025 at 11:00 a.m. at Level 34, 32 Turbot Street in Brisbane and via virtual meeting technology. Nick Combis of Vincents was appointed as administrator of the company on May 30, 2025. REACON AUSTRALIA: Creditors Approve Deed of Company Arrangement --------------------------------------------------------------- Sprinter reports that Westman Printing has taken control of Reacon Australia following a vote by creditors held on May 30. According to Sprinter, the creditors overwhelmingly voted in favor of the Deed of Company Arrangement (DOCA) that was proposed by Westman Printing co-owner Vik Gulati to acquire the Reacon Australia business. Also on May 30, MMW3 Degrees was placed in liquidation and all employees previously employed by MMW3 Degrees were transferred across to Reacon Australia as part of the DOCA and the restructuring process. Sprinter relates that Westman owner Vik Gulati said he is very excited about the next stage of the Reacon Australia business. "The good news is that all staff and their entitlements will protected under the DOCA. We are also paying all of the outstanding superannuation that was not paid by the previous owners – so all statutory liabilities are all up to date," Sprinter quotes Mr. Gulati as saying. "Everyone who had a job before the DOCA was passed is still employed. The two businesses - Westman and Reacon - will also be able to service customers more effectively driven by more production capacity. "Reacon Australia will continue at its Regents Park to operate as usual and we will work with the employees in the business over the next few months to see where we can add value and obtain efficiencies. "We have continued to trade and we have been heartened by the strong support we have continued to receive from our valued customers. "The good news is that all transferring staff and their entitlements will protected under the DOCA. We will also be paying all of the transferring staff their outstanding superannuation that was not paid by the previous owners - so all statutory liabilities are all up to date," Mr. Gulati said. Everyone who remained employed upon entering the DOCA continues to be employed as of June 3, Sprinter notes. The two businesses - Westman and Reacon - will also be able to service customers more effectively driven by more production capacity. "Reacon Australia will continue at its Regents Park to operate as usual and we will work with the employees in the business over the next few months to see where we can add value and obtain efficiencies. "We have continued to trade and we have been heartened by the strong support we have continued to receive from our valued customers." Andrew Blundell and Simon Cathro of Cathro & Partners Pty Limited were appointed as administrators of Reacon Australia Pty Ltd and Mail Marketing Works Pty. Limited (trading as MMW 3 Degrees) on April 8, 2025. On April 10, Westman Printing purchased Reacon Group - the parent company of Reacon Australia and MMW3degrees - with a view to restructuring the businesses through a Deed of Company Arrangement. TASK TRANSPORT: Second Creditors' Meeting Set for June 9 -------------------------------------------------------- A second meeting of creditors in the proceedings of Task Transport Pty Ltd has been set for June 9, 2025 at 3:00 p.m. at the offices of SV Partners at 22 Market Street in Brisbane and via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 6, 2025 at 5:00 p.m. Terrence John Rose and Terry Grant van der Velde of SV Partners were appointed as administrators of the company on May 2, 2025. WYRED UP: First Creditors' Meeting Set for June 10 -------------------------------------------------- A first meeting of the creditors in the proceedings of Wyred Up Pty Ltd will be held on June 10, 2025 at 11:00 a.m. via videoconference. Roberto Crispino and Richard Albarran of Hall Chadwick were appointed as administrators of the company on May 28, 2025. ========= C H I N A ========= CHINA GUANGFA: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed China Guangfa Bank Co., Ltd.'s (CGB) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB+', Government Support Rating (GSR) at 'bb+', Short-Term IDR at 'B' and Viability Rating at 'b+'. The Outlook on the Long-Term IDR is Stable. The bank's VR is in line with the implied VR. Key Rating Drivers Government Support Prospects Unchanged: CGB's Long-Term IDR reflects Fitch's assessment of a moderate likelihood of government support in the event of stress, as expressed by the GSR. Its view takes into consideration the bank's limited market share nationally and modest domestic systemic importance. CGB's 'B' Short-Term IDR is mapped to its Long-Term IDR. The Ministry of Finance (MoF) directly owns a 5.2% stake in CGB, making it the fifth-largest shareholder at end-2024. The MoF nominated one director to the board in April 2025. CGB is the only joint-stock bank with direct MoF ownership in China. Operating Environment: Fitch forecasts China's GDP growth to reach 3.9% and 3.8% in 2025 and 2026, respectively, (5% in 2024). This considers the near-term tariff risks as well as lingering domestic challenges, particularly around the property sector. Fitch expects near-term market volatility as China braces for potential changes in macro policies to support economic activity, but the sector's credit growth should remain moderate to sustain stable system leverage over the medium term. The 'bbb-' operating environment score is above the 'bb' category implied score, as Fitch believes China's solid external finances and large and diversified economy, incorporated in its sovereign rating, will provide greater financial and economic stability than the implied score indicates. Modest Franchise: CGB's business profile score of 'bb' is below the 'bbb' implied category score, reflecting management and government limitations, which are not uncommon in China due to pressure from the authorities to support certain borrower segments in challenging times. The score also reflects CGB's higher-than-peer exposures to riskier types of unsecured consumer lending. Fitch expects the business profile score to remain constrained by CGB's modest franchise in the medium term. Moderating Risk Appetite: The revision of the outlook on CGB's risk profile score of 'b+' to positive reflects a moderation in the bank's growth appetite alongside improved transparency in off-balance sheet and shadow banking activities. Its entrusted investments declined to 3.5% of total assets, and wealth management products (WMPs) remained relatively low compared with rated peers, at 5% of total assets at end-2024. The score may be revised upwards if these improvements continue and are sustainable. CGB's risk appetite score remains below that of higher rated peers because the bank has higher exposure to riskier types of unsecured loans, such as credit-card lending (18% of loans at end-2024 versus an average of just below 10% for mid-tier banks). Asset Quality Aided by NPL Resolution: Fitch revised the outlook on CGB's asset quality score of 'b+' to positive from stable as the bank's intrinsic asset quality has been aided by its moderation in risk appetite and continued NPL resolution in recent years. A sustainable continuation of this trend could result in the score being revised upward. CGB's asset quality score of 'b+' remains below the implied 'bbb' category score to reflect its higher exposure to unsecured consumer lending and off-balance-sheet and non-loan assets than larger peers. Modest Profitability Lags Peers: Its assessment of CGB's earnings and profitability score considers the pressure on its profitability from its weaker loan-pricing power and high operating costs relative to other mid-tier Chinese banks. Fitch expects this pressure on the bank's profitability to persist. Its earnings and profitability score of 'b' is below the 'bb' category implied score to reflect potential risk-weighted asset (RWA) understatement due to its high non-loan exposure. Improving Capital Buffer: The revision of CGB's capitalisation score to 'b+' from 'b' reflects its improving capital buffers in recent years. The bank's CET1 ratio rose to 9.7% by end-2024 from 9.1% at end-2023, aided by slower RWA growth and internal capital retention. Fitch expects it to improve modestly from this level through to end-2026. The capitalisation and leverage score remains below the 'bb' category implied score to reflect understatement in its risk-weight calculations due to its high non-loan exposures. Modest Funding Profile: CGB's funding and liquidity score of 'bb-' is below the 'bbb' category implied score due to its relatively greater reliance on non-deposit funding, similar to most other mid-tier Chinese banks, and modest retail deposit franchise relative to higher-rated peers. CGB's funding profile remains constrained by its limited retail deposit franchise. