250606.mbx

250606.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, June 6, 2025, Vol. 28, No. 113 Headlines A U S T R A L I A DAWNING DEVELOPMENTS: First Creditors' Meeting Set for June 12 EVOLUTION-SYSTEMS: First Creditors' Meeting Set for June 12 FLEXICOMMERCIAL 2025-1: Fitch Assigns 'B(EXP)sf' Rating to F Notes GLENMARK PHARMACEUTICALS: Fitch Affirms & Withdraws BB LongTerm IDR LATITUDE AUSTRALIA: Fitch Assigns 'BB(EXP)sf' Rating to Cl. E Notes MARK'S LINEHAUL: First Creditors' Meeting Set for June 11 MVP PRINT: Machines in Auction as Company Goes Into Liquidation PERDUCO TECHNOLOGIES: First Creditors' Meeting Set for June 9 PUBLIC HOSPITALITY: Jon Adgemis Pays Out Workers TOYS R US: Goes Into Voluntary Administration for Second Time ZBDL PTY: First Creditors' Meeting Set for June 11 C H I N A CBAK ENERGY: Chairman Yunfei Li Resigns, CFO Jiewei Li Joins Board NIO INC: First-Quarter Loss Widens 30% to CNY6.8 Billion POET TECHNOLOGIES: Ghazi Chaoui Named SVP of Global Manufacturing POET TECHNOLOGIES: Sets Virtual Annual Meeting for June 27 I N D I A AGRO FRESH: CRISIL Keeps D Debt Ratings in Not Cooperating ALIENS DEVELOPERS: CRISIL Keeps D Debt Ratings in Not Cooperating AVARTANAH INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating BALASORE MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating BHAGWAN PRECISION: CRISIL Keeps B- Ratings in Not Cooperating BLUE WHALE: CRISIL Keeps D Debt Ratings in Not Cooperating CENTENARY ARCADES: CRISIL Keeps D Debt Rating in Not Cooperating CHHAJED FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating CORODEX INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating FARMICO COLD: CRISIL Keeps B Debt Rating in Not Cooperating FUTURE IDEAS: SC Refuses to Halt Insolvency Proceedings GOLDEN TOBACCO: NCLAT Sets Aside Direction for Forensic Audit HCBL CO-OPERATIVE: RBI Cancels Licence, Liquidation Set to Begin MAHARANA PRATAP: CRISIL Keeps D Debt Ratings in Not Cooperating MARUTI COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating OMKAR SPECIALITY: CRISIL Keeps D Debt Ratings in Not Cooperating OPTIMAL POWER: CRISIL Keeps D Debt Ratings in Not Cooperating ORIENT CRAFT: CRISIL Keeps D Debt Ratings in Not Cooperating PADAM CARS: CRISIL Keeps D Debt Ratings in Not Cooperating PADMAVATHI COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating PENINSULA VACATIONS: CRISIL Keeps B Rating in Not Cooperating PETERESA REALTORS: CRISIL Keeps D Debt Ratings in Not Cooperating PROTAC FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating RAGAM METAL: CRISIL Keeps B Debt Ratings in Not Cooperating RASH BUILDERS: CRISIL Keeps D Debt Ratings in Not Cooperating RELIANCE INFRASTRUCTURE: Made Full Payment of INR92.68cr Tariff RPV EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating RUBY BUILDERS: CRISIL Keeps D Debt Ratings in Not Cooperating S A MULLA: CRISIL Keeps D Debt Ratings in Not Cooperating V M YARNS: CRISIL Keeps D Debt Rating in Not Cooperating Category VENUS GARMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating J A P A N NISSAN MOTOR: DBRS Cuts Issuer Rating to BB, Removed Neg. Review M A L A Y S I A SAPURA HOLDINGS: Infuses MYR40MM to Unit to Avoid Default N E W Z E A L A N D CENTRAL PLUMBING: Creditors' Proofs of Debt Due on July 2 HUNGRY WOK: Christchurch High Court Placed Company in Liquidation JUMBO BINS: Creditors' Proofs of Debt Due on July 4 MODERE NEW ZEALAND: First Creditors' Meeting Set for June 12 PENGUIN POOLS: Ordered to Pay NZD60K or Face Liquidation REALM VICTORIA: Placed Into Liquidation SPICE KING: Creditors' Proofs of Debt Due on July 15 S I N G A P O R E 1880 SINGAPORE: Hong Kong Branch in Liquidation with HK$20MM Debt CITY DEVELOPMENTS: To Sell $2.1B Singapore Office Site to Cut Debt COALESCE ENGINEERING: Court to Hear Wind-Up Petition on June 13 PINGAN TECHNOLOGY: Creditors' Proofs of Debt Due on June 30 ROBINSON LAND: Court to Hear Wind-Up Petition on June 13 UNITED FACILITIES: Creditors' Proofs of Debt Due on July 1 UNIVERCELL PTE: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= DAWNING DEVELOPMENTS: First Creditors' Meeting Set for June 12 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Dawning Developments Pty Ltd and Dawning Investments Pty Ltd will be held on June 12, 2025 at 11:00 a.m. at 165 Camberwell Road in Hawthorn East and via Microsoft Teams. Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. were appointed as administrators of the company on June 2, 2025. EVOLUTION-SYSTEMS: First Creditors' Meeting Set for June 12 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Evolution-Systems for Training & Development Pty Ltd will be held on June 12, 2025 at 11:00 a.m. virtually via Microsoft Teams. Travis Pullen of B&T Advisory was appointed as administrator of the company on June 2, 2025. FLEXICOMMERCIAL 2025-1: Fitch Assigns 'B(EXP)sf' Rating to F Notes ------------------------------------------------------------------ Fitch Ratings has assigned expected ratings to flexicommercial ABS Trust 2025-1's pass-through floating-rate notes. The notes are backed by a pool of first-ranking Australian secured commercial auto and equipment finance receivables extended to SME borrowers. The receivables are originated by Flexirent Capital Pty Limited and flexicommercial Pty Ltd (together, flexicommercial), each a wholly owned subsidiary of Humm Group Limited . The notes will be issued by Perpetual Corporate Trust Limited as trustee for flexicommercial ABS Trust 2025-1 (the issuer). Entity/Debt Rating ----------- ------ flexicommercial ABS Trust 2025-1 A LT AAA(EXP)sf Expected Rating B LT AA(EXP)sf Expected Rating C LT A(EXP)sf Expected Rating D LT BBB(EXP)sf Expected Rating E LT BB(EXP)sf Expected Rating F LT B(EXP)sf Expected Rating G LT NR(EXP)sf Expected Rating Transaction Summary The total collateral pool consisted of 6,009 receivables totalling about AUD500 million, with an average obligor exposure of AUD119,165 at the cut-off date. All receivables are fixed, amortising principal and interest loans and leases with a weighted-average remaining term of 49.1 months. KEY RATING DRIVERS Structure Supports SME Borrower Credit Risk: Historical data analysis was performed to derive a one-year default probability assumption for primary, secondary and tertiary assets, based on the annual average historical default rates related to the underlying portfolio. The one-year default probability assumption is 1.5% for primary assets, 1.8% for secondary and 2.3% for tertiary. Fitch added the default probability assumption to its proprietary Portfolio Credit Model (PCM), which also considers other key variables, such as concentration and industry distribution. The derived 'AAA' default probability for the SME portfolio is 24.8%. Cash flow analysis was performed, and all rated notes can withstand all of Fitch's relevant stresses. Varying Recovery Rates by Asset Type: Fitch analysed flexicommercial's historical asset recovery rates for primary and secondary assets. The 'AAAsf' recovery rate is 20.0% (base-case recovery assumption of 50% with a 60% 'AAAsf' haircut) and 4% (base-case recovery assumption of 10% with a 60% 'AAAsf' haircut), respectively. No credit was given to recoveries for tertiary assets. Low Borrower Concentration Risk: The largest single obligor accounts for no more than 0.4% of the portfolio balance, whereas the 10 largest obligors account for 2.4%. The portfolio is also diversified across geography and industry. All receivables are amortising. Structural Risks Addressed: Potential counterparty risk is mitigated by documented structural mechanisms that ensure remedial actions take place should the ratings of the liquidity facility provider, swap providers or transaction account bank fall below a certain level. The transaction will initially pay principal sequentially and convert to pro rata paydown, subject to the pro rata paydown condition being met, which includes a trigger to switch payments back to sequential payment at 20% of the initial note balance, mitigating tail risk. Tight Labour Market to Support Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 1.3% in 2024 and unemployment was 4.1% in April 2025. Fitch forecasts GDP growth of 1.7% in 2025 and 1.9% in 2026, with unemployment at 4.3% and 4.2%, respectively. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. Expected Downgrade Sensitivity Notes: A / B / C / D / E / F Rating: AAA(EXP)sf / AA(EXP)sf / A(EXP)sf / BBB(EXP)sf / BB(EXP)sf / B(EXP)sf Expected Rating Sensitivity to Increased Default Rates Increase in mean rating default rate (RDR) by 25%: AA+sf / AA-sf / A-sf / BBB-sf / BB-sf / B-sf Increase in mean RDR by 50%: AA+sf / A+sf / A-sf / BBB-sf / BB-sf / B-sf Expected Rating Sensitivity to Reduced Recovery Rates Reduce recovery rates by 25%: AA+sf / AA-sf / A-sf / BBB-sf / BB-sf / B-sf Reduce recovery rates by 50%: AAsf / A+sf / BBB+sf / BBB-sf / BB-sf / B-sf Expected Rating Sensitivity to Increased Defaults and Reduced Recoveries Increase the mean RDR by 25% and reduce recovery rates by 25%: AAsf / A+sf / BBB+sf / BBB-sf / B+sf / less than B-sf Increase the mean RDR by 50% and reduce recovery rates by 50%: AA-sf / Asf / BBBsf / BBsf / B-sf / less than B-sf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from macroeconomic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. The class A ratings are at the highest level on Fitch's scale and cannot be upgraded. Prepayments to the loans with the largest obligor exposure, which result in the notes passing Fitch's concentration test, could lead to positive rating action for the notes, all else being equal. Expected Upgrade Sensitivity Notes: B / C / D / E / F Rating: AA(EXP)sf / A(EXP)sf / BBB(EXP)sf / BB(EXP)sf / B(EXP)sf Expected Rating Sensitivity to Decreased Defaults and Increased Recoveries Decrease the mean RDR by 25% and increase recovery rates by 25%: AA+sf / A+sf / BBB+sf / BBB-sf / BB-sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available for this transaction. Fitch conducted a review of a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. GLENMARK PHARMACEUTICALS: Fitch Affirms & Withdraws BB LongTerm IDR ------------------------------------------------------------------- Fitch Ratings has affirmed India-based Glenmark Pharmaceuticals Ltd's Long-Term Issuer Default Rating (IDR) at 'BB'. The Outlook is Stable. Concurrently, Fitch has withdrawn Glenmark's rating. Glenmark's rating reflects its adequate geographical diversification, which mitigates the business risk arising from its small size relative to peers, and adequate product pipeline. Fitch believes Glenmark's robust growth in India and other markets, along with rising sales of higher-margin branded products, will support its profitability, despite continued pricing pressure in the US generic pharmaceutical market. The Stable Outlook reflects its expectation that Glenmark will maintain solid leverage headroom and financial flexibility after repaying most of its debt using proceeds from sale of its active pharmaceutical ingredient (API) business in 2024. Fitch believes Glenmark's steady profitability and measured approach to growth investments position it well to generate positive free cash flow, even in light of its expectation of higher dividends. Fitch's forecast has not accounted for risks from potential tariffs or change in drug pricing policy in the US considering the evolving situation, but adverse developments - if sustained over the medium term - could affect the credit profile. Fitch has chosen to withdraw Glenmark's rating for commercial reasons. Key Rating Drivers Small, Yet Diversified: Glenmark's revenue and operating EBITDA remain lower than major global generic drug makers. However, this is offset by Glenmark's adequate geographical diversification across pure and branded generic markets. Notably, India contributed 34% of its revenue in the financial year ending March 2025 (FY25), followed by North America at 23% and Europe at 21%. Scale and diversification help generic drug makers maintain stable margins. Glenmark is also adequately competitive in its core segments of dermatology and respiratory therapy. Steady Profitability: Fitch expects Glenmark's revenue to grow at a high single-digit rate after FY25 amid continued growth in India and other markets. This growth will be supported by a sales ramp-up for Ryaltris - Glenmark's maiden novel drug - and contributions from in-licensed products, despite pricing pressure in the US. Fitch expects a rising contribution from branded products and broadly steady R&D spending after a reduction to 7% of sales in FY25 (FY24: 9.2%) to support an EBITDA margin above 17% (FY25: 16.8%). Robust Financial Structure: Fitch expects an improvement in Glenmark's free cash generation, after a working capital-led drop in FY25, to help the company maintain its EBITDA net leverage close to zero after reaching 0.2x in FY25. This projection incorporates Fitch's expectations of an uptick in capex and higher dividends. The leverage headroom remains wide compared with Fitch's previous negative sensitivity threshold of 3.0x. Fitch believes Glenmark's prudent record on growth investments and shareholder returns - reinforced by its intention to generate positive free cash flow - provides a cushion against a more aggressive growth approach. Regulatory, Litigation Risks: Glenmark's limited diversification across production facilities, relative to peers, increases its exposure to regulatory