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250617.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 Tuesday, June 17, 2025, Vol. 28, No. 120 Headlines A U S T R A L I A C & H PLANT: First Creditors' Meeting Set for June 24 ECOFIBRE LIMITED: Creditors Approve Rescue Deal GROMS COMMUNICATIONS: First Creditors' Meeting Set for June 20 M & C HAGARTY: Second Creditors' Meeting Set for June 20 MYOB INVEST: Moody's Withdraws 'B3' Corporate Family Rating OUR PLACE: First Creditors' Meeting Set for June 20 PALLAS COUTURE: Strikes Eleventh Hour Deal with Creditors PEPPER RESIDENTIAL 40: Moody's Ups Rating on Class E Notes to Ba1 SOUTH WEST CIVIL: Second Creditors' Meeting Set for June 20 STARLEATON: Placed Into Liquidation as DOCA Formally Terminated C H I N A CHINA VANKE: S&P Affirms 'B-' Long-Term ICR, Outlook Negative HOZON NEW ENERGY: Enters Bankruptcy Reorganization Proceedings RETO ECO-SOLUTIONS: Xinyang Li Assumes CEO Role SHINECO INC: Signs $13.5M Stock Deal With Non-U.S. Investors I N D I A ADIE BROSWON: ICRA Keeps B+ Debt Ratings in Not Cooperating B.H. COTTON: ICRA Keeps B Debt Rating in Not Cooperating Category BHAGWATI AGROTECH: ICRA Keeps B Debt Ratings in Not Cooperating DAMODAR TRADELINKS: ICRA Keeps B- Debt Rating in Not Cooperating DOLPHIN BUILDWELL: Insolvency Resolution Process Case Summary DURA PUF: CRISIL Lowers Rating on INR4.83cr Proposed LT Loan to C GANGADASS ENTERPRISES: CRISIL Keeps B Ratings in Not Cooperating GANPATI RIDHI: CRISIL Keeps D Debt Ratings in Not Cooperating GREAT VALUE: ICRA Keeps B+ Debt Ratings in Not Cooperating HANS RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating Category HONEY BUILDERS: Insolvency Resolution Process Case Summary HRM OVERSEAS: ICRA Keeps B Debt Ratings in Not Cooperating JAIPRAKASH ASSOCIATES: Creditors Extend Bid Deadline by 15 Days K. M. FISHERIES: ICRA Keeps B+ Debt Rating in Not Cooperating LIMTEX AGRI: ICRA Withdraws D Rating on INR25cr LT Loan MADHOPUR CEMENT: CRISIL Keeps B Debt Ratings in Not Cooperating MAHALAXMI CASHEW: ICRA Keeps B+ Debt Ratings in Not Cooperating PRECIMEASURE CONTROLS: ICRA Keeps B+ Ratings in Not Cooperating PRG BUILDCON: ICRA Keeps D Debt Ratings in Not Cooperating S. M. BUILDCON: CRISIL Keeps B+ Rating in Not Cooperating Category S.B. AGENCIES: CRISIL Keeps D Debt Rating in Not Cooperating SHIVA FERRIC: ICRA Withdraws B+ Rating on INR35cr LT Loan SLC PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating SOLAN SPINNING: CRISIL Keeps B Debt Ratings in Not Cooperating SRIGDHAA BEVERAGES: CRISIL Keeps D Ratings in Not Cooperating SUMETCO ALLOYS: CRISIL Keeps B+ Debt Rating in Not Cooperating SUPER FINE: CRISIL Keeps D Rating in Not Cooperating Category UNIMAX CHEMICALS: CRISIL Reaffirms B Rating on INR6cr Loan VEER CHEMICALS: Insolvency Resolution Process Case Summary VENKATESWARA AEROSPACE: ICRA Keeps B+ Ratings in Not Cooperating VIKAS COTTON: ICRA Keeps D Debt Ratings in Not Cooperating WEB SPIDERS: ICRA Keeps B+ Debt Rating in Not Cooperating WHITEFIELD SPINTEX: ICRA Keeps D Debt Ratings in Not Cooperating J A P A N NISSAN MOTOR: Plans to Reduce Stake in Renault, CEO Says N E W Z E A L A N D BEDI FOODS: Creditors' Proofs of Debt Due on July 20 CUSTOMKIT BUILDINGS: Creditors' Proofs of Debt Due on July 10 DU VAL: Three-Day Hearing Starts in the High Court INDIAN SPICE: Court to Hear Wind-Up Petition on July 7 LITTLE AND FRIDAY: Court to Hear Wind-Up Petition on June 27 TRAXX INVESTMENTS: Creditors' Proofs of Debt Due on July 3 S I N G A P O R E AVPV FUKUOKA: Creditors' Proofs of Debt Due on July 4 BD CRANETECH: Court to Hear Wind-Up Petition on June 20 FU YUAN: Commences Wind-Up Proceedings GENIUS CENTRAL: Commences Wind-Up Proceedings HOUSE ON HIRE: Court Enters Wind-Up Order T H A I L A N D THAI AIRWAYS: Exits Debt Restructuring Plan With Court Approval - - - - - ================= A U S T R A L I A ================= C & H PLANT: First Creditors' Meeting Set for June 24 ----------------------------------------------------- A first meeting of the creditors in the proceedings of C & H Plant Hire Pty Ltd will be held on June 24, 2025 at 10:00 a.m. at the offices of Hamilton Murphy Advisory and via virtual meeting technology. Stephen Dixon of Hamilton Murphy Advisory was appointed as administrator of the company on June 12, 2025. ECOFIBRE LIMITED: Creditors Approve Rescue Deal ----------------------------------------------- Adam Sheldon at Cannabiz reports that a plan to acquire Ecofibre Limited by an unnamed buyer has been approved by creditors after they voted to accept a Deed of Company Arrangement (DOCA), saving the company from liquidation and potentially securing its future. Administrator KordaMentha launched a rapid sale process after Ecofibre entered voluntary administration in early May due to financial difficulties, Cannabiz relates. Based in Sydney, Australia, Ecofibre Limited (ASX:EOF) -- https://ecofibre.com/ -- together with its subsidiaries, engages in the polymer, health care, and hemp seed genetics businesses in the United States and Australia. The company operates through Ecofibre Advanced Technologies, Ananda Health, Ecofibre Genetics, and EOF Bio segments. It offers cannabinoid based health products for human and pet consumption. In addition, the company provides yarn, polymer textiles, and hemp related food products. Further, it is involved in patient-centered cannabinoid-based drug activities. Scott Langdon and John Mouawad of KordaMentha were appointed as administrators of Ecofibre Limited on May 2, 2025. GROMS COMMUNICATIONS: First Creditors' Meeting Set for June 20 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Groms Communications and Excavation Pty Ltd will be held on June 20, 2025 at 10:00 a.m. at the offices of SV Partners Sunshine Coast at Level 6, La Balsa, 45 Brisbane Road in Mooloolaba and via virtual meeting technology. Adam Peter Kersey and Anne Meagher of SV Partners were appointed as administrators of the company on June 10, 2025. M & C HAGARTY: Second Creditors' Meeting Set for June 20 -------------------------------------------------------- A second meeting of creditors in the proceedings of M & C Hagarty Pty Ltd has been set for June 20, 2025 at 10:00 a.m. at the offices of SV Partners at 22 Market Street in Brisbane and via electronic facilities. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 19, 2025 at 4:00 p.m. Abdul Chambal and Matthew John Bookless of SV Partners were appointed as administrators of the company on May 19, 2025. MYOB INVEST: Moody's Withdraws 'B3' Corporate Family Rating ----------------------------------------------------------- Moody's Ratings has withdrawn the B3 corporate family rating of MYOB Invest Co Pty Ltd (MYOB), along with the B3 backed senior secured ratings on MYOB's first lien secured term loan B (TLB) and delayed-draw first lien senior secured TLB facility. Prior to the withdrawal, the rating outlook was stable. MYOB's senior secured bank credit facility previously rated by us has been fully repaid with proceeds from a new debt package raised by the company in June 2025. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). COMPANY PROFILE MYOB Invest Co Pty Ltd (MYOB) is an Australian accounting software company that operates in three main segments, namely SMEs, accounting practices, and enterprise and payments. OUR PLACE: First Creditors' Meeting Set for June 20 --------------------------------------------------- A first meeting of the creditors in the proceedings of Our Place Educational Services Pty Ltd will be held on June 20, 2025 at 11:00 a.m. at the offices of RSM Australia at Equinox 4, Level 2, 70 Kent Street in Deakin. Frank Lo Pilato and Adam Kenneth Cormack of RSM Australia Partners were appointed as administrators of the company on June 10, 2025. PALLAS COUTURE: Strikes Eleventh Hour Deal with Creditors --------------------------------------------------------- Herald Sun reports that Pallas Couture, celebrity-loved Australian bridal label, has been saved from liquidation after striking a deal with creditors, sealing the fate of more than AUD1 million in customer deposits. The deal, known as a deed of company arrangement (DOCA), is expected to be executed at the end of this month, Herald Sun relates. Pallas Couture, established by designer Joy Morris in 2001, is a luxury wedding dress company. Jeremy Joseph Nipps and Thomas Birch of Cor Cordis were appointed as administrators of Evercentre Pty Ltd, trading name as Pallas Couture, on May 1, 2025. PEPPER RESIDENTIAL 40: Moody's Ups Rating on Class E Notes to Ba1 ----------------------------------------------------------------- Moody's Ratings has upgraded ratings on four classes of notes issued by Pepper Residential Securities Trust No. 40. The affected ratings are as follows: Issuer: Pepper Residential Securities Trust No. 40 