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade IDRs and GSR The Long-Term IDR and GSR of CGB will come under pressure if Fitch perceives that the central government's propensity or ability to provide timely extraordinary support has diminished significantly. Lower propensity may be demonstrated by an enhanced resolution framework or materially weaker government support ability. The state's propensity to support the bank may also decline if there were a significant reduction in the bank's systemic importance, for example, if the bank is no longer designated as a domestic systemically important bank (D-SIB). The Short-Term IDR will not be downgraded unless the Long-Term IDR is downgraded to 'CCC+' or below, which Fitch views as highly unlikely in the short to medium term. VR The VR could be downgraded if the operating environment score is lowered or if Fitch assesses the bank to have increased its risk appetite significantly, especially in credit-card lending, or if it aggressively increases exposure to entrusted investments or wealth-management products (WMPs), eroding its modest capital buffer. This would be particularly the case if risks around the transparency of its exposures, including off-balance sheet and non-loan exposures, were not addressed. A sustained deterioration in financial metrics could lead to a VR downgrade, including a combination of the following reported core metrics: - The four-year average of the impaired loan/gross loan ratio increasing to and remaining at around 8%, although Fitch's assessment of asset quality will also take into consideration other indicators, such as 'special-mention' loans, loan-loss provisioning, and whether (and to what extent) Fitch believes reported metrics understate any deterioration in asset quality; and - The CET1 ratio falling below 8.0% without a credible path to return to existing levels. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade IDRs and SSR An increased propensity for the central government to provide support, possibly reflected in a further increase of CGB's systemic importance, more explicit statements of support, or the provision of aid through its largest shareholder, could be positive to its assessment of the bank's GSR and Long-Term IDR. The Short-Term IDR will be upgraded if CGB's Long-Term IDR is upgraded. VR A further reduction in risk appetite and greater transparency in financial statements - particularly on risks from shadow-banking activity - would be positive for its VR assessment. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS CGB's Long-Term IDR (xgs) of 'B+(xgs)' is driven by its VR. The Short-Term IDR (xgs) of 'B(xgs)' maps to the Long-Term IDR (xgs). OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: The bank's Long-Term IDR (xgs) could be downgraded if the VR is downgraded. The bank's Short-Term IDR (xgs) could be downgraded if the Long-Term IDR (xgs) is downgraded below 'B-(xgs)'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: The bank's Long-Term IDR (xgs) could be upgraded if the VR is upgraded. The bank's Short-Term IDR (xgs) could be upgraded if the Long-Term IDR (xgs) is upgraded to above 'BB+(xgs)'. VR ADJUSTMENTS The operating environment score of 'bbb-' has been assigned above the 'bb' category implied score for the following adjustment reason: sovereign rating (positive). The business profile score of 'bb' has been assigned below the 'bbb' category implied score for the following adjustment reasons: management and governance (negative) and business model (negative). The asset-quality score of 'b+' has been assigned below the 'bbb' category implied score for the following adjustment reasons: non-loan exposure (negative) and underwriting standards and growth (negative). The earnings and profitability score of 'b' has been assigned below the 'bb' category implied score for the following adjustment reason: risk-weight calculation (negative). The capitalisation and leverage score of 'b+' has been assigned below the 'bb' category implied score for the following adjustment reason: leverage and risk-weight calculation (negative). The funding and liquidity score of 'bb-' has been assigned below the 'bbb' category implied score for the following adjustment reasons: non-deposit funding (negative) and deposit structure (negative). Public Ratings with Credit Linkage to other ratings CGB's IDRs are directly linked to China's sovereign ratings. ESG Considerations China Guangfa Bank Co., Ltd. has an ESG Relevance Score of '4' for Financial Transparency due to structural issues around financial transparency and disclosure. These are not captured in headline performance metrics in China and affect its operating environment and financial profile assessments. The bank is more exposed to such risks relative to the state banks due to a greater exposure to wealth management products and entrusted investments, stemming from the use of off-balance-sheet transactions. This has a negative impact on its credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- China Guangfa Bank Co., Ltd. LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B Viability b+ Affirmed b+ Government Support bb+ Affirmed bb+ LT IDR (xgs) B+(xgs) Affirmed B+(xgs) ST IDR (xgs) B(xgs) Affirmed B(xgs) HUA XIA BANK: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed Hua Xia Bank Co., Limited's (HXB) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB+', Short-Term IDR at 'B', Government Support Rating (GSR) at 'bb+' and Viability Rating (VR) at 'b+'. The Outlook on the Long-Term IDR is Stable. The assigned VR is in line with the implied VR. Key Rating Drivers Government Support-Driven IDR: HXB's Long-Term IDR is driven by Fitch's assessment of a 'Moderate' likelihood of government support in the event of stress. This considers the bank's limited market share and regional significance. The bank's Short-Term IDR is mapped to its Long-Term IDR. China's regulators designated HXB a domestic systemically important bank (D-SIB) in October 2021, which underpins its view on the government's propensity to support HXB. However, Fitch views this propensity as lower than for peers with higher systemic importance. This is because the government is likely to prioritise support for larger D-SIBs should China's banking system experience systemic stress. Operating Environment: Fitch forecasts China's GDP growth to reach 3.9% and 3.8% in 2025 and 2026, respectively, (5% in 2024). This considers tariff risks as well as lingering domestic challenges, particularly around the property sector. Fitch expects near-term market volatility as China braces for potential changes in macro policies to support economic activity, but the sector's credit growth should remain moderate to sustain stable system leverage over the medium term. The 'bbb-' operating environment score is above the 'bb' category implied score, as Fitch believes China's solid external finances and large and diversified economy, incorporated in its sovereign rating, will provide greater financial and economic stability than the implied score indicates. Modest Retail Franchise: Fitch expects corporate banking to remain the largest contributor to HXB's total loans and deposits. Its business profile score of 'bb' is below the 'bbb' implied category score to reflect management and governance limitations, which are common in China due to due to management rotations and regulatory directives. Exposure to shadow-banking activity also renders HXB's business model more susceptible than that of state banks to regulatory changes. Lower Growth Appetite: The positive outlook on HXB's risk profile score takes into consideration its reduced growth appetite over the past five years, which contributed to a steady increase in its capital buffer. The risk profile score could be revised to 'bb-' if this trend continues in a sustainable manner. Reduced Asset Quality Risks: The positive outlook on HXB's asset quality score reflects reduced asset quality risks due to the bank's moderating risk appetite and active NPL resolution in recent years. The score could be revised upward if these trends are sustained. However, the asset quality score of 'b+' remains below the 'bbb' category implied score to reflect HXB's large non-loan exposure and weaker underwriting standards relative to higher rated banks. Modest Profitability: Fitch expects HXB's earnings and profitability to remain constrained by its modest funding profile and the high operating cost associated with its limited scale. The earnings and profitability score of 'b' has been assigned below the 'bb' category implied score to reflect the potential understatement of risk-weighted assets (RWAs) due to HXB's high non-loan exposure. Improved Capital Buffers: The revision of HXB's capitalisation score to 'b+' from 'b', reflects its improved capital buffers, aided by lower RWA growth. Its common equity Tier 1 (CET1) ratio steadily rose to 9.6% in 1Q25 from 8.8% at end-2020, and Fitch expects HXB to manage its growth to sustain its capitalisation at this level. However, the capitalisation and leverage score remains below the 'bb' category implied score to reflect the bank's non-loan exposure, which may lead to an understatement of RWAs. Modest Funding Profile: HXB's funding profile is constrained by its higher loan/deposit ratio (LDR) and modest retail deposit franchise relative to higher rated peers. HXB's LDR of 108% at end-1Q25 was the highest among Fitch-rated Chinese banks. The funding and liquidity score of 'b+' has been assigned below the 'bbb' category implied score because of the bank's reliance on non-deposit funding and modest deposit franchise relative to higher rated peers. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade IDRS and GSR The Long-Term IDR and GSR of HXB will come under pressure if Fitch perceives that the central government's propensity to provide timely extraordinary support has diminished significantly. Lower propensity may be demonstrated in the form of an enhanced resolution framework or materially weaker government support ability. The state's propensity to support the bank may also decline if there were a significant decline in the bank's systemic importance, possibly reflected in it no longer being classified as a D-SIB. The Short-Term IDR on HXB will not be downgraded unless the Long-Term IDR is downgraded to or below 'CCC+', which Fitch views as highly unlikely in the short to medium term. VR The VR could be downgraded if the operating environment score is revised down or if Fitch assesses the bank to have materially increased its risk appetite, especially in manufacturing, wholesale and retail trade loans, as well as rising exposure to shadow-banking activity, which would be a further drag on asset quality and capital buffers. Failure to address risks around the transparency of the off-balance sheet and non-loan exposures would add to this pressure. A sustained deterioration in the bank's financial metrics could also lead to a VR downgrade, including a combination of the following reported core metrics: - The four-year average impaired loan/gross loan ratio increasing to and remaining at around 8.0% (2021-2024 average: 1.8%). Its assessment of asset quality also takes into consideration other indicators, such as "special-mention" loans, loan-loss provisioning, and whether and to what extent Fitch believes reported metrics understate any deterioration in asset quality; and - The CET1 ratio falling to below 8.0% (1Q25: 9.6%) without a credible path to return to existing levels. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade IDRS and GSR Greater propensity for the central government to provide support, possibly reflected in closer linkages with the government, or a further increase of HXB's systemic importance, such as a meaningful expansion of its scale or significant increase of its retail deposit market share close to that of higher rated peers, could be positive for the GSR and Long-Term IDR. The Short-Term IDR on HXB will be upgraded if its Long-Term IDR is upgraded. VR A further reduction in risk appetite and greater transparency in its financial statements - particularly on risks from shadow-banking activity- would be positive for its VR assessment. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS HXB's IDRs (xgs) are driven by its VR. The Long-Term IDR (xgs) and Short-Term IDR (xgs) have been affirmed at 'B+ (xgs)' and 'B(xgs)', respectively. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: The bank's Long-Term IDR (xgs) could be downgraded if the VR is downgraded. The Short-Term IDR (xgs) could be downgraded if the Long-Term IDR (xgs) is downgraded below 'B- (xgs)'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: The bank's Long-Term IDR (xgs) could be upgraded if the VR is upgraded. The Short-Term IDR (xgs) could be upgraded if the Long-Term IDR (xgs) is upgraded above 'BB+ (xgs)'. VR ADJUSTMENTS The operating environment score of 'bbb-' has been assigned above the 'bb' category implied score for the following adjustment reason: sovereign rating (positive). The business profile score of 'bb' has been assigned below the 'bbb' category implied score for the following adjustment reasons: management and governance (negative) and business model (negative). The asset quality score of 'b+' has been assigned below the 'bbb' category implied score for the following adjustment reasons: non-loan exposure (negative) and underwriting standard and growth (negative). The earnings and profitability score of 'b' has been assigned below the 'bb' category implied score for the following adjustment reason: risk-weight calculation (negative). The capitalisation and leverage score of 'b+' has been assigned below the 'bb' category implied score for the following adjustment reason: leverage and risk-weight calculation (negative). The funding and liquidity score of 'b+' has been assigned below the 'bbb' category implied score for the following adjustment reasons: non-deposit funding (negative) and deposit structure (negative). Public Ratings with Credit Linkage to other ratings HXB's IDRs are directly linked to China's sovereign ratings. ESG Considerations Hua Xia Bank Co., Limited has an ESG Relevance Score of '4' for Financial Transparency risk. There are structural issues around financial transparency and disclosure that are not captured in headline performance metrics in China and affect its operating environment assessment. This negatively affects the bank's credit profile and is relevant to the rating in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Hua Xia Bank Co., Limited LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B Viability b+ Affirmed b+ Government Support bb+ Affirmed bb+ LT IDR (xgs) B+(xgs) Affirmed B+(xgs) ST IDR (xgs) B(xgs) Affirmed B(xgs) PING AN BANK: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed Ping An Bank Co., Ltd.'s (PAB) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB+', Government Support Rating (GSR) at 'bb+', Short-Term IDR at 'B' and Viability Rating (VR) at 'b+'. The Outlook is Stable. The assigned VR is below the 'bb-' implied VR to reflect its view that PAB's risk profile continues to weigh on the bank's overall credit profile. Key Rating Drivers Government Support-Driven IDR: PAB's Long-Term IDR is driven by Fitch's assessment of a moderate probability of government support, as expressed by the GSR of 'bb+' that takes into consideration the bank's size and modest domestic systemic importance. PAB has no direct state ownership nor history of direct government support. The 'B' Short-Term IDR is mapped to its Long-Term IDR. Differentiation in D-SIB Status: China's regulators designated PAB a domestic systemically important bank (D-SIB) in October 2021, which underpins its view of the government's propensity to support PAB. However, Fitch views this propensity as lower than for peers with higher systemic importance or closer government linkages. This is because the government is likely to prioritise support for larger D-SIBs in the event China's banking system experiences systemic stress. Operating Environment: Fitch forecasts China's GDP growth to reach 3.9% in 2025 and 3.8% in 2026 (2024: 5%); this considers the near-term tariff risks as well as lingering domestic challenges, particularly around the property sector. Fitch expects near-term market volatilities as China braces for potential changes in macro policies to support its economic activities, but the sector's credit growth should remain moderate to sustain stable system leverage over the medium term. The 'bbb-' operating environment (OE) score is above the 'bb' category implied score, as Fitch believes China's solid external finances and large and diversified economy, incorporated in its sovereign rating of 'A'/Stable, will provide greater financial and economic stability than the implied score indicates. Exposure to Consumer Loans: PAB's business profile score of 'bb+' is lower than the 'a' implied category score, reflecting issues over management and governance. Such issues are not uncommon in China due to pressure from the authorities to support certain borrower segments during challenging times. It also reflects that PAB still has large exposure to shadow-banking activity and unsecured consumer lending (mainly credit-card receivables, consumer loans and auto lending), which increases earnings volatility and may pressure its financial profile. Risk Profile Improving: Fitch revised the outlook on PAB's risk profile score to positive from stable, to reflect its progress in reducing its unsecured lending and increasing transparency over its shadow activities. Fitch could revise the score to 'bb-' if these trends continue and prove to be sustainable. Continued NPL Resolution: PAB's reported impaired-loan ratio remained stable at 1.1% at end-1Q25, aided by its continued NPL resolution. Its loan write-offs and disposals remained one of the highest among mid-tier banks, accounting for 2.4% of its total loans in 2024. However, PAB's 'b+' asset-quality score is below the 'bbb' category implied score due to its large non-loan exposure and above-peer unsecured consumer lending, which could leave its asset quality more susceptible to deterioration in an economic downturn. Fitch has revised the outlook on the score to positive to reflect the risk profile improvements that, if sustained, should support stronger asset quality. Continued NIM Pressure: Fitch expects pressure on PAB's net interest margin (NIM) to be above the levels of mid-tier peers, as the unsecured consumer lending focus could continue to weigh on its operating profits/RWA in the next one to two years. Its NIM declined by 50bp in 2024 to 1.9%, compared with the sector average of a 17bp decline. The bank's earnings and profitability score of 'b+' is below the 'bb' category implied score due to issues around high non-loan exposures that may cause its risk-weight calculations to be understated. Stable Capitalisation: A consistent improvement in PAB's reported common equity Tier 1 (CET1) ratio to around 9.4% at end-1Q25 supports its upward revision of its capitalisation and leverage score to 'b+' from 'b'. That said, PAB's score remains below the 'bb' category implied score and reflects the potential understatement of its risk-weight calculations from non-loan exposures. Non-Deposit Funding: PAB's funding and liquidity score of 'bb-' is below the 'bbb' category implied score, due to PAB's reliance on non-deposit funding as well as its weaker retail deposit franchise compared with higher rated peers. Its high off-balance-sheet exposure may understate its reported loan/deposit ratio (LDR) and strain on-balance-sheet funding, despite a relatively stable Fitch-calculated LDR of 93% at end-1Q25. Fitch expects the ratio to stay largely stable in the next few years. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade IDRs and GSR The bank's Long-Term IDR and GSR will come under pressure if Fitch perceives that the central government's propensity to provide timely extraordinary support to the bank has diminished. A lower propensity to support may also be reflected through an enhanced resolution framework and strong intention by the authorities to permit losses on senior debt obligations as a means of resolving banks, although Fitch does not expect either scenario to occur in the near term. The state's propensity to support the bank may also decline if there were a significant decline in the bank's systemic importance, possibly reflected in the loss of its D-SIB classification. PAB's Short-Term IDR will be downgraded if its Long-Term IDR is downgraded to or below 'CCC+', which Fitch thinks is highly unlikely in the short-to-medium term. VR PAB's VR could be downgraded if the OE score is downgraded or the bank resumes aggressive growth in its off-balance-sheet wealth-management products (WMPs) or entrusted investments, or if there is excessive growth in credit-card receivables. This would be especially the case if accompanied by lower underwriting standards or a significant deterioration in household affordability, particularly if the bank does not address risks around transparency of exposures, including off-balance-sheet and non-loan transactions. This could, in turn, lead to a sustained deterioration in the bank's financial metrics, including a combination of the following reported core metrics: - The four-year average of the impaired loan/gross loan ratio increasing to and being sustained at around 8% (2021-2024 four-year average of 1.1% on a reported basis), although Fitch's assessment of asset quality will also take into consideration other indicators, such as 'special-mention' loans, loan-loss provisioning and whether (and to what extent) Fitch believes reported metrics understate any deterioration in asset quality; and - The CET1 ratio falling below 8% (1Q25: 9.4%) without a credible path to return to existing levels. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade IDRs and GSR An increased propensity for the central government to provide support, possibly reflected in more explicit statements of support or the provision of aid through its parent, could be positive to its assessment of PAB's GSR and Long-Term IDR. PAB's Short-Term IDR would be upgraded if its Long-Term IDR is upgraded. VR A further reduction in risk appetite and greater transparency in its financial statements - particularly on risks from shadow-banking activity - would be positive for its VR assessment. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS PAB's IDRs (xgs) are driven by its VR. The Long-Term IDR (xgs) and the Short-Term IDR (xgs) have been affirmed at 'B+(xgs)' and 'B(xgs)', respectively. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: The bank's Long-Term IDR (xgs) could be downgraded if the VR is downgraded. The Short-Term IDR (xgs) could be downgraded if the Long-Term IDR (xgs) is downgraded below 'B-(xgs)'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: The bank's Long-Term IDR (xgs) could be upgraded if the VR is upgraded. The Short-Term IDR (xgs) could be upgraded if the Long-Term IDR (xgs) is upgraded above 'BB+(xgs)'. VR ADJUSTMENTS The VR of 'b+' has been assigned below the 'bb-' implied rating due to the following adjustment reason: risk profile (negative). The OE score of 'bbb-' has been assigned above the 'bb' category implied score due to the following adjustment reason: sovereign rating (positive). The business profile score of 'bb+' has been assigned below the 'a' category implied score due to the following adjustment reasons: management and governance (negative) and business model (negative). The asset-quality score of 'b+' has been assigned below the 'bbb' category implied score due to the following adjustment reasons: non-loan exposure (negative) and underwriting standards and growth (negative). The earnings and profitability score of 'b+' has been assigned below the 'bb' category implied score due to the following adjustment reason: risk-weight calculations (negative). The capitalisation and leverage score of 'b+' has been assigned below the 'bb' category implied score due to the following adjustment reason: leverage and risk-weight calculation (negative). The funding and liquidity score of 'bb-' has been assigned below the 'bbb' category implied score due to the following adjustment reasons: non-deposit funding (negative) and deposit structure (negative). Public Ratings with Credit Linkage to other ratings PAB's IDRs are directly linked to China's sovereign ratings. ESG Considerations PAB has an ESG Relevance Score of '4' for Financial Transparency as there are still structural issues around financial transparency and disclosure. These are not captured in headline performance metrics in China and affect its assessment of the OE and the financial profile. PAB, like other mid-tier banks, is more exposed to this risk relative to state banks, due to its larger exposure to WMPs and entrusted investments stemming from the use of off-balance-sheet transactions. This has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Ping An Bank Co., Ltd. LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B Viability b+ Affirmed b+ Government Support bb+ Affirmed bb+ LT IDR (xgs) B+(xgs) Affirmed B+(xgs) ST IDR (xgs) B(xgs) Affirmed B(xgs) ========= I N D I A ========= AGARWAL CHEM: ICRA Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Agarwal Chem Products (India) Pvt. Ltd. (ACPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based- 7.50 [ICRA]B(Stable); ISSUER NOT Cash credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Fund Based- 7.50 [ICRA]B(Stable); ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with ACPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. ACPL was incorporated in 2001 by Mr. Mohan Lal Agrawal, who is the managing director. The promoter has an experience of more than 35 years in the industry-ranging from the manufacturing of pesticides and chemical intermediaries to the trading of inorganic and speciality chemicals. The company procures the chemicals from national and international certified vendors, which are sold to customers for use in textiles, dying and printing, detergents, paints, varnishes, pharmaceuticals, fertilisers paper and petrochemicals. In FY2018, the company reported a net profit of INR0.4 crore on an operating income of INR149.8 crore, as compared to a net profit of INR0.4 crore on an operating income of INR136.6 crore in the previous year. ARPEGGIO INDUSTRIES: ICRA Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Arpeggio Industries Pvt. Ltd (AIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B-(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 20.00 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with AIPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Arpeggio Industries Pvt. Ltd (AIPL) was setup in 2020 with the purpose to operate an amusement park at Gopalpur beach in Odisha which includes a combination of 13 rides (with ferry wheel being the main attraction), along with water sports, mobile theater, microbrewery, and food beverages stall. The rides and other infrastructures are proposed to be domestically procured or constructed in-house. The total capital cost of the project is estimated to be at INR 27.0 crore. The COD is yet to be determined as the land acquisition process is yet to completed. The company has received an In principle approval from The Industrial Promotion & Investment Corporation of Odisha Limited to set-up the amusement park and the company is in the process of obtaining 6.57 acres of land to setup the project which will be on a lease basis for a tenure of 99 years with the Odisha State Government. ATLAS CYCLES: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Atlas Cycles (Haryana) Limited (ACL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING /[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term- 15.00 [ICRA]D; ISSUER NOT COOPERATING; Fund Based- Rating continues to remain under Cash Credit 'Issuer Not Cooperating' category Long-term- 45.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term 22.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long Term- 2.30 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with ACL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. ACL was started by Mr Janki Das Kapur in 1950. The company started with manufacturing bicycle saddles in 1951 and bicycles in 1952. Currently, the company is one of the top bicycle manufacturers in India by virtue of its strong brand. The company manufactures bicycles with units located at Sonepat (Haryana), Sahibabad (Uttar Pradesh) and Malanpur (Madhya Pradesh), besides a steel tube manufacturing unit at Bawal (Har yana). As part of a family settlement, Mr. Janki Das Kapur's three sons signed an MoU, under which the company was divided into three profit centres, each under the management of one of his sons or their families. In late 2014, however, the Malanpur unit was closed down. The bicycles manufactured by the company range from necessity bicycles to high- end bicycles, including the e-Bike segment. Further, shares of the company are listed on two stock exchanges in India i.e. National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). HINDUSTAN FIBRE: ICRA Withdraws C Rating on INR8.60cr LT Loan ------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Hindustan Fibre Glass Works, at the request of the company and based on the No objection Certificate received from its lenders. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed .The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 8.60 [ICRA]C; ISSUER NOT COOPERATING; Fund based Withdrawn Cash Credit Long Term- 5.00 [ICRA]C ISSUER NOT COOPERATING; Non-Fund Withdrawn Based-Others Long-term- 0.40 [ICRA]C; ISSUER NOT COOPERATING; Fund based Withdrawn Term Loan HFGW was founded in 1984 as a partnership firm by Mr. Govind bhai Patel and Mr. Shankar Patel at Kolkata. Later in 1998, the firm started its new unit at Vadodara, Gujarat. HFGW is engaged in interior furnishing work for railway coaches. The firm manufactures all types of fibre-reinforced polymer (FRP) products - such as paneling, gear case, door paneling, modular toilet and partition frames, seats and components, and driver's cabin, among others - which are fitted to railway coaches. The firm, being an approved vendor, participates in tenders floated by various railway departments. KANCHAN AUTO: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating of Kanchan Auto Private Limited (KAPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 9.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with KAPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2010, Kanchan Auto Private Limited (KAPL) is engaged in the two-wheeler dealership business as an authorized dealer of Bajaj Auto Limited. The operations of the company are managed by Mr. Vimal Bolia who has an experience over 15 years in this line of business. KAPL has showrooms and service outlets in Ulhasnagar, Thane, Dombivli, Kalyan, Mumbra and Kanjur Marg. The firm also operates through a network of Authorised Service Centres (ASCs) beyond Murbad in the rural areas of Maharashtra. KANDALAA: ICRA Lowers Rating on INR30cr LT Cash Loan to B+ ---------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Kandalaa, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 30.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating downgraded Cash Credit from [ICRA]BB-(Stable) and continues to remain under 'Issuer Not Cooperating' Category Rationale The rating downgrade is attributable to the lack of adequate information regarding Kandalaa performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating, as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade." As part of its process and in accordance with its rating agreement with Kandalaa, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained noncooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 2011 by Mr. K.G. Subbaraj, his son Mr. Srikanth and other family members, Kandalaa is engaged in retailing of gold, silver and diamond jewellery. The firm was set-up as an ancillary business to the promoter's primary venture of pharmaceutical distribution under a separate entity Kandalaa Distributors with initial operations carried out from the same premises as Kandalaa Distributors. With healthy response by the customers to its jewellery retailing business, the promoters set up an exclusive showroom during October 2012. The firm currently operates out of its single retail showroom located at Jayanagar in Bangalore on leased premises of 7,000 sq. ft (comprising of 6,000 sq. ft of display area and 1000 sq. ft of administrative area). The firm's retail store sells both readymade and customized jewellery. MADHUVAN COTTON: ICRA Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Madhuvan Cotton Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.50 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Madhuvan Cotton Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2003, Madhuvan Cotton Private Limited is promoted by Mr. Shashikant Mehta along with other shareholders. The company is engaged in the business of ginning and pressing of raw cotton as well as crushing of cottonseeds. The company is equipped with 18 ginning machines and 1 Pressing machine having capacity to produce 200 bales per day. The company is also equipped with 4 expellers for cottonseed crushing to produce cottonseed oil as well as cottonseed oil cakes. The saleable products of the company include cotton bales, cotton seeds, cottonseed oil and cottonseed cakes which are mainly sold to brokers and merchant exporters with credit period of 15-21 days. MAHI CORPORATION: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Mahi Corporation Pvt. Ltd. (MCPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 1.45 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with MCPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in November 2013, Mahi Corporation Private Limited (MCPL) processes guar seeds to obtain guar gum refined splits and by-products like churi and korma. The company operates from its facility located at Tankara in Rajkot district of Gujarat, with an installed guar gum seeds processing capacity of 16,500 MTPA. MEHTA & ASSOCIATES: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Mehta & Associates Fire Protection Systems Private Limited (MAFPS) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 4.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 8.00 [ICRA]D; ISSUER NOT COOPERATING; Non Fund based- Rating Continues to remain under Others 'Issuer Not Cooperating' Category Short-term- 2.25 [ICRA]D; ISSUER NOT COOPERATING; Non Fund based- Rating Continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with MAFPS, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Mehta & Associates Fire Protection System Private Limited (MAFPS) is an Ahmedabad-based contractor for fire protection services. Its core business incorporates procurement and installation of fire protection system for various clients. It undertakes numerous turnkey projects to procure, supply and erect the entire fire protection system for various clients, particularly power and power grid projects. Incorporated in 1984, MAFPS was founded by Mr Jayant Mehta –the first-generation entrepreneur. Prior to establishing Mehta & Associates, he worked with The Grinnell Fire Protection Systems Co Inc., in Dallas, Texas (TYCO Group) for 7 years in different capacities from Design Engineer to Manager (Eng.) of Special Hazards department. Since 2009, after Mr Jayant Mehta's demise, the company is being managed by his sons - Kaushal Mehta and Kunal Mehta. MAFPS has two operating divisions – Systems and Products. The systems division undertakes turnkey projects for supply and installation of fire protection system on site. In products division, it undertakes local distribution of internationally procured cables and detectors from Protectowire and Detectomat. MVR COTTON: ICRA Keeps B Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Sri MVR Cotton Oil Mills Private Limited (MVR) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 0.80 [ICRA]B (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 16.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with MVR, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. MVR is primarily into processing of cotton kapas and trading cotton lint and seed. The company was incorporated in April 2008 and commenced operations in 2009.The plant is operational only for 6-8 months in a year, due to non-availability of kapas for the rest of the year and lack of proper storage facilities. Kapas when not stored under proper conditions turns yellow and loses its tensile strength. It is one of the few TMC (Technology Mission on Cotton) Ginning and Pressing (G&P) units in Guntur. NOMAX ELECTRICAL: ICRA Keeps C Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Nomax Electrical Steel Pvt Ltd in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]C; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 17.33 [ICRA]C; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 0.46 [ICRA]C; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Nomax Electrical Steel Pvt Ltd, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Promoted by Md. Moinuddin Mondal, the company was initially established in 1981 as a proprietorship firm in the name of 'Eastern Electricals'. It was converted into a private limited company in 2007 and was renamed Nomax Electrical Steel Private Limited. The company manufactures Cold Rolled Grain Oriented (CRGO) steel laminations, which are primarily used in making transformers, stabilisers, etc. The company carries out its operations from its two units located at Dakhin Hathiara, Kolkata. OCEAN PEARL: ICRA Keeps C+/A4 Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Ocean Pearl Hotels Private Limited (OPHPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]C+; ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 65.00 [ICRA]C+/[ICRA]A4 ISSUER NOT Short Term- COOPERATING; Rating continues Non Fund to remain under 'Issuer Not Based-Others Cooperating' category As part of its process and in accordance with its rating agreement with OPHPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Mr. Jayaram Banan commenced operations of Ocean Pearl Hotels Private Limited (OPHPL) in 1986 with a restaurant called Sagar Ratna in Defence