risks that could hurt US sales and product approvals. This vulnerability is underscored by the US Food and Drug Administration's adverse actions at four of Glenmark's plants since 2022. Glenmark also remains a defendant in other legal proceedings, although settlement of lawsuits involving generic Zetia and US drug-price fixing has reduced uncertainty. Fitch treats any further legal payouts as event risks. Tariff Exposure: The announced tariffs and policy-related announcements in the US do not have a significant impact on Glenmark. However, Fitch believes escalating trade tensions or new tariffs in the US, particularly targeting pharmaceutical imports, along with any US policy shifts on drug pricing, could pose additional risks. Solid Long-Term Domestic Prospects: The Indian government's focus on boosting mass healthcare access and rising income levels support pharmaceutical demand. Glenmark's formulation business ranks 13th in India, with a revenue market share of 2.25% in March 2025, according to IQVIA MAT. Stronger shares in dermatology (8.2%), respiratory (5.8%) and cardiovascular (5.9%) underpin Glenmark's position in the fragmented and physician-driven market. India's robust long-term growth prospects will limit the impact on profitability from pricing pressure in the US generic pharmaceutical market. Risks in Novel Drugs: Glenmark faces high inherent risks around novel drug development due to its small scale and limited record, despite the 2022 approval of Ryaltris in the US. R&D spending weighs on profitability and free cash generation, even though Glenmark has cut it from 14.7% of sales in FY19. Fitch expects Glenmark to take a collaborative approach to R&D spending, in line with its strategy. The company has signed multiple partnerships for its R&D assets and plans to sell a stake in Ichnos Glenmark Innovation Inc., a subsidiary holding novel drug assets. Nonetheless, a more aggressive approach may put pressure on Glenmark's credit metrics and financial flexibility, outweighing the benefits of lower dependence on the highly competitive generic drug business. Glenmark aims to launch or monetise its R&D drugs in advanced stages of development, which could provide significant earnings. However, Fitch does not consider this in its rating case, amid uncertainty and potential delays in the approval process. Peer Analysis Glenmark has smaller scale and diversification than large pharmaceutical companies with a presence in generics, such as Viatris Inc. (BBB/Negative) and Teva Pharmaceutical Industries Limited (BB+/Stable). The larger peers also have deeper launch pipelines, focusing on more complex products. This mitigates price-erosion risk, especially in the US. Glenmark is rated three notches below Viatris due to its weaker business profile and profitability, which are partly offset by Viatris's higher leverage. Glenmark is rated one notch below Teva. This underscores Teva's stronger business profile, which is partly offset by its still higher leverage amid pricing pressure on generic drugs in the US and litigation. Glenmark has a weaker competitive position than Biocon Biologics Limited's (BB-/Stable) parent, Biocon Limited (BL), considering its focus on small molecule generics, as reflected in Glenmark's lower margins. However, this is more than offset by BL's markedly higher leverage, justifying Glenmark's one notch higher rating. Glenmark is rated three notches below Hikma Pharmaceuticals PLC (BBB/Stable), underscoring Hikma's larger scale and robust market positioning, particularly in the US injectables market. Hikma also has a stronger financial profile, which is characterised by higher profitability and cash generation. Glenmark is rated at the same level as Grunenthal Pharma GmbH & Co. Kommanditgesellschaft (BB/Stable), which has a similar operational scope despite somewhat higher scale. Glenmark has greater business diversification, but this is counterbalanced by Grunenthal's stronger market position in its core segments, underscored by higher profitability and cash generation. Key Assumptions Fitch's Key Assumptions Within the Rating Case for the Issuer: - Revenue to increase in high single digits in FY26 and FY27; - EBITDA margin to remain between 17%-18% in FY26 and FY27; - Capex to average around 5% of sales in FY26 and FY27; - Dividend payout at less than 20% of net income in FY26 and FY27. RATING SENSITIVITIES Rating sensitivities are no longer applicable given the rating withdrawal. Liquidity and Debt Structure Debt repayments using proceeds from the sale of the API business have strengthened Glenmark's liquidity profile and financial flexibility. Glenmark's consolidated readily available cash of INR16.8 billion at March 2025 exceeded long-term debt maturities of INR5.1 billion. It also had working capital debt of INR16.8 billion, which Fitch expects it to roll over in the normal course of business. Positive free cash generation after FY25 should support liquidity. Issuer Profile Glenmark is an India-headquartered pharmaceutical company, focused on branded and generic drug formulations and novel drug development. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Glenmark Pharmaceuticals Ltd LT IDR BB Affirmed BB LT IDR WD Withdrawn LATITUDE AUSTRALIA: Fitch Assigns 'BB(EXP)sf' Rating to Cl. E Notes ------------------------------------------------------------------- Fitch Ratings has assigned expected ratings to Latitude Australia Credit Card Loan Note Trust as issuer of the series 2025-1 notes. The notes are backed by a pool of consumer receivables, principally credit card receivables, originated by Latitude Finance Australia. The master trust structure permits purchase of eligible receivables on a revolving basis, to be funded through occasional issuance of additional series of notes. The master trust programme features a linked-note issuance structure. The notes will be issued by Perpetual Corporate Trust Limited as trustee for Latitude Australia Credit Card Master Trust. This is the eighth issuance from Latitude Australia Credit Card Master Trust. Entity/Debt Rating ----------- ------ Latitude Australia Credit Card Master Trust 2025-1 - Class A LT AAA(EXP)sf Expected Rating 2025-1 - Class B LT AA(EXP)sf Expected Rating 2025-1 - Class C LT A(EXP)sf Expected Rating 2025-1 - Class D LT BBB(EXP)sf Expected Rating 2025-1 - Class E LT BB(EXP)sf Expected Rating 2025-1 Originator VFN Subordination LT NR(EXP)sf Expected Rating KEY RATING DRIVERS Stable Receivables Performance: Portfolio performance is stable, with gross charge-offs averaging 5.0%, yield averaging 17.6% and a monthly payment rate (MPR) averaging 17.0% for the 12 months to end-March 2025. Yield and MPR exclude merchant service fees and recoveries. Fitch has retained a recovery base case of 20%, as Latitude has demonstrated a substantial, consistent and steady recovery history. Fitch has retained steady states of 5.25% for gross charge-offs, 11.5% for yield and 12.5% for MPR. The Stable Outlook on the note ratings is supported by Australia's continued economic growth and tight labour market. GDP growth was 1.3% in 2024, and unemployment was 4.1% in April 2025. Fitch forecasts GDP growth of 1.7% in 2025 and 1.9% in 2026, with unemployment at 4.3% and 4.2%, respectively. A summary of the steady states and rating stress applied in its cash flow modelling is shown below: Steady State: Gross charge-offs: 5.25% Recoveries: 20% MPR: 12.5% Gross yield: 11.5% Purchase rate: 100% Rating Stress: Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf Charge-offs (increase): 4.50x / 3.75x / 3.00x / 2.25x / 1.75x Recoveries (% haircut): 60% / 48% / 36% / 27% / 18% MPR (% decrease): 40% / 35% / 30% / 25% / 15% Gross yield (% decrease): 35% / 30% / 25% / 20% / 15% Purchase rate (% decrease): 90% / 85% / 75% / 65% / 55% Originator and Servicer Risk Mitigated: Latitude is a publicly listed company with more than a decade of experience in managing large consumer receivable portfolios in Australia and New Zealand. Latitude is not rated by Fitch. Servicer risk is mitigated through back-up arrangements. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with other non-bank credit card providers. Added Flexibility: The structure employs an originator variable funding note (VFN) purchased and held by Latitude to add funding flexibility that is typical and necessary for credit card trusts. It provides credit enhancement to the rated notes, adds protection against dilution and is used to meet risk-retention requirements. A separate VFN provides funding flexibility for the trust. Mitigated Counterparty Risk: Latitude acts in several capacities, most prominently as originator, servicer and trust manager. The degree of reliance is mitigated by the transferability of operations, a nominated back-up servicer and a series-specific liquidity reserve. Mitigated Interest-Rate Risk: Interest-rate risk is mitigated by available credit enhancement. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Unanticipated increases in charge-offs or reductions in purchase rates or yield could produce loss levels higher than Fitch's base case and are likely to result in a decline in credit enhancement and remaining loss coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's steady-state assumptions. This section provides insight into the model-implied sensitivities the transaction faces when one assumption is modified, while holding others equal. The modelling process uses the modification of these variables to reflect asset performance in up and down environments. The results below should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. It should not be used as an indicator of possible future performance. Notes: Class A / B / C / D / E Expected Rating: AAAsf / AAsf / Asf / BBBsf / BBsf Increase charge-off steady state by 25%: AAAsf / AA-sf / A-sf / BBB-sf / BBsf Increase charge-off steady state by 50%: AAAsf / A+sf / BBB+sf / BB+sf / BBsf Increase charge-off steady state by 75%: AAAsf / Asf / BBBsf / BBsf / B+sf Reduce MPR steady state by 15%: AAAsf / AA-sf / A-sf / BBB-sf / BBsf Reduce MPR steady state by 25%: AAAsf / A+sf / BBB+sf / BB+sf / BBsf Reduce MPR steady state by 35%: AA+sf / Asf / BBBsf / BB+sf / BBsf Reduced purchase rate by 50%: AAAsf / AA-sf / A-sf / BBB-sf / BBsf Reduced purchase rate by 75%: AAAsf / AA-sf / A-sf / BBB-sf / BBsf Reduced purchase rate by 100%: AAAsf / A+sf / BBB+sf / BB+sf / BBsf Reduced yield steady state by 15%: AAAsf / AAsf / A-sf / BBB-sf / BBsf Reduced yield steady state by 25%: AAAsf / AA-sf / A-sf / BBB-sf / BBsf Reduced yield steady state by 35%: AAAsf / AA-sf / A-sf / BB+sf / BB-sf Rating sensitivity to increased charge-off rate and reduced MPR: Increased charge-off rate by 25% and reduced MPR by 15%: AAAsf / Asf / BBB+sf / BB+sf / BBsf Increased charge-off rate by 50% and reduced MPR by 25%: AA+sf / BBB+sf / BBB-sf / BB-sf / B+sf Increased charge-off rate by 75% and reduced MPR by 35%: A+sf / BBB-sf / BBsf / Bsf / Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Macroeconomic conditions, loan performance, credit losses and sale proceeds that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for the credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivities: Notes: Class A / B / C / D / E Expected Rating: AAAsf / AAsf / Asf / BBBsf / BBsf Reduce charge-off steady state by 25%: AAAsf / AA+sf / AA-sf / A-sf / BBBsf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Prior to the series closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch for this series. Overall, and together with any assumptions referred to above, Fitch's assessment of the asset pool information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. MARK'S LINEHAUL: First Creditors' Meeting Set for June 11 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Mark's Linehaul Pty Ltd (Formerly known as MFD Linehaul Pty Ltd) will be held on June 11, 2025 at 11:00 a.m. via virtual meeting only. Bradd William Morelli and Andrew John Spring of Jirsch Sutherland were appointed as administrators of the company on May 29, 2025. MVP PRINT: Machines in Auction as Company Goes Into Liquidation --------------------------------------------------------------- Sprinter reports that Victoria-based MVP Print has gone into liquidation, putting its offset printing, finishing, and pallet racking equipment for auction. According to Sprinter, Gollant Auctioneers and Valuers have put the company's items online for unreserved auction, including: * A Heidelberg SM52-4P four-colour press * A Heidelberg SM52-2 two-colour press * Polar 78XT and 55EM Guillotines * A Wohlenberg 92 Guillotine * A Horizon SPF-20A Stitching Line * A Stahl T52-4 Folder * A Komfi Delta A2 Thermal Laminator * A GBC 620S Thermal Laminator * A Heidelberg Suprasetter Thermal CTP * A Horizon BQ-160 PUR Perfect Binder * A Horizon CRB-160 Creaser * Two Duplo DBM-150 Booklet Makers * A Heidelberg KS Cylinder * Pallet jacks, lift trucks, and bindery trolleys * Steel filing cabinets, workbenches and office furniture Bidding closes at 11:00 a.m. today, June 6. A 16 per cent Buyers Premium and GST applies to the knockdown price of each lot, Sprinter notes. Acceptable methods of payment include direct bank deposit, eftpos, or credit card (Visa or Mastercard). Invoices must be paid in full prior to collection of goods. Sprinter says invoices under AUD10,000 will be charged automatically to the registered credit card. Invoices over