Class B Notes, Upgraded to Aa1 (sf); previously on Aug 16, 2024 Definitive Rating Assigned Aa2 (sf) Class C Notes, Upgraded to Aa3 (sf); previously on Aug 16, 2024 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to A3 (sf); previously on Aug 16, 2024 Definitive Rating Assigned Baa2 (sf) Class E Notes, Upgraded to Ba1 (sf); previously on Aug 16, 2024 Definitive Rating Assigned Ba2 (sf) A comprehensive review of all credit ratings for the transaction has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by (1) an increase in credit enhancement available to the affected notes and (2) the collateral performance to date. No actions were taken on the remaining rated classes in the deal as their credit enhancement remains commensurate with the current rating for the respective notes. Following the May 2025 payment date, credit enhancement available for the Class B, Class C, Class D, and Class E Notes has increased to 6.9%, 5.6%, 4.0%, and 2.9%, respectively, from 4.8%, 3.9%, 2.8%, and 2.0% at closing. Principal collections have been distributed on a pro-rata basis between Class A1-a and Class A2 Notes. Current outstanding pool balance as a percentage of the closing pool balance is 69.9%. As of end-April 2025, 2.4% of the outstanding pool was 30-plus day delinquent and 0.7% was 90-plus day delinquent. The deal has not incurred any losses to date. Based on the observed performance to date and loan attributes, Moody's have maintained Moody's expected loss assumption at 1.3% of the original pool balance (equivalent to 1.9% of the outstanding pool balance) from closing. Moody's have also maintained Moody's MILAN CE at 6.5% from closing. The transaction is an Australian RMBS secured by a portfolio of residential mortgage loans, originated by Pepper Homeloans Pty Limited and serviced by Pepper Money Limited. A portion of the portfolio consists of loans extended to borrowers with prior credit impairment or made on an alternative documentation basis. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the credit enhancement available for the notes and (3) a deterioration in the credit quality of the transaction counterparties. SOUTH WEST CIVIL: Second Creditors' Meeting Set for June 20 ----------------------------------------------------------- A second meeting of creditors in the proceedings of South West Civil Aust Contracting Pty Ltd has been set for June 20, 2025 at 11:00 a.m. at Suite 5B, 55 Kembla Street in Wollongong and via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 19, 2025 at 5:00 p.m. Stephen John Hundy and Daniel Ivan Cvitanovic of Worrells were appointed as administrators of the company on May 15, 2025. STARLEATON: Placed Into Liquidation as DOCA Formally Terminated --------------------------------------------------------------- Wide Format Online reports that Starleaton has been placed into liquidation after failing to meet the monthly repayments set out in its Deed of Company Arrangement (DOCA). Creditors were notified on June 10 in a formal update issued by administrators Simon Cathro and Andrew Blundell of Cathro & Partners. Under the terms of the DOCA, the company was required to make 24 equal payments of AUD33,333.33 into a Deed Fund by the end of each month, WFO says. However, according to the administrators, Starleaton defaulted on these obligations. The last payment made was in Feb 2025 making a total of AUD366,666.30 paid of the AUD800,000 that was scheduled. "The Companies defaulted on this obligation and failed to make payment of monthly instalments as and when they fell due," the statement read. A formal notice of default was issued, but no payment was made, prompting the termination of the arrangement. According to WFO, as a result, the administrators advised that on June 11, 2025: * The DOCA was terminated due to the breach, which was not considered capable of being remedied within a reasonable timeframe; * The company was placed into liquidation; and * The administrators were appointed joint and several liquidators. WFO relates that the liquidators will now begin investigating the company's affairs, including any potential avenues for recovery. A report outlining their findings and the likelihood of a dividend for creditors is expected by Sept. 11, 2025. With the liquidation now underway, the company will cease trading shortly, and all remaining employees will be terminated. In line with section 556 of the Corporations Act, employee entitlements will take priority over other unsecured debts, and may even supersede certain secured creditors where circulating assets are involved, WFO notes. Staff may also be eligible for assistance under the federal government's Fair Entitlements Guarantee (FEG) scheme if company assets are insufficient to cover amounts owed. Cathro & Partners advised all affected staff to lodge claims through the FEG scheme. Details of individual entitlements will be sent to employees in due course, the report adds. Starleaton was established in 1978 and describes itself as one of the industry's leading suppliers of technology and consumables to the graphic imaging market including outdoor and indoor signage, display, point of purchase, window and floor-mounted graphics. The company entered voluntary administration in January 2024. ========= C H I N A ========= CHINA VANKE: S&P Affirms 'B-' Long-Term ICR, Outlook Negative ------------------------------------------------------------- S&P Global Ratings affirmed its 'B-' long-term issuer credit rating on China Vanke Co. Ltd. and its subsidiary, Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK). S&P also affirmed its 'B-' issue rating on Vanke HK's senior unsecured notes. S&P removed the ratings from CreditWatch, where they were placed with developing implications on March 5, 2025. The negative rating outlook on China Vanke reflects S&P's view that the company's liquidity could tighten in the face of deteriorating sales and a bond maturity wall over the next 12 months. China Vanke's deteriorating contracted sales could weaken its liquidity. S&P said, "We estimate the company's contracted sales will fall by about 40% to Chinese renminbi (RMB) 146 billion in 2025. At this sales level, we estimate China Vanke's reported cash flow from operations will likely barely breakeven during the year." To preserve liquidity, S&P believes China Vanke will continue to make minimal land purchases over the next year. This would undermine its competitive position, in its view. According to China Real Estate Information Corp., a provider of information on the real estate sector, China Vanke's total contracted sales dropped by 44% to RMB57 billion in the first five months of 2025. China's top 100 developers' contracted sales dipped 7% during the period. Loans from Shenzhen Metro partially ease China Vanke's liquidity strain. Shenzhen Metro has provided close to RMB15 billion of shareholder loans to China Vanke so far in 2025. In our view, China Vanke has utilized such loans for bond repayment. The company repaid more than RMB15 billion equivalent of onshore and offshore bonds between January and early June 2025. China Vanke has also announced it will exercise the call option on its RMB1.2 billion onshore bond puttable on June 19, 2025, and its RMB2.9 billion onshore bond puttable on July 8, 2025. China Vanke's liquidity could improve if further timely and sufficient liquidity support is extended. The company still faces an onshore bond maturity wall of RMB7 billion (excluding the RMB2.9 billion bond puttable on July 8, 2025) in the third quarter of 2025, and another RMB9.8 billion in the fourth quarter. S&P said, "We currently do not consider Shenzhen Metro to be China Vanke's parent. Shenzhen Metro's representation in the China Vanke board and senior management has increased since January 2025. However, we believe the record of Shenzhen Metro's increased influence on China Vanke is relatively short. "We could reassess China Vanke's relationship with, as well as importance to, Shenzhen Metro, if we find evidence that Shenzhen Metro has control over China Vanke's strategy and cash flow." Board members from Shenzhen Metro and from Shenzhen's other state-owned enterprises do not have a majority representation on the China Vanke board. They only have four board seats out of 10. Furthermore, although Shenzhen Metro is China Vanke's largest single shareholder with a 27.18% stake, it only accounted China Vanke as its associate company in its 2024 financial results. S&P said, "We believe China Vanke will use it cash holdings and proceeds from asset disposals to repay maturing bonds. As at end March 2025, we estimate the company had RMB14 billion of uncollected proceeds from contracted asset disposals. We also estimate China Vanke had RMB18 billion of accessible cash. To further raise liquidity, we believe the company