Colony, New Delhi. Initially, Mr. Jayaram Banan started the business in a partnership firm where he and his family members controlled the firm. Gradually, the number of restaurant outlets spread across India with different revenue models such as owned by the company, franchisee model and revenue sharing model. The restaurants of the company won various awards in the past by various bloggers, newspapers and organizations. These restaurants were famous for its authentic south Indian vegetarian dishes. Later, Mr. Jayaram Banan converted his partnership firm into private limited company, namely Sagar Ratna Hotels Private Limited (SRHPL) in 2001. In 2010, the company opened an 84-room, four-star luxury hotel in Mangalore, Karnataka. During the month of June 2011, the company hived-off its restaurant business and transferred the assets (excluding real estate) and liabilities pertaining to the restaurant business to its wholly owned subsidiary company i.e. Sagar Ratna Restaurant Private Limited (SRRPL) in a slumpsale arrangement with a sales consideration of INR 132.00 crore. Later in the same month, the company sold its 76% equity stake of the SRRPL to a private equity (PE firm) and changed the name of existing company to OPHPL, since only hotel business with two restaurants were there in the company after the demerger. PICCADILY HOLIDAY: ICRA Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term rating of Piccadily Holiday Resorts Limited (PHRL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 28.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with PHRL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. PHRL was incorporated in 1982 with an objective to run hotels, cinemas and other similar activities. The company established its first hotel in 1986, 'Hotel Piccadily Manali' in Manali, Himachal Pradesh. Subsequently, in October 2006, PHRL commenced operations at its Lucknow hotel, 'The Piccadily Lucknow'. Both the properties are managed and operated by the company itself. As a part of a family settlement, Piccadily Cinema in Sector 34, Chandigarh, which was earlier owned by Piccadily Hotels Private Limited (PHPL) was merged into PHRL w.e.f. April 2006 and PHRL then set up a three-screen mall-cum-multiplex project named 'Piccadily Square' at this location, which commenced operations in September 2012. The project is developed on a 2500 square yards plot which was initially allotted on a 99-year lease to PHPL in 1973 by the Chandigarh administration. As a part of the demerger scheme between the promoter families, the Sector 34 property was demerged from PHPL and merged into PHRL. Piccadily Holiday Resorts Limited has recently acquired Kausauli Resorts Private Limited, which has a hotel property located at Kasauli under the name 'Kasauli Resorts' with a room capacity of 33. PILOT 2: ICRA Keeps D Debt Ratings in Not Cooperating Category -------------------------------------------------------------- ICRA has kept the Long-Term rating of Pilot 2 Wheelers Pvt Ltd (PWPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 2.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Long-term- 23.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with PWPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2001 by Mr. Jagjeet Singh, PWPL is an authorised dealer for Honda's two-wheelers in Chembur, Mumbai. The company is a family-run business whose daily operations are managed by Mr. Jagjeet Singh and his son, Mr. Karanjiv Singh. Prior to the Honda dealership, the promoters were engaged in spare parts trading and were also the authorized dealers for Daewoo Motors until 2001. PWPL currently operates three showroom-cum-workshops at Chembur, Bhandup and Byculla in Mumbai). In FY2019, the company reported a net profit of INR 1.2 crore on an operating income of INR 130.4 crore compared to a net profit of INR 1.1 crore on an operating income of INR 109.2 crore in the previous year. PRAGATEJ BUILDERS: ICRA Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Pragatej Builders & Developers Private Limited (PBDPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 20.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with PBDPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 1996, Pragatej Builders & Developers Private Limited (PBDPL) is engaged in the execution of its first project under the Slum Rehabilitation Scheme (SRS). The promoters of the company have previously executed a rehabilitation project under PBDPL's group concern.The ongoing project - 'Vishnuchandra Sky' is located at Wadala which is a centralized location connecting parts of Mumbai and Navi Mumbai. The project site is located at a distance of 0.7 kms from Wadala station, 1.2 kms from Dadar railway station and 4 kms from the Bhakti Park Monorail station. The project is being undertaken under the Slum Rehabilitation Scheme and is being constructed on land owned by the Municipal Corporation of Greater Mumbai (MCGM). It encompasses the construction of a slum rehabilitation building, a club house and 22 storey residential building for sale. PRUDHVI CONSTRUCTIONS: ICRA Keeps B+ Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term ratings of Prudhvi Constructions Private Limited (PCPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 2.00 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with PCPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. PCPL was incorporated as a private limited company in February 2008 which started operations during FY 10. The company is engaged in civil contract works like building construction, road repairs, etc. PCPL has been participating in the tenders for construction works within the Guntur district from agencies like S&E (Rural Works) and NHAI. PUSHPAK BULLIONS: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Pushpak Bullions Pvt. Ltd. (PBPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 140.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 10.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with PBPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated on 17th December 1999 and promoted by Mr. Chandrakant Patel, Pushpak Bullions Private Limited (PBPL) is engaged in trading gold and silver bullion. The company is also involved in manufacturing and wholesale trading and export of plain gold Jewellery, diamond studded Jewellery, gold and silver coins, medallions, bullion bars and precious stones. SARBAMANGALA AGRO: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and short-term rating of Sarbamangala Agro Products Pvt Ltd in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING /[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term 0.18 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term- 3.80 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 1.90 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 0.12 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Sarbamangala Agro Products Pvt Ltd, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2009, Sarbamangala Agro Products Private Limited is primarily involved in milling of non basmati rice with an annual paddy milling capacity of 18,000 MT. The manufacturing unit of the company is located at Salar in the Murshidabad district of West Bengal and has commenced operations from FY 12. The promoter of the company, Mr. Sudip Roy was previously engaged in the trading of paddy. SHANTAI EXIM: ICRA Keeps C Debt Rating in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Shantai Exim Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]C; ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 7.00 [ICRA]C; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short Term- 23.00 [ICRA]A4 ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Shantai Exim Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2004, Shantai Exim Limited manufactures and exports children's wear and women's wear like sarees and dress materials. The company procures greige fabric from Surat and gets the fabric processed by third parties on job work basis. The activities outsourced on job work include dyeing, printing, embroidery, pleating, crushing, stamping, foiling, coding, tap ingand flocking. Stitching, garmenting, hand-work and final packaging of the products are done at the company's facility in Surat. At times, SEL also buys finished fabrics and gets them processed further. The company has its registered office in Mumbai and its manufacturing facility is in Surat (Gujarat). SNN BUILDERS: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of SNN Builders Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 50.00 [ICRA]B+ (Stable) ISSUER NOT Fund-based- COOPERATING; Rating continues Term loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SNN Builders Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, a rating view has been taken on the entity based on the best available information. The SNN Group is promoted by the families of Mr Ramesh Agarwal, MrSanjay Shah and Ms Neelu Jain along with Mr Shivshankar Bhat, the project director for the group. The Group has been engaged in real estate development activities for over a decade and have completed various projects in the city of Bangalore. It has an established brand within the mid-income category and has completed projects mainly in the southern and eastern parts of the city. Till date, SNN Group has completed 40 projects covering 8 msft of saleable area comprising largely of residential projects. Currently, the SNN group