AUD10,000 will be charged a deposit equivalent to 25 per cent or AUD10,000 (whichever is higher). If at any time, the cumulative value of a bid exceeds AUD40,000, then a 25 per cent deposit becomes due and payable. Collection for this sale is on June 9 and June 10 from 1 Rutherford Street, in Seaford, Victoria 3198. Transportation is to be arranged by the purchaser, Sprinter adds. PERDUCO TECHNOLOGIES: First Creditors' Meeting Set for June 9 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Perduco Technologies Pty Ltd will be held on June 9, 2025 at 10:00 a.m. via videoconference only. Roberto Crispino and Richard Albarran of Hall Chadwick were appointed as administrators of the company on May 29, 2025. PUBLIC HOSPITALITY: Jon Adgemis Pays Out Workers ------------------------------------------------ The Australian Financial Review reports that former KPMG deal maker turned publican Jon Adgemis has transferred the money he owes to Public Hospitality staff for superannuation as the businessman tries to rebuild his collapsed hotel empire. According to the Financial Review, Mr. Adgemis' JAGA Investments on June 3 paid the remaining AUD500,000 of a AUD600,000 payment needed under a deal agreed with administrators of a portfolio of pubs that the former banker once controlled. The Financial Review says lenders put his business into administration, and Mr. Adgemis is hoping the payment will help save as many of the venues in Public Hospitality from sale. Mr. Adgemis founded Public Hospitality in 2021, accumulating a large portfolio of pubs during the COVID-19 pandemic when financing was cheap. At its height, the business owned about 20 venues, including Oxford House and The Norfolk in Sydney, and Guy Grossi's Puttanesca in Melbourne. However, redevelopment difficulties and higher financing costs left Public Hospitality on the brink of collapse last year, the Financial Review notes. While the business secured financing with Deutsche Bank, a number of venues fell into administration. "The deed administrators now hold sufficient funds to commence the preparation of an interim priority (employee) dividend process in respect to outstanding superannuation," BDO national leader of business restructuring Duncan Clubb told creditors in a letter on June 3, the Financial Review relays. BDO will "begin verifying outstanding superannuation entitlements with the Australian Taxation Office", Mr. Clubb said. The Financial Review notes that the next key date for Mr. Adgemis is July 31, when he must pay AUD6.7 million to lenders. Mr. Adgemis has twice been granted an extension to make the payment, the second of three agreed under the deal to resurrect several venues including Oxford House, The Exchange, The Norfolk, The Strand Hotel and Camelia Grove Hotel, all hotels in Sydney. Last September, New York lender Muzinich & Co called in insolvency specialists FTI Consulting as receivers for the five pubs, and BDO as administrator of Public Lifestyle Management, the operating company behind the assets, the Financial Review recalls. Archibald Capital has taken over another pool of venues, and Mr. Adgemis remains involved with a number of other properties being developed where Deutsche Bank is the key lender. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 19, 2024, pub baron Jon Adgemis' embattled Public Hospitality Group has taken another hit with receivers and external managers appointed at five of his Sydney hotels, including Oxford House and The Strand Hotel. Insolvency specialist FTI Consulting has stepped in as receivers and managers to operate Public's hip Redfern pub The Norfolk, Oxford House in Paddington and Darlinghurst's The Strand Hotel, as well as Alexandria's Camelia Grove Hotel and The Exchange Hotel, also in Darlinghurst, Good Food said. The pubs will be sold as soon as possible. Duncan Club and Andrew Sallway of BDO advisory firm have also been appointed voluntary administrators at affiliated companies including Public Lifestyle Management Pty Ltd, Good Food added. TOYS R US: Goes Into Voluntary Administration for Second Time ------------------------------------------------------------- News.com.au reports that the publicly listed Toys R Us, which was saved five years ago from going bust, has again gone into administration. In a statement made to the ASX, Toys R Us ANZ said the business had been put into voluntary administration, with BDO's Luke Andrews and Duncan Clubb being put in charge of helping to restructure the previously beloved toy store, news.com.au relates. "As previously announced to the market, the company has been pursuing a recapitalisation plan with the support of its primary stakeholders. However, the company is no longer in a position to pursue a solvent recapitalisation plan," Toys R Us said, notes the report. "In light of these events, the board has determined that the company is, or is likely to become, insolvent and that the appointment of an administrator is in the best interests of the company. The appointment of the administrators is effective immediately." News.com.au says Toys R Us shares have immediately suspended from trading on the ASX pending further announcements. According to news.com.au, the board of directors said they acknowledged the support of employees, customers and shareholders during this challenging time. This is the second time the company has been placed in administration in Australia in the last five years. In 2020, the then listed ASX Funtastic retailer was reinvented as a hobby, toys and baby-goods business, the report recalls. As part of this restructure and capital raising, through a reverse takeover, Funtastic acquired the Australian e-commerce website for Toys R Us, Babies R US and Mittonit. This is just the latest chapter for Toys R Us, which was previously a stand-alone iconic name in global toy sales before the chain collapsed in 2017, news.com.au relates. Based in Clayton, Australia, Toys"R"Us ANZ Limited (ASX:TOY) -- https://corporate.toysrus.com.au/ --- together with its subsidiaries, engages in distribution of toys, hobbies, and baby products in Australia. It trades under e-commerce brands, such as Toys"R"Us, Babies"R"Us, RIOT, and Hobby Warehouse. The company was formerly known as Funtastic Limited and changed its name to Toys"R"Us ANZ Limited in June 2021. ZBDL PTY: First Creditors' Meeting Set for June 11 -------------------------------------------------- A first meeting of the creditors in the proceedings of ZBDL Pty Ltd will be held on June 11, 2025 at 10:00 a.m. at the offices of RSM Australia Partners at Level 27, 120 Collins Street in Melbourne. Adrian Robert Hunter of RSM Australia Partners was appointed as administrator of the company on May 30, 2025. ========= C H I N A ========= CBAK ENERGY: Chairman Yunfei Li Resigns, CFO Jiewei Li Joins Board ------------------------------------------------------------------ CBAK Energy Technology, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on May 20, 2025, Mr. Yunfei Li advised the Board of Directors of his resignation as a member and the Chairman of the Board, effectively immediately. Mr. Yunfei Li previously stepped down as the Company's Chief Executive Officer in October 2024, after which he continued to serve as Chairman to support a smooth leadership transition. Having overseen that transition and with the Company on a strong trajectory, Mr. Yunfei Li has chosen to step down from the Board. Mr. Yunfei Li's decision to resign was due to personal reasons and not because of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. Accordingly, the Board elected Mr. Jiewei Li, the Company's Chief Financial Officer, as a new director of the Company, effective immediately. Mr. Jiewei Li was recommended to the Board by Mr. Yunfei Li prior to his departure, in recognition of Mr. Jiewei Li's exceptional leadership, financial expertise and a deep commitment to the Company's mission. The Board believed that he would be a valuable addition to the Board and play a critical role in supporting the Company's future growth. The appointment did not include the designation of Chairman, and the Board will continue to operate without a designated Chairman until further action is taken. Mr. Jiewei Li's term will expire at the 2025 Annual Meeting of Stockholders. Mr. Jiewei Li has served as the Chief Financial Officer and Secretary of the Company since August 2023. Mr. Li has been the Company's investor relations manager since 2021. Prior to joining the Company, from 2018 to 2021, Mr. Li worked at multiple fund management companies in China where he focused on structuring various investment products. Before that, from 2014 to 2018, he worked for several renowned American real estate developers in their fund management departments, responsible for capital market affairs. Mr. Li received a master's degree in political and public administration from the Chinese University of Hong Kong in 2014. Like other employee directors of the Company, Mr. Jiewei Li will not receive compensation for serving as a director of the Company, but he is entitled to reimbursements for reasonable expenses incurred in connection with attending the Company's board meetings. There is no family relationship that exists between Mr. Jiewei Li and any directors or executive officers of the Company. In addition, there are no arrangements or understandings between Mr. Jiewei Li and any other persons pursuant to which he was elected to the Board and there are no related party transactions between the Company and Mr. Jiewei Li that would require disclosure under Item 404(a) of Regulation S-K. About CBAK Energy Technology Liaoning Province, People's Republic of China-based CBAK Energy -- www.cbak.com.cn -- is a manufacturer of new energy high power lithium and sodium batteries that are mainly used in light electric vehicles, electric vehicles, energy storage such as residential energy supply & uninterruptible power supply (UPS) application, and other high-power applications. The Company's primary product offering consists of new energy high power lithium and sodium batteries. In addition, after completing the acquisition of 81.56% of registered equity interests (representing 75.57% of paid-up capital) of Hitrans in November 2021, the Company entered the business of developing and manufacturing NCM precursor and cathode materials. Hitrans is a leading developer and manufacturer of ternary precursor and cathode materials in China, whose products have a wide range of applications on batteries that would be applied to electric vehicles, electric tools, high-end digital products, and storage, among others. Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 17, 2025, citing that the Company has a working capital deficiency, accumulated deficit from recurring net losses incurred for the prior years and significant short-term debt obligations maturing in less than one year as of December 31, 2024. All these factors raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $302.2 million in total assets, $182.2 million in total liabilities, and $120.1 million in total equity. NIO INC: First-Quarter Loss Widens 30% to CNY6.8 Billion -------------------------------------------------------- Yicai Global reports that Nio is still expected to achieve its profitability target in the fourth quarter, its chief executive officer said after the Chinese new energy vehicle startup's net loss expanded by more than 30 percent in the first quarter. "With growing sales, improving margins, and better cost control, we are confident in improving the company's financial position starting from the second quarter and then meeting our full-year business targets," Yicai quotes William Li as saying during the first-quarter earnings conference call on June 3. Nio aims to turn a profit in the fourth quarter of this year, Li, who is also the company's founder and chairman, said several times since March. Net loss widened 30 percent to CNY6.8 billion (USD930.2 million) in the first quarter from a year earlier but shrank 5.1 percent from the fourth quarter of last year, the Shanghai-based company announced on June 3, Yicai discloses. Revenue climbed 22 percent to CNY12 billion (USD1.7 billion). Nio delivered 42,094 cars in the three months ended March 31, up 40 percent from a year earlier, with vehicle sales rising 19 percent to CNY9.9 billion (USD1.4 billion). Vehicle margin improved to 10.2 percent from 9.2 percent, and gross margin increased to 7.6 percent from 4.9 percent. "Since the first quarter, we have implemented a range of cost control measures, including organizational restructuring, cross-brand integration, and efficiency improvements in research and development, supply chain, sales, and services," Yicai quotes Stanley Qu, Nio's chief financial officer, as saying. "Starting from the second quarter, the Company aims to achieve structural improvements in overall cost efficiency, with continued progress in operational performance." Nio delivered 23,900 vehicles in April and 23,231 others in May. For the second quarter, the carmaker expects deliveries of between 72,000 and 75,000 units, up 26 percent to 31 percent from a year earlier. Revenue will likely grow 12 percent to 15 percent to between CNY19.5 billion and CNY20.1 billion (USD2.7 billion and USD2.8 billion) in the period, Nio predicted, Yicai relays. For the fourth quarter, Nio expects its monthly deliveries to exceed 50,000 units, with a vehicle margin of 17 