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250616.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 Monday, June 16, 2025, Vol. 28, No. 119 Headlines A U S T R A L I A 452HM PTY: First Creditors' Meeting Set for June 24 ARG GINGER: First Creditors' Meeting Set for June 19 CYBERDOOR SYSTEMS: First Creditors' Meeting Set for June 23 FINANCIAL SERVICES: ASIC Cancels AFS; Permanently Bans RM MAGGIE BEER: Bickfords Takes Stake in Struggling Company RAF TRUST: Fitch Assigns BBsf Rating to Cl. D Notes, Outlook Stable STUDIO MINT: First Creditors' Meeting Set for June 18 SURFSTITCH PTY: First Creditors' Meeting Set for June 19 WITTNER GROUP: Sold to Private Fashion Business The Shoe Group C H I N A NEW WORLD: Debt Crisis Raises Risk of Decline in HK Home Prices SEAZEN GROUP: S&P Puts 'B-' Issuer Rating to New Sr. Unsec. Notes SEAZEN PLANS: Plans Offshore Bond Issuance H O N G K O N G VALUE EXCHANGE: Stock Moved to OTC Pink After 10-K Filing Delay I N D I A 24 CARROT: Ind-Ra Assigns BB- Loan Rating, Outlook Stable ACCORD UDYOG: CARE Keeps D Debt Rating in Not Cooperating Category ADYA BHAWAN: CARE Keeps B- Debt Rating in Not Cooperating Category AKAL PIPE: CARE Keeps C Debt Rating in Not Cooperating Category AMBIKA DECOR: Insolvency Resolution Process Case Summary ARIISTO REALTORS: JM Financial Acquires 142,000 Sqft Mumbai Office AXXELENT PHARMA: Ind-Ra Affirms BB+ Term Loan Rating B.C. BHUYAN: Ind-Ra Keeps BB Bank Loan Rating in NonCooperating BAGKIYA CONSTRUCTIONS: CARE Keeps B- Ratings in Not Cooperating DEVI CHAND: CARE Lowers Rating on INR7.30cr LT Loan to B- EMBEE AGRO: Ind-Ra Cuts Bank Loan Rating to D FIBCOM INDIA: CARE Keeps D Ratings in Not Cooperating Category GALI JAGADISH: CARE Keeps C Debt Rating in Not Cooperating GANESH JEWELLERS: CARE Lowers Rating on INR21.60cr LT Loan to B- HARMAN RICE: CARE Keeps D Debt Ratings in Not Cooperating Category HOLITECH INDIA: CARE Keeps C Issuer Rating in Not Cooperating HVR PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating JAGADEESH AND SHASHIREKHA: CARE Keeps D Rating in Not Cooperating KINGLIKE RETAIL: CARE Keeps B- Debt Rating in Not Cooperating KNITCRAFT APPARELS: CARE Keeps D Debt Ratings in Not Cooperating KRBS JEWELERY: CARE Keeps B- Debt Rating in Not Cooperating M/S GOLDEN: Ind-Ra Cuts Bank Loan Rating to D P.P. AUTOMOTIVE: CARE Keeps B- Debt Rating in Not Cooperating PATWARI ELECTRICALS: CARE Keeps C Debt Ratings in Not Cooperating PRECISION ELECTRONIC: CARE Keeps C Debt Ratings in Not Cooperating SOCIETY DISTRIBUTORS: CARE Keeps B- Debt Rating in Not Cooperating SONALAC PAINTS: CARE Keeps B+ Debt Rating in Not Cooperating SONU REALTOR: CARE Lowers Rating on INR15cr LT Loan to B- SPARSH AUTOMOBILES: Ind-Ra Gives BB Bank Loan Rating SUMAL INDIA: CARE Lowers Rating on INR10.00cr LT Loan to B-/A4 SUNBEAM DEALERS: CARE Keeps D Debt Rating in Not Cooperating TAU AGRO: CARE Lowers Rating on INR15cr LT Loan to B- TULJA BHAVANI: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable VEERABHADRESHWARA RICE: CARE Keeps B- Rating in Not Cooperating VENKATESWARA AGENCIES: CARE Keeps B- Rating in Not Cooperating VIJAYA LAKSHMI: CARE Keeps B- Debt Rating in Not Cooperating VIVID SOLAIRE: Ind-Ra Withdraws BB+ Bank Loan Rating WOODVILLE PALACE: CARE Keeps D Debt Rating in Not Cooperating J A P A N MARELLI AUTOMOTIVE: Case Summary & 30 Largest Unsecured Creditors MARELLI AUTOMOTIVE: Seeks to Sell De Minimis Assets M A L A Y S I A IMDB: MACC Forfeits Over USD950,000 From 1MDB-Linked Swiss Account N E W Z E A L A N D EXCITING HABITATS: Placed in Receivership NINETY5 SIGNS: Khov Jones Appointed as Receivers OBELISK INDUSTRIAL: Creditors' Proofs of Debt Due on July 3 RESEARCH FIRST: Creditors' Proofs of Debt Due on July 5 WHARE MANAAKI: Creditors' Proofs of Debt Due on July 10 P H I L I P P I N E S MFT GROUP: Tan Reportedly Flees to the US Amid 2 Arrest Warrants S I N G A P O R E FLOWERS CITY: Court Enters Wind-Up Order HOVOH BUGIS: Court to Hear Wind-Up Petition on June 20 INVEST HO: Court Enters Wind-Up Order WINDFLOWER FLORIST: Court to Hear Wind-Up Petition on June 20 WM AUTOMATION: Court Enters Wind-Up Order S O U T H K O R E A HOMEPLUS CO: MBK Seeks Buyer for Struggling Retail Chain V I E T N A M VINFAST AUTO: Posts US$712.4 Million Net Loss in Q1 X X X X X X X X [] KBRA Expands Global Footprint with Tokyo Office Launch - - - - - ================= A U S T R A L I A ================= 452HM PTY: First Creditors' Meeting Set for June 24 --------------------------------------------------- A first meeting of the creditors in the proceedings of 452HM Pty Ltd will be held on June 24, 2025 at 10:30 a.m. via electronic means. Jason Glenn Stone and Glenn Jeffrey Franklin of PKF Melbourne were appointed as administrators of the company on June 12, 2025. ARG GINGER: First Creditors' Meeting Set for June 19 ---------------------------------------------------- A first meeting of the creditors in the proceedings of ARG Ginger & Smart Pty Ltd and Alquemie Retail Operations Pty Ltd will be held on June 19, 2025 at 3:30 p.m. and 4:30 p.m., respectively, via Microsoft Teams teleconferencing facility. Domenico Alessandro Calabretta and Edwin Narayan of Mackay Goodwin were appointed as administrators of the company on June 6, 2025. CYBERDOOR SYSTEMS: First Creditors' Meeting Set for June 23 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Cyberdoor Systems Pty. Limited will be held on June 23, 2025 at 3:00 p.m. via virtual meeting. Michael Gregory Jones of Jones Partners Insolvency & Restructuring was appointed as administrator of the company on June 11, 2025. FINANCIAL SERVICES: ASIC Cancels AFS; Permanently Bans RM --------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has cancelled the Australian Financial Services (AFS) licence of Financial Services Group Australia Pty Ltd (FSGA), effective June 7, 2025 and permanently banned FSGA's Responsible Manager (RM) Graham Holmes. Licensee failings ASIC cancelled the AFS licence of FSGA after ASIC determined that FSGA had failed to: * take reasonable steps to ensure that two of its representatives provided financial product advice that was appropriate to the client's circumstances or in the client's best interests, in relation to certain instances of advice * have available adequate financial and human resources to provide the financial services covered by the licence and to carry out supervisory arrangements * maintain the competence to provide the financial services covered by the licence * lodge its financial statements and auditor's reports on time lodge breach reports with ASIC, and * comply with a condition on its licence that required FSGA to have total assets that exceeded total liabilities, in respect of financial years 2022 and 2023. Although the FSGA licence is cancelled, ASIC specified that FSGA must still remain a member of AFCA and maintain professional indemnity insurance until June 4, 2026. Responsible Manager failings ASIC also permanently banned FSGA's RM Graham Holmes from providing any financial services, performing any function involved in the carrying on of a financial services business, and controlling an entity that carries on a financial services business. ASIC found that Mr. Holmes had been involved in the contravention of a financial services law by FSGA, including FSGA's failure to take reasonable steps to ensures its representatives acted in the best interests of clients and to give appropriate advice to clients. ASIC also found that Mr. Holmes had accepted to be FSGA's RM 'on paper' only and to receive RM fees, when he knew he was not fulfilling his duties as an RM. ASIC therefore had reason to believe Mr. Holmes is not a fit and proper person to participate in the financial services industry. The responsible manager's role is derived from the obligation in s 912A(1)(e) of the Corporations Act 2001 for AFS licensees to establish and maintain organisational competence to provide the financial services offered by the AFS licensee. Individuals who are nominated by AFS licensees as responsible managers must have direct responsibility for significant day-to-day decisions about the financial services the licensee provides. FSGA and Mr. Holmes have the right to apply to the Administrative Review Tribunal for a review of ASIC's decisions. Mr. Holmes' banning is recorded on ASIC's banned and disqualified register. Certain authorised representatives of FSGA provided personal financial product advice to consumers who invested in the Shield Master Fund and the First Guardian Master Fund. Ferras Merhi was the sole director of FSGA from Feb. 10, 2021 to May 30, 2025. ASIC is investigating Mr. Merhi and various entities associated with him, in connection with its investigations concerning the Shield Master Fund and the First Guardian Master Fund. These investigations are ongoing. ASIC has also taken action to freeze Mr. Merhi's assets. ASIC's investigations into the matters connected to the Shield Master Fund and the First Guardian Master Fund are continuing. ASIC will provide updates on these matters on its Enforcement Activities page. MAGGIE BEER: Bickfords Takes Stake in Struggling Company -------------------------------------------------------- The Australian Financial Review reports that Maggie Beer Holdings has found a wealthy new backer in the family behind the Bickfords cordial brand and homewares retailer Wheel&Barrow after a difficult year and a restructure of the struggling gourmet food group. But the Kotses family, which now controls about 5.6 per cent of the company after buying several large parcels of stock since March, said it had no intention of proposing a buyout of Maggie Beer Holdings, which now has a market capitalisation of less than AUD20 million, the Financial Review relates. In the midst of the COVID-19 pandemic, the company was valued at more than AUD200 million. "Value is the main driver here. It's an opportunity now that Paris Creek is sold. I still think there's more to do," Angelo Kotses said of the stake, notes the report. According to the Australian Financial Review, Maggie Beer Holdings sold its loss-making Paris Creek Farms dairy operation this month, and another major shareholder said that would help to put the business back on track after years of under-performance. "Maggie Beer Holdings is definitely a much cleaner business now," said high-profile fund manager Geoff Wilson, who holds 5.1 per cent of Maggie Beer Holdings through a private vehicle called Dynasty Peak, the report relays. "All shareholders are looking forward to seeing what the company can do." Maggie Beer Holdings sells gourmet food products including jam, chutney, ice cream, soup, broth and verjuice. But the star power of food writer and television presenter Maggie Beer, who is also a director of the company, has not translated into solid investment returns, the Financial Review notes. It has been going through major cost-cutting and restructuring, as well as change at the top, with Mark Lindh taking over as chairman in January. Maggie Beer Holdings bought Paris Creek Farms for AUD34 million in 2017, but the investment soon soured, with the value of the business being written down on two separate occasions, the Financial Review recalls. It sold the business on June 5 for AUD500,000 to Katoomba Global Foods, a Victorian importer and manufacturer which sells roti breads, spices and ghee along with other international foods. Mr. Wilson said he was optimistic that the Kotses family could also help to turn around the business. Kotses and wife Mary bought the Bickfords business in 1999 and have added a string of brands across beverages and retail. They operate Beresford Estate wines in McLaren Vale, the Beenleigh rum distillery in Queensland, and spirits business 23rd Street Distillery through a division called Vok Beverages. The Kotses family also operates the Wheel&Barrow homewares stores and online business. Bickfords cordial was first made in 1874, but the business fell on hard times in the 1990s before the Kotses family rescued it and steadily rebuilt the brand, which is now sold in Coles and Woolworths supermarkets, the Financial Review notes. Maggie Beer founded the Maggie Beer business in 1979 with a shop beside her Pheasant Farm restaurant in South Australia's Barossa Valley. The business was sold to ASX-listed Longtable Group in two parts – in 2016 and 2019 – and the name changed to Maggie Beer Holdings in 2020. RAF TRUST: Fitch Assigns BBsf Rating to Cl. D Notes, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has assigned ratings to RAF Trust - Resimac Octane ABS Warehouse Series 2's pass-through floating-rate notes. The notes are backed by a pool of first-ranking Australian automotive lease and loan receivables purchased by Resimac Asset Finance Pty Ltd from Westpac Banking Corporation (WBC, AA-/Stable/F1+), the originator. The notes were issued by RMC Fiduciary Services Pty Ltd as trustee for the trust. Resimac Limited is the contracted servicer for the transaction and will continue the existing delegation arrangements with Genpact Australia Pty Ltd and Credit Corp Group Limited, providing continuity in servicing through the transition from WBC to Resimac. Entity/Debt Rating ----------- ------ RAF Trust – Resimac Octane ABS Warehouse Series 2 A LT AAAsf New Rating B LT AA+sf New Rating C LT A-sf New Rating D LT BBsf New Rating Z-1 LT NRsf New Rating Z-2 LT NRsf New Rating Transaction Summary The total collateral pool at the 19 May 2025 cut-off date was AUD254 million. The pool consisted of 18,472 receivables with weighted-average (WA) seasoning of 47.7 months, WA remaining maturity of 16.9 months and an average contract balance of AUD13,771. KEY RATING DRIVERS Stress Commensurate with Ratings: Fitch has derived default and recovery base-case expectations for novated leases, consumer loans and commercial loans. Its base-case default expectations (and AAAsf default multiples) are 1.00% (7.25x), 1.25% (7.00x) and 1.75% (6.50x), respectively. Its base-case recovery rate expectations (and AAAsf recovery haircuts) are 50% (50%), 35% (50%) and 35% (50%). Fitch treats all loans subject to ongoing legal proceedings relating to flex commissions as having a 100% net loss rate and re-classified unmanaged novated leases as consumer loans and apply that sub-pool's higher net loss assumptions. This adjustment affected 0.4% and 6.5% of the portfolio, respectively. Additionally, loans in arrears for more than 180 days are treated as having a 100% net loss rate, while Fitch regards loans in arrears for 120-180 days as having a 100% default rate with credit given to the relevant recovery rate at each rating level based on Fitch's recovery assumptions. This affected 0.5% and 0.9% of the portfolio, respectively. After applying these adjustments, the WA base-case default and recovery rate assumptions were 2.9% (3.3x AAAsf multiple) and 28.1% (32.5% AAAsf haircut), respectively. Tight Labour Market Supports Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 1.3% for the year to March 2025 and unemployment was 4.1% in April 2025. Fitch forecasts GDP growth of 1.7% in 2025 and 1.9% in 2026, with unemployment at 4.3% and 4.2%, respectively. Structural Risks Addressed: Counterparty risk is mitigated by documented structural mechanisms that ensure remedial action takes place should the ratings of the transaction account bank, liquidity facility provider or swap provider fall below a certain level. The class A to D notes will receive principal repayments pro rata upon satisfaction of the step-down test. The percentage of credit enhancement provided by the Z-1 and Z-2 notes will increase as the A to D notes amortise. Its cash flow analysis incorporates the transaction's structural features and tests the robustness of each note by stressing default and recovery rates, prepayments (base case assumption of 15%), interest-rate movements and default timing. The A, B, C and D notes benefit from credit enhancement of 14.7%, 9.3%, 6.2% and 3.9% (including the subordinated Z-2 notes), respectively, and all notes have passed their relevant rating stresses. Low Operational and Servicing Risk: All receivables were originated by WBC, which demonstrated adequate capability as originator and underwriter. Collection activity is performed by Credit Corp Group Limited under a servicing delegation agreement, which will continue when Resimac assumes the servicer role at closing, providing servicing continuity through the transition. Servicer disruption risk is mitigated by standby servicing arrangements with Perpetual Corporate Trust Limited, which is contracted as the standby servicer. No Residual Value Risk: There is no residual value exposure in this transaction. However, 7.2% of the portfolio by loan value has balloon amounts payable at maturity. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce the credit enhancement available to the notes. Downgrade Sensitivities Unanticipated increases in the frequency of defaults and decreases in recoveries on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. As a result, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - defaults or recoveries - are modified, while holding others equal. The modelling process uses the modification of default and loss assumptions to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Notes: A / B / C / D Rating: AAAsf / AA+sf / A-sf / BBsf 10% defaults increase: AAAsf / AA+sf / A-sf / BB-sf 25% defaults increase: AAAsf / AAsf / BBBsf / Bsf 50% defaults increase: AAAsf / A+sf / BBB-sf / less than Bsf 10% recoveries decrease: AAAsf / AA+sf / A-sf / BB-sf 25% recoveries decrease: AAAsf / AA+sf / BBB+sf / BB-sf 50% recoveries decrease: AAAsf / AAsf / BBBsf / B+sf 10% defaults increase / 10% recoveries decrease: AAAsf / AA+sf / BBB+sf / B+sf 25% defaults increase / 25% recoveries decrease: AAAsf / AA-sf / BBB-sf / Bsf 50% defaults increase / 50% recoveries decrease: AAAsf / A-sf / BBsf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than its baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. The class A notes are at the highest level on Fitch's scale and cannot be upgraded. As such, upgrade sensitivity scenarios are not relevant. Upgrade Sensitivities Notes: B / C / D Rating: AA+sf / A-sf / BBsf 10% defaults decrease / 10% recoveries increase: AAAsf / A+sf / BB+sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY As part of its ongoing monitoring, Fitch reviewed a small, targeted sample of the originator's origination files and found the file information to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Prior to the transaction closing, Fitch sought to receive a third-party assessment of the asset portfolio information, but none was available for this transaction. Overall, Fitch believes the asset pool information relied upon for its rating analysis, according to its applicable rating methodologies, is adequately reliable. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public. ESG Considerations RAF Trust - Resimac Octane ABS Warehouse Series 2 has an ESG Relevance Score of '4' (impact on credit) for Customer Welfare, above the baseline score of '2' (no impact), for this issue in the Australian auto sector. This is because 0.4% of the portfolio had pending legal proceedings at closing related to fair lending practices. This could lead to losses on the affected loans, which negatively affects the transaction's credit profile and is relevant to the ratings in conjunction with other factors. Resimac will indemnify the transaction for any losses arising from the legal proceedings, but Fitch has not factored this into its analysis, as the indemnity will be provided by an unrated entity. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. STUDIO MINT: First Creditors' Meeting Set for June 18 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Studio Mint Pty Ltd will be held on June 18, 2025 at 2:30 p.m. at the offices of Dye & Co. Pty Ltd at 165 Camberwell Road in Hawthorn East and via Microsoft Teams. Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. Pty Ltd were appointed as administrators of the company on June 10, 2025. SURFSTITCH PTY: First Creditors' Meeting Set for June 19 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Surfstitch Pty Limited will be held on June 19, 2025 at 2:30 p.m. via Microsoft Teams conferencing facilities. Domenico Alessandro Calabretta and Edwin Narayan of Mackay Goodwin were appointed as administrators of the company on June 6, 2025. WITTNER GROUP: Sold to Private Fashion Business The Shoe Group -------------------------------------------------------------- News.com.au reports that iconic Australian shoe retailer Wittner has been saved from liquidation, with the century-old business sold to private fashion business The Shoe Group. Deloitte administrators David Orr, Sal Algeri and Daniel Demir delivered the announcement on June 13, nearly two months after the retailer tumbled into administration in mid-April, news.com.au relates. "The proposed sale represents a major milestone for a more than 100-year-old heritage brand, achieved under an accelerated timeline and in the context of a challenging retail environment," news.com.au quotes Mr. Demir as saying. "We have worked closely with the Wittner team to maintain trading stability throughout the administration process and are pleased to make today's announcement to secure the future of this iconic Australian brand." News.com.au says Wittner has entered into a "period of exclusivity" with the Shoe Group, which is expected to acquire a majority of the business. The Shoe Group is a privately owned Australian company with its own portfolio of brands and an extensive retail store network, direct online and marketplace sites and wholesale customers. According to news.com.au, Shoe Group chairman Ian Unwin said his company was "excited" about bringing in Wittner. "It is a brand with a proud legacy and strong customer following, and we look forward to supporting its continued success," the report quotes Mr. Unwin as saying. Mr. Orr said the proposal sale would deliver a "positive outcome" for employees, creditors, landlord and concession partners. About Wittner Wittner is an Australian fashion footwear brand offering a wide range of leather boots, heels, wedges, and flats for women. It has more than 20 stores in Australia and New Zealand, and 25 concessions inside David Jones and Myer. It also sells online, including through The Iconic. On April 16, 2025, David Orr and Sal Algeri of Deloitte SRT were appointed as administrators of Wittner Group Holdings Pty Ltd, Wittner Retail Australia Pty Ltd, and Wittner Retail New Zealand Pty Ltd. ========= C H I N A ========= NEW WORLD: Debt Crisis Raises Risk of Decline in HK Home Prices --------------------------------------------------------------- South China Morning Post reports that the liquidity crunch at New World Development (NWD), one of Hong Kong's biggest developers, is a blemish on the resurgent housing market, threatening to shake confidence among homebuyers and trigger a "downside scenario" in home prices, according to S&P Global Ratings. According to the Post, the developer deferred coupon payments on four series of perpetual bonds after months of speculation about its finances, sending a poor signal to creditors about its default risk. It surprised investors last month by not redeeming a US$345 million debt on the first call date, causing the coupon rate to step up to 10 per cent annually from 6.15 per cent. Companies have the right to defer coupon payments on perpetual securities and may not repay the bonds since they have no maturity dates. Investors typically view call events as a test of their creditworthiness. The deferral "is a complication for a handful of hybrid investors today", S&P said in a report on June 11, the Post relays. "Tomorrow, it may become a headache for the oversupplied Hong Kong property market. It could trigger cascading effects where homebuyers lose confidence and delay purchases." The Post adds that S&P said the end result "may be our downside scenario for the Hong Kong property market", which is a 5 per cent to 7 per cent drop in home prices this year. The rating company expects prices to "stay flat" in its base case scenario. About New World New World Development Company Limited -- https://www.nwd.com.hk/ -- an investment holding company, operates in the property development and investment business in Hong Kong and Mainland China. Its property portfolio includes residential, retail, office, and industrial properties. The company is also involved in the loyalty program, fashion retailing and trading, and land development businesses; and development and operation of sports park. In addition, it operates club houses, golf and tennis academies, and shopping malls; constructs and operates Skycity complex; and operates department stores. New World Development, an embattled property developer controlled by one of Hong Kong's richest families, is aiming to complete one of the city's largest-ever corporate refinancing deals with more than 50 banks by the end of June 2025 after pushing back an initial deadline for May 2025, according to Bloomberg News. As at late May 2025, about 10 banks have agreed to terms while the rest are still talking. Failure to reach a deal could lead to demands for immediate repayment, Bloomberg said. The repercussions would threaten both New World and many of the banks which are already suffering from a sharp rise in non-performing loans from commercial real estate. SEAZEN GROUP: S&P Puts 'B-' Issuer Rating to New Sr. Unsec. Notes ----------------------------------------------------------------- S&P Global Ratings assigned its 'B-' long-term issue rating to the U.S. dollar-denominated senior unsecured notes that Seazen Group Ltd. proposes to issue. The issue rating is subject to our review of the final issuance documentation. Seazen Group intends to use the proceeds to fund a concurrent offer to purchase its senior notes due July and October 2025. S&P said, "We rate the notes one notch lower than the issuer credit rating on Seazen Group (B/Negative/--) to reflect subordination risk. As of Dec. 31, 2024, the company's capital structure consisted of Chinese renminbi (RMB) 50.1 billion of secured debt. It had about RMB57.7 billion in total reported debt, resulting in a ratio of secured debt to total debt was 86.8%, above our 50% threshold for notching down the issue rating. "The negative outlook on the long-term issuer credit rating on Seazen Group reflects our view that the company's contracted sales could weaken over the next 12 months due to a prolonged market downturn. The liquidity buffer could further reduce. That said, we expect stable rental income during the period. We also believe the company could access funding by pledging its commercial properties, tempering refinancing risks." SEAZEN PLANS: Plans Offshore Bond Issuance ------------------------------------------ Yicai Global reports that shares of Seazen Group surged after the property developer was reported to be planning to issue between USD250 million and USD300 million in US dollar bonds, marking the first overseas bond issuance by a Chinese private real estate firm in recent years, following a prolonged industry credit crunch. Shanghai-based Seazen is moving forward with the dollar bond issuance and has selected four underwriters: Guotai Junan International, Haitong International, Citigroup, and Citic CLSA, The Paper reported on June 10, citing a source familiar with the matter, Yicai relates. Since the Chinese real estate sector entered a downturn in 2021, many developers have defaulted on their debt, damaging their credit ratings and cutting off access to overseas financing. Only a few state-backed developers have successfully issued offshore bonds since then, Yicai states. Before Seazen, only one Chinese developer has tapped the offshore bond market this year, according to Yicai. In February, Greentown, backed by state-owned China Communications Construction, issued two senior notes totaling USD500 million, with an annual interest rate of 8.45 percent. A successful issuance by Seazen would send a positive signal to the market, helping to improve international investor sentiment toward Chinese private real estate firms. It could give quality companies greater flexibility to survive and grow, analysts told The Paper, Yicai relays. Founded in 1993, Seazen primarily develops residential properties and operates commercial plazas. According to its latest annual report, the firm's net profit fell 44 percent year-over-year to CNY491 million (USD68.3 million) last year, while revenue declined 25 percent to CNY89.2 billion (USD12.4 billion). About Seazen Group Seazen Group Limited operates primarily in residential development in China. The company was founded in 1996 by its former chairman, Wang Zhenhua, who is its key shareholder. As reported in the Troubled Company Reporter-Asia Pacific on May 2, 2025, S&P Global Ratings affirmed its 'B' long-term issuer credit ratings on Seazen Group Ltd. and subsidiary Seazen Holdings Co. Ltd. The negative rating outlook reflects S&P's view that Seazen's liquidity buffer could further narrow due to weakening property sales over the next 12 months. ================= H O N G K O N G ================= VALUE EXCHANGE: Stock Moved to OTC Pink After 10-K Filing Delay --------------------------------------------------------------- Value Exchange International, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the trading of its common stock was moved from the OTCQB marketplace to the OTC Pink Limited Information marketplace due to the Company's failure to remain within the continued standards as found in Section 2.2 of the OTCQB Eligibility Standards by not filing its Form 10-K for the year ended December 31, 2024, within 45 days of its due date. The Company's common stock was moved to the OTC Pink Limited Information on the open of market on May 19, 2025. The stock still trades under the symbol "VEII." The Company intends to reapply for listing on the OTCQB marketplace once it has filed with the Securities and Exchange Commission all applicable periodic filings. About Value Exchange International Kowloon, Hong Kong-based Value Exchange International, Inc. is a provider of customer-centric technology solutions for the retail industry in Hong Kong SAR and certain regions of China and the Philippines. The Company was incorporated in the State of Nevada on June 26, 2007, and changed to its current corporate name, "Value Exchange International, Inc.", on December 5, 2017. Jericho, N.Y.-based Grassi & Co., CPAs, P.C., the Company's auditor since 2023, issued a "going concern" qualification in its report dated July 16, 2024, citing that the Company's significant accumulated operating losses and working capital deficit raise substantial doubt about its ability to continue as a going concern. ========= I N D I A ========= 24 CARROT: Ind-Ra Assigns BB- Loan Rating, Outlook Stable --------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated 24 CARROT DEVELOPERS PRIVATE LIMITED's (24CDPL) bank facilities as follows: -- INR30 mil. Fund-based working capital limits assigned with IND BB-/Stable/IND A4+ rating; and -- INR930 mil. Term loan due on March 31, 2034 assigned with IND BB-/Stable rating. Detailed Rationale of the Rating Action The ratings reflect 24CDPL's under-construction phase, cost and time overrun risk for setting up a five-star hotel, along with likely modest credit metrics as well as EBIDTA margin. Ind-Ra expects FY27 to be the company's first full year of operations and believes 24CDPL's debt service coverage ratio with the overall credit metrics and EBIDTA margin will be weak during the initial years of operations. However, the ratings are supported by the locational advantage and the operational agreement with ITC Hotels Limited. Detailed Description of Key Rating Drivers Under-construction Phase of Project: 24CDPL is constructing a five-star hotel under the brand name of ITC Hotels at Gwalior, Madhya Pradesh. The construction of the hotel is under process and will be completed by June 2025, as per the management. Ind-Ra expects the scale of operations to be small over FY25-FY26 as the company will have only nine months of operations for Phase I and three months of operations for Phase II in FY26. FY27 is likely to be the first full year of operations. Cost and Time Overrun Risk: The ratings reflect the time and cost overrun and funding risks associated with 24CDPL's proposed five-star hotel. The total investment for the project is INR1,460.1 million which will be funded through a term loan of INR930 (63.7%), the promoters' equity infusion of INR189 (13%) and an unsecured loan of INR341.1 (23.3%). 