250612.mbx

250612.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, June 12, 2025, Vol. 28, No. 117 Headlines A U S T R A L I A 175 BURNLEY: First Creditors' Meeting Set for June 18 ANGLE ASSET 2025-1: Moody's Assigns B3 Rating to AUD11.80MM F Notes BELLINGEN RSL: Second Creditors' Meeting Set for June 18 CENTREX LIMITED: Reconvenes Second Meeting of Creditors DON WATSON: Trucking Icon Closes Up Shop After 77 Years GREENSILL: Lex Greensill 'Slippery and Prone to Lying', Court Told GROWPRO EXPERIENCE: May Have Traded While Insolvent HARVEY TRUST 2024-1: S&P Assigns BB (sf) Rating to Class E-R Notes PLENTI PL & GREEN 2025-1: Moody's Rates AUD12.80MM F Notes 'B2' QANTAS AIRWAYS: To Close Jetstar Asia; 500 Workers to Lose Jobs SCOTPAC GEARS 2025-1: Moody's Gives B2 Rating to AUD4.57MM F Notes SOUTHPORT POINT: McGrathNicol Appointed as Liquidators STONE CO: First Creditors' Meeting Set for June 19 STRATEGIC INVESTORS: First Creditors' Meeting Set for June 17 STRINGER LAND: First Creditors' Meeting Set for June 18 C H I N A CHINA VANKE: Gets Fifth Loan in 4 Months From Biggest Shareholder I N D I A AJAY BUILDERS: CARE Keeps B- Debt Ratings in Not Cooperating BISMI CONNECT: CARE Lowers Rating on INR25cr LT Loan to B- BRIJ RAJ: CARE Keeps B- Debt Rating in Not Cooperating Category BYJU'S: NCLAT Rejects Plea on Aakash Shareholding Status Quo Order CHITTORGARH KOTA: CARE Cuts Rating on INR20cr LT Loan to B+ COLOSSUS TRADE: CARE Lowers Rating on INR25cr LT Loan to B- CONCORD BUILDWELL: Insolvency Resolution Process Case Summary CONTINENTAL CORRUGATORS: CARE Cuts Rating on INR10.34cr Loan to B DIVYA AGRO: CARE Keeps D Debt Rating in Not Cooperating Category HOTEL DEEPALI: CARE Keeps B- Debt Rating in Not Cooperating I-VANTAGE INDIA: Liquidation Process Case Summary INANI SECURITIES: CARE Keeps B- Debt Rating in Not Cooperating KATYAYNI NATURAL: Insolvency Resolution Process Case Summary LIMELIGHT REALTORS: Insolvency Resolution Process Case Summary MPS TELECOM: CARE Keeps B- Debt Rating in Not Cooperating Category NAFREF ENGINEERS: CARE Keeps C Debt Rating in Not Cooperating PHOENIX STRUCTURAL: CARE Keeps B- Debt Ratings in Not Cooperating R S KAMTHE: CARE Lowers Rating on INR10cr LT Loan to B RAJNANDINI METAL: CARE Cuts Rating on INR130cr LT Loan to B S.B. ENGINEERS: CARE Keeps B- Debt Rating in Not Cooperating SAI BABUJI: CARE Keeps D Debt Rating in Not Cooperating Category SANTOSH WAREHOUSING: CARE Keeps D Debt Rating in Not Cooperating SEYA PATE: CARE Keeps B- Debt Rating in Not Cooperating Category SUSHEELA TEXFAB: CARE Keeps D Debt Rating in Not Cooperating TIRUPATI NIRYAT: CARE Keeps C Debt Rating in Not Cooperating UNNATI WIRE: CARE Keeps B- Debt Rating in Not Cooperating Category VARSHINI FERTILIZER: CARE Keeps B- Debt Rating in Not Cooperating VEE AAR: CARE Keeps B Debt Rating in Not Cooperating Category N E W Z E A L A N D ARCANIST LIMITED: Court to Hear Wind-Up Petition on June 13 AWARD CARPETS: Creditors' Proofs of Debt Due on July 6 CARBAT LIMITED: Court to Hear Wind-Up Petition on June 16 EXSURGO LIMITED: Calibre Partners Appointed as Receivers IMPERIAL PALACE: Reynolds & Associates Appointed as Liquidator KONVOY NEW ZEALAND: Placed in Liquidation With NZD8.37MM Debt S I N G A P O R E LAGUNA NATIONAL: Peter Kwee, Son Sued for SGD71MM Over Insolvency PATHWEL INTERNATIONAL: Court to Hear Wind-Up Petition on June 27 SOGO LABS: Court to Hear Wind-Up Petition on June 20 SUNRISE TRADING: Court to Hear Wind-Up Petition on June 20 VISTA HARDWARE: Court to Hear Wind-Up Petition on June 20 YI HENG: Court to Hear Wind-Up Petition on June 20 T H A I L A N D JKN GLOBAL: Founder, Sister Resign After SEC Files Charges - - - - - ================= A U S T R A L I A ================= 175 BURNLEY: First Creditors' Meeting Set for June 18 ----------------------------------------------------- A first meeting of the creditors in the proceedings of 175 Burnley Street Pty Ltd will be held on June 18, 2025 at 10:00 a.m. via videoconference only. Nicholas Wollinski and Roberto Crispino of Hall Chadwick were appointed as administrators of the company on June 5, 2025. ANGLE ASSET 2025-1: Moody's Assigns B3 Rating to AUD11.80MM F Notes ------------------------------------------------------------------- Moody's Ratings has assigned the following definitive ratings to the ABS notes issued by Perpetual Corporate Trust Limited as trustee of Angle Asset Finance - Radian Trust 2025-1. Issuer: Perpetual Corporate Trust Limited as trustee of Angle Asset Finance - Radian Trust 2025-1 AUD295.20 million Class A Notes, Assigned Aaa (sf) AUD34.40 million Class B Notes, Assigned Aa2 (sf) AUD17.60 million Class C Notes, Assigned A2 (sf) AUD10.00 million Class D Notes, Assigned Baa2 (sf) AUD17.60 million Class E Notes, Assigned Ba2 (sf) AUD11.80 million Class F Notes, Assigned B3 (sf) The AUD6.70 million Class G1 Notes and AUD6.70 million Class G2 Notes (together, the Class G Notes) are not rated by us. Angle Asset Finance - Radian Trust 2025-1 is a securitisation of auto and equipment loans and operating leases originated by A.C.N 603 303 126 Pty Ltd trading as Angle Asset Finance (Angle Asset Finance). The obligors in the pool are mainly small-to-medium-sized enterprises (SME), and also include corporates and government entities. All borrowers are domiciled in Australia. The underlying assets include, among others, cars (45.7%), trucks (13.9%) and other wheeled assets (23.2%). Angle Asset Finance originated about 99.6% of the receivables in this portfolio, with around 88.0% and 11.6% originated via broker and vendor channels, respectively. Capital Finance Australia Limited (CFAL), a wholly owned subsidiary of Westpac Banking Corporation (Westpac, Aa1/P-1), originated the remaining 0.4% of the receivables in this portfolio through its then vendor finance business. All receivables are serviced by Garrison Lending Operations Pty Limited, a wholly owned subsidiary of Angle Asset Finance. Angle Asset Finance is a non-bank lender providing asset financing to SMEs, corporates and government entities via brokers and vendor relationships. Angle Asset Finance has been in operation since October 2019, and started originating auto and equipment loans to SMEs via brokers in significant volumes from October 2020. As of April 30, 2025, its assets under management totaled around AUD1.80 billion. Angle Asset Finance is privately owned by an affiliate company of Cerberus Capital Management, L.P. as a majority shareholder and Deutsche Bank AG, Sydney Branch. RATINGS RATIONALE The definitive ratings take into account, among other factors, (1) Moody's evaluation of the underlying receivables and their expected performance; (2) evaluation of the capital structure and credit enhancement provided to the rated notes; (3) availability of excess spread over the transaction's life; (4) the liquidity facility in the amount of 1.5% of all notes other than the Class G Notes; (5) the legal structure; (6) experience of Garrison Lending Operations Pty Limited as servicer; and (7) the presence of Perpetual Corporate Trust Limited as the back-up servicer. According to Moody's analysis, the transaction benefits from a relatively high level of excess spread. The portfolio yield of 9.5% - relative to the transaction expenses - results in a relatively high level of excess spread available to cover losses arising from the portfolio. The key weaknesses in the transaction are the limited availability of historical data and higher-than-expected variability in performance to date. Firstly, Angle Asset Finance started its originations via brokers in January 2020, with significant volumes only beginning in October 2020. Its originations via vendors started in August 2021. Secondly, receivables originated between Q3 2022 to Q3 2023 are showing higher early cumulative defaults than prior origination vintages. As such, the performance of the portfolio could be subject to greater variability in the future than the observed performance to date indicates. Moody's have taken this into account in Moody's asset analysis. TRANSACTION STRUCTURE AND POOL CHARACTERISTICS Key transactional features are as follows: -- The notes will be repaid on a sequential basis initially. On and after the payment date occurring twelve months after the deal closing date, all notes, other than the Class G Notes, will receive their pro-rata share of principal, provided step-down conditions are satisfied. These include, among others, no unreimbursed charge-offs and the payment date occurring prior to the call option date. If step-down conditions are no longer met, the repayment of principal will revert to sequential. The call option date will occur on the earlier of the payment date in June 2028 and the invested amount of the notes falling below 10% of the initial invested amount of the notes. -- NATIXIS S.A. (A1/A1(cr)), Westpac Banking Corporation (Aa1/P-1/Aa1(cr)/P-1(cr)), and National Australia Bank Limited (Aa1/P-1/Aa1(cr)/P-1(cr)), will provide fixed rate swaps for around 35.0%, 32.0,% and 33.0% of the total swap notional, respectively, as of closing date. The swaps will hedge the interest rate mismatch between the assets bearing a fixed rate of interest, and floating rate liabilities. As at closing, the total swap notional will correspond to all notes, other than the Class G2 Notes. The total swap notional will follow a schedule based on the amortisation of the assets assuming a certain prepayment rate. Key pool features are as follows: -- The pool has a weighted average seasoning of 9.3 months. -- The proportion of loans with a balloon payment is 31.7%. -- Interest rates in the portfolio range from 5.0% to 27.0%, with a weighted average interest rate of 9.5%. -- Loans underwritten on the basis of 'no financials' verification represent around 91.7% of the pool. MAIN MODEL ASSUMPTIONS Moody's portfolio credit enhancement ("PCE") is 28%. Moody's expected default rate for this transaction is 6.4% and expected recovery is 22%, resulting in an expected loss of around 5.0%. The expected loss captures Moody's expectations of performance considering the current economic outlook, while the PCE captures the loss Moody's expects the portfolio to suffer in the event of a severe recession scenario. The expected default rate, recovery and PCE are parameters used by us to calibrate its lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in Moody's cash flow model. Moody's have estimated an expected default rate and PCE for this deal on the basis of: -- Cumulative default rates observed to date, and in particular receivables originated between Q3 2022 to Q3 2023 are showing higher early cumulative defaults than prior origination vintages. -- Benchmarking with other SME auto and equipment receivable portfolios in the market, in view of the relatively short performance history of receivables originated by Angle Asset Finance. Moody's asset assumptions also reflect qualitative analysis including portfolio characteristics, the limited operational track record of Angle Asset Finance as an originator and servicer and the current economic environment in Australia. Methodology Underlying the Rating Action The principal methodology used in these ratings was "Equipment Lease and Loan Securitizations" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include a rapid build-up of credit enhancement due to sequential amortization or a better-than-expected collateral performance. The Australian economy and job market are primary drivers of performance. Factors that could lead to a downgrade of the notes is a worse-than-expected collateral performance, poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, a lack of transactional governance, or fraud. BELLINGEN RSL: Second Creditors' Meeting Set for June 18 -------------------------------------------------------- A second meeting of creditors in the proceedings of Bellingen RSL Country Club Limited has been set for June 18, 2025 at 10:30 a.m. at Bellingen Golf Club, 1172 Waterfall Way in Bellingen. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 17, 2025 at 4:00 p.m. Michael William Lee Brennan of Clout Advisory was appointed as administrator of the company on May 13, 2025. CENTREX LIMITED: Reconvenes Second Meeting of Creditors ------------------------------------------------------- Centrex Limited's Voluntary Administrators have issued their supplementary report to creditors to reconvene the second meeting of creditors, which will be held on June 16, 2025 at 2:00 p.m. The Voluntary Administrators have recommended that creditors accept the deed of company arrangement ("DOCA") as proposed by PRL Global Limited. DOCA proposed by PRL Under the proposed DOCA, the unsecured creditor debts’ will be compromised, as such, there will be no return to shareholders of Centrex. Under the proposed DOCA, the Voluntary Administrators will make an application to the Court for the transfer of the shares in Centrex to PRL. The proposed DOCA cannot be successfully completed until the Court approves that application. Upon transfer of all the shares in Centrex, it is intended the proposed DOCA will complete and a Creditors’ Trust will be created to deal with and pay distributions to creditors of Centrex. About Centrex Centrex Limited (ASX:CXM) -- https://www.centrexlimited.com.au/ -- together with its subsidiaries, engages in the exploration, evaluation, development, and production of mineral resources in Australia. The company produces phosphate rock, as well as explores for base metals, potash, zinc, and copper deposits. Its flagship project is the 100% owned Ardmore rock phosphate mine located in North West Queensland. The company was formerly known as Centrex Metals Limited and changed its name to Centrex Limited in December 2021. Joanne Emily Dunn of FTI Consulting was appointed as administrator of the company on March 3, 2025. DON WATSON: Trucking Icon Closes Up Shop After 77 Years ------------------------------------------------------- Max Aldred at Daily Mail Australia reports that a major trucking company will wind up operations after 77 years in the business as the owners reveal it is no longer viable to keep running it. Don Watson Transport, which is family-run, has more than 300 staff operating 310 vehicles nationwide. The company covered an estimated 22 million kilometres per year. The company made final collections on June 9 and drivers will finish their last trips with the business this week, the report says. According to Daily Mail Australia, managing director Lyndon Watson confirmed the closure to staff in a memo last week. 'Due to current economic conditions, the Don Watson Group of companies has made a definite decision to leave the warehousing and road transport industries,' the memo read. 'We understand that this may come as a shock but we have formed the view that is simply no longer possible to continue to operate. 'To be clear, all employees will be impacted by this decision. 'All employees (that are made redundant) will receive all of their entitlements in full in accordance with the terms of relevant legislation and enterprise agreements.' Don Watson Transport transported a large amounts of chilled and frozen meats and vegetables, conducting business with several large export meat processors in Queensland, New South Wales, and Victoria. The group's 140 trucks and 170 refrigerated trucks will be sold off, according to Beef Central. The company operated depots in Sydney, Brisbane, Melbourne, and Wodonga. It also held coldstore facilities in Sydney, Melbourne, and Wodonga. GREENSILL: Lex Greensill 'Slippery and Prone to Lying', Court Told ------------------------------------------------------------------ The Australian Financial Review reports that the former head of SoftBank's Vision Fund described Australian financier Lex Greensill as "slippery and prone to lying", according to correspondence disclosed in a complex US$440 million London court battle between the Japanese conglomerate and a fund of the defunct bank Credit Suisse. According to the Financial Review, Rajeev Misra made the comment in an email to a colleague at SoftBank, whose funds were a big investor in Lex Greensill's eponymous lending company before its collapse in 2021 triggered a sprawling political and financial scandal. Also among a mass of evidence submitted for the high-stakes case, which began on June 5, is an interview transcript in which Lex Greensill said his company "got thoroughly f---ed" by SoftBank. The Financial Review says Lex Greensill is due to testify next week in the High Court trial, his first public courtroom appearance since the company failed. A person close to the financier said he had voluntarily agreed to appear as a witness. A Credit Suisse fund brought the case in an attempt to recover hundreds of millions of dollars that it says investors lost following the collapse of Greensill, the Financial Review states. The Financial Review relates that lawyers acting for the fund told the court SoftBank "co-ordinated" with Lex Greensill's company at the expense of its investors. The claimants contend the co-ordination was "at the highest levels", including between SoftBank founder Masayoshi Son and Lex Greensill. The Credit Suisse fund claims investors lost about US$440 million on notes named Fairymead, which were supposed to be secured by Greensill Capital over debts of a US construction company, Katerra. SoftBank's Vision Funds were investors in both Katerra and Greensill Capital, the Credit Suisse fund investors contend, the Financial Review relays. It is the latest set of legal proceedings involving the Australian, who built up close ties with politicians including the former UK prime minister David Cameron and prominent business figures such as Son. Sonia Tolaney, KC, representing the Credit Suisse fund, told the court that internal email exchanges show there was "growing distrust" of Lex Greensill at SoftBank. This included Misra's 2020 email to his colleague Katsunori Sago that described the Australian financier as "slippery," according to the Financial Review. Ms. Tolaney also cited another email in which Sago said that if Lex Greensill was unable to get audited financial statements, the Japanese group would "sue him and David Cameron for securities fraud". She also claimed it was "highly suspicious" that data from Misra's mobile phone had been wiped. SoftBank denies the claims, the Financial Review notes. Lawyers acting for the conglomerate told the court the case was "a classic example of claimants casting around for a party with deep pockets on whom they seek to pin blame for a loss caused by their own negligence". About 32,000 documents had been disclosed in the proceedings, but they "do not support the claimants' case", they said in written submissions. Ms. Tolaney's claims about the mobile phone records were "misguided" and "essentially irrelevant", SoftBank's lawyers argued, the Financial Review adds. About Greensill Greensill was an independent financial services firm and principal investor group based in the United Kingdom and Australia. It offered structures trade finance, working capital optimization, specialty financing and contract monetization. Greensill Capital Pty was the parent company for the Greensill Group. Greensill Capital (UK) Limited and Greensill Capital Management Company (UK) Limited both entered into administration on March 8, 2021. Greensill Limited entered into Creditors' Voluntary Liquidation on July 30, 2021. Greensill Capital Securities Limited entered into Creditors' Voluntary Liquidation on June 24, 2022. Greensill Capital Pty Limited was the parent company to the Greensill Group of which Greensill Capital (UK) Limited and Greensill Limited formed a part. It entered into administration in Australia on March 9, 2021 and then subsequently into liquidation in Australia on April 22, 2021. GROWPRO EXPERIENCE: May Have Traded While Insolvent --------------------------------------------------- ABC News reports that an international student agency that collapsed in late February may have been trading while insolvent for more than a year, the liquidator believes. In a statutory report to creditors, liquidator Joshua Taylor estimated GrowPro Experience Pty Ltd owed more than AUD2.74 million to creditors, including roughly AUD450,000 to the Australian Tax Office, the ABC discloses. His report contained preliminary findings and noted further investigations were required. In the report, Mr. Taylor stated he was considering reporting alleged breaches in director duties including allegations of failure to use care and diligence, failure to act in good faith, and insolvent trading, possibly opening directors to being personally pursued for money owed to creditors, the ABC relates. "Upon the completion of my investigations into the affairs of the Company, I will lodge my report to the ASIC (Australian Securities and Investments Commission)," the report read. To date liquidators had identified 1,134 student clients owed refunds for education, visa and insurance services that were never delivered, with claims totalling about AUD870,000. According to the ABC, Mr. Taylor said many students had not lodged claims, and he estimated a true total of AUD2.4 million was owed back to these clients. The report, sent to creditors on May 26, stated most students - primarily from South America and Spain - would not be entitled to any refund, the ABC relays. GrowPro's record keeping was also questioned in the report. The ABC relates that the liquidator's report said the company's total assets were unknown because many schools recorded as owing commission payments challenged them, claiming students had not been enrolled or had withdrawn from the courses. GrowPro had two directors - Spain-based Antonio Llobet, known as Goiko, and Australia-based Paul Mansour. In the liquidator's report, the pair attributed the company's failure to increases in visa application fees, ministerial directions to reduce student numbers, and an uptick in visa refusals. Mr. Taylor did not disagree with these being contributing factors, but pointed out GrowPro has made consistent trading losses since 2022. Mr. Taylor told the ABC GrowPro paid its sales staff once students committed, and often before visas were approved or enrolment completed, which led to refunds being required if enrolments did not happen. GrowPro was criticised by students for only notifying them of the company's difficulties six weeks after its Spanish parent company had filed for voluntary administration and began insolvency proceedings, and for continuing to take payments after those proceedings had begun, according to the ABC. Mr. Taylor said Mr. Mansour had minimal involvement in running the company, had no access to bank accounts, and only dealt with tax matters, and that Mr. Llobet essentially ran the business. Mr. Mansour declined to comment, but when the ABC approached him in early-March over the company's collapse he said he said he did not know what funds remained in the company bank accounts, what staff remained, or how many students were affected. GrowPro Experience Pty Ltd commenced wind up proceedings on Feb. 26, 2025, with Joshua Philip Taylor of Taylor Insolvency appointed as liquidator of the company. HARVEY TRUST 2024-1: S&P Assigns BB (sf) Rating to Class E-R Notes ------------------------------------------------------------------ S&P Global Ratings assigned its ratings to five classes of residential mortgage-backed securities issued by Perpetual Trustee Co. Ltd. as trustee for Series 2024-1 Harvey Trust. S&P said, "At the same time, we affirmed our rating on one class of notes and withdrew our ratings on five classes of notes. Series 2024-1 Harvey Trust is a securitization of prime residential mortgage loans originated by Great Southern Bank (GSB; a business name of Credit Union Australia Ltd.). "We assigned the ratings to the class A2-R, class B-R, class C-R, class D-R, and class E-R notes in relation to the refinancing of the existing class A2, class B, class C, class D, and class E notes." The assigned ratings reflect the following factors. The trustee issued A$77.2 million in class A2-R, class B-R, class C-R, class D-R, and class E-R notes. S&P has considered the credit risk of the underlying collateral portfolio. As of April 30, 2025, the pool has a balance of about A$736.2 million and a pool factor of about 74%. The pool's weighted-average effective loan-to-value ratio is 66.7% and the weighted-average seasoning is 42.8 months. Loans more than 30 days in arrears make up 0.30% of the current pool balance, of which 0.19% are more than 90 days in arrears. There have been no losses to date for this portfolio. The credit support provided to the class A2-R, class B-R, class C-R, class D-R, and class E-R notes is sufficient to withstand the stresses S&P applies. The credit support for the rated notes comprises note subordination and lenders' mortgage insurance on 20.3% of the portfolio. The transaction is currently repaying principal on a sequential payment basis, which means that credit support will continue to build up for the rated notes until the pro rata paydown conditions are met. The various mechanisms to support liquidity within the transaction, including