will seek opportunities to increase disposal of non-core assets. "In our view, China Vanke has stable relationships with financial institutions. We therefore believe the company will be able to refinance its bank loans and the majority of its borrowings from insurers in 2025. We estimate China Vanke's net repayment of borrowings from financial institutions was merely about RMB1.4 billion in the first quarter of 2025." In late May, China Vanke refinanced a secured offshore syndicated loan of HK$6.87 billion with a tenor not exceeding two years. The company does not have further offshore debt maturities in the rest of 2025. The negative outlook on China Vanke reflects S&P's view that the company's liquidity could tighten in the face of deteriorating sales and a bond maturity wall over the next 12 months. The rating and outlook on Vanke HK reflect those on its parent, China Vanke. In S&P's view, Vanke HK will remain a highly strategic subsidiary of China Vanke for the next 12-24 months. S&P may lower its ratings on China Vanke if the company's liquidity deteriorates and its financial commitments appear to be unsustainable. This could happen if: -- China Vanke's contracted sales, operating cash flow, and profitability are materially weaker than S&P expects; -- The company's ability to refinance loans from financial institutions weakens. This could happen if its relationship with banks and insurers worsens; or -- China Vanke fails to execute its asset disposal plans or its cash collection from disposals is delayed. S&P said, "We could lower the rating on Vanke HK if we downgrade China Vanke. In addition, we may lower the rating on Vanke HK if we believe China Vanke's ability or willingness to support the company has weakened." S&P may consider a positive rating action for China Vanke if: -- The company's contracted sales and operating cash flow improve markedly; -- China Vanke swiftly executes significant asset disposals or collects material cash from contracted disposals; -- The company obtains significant new financing by pledging its assets; or -- S&P finds evidence that China Vanke is important to Shenzhen Metro's long-term strategy, such that we expect Shenzhen Metro to provide further timely and sufficient extraordinary liquidity support, if needed. HOZON NEW ENERGY: Enters Bankruptcy Reorganization Proceedings -------------------------------------------------------------- Yicai Global reports that China's Hozon New Energy Automobile, the owner of electric vehicle brand Neta, has entered bankruptcy reorganization proceedings. According to Yicai, the National Enterprise Bankruptcy Information Disclosure Platform updated its information about Hozon Auto's bankruptcy case on June 13, adding Zhejiang Zicheng Law Firm as the administrator, along with other key management personnel, indicating that the company has officially entered bankruptcy. On May 13, the NEBIDP issued a notice that Chinese advertising agency Shanghai Yuxing Advertising had filed a bankruptcy review case against Hozon Auto and that the case was being handled by a court in Jiaxing, Zhejiang province, Yicai relates. A restructuring statement from Neta claiming Hozon Auto had entered bankruptcy started circulating on Chinese social media on June 12. However, a representative from Hozon Auto said the day after that the statement was not officially released and that they could not confirm its authenticity, Yicai says. According to the statement, Hozon Auto would collaborate with leading domestic and international industrial capital firms for joint investments, with funds earmarked for resuming production, technological research and development, and overseas market expansion, under the supervision of the High People's Court of Zhejiang Province. Yicai relates that the statement also claimed that, under the restructuring plan, Hozon Auto would optimize and restructure its original management team while bringing in senior executives with multinational automotive management experience, like the new chief executive officer. Moreover, the statement said Hozon Auto will ensure continued domestic and international operations, with production in Tongxiang and other locations expected to gradually resume within months, Yicai adds. Overseas operations would remain unaffected, with key international markets, including Thailand, Indonesia, and Brazil, remaining development priorities. On June 11, Hozon Auto's Chairman and CEO Fang Yunzhou was reportedly blocked in his office by employees demanding back pay, Yicai recalls. The above representative explained that Fang left his office under police escort, and his whereabouts are known. "The company's situation is quite chaotic right now, and we still need someone to take charge," the Hozon Auto representative noted. According to the listing prospectus filed by Hozon Auto to the Hong Kong Stock Exchange in June last year, the firm accumulated net losses of over CNY18.3 billion (USD2.5 billion) from 2021 to 2023, Yicai discloses. In recent years, Hozon Auto has been reported several times to have conducted large-scale layoffs, salary cuts, delayed supplier payments, and production shutdowns. Tongxiang-based Hozon Auto manufactures electric car. It produces vehicles under the Neta brand. RETO ECO-SOLUTIONS: Xinyang Li Assumes CEO Role ----------------------------------------------- ReTo Eco-Solutions, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Hengfang Li tendered his resignation as the Chief Executive Officer and a director of the Company. Mr. Li's resignation was for personal reasons and was not due to any disagreement with the Company. On May 25, 2025, the Board of Directors accepted Mr. Li's resignation and appointed: (i) Mr. Xinyang Li to serve as the Company's Chief Executive Officer and a Class C director, effective on May 25, 2025 and (ii) Mr. Guangfeng Dai, the President, Chief Operating Officer and a director of the Company, to serve as the Chairman of the Board. Xinyang Li, 29, has served as Chief Executive Officer and a director of the Company, as well as Chief Executive Officer of Beijing ReTo Hengda Technology Co., Ltd., a wholly owned subsidiary of the Company, since May 2025. From July 2021 to December 2024, he served as Assistant to the President at Beijing REIT Technology Development Co., Ltd., formerly a wholly owned subsidiary of the Company prior to its divestiture of REIT Holdings (China) Limited in December 2024. Mr. Li earned his Bachelor's degree in Economics from University of Nebraska Lincoln in 2019. Mr. Xinyang Li is the son of Mr. Hengfang Li. There are no family relationships between Mr. Xinyang Li and any other director and executive officer of the Company. There are no transactions between the Company and Mr. Li that will be required to be reported pursuant to Item 404(a) of Regulation S-K. Pursuant to Mr. Li's labor contract, dated as of May 25, 2025, he will serve as the Chief Executive Officer of the Company and ReTo Hengda for a term from May 25, 2025 to May 25, 2028. Mr. Li is entitled to an annual compensation of RMB336,000 (approximately $47,040) and social insurance and other employee benefits (including health insurance, vacation and expense reimbursement), each in accordance with laws in the People's Republic of China and the Company's policy. The Labor Contract may be terminated in accordance with the Labor Contract Law of the People's Republic of China and relevant local regulations in Beijing. The foregoing description of the Labor Contract is only a summary of the material terms of the Labor Contract and does not purport to be complete and is subject to, and is qualified in its entirety by, the full text of the Labor Contract, which form is available at https://tinyurl.com/2mravsjf About Reto Eco-Solutions Reto Eco-Solutions, Inc., through its operating subsidiaries in China, is engaged in the manufacture and distribution of eco-friendly construction materials (aggregates, bricks, pavers and tiles), made from mining waste (iron tailings), as well as equipment used for the production of these eco-friendly construction materials. Headquartered in Beijing, Peoples Republic of China, the Company also provides consultation, design, project implementation and construction of urban ecological protection projects through its operating subsidiaries in China. It also provides parts, engineering support, consulting, technical advice and service, and other project-related solutions for its manufacturing equipment and environmental protection projects. Irvine, California-based YCM CPA Inc., the Company's auditor since 2021, issued a “going concern” qualification in its report dated May 8, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company reported a net loss of approximately $8.4 million and $16.1 million for the years ended December 31, 2024 