24CDPL has incurred INR438.4 million for the purchase of land and construction work, INR438.4 million for plant & machinery and INR147 million for others. The company is likely to incur the balance amount till December 2025. The management has stated that the commercial operations will commence from July 2025 for Phase I and January 2026 for Phase II. The term loan of INR930 million was sanctioned in April 2023. An amount of INR513.5 million of term loan was disbursed till March 2025. The balance is likely to be disbursed till December 2025 for the payment of plant and machineries and other equipment purchased. The equity infusions by the promoters for the project amounted to INR189 million and unsecured loan of INR137.4 million had been infused till March 2025. The balance amount of unsecured loan of INR203.7 million is likely to be infused till December 2025. Likely Modest Credit Metrics: Ind-Ra expects 24CDPL's debt service coverage ratio and overall credit metrics to be weak during the initial years of operations. However, the ratios could improve following an improvement in the scale of operations. Likely Modest EBITDA Margin: Ind-Ra expects EBITDA margins to have remained modest in FY25 and to be so over the medium term. Locational Advantage: The ratings are, however, supported by the location of the hotel which is in the city's commercial center and at a convenient distance from the railway station and airport. Brand Association: The ratings are supported by 24CDPL's operational agreement with the ITC Hotels. Liquidity Stretched: The company does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The cash and cash equivalents stood at INR14.35 million at FYE25 (FYE24: INR1.11 million). The management expects a scheduled debt repayment starting at INR8.5 million from FY26. In the event of a delay in its capex completion, the expenses will be met by the promoters. Rating Sensitivities Negative: Any delay in the commencement of operations, and achieving stability in the operating performance post the commencement of commercial operations, affecting the company's debt servicing ability, could be negative for the ratings. Positive: The timely commencement of operations and the subsequent achievement of a stable operating profitability will be positive for the ratings. About the Company Incorporated in October 2021, 24CDPL is a Gwalior-based hospitality company which has developed a five-star hotel under the brand ITC Limited. The hotel is likely to start commercial operations from July 2025. The company is promoted by Akash Sharma. ACCORD UDYOG: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Accord Udyog Private Limited (AUPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 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 28, 2024, placed the rating(s) of AUPL under the 'issuer non-cooperating' category as AUPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AUPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 13, 2025, April 23, 2025 and May 3, 2025 among others. In line with the extant SEBI guidelines, 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 Incorporated in December 2009, Accord Udyog Private Limited (AUPL) was promoted by Mr. Avinash Singh and Mrs. Jyoti Singh. The company has been engaged in trading of channels, pipes, angles, plates, chequer plates, galvanised plain and corrugated sheets, thermo-mechanically treated bars, bars, and other such products majorly in the states of Jharkhand, Orissa and West Bengal. The major client profile of the company includes reputed names like TATA Motors Ltd., Usha Martin Ltd., etc. Mr. Avinash Singh, having more than a decade of experience in this line of business, looks after the day to day operations of the company. He is supported by other promoter Mrs. Jyoti Singh, also has a decade experience along with a team of experienced professional. ADYA BHAWAN: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Adya Bhawan Limited (ABL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.67 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 31, 2024, placed the rating(s) of ABL under the 'issuer non-cooperating' category as ABL had failed to provide information for monitoring of the rating as greed to in its Rating Agreement. ABL 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). Analytical approach: Standalone Outlook: Stable Adya Bhawan Limited (ABL), incorporated in February 2008 by the Kolkata-based Seth family, is a part of the Keya Seth group. The company is into retailing of readymade garments. The company also sells cosmetics, bags, wallets, junk jewellery, and other items, and presently operates through 4 outlets completely owned by it. ABL has commenced operations from July 2015 onwards. The apparel and junk jewellery products are primarily sold under its group brand, Keya Seth Exclusive, whereas cosmetics are sold under the brands Keya Seth Aromatics and Keya Seth Cosmetics, which are owned by group entities. AKAL PIPE: CARE Keeps C Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Akal Pipe Industries (API) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.86 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.32 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 10, 2024, placed the rating(s) of API under the 'issuer non-cooperating' category as API had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. API continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 26, 2025, May 6, 2025, May 16, 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 Akal Pipe Industries (API) was established in 2010 but started its commercial operations in April 1, 2013 and is currently being managed by Mr. Yadwinder Singh, Mr. Gurnam Singh, Mr. Harpreet Singh, Mr. Harbant Singh and Mr. Nazam Singh, as its partners, sharing the profit and losses in the ratio of 13%, 14%, 13%, 51% and 9% respectively. API is engaged in the manufacturing of HDPE (High density Polyethlylene) lined RCC (Reinforced cement concrete) pipes at its manufacturing unit in Nalagrah, Solan, Himachal Pradesh with varied installed capacity for different size of pipes. The firm's products find their application mainly in the irrigation and sewage sector. AMBIKA DECOR: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Ambika Decor Private Limited Registered Office: 48, Bharat Marg Naliya Bakhal Indore, Madhya Pradesh, India - 452002 Insolvency Commencement Date: May 13, 2025 Court: National Company Law Tribunal, Indore Bench Estimated date of closure of insolvency resolution process: November 15, 2025 Insolvency professional: Amit Chopra Interim Resolution Professional: Amit Chopra BCP Jain And Co. E-2/33 Arera Colony, Bhopal, Madhya Pradesh, 462016 E-mail: amit.chopra.ca@gmail.com Last date for submission of claims: June 20, 2025 ARIISTO REALTORS: JM Financial Acquires 142,000 Sqft Mumbai Office ------------------------------------------------------------------ The Economic Times reports that non-banking finance company JM Financial Products has acquired ownership of over 142,000 sq ft of office space spread across four floors in an upcoming commercial tower in Mumbai's eastern suburb Mulund. The acquisition is part of a court-mediated corporate insolvency resolution process (CIRP) connected to takeover of a stalled project formerly promoted by Ariisto Realty. According to ET, the investment-focussed NBFC has been allotted floors 40, 41, 42 and 44 in the office wing of the project. The ownership transfer was formalised on April 4 and the property's possession is expected by December end. While the transaction was structured as a transfer rather than a direct sale, the office space is pegged at a market value of over INR150 crore. This deal is tied to the resolution framework implemented when another realty developer took over a long-delayed Ariisto Realty project in the eastern Mumbai suburb, ET says. ET relates that the underlying land belongs to Avdhut Properties Pvt Ltd (APPL), a company affiliated with Ariisto, showed the registration documents accessed through realty data analytics platform Propstack. "This is part of a structured settlement reached during the resolution of liabilities involving multiple parties, where built-up commercial real estate was transferred in lieu of financial dues," said a person familiar with the development, notes the report. ET's email query to JM Financial remained unanswered until the time of going to press. About Ariisto Ariisto Realtors Private Limited operates as a real estate developer. The Company owns and develops residential and commercial properties. Ariisto Realtors serves customers in India. In November 2018, the National Company Law Tribunal (NCLT) admitted insolvency proceedings against the developer. Ariisto Realtors owed around INR2,500 crore to various lenders that includes HDFC Ltd, IIFL Trustee Ltd and Indiabulls Housing Finance Ltd. In March 2021, the Mumbai bench of the National Company Law Tribunal (NCLT) approved a hybrid resolution plan by a Bengaluru-based developer, under which the company would pay INR370 crore in upfront cash and allocate 800,000 sq ft of commercial space to creditors, resolving INR1,650 crore of liabilities, according to the Economic Times. The plan, one of Maharashtra's largest real estate resolutions, benefits around 500 homebuyers and ensures project completion within a multi-year timeline while granting creditors both cash and built-up assets, ET notes. A special purpose vehicle executing the project is currently developing this tower as a commercial component of its larger integrated township in Mulund. The transaction highlights the evolving methods of dispute resolution in Indian real estate, where developers are settling dues through real asset transfers rather than cash payouts. This acquisition also adds a strategic Mumbai asset to JM Financial's growing portfolio, underlining the company's long-term commitment to commercial real estate, ET states. Once completed, the high-rise office block is expected to be among the grade A office spaces in Mumbai's eastern suburbs, catering to financial institutions and corporate occupiers. AXXELENT PHARMA: Ind-Ra Affirms BB+ Term Loan Rating ---------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Axxelent Pharma Science Private Limited's (APSPL) debt instruments ratings as follows: -- INR1,224.46 bil. (reduced from INR1,479.20 bil.) Term Loan due on October 31, 2029 affirmed with IND BB+/Stable rating; and -- INR400 mil. Proposed Term Loan affirmed with IND BB+/Stable rating. Analytical Approach Ind-Ra continues to fully consolidate APSPL and its group company, Shasun Leasing and Finance Private Limited (SLFL), to arrive at the ratings as application for merger has been accepted by the National Company Law Tribunal (NCLT) and the merger process is scheduled to be completed during FY26. Detailed Rationale of the Rating Action The ratings reflect the company's moderate credit metrics, and the likelihood of the same being impacted by its capex plans, and its stretched liquidity position. The company is planning a new project worth INR2,250.0 million, which shall be funded through a mix of term loan from banks, equity capital infusion and internal accruals. Ind-Ra believes that the timely infusion of equity proceeds remains a key monitorable. The ratings are supported by an improvement in APSPL's operational performance in FY25 and Ind-Ra's expectation of an improvement in the company's overall financial performance in FY26 and the medium term. The operating margins remained healthy in FY25; the sustainability of the same in the medium term remains a key monitorable. APSPL successfully obtained the United States Food and Drug Administration's (USFDA) approval in June 2024 for oral solid dosage form for its non-sterile plant at Sricity Tada, Andra Pradesh. Ind-Ra believes that the timely receipt of USFDA approval for the other facilities in the non-sterile plant and for the sterile plant remains a key monitorable. Furthermore, the ratings are supported by the promoters' experience of almost three decades in the pharmaceutical industry. Detailed Description of Key Rating Drivers Credit Metrics to Remain Moderate due to Capex Plans: APSPL's credit metrics remained moderate in FY25, with net leverage (net debt/EBITDA) of 4.6x (FY24:250.7x) and gross interest coverage (EBITDA/gross interest cost) of 3.44x (0.15x). The company plans to start a new project in Andhra Pradesh for manufacturing vials and ophthalmic ointment, which is likely to become operational by FY28. As per the management, the existing facility for sterile products has only one line for injectable vials and optha products, with limited capacity, and it is focused on validation process optimization and validation batches. As per the management, the sterile unit's capacity utilization is around 50% without USDFA approval; post the receipt of USDFA approval, the company expects the unit to be fully utilized. The management has stated that, despite the existing plant not being fully operational yet, APSPL has decided to start the new project in view of the time that would be required for completing the construction of the new project, the typical timelines involved in securing approvals in the pharma sector, and the rising commercial requirements. The cost of this project has been estimated at INR2,250 million, and it would be funded by way of term loans of INR1,000 million and the balance by way of equity and internal accruals. The company has already received in-principal sanction for the term loan of INR1,000 million from the bank. Ind-Ra expects the overall credit metrics to be weak during the initial years of operations of the upcoming plant, and believes the metrics would improve in line with the growth in the scale of operations. Stretched Liquidity: APSPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The company has debt repayments of INR177.57 million in FY26 and INR238.91 million in FY27, which is likely to be met through internal accruals. Ind-Ra expects the debt service coverage ratio to be moderate during the initial years of operations. Operational Risk: The US, which would be a major revenue contributor to the company, is a regulated market, and is subject to continuous regulatory scrutiny and inspection. Also, any delay in the company obtaining the USFDA approval for its sterile plant will impact its operating cash flows. Significant Improvement In Revenue, led by receipt of USFDA Approval: APSPL's revenue surged by 249% yoy to INR622.52 million in FY25 (FY24: INR178.24 million; FY23: INR64.28 million) on the back of an increase in the number of number of service-based contracts received by the company post the aforementioned receipt of the USFDA approval in June 2024. Furthermore, the company commenced operations in July 2024, and FY25 was the first year of operations. In FY25, APSPL derived a major portion of its revenue from contract development and manufacturing organization (CDMO) and CDMO -partnership business. Also, the company derives its entire revenue from export sales to regulated markets, with the US accounting for 86% of the revenue, Europe accounting for 8%, and the other countries constituting the balance. The management expects to receive the USFDA approvals for other facilities in the non-sterile plant by December 2025, which remains a key monitorable. APSPL expects to receive the USFDA approval for the sterile block (injectables and ophthalmic (solutions & suspensions)) by September 2026. Until then, the validation process, media fill, exhibition batches, and temperature control checks for the sterile plant would be under process. Ind-Ra expects the revenue to further improve in FY26 and FY27, backed by the existing orders of INR15,270 million as of April 2025, to be executed till FY30. The company also has contracts worth INR1,891 million under advance stages of discussions with different parties. The EBITDA margins grew sharply to 48.86% in FY25 (FY24: 5.68%; FY23: negative 25.03%), with the absolute EBITDA rising to INR304.15 million, as the company derived a major portion of its revenue from pure service-based contracts, which