an excess revenue reserve funded by available excess spread, principal draws, and a liquidity facility equal to 1.0% of the aggregate invested amount of the notes, are sufficient under our stress assumptions to ensure timely payment of interest. As of April 30, 2025, the excess revenue reserve has a balance of A$100,000. S&P has also assessed the benefit of a fixed- to floating-rate interest-rate swap provided by GSB to hedge the mismatch between receipts from any fixed-rate mortgage loans and the floating-rate notes. National Australia Bank Ltd. acts as standby swap provider. Ratings Assigned Series 2024-1 Harvey Trust Class A2-R, A$40.00 million: AAA (sf) Class B-R, A$20.00 million: AA (sf) Class C-R, A$9.50 million: A (sf) Class D-R, A$4.50 million: BBB+ (sf) Class E-R, A$3.20 million: BB (sf) Ratings Affirmed Series 2024-1 Harvey Trust Class A1: AAA (sf) Ratings Withdrawn Series 2024-1 Harvey Trust Class A2: to Not rated from AAA (sf) Class B: to Not rated from AA (sf) Class C: to Not rated from A (sf) Class D: to Not rated from BBB+ (sf) Class E: to Not rated from BB (sf) PLENTI PL & GREEN 2025-1: Moody's Rates AUD12.80MM F Notes 'B2' --------------------------------------------------------------- Moody's Ratings has assigned the following definitive ratings to the notes issued by Perpetual Corporate Trust Limited in its capacity as trustee of the Plenti PL & Green ABS Trust 2025-1. Issuer: Perpetual Corporate Trust Limited in in its capacity as trustee of the Plenti PL & Green ABS Trust 2025-1 AUD218.00 million Class A1 Notes, Assigned Aaa (sf) AUD92.00 million Class A1-G Notes, Assigned Aaa (sf) AUD29.20 million Class B Notes, Assigned Aa2 (sf) AUD16.80 million Class C Notes, Assigned A2 (sf) AUD8.40 million Class D Notes, Assigned Baa2 (sf) AUD12.00 million Class E Notes, Assigned Ba1 (sf) AUD12.80 million Class F Notes, Assigned B2 (sf) AUD6.80 million Class G1 Notes is not rated by us AUD4.00 million Class G2 Notes is not rated by us Plenti PL & Green ABS Trust 2025-1 is a static cash securitisation of personal loans, renewable energy loans and renewable energy buy-now-pay-later (BNPL) receivables, extended to consumer obligors located in Australia. All receivables were originated by Plenti Finance Pty Limited (Plenti). Plenti is an Australian non-bank lender providing consumer and commercial loans, including unsecured personal loans, renewable energy loans, secured auto loans and renewable BNPL contracts, to prime borrowers in Australia. Plenti is a 100%-owned subsidiary of Plenti Group Limited, established in 2014 and listed on the Australian stock exchange. As of March 2025, Plenti has originated circa AUD3.1 billion in personal and renewable energy loans. RATINGS RATIONALE The definitive ratings take into account, among other factors: -- Historical performance data. Plenti was established in 2014, with significant origination growth beginning in 2015 for personal loans, in 2017 for green personal loans and from 2021 onwards for renewable energy buy-now-pay-later (BNPL) loans. The collateral performance data used in Moody's analysis reflects Plenti's short origination history for BNPL loans and does not cover a full economic cycle. -- The evaluation of the capital structure. The transaction features a sequential/pro rata paydown structure. Initially, the notes will be repaid on a sequential basis starting with the Class A Notes (Class A1 and A1-G Notes). Once pro rata paydown conditions are satisfied, principal will be distributed pro rata among Class A through Class F Notes. Following the call date, or if the pro rata conditions are otherwise not satisfied, the principal collections distributions will revert to sequential. Initially, the Class A, Class B, Class C, Class D, Class E and Class F Notes benefit from 22.5%, 15.2%, 11.0%, 8.9%, 5.9% and 2.7% of note subordination, respectively. -- The availability of excess spread over the life of the transaction. -- The liquidity facility in the amount of 1.5% of the rated note balances, subject to a floor of AUD1.5 million. -- The interest rate swap provided by National Australia Bank Limited ("NAB", Aa2/P-1/Aa1(cr)/P-1(cr)). -- The experience of Plenti RE Limited as servicer, and the back-up servicing arrangements with Perpetual Corporate Trust Limited. MAIN MODEL ASSUMPTIONS Moody's base case assumptions are a mean default rate of 5.0%, a recovery rate of 10.0%, and a Aaa portfolio credit enhancement ("PCE") of 24.5%. The expected defaults and recoveries capture Moody's expectations of performance considering the current economic outlook, while the PCE captures the loss Moody's expects the portfolio to suffer in the event of a severe recession scenario. Expected defaults and PCE are parameters used by us to calibrate its lognormal portfolio default distribution curve and to associate a probability with each potential future default scenario in its ABSROM cash flow model. Moody's assumed mean default rate is stressed compared to the extrapolated observed levels of default, estimated at 3.9%. The stress Moody's have applied in determining its mean default rate reflects the limited historical data available for Plenti's portfolio. It also reflects the current macroeconomic trends, and other similar transactions used as a benchmark. The PCE of 24.5% is broadly in line with other comparable Australian personal loan and renewable energy ABS deals and is based on Moody's assessments of the pool taking into account (i) historical data variability, (ii) quantity, quality and relevance of historical performance data, (iii) originator quality, (iv) servicer quality, (v) certain pool characteristics, such as asset concentration. The key pool features are as follows: -- The weighted average interest rate of the portfolio is 11.2%, with interest rates ranging from 4.1% to 29.0%. -- The weighted average Equifax credit score of the portfolio is around 806. -- The weighted average remaining term of the portfolio is 63.5 months. The weighted average seasoning of the initial portfolio is 6.2 months. -- Renewable energy receivables constitute 24.0% of the portfolio, of which 3.2% are green fixed interest-bearing loans and 20.9% are BNPL loans. Renewable energy loans are extended to obligors for the purchase and installation of residential renewable energy equipment such as solar panels and home batteries. Renewable energy receivables have historically displayed lower loss rates than other personal loans. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. QANTAS AIRWAYS: To Close Jetstar Asia; 500 Workers to Lose Jobs --------------------------------------------------------------- Philippine Daily Inquirer reports that Australian airline Qantas said June 11 it will close its loss-making budget carrier Jetstar Asia, axing 500 Singapore-based jobs. According to the Inquirer, Qantas group chief executive Vanessa Hudson said the low-cost subsidiary will cease operations on July 31 as part of a "strategic restructure". Qantas is "incredibly proud" of the Jetstar Asia team, Ms. Hudson said in a statement. "This is a very tough day for them. Despite their best efforts, we have seen some of Jetstar Asia's supplier costs increase by up to 200 percent, which has materially changed its cost base." Passengers with cancelled flights on the Singapore-based regional carrier - which flies to 16 Asian destinations - will be offered refunds, Qantas said, the Inquirer relates. Jetstar Asia was expected to make an underlying loss of AUD35 million (US$23 million) this financial year prior to the closure decision, according to Qantas, which owns 49 percent of the carrier. The Asian regional carrier's 500 staff will be laid off and receive redundancy benefits as well as help finding new jobs, the Australian group said. Jetstar Asia's 13 A320 aircraft will be progressively redeployed to Australia and New Zealand, Qantas said, creating more than 100 local jobs, the Inquirer relays. Shutting the carrier would deliver up to AUD500 million (US$326 million) for Qantas to support the group's fleet renewal program, it said. According to the report, Qantas said the decision to shutter Jetstar Asia was taken together with the offshoot's 51-percent shareholder, Westbrook Investments. In Manila, Jetstar Asia announced it will soon stop operating its Singapore-Manila flights as the airline will permanently cease operations by July 31. The Inquirer relates that the airline said that the rising costs from suppliers, airport fees and aviation charges has put an "unsustainable pressure" on the company. "Following an extensive and careful review of the Jetstar Asia (3K) airline, the very difficult decision has been made to progressively reduce the airlines' schedule before permanently ceasing operations on 31 July 2025," the company said, notes the report. "Despite our best efforts to offset these rising costs, they are expected to continue into the foreseeable future, putting unsustainable pressure on Jetstar Asia's ability to offer low fares," it added. The company is currently operating 18 return services from Singapore to Manila per week. Other affected destinations are Bangkok, Colombo, Denpasar, Kuala Lumpur, Medan, Melbourne and Okinawa, among others. The closure will not affect Jetstar Airways (JQ) flights or any Jetstar Japan (GK) flights, the report notes. Customers with bookings from July 31 onwards can avail of a full refund. About Qantas Airways Headquartered in Mascot, Australia, Qantas Airways Ltd (ASX:QAN) -- https://www.qantas.com/au/en.html -- provides transportation of passengers through two airlines including Qantas (full-service carrier) and Jetstar (low-cost carrier), operating international, domestic and regional services. As reported in the Troubled Company Reporter-Asia Pacific, Egan-Jones Ratings Company on Nov. 26, 2024, maintained its 'BB' foreign currency and local currency senior unsecured ratings on debt issued by Qantas Airways Limited. EJR also withdrew the rating on commercial paper issued by the Company. SCOTPAC GEARS 2025-1: Moody's Gives B2 Rating to AUD4.57MM F Notes ------------------------------------------------------------------ Moody's Ratings has assigned definitive ratings to notes issued by Equity Trustees Limited, as trustee of ScotPac Gears ABS Trust 2025-1. Issuer: ScotPac Gears ABS Trust 2025-1 AUD186.76 million Class A Notes, Assigned Aaa (sf) AUD22.07 million Class B Notes, Assigned Aa2 (sf) AUD13.70 million Class C Notes, Assigned A2 (sf) AUD7.62 million Class D Notes, Assigned Baa2 (sf) AUD12.18 million Class E Notes, Assigned Ba2 (sf) AUD4.57 million Class F Notes, Assigned B2 (sf) The AUD6.85 million of Class G Notes are not rated by us. The transaction is a securitisation of a portfolio of commercial auto and equipment loans originated by Scottish Pacific Business Finance Pty. Limited ("ScotPac"). ScotPac will act as servicer of the transaction. The transaction includes the pro-rata note issuance for the liquidity reserve, that is 1.5% of the aggregate outstanding balance of all receivables. ScotPac is a non-bank lender for SMEs providing working capital and other financial services to transport, manufacturing, wholesale, import and printing industries in Australia. ScotPac's core product is debtor finance, and it has diversified its products into asset finance loans since 2018. RATINGS RATIONALE The definitive ratings take into account, among other factors, Moody's evaluations of the underlying receivables and their expected performance, an evaluation of the capital structure and credit enhancement provided to the notes, the availability of excess spread over the life of the transaction, the liquidity reserve in the amount of 1.5% of outstanding balance of all receivables, the legal structure, the experience of ScotPac as servicer; and the presence of Equity Trustees Limited as back-up servicer. According to Moody's analysis, the transaction benefits from the high level of excess spread available to cover losses arising from the portfolio. The key challenge in the transaction is the limited historical data available for the portfolio. ScotPac is a relatively new originator in asset finance, with historical default data for its auto and equipment loan book only available from 2019. As such, the pool's performance could be subject to greater variability than the observed data indicates. The transaction's key features are as follows: --Initially, the Class A, Class B, Class C, Class D, Class E and Class F Notes benefit from 26.40%, 17.70%, 12.30%, 9.30%, 4.50% and 2.70% of note subordination, respectively. --Once stepdown conditions are satisfied, all