and 2023, respectively, and the Company had a working deficit of approximately $2.6 million as of December 31, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. SHINECO INC: Signs $13.5M Stock Deal With Non-U.S. Investors ------------------------------------------------------------ Shineco, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a securities purchase agreement with certain non-U.S. investors, pursuant to which the Company agreed to sell, and the buyer agreed to purchase, severally and not jointly, an aggregate of 18,000,000 shares of common stock of the Company at an offering price of $ 0.75 per share. Each buyer has represented that he or she is not a resident of the United States and is not a "U.S. person" as defined in Rule 902(k) of Regulation S under the Securities Act and is not acquiring the Shares for the account or benefit of any U.S. person. The gross proceeds of the Offering are expected to be approximately $13.5 million, before the deduction of customary expenses. The full text copy of the Form of the SPA is available at https://tinyurl.com/yeys9vjw About Shineco Inc. Headquartered in Beijing, People's Republic of China, Shineco, Inc. aims to 'care for a healthy life and improve the quality of life' by providing health and medical products and services to society. Shineco, operating through subsidiaries, has researched and developed 33 vitro diagnostic reagents and related medical devices to date, and the Company also produces and sells healthy and nutritious foods. Singapore-based AssentSure PAC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Sept. 30, 2024, citing that the Company had net losses of approximately US$$24.3 million and US$14.0 million, and cash outflow of US$3.9 million and US$5.4 million from operating activities for the years ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and 2023, the Company had accumulated deficit of US$54.3 million and US$31.7 million, respectively, and as of June 30, 2024 and 2023, the Company had negative working capital of US$6.7 million and US28.9 million, respectively. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ========= I N D I A ========= ADIE BROSWON: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Adie Broswon Breweries Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term- 7.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Long Term- 72.14 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 9.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 24.31 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Adie Broswon Breweries Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Adie Broswon Breweries Private Limited was incorporated in March, 2010 and is engagedin brewing beer at its manufacturing facility located in Amritsar, Punjab. The company is a part of the Late Mr. Hardeep Chadha Group. The company has an installed capacity for manufacturing and brewing 5 lakh hector liters of beer per annum. ABBP also undertakes contract manufacture for SBL which is a 99% owned subsidiary of SAB Miller plc and has tied up 35% of its installed capacity for SAB Miller's brands 'Haywards 5000' and 'Foster's' at a fixed conversion cost. The company has also recently launched its own beer brand - "Rockberg". B.H. COTTON: ICRA Keeps B Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating of B.H. Cotton Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with B.H. Cotton Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. B. H. Cotton Pvt. Ltd was established in 2007. The factory is located at Rajkot Gujarat. BHCPL is engaged in cotton ginning and pressing business. The company is equipped with 30 ginning machines and 1 pressing machine with annual installed capacity of 15000 MT. The company deals in S-6 type of cotton. It sells the cotton bales and cottonseed directly to end users like spinning mills and local ginners. BHAGWATI AGROTECH: ICRA Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Shree Bhagwati Agrotech Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING /[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term- 0.17 [ICRA]A4 ISSUER NOT Non fund Based- COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Long term 4.00 [ICRA]B (Stable) ISSUER NOT Fund based- COOPERATING; Rating continues Cash Credit to remain in the 'Issuer Not Cooperating' category Long term 4.00 [ICRA]B (Stable) ISSUER NOT Fund based- COOPERATING; Rating continues Term loan to remain in the 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Shree Bhagwati, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Shree Bhagwati Agrotech Pvt. Ltd.is involved in the milling of wheat to manufacture 'maida', 'atta', 'suji' and 'bran'. The manufacturing facility is located in Siliguri, West Bengal and has an installed annual capacity of 45,000 MT. The company commenced commercial production in October, 2016. DAMODAR TRADELINKS: ICRA Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Damodar Tradelinks Private Limited (DTPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B-(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 12.00 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short-term 2.00 [ICRA]A4 ISSUER NOT Non Fund based COOPERATING; Rating continues Limits to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with DTPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. DTPL was incorporated in 2003 by the Founder and Group Chairman of Electro Group of Companies, Mr. Brij Khandelwal. DTPL trades in different types of petrochemicals and polymers including low-density polyethylene, high-density polyethylene, linear low-density polyethylene, poly propylene, poly-vinyl chloride, fillers and master batches, among others. The company procures its products in bulk from both domestic markets and through imports and sells the same to its customers spread across southern India with major sales concentration in Tamil Nadu. DOLPHIN BUILDWELL: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Dolphin Buildwell Private Limited Regd Office: D-109, Pocket D, Mayur Vihar, Phase II, East Delhi, Delhi, India, 110091 Other Office: 224, Second Floor, Somdatt Chamber 9, Bhikaji Cama Place, New Delhi 110066 Insolvency Commencement Date: March 18, 2025 Estimated date of closure of insolvency resolution process: September 14, 2025 Court: National Company Law Tribunal, New Delhi Bench-II Insolvency Professional: Sapan Mohan Garg D-54, First Floor, Defense Colony, New Delhi 110024 Email: sapan10@yahoo.com - and - C-621, 6th Floor, Tower C IThum, Plot No. A-40, Sector 62 Noida, UP - 201301 Email: cirp.dolphinbuildwell@gmail.com Last date for submission of claims: June 9, 2025 DURA PUF: CRISIL Lowers Rating on INR4.83cr Proposed LT Loan to C ----------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Dura Puf (Silvassa) Private Limited (DPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 4.83 Crisil C (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'Crisil B/Stable ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with DPL for obtaining information through letter and email dated October 10, 2024, among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component'. Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DPL, which restricts Crisil Ratings' ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on DPL is consistent with 'Assessing Information Adequacy Risk'. Crisil Ratings has noted that a petition was admitted to National Company Law Tribunal (NCLT) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against DPL, and the NCLT has ordered CIRP to be initiated. Therefore, based on the last available information and lack of management cooperation, Crisil Ratings has revised its rating on the bank facilities of DPL to 'Crisil C Issuer Not Cooperating' from 'Crisil B/Stable Issuer Not Cooperating'. Incorporated in 1972 and promoted by Mr. Deepak Doshi, Mumbai-based DPL manufactures polyurethane foam that finds application in mattresses and packaging. GANGADASS ENTERPRISES: CRISIL Keeps B Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shri Gangadass Enterprises Private Limited (SGEPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 1.94 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 2.50 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SGEPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SGEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SGEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SGEPL continues to be 'Crisil B/Stable Issuer not cooperating'. SGEPL, incorporated on April 2016 by Ms Neelam Sharma, Mr. Saurabh Sharma, and Mr. Ajay Kumar Sharma, has a cold store at Aligarh, with chamber capacity of 2 lakh bags. It is used for preservation of potatoes and other perishable goods. GANPATI RIDHI: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shree