percent to 18 percent, Li said, adding that selling, general, and administrative expenses will likely be within 10 percent of the sales revenue. When asked about Nio's overseas market strategy, Li mentioned that the company has already joined hands with more than 10 partners in more than 15 markets and plans to bring more partners on board in the future, according to Yicai. "Regarding the overall global expansion strategy, we actually have a pretty long-term view for our international development," Li noted. The Firefly brand will enter several European countries and other overseas markets, while the Onvo and Nio brands will continue to expand in global markets based on regional demand this year, he added. About NIO Inc. NIO Inc. designs, develops, manufactures, and sells smart electric vehicles in China. It offers five and six-seater electric SUVs, as well as smart electric sedans. The company also offers power solutions, including Power Home, a home charging solution; Power Swap, a battery swapping service; Power Charger and Destination Charger; Power Mobile, a mobile charging service through charging vans; Power Map, an application that provides access to a network of public chargers and their real-time information; and One Click for Power valet service. In addition, it provides repair, maintenance, and bodywork services through its NIO service centers and authorized third-party service centers; statutory and third-party liability insurance, and vehicle damage insurance through third-party insurers; repair and routine maintenance; courtesy vehicle services; roadside assistance; data packages; and auto financing and financial leasing services. Further, the company involved in the provision of energy and service packages to its users; design and technology development activities; manufacture of e-powertrains, battery packs, and components; and sales and after sales management activities. Additionally, it offers NIO Certified, a used vehicle inspection, evaluation, acquisition, and sales service. Nio Inc. reported three consecutive annual net losses of CNY10.57 billion, CNY14.56 billion and CNY21.15 billion for the years ended Dec. 30, 2021, 2022 and 2023, respectively. Nio's net loss was CNY22.4 billion in the 12 months ended Dec. 31, 2024. POET TECHNOLOGIES: Ghazi Chaoui Named SVP of Global Manufacturing ----------------------------------------------------------------- POET Technologies Inc. announced the appointment of Ghazi M. Chaoui, PhD, MBA as its Senior Vice President of Global Manufacturing and Digital Transformation. Dr. Chaoui recently concluded a multi-year assignment as Chief Procurement Officer of Coherent Corp. An industry veteran of nearly 40 years, Dr. Chaoui (widely known as "Ghazi") brings his considerable experience and stellar reputation to POET as it gears up manufacturing in Penang, Malaysia, where he will be stationed, reporting to Dr. Suresh Venkatesan, POET's Chairman & Chief Executive Officer. Ghazi will plan, direct, coordinate, and oversee all operations tied to order fulfillment, and ensure the development and implementation of efficient operations and cost-effective systems to meet the high demand for 800G and 1.6T transceivers needed by hyperscalers and AI cluster operators. Sundar Natarajan Yoganandan, POET's Director of External Manufacturing and NPI, also a resident of Malaysia, will report directly to Ghazi. "We are thrilled to welcome Ghazi to the POET team," said Dr. Venkatesan. "Our relationship with Globetronics in Malaysia is off to a strong start, with a suite of wafer-level assembly and test equipment installed and operational. With full production capacity expected to be on line this quarter, this is the ideal time for Ghazi and Sundar to staff an organization in Penang and establish the systems we need to ensure delivery of optical engines to customers. We have established POET Technologies Sdn. Bhd. as a wholly owned subsidiary and have begun resourcing it accordingly." Ghazi holds PhD and MS degrees in mechanical and electrical engineering and an MBA. He began his career as an R&D lead designer and manager with AT&T Bell Labs and AT&T Microelectronics in Reading, PA. Over the next 40 years Ghazi held key manufacturing and supply chain roles in several countries with Lucent Technologies, Corvis Corporation/Broadwin Communications, Infinera, Oclaro, Teraxion, Kaiam Corp. and Macom Technology Solutions Holdings. "I am pleased to be joining POET at this time to help build a great company in photonics and optoelectronics, serving many customers that I know well and interacting with many suppliers with whom I have strong relationships," said Dr. Chaoui. "By semiconductorizing optical engine assembly, I am confident we can supply high performance optical engines at high volumes on time to customers." About POET Technologies Inc. POET Technologies Inc. -- www.poet-technologies.com -- is a design and development company offering high-speed optical modules, optical engines, and light source products to the artificial intelligence systems market and hyperscale data centers. POET's photonic integration solutions are based on the POET Optical Interposer, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using advanced wafer-level semiconductor manufacturing techniques. POET's Optical Interposer-based products are lower cost, consume less power than comparable products, are smaller in size, and are readily scalable to high production volumes. In addition to providing high-speed (800G, 1.6T, and above) optical engines and optical modules for AI clusters and hyperscale data centers, POET has designed and produced novel light source products for chip-to-chip data communication within and between AI servers, the next frontier for solving bandwidth and latency problems in AI systems. POET's Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained "Edge" computing applications, and sensing applications, such as LIDAR systems for autonomous vehicles. POET is headquartered in Toronto, Canada, with operations in Allentown, PA, Shenzhen, China, and Singapore. Hartford, Conn.-based Marcum LLP, the Company's auditor since 2009, issued a "going concern" qualification in its report dated March 15, 2024, citing that the Company has incurred significant losses over the past few years and needs to raise additional funds to meet its future obligations and sustain its operations. As of Dec. 31, 2024, the Company had $69,652,449 in total assets, $48,963,562 in total liabilities, and a total stockholders' equity of $20,688,887. POET TECHNOLOGIES: Sets Virtual Annual Meeting for June 27 ---------------------------------------------------------- POET Technologies Inc. released a Notice of Annual and Special Meeting of Shareholders, attached to the Company's report on Form 6-K Report filed with the U.S. Securities and Exchange Commission. The Notice announced that the Annual and Special Meeting of holders of common shares of the Company will be held virtually -- ://meetnow.global/MA7YKL7 -- at 1:00 p.m. (EDT) on June 27, 2025 for the following purposes: 1. to receive the audited consolidated financial statements of the Company for the financial year ended December 31, 2024 together with the auditor's report thereon and interim financial statements of the Company for the period ended March 31, 2025; 2. to elect the directors of the Company for the coming year; 3. to appoint Davidson & Company LLP as the auditors of the Company and to authorize the directors to fix their remuneration; and 4. to approve a resolution of a majority of the disinterested shareholders of the Company, approving the amendments to the Company's omnibus incentive plan, as more particularly set out in the Circular; 5. to transact such further or other business as may properly come before the Meeting or any adjournments thereof. Along with the Notice, the Company filed -- Attending the Meeting Online, Notice of Meeting And Management Information Circular, Notice of Availability Of Proxy Materials, Form Of Proxy, Financial Statements Request Form, And Certificate -- as exhibits to its Form 6-K Report, available at: https://tinyurl.com/4pm2hzzm About POET Technologies Inc. POET Technologies Inc. -- www.poet-technologies.com -- is a design and development company offering high-speed optical modules, optical engines, and light source products to the artificial intelligence systems market and hyperscale data centers. POET's photonic integration solutions are based on the POET Optical Interposer, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using advanced wafer-level semiconductor manufacturing techniques. POET's Optical Interposer-based products are lower cost, consume less power than comparable products, are smaller in size, and are readily scalable to high production volumes. In addition to providing high-speed (800G, 1.6T, and above) optical engines and optical modules for AI clusters and hyperscale data centers, POET has designed and produced novel light source products for chip-to-chip data communication within and between AI servers, the next frontier for solving bandwidth and latency problems in AI systems. POET's Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained "Edge" computing applications, and sensing applications, such as LIDAR systems for autonomous vehicles. POET is headquartered in Toronto, Canada, with operations in Allentown, PA, Shenzhen, China, and Singapore. Hartford, Conn.-based Marcum LLP, the Company's auditor since 2009, issued a "going concern" qualification in its report dated March 15, 2024, citing that the Company has incurred significant losses over the past few years and needs to raise additional funds to meet its future obligations and sustain its operations. As of Dec. 31, 2024, the Company had $69,652,449 in total assets, $48,963,562 in total liabilities, and a total stockholders' equity of $20,688,887. ========= I N D I A ========= AGRO FRESH: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shree Agro Fresh Ulo Cold Storage (SAFUCS) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 0.25 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 8.75 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SAFUCS for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SAFUCS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAFUCS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SAFUCS continues to be 'Crisil D Issuer not cooperating'. SAFUCS was set up in June 2014 by Mrs Sadhana Maloo, Mr. S K Singh, Mr. Dineshchandra Maheshwari, and Mr. Narendrakumar Sharma. The firm has a cold storage facility at Hallol, Gujarat, ALIENS DEVELOPERS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Aliens Developers Private Limited (ADPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.8 CRISIL D (Issuer Not Cooperating) Cash Credit 6.3 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.9 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with ADPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ADPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ADPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ADPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. ADPL, incorporated in 2004, is a Hyderabad-based company that undertakes residential real estate projects across the city and its adjacent locations. Mr. Hari Challa and Mr. Venkata Prasanna Challa are the promoters. AVARTANAH INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Avartanah Infrastructure Private Limited (AIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 6 CRISIL D (Issuer Not Cooperating) Overdraft Facility 3.5 CRISIL D (Issuer Not Cooperating) Proposed Short Term 4.25 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with AIPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AIPL continues to be 'Crisil D Issuer not cooperating'. AIPL, incorporated on September 24, 2008, provides information technology services to commercial electrical distributors. The company also erects electric substations, and provides consultation for operations and maintenance of thermal power plants. The operations are overseen by Mr. Nilanjan Sen. The company caters to state governments of West Bengal, Odisha, and Assam, and it has an International Standards Organisation (ISO) 9001: 2008 certification. BALASORE MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Balasore Marine Exports Private Limited (BMEPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 12.0 CRISIL D (Issuer Not Credit Cooperating) Proposed Long Term 0.2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with BMEPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BMEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BMEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BMEPL continues to be 'Crisil D Issuer not cooperating'. BMEPL processes and exports sea food especially prawns. The unit has an installed processing capacity of 20 metric tonne per day. It is promoted and managed by Mr. Gyana Ranjan Dash and Mr. Manoranjan Panda. BHAGWAN PRECISION: CRISIL Keeps B- Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings for the bank facilities of Bhagwan Precision Private Limited (BPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL B-/Stable (ISSUER NOT COOPERATING) Cash Credit 2.27 CRISIL B-/Stable (ISSUER NOT COOPERATING) Term Loan 5.4 CRISIL B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with BPPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BPPL continues