notes, excluding the Class G notes, will receive their pro-rata share of principal. Step-down conditions include, among others, the payment date is at least 12 months after the settlement date and no unreimbursed charge-offs. --A swap provided by National Australia Bank Limited (Aa2/P-1/Aa1(cr)/P-1(cr)) will hedge the interest rate mismatch between the assets bearing a fixed rate of interest, and floating rate liabilities. The notional balance of the swap will follow the schedule amortization of the portfolio. --Equity Trustees Limited (EQT) is the back-up servicer. If ScotPac is terminated as servicer, EQT will take over the servicing role in accordance with the standby servicing deed and its back-up servicing plan. Key portfolio features are as follows: -- Heavy commercial vehicle loans, including trucks and trailers, are the largest component making up 55.5% of the portfolio. Cars make up 11.1% of the portfolio. -- The portfolio has a high weighted average yield of 12.10% which provides excess spread to cure portfolio losses. -- The pool has a weighted average seasoning of 14.4 months. Key model assumptions: Moody's base case assumptions are a portfolio expected default rate of 6.40%, and a portfolio credit enhancement ("PCE") — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recessionary scenario — of 30.00%. The assumed recovery rate is 25%. Expected defaults, recoveries and PCE are parameters used by us to calibrate its lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in Moody's cash flow model to rate consumer ABS. To address the limited historical loss data on ScotPac's portfolio, Moody's have benchmarked the performance to data from comparable Australian commercial auto and equipment ABS originators. Moody's have also overlaid additional stresses into Moody's default and PCE assumptions. Methodology Underlying the Rating Action The principal methodology used in these ratings was "Equipment Lease and Loan Securitizations" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include a rapid build-up of credit enhancement, due to sequential amortization or better-than-expected collateral performance. The Australian job market is a primary driver of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Other reasons that could lead to a downgrade include poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, or lack of transactional governance and fraud. SOUTHPORT POINT: McGrathNicol Appointed as Liquidators ------------------------------------------------------ Anthony Connelly and Mark Holland of McGrathNicol were appointed as liquidators of Southport Point Pty Ltd (trading as Yang Guo Fu Malatang) on June 6, 2025. The liquidators can be reached at: McGrathNicol Level 15, 175 Eagle Street Brisbane, Qld 4000 STONE CO: First Creditors' Meeting Set for June 19 -------------------------------------------------- A first meeting of the creditors in the proceedings of Stone Co Stone Masons Pty Ltd will be held on June 19, 2025 at 10:00 a.m. virtually via Microsoft Teams. Amanda Lott of ACRIS was appointed as administrator of the company on June 6, 2025. STRATEGIC INVESTORS: First Creditors' Meeting Set for June 17 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Strategic Investors Australia Pty Ltd will be held on June 17, 2025 at 3:00 p.m. virtually via Microsoft Teams. Dane Skinner of Raft Consulting was appointed as administrator of the company on June 6, 2025. STRINGER LAND: First Creditors' Meeting Set for June 18 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Stringer Land Holdings Pty Limited will be held on June 18, 2025 at 2:00 p.m. via virtual meeting technology. Frank Farrugia and Bruce Gleeson of Jones Partners were appointed as administrators of the company on June 5, 2025. ========= C H I N A ========= CHINA VANKE: Gets Fifth Loan in 4 Months From Biggest Shareholder ----------------------------------------------------------------- Yicai Global reports that China Vanke said its largest shareholder Shenzhen Metro Group will provide a CNY3 billion (USD417 million) loan, the fifth in four months, to help repay the property developer's debt. Yicai relates that the three-year loan carries a 2.34 percent interest rate, equal to 66 points below China's benchmark one-year loan prime rate of 3 percent, the Shenzhen-based builder said in a statement on June 6. Its rate is the same rate as for the previous three loans, when the one-year LPR was 3.1 percent. Shenzhen Metro extended two loans to Vanke in February, one for CNY2.8 billion and the other for CNY4.2 billion, a CNY3.3 billion loan on April 30, and a CNY1.6 billion one on May 14, Yicai recalls. To help repay its debts this year, Vanke has now borrowed CNY14.9 billion (USD2.1 billion) from the state-owned rapid transit operator. Yicai says the terms are as generous this time as they were for the previous four loans. Just as for the previous two, Vanke may prepay at any time, extend the repayment period with the lender's consent, and pay the interest together with the principal at maturity. But unlike the previous two, this latest one needs collateral. The first two loans required Vanke to pay interest quarterly and provide assets as surety. Vanke has very few assets available for collateral by now, but Shenzhen Metro cannot ignore Vanke's tight cash flow and has to meet its funding needs through low-interest loans, according to industry insiders, Yicai relays. Vanke is facing significant repayment pressure this year. According to a tracking rating report from China Chengxin International Credit Rating, the firm had nearly CNY21.8 billion (USD3 billion) of onshore and offshore debts maturing this year as of May 31, Yicai discloses. This month and next, Vanke has four bonds maturing, amounting to CNY7.6 billion, Yicai relates citing data from Wind Information. Repayment pressure will peak in July, with CNY5.9 billion in bonds coming due that month. The yield on Vanke's corporate bonds in the secondary market remains relatively high, making it difficult for the company to receive funds through the issuance of new bonds, Chengxin International Credit Rating said in the report, Yicai relays. Moreover, the new housing market has not yet recovered, and Vanke has relatively few new projects ready to be launched. Therefore, it is expected that Vanke will continue to rely on financing from banks and major shareholders to sustain its daily operations and repay maturing debts, Chengxin International Credit Rating noted, adds Yicai. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. As reported in the Troubled Company Reporter-Asia Pacific on May 20, 2025, Fitch Ratings has downgraded Chinese homebuilder China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'CCC+', from 'B-'. Fitch has also downgraded the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), to 'CCC', from 'CCC+', and its senior unsecured rating and the rating on its outstanding senior notes to 'CCC', from 'CCC+', with a Recovery Rating of 'RR4'. The ratings are removed from Rating Watch Negative. The TCR-AP in March 2025 reported that S&P Global Ratings placed on CreditWatch with developing implications the following ratings: the 'B-' long-term issuer credit ratings on China Vanke and on China Vanke's subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK), and the 'B-' issue ratings on Vanke HK's senior unsecured notes. ========= I N D I A ========= AJAY BUILDERS: CARE Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Ajay Builders (AB) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.25 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/Short 10.00 CARE B-; Stable/CARE A4; Term Bank ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 28.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 5, 2024, placed the rating(s) of AB under the 'issuer non-cooperating' category as AB had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AB continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 21, 2025, May 1, 2025, May 11, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Lucknow based (Uttar Pradesh) AB (earlier known as Ajai Builders) was established as a partnership firm on June 1, 2001, by Mr. Ajay Singh along with his wife Mrs Sonia Singh, for carrying out different types of civil construction projects for Public Works Department (PWD), Unnao District of Uttar Pradesh. AB is registered as a Class A contractor with PWD and has tendered various contracts involving construction of roads, bridges, government buildings, etc, since inception. As on April 01, 2016 the partnership firm has been dissolved. The firm Ajay Builder is a proprietorship firm with Mr. Ajai Singh as the proprietor. BISMI CONNECT: CARE Lowers Rating on INR25cr LT Loan to B- ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Bismi Connect Private Limited (BCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 26, 2024, placed the rating(s) of BCPL under the 'issuer non-cooperating' category as BCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 12, 2025, March 22, 2025, April 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of BCPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Bismi Connect Private Limited (BCPL) was incorporated in 2016 by Mr. VA Ajmal and is engaged in the trading and distribution of electronic goods and home appliances. It was formed after a merger with the already existing partnership firm named M/s Bismi Appliances which was also engaged in the same line of business. BCPL currently has over 20 showrooms, all of them located in various regions in Kerala. The group also has two warehouses located in Kerala. BRIJ RAJ: CARE Keeps B- Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Brij Raj Holdings (BRH) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 12.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 7, 2024, placed the rating(s) of BRH under the 'issuer non-cooperating' category as BRH had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BRH continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 23, 2025, May 3, 2025, May 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Amritsar based Brij Raj Holdings (BRH) was established in 1995 as a partnership firm by Mr. Rajiv Mehra, Mrs. Karuna Mehra (mother of Mr. Rajiv Mehra) and Mrs. Rashmi Mehra (wife of Mr. Rajiv Mehra). Currently, the firm is being managed by Mr Rajiv Mehra and Mrs Rashmi Mehra; sharing profit and loss equally. The firm is engaged in the trading of chemicals, namely, Titanium Dioxide. BRH imports this product from USA, Thailand, Singapore and Taiwan and sells domestically to various wholesalers and paint manufacturing companies. BYJU'S: NCLAT Rejects Plea on Aakash Shareholding Status Quo Order ------------------------------------------------------------------ Business Standard reports that the National Company Law Appellate Tribunal (NCLAT) has dismissed a petition filed by the resolution professional (RP) of Think & Learn Pvt Ltd (TLPL), the parent firm of edtech major Byju's, which had challenged a National Company Law Tribunal (NCLT) order directing the maintenance of status quo in the shareholding of Aakash Educational Services Ltd (AESL). A two-member Bench of the appellate tribunal, comprising Justice Sharad Kumar Sharma and technical member Jatindranath Swain, said the NCLT's order was a "consensual" and "interlocutory" direction, and did not warrant appellate intervention at this stage, Business Standard relates. "Since the impugned order takes the shape of an interlocutory order, which is not deciding any of the rights of the parties, coupled with the fact that the order takes the shape of a consenting order, no interference is called for," the Bench noted. Business Standard notes that the dispute stems from equity fundraising plans by AESL, in which TLPL holds a 25 per cent stake. TLPL's RP moved the NCLAT after the NCLT's Chennai Bench passed an interim order on March 27 directing the maintenance of status quo in the company's shareholding structure. A challenge to this order by AESL led to a Karnataka High Court judgment on April 8, which set aside the NCLT's interim directive and remanded the case for fresh hearing, the report recalls. At the NCLT's subsequent hearing on April 30, TLPL's counsel Abhinav Vasisht argued that the company's stake was being diluted despite the previous directive and raised concerns over hypothecation of AESL assets and alterations to the Articles of Association that protected TLPL's interests. About Byju's Based in Bengaluru, Karnataka, India, Byju's operates an online learning platform intended to deliver engaging and accessible