yield higher margins compared to commercial supply. Post the commencement of overall operations, there would be an increase in the revenue share of the commercial supply business. Consequently, Ind-Ra expects the margins to decline slightly in the medium term, though they would remain healthy. The sustainability of the EBITDA margins remains a key monitorable post commencement of the overall operations. Infusion of Equity Proceeds in FY25 and infusion plans for FY26: In FY25, the company increased its equity share capital(including premium) by INR1,900 million through conversion of compulsorily convertible preference shares into equity of INR1020.13 million; conversion of unsecured loan from SLFL into equity amounting to INR 368.7 million; and the balance by way of funding from promoters and investors. Furthermore, the company plans to raise equity of INR1,040 million in FY26 and INR195 million in FY27. The timely infusion of equity from promoters and investors would be a key monitorable. Planned Merger with SLFL: The NCLT accepted the application for the merger of SLFL with APSPL on 29 April 2025, and the merger is likely to be completed in FY26. The consideration for the same will be in the form of equity shares of APSPL. SLFL is owned by the promoters of APSPL. It is an investment company and does not have any independent operations. The objective of this merger is to convert all the loans provided by SLFL to APSPL to equity and to utilize the cash and bank balance (including fixed deposits) for the operations of APSPL. Experienced Promoters: The ratings are supported by the promoter's experience of over three decades in the pharmaceutical industry. The company has leveraged the promoter's operating track record to establish strong relationships with its customers, and thus, obtain contracts. Liquidity Stretched: APSPL's cash and cash equivalent stood at INR10.01 million at FYE25 (FYE24: INR38.05 million). The average maximum utilization of the fund-based limits was 85.53% and that of the non-fund-based limits was 93.45% during the 12 months ended March 2025. The company plans to enhance fund-based limits by INR200.0 million in FY26. The cash flow from operations turned positive at INR119.45 million in FY25 (FY24: negative INR153.05 million) due to an increase in the absolute EBITDA. However, the free cash flow remained negative at INR651.81 million in FY25 (FY24: negative INR1,125.80 million) due to the capex of INR771.26 million undertaken during the year (FY24: INR972.74 million). Ind-Ra expects the free cash flows to remain negative in medium term, considering the company's capex plans. Rating Sensitivities Negative: Deterioration in the liquidity position or time/cost overruns in the proposed capex will be negative for the ratings. Positive: Timely completion of the proposed capex along with profitable operations and an improvement in the credit metrics and liquidity position could lead to a positive rating action. About the Company Incorporated in October 2019, APSPL is a research and service-driven pharmaceutical company focused on contract development and contract manufacturing of oral solid, injectable, oral liquid and topical dosage forms for clients across the US, Europe, and Asia. The head office is in Chennai. B.C. BHUYAN: Ind-Ra Keeps BB Bank Loan Rating in NonCooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained B.C. Bhuyan Constructions Private Limited's (BCBCPL) bank facilities' ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating actions are: -- INR140 mil. Fund-based working capital limit* maintained in non-cooperating category and withdrawn; -- INR10 mil. Term loan* due on March 31, 2021 maintained in non- cooperating category and withdrawn; and -- INR200 mil. Non-fund-based working capital limit** maintained in non-cooperating category and withdrawn. Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based on best available information *Maintained at IND BB/Stable (ISSUER NOT COOPERATING) before being withdrawn ** Maintained at IND A4+ (ISSUER NOT COOPERATING) before being withdrawn Detailed Rationale of the Rating Action The ratings have been maintained in the non-cooperating category before being withdrawn because the issuer did not participate in the rating exercise despite repeated requests by the agency through phone calls and emails, and has not provided information about latest audited financial statement, sanctioned bank facilities and utilization, business plans and projections for the next three years, and management certificate. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the ratings, as the agency has received a withdrawal request from the issuer and no-objection certificate from the bankers. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with BCBCPL while reviewing the ratings. Ind-Ra had consistently followed up with BCBCPL over emails since April 2019, apart from phone calls. The issuer has also not submitted the monthly no default statement since April 2019. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of BCBCPL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. BCBCPL has been non-cooperative with the agency since April 2019. About the Company BCBCPL is a construction company that constructs roads, bridges and buildings in various districts of Odisha. Pradeep Kumar Bhuyan, Pramod Kumar Bhuyan, Mili Bhuyan and Premlata Bhuyana are the directors of the company. BAGKIYA CONSTRUCTIONS: CARE Keeps B- Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Bagkiya Constructions Private Limited (BCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.94 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING Long Term/Short 2.00 CARE B-; Stable/CARE A4; Term Bank ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term 30.00 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 June 10, 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 April 26, 2025, May 6, 2025 and May 16, 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 Goa based, Bagkiya Constructions Private Limited (BCPL) was incorporated as a Private Limited Company in the year 2006 and promoted by Mr. Bagkiya Durai Karuppa Pillai and Mrs. Siva Ranjani. The company is engaged in civil constructions works like construction of buildings, roads, bridges, dams and canals among others for state government of Goa, Karnataka along with Private organizations. The company purchases the raw materials like metal, cement and bitumen among others from local traders of Goa. Apart, the company has also started executing work orders for State Government of Karnataka. DEVI CHAND: CARE Lowers Rating on INR7.30cr LT Loan to B- --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Devi Chand and Sons (DCS), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.30 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 June 6, 2024, placed the rating(s) of DCS under the 'issuer non-cooperating' category as DCS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DCS 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 DCS have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Devi Chand and Sons (DCS) was initially established as a proprietorship concern in 2008 by Mr. Sanjeev Kumar. However, in April 2014, the firm was converted to partnership firm and is currently being managed by Mr. Shubham Singla, Mrs. Santosh Rani and Mr. Satish Kumar as its partners. The firm is engaged in processing of paddy at its manufacturing facility located in District Moga, Punjab. Further, the firm is also engaged in milling of rice on job work basis. EMBEE AGRO: Ind-Ra Cuts Bank Loan Rating to D --------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Embee Agro Food Industries Private Limited's (EAFIPL) bank loan ratings to 'IND D (ISSUER NOT COOPERATING)' from 'IND B/Negative (ISSUER NOT COOPERATING)'/'INDA4 (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating review despite continuous requests and follow-ups by the agency. The rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating actions are: -- INR86 mil. Term loan (Long-term) due on June 30, 2020 downgraded with IND D (ISSUER NOT COOPERATING) rating; and -- INR140 mil. Fund-based working capital limits (Long-term/ Short-term) downgraded with IND D (ISSUER NOT COOPERATING) rating. Detailed Rationale of the Rating Action The downgrade reflects delays in debt servicing by EAFIPL. Ind-Ra has relied on information available in the public domain. However, Ind-Ra has not been able to ascertain the reason for the delays, as the company has been non-cooperative. The ratings remain in the non-cooperating category in accordance with Ind-Ra's Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with EAFIPL while reviewing the rating. Ind-Ra had consistently followed up with EAFIPL over emails, apart from phone calls. The issuer has also not been submitting their monthly no default statement. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of EAFIPL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. EAFIPL has been non-cooperative with the agency since 2018. About the Company Established in 2001 in Yadgiri District, Karnataka, EAFIPL has an 8 tons per hour rice processing mill. FIBCOM INDIA: CARE Keeps D Ratings in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Fibcom India Limited (FIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 32.02 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 67.50 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 FIL under the 'issuer non-cooperating' category as FIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. FIL 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 FIL was established in December 1994 as a Joint Venture (JV) between NKT Elektronik, Denmark, ITI Limited and IFU, Denmark. In 2006, Delhi based Lalit Suri group acquired the company from the promoters. Suri group has diversified business interest in sectors including auto ancillary, auto dealership, hospitality, aviation, education etc. Group companies of FIL include Subros Limited, Bharat Hotels Limited, Rohan Motors Limited. FIL is engaged into manufacturing of telecom networking equipment and also offer Installation & Commissioning (I&C) of telecommunication projects and network consultancy services. FIL is into manufacturing of optical transmission products (SDH/DWDM), integrated network solutions and telecom infrastructure development projects. The manufacturing and R&D facility of FIL is located in Noida, Uttar Pradesh. GALI JAGADISH: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gali Jagadish Chandra Prakash (GJCP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.53 CARE C; 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 6, 2024, placed the rating(s) of GJCP under the 'issuer non-cooperating' category as GJCP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GJCP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 22, 2025, April 1, 2025, April 11, 2025 among others. In line with the extant SEBI guidelines, 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 Andhra Pradesh based, Gali Jagadish Chandra Prakash was established as a proprietorship firm in the year 2002 and is promoted by Mr. G. Jagadish Chandra Prakash. The firm is engaged in providing ware housing services (lease/rental basis) to Andhra Pradesh State Civil Supplies Corporation Limited (APSCSCL) under the name of 'Jagadish Warehousing Corporation'. The warehouse is built on total land area of 30 acres comprising of 2 warehouses having a cumulative storage capacity of 10,000 MT and 18,000 MT (proposed). GANESH JEWELLERS: CARE Lowers Rating on INR21.60cr LT Loan to B- ---------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Shree Ganesh Jewellers Limited (SGJL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 21.60 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING and downgraded from CARE B; Stable Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 31, 2024, placed the rating(s) of SGJL under the 'issuer non-cooperating' category as SGJL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SGJL 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). The ratings assigned to the bank facilities of SGJL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable About the Company SGJL, incorporated in the year 1997, is engaged in the business of manufacturing and trading of gold jewellery, diamond/precious stones, gold coins, etc. The company sells its jewellery and precious stones to retail customers at its showroom located at First Mall, Mall Road, Ludhiana under the brand name of 'Ganpati Jewellers'. HARMAN RICE: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Harman Rice Private Limited (HRPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 30.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 10, 2024, placed the rating(s) of HRPL under the 'issuer non-cooperating' category as HRPL 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. HRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 26, 2025, May 6, 2025, May 16, 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 Incorporated in 2006, HRPL is engaged in the processing of paddy at its manufacturing facility in Bathinda, Punjab. HRPL mainly produces unbranded basmati rice which is sold to nearby traders and rice shellers located primarily in Punjab and Haryana. The company also started exporting its products to countries in the middle-east like Dubai etc., in FY17. HOLITECH INDIA: CARE Keeps C Issuer Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Holitech India Private Limited (HIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Issuer rating - CARE C; Stable; ISSUER NOT 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 May 9, 2024, placed the rating(s) of HIPL under the 'issuer non-cooperating' category as HIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 25, 2025, April 4, 2025, April 14, 2025 among others. In line with the extant SEBI guidelines, 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 Holitech India Private Limited was incorporated in April 2018. The company is a part of China based of Holitech Group which produces core components for smart terminals, including Thin Film Transistor (TFT) display modules, compact camera module and fingerprint recognition modules. HVR PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of HVR Projects Private Limited (HPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.44 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 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 June 10, 2024, placed the rating(s) of HPPL under the 'issuer non-cooperating' category as HPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 26, 2025, May 6, 2025 and May 16, 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 Incorporated in April 2015, HPPL is engaged in fabrication of heavy components and design and fabrication of Pre-designed Building (PEB). The company operates out of a facility located in Nagpur, Maharashtra. JAGADEESH AND SHASHIREKHA: CARE Keeps D Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jagadeesh and Shashirekha (JS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.51 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 8, 2024, placed the rating(s) of JS under the 'issuer non-cooperating' category as JS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 24, 2025, April 3, 2025, April 13, 2025 among others. In line with the extant SEBI guidelines, 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 Jagadeesh and Shashirekha (JS) refers to Joint Borrowers namely Mr. Jagadeesh and Smt. Shashirekha Jagadeesh. The said individuals have come together to lease two ware houses with an aggregate area 189000 sq. ft. build-up area at Nelamangala Taulk, Bangalore which has been leased out. KINGLIKE RETAIL: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kinglike Retail Ventures Private Limited (KRVPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 16.00 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 10, 2024, placed the rating(s) of KRVPL under the 'issuer non-cooperating' category as KRVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KRVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 26, 2025, April 5, 2025, April 15, 2025 among others. In line with the extant SEBI guidelines, 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 KRVPL was incorporated in July 2017 by Mr. Abhishek Kumar and Mr. Arvind Kumar Sinha for setting up a jewellery showroom at Begusarai, Bihar. KNITCRAFT APPARELS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Knitcraft Apparels International Private Limited (KAIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 35.