to be 'Crisil B-/Stable Issuer not cooperating'. BPPL was set up in 2010 by Mr. Vijay Pal and his family members. The company manufactures precision-turned steel parts and components used in the automobile industry, primarily for tractors. BPPL specialises in highly precise, ground and honed components used in hydraulic lifts in tractors. The company started operations in July 2012. Its key customer is Mahindra & Mahindra Ltd. BLUE WHALE: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of BWMT continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 Crisil D (Issuer Not Cooperating) Foreign Letter 4 Crisil D (Issuer Not of Credit Cooperating) Proposed Fund- 3 Crisil D (Issuer Not Based Bank Limits Cooperating) Proposed Fund- 3 Crisil D (Issuer Not Based Bank Limits Cooperating) Proposed Non 5 Crisil D (Issuer Not Fund based limits Cooperating) Crisil Ratings has been consistently following up with BWMT for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BWMT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BWMT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BWMT continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2007, BWMT is engaged in the trading of construction equipment like Horizontal Directional Drillers (HDD), Micro-tunnelling, Auger Boring, Pipe ramming & Pipe bursting and their spares. The company has its head office in Bangalore, and a branch presence in 6 cities in India. CENTENARY ARCADES: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Centenary Arcades Private Limited (CAPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Lease Rental 25.55 CRISIL D (Issuer Not Discounting Loan Cooperating) Crisil Ratings has been consistently following up with CAPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CAPL continues to be 'Crisil D Issuer not cooperating'. CAPL is promoted by Mr. N L Nagendra. It has commercial space in Mysore which has been occupied by Big Bazaar since 2008; CAPL has signed a 15-year agreement with Big Bazaar. CHHAJED FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Chhajed Foods Private Limited (CFPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 4 CRISIL D (Issuer Not Cooperating) Cash Credit 7 CRISIL D (Issuer Not Cooperating) Cash Credit 3 CRISIL D (Issuer Not Cooperating) Inland/Import 5 CRISIL D (Issuer Not Letter of Credit Cooperating) Proposed Long Term 7.73 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Proposed Term Loan 9.4 CRISIL D (Issuer Not Cooperating) Term Loan 8.87 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CFPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CFPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1996 and promoted by Chhajed family, CFPL manufactures ready-to-fry and ready-to-boil food pellets at its facility in Ahmedabad. Operations are managed by Mr. Rajesh Chhajed. CORODEX INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Corodex Infrastructure Private Limited (CIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 9 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Letter of Credit 14 CRISIL D (Issuer Not Cooperating) Proposed Long Term 10 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with CIPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. CIPL was incorporated in June 2013 by Mr. Prakash Arun. It is engaged in electrical infrastructure supply, erection, commissioning of transmission line, grid substation, power substation and mechanical work on turnkey basis. The company is active in various fields such as airport development, metro rail project, and construction of tunnels, industrial plants, five star hotels, residences and hospitals. FARMICO COLD: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Farmico Cold Chain and Logistics Limited (FCSPL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Mortgage Loan 8 CRISIL B/Stable (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with FCSPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of FCSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on FCSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of FCSPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 1995, FCSPL (formerly known as Wadhwani Cold Storage And Ice Plant Pvt Ltd) operates a cold storage unit at Nagpur, Maharashtra. The company provides cold storage facilities to various farmers and traders located in and around the Agricultural Produce Market Committee market at Nagpur. FUTURE IDEAS: SC Refuses to Halt Insolvency Proceedings ------------------------------------------------------- The Economic Times reports that the Supreme Court has refused to stay the insolvency proceedings initiated against Future Ideas Company Ltd (FICL), a part of the erstwhile Kishore Biyani-led Future Group. However, it sought response from Axis Trustee Services and resolution professional Ritesh Agarwal on an appeal by Anil Biyani, the suspended director of FICL. A Bench led by Justice Sanjay Karol posted the matter for further hearing on August 8, ET says. According to ET, senior counsel Siddharth Luthra and counsel Pallavi Pratap, on behalf of Anil, sought stay on the constitution of the Committee of Creditors and stay on the insolvency proceedings. The National Company Law Appellate Tribunal (NCLAT) had on May 19 upheld the Mumbai bench of the National Company Law Tribunal (NCLT)'s order that admitted FICL into insolvency on a plea by Axis Trustee Services, which had cited a default of INR122.83 crore as of September 2022, ET relates. While seeking setting aside of the appellate tribunal's order, Anil in his appeal stated that the NCLAT does not have the power under Section 7 of the IBC to declare a contract which is acted upon by all relevant parties as void. "The same is a power vested only in a civil court. Such power of the NCLT/NCLAT, if any, under the Code would only arise when the corporate debtor's insolvency resolution has begun," it added. According to the appeal, the NCLAT had sought strict compliance of the Debenture Trust cum Mortgage Deed (DTMD) from FICL but has failed to consider its terms and non-compliance of Axis Trusteeship to provide authority to file the proceedings before the NCLT seeking initiation of CIRP of FICL, ET relays. In 2018, a debenture trustee agreement was executed between FICL and Axis Trustee Services, which was a debenture trustee on behalf of debenture holders Franklin India Short Term Income Plan and Franklin India Income Opportunities Plan. ET says the debt arose from non-convertible debentures issued by FICL across four series in 2018, which were due for redemption starting January 31, 2020. FUCL was required to redeem the debentures and pay interest as specified in the Transaction Documents. However, due to a default in redemption of debentures on April 30, 2021, an Event of Default was allegedly triggered. It was alleged that despite a notice in 2022 demanding payment, FICL failed to comply with the same. Consequently, Axis Trustee moved the tribunal to start insolvency proceedings against FICL. Future Ideas Company Limited provides consultancy services. The Company focuses on to identify, understand, translate, and execute ideas that build interfaces between organizations and their stakeholders. Future Ideas serves customers in India. GOLDEN TOBACCO: NCLAT Sets Aside Direction for Forensic Audit ------------------------------------------------------------- The Economic Times reports that the insolvency appellate tribunal NCLAT has set aside the directions of the NCLT for a forensic audit of Golden Tobacco, and a change in the resolution professional of the debt-ridden cigarette maker. Passing an order over a batch of petitions filed against the NCLT order, the National Company Law Appellate Tribunal also extended the timeline for completing the CIRP (Corporate Insolvency Resolution Process) of Golden Tobacco till Oct. 17, 2025, according to ET. Besides, the appellate tribunal has also directed the NCLT to decide over the claims of financial creditors -- Central Bank of India, Arrow Engineering and others and then to reconstitute the lenders' body -- Committee of Creditors (CoC). "The direction of the Adjudicating Authority to conduct a forensic audit by KPMG is set aside," said a two-member bench comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra, ET relays. According to ET, the appellate tribunal also set aside the direction of the NCLT, directing a change in the resolution professional of the company. "Direction contained in the impugned order replacing the Appellant (RP) is set aside. Consequently, the direction to appoint a New Resolution Professional - Sanjay Borad shall come to an end," it said, directing the new Resolution Professional who was allowed to function during the pendency of these appeals shall hand over all the records within seven days. ET adds that the NCLAT in its 86-page-long order also dismissed the petition filed by Suraksha Realty and Sheth Developers, which were seeking the status of a 'secured' Financial Creditor of Golden Tobacco. Both had challenged the order of NCLT passed on May 13, 2024 in this regard. About Golden Tobacco Vadodara-based Golden Tobacco owns cigarette brands such as Panama, Chancellor, Golden's Gold Flake and Taj Chhap. It is a Dalmia Group-owned firm. Corporate Insolvency Resolution Process (CIRP) was commenced against Golden Tobacco on June 7, 2022, by NCLT after admitting the Section 7 application filed by Arrow Engineering. HCBL CO-OPERATIVE: RBI Cancels Licence, Liquidation Set to Begin ---------------------------------------------------------------- Law.asia reports that the Reserve Bank of India (RBI) has cancelled the license of Lucknow-based HCBL Co-Operative Bank over multiple irregularities and authorities are to begin the liquidation process. According to Law.asia, the bank had violated several provisions of the law and had been non-compliant leading to the RBI's conclusion that depositors were at risk should the bank continue to operate. As of the close of business on May 19, 2025, the bank can no longer conduct any banking business and authorities have been directed to begin the winding up and liquidation process. Law.asia relates that the RBI's cancellation order said the bank did not have enough capital and earning prospects. The bank also had been non-compliant on several licensing requirements under the Banking Regulation Act, 1949. Thus, the RBI concluded that it would be detrimental to the interests of depositors and the public if the bank continued its operations. The order also noted the bank was unable to pay all its depositors in full, Law.asia relays. On liquidation, each depositor would receive a claim on their deposit up to INR500,000 (USD5,844) from the Deposit Insurance and Credit Guarantee Corporation. As many as 98% of the depositors will receive their full deposits, according to data provided by the bank to the authorities. MAHARANA PRATAP: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Maharana Pratap Education Centre (MPEC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 3.5 CRISIL D (Issuer Not Cooperating) Overdraft Facility 10.5 CRISIL D (Issuer Not Cooperating) Proposed Bank 1 CRISIL D (Issuer Not Guarantee Cooperating) Proposed Bank 26.2 CRISIL D (Issuer Not Guarantee Cooperating) Term Loan 4 CRISIL D (Issuer Not Cooperating) Term Loan 4.8 CRISIL D (Issuer Not Cooperating) Term Loan 22 CRISIL D (Issuer Not Cooperating) Term Loan 8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MPEC for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MPEC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MPEC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MPEC continues to be 'Crisil D Issuer not cooperating'. MPEC was established in 1995 by Mr. Ram Singh Bhadauria. It operates institutes providing technical, management, and medical courses in Kanpur and Lucknow (Uttar Pradesh). It also operates three schools named MPEC School, eight higher-education colleges, and Pratap University in Jaipur. MARUTI COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Maruti Cotton Industries (MCI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.18 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.82 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MCI for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MCI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MCI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MCI continues to be 'Crisil D Issuer not cooperating'. MCI, a partnership firm, started commercial production in January 2012. The firm gins and presses raw cotton (kapas). There are 11 partners in the firm, with Mr. Savji Savsani (holding 15% stake) and Mr. Mukesh Ghodsara (5%) actively managing the operations. OMKAR SPECIALITY: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Omkar Speciality Chemicals Limited (OSCL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 10 CRISIL D (Issuer Not Cooperating) Cash Credit 46 CRISIL D (Issuer Not Cooperating) Cash Credit 25 CRISIL D (Issuer Not Cooperating) Corporate Loan 50 CRISIL D (Issuer Not Cooperating) Letter of Credit 60 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with OSCL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of OSCL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on OSCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of OSCL continues to be 'Crisil D/Crisil D Issuer not cooperating'. OSCL, set up in 1983, manufactures specialty