education. The company's platform makes use of original content, watch-and-learn videos, animations, and interactive simulations that make learning contextual, visual, and practical, enabling students to receive a personalized educational experience. As reported in the Troubled Company Reporter-Asia Pacific in July 2024, the National Company Law Tribunal (NCLT) on July 16 ordered insolvency proceedings against the company after a complaint by the Board of Control for Cricket in India (BCCI) for not paying US$19 million in dues. Pankaj Srivastava was appointed as the interim resolution professional. Reuters said Byju's has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors who accused CEO Byju Raveendran of corporate governance lapses, job cuts and a collapse in its valuation to less than $3 billion. Byju's has denied any wrongdoing. The TCR-AP relayed that the National Company Law Appellate Tribunal (NCLAT) on Aug. 2, 2024, accepted the settlement between Byju Raveendran and the BCCI, thus removing Byju's parent Think and Learn from the insolvency resolution process. However, in October 2024, the Supreme Court quashed an earlier NCLAT ruling approving the settlement, according to The Economic Times. The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that foreign lenders, who collectively extended more than 85% of Byju's $1.2 billion term loan, have filed an insolvency petition against the online tutor in India. Moneycontrol related that the bankruptcy petition was filed in January 2024 in the Bengaluru bench of the National Company Law Tribunal (NCLT), the people said, requesting anonymity. BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Alleged creditors of Epic! Creations, also a U.S. unit, sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. CHITTORGARH KOTA: CARE Cuts Rating on INR20cr LT Loan to B+ ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Chittorgarh Kota Tollway Private Limited (CKTPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 20.00 CARE B+/CARE A4; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category and LT rating downgraded from CARE BB-; and ST rating reaffirmed Rationale and key rating drivers CARE Ratings Ltd. (CARE Ratings) had, vide its press release dated November 9, 2017, had placed the rating(s) of CKTPL under the 'issuer non-cooperating' category as CKTPL had failed to provide information for monitoring of the rating. CKTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 9, 2025, May 8, 2025, May 7, 2025, March 3, 2025, Feb. 21, 2025, Feb. 11, 2025. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings 's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Ratings have been revised on account of non-availability of the requisite information to conduct the review. The ratings continue to remain constrained on account of CKTPL's liability towards the disputed amount of claim raised by National Highways Authority of India (NHAI) at the time of expiry of the Operate-Maintain-Transfer (OMT) contract and the inherent traffic risk associated with toll-based projects. The ratings, however, continue to derive strength from vast experience of promoter group in road construction industry. Analytical approach: Standalone Detailed description of the key rating drivers: At the time of initial ratings May 4, 2017, the following were the rating strengths and weaknesses (updated for FY24 (A) results from MCA). Detailed description of key rating drivers: Key weaknesses * Claim by NHAI upon expiry of the contract: As per the audit report for FY24, the disputed balance amount of INR7.60 crore (total disputed amount is INR10.05 out of which Rs.2.46 crore is paid by CKTPL in FY18) is still pending with the authorities for reward/ adjudication towards damages, pending fees, negative change in scope and penalties & other associated cost for non-compliance with the concession agreement. Crystallisation of the balance amount under dispute remains crucial from the credit perspective. * Inherent revenue risk associated with toll-based road projects: OMT projects remain exposed to traffic risks as adverse variation in traffic volume due to various macro-economic factors beyond the control of company could potentially affect the company's debt coverage indicators. This risk is however alleviated as the concession agreement of CKTPL with NHAI has expired and the business of the SPV also seized to exist. Key strengths * Established track record of promoters in roads construction: CKTPL is promoted by three promoters namely Mr Kalpesh Patel, Mr Laxman Jadhav, and Mr Pravin Patel, who have more than two decades of experience in road construction and maintenance. The construction and rehabilitation activity on the project stretch were completed within specified timelines along with successful toll collection since COD. CKTPL was incorporated in 2010 as a special purpose vehicle to undertake the operations and maintenance (O&M) of the Chittorgarh Kota Highway section of NH-76 from km 199.929 to km 360.429 (Total Length 160 km) and three toll plazas located at 237.629 km, 294.469 km and 340.979 km on OMT (Operate Maintain and Transfer) basis. The project is concessioned by National Highway Authority of India (NHAI, rated CARE AAA; Stable) for six years from the commercial operations date (COD) viz. August 1, 2011. The company started toll collection from COD. The company is promoted by Gujarat Infra Projects Pvt Ltd, Pratibha Constructions Engineers & Contractors (India) Pvt Ltd and Pratik Township & Infra Projects Pvt Ltd. COLOSSUS TRADE: CARE Lowers Rating on INR25cr LT Loan to B- ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Colossus Trade Links Limited (CTLL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 31, 2024, placed the rating(s) of CTLL under the 'issuer non-cooperating' category as CTLL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CTLL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 16, 2025, April 26, 2025 and May 6, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to bank facilities of CTLL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Delhi based Colossus Trade Links Limited (CTLL) was incorporated as a public limited company (unlisted) in April 2004 by Mr. Deepak Gulati, Mr. Namit Gulati and Mr. Tarun Gulati, who all are currently managing the overall operations of the company. The company is engaged in trading of scrap metal procured from various automobile OEMs like JBM Group, TATA Motors, Maruti Suzuki, Honda Motors, Mahindra etc. which is segregated into reusable metal which is bundled and sent for sale directly and the actual scrap is processed further and converted into small parts (i.e., blanking) as per customers' requirements. The goods are sold to major metal and steel companies like Jindal Steel, TATA Steel, AIA Group, Jai Bharat Steel, TVS Group etc. The company has 7 godowns /warehouses located in Ahmedabad, Delhi, Gurugram, Noida etc. where hubs of automobile companies are located. CONCORD BUILDWELL: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Concord Buildwell Private Limited Regd Office: D-109, Pocket D, Mayur Vihar, Phase II, East Delhi, Delhi, India, 110091 Other Office: 224, Second Floor, Somdatt Chamber 9, Bhikaji Cama Place, New Delhi 110066 Insolvency Commencement Date: March 18, 2025 Estimated date of closure of insolvency resolution process: September 14, 2025 Court: National Company Law Tribunal, New Delhi Bench-II Insolvency Professional: Sapan Mohan Garg D-54, First Floor, Defense Colony, New Delhi 110024 Email: sapan10@yahoo.com - and - C-621, 6th Floor, Tower C IThum, Plot No. A-40, Sector 62 Noida, UP - 201301 Email: concordbuildwell@gmail.com Last date for submission of claims: June 9, 2025 CONTINENTAL CORRUGATORS: CARE Cuts Rating on INR10.34cr Loan to B ----------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Continental Corrugators Private Limited (CCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.34 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 6, 2024, placed the rating(s) of CCPL under the 'issuer non-cooperating' category as CCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 22, 2025, May 2, 2025 and May 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of CCPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Faridabad (Haryana) based Continental Corrugators Private Limited (CCPL) was established in 1997 and is promoted by Mr. Vinod Sachdeva, Mrs. Neena Sachdeva, Mr. Nalin Sachdeva and Mr. Shrey Sachdeva. The company is engaged into manufacturing of different varieties of corrugated boxes. The company has its manufacturing unit at Faridabad, Haryana with the installed capacity of 3000 tonnes per month as on February 12, 2020. The products of CCPL find its application in the packaging industry and the company sells its products pan India. The raw material i.e. waste paper, dyes, kraft paper etc. is procured from companies located in Faridabad and nearby regions. DIVYA AGRO: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Divya Agro Roller Flour Mills Private Limited (DARFMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.60 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 15, 2024, placed the rating(s) of DARFMPL under the 'issuer non-cooperating' category as DARFMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DARFMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 1, 2025, March 11, 2025 and March 21, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable DARFMPL was incorporated on December 11, 2011, by Mr. Kapil Gupta, Mr. Vishal Vijaywargi and Mr. Nandlal Vijaywargi for setting up a manufacturing unit for the production of various grain-based flours (viz, Maida, Suzi, Atta and Bran) with an installed capacity of 60,000 metric tonnes per annum. The total cost of the project was about INR14.34 crore and the company had expected the unit to achieve commercial operations in April 2015. HOTEL DEEPALI: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Hotel Deepali (HD) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.26 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 29, 2024, placed the rating(s) of HD under the 'issuer non-cooperating' category as HD had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HD continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 14, 2025, April 24, 2025 and May 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sagar (Madhya Pradesh) based Hotel Deepali (HD) was formed as a proprietorship concern in 2002 by Mrs. Saroj Singh Thakur. HD is engaged in the hotel business and presently owns and operates a Hotel namely Hotel Deepali at village Bamora, Jabalpur Road, Sagar (Madhya Pradesh) which is on Sagar- Jabalpur Highway and 6 KMs away from Sagar main Bus stand. The hotel had 66 rooms along with marriage garden, 6 banquets hall, restaurant, game zone and other recreation centres. I-VANTAGE INDIA: Liquidation Process Case Summary ------------------------------------------------- Debtor: I-Vantage India Private Limited 8-2-269/10 Suite No. 501 5th floor Trendsettowers Road No. 2, Banjra Hills, Hyderabad-500034 Liquidation Commencement Date: April 24, 2025 Court: National Company Law Tribunal Hyderabad Bench Liquidator: Santosh Bhatia D-1101, Lodha Meridian 4th Phase, KPHB Colony, JNTU, Kukatpally, Hyderabad, Telangana, 500072 Email: casantoshbhatia@gmail.com Last date for submission of claims: May 28, 2025 INANI SECURITIES: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Inani Securities Limited (ISL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 0.25 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 6.25 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings), vide its press release dated August 27, 2024, placed the rating(s) of ISL under the 'issuer non-cooperating' category as ISL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ISL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 3, 2025, June 4, 2025, June 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Hyderabad based, Inani Securities Private limited (ISPL) (ISIN: INE224C01014) was incorporated on May 19th, 1994. Later on, the said company was converted into Inani securities Limited (ISL) on April 26, 1995, and listed in BSE. ISL was promoted by Inani family members i.e., Mr. Venu Gopal Inani, Mr. Ramakanth Inani and Mr. Lakshmikanth Inani. ISL is one of the old integrated capital intermediaries in the financial sector. Currently, ISL offers customized, end to end wealth management services and research services to its clients. KATYAYNI NATURAL: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Katyani