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 10, 2024, placed the rating(s) of KAIPL under the 'issuer non-cooperating' category as KAIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KAIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 26, 2025, May 06, 2025 and May 16, 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 Delhi based Knitcraft Apparels International Private Limited (KAIPL) has succeeded an erstwhile partnership firm Knitcraft Apparels International established in 1999 and converted into private limited company in in the year 2007. The company is currently being managed Mr. Sanjay Khurana, Mr. Sandeep Khurana and Mr. Sanchit Khurana. KAIPL is predominantly an export-oriented unit. The company is engaged in manufacturing and export of readymade garments which includes knitting, dyeing, finishing, printing, embroidery, stitching etc. of Shirts, Fleece, and Jacquard etc. The company also manufactures 100% micro polyester & polyester spandex products used in golf & other active wears. KRBS JEWELERY: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of K R B S Jewelery Private Limited (KRBSJPL) continues to remain in the 'Issuer Not Cooperating' category. 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 Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 2, 2024, placed the rating(s) of KRBSJPL under the 'issuer non-cooperating' category as KRBSJPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KRBSJPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 18, 2025, March 28, 2025, April 7, 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 KRBSJPL was originally operating in the name of "R. Balasubramanian Jewelry", established in 1950 by Mr Balasubramanian, as a proprietorship company. It was engaged in manufacture and retailing of jewelry. Mr Balasubramanian was also engaged in manufacture of T-Shirts through another proprietorship "RBS Exports". Subsequently, with the view to increase the scale of operations, private limited company was established in the name KRBSJPL on July 10, 2012. In June 2013, the business of jewellery and garments was taken over by KRBSJPL and the commercial operations of the company commenced. M/S GOLDEN: Ind-Ra Cuts Bank Loan Rating to D --------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded M/S Golden Shelters Pvt Ltd.'s (GSPL) bank facility's rating to 'IND D' from 'IND B+/Negative (ISSUER NOT COOPERATING)'. The Outlook was Stable. The instrument-wise rating action is: -- INR410.30 mil. Term loan (Long-term) due on January 31, 2027 downgraded with IND D rating. Detailed Rationale of the Rating Action The downgrade reflects a delay in debt servicing of the term loan during April 2025. This is consistent with Ind-Ra's Default Recognition and Post-Default Curing Period Policy. Detailed Description of Key Rating Drivers Delay in Debt Servicing: The downgrade reflects GSPL's delays in payment of the monthly instalment on the term loan in April 2025. The delay was caused by liquidity constraints. This is consistent with Ind-Ra's Default Recognition and Post-Default Curing Period Policy. About the Company GSPL was incorporated in 2002. The company's registered office is located in Chennai. It conducts wellness courses at its center in Chittoor district, Andhra Pradesh, and it is also involved in commercial leasing. GSPL was established by N.K.V. Krishna and Preetha Krishna. P.P. AUTOMOTIVE: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of P.P. Automotive Private Limited (PAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE B-; Stable; 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 May 30, 2024, placed the rating(s) of PAPL under the 'issuer non-cooperating' category as PAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PAPL 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: Not Applicable P.P. Automotive Private Limited (PAPL) was set up in 2004 as a partnership firm named P.P. Automotive by Mr Prem Pal Bhamba and Mr Rajesh Bhamba, in Karnal. It was reconstituted as a private limited company in 2009 by the name of PAPL. The company has an exclusive dealership business of Passenger Vehicles and Commercial Vehicles for Mahindra & Mahindra Ltd in its six showrooms in Haryana. The company also offers servicing of vehicles and sale of spare parts and lubricants. PPAPL is a part of the P.P group, which has other firms viz. Nirmal Motors (engaged in the auto dealership business of Hero Motocorp Ltd.) and P.P. Autotek Pvt Ltd (engaged in the auto dealership business of Volkswagen). PATWARI ELECTRICALS: CARE Keeps C Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Patwari Electricals Private Limited (PEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 2.00 CARE C; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term 6.50 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 June 7, 2024, placed the rating(s) of PEPL under the 'issuer non-cooperating' category as PEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 23, 2025, May 3, 2025 and 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 Incorporated in 2011 by Mr. Sanjay Patwari and Mr. Ajinkya Patwari, PEPL is engaged in the business of electrical engineering procurement and construction (EPC) work for MSEDCL. Earlier the promoters carried out the same business under a proprietorship firm "M/s. Patwari Electricals" since 2000 and as on March 31, 2015 the entire business was transferred to PEPL. PRECISION ELECTRONIC: CARE Keeps C Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Precision Electronic Instruments Company (PEIC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.27 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 3.23 CARE C; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain Under ISSUER NOT COOPERATING category Short Term 0.50 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 June 10, 2024, placed the rating(s) of PEIC under the 'issuer non-cooperating' category as PEIC 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. PEIC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 26, 2025, May 6, 2025, May 16, 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 Bahadurgarh, Distt. Jhajjar, Haryana based Precision Electronic Instruments Company (PEIC) is a proprietorship firm established in January, 1999. The firm is managed by Mr. Rajnish Kumar Aggarwal. PEIC is engaged in manufacturing of Digital Weighing Scales, weigh bridges, weighing systems, load cells, Auto/taxi fare meter and LED lighting. SOCIETY DISTRIBUTORS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Society Distributors Private Limited (SDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 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 6, 2024, placed the rating(s) of SDPL under the 'issuer non-cooperating' category as SDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SDPL 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). Analytical approach: Standalone Outlook: Stable Society Distributors Private Limited (SDPL) was incorporated in December 2010 as a closely-held company promoted by Mr. S P Agnihotri and his son Mr. Anuj Agnihotri. Mr S P Agnihotri, an alumnus of IIT-Kanpur and IIM-Ahmedabad has more than three decades of experience in the dealership business through a group concern, vi z. Society Motors Limited, which was established in 1975 as an authorized dealer of passenger vehicles of Tata Motors Ltd. and Fiat India Automobiles Pvt. Ltd. Mr. S.P. Agnihotri retired in FY15 and the company is now looked after by Mr. Anuj Agnihotri and Ms. Aparna Agnihotri. Mr. Anuj Agnihotri has nearly eight years of experience in the dealership business environment while Ms. Aparna is an MBA with nearly 6 years of experience. SDPL is an exclusive authorized dealer of Procter & Gamble India Limited's (P&G) products in 19 designated districts of Uttar Pradesh (U.P.). SONALAC PAINTS: CARE Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sonalac Paints and Coatings Limited (SPCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.50 CARE B-; Stable; 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 May 29, 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 14, 2025, April 24, 2025, 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 Sonalac Paints and Coatings Limited (SPCL) [Now Sonalac Paints And Coatings LLP] was incorporated in 1988 as a public limited company and is currently being managed by Mr. Radhe Shyam Garg, Mr Bobby Garg, Ms Kiran Garg and Mr Rupesh Garg. SPCL is engaged in the manufacturing of various dry and liquid decorative paints like exterior emulsions, interior emulsions, plastic emulsions, cement paints, acrylic distemper, dry distemper, dry wall putty, acrylic wall putty, cement primer, etc, at its two manufacturing facilities based in J & K and Rajasthan having an installed capacity of 60,000 Tonnes of dry and liquid decorative paint per year, as on June 30, 2018. The finished goods are sold under the brand name of "Sonalac" to various wholesalers and retailers through a network of 40 dealers and network of depots at 12 locations spread across India. SONU REALTOR: CARE Lowers Rating on INR15cr LT Loan to B- --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Sonu Realtor Private Limited (SRPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 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 June 10, 2024, placed the rating(s) of SRPL under the 'issuer non-cooperating' category as SRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 26, 2025, May 6, 2025 and May 16, 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 SRPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Incorporated in 1984, Sonu Realtors Private Limited (SRPL) is set-up by Kukreja group which is into developing of real estate properties. Kukreja group was founded in 1947 to develop properties in the area of Mumbai. Currently, SRPL is executing three projects namely Vijay Nagar, Haji Malang and Kokan Nagar under SRA (Slum Rehabilitation Authority) scheme. SPARSH AUTOMOBILES: Ind-Ra Gives BB Bank Loan Rating ---------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Sparsh Automobiles Private Limited's (SAPL) bank facilities as follows: -- INR780 mil. Fund-based working capital limits assigned with IND BB/Stable/IND A4+ rating. Detailed Rationale of the Rating Action The rating reflects SAPL's modest EBITDA margins, stretched liquidity and modest credit metrics in FY24. The ratings are, however, supported by the company's medium scale of operations, long association with Maruti Suzuki India limited (MSIL) and its promoters' experience of three decades in the auto dealership business. Detailed Description of Key Rating Drivers Modest EBITDA Margins: SAPL's EBITDA margins ranged between 3.85% and 5.23% over FY21-FY24 (FY24: 3.93%; FY23: 3.85%; FY22: 4.66%; FY21:5.23%), primarily on the account of the dealership business model and the revenue being mainly derived from the sale of vehicles, which yield lower margins than that from the services segment and sale of spare parts. The return on capital employed was 10.6% in FY24 (FY23: 8.4%; FY22: 9.5%). Ind-Ra expects the margins to have remained at similar levels in FY25, given the nature of the dealership business. Modest Credit Metrics: The net leverage (operating EBITDA/gross interest expense and rent) improved to 6.70x in FY24 (FY23: 8.40x) and gross interest coverage (operating EBITDA/gross interest expense) to 1.35x (1.26x) mainly due to an increase in the EBITDA to INR172.21million (INR150.77 million). Ind-Ra expects the credit metrics to have declined in FY25, given the additional working capital limits and term debt taken by the company during the year. Stiff Competition from Other Dealers of MSIL and Other Brands: SAPL is focusing on expanding its dealership network with MSIL amid increasing competition among dealers. Furthermore, the company faces competition from other automobile companies such as Honda Cars Ltd, Tata Motors Ltd, Hyundai India Limited, and Mahindra & Mahindra Limited ('IND AAA'/Stable/'IND A1+'). SAPL has a presence in Chhattisgarh, Bhilai with a 23% market share. If these automobile companies launch models at competitive prices, it will reduce MSIL's market share; and thus, affect its dealers including SAPL. Furthermore, the company's operations are concentrated majorly in Pachpedi naka, Raipur and warehouse/stockyard is located in Chandandih, Raipur and Chawani Bhilai making it vulnerable to any unfavorable changes in demand within this region. While the competition from other brands continues to exist, as a mitigant 'premiumization strategy has led to a higher sales realization through multiple price hikes, enhanced product portfolio, and strong sales performance. MIPL has introduced new models, particularly in the passenger vehicles segment, which have been well-received in the market. Ind-Ra could observe the yoy increase in the realization for SAPL. Medium Scale of Operations; Revenue Growth in FY24: SAPL's revenue grew to INR4,381.51million in FY24 (FY23: INR3730.55 million), owing to an increase in the sale of passenger vehicles to 6,004 (5,771) and true value cars to 1,229 (1,024), and sales realization to INR589,801 per new vehicle (INR556,837). The scale of operations remains medium. The vehicle trading segment accounts for 87% of the revenue in FY24 (FY23: 87.2%), and spares and after sales services for the remainder. During FY25, the company booked a higher revenue of INR4,987 million, due to the commencement of the one new Nexa and Arena showroom, and two workshops from June 2025. Experienced Promoters: The company's promoters have more than two decades of experience in the dealership business. Ind-Ra believes this will help SAPL expand its operations in a sustainable manner. Working Capital-driven Business Model: Auto dealers heavily depend on working capital funding, especially for inventory purchases. Inventory funding is vital as it enables dealerships to maintain a diverse and attractive selection of vehicles, which is essential for drawing in customers and boosting sales. By securing working capital loans, dealers can invest in new and used vehicles without straining their cash flow. This financial support ensures that they can keep their inventory well-stocked, meet customer demand, and stay competitive in the market. Furthermore, sufficient inventory funding allows dealers to take advantage of bulk purchasing discounts and seasonal sales opportunities, further enhancing its profitability and growth potential. In line with its business model, SAPL is also dependent on working capital and has a sanctioned limit of INR780 million. Liquidity Stretched: The company's maximum utilization of the cash credit limits was 87.82% and inventory funding was 67.67% over the 12 months ended March 2025. During FY24, SAPL's net working capital cycle improved to 57 days (FY23: 65 days), due to an increase in the creditor period to 16 days (5 days). The cash flow from operations turned positive to INR18.94 million in FY24 (FY23: negative INR55.81 million) due to favorable changes in working capital. Consequently, the free cash flow turned positive to INR21.85 million in FY24 (FY23: negative INR 99.82million).The company incurred capex of INR15 million in FY25 (FY24: INR2.91 million; FY23: INR44.01 million) and plans to incur a further capex of INR30 million during FY26 for addition of new outlets and workshops. Moreover, SAPL has repayment obligations of INR33 million in FY26 and INR18.78 million in FY27, which would be met through internal accruals according to Ind-Ra. The agency expects the liquidity to remain stretched over the medium term, owing to an increase in limit utilization amid a likely improvement in the revenue. Rating Sensitivities Negative: A decline in the scale of operations or profitability, leading to deterioration in the overall credit metrics, along with a further pressure on the liquidity position, all on a sustained