chemicals, organic and inorganic chemicals, and inorganic intermediates such as iodine, selenium, molybdenum and their derivatives. The pharmaceutical industry remains the major end user segment of the company, accounting for nearly 70-75% of its revenues, with poultry, glass and water treatment being the other major end user segments. The company has 6 manufacturing facilities in Badlapur, Maharashtra. OPTIMAL POWER: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Optimal Power Synergy India Private Limited (OPS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.5 CRISIL D (Issuer Not Cooperating) Cash Credit 1.85 CRISIL D (Issuer Not Cooperating) Foreign Letter 1 CRISIL D (Issuer Not of Credit Cooperating) Proposed Long Term 3.65 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with OPS for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of OPS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on OPS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of OPS continues to be 'Crisil D/Crisil D Issuer not cooperating'. OPS, incorporated in 2007, is a subsidiary of Optimal Power Solutions Pty Ltd, Australia. The company is involved in renewable energy business, specifically in the manufacture and design of power conditioning units such as inverters and various control systems. OPS also manufactures rooftop solar inverters of 3-30 kilowatt. Dr Swati Purakayastha manages the operations. ORIENT CRAFT: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Orient Craft Limited (OCL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Short Term Rating - CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with OCL for obtaining information through letter and email dated April 14, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of OCL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on OCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of OCL continues to be 'Crisil D/Crisil D Issuer not cooperating'. OCL was established by Mr. Sudhir Dhingra in 1972 as a proprietorship concern. In 1978, the firm was reconstituted as a private limited company. Mr. Dhingra's friends, Mr. Anoop Thatai and Mr. K K Kohli joined the business with their investment in the company in 1978 and 1987 respectively. As on March 31, 2020, Mr. Dhingra held 57.3% stake in OCL, while Mr. Thatai and Mr. Kohli held 19.5% each. The company is recognised by the Indian government as a four-star export house. OCL manufactures and exports readymade garments, primarily for women and children. It mainly manufactures high-end garments with intricate designs, which attract higher realisations. The company has 21 facilities in the National Capital Region, covering 13.5 lakh square feet. It exports mainly to the US and Europe and caters to high-end brands such as GAP, Macy's, Debenhams, French Connection, Ann Taylor, Marks & Spencer's, Abercrombie & Fitch, Sainsbury, UCB and Next. PADAM CARS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Padam Cars Private Limited (PCPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inventory Funding 16 CRISIL D (Issuer Not Facility Cooperating) Inventory Funding 10 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with PCPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PCPL continues to be 'Crisil D Issuer not cooperating'. PCPL, based in Amritsar, is promoted by Mr. Amarijt Mehta and his wife Ms. Babita Mehta. The company is a dealer for passenger cars of Renault and GM. It has 10 showrooms spread across Punjab. PADMAVATHI COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Padmavathi Cotton Industries (PCI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 CRISIL D (Issuer Not Cooperating) Proposed Cash 0.71 CRISIL D (Issuer Not Credit Limit Cooperating) Term Loan 5.79 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PCI for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PCI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PCI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PCI continues to be 'Crisil D Issuer not cooperating'. PCI, located at Chintapally mandal in Nalgonda district of Telangana, is a partnership firm set up in March 2015 and started its operations on 28th January 2016. Mr. Ganta Narayana Reddy and Mr. Ganta Rajashekar Reddy are the managing partners of the firm. Mr. Narayana Reddy has over 2 decades of experience in cotton trading business. The ginning facility includes 48 double roller gins, an auto pressing unit and an auto feeder unit. The installed processing capacity of the unit is ~351,000 kappas per annum. PENINSULA VACATIONS: CRISIL Keeps B Rating in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Peninsula Vacations Private Limited (PVPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Fund- .01 CRISIL B/Stable (Issuer not Based Bank Not Cooperating) Limits Crisil Ratings has been consistently following up with PVPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PVPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PVPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PVPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in September 2017, by Mr. Vaibhavkumar Jyani and Mr. Jignesh Vyas, PVPL proposes to undertake online travel bookings of flights, domestic and international hotels, multi-city car rental, sightseeing of the world and international airport transfers. Lataar.com is an ISO certified company and LATAAR is a trademark. PETERESA REALTORS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Peteresa Realtors (PR) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 8.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 21.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with PR for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PR continues to be 'Crisil D Issuer not cooperating'. Established in 2008, PR is partnership firm which is engaged in residential real estate activities. PR is undertaking a residential real estate project in Borivali, Mumbai and is managed by Mr. Robert Dsouza. PROTAC FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of ProTAC Foods International Private Limited (PFIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 13 CRISIL D (Issuer Not Cooperating) Term Loan 5.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PFIPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PFIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PFIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PFIPL continues to be 'Crisil D Issuer not cooperating'. PFIPL was promoted by Mr. Tarun Kunzru (managing director), Mr. Chethan MV and Mr. Abhishek Gowda M.N to engage in chicken processing, with an integrated cold chain preservative system and sales. The company was incorporated on February 5, 2014. The company has commenced operations since June 2016. RAGAM METAL: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ragam Metal Products Private Limited (RMPPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating) Proposed Working 8.75 CRISIL B/Stable (Issuer Not Capital Facility Cooperating) Term Loan 1.25 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RMPPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RMPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RMPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RMPPL continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 1988, RMPPL manufactures sheet metal components. The company is promoted by Mr.C.Rammohan and Mrs.Beena Rammohan. RASH BUILDERS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Rash Builders India Private Limited (RBIPL) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Secured Overdraft 11.4 CRISIL D (ISSUER NOT Facility COOPERATING) Working Capital 0.6 CRISIL D (ISSUER NOT Term Loan COOPERATING) Crisil Ratings has been consistently following up with RBIPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RBIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RBIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RBIPL continues to be 'Crisil D Issuer not cooperating'. Rash Builders (Partnership Firm) was established as 'A' Class Contractor in the year 1981, and was incorporated as RBIPL in the year 2008. Since 1981, it has been engaged in civil construction and EPC works such as construction of roads, bridges, railway bridges, tunnels, hydro power projects and other related infrastructure works for clients such as National Hydro Electric Power Corporation, Ircon International Limited and other government entities in Jammu and Kashmir. RELIANCE INFRASTRUCTURE: Made Full Payment of INR92.68cr Tariff --------------------------------------------------------------- The Economic Times reports that Reliance Infrastructure on June 2 said it has made the full payment of INR92.68 crore to Dhursar Solar Power Pvt Ltd towards claims of tariff, making the initiation of insolvency proceedings infructuous. "The company has made full payment of INR92.68 crore to Dhursar Solar Power Private Limited, towards claim of tariff as per the Energy Purchase Agreement with the company," Reliance Infra said in a stock exchange filing. According to ET, the company said it will appeal before the NCLAT and will seek withdrawal of the Order dated May 30, 2025, passed by NCLT Mumbai for initiation of the corporate insolvency resolution process. "The NCLT Order has become infructuous as legally advised, upon full payment having already been made," it said. The Mumbai bench of the National Company Law Tribunal (NCLT) had admitted an insolvency plea against the company, ET notes. The plea was filed by IDBI Trusteeship Services Ltd. In April 2022, IDBI Trusteeship had filed a petition for initiating a corporate insolvency resolution process (CIRP) against Reliance Infrastructure alleging a default of INR88.68 crore as of Aug. 28, 2018, plus interest, ET recalls. The default was on payment of 10 invoices raised between 2017 and 2018 by Dhursar Solar Power Private Ltd (DSPPL) for supplying solar energy to Reliance Infrastructure. IDBI Trusteeship, being the security trustee of DSPPL, sought payments against the invoices from Reliance Infrastructure. About Reliance Infrastructure Reliance Infrastructure Limited (RIL) is the flagship company of the India-based Reliance Group, led by Anil Dhirubhai Ambani, active in the energy and infrastructure businesses. R-Infra has an in-house engineering-procurement-construction/EPC division that is active in the power and road segments. CARE Ratings, in early March 2025, said the rating of RIL's Long-Term and Short-Term bank facilities continue to remain in the 'Issuer Not Cooperating' category. CARE Ratings withdrawn the rating(s) assigned to the NCD issue (INR600 crore) of RIL with immediate effect, as the company has repaid the aforementioned NCD issue in full and there is no amount outstanding under the issue as on date. On March 4, 2021, CARE Ratings moved RIL's Long-Term and Short-Term bank facilities and NonConvertible Debentures to CARE D; Issuer Not Cooperating. RPV EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of RPV Exports Private Limited (RPVEPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Bill 4 Crisil D (Issuer Not Exchange Cooperating) Packing Credit 3 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RPVEPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RPVEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RPVEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RPVEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. RPVEPL, incorporated in 2012, is a Kolkata-based company that manufactures readymade garments such as t-shirts, trousers, skirts, and inner wear. Mr. Rama Shankar Choubey, Ms Sunita Choubey, and Mr. Piyush Choubey are the promoters. RUBY BUILDERS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Ruby Builders and Promoters (RBP) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Drop Line 22 Crisil D (Issuer Not Overdraft Cooperating) Facility Long Term Loan 8 Crisil D (Issuer Not Cooperating) Overdraft Facility 10 Crisil D (Issuer Not Cooperating) Proposed Long Term 30 Crisil D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with RBP for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RBP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RBP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RBP continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in 1994 by Mr. R Manoharan, RBP is a partnership firm engaged in development of residential real estate projects in Chennai. S A MULLA: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of S A Mulla (SAM) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SAM for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SAM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SAM continues to be 'Crisil D/Crisil D Issuer not cooperating'. SAM, set up in 1986 as a proprietorship, was converted into a partnership in fiscal 2018. The Kolhapur-based firm constructs roads and canals for the Karnataka and Maharashtra governments. Mr. Saifuddin A Mulla and Mr. Mainuddin S Mulla are the partners. V M YARNS: CRISIL Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of V M Yarns Private Limited (VMYPL) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 13.