Ganpati Ridhi Sidhi Agro Industries Private Limited (SGRSAI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 7.7 CRISIL D (Issuer Not Cooperating) Proposed Cash 2.5 CRISIL D (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with SGRSAI for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SGRSAI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SGRSAI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SGRSAI continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2013, SGRSAI mills and processes non-basmati rice and wheat at its unit at Mau in Uttar Pradesh. It commenced commercial operations in April 2015. The company is promoted by Mr. Nirmal Gupta and his family members. GREAT VALUE: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating of Great Value Fuels Private Limited (GVF) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Long Term- 16.90 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 113.10 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with GVF, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Great Value Fuels Private Limited (GVF) was incorporated in 2008 and had entered into an agreement with Department of Transport (DoT), Government of Delhi to run public buses in Delhi. The DoT Govt of Delhi has launched a scheme to corporatize the Private Stage Carriage operation of buses in Delhi and appointed Delhi Integrated Multi Modal Transit System Limited (DIMTS) as Integrated Mechanism for the Private stage carriage buses corporatization scheme. Under the contract, GVF had to deploy 365 buses (292 Non-AC, & 73 AC). HANS RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Shree Hans Rice and General Mills (SHRGM) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 1.90 [ICRA]B+ (Stable) ISSUER NOT Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long term/ 72.50 [ICRA] B+(Stable)/A4 ISSUER Short Term- NOT COOPERATING; Rating Fund Based continues to remain in the 'Issuer Not Cooperating' Category Long term/ 0.60 [ICRA] B+(Stable)/A4 ISSUER Short Term- NOT COOPERATING; Rating Unallocated continues to remain in the 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with SHRGM, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. SHRGM a partnership firm, was set up in 1980 by Mr K.R. Gupta, and is primarily engaged in milling of basmati rice, with its milling unit located in Taraori, Karnal, in close proximity to the local grain market. The firm has a milling and sorting capacity of 12 metric tonnes per hour (MTPH). The company had enhanced its milling capacity by 4 tons per hour, with the new capacity being commissioned in October 2013. HONEY BUILDERS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Honey Builders Limited Regd Office: D-109, Pocket D, Mayur Vihar, Phase II, East Delhi, Delhi, India, 110091 Other Office: 224, Second Floor, Somdatt Chamber 9, Bhikaji Cama Place, New Delhi 110066 Insolvency Commencement Date: March 18, 2025 Estimated date of closure of insolvency resolution process: September 14, 2025 Court: National Company Law Tribunal, New Delhi Bench-II Insolvency Professional: Sapan Mohan Garg D-54, First Floor, Defense Colony, New Delhi 110024 Email: sapan10@yahoo.com - and - C-621, 6th Floor, Tower C IThum, Plot No. A-40, Sector 62 Noida, UP - 201301 Email: cirp.honeybuilders@gmail.com Last date for submission of claims: June 9, 2025 HRM OVERSEAS: ICRA Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating of HRM Overseas (HRM) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.35 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 0.65 [ICRA]B (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 25.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with HRM, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. HRM Overseas (HRM) is a partnership firm was set up in 2013 by Mr. Mukesh Kumar, Mr.Ashwani Kumar, Mr Himanshu Goyal and Mr.Mohit Goyal. It has a plant at Nissing in Haryana which has a milling capacity of 12 tonnes per hour and 1 sortex machinery with a capacity of 8 ton/hr. The firm has a fully automated plant. The byproducts of basmati rice viz husk, rice bran and 'phak' are sold in the domestic market. JAIPRAKASH ASSOCIATES: Creditors Extend Bid Deadline by 15 Days --------------------------------------------------------------- The Economic Times reports that creditors to Manoj Gaur-promoted Jaiprakash Associates Ltd (JAL), led by National Asset Reconstruction Co Ltd (NARCL), have decided to extend the timeline for submission of bids by another 15 days from June 9. According to ET, the decision was taken at the meeting of the committee of creditors (CoC) earlier this month after requests from some bidders for more time to submit their bids. "Some bidders requested for more time and NARCL, which is the largest creditor, has agreed. This will be conveyed to all stakeholders on June 9," said a person familiar with the process, who did not wish to be identified. NARCL did not immediately reply to ET's email seeking comments. The debt-laden holding company of the real estate, cement and engineering, procurement and construction (EPC) group, operating mostly in Delhi-National Capital Region, owes creditors a total of INR57,185 crore, ET discloses. Interested bidders have to submit an earnest money deposit and performance security. According to ET, lenders have also sought bank guarantees of INR8.5 lakh against 100% margin (in the form of a lien marked fixed deposit), to cover for the mining plan for Degarhat Devmaudaldal leased limestone mine of JAL. ET relates that media reports said that more than two dozen varied bidders including power and cement companies, alternative asset managers and EPC companies have expressed interest in placing formal bids. They include large companies such as Adani Enterprises, Dalmia Bharat, Vedanta, Patanjali Ayurveda, Naveen Jindal's Jindal Power, GMR Group, Kotak Alternate Asset Managers, Oberoi Realty and Torrent Power. ET could not immediately ascertain the names of the bidders. NARCL is the single largest creditor to the company, having taken over 87% of the INR57,185 crore debt from banks in January. Acre ARC, with 4% of the debt, and Axis Bank, with 1.60% of the debt, are the other large creditors. About JAL Jaiprakash Associates Ltd (JAL) is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses. JAL was one of the leading cement manufacturers with an installed capacity of ~28 million tonnes per annum (mtpa) and under implementation capacity of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is also engaged in the construction business in the field of civil engineering, design and construction of hydro-power, river valley projects. JAL is also undertaking power generation, power transmission, real estate, road BOT, healthcare and fertilizer businesses through its various subsidiaries/SPVs. JAL featured in Reserve Bank of India's second list of at least 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC, claiming a default of more than INR16,000 crore. On June 3, 2024, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. Bhuvan Madan is the resolution professional (RP) for the JAL. SBI has also moved NCLT against JAL, claiming a total default of INR6,893.15 crore as of Sept. 15, 2022. K. M. FISHERIES: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-term and Short-term ratings for the bank facilities of K. M. Fisheries in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 15.35 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 0.15 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with K. M. Fisheries, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained noncooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. K. M. Fisheries was started in 2012 as a proprietorship concern by Mr. K. A. Kochumohammedfor processing and export of frozen marine products particularly Cuttle fish, Squid, Octopus, Sardines and Mackerels to mainly European and Asian countries. Later in April 2013, the firm was reconstituted as a partnership firm completely owned by Mr. K. A. Kochumohammed, his brother K. A. Abdul Latheef and their respective children. The firm has two installed freezers at Arur and Azhikode with a combined capacity of 2450 Tons for storing and processing marine products. LIMTEX AGRI: ICRA Withdraws D Rating on INR25cr LT Loan ------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Limtex Agri Udyog Limited (LAUL) at the request of the company and based on the No due Certificate received from its lender. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 25.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Cash Credit Long-term 0.50 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Withdrawn Others Short-term 8.