has inventory available for sale in a portfolio of six projects, with two projects under SBPL and one project each under SNN Properties LLP (Etternia), SNN Homes LLP (Greenbay), SNN Spiritua Developers (S4piritua) and Real Estate Development Private Limited (Clermont). SRINIVASA RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Sri Srinivasa Rice Mill (Mahendrawada) (SSRM) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SSRM, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information Founded in 1978, Sri Srinivasa Rice Mill (Mahendrawada) (SSRM) is engaged in the milling of paddy and produces raw and boiled rice. The rice mill is located at Mahendrawada village, Anaparthi Mandal in East Godavari district of Andhra Pradesh. Its installed production capacity is 24000 metric tons per annum. The firm sold its products under the brand name of "Umbrella." SUNTANA TEXTILE: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Suntana Textile Mills Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/ 12.95 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Fund Based/ remain under 'Issuer Not Cash Credit Cooperating' Category Long-term/ (12.95) [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Interchangeable remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Suntana Textile Mills Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Suntana Textile Mills Pvt Ltd. has its roots in textile industries since 1979. 'M/s. Sunil Textile Industries' a proprietorship firm by Mr. Chiranjilal Agarwal was incorporated in year 1979 which was engaged in manufacturing of grey fabrics. Another firm 'Sushil Textile Industry' a proprietorship concern was incorporated in year 1985 by Mrs. Bharti Agarwal wife of Mr. Chiranjilal Agarwal, which was also involved into manufacturing of grey cloth. Suntana Textile Mills Private Limited was incorporated in year 2006 by merging both the proprietorship firms 'Sunil Textile Industries' and 'Sushil Textile industries'. The company has its head office and a go-down located at Bhiwandi, Mumbai. Further the company also has one go-down located at Bhilwara, Rajasthan. THERMOSET POLY: ICRA Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Thermoset Poly Products (I) Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Thermoset Poly Products (I) Pvt. Ltd., ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Thermoset Poly Products (I) Pvt. Ltd. was found in 1993 and is engaged in manufacturing of FRP and other engineering plastics. The management has an experience of more than four decades in the field. The company was primarily engaged in the design and manufacture of chemical equipments like large capacity Storage tanks, Reaction vessels, Scrubbing systems, Piping, Chlorine Drying Towers, pollution control equipments etc. in Fibrereinforced plastic/glassfiber reinforced plastic (FRP/GRP), however, for the last 5-6 years, the company has been focusing on its main product, FRP/GRP manhole covers with the brand name of "Thermodrain". URJA AUTOMOBILES: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Urja Automobiles Private Limited (UAPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 6.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 0.50 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with UAPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in February 2013, Urja Automobiles Private Limited (UAPL) is an authorised dealer for sale of passenger vehicles of Nissan Motors India Private Limited (NMIPL) in Bihar. UAPL operates one 3S (Sales, Spares, Service) facility in Patna and four sales outlets in Muzaffarpur, Purnia, Begusarai and Bhojpur districts in Bihar. VARDHMAN POLYTEX: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short Term rating of Vardhman Polytex Limited (VPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 159.31 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 232.31 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 72.38 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Short-term 50.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with VPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. VPL also has a yarn dyeing unit in Ludhiana, with an installed capacity of 15.0 tons per day (tpd). It has a small presence in garmenting, with an installed capacity of manufacturing 7 lakh pieces per annum. VPL also manufactures yarn-dyed shirting fabric though its subsidiary, F.M. Hämmerle Textiles Ltd, which has a manufacturing facility in Kohlapur (Maharashtra). VPL has invested INR 91.50 crore in its two subsidiaries, F.M. Hämmerle Textiles Ltd. and F.M. Hämmerle Verwaltungs GmbH, Austria. F.M. Hämmerle Textiles Ltd. falls under 'Sick Company' under the Sick Industrial and Companies (Special Provision) Act of 1985 and has been referred to Board for Industrial and Financial Reconstruction (BIFR). VIDYA EDUCATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-term rating for the bank facilities of Sri Vidya Educational and Charitable Trust in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 2.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 2.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 0.40 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Sri Vidya Educational And Charitable Trust, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Sri Vidya Educational & Charitable Trust was registered in September 2006 with Mr. R. Thiruvengada Ramanuja Doss, as the founder Trustee and four other Trustees. The trust has its registered office in Chennai and the following educational institutions in Virudhanagar district, Tamil Nadu. VILLUPURAM DISTRICT: ICRA Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Villupuram District Co-Operative Milk Producers Union Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 20.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Villupuram District Co-Operative Milk Producers Union Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Villupuram District Cooperative Milk Producers Union Ltd, established as cooperative society in 1982 is involved in processing and manufacturing of milk and its byproducts. The Union sells products such as Milks, curds, milk powder, ghee, butter, ice cream, sweets, among others under the brand name "Aavin" predominantly in Tamil Nadu. It has a milk processing capacity of 1 lakh litres per day, ghee production capacity of 2 MT/day with chilling capacity of 1.5 lakh litres at Villupuram and 1 lakh liters at China Salem. VIPUL INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Vipul Industries Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 1.09 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 13.47 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Vipul Industries Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Vipul Industries Private Limited manufactures women's dress materials in a variety of fabrics, both dyed and printed. The products are sold under the brand, 'Vipul'. Using processed yarn as its raw material, VIPL manages the total production from yarn twisting to fabric dyeing, printing, embroidery and packaging. Along with its group company, Ayaan Trendz Private. Limited, VIPL sells its products in India and abroad through a dedicated distributor network under the 'Vipul' brand. VIPL's registered office and manufacturing facility are in Surat, Gujarat. ===================== N E W Z E A L A N D ===================== CATHIE PLACE: Grant Bruce Reynolds Appointed as Liquidator ---------------------------------------------------------- Grant Bruce Reynolds of Reynolds & Associates on May 28, 2025, was appointed as liquidator of Cathie Place Limited. The liquidator may be reached at: Grant Bruce Reynolds Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 DTM BUILDERS: Creditors' Proofs of Debt Due on July 4 ----------------------------------------------------- Creditors of DTM Builders 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 28, 2025. The company's liquidator is: Andrew Marchel Oorschot Ashton Wheelans Chartered Accountants PO Box 13042 Christchurch NANOSHINE LIMITED: Creditors' Proofs of Debt Due on June 25 ----------------------------------------------------------- Creditors of Nanoshine Limited are required to file their proofs of debt by June 25, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 26, 2025. The company's liquidators are: Gareth Russel Hoole Raymond Paul Cox Ecovis KGA Limited, Chartered Accountants Level 2, 5–7 Kingdon Street Newmarket Auckland 1023 RED PAINT: Creditors' Proofs of Debt Due on July 8 -------------------------------------------------- Creditors of Red Paint Limited are required to file their proofs of debt by July 8, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 20, 2025. The company's liquidator is: Thomas Lee Rodewald C/- BDO Tauranga Limited Level 1, The Hub 525 Cameron Road PO Box 15660 Tauranga 3144 REMUERA DEVELOPMENT: Court to Hear Wind-Up Petition on July 17 -------------------------------------------------------------- A petition to wind up the operations of Remuera Development Limited will be heard before the High Court at Auckland on July 17, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 11, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ================= S I N G A P O R E ================= ANLIV MANAGEMENT: Court to Hear Wind-Up Petition on June 13 ----------------------------------------------------------- A petition to wind up the operations of Anliv Management