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VMYPL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VMYPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VMYPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VMYPL continues to be 'Crisil D Issuer not cooperating'. VMYPL was incorporated in 2002 and is promoted by Mr. Yogesh Kanoria and Ms. Payal Kanoria. The company trades various types of yarns such as cotton yarn, linen yarn, polyester yarn, PC yarn, viscose yarn, and PV yarns. VENUS GARMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Venus Garments India Limited (VGIL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Letter of credit 14.91 CRISIL D (Issuer Not & Bank Guarantee Cooperating) Proposed Long Term 3.17 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 73.83 CRISIL D (Issuer Not Cooperating) Working Capital 69 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with VGIL for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VGIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VGIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VGIL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1999 and promoted by Mr. Anil Jain, VGIL manufactures and exports ready-made garments such as polo shirts, T-shirts, jogging suits, sweat shirts, thermal wear, and sweaters. The company mainly exports to the US, Europe, Mexico, Canada, and other countries. ========= J A P A N ========= NISSAN MOTOR: DBRS Cuts Issuer Rating to BB, Removed Neg. Review ---------------------------------------------------------------- DBRS Limited downgraded Nissan Motor Co., Ltd.'s (Nissan or the Company) Issuer Rating to BB from BBB (low). Additionally, pursuant to its "Morningstar DBRS Global Corporate Criteria/Recovery Ratings for Non-Investment-Grade Corporate Issuers" (February 3, 2025), Morningstar DBRS also downgraded the instrument rating on Nissan's Senior Unsecured Debt to BB from (BBB (low)) with a recovery rating of RR4. Concurrently, Morningstar DBRS downgraded Nissan Canada Inc.'s Senior Unsecured Debt credit rating to BB (from BBB (low)) with a recovery rating of RR4. The trend on all credit ratings is Negative. With these rating actions, Morningstar DBRS removed Nissan's credit ratings from Under Review with Negative Implications, where they were placed on February 25, 2025. KEY CREDIT RATING CONSIDERATIONS The credit ratings downgrade reflects Nissan's substantially weaker operating performance in the 2024 fiscal year (F2024, ended March 31, 2025), with the Company's core automotive business incurring an operating loss of JPY 216 billion (approximately $1.4 billion) for the fiscal year, and the segment's free cash flow amounting to negative JPY 243 billion (approximately $1.6 billion). Accordingly, Nissan revised its previously announced restructuring activities, with the Company now targeting (among other items) JPY 500 billion ( approximately $3.3 billion) in cost reductions by F2026, with Nissan planning to close seven plants and implement staff reductions of 20,000 employees by F2027. Moreover, the Company continues to seek a strategic partner, with the potential business integration with Honda Motor Co., Ltd. (rated A (high) with a Stable trend) seemingly remaining rather unlikely. Morningstar DBRS notes that the Trump administration's trade policies that increased tariffs globally significantly affect Nissan, with the United States representing a key sales market for the Company and Nissan having a sizable manufacturing presence in Mexico. Nissan has publicly estimated that its gross exposure to the changing tariffs could approach JPY 450 billion (approximately $2.9 billion) in F2025, although this could be offset by as much as 30% through implemented countermeasures that include close collaboration with the supply base (on mitigation plans) and prioritizing retail sales of U.S.-assembled models. This notwithstanding, Nissan has indicated that the tariff environment remains highly uncertain, with the Company electing to suspend its F2025 guidance as a result. CREDIT RATING DRIVERS Ongoing weak operating performance (i.e., largely consistent with or trending weaker relative to Nissan's F2024 results) of the Company amid continued industry challenges, exacerbated by uncertainties associated with changing global tariff policies, would likely lead to a further downgrade of the credit ratings. Conversely, while unlikely over the near term, a marked improvement in Nissan's operating performance, resulting in gross free cash flow approaching breakeven levels, could result in positive credit rating actions. Morningstar DBRS also notes that a strategic tie-up or substantial business integration with another automotive original equipment manufacturer (OEM) or technological partner, would likely result in Nissan's credit ratings being placed Under Review. EARNINGS OUTLOOK Morningstar DBRS notes that Nissan, as with several other global automotive OEMs, has suspended its guidance for operating profit, net income, and automotive free cash flow for F2025, citing uncertainty related to the tariff environment. While Morningstar DBRS nonetheless estimates the Company's F2025 performance to moderately improve compared with very weak F2024 results, Morningstar DBRS expects Nissan's core automotive operations to incur a further operating loss in F2025, albeit likely narrowing year over year, in line with ongoing cost challenges, weakening performance in China, and uncertainties due to the developing tariff policies, which could likely result in a softening of global automotive demand. FINANCIAL OUTLOOK Consistent with its earnings outlook, Morningstar DBRS anticipates Nissan's cash flow from operations to remain under pressure in F2025, likely approaching only slightly positive levels. While Morningstar DBRS notes that dividends are suspended because of Nissan's weak earnings, capital expenditures, notwithstanding some anticipated moderation thereof, are likely to persist at sizable levels. Sizeable restructuring expenses and corresponding cash outflows will also contribute to weaker cash generation capacity over the next two years. Accordingly, Morningstar DBRS expects Nissan's free cash flow will remain substantially negative in F2025. Morningstar DBRS notes, however, that for the time being, this remains considerably offset by strong cash balances of JPY 2.2 trillion (approximately $14.3 billion) of the Company's automotive operations, bolstered by available credit lines that, for the automotive operations, totalled approximately JPY 600 billion (approximately $3.9 billion) as of March 31, 2025. CREDIT RATING RATIONALE Comprehensive Business Risk Assessment (CBRA): BBH/BB Nissan's CBRA reflects its position as a global automotive OEM, ranking eighth globally on a standalone basis, according to 2024 sales volume data. While Nissan's market position was somewhat strengthened by the Renault-Nissan-Mitsubishi Alliance (the Alliance), Morningstar DBRS notes that the future of the Alliance remains subject to considerable uncertainty with Nissan seeking a further strategic partner and with minimum cross ownership voting rights being recently further reduced to 10% (from the prior level of 15%). Morningstar DBRS notes that the Nissan brand remains among the world's strongest mainstream automotive brands. However, this is partly offset by its Infiniti brand, which is not as well established in the premium automotive space. Nissan's geographic diversification is somewhat favorable; the Company is well established across most major markets; although Morningstar DBRS acknowledges that Nissan is currently facing significant challenges in China, primarily due to much stronger competition from domestic new energy vehicle manufacturers. Moreover, the Company's geographic diversification is tempered further as Nissan's recovery plans are highly dependent on North America. Nissan's poor operating efficiency is underscored by the Company's weak capacity utilization (at approximately 70% as of F2024), with the Company targeting substantial plant closures and employee headcount reductions by F2027. Regarding tightening emissions standards and the progressive electrification of its vehicle fleet, Nissan is currently adversely affected by a relative lack of hybrid product offerings in the key U.S. market, with the popularity of hybrids recently increasing amid slowing momentum around the future adoption of full electric vehicles (EVs). Finally, we note that Nissan's CBRA reflects uncertainty around the future strategic direction of the Company as it seeks a new business partner. Comprehensive Financial Risk Assessment (CFRA): BBL Nissan's CFRA incorporates its substantially weaker operating performance, with only a modest earnings recovery anticipated over the near term. As such, earnings- and cash flow-based credit metrics are estimated to persist at lackluster levels (i.e., BB and below) over the next two years. This is partly offset, however, by Nissan's strong balance sheet with sizable cash balances and ample availability of committed credit lines. Intrinsic Assessment (IA): BB The IA is based on the CFRA and CBRA. Taking into consideration peer comparisons, among other factors, Morningstar DBRS places Nissan's IA in the middle of the IA range. Additional Considerations: None Nissan's credit ratings include no further negative or positive adjustments because of additional considerations. Notes: All figures are in Japanese yen unless otherwise noted. =============== M A L A Y S I A =============== SAPURA HOLDINGS: Infuses MYR40MM to Unit to Avoid Default --------------------------------------------------------- The Edge Malaysia reports that the High Court heard on June 3 that Sapura Resources Bhd (SRB) had averted a payment default after Sapura Holdings Sdn Bhd injected MYR40 million into SRB just a day before the deadline for payment. The Edge relates that the payment, due to Impian Bebas Sdn Bhd, was in connection with the development of the Permata Square office tower project at KLCC, which was also known as Project Apex. Impian Bebas, a 50:50 joint venture between SRB and KLCC Holdings Bhd (KLCCH), was the developer of the project. This payment matter was brought up by lawyer Rabindra S Nathan while cross-examining Sapura Holdings director Datuk Shahriman Shamsuddin during the hearing of a winding-up petition initiated by Shahriman, according to The Edge. The Edge says Rabindra, who is the lawyer for Shahriman's elder brother Tan Sri Shahril Shamsuddin, showed Shahriman a letter from Shahril which stated that Sapura Holdings had disbursed the MYR40 million to SRB on Sept. 29, 2022, before the deadline of Sept. 30, 2022, thus averting the default in Impian Bebas. The MYR40 million was needed to remedy the cash calls default payable by SRB to KLCCH as part of its obligations under Project Apex. KLCCH had issued a notice of default, requiring SRB to settle the MYR40 million by Sept. 30, 2022, The Edge relays. In the letter from Shahril, addressed to the board of directors of SRB, Shahril stated that because of the MYR40 million assistance, a caveat was lodged on three parcels of land - a "Jalan Tandang" property, a "Jalan 219" property and the Sapura@Mines property - as security, pending finalisation of the definitive legal and security documents, according to The Edge. This letter enclosed a new term sheet for a MYR100 million financial assistance to SRB, which included the previously disbursed MYR40 million. The term sheet required SRB to provide collateral in the form of the three properties. Shahriman, during questioning from Rabindra, was asked about the MYR40 million financial assistance which was on offer since May 2021 but was not taken due to Shahriman's objections to the board, The Edge says. The Edge relates that Shahriman agreed that he had concerns over using Sapura@Mines as collateral for the financial assistance, thus stalling the payment. He disagreed that his brother Shahril was trying to find a middle ground to mitigate the consequences in the event of a default. Shahriman filed the petition in September 2024 to wind up Sapura Holdings, believing it is needed for a fair asset distribution, The Edge recalls. Shahril, however, opposed this, claiming it is not a family company. Both Shahriman and Shahril hold a 40.5% direct stake each in the company, while their equally owned vehicle Brothers Capital Sdn Bhd has a 15% stake. Datuk Rameli Musa owns a 4% interest in the company. Sapura Holdings Sdn. Bhd. operates as a holding company. The Company, through its subsidiaries, provides oil and gas, secured technologies, industrial manufacturing, aviation, education, and property development services. Sapura Holdings serves customers worldwide. ===================== N E W Z E A L A N D ===================== CENTRAL PLUMBING: Creditors' Proofs of Debt Due on July 2 --------------------------------------------------------- Creditors of Central Plumbing Services Limited are required to file their proofs of debt by July 2, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 29, 2025. The company's liquidator is: Digby John Noyce RES Corporate Services Limited PO Box 301890 Albany Auckland 0752 HUNGRY WOK: Christchurch High Court Placed Company in Liquidation ----------------------------------------------------------------- Wei Shao at The Press reports that Hungry Wok, a long-running Chinese food stall in Christchurch's Westfield Mall, has closed after Inland Revenue applied to liquidate the company over unpaid tax. The Press relates that the business, officially registered as Hungry Wok Chinese Cuisine Ltd, was ordered into liquidation by the Christchurch High Court in May. According to The