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Withdrawn Others Limtex Agri Udyog Limited (LAUL) is a part of the Kolkata-based Limtex group, which has interests in tea, biscuits and information technology. LAUL concentrates on the production of CTC variety of tea as well as blending and trading of tea. Apart from production of CTC tea, the company also carries out purchasing of premium quality tea to blend with its lower grade of bought leaf production to enhance the quality of the blended tea. MADHOPUR CEMENT: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Shri Madhopur Cement Private Limited (SMCPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.45 CRISIL B/Stable (ISSUER NOT COOPERATING) Cash Credit-Stock 3.00 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Long Term 0.55 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with SMCPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SMCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SMCPL continues to be 'Crisil B/Stable Issuer not cooperating'. SMCPL, established in 1990 by Mr. Ashok Choudhary, was into business of cement manufacturing. The cement manufacturing operations were halted in 1995. In fiscal 2019, SMCPL was revived by the promoters with intention of leveraging experience in agro commodity trading. SMCPL is currently trading products like Barley, millets, turmeric etc. in Rajasthan. MAHALAXMI CASHEW: ICRA Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-term rating for the bank facilities of Mahalaxmi Cashew Industries in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Mahalaxmi Cashew Industries, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Mahalaxmi Cashew Industries is a partnership firm that processes raw cashew nuts (RCN) to cashew kernels. The firm also trades in RCN to an extent. It was established in 1996 and has its manufacturing unit in Chandgad, Maharashtra with an installed capacity of 6MT per day. MCI sources its RCN from local traders and resellers as well as through imports from Benin, Tanzania and Indonesia. The firm sells the processed kernels primarily to wholesale dealers within India. PRECIMEASURE CONTROLS: ICRA Keeps B+ Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Precimeasure Controls Private Limited (PCPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 2.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 9.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Short Term- 0.19 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with PCPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Precimeasure Controls Private Limited (PCPL) was established in the year 1984 and is engaged in manufacturing and exporting of winding/oil temperature indicators and controllers for power, distribution and dry type transformers. These instruments are mostly used for electronic monitoring and protective instruments in transformers and other related equipment in power sector and industrial process control equipment. PCPL is manufacturer of: Temperature instruments: industrial process type, Thermometers and Temperature Sensors, and Gauges for computing pressure temperature correction. PRG BUILDCON: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of PRG Buildcon India Private Limited (PRG) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 4.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 15.87 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 213.13 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Short-term 37.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Continues to remain under the Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with PRG, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 2014 as Naya Infrastructure Pvt Ltd (NIPL) and later renamed as PRG Buildcon India Private Limited (PRG), it is primarily engaged in undertaking sub-contacting works in irrigation, building and water supply projects in Andhra Pradesh and Telangana. PRG is certified as a Special Class civil contractor by the Government of Telangana. The day-to-day operations of the company are managed by Mr. Sunil Kumar Bontha. Dr. G Prabhakar Rao (Founder & Chairman of PRG) has been the Founder and Chairman of Prathima Group since its inception which has investments in 7 different sectors. The clientele of PRG includes Megha Engineering & Infrastructures Ltd, Prathima Infrastructure Limited and Tata Projects Limited. S. M. BUILDCON: CRISIL Keeps B+ Rating in Not Cooperating Category ------------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of S. M. Buildcon (SMB) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 18 CRISIL B+/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SMB for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SMB, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SMB continues to be 'Crisil B+/Stable Issuer not cooperating'. Established in September 2015, SMB is a partnership firm of Mr. Hardik Patel, Mr. Anil Solanki, Mr. Mahesh Patel, Mr. Amit Patel, Mr. Hasmukh Patel, Mr. Vijay Patel, Mr. Kanti Patel, Mr. Anupam Patel, Mr. Vinod Patel, Mr. Dinesh Patel and Mahadev Construction Pvt Ltd. The firm develops residential and commercial real estate in and around Ahmedabad, and is currently implementing Shashwat Mahadev III with a total of 366 saleable units of which construction commenced from March 2017. S.B. AGENCIES: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of S.B. Agencies (SBA) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SBA for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SBA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SBA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SBA continues to be 'Crisil D Issuer not cooperating'. SBA was set up in 1989 by Mr. Nazar Mohamed Ellias and his wife, Mrs Raheena Jalaudeen. The firm trades in tiles, sanitary items and granites, and is based in Attingal (Kerala). SHIVA FERRIC: ICRA Withdraws B+ Rating on INR35cr LT Loan --------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Shiva Ferric Pvt Ltd, at the request of the company and based on the No due Certificate and No objection Certificate received from its lenders. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 35.00 [ICRA]B+(Stable); ISSUER NOT Fund based- Withdrawn Cash Credit Incorporated in 2003, Shiva Ferric Private Limited (SFPL), formerly Shiva Steels is a trading company engaged in trading of ahost of iron and steel products namely hot-rolled (HR) sheets/plates and coils, cold-rolled (CR) sheets and coils, and other structural steel products like angles, channels, beams, t-angles, TMT bars etc. The company's warehouse is in Whitefield, Bangalore. The company is in existence since 1993 in the form of a proprietorship concern under the name –Shiva Steels, which was later incorporated as a private limited company in 2003. SLC PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of SLC Projects Private Limited (SLCPPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 12 CRISIL D (Issuer Not Cooperating) Cash Credit 18 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SLCPPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SLCPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SLCPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SLCPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 1974, as a partnership entity and later incorporated as a private limited company in 2004, SLCPPL undertakes civil construction works such as construction of roads and buildings, electrical works like construction of substations, transmission lines and other mechanical works for Government defense related projects for entities like Defence Research and development Organisation, Military Engineering Services, Director General Naval Projects in Andhra Pradesh, and Tamil Nadu. SOLAN SPINNING: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Solan Spinning Mills Private Limited (SSMPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.6 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Long Term 1.9 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 7.