Consultants 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 20, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 COMMUNICATIONS & POWER: Creditors' Proofs of Debt Due on June 30 ---------------------------------------------------------------- Creditors of Communications & Power Industries Singapore Pte. Ltd. are required to file their proofs of debt by June 30, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 26, 2025. The company's liquidators are: Low Sok Lee Mona Teo Chai Choo c/o Low, Yap & Associates 4 Shenton Way #04-01 SGX Centre 2 Singapore 068807 GRAB HOLDINGS: Moody's Ups CFR to Ba3, Outlook Remains Positive --------------------------------------------------------------- Moody's Ratings has upgraded the corporate family rating of Grab Holdings Inc to Ba3 from B1 and maintained the positive outlook. "The upgrade of Grab's CFR to Ba3 with a positive outlook reflects its improving credit quality. Its leading market position, coupled with disciplined cost management, will drive an increase in scale and earnings over the next 12-18 months," says Yu Sheng Tay, a Moody's Ratings Assistant Vice President and Analyst. "Even as consumer sentiment weakens amid uncertainty around tariffs and geopolitical tensions, Grab's resilient business model provides stability to its earnings and free cash flow generation. Furthermore, its considerable cash holdings help to cushion against unforeseen demand shocks and support its ability to capitalize on inorganic growth opportunities," adds Tay. RATINGS RATIONALE Grab continues to solidify its position as a leading provider of ride-hailing and delivery services in Southeast Asia, capitalizing on the region's long-term structural growth. In the first quarter of 2025, the company reported double-digit growth across key operating metrics, including monthly transacting users, on-demand gross merchandise value, and its loan book. At the same time, Grab's prudent financial policies strike a balance between growth and sustaining profitability through disciplined cost management. This has supported continued improvements in earnings and free cash flow generation. Although slowing economic conditions have dampened business and consumer sentiment, Moody's believes Grab's business model has a degree of stability. During a downturn, Moody's expects an increase in the supply of drivers and riders, enabling the company to redirect incentive spending, if needed, toward consumers to boost demand. This will support stable earnings and cash flow generation for the company. Consequently, Moody's expects Grab's adjusted EBITDA (including share-based compensation) to increase to around $300 million in 2025 and $450 million in 2026, up from $163 million in the 12 months ended March 2025. Free cash flow (before changes in customer deposits and loan receivables) is projected to rise to $370 million-$500 million, compared with $283 million over the same period. The Ba3 rating also reflects risks associated with Grab's nascent digital banking operations, which remain loss-making. Grab targets to achieve breakeven EBITDA for its financial services segment by the second half of 2026. Costs in this segment have stabilized and Grab is scaling up lending activities. Moody's expects the company to pursue inorganic growth opportunities to support its breakeven target. Grab has very good liquidity and a strong balance sheet with a net cash position. It had unrestricted cash balances and short-term investments of $4.2 billion (excluding customer deposits of $1.4 billion), compared with just $385 million of debt as of March 2025. Grab's liquidity is further bolstered by around $625 million of non-current time deposits and investments. These large cash sources are more than sufficient to cover the company's debt maturities, planned share buybacks and capital expenditures. Furthermore, the sources also provide the company considerable financial flexibility to withstand losses associated with the ramp-up of its digital banking operations as well as capitalize on inorganic growth opportunities. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's would upgrade Grab's rating if it maintains its leading market position in mobility and delivery services; improves its revenue, earnings, margins and free cash flow; losses at its financial services segment steadily decline; demonstrates prudent financial policies, particularly in terms of acquisitions and investments; and maintains very good liquidity. Given the positive outlook, a rating downgrade is unlikely. However, Moody's could revise the outlook to stable if Grab's market position in mobility and delivery services erodes, such that its revenue and earnings deteriorate; losses at its financial services segment increase further; the company has insufficient liquidity to fund its operations and investments; or if it deviates from its prudent financial policies and pursues growth aggressively or undertakes large shareholder returns. The principal methodology used in this rating was Business and Consumer Services published in November 2021. Grab was founded in 2012 and provides ride-hailing, delivery and digital financial services in Southeast Asia. The company also provides digital banking services in Singapore, Malaysia and Indonesia. Grab has been listed on the NASDAQ since December 2021 and is controlled by its CEO and co-founder, Anthony Tan. LONG NING: Creditors' Proofs of Debt Due on June 30 --------------------------------------------------- Creditors of Long Ning Marine Pte. Ltd., Rui Ning Marine Pte. Ltd., and Xiang Ning Marine Pte. Ltd. are required to file their proofs of debt by June 30, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 22, 2025. The company's liquidators are: Lin Yueh Hung Goh Wee Teck c/o 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 MW MAINTENANCE: Court to Hear Wind-Up Petition on June 13 --------------------------------------------------------- A petition to wind up the operations of MW Maintenance 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 19, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 SUNEAST CARPENTRY: Court to Hear Wind-Up Petition on June 6 ----------------------------------------------------------- A petition to wind up the operations of Suneast Carpentry & Reno Pte. Ltd. will be heard before the High Court of Singapore on June 6, 2025, at 10:00 a.m. N S Trading Pte Ltd filed the petition against the company on May 19, 2025. The Petitioner's solicitors are: M/s David Ong & Co 151 Chin Swee Road #08-14 Manhattan House Singapore 169876 ============= V I E T N A M ============= EVN FINANCE: Moody's Affirms 'B2' CFR, Outlook Remains Stable ------------------------------------------------------------- Moody's Ratings has affirmed EVN Finance Joint Stock Company's (EVNFC) B2 long-term corporate family rating. The rating outlook remains stable. RATINGS RATIONALE The rating affirmation and stable outlook reflects its above peer average capitalization and steady on-balance-sheet liquidity balanced by rapid loan growth in recent years and wholesale credit exposures. EVNFC's loans grew by 41% on average in the last three years, making the company vulnerable to asset quality risks as the portfolio seasons. The company primarily operates as a wholesale lender with exposures to sectors such as electricity, wholesale and retail trade, construction, real estate, accommodation services and others. EVNFC's nonperforming loan ratio marginally increased to around 1.7% as at the end of March 2025, up from 1.3% as at the end of 2023. Vietnam's exports to the US accounts for around a quarter of the country's GDP, the largest share among major Asia-Pacific economies, making the economy susceptible to US trade policy on tariffs. In Moody's views the company's capitalization is sufficient to support loan growth over the next two years. Its capital, as measured by tangible common equity (TCE) to tangible managed assets (TMA), declined to 15.1% as at the end of 2024 from 17.1% at the end of 2023 due to strong loan growth. Like most finance companies globally, EVNFC relies mainly on wholesale funding, such as certificates of deposits, long-tenure funds from DFIs and interbank borrowings (both in Vietnamese dong and US dollars). As of December, end 2024, 38% of EVNFC's funding was made up of valuable papers (mainly certificate of deposits), while 24% of the funding was through bank deposits and borrowings, some of which came through offshore channels. Another 17% were developmental borrowings, while wholesale deposits contributed the rest. The company has sufficient liquidity with liquid assets comprising about 12% of its total assets as of December end 2024. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING EVNFC's CFR could be upgraded if the company maintains good asset quality through the cycle and reduces growth appetite while maintaining its TCE/TMA ratio above 15% on a sustained basis. EVNFC's CFR could be downgraded if there is a significant increase in problem loan ratio to above 8% and deterioration in its return on assets to below 0.5%. Any weakness in access to funds will also be credit negative. The principal methodology used in this rating was Finance Companies published in July 2024. COMPANY PROFILE EVNFC, which is headquartered in Hanoi, held total assets of VND60 trillion at the end of December 2024. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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