basis, could lead to a negative rating action. Positive: A substantial improvement in the scale of operations, along with an improvement in the credit metrics with the interest coverage exceeding 2.0x, along with an improvement in the liquidity profile, all on a sustained basis, could lead to a positive rating action. About the Company Incorporated in 2005, SAPL is an authorized dealer of all passenger cars of MSIL. The company operates through 26 showrooms including workshops located across the state of Chhattisgarh. Apart from this, it also has a warehouse with a capacity to store around 200 passenger cars and a stock yard at Panchpedinaka, Chhattisgarh. SAPL is owned and managed by Surendra Ahuja and Suresh Ahuja. SUMAL INDIA: CARE Lowers Rating on INR10.00cr LT Loan to B-/A4 -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Sumal India (SI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- 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 and Revised from CARE B; Stable/CARE A4 and ST rating reaffirmed Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 7, 2024, placed the rating(s) of SI under the 'issuer non-cooperating' category as SI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 23, 2025, May 3, 2025 and 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). The ratings have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Sumal India was incorporated as proprietorship concern in the year 1985 by Mr Vardhaman M. Lunkad at Nashik (Maharashtra) with effect from April 01, 2015. SI was converted into partnership firm and admitted two more partners namely, Mr. Sandeep Lunkad and Mr Ashok C. Chopda. SI is engaged in export trading of agricultural products, primarily onion, maize, potatoes, sugar etc. The firm procures agro commodities directly from the traders in the local market and then exports the same to overseas market such as Malaysia, Sri Lanka, U.A.E, Muscat and others places as well. SUNBEAM DEALERS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sunbeam Dealers Private Limited (SDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 10, 2024, placed the rating(s) of SDPL under the 'issuer non-cooperating' category as SDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 26, 2025, April 5, 2025, April 15, 2025 among others. In line with the extant SEBI guidelines, 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 Ranchi based Sunbeam Dealers Private Limited (SDPL) was incorporated in August 2013 by the Sarawgi family to initiate a trading business of fabrics. Since its inception, the company has been engaged in trading of cotton, synthetic and grey fabrics. Mr. Amit Sarawgi (aged about 34 years), having around a decade of experience in this line of business, looks after the day to day operations of the company. He is supported by other director Ms. Swati Sarawgi along with a team of experienced professional. TAU AGRO: CARE Lowers Rating on INR15cr LT Loan to B- ----------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Tau Agro Sales Private Limited (TASPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING 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 TASPL under the 'issuer non-cooperating' category as TASPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TASPL 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 TASPL have been revised on account of non – availability of requisite information. Analytical approach: Standalone Outlook: Stable Tau Agro Sales Pvt. Ltd. was incorporated as a private limited company in 1997 and it is currently being managed by Mr. Mangat Ram Garg, Mr. Shyan Sunder, Mr. Rajinder Garg and Mr. Ravinder Garg. It is engaged in processing of paddy at its manufacturing facility located in Faridkot, Punjab. It is also engaged in trading of rice. TASPL sells rice primarily to various rice wholesalers through dealers based in Delhi, Uttar Pradesh, Haryana, Rajasthan, etc. TULJA BHAVANI: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Shree Tulja Bhavani Automobiles Private Limited's bank facilities as follows: -- INR904.50 mil. Fund-based working capital limits assigned with IND BB+/Stable/IND A4+ rating; and -- INR5.50 mil. Proposed fund-based working capital limits assigned with IND BB+/Stable/IND A4+ rating. Detailed Rationale of the Rating Action The ratings reflect STBAPL's small scale of operations and stretched liquidity in FY24. However, the ratings are supported by the company's healthy EBITDA margin and comfortable credit metrics in FY24, the promoters' more than two decades of experience in the automobile dealership business and association with Toyota Kirloskar Motor Private Ltd. The company's scale of operations is likely to have improved, while the EBITDA margin have sustained at similar level and the credit metrics have deteriorated in FY25. Detailed Description of Key Rating Drivers Small Scale of Operations: In FY24, STBAPL generated revenue of INR3,690 million (FY23: INR2,719 million) with an EBITDA of INR86 million (INR67 million). In FY24, the revenue improved due to an increase in demand for Toyota passenger vehicles which was met by expanding of existing facilities. As per FY25 provisional financials, the revenue increased further to INR5,473 million and EBITDA to INR116 million owing to an increase in demand which was met by the opening of four new showrooms. Stretched Liquidity: Please refer to the Liquidity section. Comfortable Credit Metrics, Although Likely to have Deteriorated in FY25: In FY24, the interest coverage (operating EBITDA/gross interest expenses) deteriorated to 4.6x in FY24 (FY23: 12.1x) and net leverage to 1.5x (FY23: net cash positive), due to an increase in debt owing to a higher utilization of the fund-based working capital limits. In FY25, STBAPL incurred a capex of INR22 million for setting up of new showrooms, which was funded by internal accruals. Ind-Ra expects the credit metrics to have deteriorated in FY25 owing to an increase in debt, resulting from a higher utilization of the fund-based working capital limits, leading to higher finance costs. Healthy EBITDA Margins: In FY24, the EBITDA margins stood at 2.33% (FY23: 2.47%) with a return on capital employed of 19.8% (27.1%). Ind-Ra expects the EBITDA margins to have remained healthy in FY25 due to the similar nature of operations. Brand Association; Experienced Promoters: STBAPL has been associated with Toyota Kirloskar Motor since 2010. The promoters have also been involved in auto-dealership business for more than two decades. This has facilitated the company to establish strong relationships with customers as well as suppliers. Liquidity Stretched: STBAPL's average maximum utilization of the fund-based limits was 100% during the 12 months ended April 2025. The cash flow from operations turned negative to INR126 million in FY24 (FY23: INR37 million) due to an increase in working capital requirements. The working capital cycle elongated to 19 days in FY24 (FY23: 6 days), mainly on account of an increase in the inventory holding period to 24 days (15 days). The free cash flow also turned negative to INR141 million in FY24 (FY23: INR14 million) due to the capex of INR22 million (INR15 million). The company provides 3-5 days of credit period to its customers and receives around 14 days credit period from its suppliers. The inventory holding period varies from 15-30 days. STBAPL does not have any debt repayment obligations due to the absence of term debt. The cash and cash equivalents stood at INR149 million at FYE24 (FYE23: INR112 million). Furthermore, CPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A further pressure on the liquidity position or a decline in the scale of operations, leading to deterioration in the credit metrics with the interest coverage falling below 2.5x, on a sustained basis, would lead to a negative rating action. Positive: An improvement in liquidity profile, along with an increase in the scale of operations, leading to an improvement in the overall credit metrics, all on a sustained basis, could lead to a positive rating action. About the Company Incorporated in 2000, STBAPL is a dealer of Toyota cars. It has seven showrooms, including three sales, service and spare parts facilities in Gwalior, Indore and Khandwa. VEERABHADRESHWARA RICE: CARE Keeps B- Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Veerabhadreshwara Rice Industries (SVRI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 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 13, 2024, placed the rating(s) of SVRI under the 'issuer non-cooperating' category as SVRI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SVRI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 29, 2025, April 8, 2025, April 18, 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 Shree Veerabhadreshwara Rice Industries was established in 2015 as a partnership firm and promoted by Mr. S M Veeresh and Ms. RoopaVeeresh (Spouse of S M Veeresh). SVRI is engaged in milling and processing of rice. The rice milling unit of the firm is located at Hanagawadi industrial Area, Harihar Taluk, and Davangere district of Karnataka. Apart from rice processing, the firm is also engaged in selling by-products such as broken rice, husk and bran. The firm started its commercial operations from March 2016. Earlier, the promoter of the firm, Mr. S M Veeresh, was engaged in warehousing business of paddy and other agriculture products. The main raw material, paddy, is directly procured from local farmers located in and around Devangere District and the firm sells rice and other by-products in the open markets of Karnataka. VENKATESWARA AGENCIES: CARE Keeps B- Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Venkateswara Agencies (SVA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 5.94 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 2, 2024, placed the rating(s) of SVA under the 'issuer non-cooperating' category as SVA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SVA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 18, 2025, March 28, 2025, April 7, 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 Sri Venkateswara Agencies (SVA) was established in 1972 by Mr C. Raju along with his family members as a Partnership firm. SVA is engaged in poultry services like hatching of eggs, trading of eggs and manufacturing of sago. SVA poultry farm has capacity to keep 1,20,000 birds with an average egg production of 1,00,000 per day as on December 22, 2020. VIJAYA LAKSHMI: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Vijaya Lakshmi Enterprises (VLE) continues to remain in the 'Issuer Not Cooperating ' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 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 2, 2024, placed the rating(s) of VLE under the 'issuer non-cooperating' category as VLE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VLE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 18, 2025, March 28, 2025, April 7, 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 Andhra Pradesh based, Vijaya Lakshmi Enterprises (VLE) was established in October 2013 as a partnership firm, by Mr. Satyanarayana and Mr. Jaya Lakshmi. Vijaya Lakshmi Enterprises (VLE) is an authorized licensed dealer in tobacco registered with Tobacco Board for trading of Virginia tobacco. VLE is mainly engaged in trading of Virginia tobacco. The firm purchases the raw material i.e., Wet Virginia tobacco through the competitive bidding process conducted by Tobacco Board (TB) at Andhra Pradesh location. The TB collects the tobaccos from farmers, who are licensed holder to grow any particular tobacco. Further, these tobaccos are put in tender process. After successfully winning the tender, the firm processes the Virginia tobacco manually by separating the tobacco leaves, with the help of local contractual workers. After separation of tobacco leaves, the firm outsources the process like threshing. Threshing process involves conditioning of tobacco with heat and moisture, and finally re-drying the Virginia tobacco. The processing unit for separation of tobacco leaves is located at Tangutur which is 20 km away from Ongole, where tobacco is one of the major crops. Till FY16, the firm was into trading of tobacco directly without processing. However, from FY17 the firm has started doing processes like threshing etc. through outsourcing and then trading. VIVID SOLAIRE: Ind-Ra Withdraws BB+ Bank Loan Rating ---------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Vivid Solaire Energy Private Limited's (VSEPL) bank facilities as follows: -- The 'IND BB+/Stable' rating on the INR13.880 bil. Senior project bank loan due on November 30, 2040 is withdrawn. Detailed Rationale of the Rating Action Ind-Ra is no longer required to maintain the rating as the instrument has been paid in full, and the agency has received no dues certificates from the lenders and withdrawal request from the issuer. This is in consistency with Ind-Ra's Policy on Withdrawal of Ratings. About the Company VSEPL is promoted and wholly owned by Betam Wind Energy Private Limited (BWEPL; debt rated at 'IND BBB-/Stable'). BWEPL is 99.99% held by its sponsor Pawan India B.V., which was incorporated in Netherlands as an exclusive offshore platform for Engie's wind developmental activities in India. Engie Global Development B.V is a step-down wholly owned subsidiary of Engie SA. Engie Global Development is Engie's investment vehicle in Netherlands, holding its international power assets in various geographies including Asia, South Africa, Turkey and the UK. VSEPL was incorporated to develop a 252MWac wind power project in Chillangulam village, Tuticorin district, Tamil Nadu. The special purpose vehicle has signed a 25-year fixed-price power purchase agreement with Solar Energy Corporation Limited at a fixed tariff of INR2.45/unit for 50.2MW (SECI-III) and INR2.51/unit for 168MW (SECI-IV) capacity. WOODVILLE PALACE: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Woodville Palace Hotel (WPH) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.18 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 4, 2024, placed the rating(s) of WPH under the 'issuer non-cooperating' category as WPH had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. WPH 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: Not Applicable Woodville Palace Hotel (WPH) was established in April, 1977 as a proprietorship concern and is currently being managed by Mr. Kanwar Uday Singh, as its proprietor. The firm is running a hotel with the name of "Woodville Palace Hotel" on ~5 acres of land in Shimla, Himachal Pradesh. The hotel comprises of total 27 rooms, along with 1 banquet hall, 1 bar, 1 restaurant, 1 lounge, 1 dining hall and parking area for around 30 cars. ========= J A P A N ========= MARELLI AUTOMOTIVE: Case Summary & 30 Largest Unsecured Creditors ----------------------------------------------------------------- Lead Debtor: Marelli Automotive Lighting USA LLC 26555 Northwestern Highway Southfield, MI 48033 Business Description: Marelli is a global automotive parts supplier based in Saitama, Japan. The Company designs and manufactures advanced technologies for leading automakers, including lighting systems, electronic components, software solutions, and interior products. Operating in 24 countries with a workforce of over 46,000, Marelli also collaborates with motorsports teams and industry partners on high-performance component development. Chapter 11 Petition Date: June 11, 2025 Court: United States Bankruptcy Court District of Delaware Seventy-six affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Marelli Automotive Lighting USA LLC (Lead Case) 25-11034 Automotive Lighting UK Limited 25-11035 Marelli North America, Inc. 25-11036 Marelli France 25-11037 Calsonic Kansei (Shanghai) Corporation 25-11038 Marelli North Carolina USA LLC 25-11039 Marelli Fukushima Corporation 25-11040 Marelli Automotive Systems UK Limited 25-11041 Marelli Ploiesti Romania S.R.L. 25-11042 Marelli Aftermarket Spain S.L. 25-11043 CK Trading de Mexico, S. de R.L. de C.V. 25-11044 Magneti Marelli Argentina S.A. 25-11045 Marelli Powertrain (Hefei) Co., Ltd. 25-11046 Marelli Germany GmbH 25-11047 Magneti Marelli Conjuntos de Escape S.A. 25-11048 Marelli Aftersales Co., Ltd. 25-11049 Marelli R&D