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SSMPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSMPL continues to be 'Crisil B/Stable Issuer not cooperating'. SSMPL, established in 2003, manufactures cotton yarn of counts 20s to 30s. The company has been promoted by Mr. Arvind Kumar Arora, Mr. Sansar Singh Sirohi, Mr. Shitanshu Sirohi, and Mr. Aseem Gupta, who manage the daily operations. The manufacturing unit is at Baddi in Solan (Himachal Pradesh). SRIGDHAA BEVERAGES: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Srigdhaa Beverages (SB) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.1 CRISIL D (Issuer Not Cooperating) Long Term Loan 7.29 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.61 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SB for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SB, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SB continues to be 'Crisil D Issuer not cooperating'. SB was established as a partnership firm in February 2016 by Mr. Dumbla Vijender Reddy and Mrs Dumbla Balajyothi. The firm is in the processing of purified drinking water and soda and is based out of Hyderabad. SUMETCO ALLOYS: CRISIL Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Sumetco Alloys Private Limited (SAPL) continues to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 Crisil B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SAPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SAPL continues to be 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 1996, SAPL, promoted by Bhandari family, manufactures and trades lead alloys and pure lead. In 2018, the trading operations were discontinued. Its facility has a manufacturing capacity of 27,000 metric tonne per annum and is located in Bhiwadi, Rajasthan. The company has a sales office in New Delhi. Mr. Priyank Bhandari manages the operations. SUPER FINE: CRISIL Keeps D Rating in Not Cooperating Category ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Super Fine Rice Industries (SFRI) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SFRI for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SFRI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SFRI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SFRI continues to be 'Crisil D Issuer not cooperating'. Established in 1998 as a partnership firm, promoted by Mr. Krishan Kumar and family, SFRI mills basmati rice at its facility in Faridkot (Punjab). It also engages in opportunistic trading in the rice industry. UNIMAX CHEMICALS: CRISIL Reaffirms B Rating on INR6cr Loan ---------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil B/Stable/Crisil A4' ratings on the bank loan facilities of Unimax Chemicals Pvt Ltd (UCPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 Crisil B/Stable (Reaffirmed) Letter of Credit 10 Crisil A4 (Reaffirmed) Packing Credit 6 Crisil B/Stable (Reaffirmed) The ratings continue to reflect modest and declining scale of operations, and operating losses, weak financial profile and susceptibility to intense competition and regulatory risks. These weaknesses are partially offset by the extensive experience of the promoters in the bulk drugs industry and established customer relationships. Analytical approach Unsecured loan of INR15.26 crore as on March 31, 2025, from the promoters has been treated as neither debt nor equity as the loan is likely to remain in the business over the medium term. Key rating drivers and detailed description Weaknesses: * Modest and declining scale of operations: Revenue has decline in the past three fiscals from INR52 crores in fiscal 2022 to INRINR34 crore in fiscal 2025. The decline in revenue is due to the lower demand of company products. Modest scale restricts bargaining power with customers and suppliers. * Operating losses: The company reported operating losses in the past three fiscal years ended March 2025 on account of high fixed costs, volatile raw material prices and lower sales volumes. The new manufacturing facility has not started full-scale commercial production because of pending certificates and approvals, which is leading to low revenue. Improvement in the operating profitability remains critical and will be monitorable. * Weak financial profile: The capital structure is weak, as reflected by estimated gearing and total outside liabilities to adjusted networth (TOLANW) ratio of 3.98 times and 4.85 times, respectively, as on March 31, 2025. The debt protection metrics were subdued, as indicated by estimated interest coverage and net cash accrual to adjusted debt ratios of 0.19 time and negative 0.06 time, respectively, for fiscal 2025. Going ahead, the overall financial risk profile is expected to remain similar over the medium term. * Susceptibility to intense competition and regulatory risks: The company faces competition from numerous domestic and global players, which exerts pricing pressure. This necessitates the company to remain cost competitive to maintain profitability. Moreover, players face challenges from increase in inspections and regulatory actions by authorities. Strength: * Extensive experience of the promoters and their established customer relationships: UCPL was incorporated by Mr. Suresh Shah, Mr. Kaushik Shah and Mr. Yashwant Shah for manufacturing bulk drugs. The promoters have experience of over three decades in the industry; their strong understanding of market dynamics and healthy relationships with suppliers and customers will continue to support the business. Diversity in geographic reach and clientele will continue to support the business risk profile.. Liquidity: Poor Bank limit utilisation was high above 90% on average for the 12 months through April 2025. Cash accrual is expected to be minimal but will sufficiently cover yearly term debt obligation of INR0.5-0.6 crore over the medium term. The current ratio was estimated to be less than 1 time as on March 31, 2025. The promoters have extended support in the form of unsecured loan of INR15.26 crore as on March 31, 2025, to meet working capital requirement and debt obligation. The company has a fixed deposit of INR22.92 crore as on March 31, 2025, against which it avails overdraft limit. Outlook: Stable Crisil Ratings believes UCPL will continue to benefit from the extensive experience of the promoters and their established relationships with clients. Rating sensitivity factors Upward factors: * Steady increase in revenue and operating margin leading to cash accrual of more than INR1 crore * Improvement in TOLANW below 4 times Downward factors: * Decline in revenue or continued pressure on operating profitability leading to losses * Stretched working capital cycle weakening the liquidity, with unsecured loans reducing or bank limit utilization more than 100%. Incorporated in 1985 by Mr. Suresh Shah, UCPL manufactures bulk drugs at its facility in Boisar, Maharashtra. The company derives 90% of its revenue from erythromycin and the balance from azithromycin. Mr. Piyush Shah and his family members manage operations. VEER CHEMICALS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Veer Chemicals Private Limited Regd Office: D-109, Pocket D, Mayur Vihar, Phase II, East Delhi, Delhi, India, 110091 Other Office: 224, Second Floor, Somdatt Chamber 9, Bhikaji Cama Place, New Delhi 110066 Insolvency Commencement Date: March 26, 2025 Estimated date of closure of insolvency resolution process: September 22, 2025 Court: National Company Law Tribunal, New Delhi Bench-II Insolvency Professional: Sapan Mohan Garg D-54, First Floor, Defense Colony, New Delhi 110024 Email: sapan10@yahoo.com - and - C-621, 6th Floor, Tower C IThum, Plot No. A-40, Sector 62 Noida, UP - 201301 Email: cirp.veerchemicals@gmail.com Last date for submission of claims: June 9, 2025 VENKATESWARA AEROSPACE: ICRA Keeps B+ Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Sri Venkateswara Aerospace (Private) Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING/ [ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 0.60 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 2.06 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term/ 20.00 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Non-Fund Based Rating Continues to remain Others under issuer not cooperating category Long Term/ 1.34 [ICRA]B(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under issuer not cooperating category As part of its process and in accordance with its rating agreement with Sri Venkateswara Aerospace (Private) Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1998, Sri Venkateswara Aerospace (Private) Limited is involved in the business of manufacture of various subassemblies and spare components for the aerospace and defence sector. The company has a manufacturing unit in Anciliary Industrial Estate in Ramchandrapuram, Hyderabad and a second unit in Maheshwaram Mandal in the outskirts of Hyderabad. The company is managed by Mr. C. Satyanarayana Reddy and his son Mr. C. Sandeep Reddy. The company's clients include laboratories that form a part of ISRO, DRDO etc. VIKAS COTTON: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-term rating for the bank facilities of Vikas Cotton Ginning & Pressing (VCGP) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 12.