Press, Associate Judge Dale Lester granted the order after hearing the director had not made any payments toward the debt since January and had not responded to IRD since March. The Official Assignee has been appointed as liquidator. The first liquidation report is due on June 23. Owner Jie Bao told The Press the closure was due to "personal matters" and declined to comment further. Bao said he had operated the business "for a long time". Company records show it was incorporated in July 2016. Other eateries are trading under the name Hungry Wok around New Zealand, but company records show they are separate legal entities, The Press notes. JUMBO BINS: Creditors' Proofs of Debt Due on July 4 --------------------------------------------------- Creditors of Jumbo Bins 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 27, 2025. The company's liquidator is: Bryan Williams c/o BWA Insolvency Limited PO Box 609 Kumeu 0841 MODERE NEW ZEALAND: First Creditors' Meeting Set for June 12 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Modere New Zealand Limited will be held on June 12, 2025 at 12:00 p.m. at Level 17, 200 Queen Street in Melbourne. Fabian Kane Micheletto of SV Partners was appointed as administrator of the company on May 31, 2025. PENGUIN POOLS: Ordered to Pay NZD60K or Face Liquidation -------------------------------------------------------- Marty Sharpe at Stuff.co.nz reports that a swimming pool company that made a faulty pool has been told to pay NZD60,000 it owes or face liquidation proceedings. According to Stuff, Penguin Pools was ordered to pay NZD53,360 to fix a faulty pool after a judge rejected the company's claims the pool's owner was to blame. Nathan Walter bought the 12m by 4m pool from MRC Trading Ltd. (which trades as Penguin Pools) and had it installed on his family's Havelock North property in December 2018. In January 2021, Mr. Walter noticed pale patches on the surface of the pool, and a clear and uniform grid-like pattern on the pool's floor. A three-year dispute ensued. Stuff relates that the company's sales manager Peter Cloke claimed the problem had been caused by a calcium build-up due to Mr. Walter's poor care and maintenance of the water chemistry. Mr. Walter disputed this and said he maintained good attention to water chemistry and regularly tested the water himself as well as having professional pool companies carry out tests at least once a month. The impasse resulted in Mr. Walter taking the company to the High Court in December last year, Stuff notes. Mr. Walter claimed the company had breached the Consumer Guarantees Act, which states that when goods were supplied to a consumer, there was a guarantee that they were of acceptable quality. In his decision of January this year Judge Robert Spear expressed "serious doubts about the credibility" of the company's witnesses and said "No reasonable purchaser of such a pool would be satisfied with the condition that the pool had reached in as short a time from installation". Stuff says the company was ordered to pay damages of NZD53,360 - the estimated cost of repairing the pool - plus Mr. Walter's legal costs of NZD50,000, disbursements of NZD4,840 and witness expenses of NZD4,687. The company did not pay the damages until April, the report relates. It did not pay the legal costs, or other costs, or the NZD1,000 interest that accrued since the order was made. When attempts to obtain full payment were unsuccessful this month, Mr. Walter issued a demand on the company to repay the remaining debt by June 13. The company was told that if the debt went unpaid Walter would presume it was unable to pay its debt and he would file an application to put it into liquidation. Mr. Walter told Stuff he was disappointed. "I'm pleased the court saw this claim for what it is - a clear failure of Penguin Pools' product. I note that company's director Matt Cloke [Peter's son] fully accepted the judgement, and stated that he wanted to make things right," Stuff quotes Mr. Walter as saying. "It's frustrating now that they are not complying with the judge's court order. That doesn't seem consistent," he said. REALM VICTORIA: Placed Into Liquidation --------------------------------------- The New Zealand Herald reports that an Auckland-based development company that went into partnership with Kainga Ora to build 36 apartments in Rotorua has gone bust. Realm Victoria Ltd has been placed into liquidation and the construction of the apartments on Victoria St, near Rotorua Central, is up in the air. SPICE KING: Creditors' Proofs of Debt Due on July 15 ---------------------------------------------------- Creditors of Spice King Limited are required to file their proofs of debt by July 15, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 29, 2025. The company's liquidators are: Lynda Smart Derek Ah Sam Rodgers Reidy PO Box 39090, Harewood Christchurch 8545 ================= S I N G A P O R E ================= 1880 SINGAPORE: Hong Kong Branch in Liquidation with HK$20MM Debt ----------------------------------------------------------------- The South China Morning Post reports that the Hong Kong branch of a Singapore-based private club that closed after less than a year in business is undergoing liquidation with debts of about HK$20 million (US$2.5 million), former employees have said. According to the Post, financial difficulties forced 1880 Hong Kong, located at Two Taikoo Place in Quarry Bay, to shut its doors on May 30, leaving 100 employees without pay for two months and some members angered by sales made shortly before the closure. It also owed rent to its landlord, Swire Properties. Two former employees told the Post on June 3 that the cash-strapped club had gone into liquidation, blaming the failure on the company's poor financial planning and governance. Both said that the landlord made a substantial capital investment in the fixed assets, while the club only had to take care of operations. One said that Swire's capital investment amounted to more than HK$170 million, the Post relays. The club, which opened on November 8 last year, occupied four floors offering event spaces, a gym with spa facilities, four restaurants, a cocktail bar and a sports bar. Each member had to pay a joining fee of about HK$24,000 and a monthly subscription fee of HK$1,300, or HK$14,000 for a full year, according to the founding member rates seen by the Post. "Still, the company could not run the club properly because it did not understand how Hong Kong works and did no due diligence. It just assumed the city was going to be the same as Singapore," the Post quotes one middle-ranking employee as saying. "It was suffering from cash-flow problems from day one." He said the senior management made a string of poor decisions, including hiring more than a dozen staff members for each of their five kitchens long before the restaurants opened and ordering tens of thousands of cake packaging materials for an eatery that did not sell cakes, the Post relates. "But when an employee at a lower rank tried to speak up, they did not listen," he said. "November was the last month I received my salary on time." The company had not managed to pay all of its staff on time since December last year, with the landlord returning a deposit at one point to help it pay wages, but priority was given to junior employees. He also said the club had struggled to pay its suppliers since February and had asked to settle the payments in instalments. But it failed to honour the arrangement, placing immense pressure on frontline staff, he added, the Post relays. "In the end, we were only paying those whom we desperately needed to keep the club in business," the middle-ranking employee said. In the first week of May, founder Marc Nicolson held a town hall meeting to reassure all staff that a "very big investor" was coming to save the business, he said. Despite being in a dire financial situation, the club kept recruiting new members, with the last one joining in mid-May, just about two weeks before the closure, according to the Post. The same employee said the company's Singaporean leadership had sent in support before the opening in November, but they stopped in January this year. He said he believed the company still owed staff members about HK$4 million in unpaid wages and around HK$15 million to suppliers and its landlord, the Post discloses. A spokeswoman for Swire said the landlord was unable to disclose any financial details related to specific tenants, the Post reports. Hong Kong's Labour Department and the Customs and Excise Department said they had received complaints and were following up on the matter. The Consumer Council said it had yet to receive any complaints related to the club, adds the Post. The Post has reached out to the club and its founder for comment. CITY DEVELOPMENTS: To Sell $2.1B Singapore Office Site to Cut Debt ------------------------------------------------------------------ Bloomberg News reports that City Developments Ltd. agreed to sell its majority stake in one of Singapore's most iconic office complexes, according to a person familiar with the matter, as the developer seeks to reduce debt and regain investor confidence after a family feud. Bloomberg relates that CDL will sell its 50.1% stake in South Beach to minority owner IOI Properties Group Bhd, the person said, requesting not to be identified because the information is private. Malaysian developer IOI will have full ownership following the deal. The deal values the complex at about SGD2.75 billion (US$2.1 billion), the person said. According to Bloomberg, CDL has been under pressure to sell assets after a feud divided the Kwek family, the wealthiest clan in Singapore. Despite mending relations with his father and Chairman Kwek Leng Beng, the firm's Chief Executive Officer Sherman Kwek acknowledged in April that the dispute had hurt shareholders' confidence, and said that reducing the growing debt load is a priority. The deal will help CDL to meet a pledge to exceed the roughly SGD600 million in divestments it made in 2024, which fell short of a SGD1 billion target, Bloomberg says. Bloomberg notes that the complex in Singapore's central business district includes retail space, a 34-story office tower, and a 45-story building housing a JW Marriott Hotel. The purchase adds to IOI's growing presence in Singapore, with residential developments as well as assets like IOI Central Boulevard Towers, a newly opened city center office project. The Malaysia-listed firm is controlled by the Lee family, which made its fortunes from palm oil. The South Beach development, designed by Norman Foster's architectural firm, has seen ownership changes before, Bloomberg states. CDL bought the site for nearly SGD1.69 billion in 2007 along with two foreign partners, a unit of state-owned Dubai World Corp., and El-Ad Group Ltd. The global financial crisis led to a yearslong delay in construction and the two partners exited the project, with IOI eventually taking a minority stake in 2011. The elder Kwek resisted allowing IOI to take an equal stake in order to maintain control, according to a biography published in 2023. Major tenant Meta Platforms Inc. gave up its seven floors of space at the office tower last year, and occupancy dropped to 92.4% as of the end of March, compared with 94.4% at the end of last year, adds Bloomberg. City Developments Limited (SGX:C09) -- http://www.cdl.com.sg/-- is a property developer and owner. The Company, through its subsidiaries, are principally engaged in the investment of properties and shares, property management, project management and the provision of consultancy services, hospitality-related information technology, and procurement services. COALESCE ENGINEERING: Court to Hear Wind-Up Petition on June 13 --------------------------------------------------------------- A petition to wind up the operations of Coalesce Engineering & Construction Pte. Ltd. will be heard before the High Court of Singapore on June 13, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on May 21, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 PINGAN TECHNOLOGY: Creditors' Proofs of Debt Due on June 30 ----------------------------------------------------------- Creditors of Pingan Technology (SG) 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 14, 2025. The company's liquidator is: Cheong Beng Sheng, Dean c/o Guardian Advisory Pte Ltd 531A Upper Cross Street #03-118 Hong Lim Complex Singapore 051531 ROBINSON LAND: Court to Hear Wind-Up Petition on June 13 -------------------------------------------------------- A petition to wind up the operations of Robinson Land Pte. Ltd. will be heard before the High Court of Singapore on June 13, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on May 27, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 UNITED FACILITIES: Creditors' Proofs of Debt Due on July 1 ---------------------------------------------------------- Creditors of United Facilities Private Limited are required to file their proofs of debt by July 1, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May -, 2025. The company's liquidators are: Mr. Tan Wei Cheong Mr. Lim Loo Khoon 6 Shenton Way OUE Downtown 2, #33-00 Singapore 068809 UNIVERCELL PTE: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on May 16, 2025, to wind up the operations of Univercell Pte. Ltd. DBS Bank Ltd filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***