Co., Ltd. 25-11050 Magneti Marelli do Brasil Industria e Comercio S.A 25-11051 Marelli Global Business Services America, S. de R.L. de C.V. 25-11052 Marelli Argentan France 25-11053 Marelli Bielsko-Biala Poland Sp. z o.o. 25-11054 Magneti Marelli Repuestos S.A. 25-11055 Marelli Automotive Chassis System (Guangzhou) Co., Ltd. 25-11056 Marelli Automotive Components (Guangzhou) Corporation 25-11057 Marelli Ride Dynamics Mexico, S. de R.L. de C.V. 25-11058 Marelli Business Service (Dalian) Co., Ltd. 25-11059 Marelli (China) Co., Ltd 25-11060 Marelli Global Business Services Europe s.r.o. 25-11061 Marelli Sistemas Automotivos Industria e ComErcio Brasil Ltda 25-11062 Marelli Automotive Components (Wuhu) Co., Ltd. 25-11063 Marelli (China) Holding Company 25-11064 Marelli Holding USA LLC 25-11065 Marelli Automotive Components (Wuxi) Corporation 25-11066 Marelli Smart Me Up 25-11067 Marelli (Guangzhou) Corporation 25-11068 Marelli Business Service Corp. 25-11069 Marelli Automotive Electronics (Guangzhou) Co., Ltd. 25-11070 Marelli Holdings Co., Ltd. 25-11071 Marelli Sophia Antipolis France 25-11072 Marelli (Thailand) Co., Ltd 25-11073 Marelli Automotive Lighting (Foshan) Co., Ltd. 25-11074 Marelli Sosnowiec Poland Sp. z. o.o. 25-11075 Marelli (Xiang Yang) Corporation 25-11076 Marelli Cabin Comfort Mexicana, S.A. de C.V. 25-11077 Marelli Automotive Lighting France 25-11078 Marelli Industria e Comercio de Componentes Automotivos Brasil Ltda. 25-11079 Marelli Aftermarket Germany GmbH 25-11080 Marelli Suspension Systems Italy S.P.A. 25-11081 Marelli Automotive Lighting Italy S.p.A. 25-11082 Marelli International Trading (Shanghai) Co., Ltd 25-11083 Marelli Tennessee USA LLC 25-11084 Marelli Cabin Comfort Trading de Mexico, S. de R.L. de C.V. 25-11085 Marelli Automotive Lighting Jihlava (Czech Republic) s.r.o. 25-11086 Marelli Aftermarket Italy S.p.A. 25-11087 Marelli Iwashiro Corp. 25-11088 Marelli Toluca Mexico S. de R.L. de C.V. 25-11089 Marelli Kechnec Slovakia s.r.o. 25-11090 Marelli Tooling (Guangzhou) Corporation 25-11091 Marelli Automotive Lighting Juarez Mexico, S.A de C.V. 25-11092 Marelli Aftermarket Poland Sp. z o.o. 25-11093 Marelli Kyushu Corporation 25-11094 Marelli Yokohama Co., Ltd. 25-11095 Marelli Automotive Lighting Tepotzotlan Mexico, S. de R.L. de C.V. 25-11096 Marelli Mako Turkey Elektrik Sanayi Ve Ticaret Anonim Sirketi 25-11097 Marelli Cluj Romania S.R.L. 25-11098 Marelli Mexicana, S.A. de C.V. 25-11099 Marelli Automotive Systems Europe PLC 25-11100 Marelli Morocco LLC 25-11101 Marelli Cofap do Brasil Ltda 25-11102 Marelli Corporation 25-11103 Marelli do Brasil Industria e Comercio Ltda. 25-11104 Marelli eAxle Torino S.R.L. 25-11105 Marelli Engineering (Shanghai) Co., Ltd. 25-11106 Marelli EPT Strasbourg (France) 25-11107 Marelli Espana S.A. 25-11108 Marelli Europe S.p.A. 25-11109 Judge: Hon. Brendan Linehan Shannon Debtors' Bankruptcy Co-Counsel: Laura Davis Jones, Esq. Timothy P. Cairns, Esq. Edward A. Corma, Esq. PACHULSKI STANG ZIEHL & JONES LLP 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, Delaware 19899 (Courier 19801) Tel: (302) 652-4100 Fax: (302) 652-4400 Email: ljones@pszjlaw.com tcairns@pszjlaw.com ecorma@pszjlaw.com Debtors' General Bankruptcy Counsel: Joshua A. Sussberg, P.C. Nicholas M. Adzima, Esq. Evan Swager, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 Email: joshua.sussberg@kirkland.com nicholas.adzima@kirkland.com evan.swager@kirkland.com - and - Ross M. Kwasteniet, P.C. Spencer A. Winters, P.C. 333 West Wolf Point Plaza Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 Email: ross.kwasteniet@kirkland.com spencer.winters@kirkland.com Debtors' Restructuring Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC Debtors' Investment Banker: PJT PARTNERS INC. Debtors' Notice & Claims Agent: KURTZMAN CARSON CONSULTANTS, LLC dba VERITA GLOBAL Estimated Assets: $1 billion to $10 billion Estimated Liabilities: $1 billion to $10 billion Marisa Iasenza signed the petitions as authorized signatory. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SEXCSGI/Marellia_Automotive_Lighting_USA__debke-25-11034__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Stellantis Trade Payable/ $453,958,618 Taurusavenue 1 Customer Advance Hoofddorp, 2312 Netherlands Attn: Doug Ostermann Title: Chief Financial Officer Phone: +1 (217) 330-7428 Email: doug.ostermann@stellantis.com 2. Nissan Trade Payable/ $313,145,938 1-1, Takashima 1-Chome Customer Advance Yokohama, 220-8686 Japan Attn: Mitsuro Antoku Title: Chief Quality Officer Phone: +1 (800) 647-7261 Email: mitsuro.antoku@nissan.co.jp 3. Bosch Group Trade Payable $45,088,793 Robert-Bosch-Platz 1 Gerlingen-Schillerhohe, 70839 Germany Attn: Dr. Markus Forschner Title: Chief Financial Officer Phone: +1 (917) 421-7209 Email: markus.forschner@de.bosch.com 4. Mazda Trade Payable/ $30,091,528 3-1 Shinchi, Fuchu-Cho Customer Advance Hiroshima, 730-8670 Japan Attn: Jeff Guyton Title: Chief Financial Officer Phone: +1 (800) 222-5500 Email: jeff.guyton@mazda.com 5. Granges Trade Payable $26,141,936 Box 5505 Stockholm, 114 85 Sweden Attn: Johan Menckel Title: Chief Executive Officer Phone: +46 (8) 459-5900 Email: johan.menckel@granges.com 6. Tesla Trade Payable/ $22,215,569 1 Tesla Road Customer Advance Austin, TX 78725 United States Attn: Vaibhav Taneja Title: Chief Financial Officer Phone: +1 (888) 518-3752 Email: vtaneja@tesla.com 7. Teksid Trade Payable $21,520,637 Via Umberto II, 5 Carmagnola, 10022 Italy Attn: Virgilio Cerutti Title: Chief Executive Officer Phone: +48 (33) 853-8200 Email: virgilio.cerutti@stellantis.com 8. Nissin Kogyo Co., Ltd. Trade Payable $14,297,962 172 Kamisoyagi Yamato-City, Kanagawa 242-0029 Japan Attn: Yuichiro Asano Title: Chief Executive Officer Phone: +46 (264) 1221 9. BASF Trade Payable $14,285,830 Storkower StraBe 146 Berlin, 10407 Germany Attn: Dirk Elvermann Title: Chief Financial Officer And Chief Digital Officer Phone: +1 (973) 245-6000 Email: dirk.elvermann@basf.com 10. Macnica Trade Payable $14,084,332 1-6-3 Shin-Yokohama Yokohama, 222-8561 Japan Attn: Akinobu Miyoshi Title: Co-Chief Executive Officer Phone: +1 (408) 205-7141 Email: akinobumiyoshi@gmail.com 11. Covestro Trade Payable $13,683,540 Kaiser-Wilhelm-Allee 60 Leverkusen, 51373 Germany Attn: Sucheta Govil Title: Chief Commercial Officer Phone: +1 (412) 413-2673 Email: sucheta.govil@covestro.com 12. Integrated Micro-Electronics Trade Payable $11,998,543 North Science Avenue, Special Export Processing Zone Binan, 4024 Phillipines Attn: Eric De Candid Title: Chief Operating Officer Phone: +63 (2) 7756-6840 Email: eric.decandido@global-imi.com 13. Renesas Electronics Trade Payable $11,481,387 Toyosu Foresia Tokyo, 135-0061 Japan Attn: Hidetoshi Shibata Title: Chief Executive Officer Phone: +1 (408) 432-8888 Email: hidetoshi.shibata@renesas.com 14. Wipro Limited Trade Payable $11,426,300 Doddakannelli, Sarjapur Road Bengaluru , 560 035 India Attn: Srini Pallia Title: CEO And Managing Director Phone: +1 (732) 394-8255 Email: spallia@wipro.com 15. Wuhu Foresight Technology Co. Ltd Trade Payable $10,667,613 No. 2, Lingyuan Road Wuhu City, 241000 China Attn: Lu Wenbo Title: General Manager Phone: +86 (553) 596-3550 Email: fs@foresight-int.com 16. Mitsuba Corporation Trade Payable $10,302,024 1-2681 Hirosawa-Cho Kiryu, Gunma 376-8555 Japan Attn: Hiroaki Tanji Title: Board Member Phone: +81 (277) 52-0111 Email: h-tanji@mitsuba.co.jp 17. Mitsubishi Trade Payable $10,279,377 3-1, Marunouchi 2-Chome Tokyo, 100-8086 Japan Attn: Yuzo Nouchi Title: Corporate Functional Officer Phone: +1 (888) 648-7820 Email: yuzo.nouchi@mitsubishicorp.com 18. Bitron Trade Payable $10,124,497 Strada Del Portone 95 Grugliasco, 10095 Italy Attn: Alberto Moro Title: Chief Executive Officer Phone: +39 (011) 4029-111 Email: alberto.farci@bitron-ind.com 19. Ams-Osram Ag Trade Payable $9,967,101 Tobelbader Strasse 30 Premstaetten, 8141 Austria Attn: Aldo Kamper Title: Chief Executive Officer Phone: +43 (3136) 500-0 Email: aldo.kamper@osram.com 20. Suzuki Motor Corporation Trade Payable $9,863,244 300 Takatsuka-Machi Hamamatsu, 432-8611 Japan Attn: Masaki Kuwabara Title: Manager Of Legal Compliance Phone: +81 (53) 455-2111 Email: masakikuwabara@hhq.suzuki.co.jp 21. Qualcomm Technologies Trade Payable $9,603,170 5775 Morehouse Dr. San Diego, Ca 92121 United States Attn: Ann Chaplin Title: General Counsel And Corporate Secretary Phone: +1 (858) 587-1121 Email: achaplin@qualcomm.com 22. Avnet Trade Payable $9,463,615 2211 South 47th Street Phoenix, Az 85034 United States Attn: Michael R. Mccoy Title: General Counsel And Chief Legal Officer Phone: +1 (800) 332-8638 Email: michael.mccoy@avnet.com 23. Arrow Electronics Trade Payable $9,196,498 7340 S. Alton Way Unit 11G Centennial, Co 80112 United States Attn: Carine Jean-Claude Title: Senior Vice President And Chief Legal And Compliance Officer Phone: +1 (855) 326-4757 Email: cjeanclaude@arrow.com 24. Tiberina Group Trade Payable $8,970,886 Via Tiberina, 123 Collazzone, Pg 06050 Italy Attn: Alberto Farci Title: General Manager Phone: +42 (32) 670-9197 Email: alberto.farci@tiberina.cz 25. Unipres Corporation Trade Payable $8,546,082 Sun Hamada Bldg. 5F Yokohama, 222-0033 Japan Attn: Yukihiko Morita Title: Senior Executive Vice President, Finance & Accounting Phone: +81 (45) 477-5121 Email: info@unipresscorp.com 26. BTV Technologies Gmbh Trade Payable $8,128,940 Heinrich-Hertz-Str. 12 Unna, D-59423 Germany Attn: Maximilian Krane Title: Chief Executive Officer Phone: +49 (2303) 333-0 Email: maximiliannan@btv-gruppe.com 27. Visteon Trade Payable $7,596,117 One Village Center Van Buren Township, Mi 48111 United States Attn: Brett Pynnonen Title: Senior Vice President And General Counsel Phone: +1 (734) 627-7384 Email: bpynnonen@visteon.com 28. Valeo Trade Payable $7,540,594 100 Rue De Courcelles Paris, 75017 France Attn: Christophe Perillat Title: Chief Executive Officer Phone: +33 (0)1-40-55-20-20 Email: christophe.perillat@valeo.com 29. Pension Benefit Guaranty Pension Unliquidated Corporation 1200 K Street, NW Washington, Dc 20005 United States Attn: Lisa Clark Title: Chief Financial Officer Phone: +1 (202) 326-4400 Email: pbgcpublicaffairs@pbgc.gov 30. Pension Protection Fund Pension Unliquidated Renaissance Croydon, Cr0 2NA United Kingdom Attn: Michelle Ostermann Title: Chief Executive Officer Phone: +44 (20) 8633-4902 Email: michelle.ostermann@ppf.co.uk MARELLI AUTOMOTIVE: Seeks to Sell De Minimis Assets --------------------------------------------------- Marelli Automotive Lighting USA LLC and its affiliates seek permission from the U.S. Bankruptcy Court for the District of Delaware, to sell De Minimis Assets, free and clear of liens, claims, and encumbrances. The Debtors seek to establish procedures providing the use, sale, swap, or transfer of certain assets, including any rights or interests outside of the ordinary course of business in any individual transaction to a single buyer or group of related buyers with an aggregate sale price equal to or less than $1,500,000 as calculated within the Debtors' reasonable discretion, free and clear of all liens, claims, interests, and encumbrances. The Debtors, together with their non-Debtor affiliates are suppliers in the world and a pioneer in motorsports and in automobile manufacturing and design. With its headquarters in Saitama, Japan and over 46,000 employees located in twenty-four countries around the world. Marelli designs and produces sophisticated technologies for leading automotive manufacturers, including lighting and sensor integrations, electronic systems, software solutions, and interior design products, and collaborates with motor sports teams and other industry leaders to research and develop cutting-edge, high-performance automotive components. As part of their daily operations, the Debtors own and lease various assets associated with their operations. In the ordinary course of their operations, the Debtors routinely enter into transactions to sell or transfer assets that are no longer essential to the Debtors' business. As such, periodic sales of De Minimis Assets are a necessary element of the Debtors' chapter 11 cases that will maximize the value of the Debtors' estates for the benefit of all stakeholders. The Debtors have a limited window of time in which they may enter into agreements or take advantage of opportunities to sell, transfer, or otherwise monetize De Minimis Assets. The cost, delay, and publicity associated with seeking individual Court approval of each De Minimis Asset Transaction could eliminate or substantially diminish the economic benefits of the transactions. The Debtors propose the following sale procedures: a. With regard to the uses, sales, or transfers of De Minimis Assets in any individual transaction or series of related transactions to a single buyer or group of related buyers with a total transaction value as calculated within the Debtors' reasonable and good faith discretion, less than or equal to $1,500,000: b. With regard to the uses, sales, or transfers of De Minimis Assets in any individual transaction or series of related transactions to or from a single buyer or group of related buyers with a total transaction value as calculated within the Debtors' reasonable and good faith discretion, greater than $1,500,000 and less than or equal to $15,000,000: The Debtors submit that the establishment of the foregoing procedures is desirable and in the best interests of the Debtors' estates, their creditors, and other parties in interest in these chapter 11 cases. The use, sale, swap, transfer, or abandonment of the De Minimis Assets will generate additional value and help preserve existing value for the benefit of the Debtors' estates and all parties in interest. About Marelli Automotive Lighting USA LLC Marelli Automotive Lighting is a leading global supplier of automotive lighting systems, developing and manufacturing headlamps, tail lights, and related components for major car manufacturers. Marelli Automotive filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. De. Case No. 25-11034) on June 11, 2025. Judge Craig T Goldblatt presides over the case. Laura Davis Jones at Pachulski, Stang, Ziehl & Jones LLP represents the Debtor as legal counsel. =============== M A L A Y S I A =============== IMDB: MACC Forfeits Over USD950,000 From 1MDB-Linked Swiss Account ------------------------------------------------------------------ The Edge Malaysia reports that the Malaysian Anti-Corruption Commission (MACC) said on June 13 that it has successfully forfeited US$954,300 (MYR4.03 million) which belonged to the late Datuk Azlin Alias, from an account in the now-defunct BSI Bank in Switzerland. Azlin was the principal private secretary to former prime minister Datuk Seri Najib Razak, who is currently serving a jail sentence. Azlin died in a helicopter crash in April 2015. According to Edge, the MACC said the account under the name Derivale Limited, for which Azlin was the beneficial owner, is linked to the misappropriation of 1Malaysia Development Bhd (1MDB) funds scandal. The forfeiture was granted by High Court Judge Muniandy Kannyappan after the deputy public prosecutor informed the court that no objections or claims had been filed by any party during the proceedings on June 13. The Edge relates that the MACC said the forfeiture of the money was made under Section 56 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA 2001). "This marks MACC's first successful forfeiture of overseas assets without involving prosecution," the agency said. About 1MDB Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent Malaysian strategic development company, wholly owned by the Malaysian Minister of Finance. 1MDB was established in 2009 to foster long-term economic development for the country by forging global partnerships, particularly in energy, real estate, tourism, and agribusiness. The Company was founded shortly after Dato Sri Najib Razak became Prime Minister of Malaysia in July 2009. Najib said the establishment of 1MDB into a federal entity was to benefit a majority of Malaysians. 