Natural Resources Limited C/O Ranjeet Kumar, Khata No 15 16 Jajej Colony, Danapur Bazar, Dinapur-Cum-Khagaul, Patna-801503, Bihar Insolvency Commencement Date: May 22, 2025 Estimated date of closure of insolvency resolution process: November 17, 2025 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: Mr. Sandip Mitra 53/C, Harish Mukherjee Road, Kolkata-700025 Email: sasoso@gmail.com Email: cirp.knrl@gmail.com Last date for submission of claims: June 5, 2025 LIMELIGHT REALTORS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Limelight Realtors Private Limited Regd Office: D-109, Pocket D, Mayur Vihar, Phase II, East Delhi, Delhi, India, 110091 Other Office: 224, Second Floor, Somdatt Chamber 9, Bhikaji Cama Place, New Delhi 110066 Insolvency Commencement Date: March 18, 2025 Estimated date of closure of insolvency resolution process: September 14, 2025 Court: National Company Law Tribunal, New Delhi Bench-II Insolvency Professional: Sapan Mohan Garg D-54, First Floor, Defense Colony, New Delhi 110024 Email: sapan10@yahoo.com - and - C-621, 6th Floor, Tower C IThum, Plot No. A-40, Sector 62 Noida, UP - 201301 Email: cirp.limelightrealtors@gmail.com Last date for submission of claims: June 9, 2025 MPS TELECOM: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of MPS Telecom Retail Private Limited (MTRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 4, 2024, placed the rating(s) of MTRPL under the 'issuer non-cooperating' category as MTRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MTRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 20, 2025, April 30, 2025 and May 10, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable MTRPL operates mobile phone retail stores in the Southern and Western region of India and belongs to the Optiemus Group. OIL has indirect holding in MTRPL through Teleecare Network India Private Limited in MTRPL. Optiemus Infracom Limited (OIL) was originally incorporated in the year 1993 as Akanksha Finvest Limited (AFL) as a NonBanking Financial Company (NBFC). The name of the merged entity was subsequently changed to the current one: Optiemus Infracom Limited in June 2011. OIL is the flagship company of the Optiemus Group and has been engaged in distribution of mobile handsets of reputed brands like Nokia and Samsung for last 25 years. OIL had started operations with distribution of Nokia handsets from 1995 till 2006. Thereafter, in 2006, the Company left Nokia to take the distribution of Samsung. OIL has also received Blackberry Brand Rights for four countries. NAFREF ENGINEERS: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratingS for the bank facilities of Nafref Engineers Private Limited (NEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.50 CARE C; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.70 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 29, 2024, placed the rating(s) of NEPL under the 'issuer non-cooperating' category as NEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 14, 2025, April 24, 2025 and May 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Nafref Engineers Private Limited (NEPL), based in Amritsar, was established as a proprietorship firm in 1979, later incorporated in 2013 as a private limited company. The company is currently being managed by Mr. Sital Singh Bal, Mr. Amanpreet Singh Bal and Mr. Jashanjeet Singh Bal. NEPL is engaged in procurement, designing and commissioning of Air conditioning and heating plants. The firm gets 100% of its business orders through the tendering process. Post 2013, the company has also started to undertake civil construction work; however, has now suspended undertaking the same. NEPL procures Air conditioning and heating components from reputed manufacturers like Voltas, Daikin, Delta Cooling tower, Rapid Cool etc. and installs the system as per requirement of the client. PHOENIX STRUCTURAL: CARE Keeps B- Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Phoenix Structural and Engineering Private Limited (PSEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.37 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/Short 7.00 CARE B-; Stable/CARE A4; Term Bank ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 4, 2024, placed the rating(s) of PSEPL under the 'issuer non-cooperating' category as PSEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PSEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 20, 2025, April 30, 2025 and May 10, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in 2007, Phoenix Structural and Engineering Private Limited was promoted by Mr. Sunil Patil, Mrs. Prema Patil and Mr. Varun Patil based out of Nagpur, Maharashtra. However, the company commenced September 2012 The company has been engaged in engineering, structural designing, forging, fabricating, supply and installation of transmission towers, telecom towers, steel structural parts, substation structures etc. The company mainly caters to the needs of power, telecom and other infrastructure sectors. R S KAMTHE: CARE Lowers Rating on INR10cr LT Loan to B ------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of R S Kamthe Infrastructure Developers Private Limited (RSKIDPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Long Term/Short 40.00 CARE B; Stable/CARE A4; Term Bank ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category and LT rating downgraded from CARE B+; Stable and ST rating reaffirmed Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 5, 2024, placed the rating(s) of RSKIDPL under the 'issuer non-cooperating' category as RSKIDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RSKIDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 21, 2025, May 1, 2025 and May 11, 2025, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable R.S. Kamthe Infrastructure Developers Private Limited (previous known as R S Kamthe & Brothers) was incorporated in 2011 under the leadership of late Mr. Ravindra Kamthe with focus on road development, bridge construction, Infrastructure development and all other activities which are related to the infrastructure and also engaged in providing AMC (Annual Maintenance Contract) services in the field of infrastructure and real estate sector for the past 50 years. The company is a Class-I government registered contractor and undertakes infrastructure projects in Maharashtra region. RAJNANDINI METAL: CARE Cuts Rating on INR130cr LT Loan to B ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Rajnandini Metal Limited (RML), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 130.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB-; Stable Rationale and key rating drivers CARE Ratings Ltd. has downgraded the ratings assigned to the bank facilities of RML to CARE B; Stable; Issuer Not Cooperating. CARE Ratings Ltd. has been seeking information from RML to monitor the ratings vide e-mail communications/letters dated June 3, 2025, May 31, 2025 and March 19, 2025, and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating). CARE Ratings Limited (CARE Ratings) has downgraded the ratings assigned to RML on account of qualified audit report basis the demand of INR290.70 Crores (including Penalty and Interest) and INR16.98 Crores that have been raised by the GST and Income Tax Authorities respectively, due to claim of ineligible Input credit and pursuant to the search held at the company followed by the thin PBILDT margins and net losses reported in FY25 (Abridged) and the possible impact of the mentioned factors on the credit profile of the company. The ratings also remain constrained due to small track of operations, RML's presence in a competitive downstream nonferrous metal product industry resulting in low bargaining power, and susceptibility to volatile raw material prices. The ratings, however, continues to derive strength from the qualified and experienced promoter group. Analytical approach: Standalone Outlook: Stable Stable outlook reflects that the company will continue to derive benefit from experience of the promoters in the industry. Detailed description of key rating drivers: Key weaknesses * Summon from Enforcement Directorate and qualified audit report for FY25: During April 2024, Enforcement directorate has issued summon to the promoters of RML requesting financial information about the RML. The said information was sought due to financial transaction by RML with another company being subject to ED investigation. However as confirmed by the RML management earlier, the company has not been subject to any search or seizure, none of its bank accounts has been freezed. Further credit profile of company has been impacted on account of qualified audit report basis for the demand of INR290.70 Crores (including Penalty and Interest) and INR16.98 Crores that have been raised by the GST and Income Tax Authorities respectively, due to claim of ineligible Input credit and pursuant to the search held at the company. * Small track record of operations: RML has started their manufacturing unit in November 2019 and prior to that company was engaged in business of trading of scrap for all types of ferrous and Non-ferrous Metals such as Copper Wires, ingot scrap, and other related items used in various electrical and industrial applications. Due to small track record of the company in manufacturing segment, limits the financial and operational flexibility of the company. * Moderate scale of operations and declining profitability: During FY25, the company's scale of operations remains moderate, although it has declined from INR1212.43 Crores in FY24 to INR1033.58 Crores in FY25. The profitability margins continue to remain low and have PBILDT margin further declined significantly to 0.32% in FY25 as compared to 1.77% in FY24. In addition, the company has booked net losses for the FY25 as against positive PAT of INR15.24 Crores for FY24. * Moderate debt protection metrics owing to moderation in the operating margin: Debt protection metrics of the firm remained moderate marked by interest coverage at 0.25 times in FY25 against 1.89 times in FY24. Total debt to PBILDT significantly increased to 13.35 times as on March 31, 2025 as against 4.67 times as on March 31, 2024. Net worth of the firm slightly moderated to INR56.37 crore (Abridged) as on March 31, 2025 as against INR56.70 crores as on March 31, 2024. * Susceptibility of profitability to volatility in raw material prices: The primary raw materials for the company are copper scrap. Copper scrap contributes around 90% of the total raw material cost consumed during the past three years ended FY24, the scrap is purchased at the prevailing market rate depending on the quality of scrap. However, the absence of any long-term contracts and lag effect in the order of raw materials and delivery to the manufacturing facilities exposes the company to the vagaries of the commodities price cycle. Although the company tries to match the procurement with the order being received and normally an equivalent quantity of scrap on the date of order to reduce the pricing mismatch. The prices of these raw materials are market driven and have been reflecting high volatility in the recent past. However, to reduce the risk of raw material price fluctuations, RML procures raw materials based on orders it receives from customers, and the sale price of the copper rods is based on the raw material price on the day of the order received. * Highly fragmented and Cyclic nature of the copper industry: The industry for metal products is highly fragmented with a large number of local unorganized and organized players in the market. Copper is part of a metal industry which is cyclical and is sensitive to the shifting business cycles including changes in the general economy, interest rates and seasonal changes in the demand and supply. The producers of metal construction materials are essentially price-takers in the market, which directly expose their cash flows and profitability to volatility in metal prices. Hence, the margins continue to remain under pressure due to fragmentation and low bargaining power across the industry. Key Strengths * Experienced and resourceful promoter group with an established track record of operations in the industry: RML was incorporated in March 2010 by Mr. Mohan Sharma. Mr. Manoj Kumar Jangir, Director and the Chief Financial officer of RML, has a vast experience of over 17 years in finance, audit and accounts. Apart from this the promoters of the company were earlier engaged in trading of copper material and therefore have long experience in copper industry and relationship with the suppliers. Liquidity: Stretched RML's liquidity remained stretched as the company has booked losses during FY25 as compared to PAT of INR15.24 in FY24. Further, for FY25, the company has negative GCA as against expected term loan repayments of INR1.5 to 2.5 Crores. The liquidity may also get affected in case the company has to meet the contingency raised on account of the demand of INR290.70 Crores (including Penalty and Interest) and INR16.98 Crores that have been raised by the GST and Income Tax Authorities respectively, due to claim of ineligible Input credit and pursuant to the search held at the company. Rajnandini Metals Ltd was incorporated in March 2010 by Mr. Mohan Sharma. RML is in the production of copper rod and wires with annual capacity of 4500 ton per month. The company has set up its manufacturing plant in Nov'19 and prior to that company was engaged in business of trading of scrap of all types of ferrous and Non-ferrous Metals such as Copper Wires, ingot scrap, and other related items used in various electrical and industrial applications. Now RML is engaged in manufacturing of Copper Rods, Wires etc. Product Portfolio of RML includes diversified product range which includes variety of grades, thickness, widths and standards of copper according to customer specifications. S.B. ENGINEERS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of S.B. Engineers (SE) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 43.35 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) vide its press release dated June 4, 2024, placed the rating(s) of SE under the 'issuer non-cooperating' category as SE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SE continues to be non-cooperative despite repeated requests for submission of information through emails dated April 20, 2025, April 30, 2025 and May 10, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Established in 2005, S.B. Engineers (SBE) is an Aurangabad based proprietorship firm managed by Mr. Basawaraj V Mangrule. The firm is mainly engaged in the business of civil construction in the state of Maharashtra. SAI BABUJI: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sai Babuji Projects Private Limited (SBPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.40 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 5.60 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings had, vide its press release dated April 29, 2024, placed the rating(s) of SBPPL under the 'issuer non-cooperating' category as SBPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 15, 2025, March 25, 2025, April 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Hyderabad based, Sai Babuji Projects Private Limited (SBPPL) was incorporated in August 2011 by Mr. Sreekanth Mallela and Mrs. Bhuvaneshwari Mallela. The company is engaged in system integration i.e. supply, installation and commissioning of solar water pumping systems since 2014. The company has its customer base spread across Telangana, Tamil Nadu, Andhra Pradesh, Chhattisgarh, and Gujarat. SANTOSH WAREHOUSING: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Santosh Warehousing Limited (SWL) continueS to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 23.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 31, 2024, placed the rating(s) of SWL under the 'issuer non-cooperating' category as SWL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SWL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 16, 2025, April 26, 2025, May 6, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Santosh Warehousing Ltd (SWL) was established in the year 2012 by Mr Sunil Mittal and Neena Mittal. The company is engaged in providing warehouse services. It has one warehouse located at Secunderabad (Uttar Pradesh). SEYA PATE: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Seya Pate Constructions LLP (SPCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 5, 2024, placed the rating(s) of SPCL under the 'issuer non-cooperating' category as SPCL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPCL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 21, 2025, May 1, 2025 and May 11, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Established in the January 2015, SPC is a limited liability partnership and belongs to Pune based Pate Developers. The firm is engaged in developing a residential project namely Seya at Pune. SUSHEELA TEXFAB: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Susheela Texfab Private Limited (STPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 23.60 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 5, 2024, placed the rating(s) of STPL under the 'issuer non-cooperating' category as STPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. STPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 21, 2025, May 1, 2025, May 11, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Pilkhuwa (Uttar Pradesh) based Susheela Texfab Private Limited (STPL) was incorporated in 2012 by Mr Anil Kumar Tanwar and Mr. Randheer Singh Rana. SPL is currently engaged in manufacturing of various types of knitted fabrics. The manufacturing unit is located at Pilkhuwa, Uttar Pradesh, with installed capacity of 3,500 metric tonne per annum as on February 28, 2018. The major raw materials are cotton yarn and dyes which the company procures from various spinning mills across the country. The company caters to domestic as well as international market. TIRUPATI NIRYAT: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Tirupati Niryat Private Limited (TNPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 CARE A4; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 29, 2024, placed the rating(s) of TNPL under the 'issuer non-cooperating' category as TNPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TNPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 14, 2025, April 24, 2025 and May 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Tirupati Niryat Private Limited (TNPL), incorporated in July 1993, was taken over by Mr Aditya Sarda of Kolkata in the year 2006. Since 2010 the company is engaged in trading of raw jute. Prior to this the company was engaged in the business of infrastructure and real estate activities. UNNATI WIRE: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Unnati Wire Industries (UWI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.54 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 30, 2024, placed the rating(s) of UWI under the 'issuer non-cooperating' category as UWI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UWI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 15, 2025, April 25, 2025 and May 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Zarol-based (Gujarat) Unnati Wire Industries (UWI) is a partnership firm established by five partners named Mrs. Manibhai Karsanbhai Patel, Mrs. Damyantiben Manibhai Patel, Mr. Hiteshbhai Mavjibhai Patel, Mr. Maganbhai Damjibhai Patel and Mr. Pratikbhai Manibhai Patel in January 2015. UWI is engaged into manufacturing of steel wire armour and strips at its sole manufacturing ISO 9001:2015 certified unit located at Zarol, Gujarat with an installed capacity of 3000 Metric Tonnes per month as on March 31, 2019. UWI belongs to Urmila group, which was established with establishment of Urmila Saw Mill (now, USM Industries) by Mr. Manibhai Patel before 35 years engaged in manufacturing of wooden cable reels. Other entities include U-Tech Industries, Uday Industries, Urmila Polypack engaged in manufacturing of steel reels, industrial wires, packaging materials etc. respectively. VARSHINI FERTILIZER: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Varshini Fertilizer Private Limited (VFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 29, 2024, placed the rating(s) of VFPL under the 'issuer non-cooperating' category as VFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 14, 2025, April 24, 2025 and May 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Varshini Fertilizer Pvt Ltd (VFPL) was incorporated on December 14, 2012 as Amrutha Varshini Organic Fertilizers Private Limited, however was rechristened as Varshini Fertilizer Private Limited on August 13,2018. Earlier, the company was used for trading activities by the promoters as and when required. However, now the company is in the process of setting up of biopesticide plant and is expected to commence manufacturing of the same from April 2023 onwards. VEE AAR: CARE Keeps B Debt Rating in Not Cooperating Category ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Vee Aar Woodchem Private Limited (VAWPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.78 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.23 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 3, 2024, placed the rating(s) of VAWPL under the 'issuer non-cooperating' category as VAWPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VAWPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 19, 2025, April 29, 2025 and May 9, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Delhi based Vee Aar Woodchem Private Limited (VAWPL) was incorporated in August, 2015. The company is being managed by Mr. Vikas Gupta and Mr. OM Prakash Gupta. VAWPL is engaged in trading of timber wood from its storage facility located in Gandhidham (Gujarat). The company imports the sawed woods like, Arauco, Kapur and Meranti woods(backed by L/C) from Malaysia which is of fixed size and is used in real estate and furniture business, additionally it also import timber log from Malaysia which is cur according to customer's need at Mundara Port and sold to wholesalers located across Haryana, Maharashtra, Delhi and Gujarat. ===================== N E W Z E A L A N D ===================== ARCANIST LIMITED: Court to Hear Wind-Up Petition on June 13 ----------------------------------------------------------- A petition to wind up the operations of Arcanist Limited will be heard before the High Court at Auckland on June 13, 2025, at 10:45 a.m. Rich Bryan Audio Limited filed the petition against the company on April 10, 2025. The Petitioner's solicitor is: Mihai Dorin Pascariu Hamilton Locke (NZ) Limited Level 35, Vero Centre 48 Shortland Street Auckland 1010 AWARD CARPETS: Creditors' Proofs of Debt Due on July 6 ------------------------------------------------------ Creditors of Award Carpets (NZ) Limited are required to file their proofs of debt by July 6, 2025, to be included in the company's dividend distribution. The High Court at Auckland appointed Janet Sprosen and Stephen White of PwC as liquidators on May 30, 2025. CARBAT LIMITED: Court to Hear Wind-Up Petition on June 16 --------------------------------------------------------- A petition to wind up the operations of Carbat Limited will be heard before the High Court at Hamilton on June 16, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 7, 2025. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton EXSURGO LIMITED: Calibre Partners Appointed as Receivers -------------------------------------------------------- Neale Jackson and Daniel Stoneman of Calibre Partners on June 9, 2025, were appointed as receivers and managers of ExSurgo Limited. The receivers and managers may be reached at: Neale Jackson Daniel Stoneman Calibre Partners Level 21, 88 Shortland Street Auckland IMPERIAL PALACE: Reynolds & Associates Appointed as Liquidator -------------------------------------------------------------- Grant Bruce Reynolds of Reynolds & Associates on June 4, 2025, was appointed as liquidator of Imperial Palace Limited. The liquidator may be reached at: Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 KONVOY NEW ZEALAND: Placed in Liquidation With NZD8.37MM Debt ------------------------------------------------------------- BusinessDesk reports that New Zealand keg supplier Konvoy has been tipped into liquidation with NZD8.37 million in debt, but receivers said progress on a potential sale is continuing. Konvoy New Zealand, launched in October 2019, offers breweries keg rentals and long-term leasing options. The Konvoy group comprises seven entities in Australia, one in NZ, and one in the UK. In March, receivers McGrathNicol were appointed to Konvoy NZ and its Australian parent by EQT Structured Finance Services in its capacity as security trustee for the Konvoy Security Trust. Joseph Hansell and David McGrath of FTI Consulting were appointed as administrators of Konvoy New Zealand Limited on March 11, 2025. ================= S I N G A P O R E ================= LAGUNA NATIONAL: Peter Kwee, Son Sued for SGD71MM Over Insolvency ----------------------------------------------------------------- The Business Times reports that motoring tycoon Peter Kwee has been sued - along with his 55-year-old son Kevin and their firm Laguna Hotel Holdings - for allegedly wrongfully and fraudulently extracting and transferring value out of Laguna National Golf and Country Club to enrich themselves. For their alleged wrongdoing including the Kwees' breach of fiduciary duties, Laguna National Golf and Country Club and its two liquidators Cameron Duncan and David Kim launched a lawsuit in April against the three parties, seeking recourse and more than SGD71.5 million in damages, according to BT. Laguna National Golf and Country Club was the operator and owner of the eponymous club, which had a pair of 18-hole golf courses. The firm ceased operating the club upon handing over its assets in 2021 to Laguna Hotel, the Kwees' other company and current owner-operator of the Laguna National Golf Resort Club, BT recalls. Laguna National Golf and Country Club was wound up in 2023 upon the application by a holder of its unsecured notes, which have not been repaid. The firm in 1991 issued 1,800 of such unsecured notes at SGD120,000 each to finance the development of the club. Another firm owned by Peter and his family acquired all the shares in Laguna National Golf and Country Club in 2001; Peter, Kevin and daughter Karen were in charge of the club's operations, BT notes. In 2012, Laguna National Golf and Country Club extended the lease for the state land on which the club stood, from August 2012 to Dec. 15, 2040, paying about SGD49.9 million and another SGD6 million for lifting the title restrictions. It also promised to develop a hotel on the land by 2017. According to BT, Peter claimed the company was unable to obtain external funding to develop the hotel, so it agreed to let Laguna Hotel secure financing instead. Laguna National Golf and Country Club would then do a sale and leaseback of the land with Laguna Hotel. In 2016, Laguna National Golf and Country Club agreed to sell the land lease for SGD130 million to Laguna Hotel. Laguna National Golf and Country Club subsequently entered into a licence agreement with Laguna Hotel to continue using the land to operate the club, at a discounted fee of SGD50.8 million from September 2016 to June 2021. Kevin signed the agreements on behalf of Laguna National Golf and Country Club, and Peter was the counterparty for Laguna Hotel. When Laguna National Golf and Country Club was liquidated, its liabilities were 10 times its assets, BT notes. The vast majority of the creditors of Laguna National Golf and Country Club are holders of the unsecured notes, said the statement of claims. The firm was in the red between FY2016 and FY2020, with accumulated losses amounting to SGD102.8 million as at FY2020, BT discloses. Laguna National Golf and Country Club and its two liquidators claimed that the three defendants perpetuated a wrongful and fraudulent scheme against the firm to enrich themselves, by extracting and transferring value from the firm to Laguna Hotel, causing significant loss and damage to Laguna National Golf and Country Club, BT relays. In contrast, Laguna Hotel now owns and operates the recreational clubhouse and the Dusit Thani Laguna Singapore hotel it built on the land, the liquidators claimed. "The actions of the Kwee directors resulted in the different outcomes for Laguna National Golf and Country Club, and Laguna Hotel. The Kwee directors have deliberately set Laguna National Golf and Country Club up for failure, and set Laguna Hotel up for success, in breach of their fiduciary duties to Laguna National Golf and Country Club," said the claimants. For example, they charged that the Kwee directors diverted the opportunity from Laguna National Golf and Country Club to monetise the land lease and collateralise it to fund the development of the hotel. Not only that, the payment of SGD130 million was never made to Laguna National Golf and Country Club upon the completion of the lease agreement in September 2016. It was instead recorded as a receivable and set off against the licence fees owed to Laguna Hotel as well as debts purportedly owed to Peter and entities linked to the Kwee directors. However, the liquidators claimed that the numbers for the set-off were not consistent with what was recorded in Laguna National Golf and Country Club's books. Hence, they alleged that the Kwees did not act honestly, in good faith and in the best interests of Laguna National Golf and Country Club, and that they unfairly preferred Laguna Hotel over other creditors of the insolvent firm, among other wrongdoings, BT relates. Compensation aside, the liquidators want the Kwees and Laguna Hotel to give an account of all the transactions they allegedly misappropriated or how they secretly profited from Laguna National Golf and Country Club. Disputing the claims and the allegations, the defendants contended that all the actions were taken "in the best of interests" of the firm and its members, including the noteholders. The trio also denied preferring Laguna Hotel over other creditors, BT adds. As reported in the Troubled Company Reporter-Asia Pacific on Feb. 28, 2023, the High Court of Singapore entered an order on Feb. 13, 2023, to wind up the operations of Laguna National Golf and Country Club Ltd. Lim How Teck filed the petition against the company. The company's liquidators are: Cameron Lindsay Duncan David Dong-Won Kim c/o KordaMentha Pte Ltd 16 Collyer Quay #30-01 Singapore 049318 PATHWEL INTERNATIONAL: Court to Hear Wind-Up Petition on June 27 ---------------------------------------------------------------- A petition to wind up the operations of Pathwel International Pte. Ltd. will be heard before the High Court of Singapore on June 27, 2025, at 10:00 a.m. Pathwel Co., Ltd., filed the petition against the company on June 3, 2025. The Petitioner's solicitors are: Emerald Law LLC 3 Shenton Way #11-10 Shenton House Singapore 068805 SOGO LABS: Court to Hear Wind-Up Petition on June 20 ---------------------------------------------------- A petition to wind up the operations of Sogo Labs Pte. Ltd. will be heard before the High Court of Singapore on June 20, 2025, at 10:00 a.m. Westali AS and Alnistar Limited filed the petition against the company on May 28, 2025. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 SUNRISE TRADING: Court to Hear Wind-Up Petition on June 20 ---------------------------------------------------------- A petition to wind up the operations of Sunrise Trading Pte. Ltd. will be heard before the High Court of Singapore on June 20, 2025, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on May 29, 2025. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 VISTA HARDWARE: Court to Hear Wind-Up Petition on June 20 --------------------------------------------------------- A petition to wind up the operations of Vista Hardware Supplies Pte. Ltd. will be heard before the High Court of Singapore on June 20, 2025, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on May 30, 2025. The Petitioner's solicitors are: Adsan Law LLC 300 Beach Road #26-00 The Concourse Singapore 199555 YI HENG: Court to Hear Wind-Up Petition on June 20 -------------------------------------------------- A petition to wind up the operations of Yi Heng Yuan Pte. Ltd. will be heard before the High Court of Singapore on June 20, 2025, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on May 29, 2025. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 =============== T H A I L A N D =============== JKN GLOBAL: Founder, Sister Resign After SEC Files Charges ---------------------------------------------------------- Bangkok Post reports that Jakkaphong Jakrajutatip, chief executive of JKN Global Group, and her sister, Pimuma Jakrajutatip, have resigned from all executive and other positions at the SET-listed content and media buying company after the Securities and Exchange Commission (SEC) filed criminal complaints against the pair. In a filing to the Stock Exchange of Thailand, JKN confirmed the resignations, effective as of June 5, as the SEC submitted the allegations to the Department of Special Investigation (DSI) concerning three parties, namely JKN, Ms Jakkaphong and Ms Pimuma, according to Bangkok Post. Bangkok Post says the charges relate to falsification and/or omission of material information in the company's financial statements for the full year 2023 and the first quarter of 2024. The SEC accused the three parties of either committing or consenting to the inclusion of false information and incomplete or inaccurate financial disclosures that do not reflect the company's actual financial position. JKN stated it acknowledged the allegations and is reviewing all relevant information to determine the appropriate legal course of action. According to Bangkok Post, the company said an ongoing special audit is being conducted by Dr. Virach & Associates, an independent auditor, to verify the authenticity of its reported content rights and related liabilities. The audit is expected to be completed soon. "The board will convene to formally acknowledge the resignations and determine further steps regarding the company's governance and executives," the filing noted. The SEC noted JKN's auditor raised serious concerns over the company's content licensing transactions, citing multiple irregularities and triggering further scrutiny. According to the regulator, the investigation uncovered evidence indicating Ms. Jakkaphong, as managing director and chief executive, and Ms. Pimuma, director and deputy managing director for content, conspired to fabricate creditor and debtor records, Bangkok Post relays. These fictitious entries were allegedly recorded in the company's 2023 annual financial statements and the first-quarter 2024 statement, as well as related accounting documentation. Bangkok Post relates that the fabricated entries resulted in JKN's financial statements overstating both revenue and liabilities. The SEC also found royalty liabilities were misrecorded in incorrect accounting periods. As a consequence, JKN's 2023 financial statements understated actual liabilities and assets. The fabricated trade payables were then carried into the 2024 accounts, misleading stakeholders into believing the company's trade liabilities had increased. These fabricated trade creditors were allegedly used to exercise voting rights to select a rehabilitation planner for JKN, a move deemed deceptive and in violation of Section 312 of the Securities and Exchange Act. In addition, Ms. Jakkaphong is accused of submitting and disclosing the false 2023 financial statements and annual report to the SEC. The regulator formally referred the case to the DSI for further legal proceedings, Bangkok Post notes. About JKN Global JKN Global Group PCL (BKK:JKN) -- https://jknglobalgroup.com/ -- together with its subsidiaries, engages in content distribution business in Thailand. It operates through five segments: Sales of Program Rights, Advertising Services, Sale of Products, Miss Universe License Management Business, and Other Business. The company is involved in the distribution of contents of the movies, series, and documentaries; and production and distribution of non-alcoholic beverages. It also provides advertising services; offers television stations; engages in the manufacture and distribution of health, beauty, and consumer products; and produces and distributes television programs that granting the copyright to the Miss Universe pageant and relating to the Miss Universe pageant's activities. In addition, the company offers studio leasing, costume rental, and artist management services, as well as organizes events; and retail sale through mail order, television, radio, and telephone. It also exports its products. The company was formerly known as JKN Global Media Public Company Limited and changed its name to JKN Global Group Public Company Limited in May 2022. As reported in the Troubled Company Reporter-Asia Pacific on Nov. 10, 2023, JKN Global Group Plc, the SET-listed media company that owns the Miss Universe beauty pageant brand, has petitioned for debt rehabilitation as it seeks to solve a liquidity squeeze. The business rehabilitation request was submitted to the Central Bankruptcy Court on Nov. 8, JKN said in a filing to the Stock Exchange of Thailand. According to Bangkok Post, the company has petitioned to adjust interest rates on existing debt and extend its debt repayment period, and proposed itself as a planner for the process. ********* 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 ***