1MDB is said to have raised billions of dollars in bonds, for investment projects and joint ventures, between 2009 and 2013. Among those projects are the Tun Razak Exchange, Tun Razak Exchange's sister project Bandar Malaysia, and the acquisition of three independent power producers. The Company came into heavy scrutiny in 2015 for suspicious money transactions and evidence pointing to money laundering, fraud and theft. The corruption scandal in 1MDB has implicated high-level officials, including Prime Minister Najib Razak, as wells as banks and financial institutions around the world. In 2016, the U.S. Department of Justice filed a lawsuit, alleging that at least US$3.5 billion has been stolen from 1MDB. In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be US$7.8 billion. Malaysia has been filing lawsuits over the years in an effort to recover the missing billions of dollars. Among others, in May 2021, Malaysia filed 22 civil suits against entities and people involved in the corruption scandal, including units of Deutsche Bank and JP Morgan. Malaysia said in September 2020 it has so far recovered about US$3.24 billion in assets linked to the 1MDB matter. This amount includes about US$600 million cash and assets returned by U.S. authorities; about US$2.5 billion paid by Goldman Sachs as settlement; as well as US$780 million in settlement amounts from Malaysian banking group AmBank and audit firm Deloitte. ===================== N E W Z E A L A N D ===================== EXCITING HABITATS: Placed in Receivership ----------------------------------------- Tony Leonard Maginness and Jared Waiata Booth of Baker Tilly Staples Rodway on June 12, 2025, were appointed as receivers and managers of Exciting Habitats Limited, Gannet Property Limited, Northfacing Developments Limited and Northwest Capital Limited. The receivers and managers may be reached at: Baker Tilly Staples Rodway Auckland Limited PO Box 3899 Auckland 1140 NINETY5 SIGNS: Khov Jones Appointed as Receivers ------------------------------------------------ Steven Khov and Kieran Jones of Khov Jones on June 12, 2025, were appointed as receivers and managers of Ninety5 Signs Limited. The receivers and managers may be reached at: Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 OBELISK INDUSTRIAL: Creditors' Proofs of Debt Due on July 3 ----------------------------------------------------------- Creditors of Obelisk Industrial Limited are required to file their proofs of debt by July 3, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 3, 2025. The company's liquidators are: Gareth Russel Hoole Raymond Paul Cox Ecovis KGA Limited, Chartered Accountants Level 2, 5–7 Kingdon Street Newmarket Auckland 1023 RESEARCH FIRST: Creditors' Proofs of Debt Due on July 5 ------------------------------------------------------- Creditors of Research First Limited are required to file their proofs of debt by July 5, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 4, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 WHARE MANAAKI: Creditors' Proofs of Debt Due on July 10 ------------------------------------------------------- Creditors of Whare Manaaki Incorporated are required to file their proofs of debt by July 10, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 30, 2025. The company's liquidator is: Heath Gair Palliser Insolvency Level 2, 40 Lady Elizabeth Lane Wellington PO Box 57124 Mana Porirua 5247 ===================== P H I L I P P I N E S ===================== MFT GROUP: Tan Reportedly Flees to the US Amid 2 Arrest Warrants ---------------------------------------------------------------- Bilyonaryo.com reports that self-styled trading prodigy Maria Francesca "Mica" Tan-Cancio has reportedly fled to the United States to evade arrest over her alleged role in a multi million-peso investment scam. According to Bilyonaryo.com, sources told Babbler that authorities have been unable to serve two arrest warrants after weeks of searching for Ms. Tan, fueling suspicions that she has already left the country. Efforts are now underway to bring her back to face charges, Bilyonaryo.com relates. As reported in the Troubled Company Reporter-Asia Pacific on May 30, 2025, the Batangas Regional Trial Court Branch 85 in Lipa City has issued an arrest warrant against self-styled trading prodigy Maria Francesca "Mica" Tan-Cancio and seven others for syndicated estafa. According to Bilyonaryo.com, Ms. Tan, CEO of the Maria Francesca Tan (MFT) Group of Companies, is facing criminal charges for allegedly engaging in illegal investment activities, with investors reportedly being forced to sign non-disclosure agreements. Aside from Ms. Tan, those covered by the Batangas RTC arrest warrant are Florita dela Fuente Tan, Enrique Eduardo dela Fuente Tan, Charles Edward dela Fuente Tan, Christian Constantin Pangilinan Agbayani, Roxanne Gimenez Agbayani, Christian Marasigan Olan, and Noel Marasigan Olan. The corporate watchdog also cited Isla Lipana & Co., the local affiliate of PwC, for allegedly colluding with the MFT Group by issuing unqualified opinions on the company's 2020 and 2021 financial statements despite inconsistencies and inaccuracies. MFT Group operates as a private equity firm with strategic investments in robust industries including healthcare, financial services, food and beverage, and real estate. ================= S I N G A P O R E ================= FLOWERS CITY: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on May 30, 2025, to wind up the operations of Flowers City Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 HOVOH BUGIS: Court to Hear Wind-Up Petition on June 20 ------------------------------------------------------ A petition to wind up the operations of Hovoh Bugis Street (Pte Ltd) will be heard before the High Court of Singapore on June 20, 2025, at 10:00 a.m. RHB Bank Berhad filed the petition against the company on May 29, 2025. The Petitioner's solicitors are: Ascendant Legal LLC 9 Straits View Marina One West Tower, #09-09 Singapore 018937 INVEST HO: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on May 27, 2025, to wind up the operations of Invest Ho Properties Pte. Ltd. Ho Tong Seng Engineering Construction Pte Ltd filed the petition against the company. The company's liquidators are: Mr. Abuthahir Abdul Gafoor Ms. Yessica Budiman AAG Corporate Advisory Pte Ltd 11 Collyer Quay #07-02 The Arcade Singapore 049317 WINDFLOWER FLORIST: Court to Hear Wind-Up Petition on June 20 ------------------------------------------------------------- A petition to wind up the operations of Windflower Florist Pte. Ltd. will be heard before the High Court of Singapore on June 20, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on May 28, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 WM AUTOMATION: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on May 30, 2025, to wind up the operations of WM Automation Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: MBK Seeks Buyer for Struggling Retail Chain -------------------------------------------------------- Bloomberg News reports that Homeplus Co. opened itself up to a takeover as its private equity owners seek to avoid the firm's liquidation. Bloomberg relates that MBK Partners Ltd. is seeking to find a buyer for Homeplus after a recent review showed the company's liquidation value exceeds its going-concern value, according to an MBK Partners statement June 13. If a transaction succeeds and an owner is found before finalizing Homeplus's rehabilitation process announced in March, MBK Partners will cancel KRW2.5 trillion ($1.8 billion) worth of Homeplus common shares it holds without compensation, the statement said. According to Bloomberg, the planned divestment marks a dramatic turn for what was once a landmark deal for MBK Partners, the buyout firm founded by billionaire, Michael ByungJu Kim. A group led by MBK Partners bought Homeplus from British retail giant Tesco Plc in 2015 in a deal valued at the time at about $6.1 billion, then the largest leveraged buyout in Asia. A successful sale could help soothe South Korea's shaken credit markets after MBK Partners's restructuring move rattled investor sentiment. The move follows a recommendation from court-appointed accounting firm PricewaterhouseCoopers to seek a sale during the rehabilitation process, Bloomberg relays citing a Yonhap News report. The proceeds from the sale of Homeplus will be used to repay the revolving debt, the MBK Partners statement said. Despite its financial challenges, Homeplus's assets exceeded liabilities by about KRW3.9 trillion, supported by real estate holdings that give the company a higher liquidation value than its worth as a going concern, MBK Partners said. The retailer has struggled to adapt to South Korea's rapidly evolving consumer landscape, Bloomberg states. As shoppers shifted online and Covid-19 hit, Homeplus's earnings deteriorated and the company lost more than $1 billion in five years. In February, Homeplus tapped the bond market to shore up liquidity, raising concerns among analysts already worried about its weakening financials, Bloomberg recalls. Prosecutors are probing whether Homeplus - with MBK Partners's knowledge - issued short-term debt despite being aware that the retailer was veering toward a credit downgrade. MBK Partners has denied any wrongdoing. About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. ============= V I E T N A M ============= VINFAST AUTO: Posts US$712.4 Million Net Loss in Q1 --------------------------------------------------- Reuters reports that Vietnamese electric vehicle maker VinFast on June 9 reported its sixth consecutive quarterly net loss as it continues to ramp up spending to boost sales volumes. VinFast reported a net loss of US$712.4 million for the first quarter, less than the US$1.3 billion loss in the previous quarter but 15 per cent more than a year earlier, Reuters discloses. Analysts' average forecast was for a US$616.3 million loss, according to LSEG data. Revenue jumped 150 per cent to US$656.5 million in the January-to-March period, compared with analysts' average estimate of US$520 million, Reuters relays. Deliveries leapt nearly 300 per cent to 36,330 vehicles during the quarter, mainly driven by sales in Vietnam, its biggest market. Backed by Vietnam's largest conglomerate, Vingroup, VinFast continues to face challenges due to weak consumer demand, stiff competition, and a 25 per cent tariff the US has imposed on imported vehicles, according to Reuters. VinFast previously identified the US as a key growth market. The company reported a gross margin of minus 35.2% in the quarter, compared with minus 58.7% a year earlier. According to Reuters, the firm is intensifying promotional efforts domestically, shifting to a dealership model from the costlier option of its own showrooms, and redirecting its focus to Asia, with its new assembly plant in India set to begin operations in July. VinFast, which has reported a loss every quarter since it went public in August 2023, has received around US$2 billion in financial support from its founder and CEO Pham Nhat Vuong and Vingroup, as of May. VinFast's affordable, small VF 3 and VF 5 models were its best-selling vehicles, accounting for 68% of its domestic deliveries, chair Thuy Le said on an earnings call, Reuters relays. The company is also looking to expand in the bus market. "We are exploring opportunities in Asia and Europe with plans to offer electric buses in 6, 8, 10, and 12 meter sizes," Le said, notes the report. "We set up in Indonesia and Europe already and very soon in the Middle East and the U.S.," Le said, noting that VinFast already delivered buses in big volumes in Vietnam. Reuters adds that the company said it would introduce its next-generation platform and an electrical architecture with the Limo Green model in the third quarter. This will underpin existing EV models next year. About VinFast Auto VinFast Auto Ltd. (NASDAQ: VFS) -- https://vinfastauto.us/ -- is an automotive manufacturer, engages in Automobiles and E-scooter related business in Vietnam and the United States. The company operates through Automobiles, E-scooter, Spare Parts, and Aftermarket Services segments. The Automobiles segment offers design, development, manufacturing, and sale of cars and electric buses. The E-scooter segment provides design, development, manufacturing, and sales of e-scooters. The Spare Parts, and Aftermarket Services segment engages in sale of spare parts and aftermarket services for automobiles and e-scooters. VinFast Auto Ltd. is based in Hai Phong City, Vietnam. The company operates as a subsidiary of Vingroup Joint Stock Company. VinFast Auto's working capital deficit was VND106.7 million at December 31, 2024. The deficit was VND101.4 million at December 31, 2023. At December 31, 2024, the Company had total current assets of VND64.8 million and total current liabilities of VND171.5 million. At December 31, 2023, the Company had total current assets of VND50.6 million and total current liabilities of VND152.0 million. =============== X X X X X X X X =============== [] KBRA Expands Global Footprint with Tokyo Office Launch --------------------------------------------------------- KBRA, a global full-service credit rating agency, announced on June 12, 20225, a key milestone in its continuing international expansion: the opening of a new office in Tokyo, Japan. As the company's first outpost in the Asia-Pacific region, KBRA's new base in Tokyo reflects the firm's exponential growth over the last few years as a global thought leader, innovator, and first mover in the ratings of private credit and fund finance instruments. This, in turn, has led KBRA to strengthen its presence in the region and deepen ties with both its Asia based clients as well as Japan's sophisticated private credit and capital markets investor base. Tokyo is the latest addition to KBRA's growing footprint, which now includes seven offices across North America, Europe, and Asia-Pacific. In addition to four offices in the U.S.- in New York, Pennsylvania, Maryland, and a Chicago office which opened in 2023 - KBRA also has an office in Dublin, Ireland, which opened in 2017, and a London headquarters that opened in 2019. To support its expansion in Japan, KBRA is pleased to welcome several key appointments. Yuuichi Hino joins as Head of Compliance for Japan, bringing extensive experience navigating Japan's regulatory environment. Miki Monroe-Sheridan also joins as Head of Business Development, where she will lead engagement efforts with local market participants and further strengthen KBRA's regional partnerships. Additionally, Peter Connolly, Senior Director in the Structured Credit team, will relocate from KBRA's New York office to Tokyo to help support analytical coverage and client engagement. "We are thrilled to announce our new office in Tokyo, which marks a significant step forward as KBRA extends its reach globally to provide the APAC region's expanding group of institutional investors with our best-in-class research and independent, thoughtful insight, as well as our data-driven analysis in private credit, structured finance, and other areas of the capital markets," said Kate Kennedy, Co-Head of Business Development at KBRA. "We look forward to building bridges with APAC-based market players and bringing our analytical consistency, transparency, and perspective to several rapidly growing and often complex global credit market sectors." Across the entire credit market universe - including structured finance, private credit, fund finance, corporates, financial institutions, sovereigns, insurance companies, and other sectors - KBRA rates more than $3.8 trillion in issuance across more than 80,000 ratings on over 6,300 rated entities. KBRA is a leader in private markets and fund finance credit ratings and assessments. The firm has performed more than 3,500 credit assessments or credit ratings for middle market borrowers in private credit portfolios. In addition, KBRA has issued ratings for over 250 fund finance transactions and more than 200 private asset-backed finance transactions, as well as over 200 feeder note transactions and 34 business development companies. KBRA also maintains credit ratings on 54 of the world's leading private asset managers and rates more than 100 middle market and private credit collateralized loan obligations and dozens of other private credit, private equity, or secondaries facilities. ********* 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 ***