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 5.10 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with VCGP, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 2006, Vikas Cotton Ginning & Pressing (VCGP) is a partnership firm owned and managed by Mr. Mahmadrafik Allarakha Kaladiya, Mr. Afzal Allarakha Kaladiya and Mr. Amin Allarakha. The manufacturing facility of the firm, located at Surendranagar, Gujarat, is equipped with 42 ginning and one fully automatic pressing machine to produce cotton bales and cottonseeds. The firm also has five expellers for cottonseed crushing. It also trades in castor seeds, cumin seeds, wheat, coriander and other agro-products. WEB SPIDERS: ICRA Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings of Web Spiders (India) Pvt Ltd (WSIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term (8.00) [ICRA]A4 ISSUER NOT Interchangeable COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Long Term- 15.00 [ICRA]B+(Stable) ISSUER NOT Fund based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with WSIPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Promoted by the Kolkata based Jhunjhunwala family and Agarwal family, WSIPL was incorporated in 2000. Mr. Siddharth Jhunjhunwala and Mr. Vijay Kumar Jhunjhunwala are the two directors from the Jhunjhunwala family, whereas, from the Agarwal family, Mr. Rajesh Kumar Agarwal and Mr. Harish Kumar Agarwal are the two other directors in the company. Mr. Siddharth Jhunjhunwala played the role of the key entrepreneur in setting up the company. He had been engaged in reselling of computers and hardware since 1995, prior to incorporation of WSIPL. WSIPL is registered under STPI (software technology park of India) scheme as a 100% export oriented unit. By the same, the company enjoyed income tax holiday till 2010. It is also entitled to enjoy waiver of custom duty, excise and central sales tax on purchase of equipment/hardware etc. WHITEFIELD SPINTEX: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-term and Short-term rating for the bank facilities of Whitefield Spintex (India) Pvt. Ltd. (WSIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 3.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 25.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 1.35 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Continues to remain under the Others 'Issuer Not Cooperating' Category Short-term (23.52) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable Continues to remain under the Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with WSIPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Whitefield Spintex (India) Private Limited (WSIPL) was incorporated in September 2013 as a Private Limited Company and is promoted by Mr. Minesh Jagani, Mr. Alvish Jagani and their relatives. The company has set up its plant at village Kherva, Ta. Wankaner, Dist. Rajkot to carry out spinning of 30SNE combed single cotton yarn as well as 2/30 twisted spun yarns. The promoters of the company are also associated in various industries such as ceramic, logistics, and auto sector through other group companies. i.e. Satyam Auto industries, SRV Global Freight Pvt. Ltd. and Wellgrip Industries. ========= J A P A N ========= NISSAN MOTOR: Plans to Reduce Stake in Renault, CEO Says -------------------------------------------------------- Reuters, citing Nikkei business newspaper, reports that Nissan Motor CEO Ivan Espinosa said the automaker plans to reduce its stake in French partner Renault. Nissan and Renault had said in March they had agreed to reduce their required minimum stake in each other to 10% from 15%, Reuters relates. Under their agreement, any share sale has to be coordinated with the other party and includes a right of first-refusal. Selling a 5% stake in Renault would raise about JYP100 billion ($640 million) at current share prices, funds Nissan plans to use for new vehicle development amid challenging business conditions, the Nikkei said, Reuters relays. Nissan currently holds 15% of the French company, according to LSEG data. Reuters says the news comes as Renault said on June 15 that boss Luca de Meo is leaving the car maker to pursue a role outside the auto industry. "We are bringing down our cross-shareholdings in order to invest in vehicles," the newspaper quoted Mr. Espinosa as saying in an interview. Nissan said that there had been no change in its cooperative agreement with Renault. "Should a share sale be executed in the future, the proceeds are expected to be primarily allocated toward investments in product development. However, no definitive decisions have been made at this stage," he said in a statement, relays Reuters. A sale would mark the latest example of the companies loosening ties which have spanned more than two decades, Reuters states. Renault separately holds a stake in Nissan that is in a French trust, which has been gradually sold down since 2023 when the two overhauled their alliance to put Nissan on more equal footing. About Nissan Motor Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. Fitch Ratings, in April 2025, downgraded Nissan Motor Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) and senior unsecured rating to 'BB' from 'BB+'. The Outlook is Negative. Fitch has affirmed the Short-Term Foreign- and Local-Currency IDRs at 'B'. S&P Global Ratings, on March 7, 2025, lowered its long-term issuer credit ratings on Nissan Motor and its overseas subsidiaries to 'BB' and affirmed its short-term issuer credit ratings on each company at 'B'. The negative outlook reflects S&P's view that the company's creditworthiness may continue to deteriorate as a challenging operating environment hampers profitability improvement and free cash flow losses continue. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. ===================== N E W Z E A L A N D ===================== BEDI FOODS: Creditors' Proofs of Debt Due on July 20 ---------------------------------------------------- Creditors of Bedi Foods Limited are required to file their proofs of debt by July 20, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 5, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 CUSTOMKIT BUILDINGS: Creditors' Proofs of Debt Due on July 10 ------------------------------------------------------------- Creditors of Customkit Buildings Limited 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 28, 2025. The company's liquidators are: Iain Mclennan Daniel Zhang McDonald Vague Limited PO Box 6092 Victoria Street West Auckland 1142 DU VAL: Three-Day Hearing Starts in the High Court -------------------------------------------------- Radio New Zealand reports that the collapsed Du Val property group was in the High Court on June 16 in a bid to fight the moves that ultimately led to it being put in statutory management. The group of about 70 entities owed about $300 million at last count. Founders Kenyon and Charlotte Clarke were in personal receivership. Du Val was put into statutory management in August - a move that could only be made by the government - at the recommendation of the Financial Markets Authority, RNZ notes. It came after the group was initially put into receivership and the receivers PWC raised concerns about irregular accounting, the valuations of assets and about the companies paying for some of the Clarkes' personal expenses. RNZ relates that the government said at the time that the scale and complexity of the situation meant statutory management was needed to prevent future harm. Kenyon Clarke has said the FMA and PWC have made the financial situation worse. He maintained that Du Val would have been able to deliver a return to its investors and contractors if the FMA had not stepped in. That was despite several creditors telling RNZ their bills stopped being paid, or were paid irregularly, in the run-up. The couple's lawyer Ron Mansfield KC was set to appear on behalf of Du Val and the Clarkes at the High Court in Auckland on June 16, in what is expected to be a three day hearing, RNZ says. The receivership and statutory management processes have been continuing despite the court challenge. The Clarkes remain in personal receivership and their assets have been frozen, RNZ notes. They have refused to be interviewed by receivers and are appealing a High Court ruling that would force them to, adds RNZ. About Du Val Group Du Val Group -- https://duval.co.nz/ -- is a developer of large-scale residential projects in New Zealand, renowned for their innovative design. As reported in the Troubled Company Reporter-Asia Pacific, the Financial Markets Authority on Aug. 21, 2024, confirmed that the Governor-General, on the advice of the Minister of Commerce and Consumer Affairs given in accordance with a recommendation from the FMA, declared a number of entities within the Du Val group be placed in statutory management under the terms of the Corporations (Investigation and Management) Act 1989 (the Corporations Act). Statutory management for these entities was announced by the Minister on Aug. 21, 2024 effective immediately. John Fisk, Stephen White and Lara Bennett of PwC New Zealand, who were appointed as interim receivers on Aug. 2, 2024, have been appointed as the Statutory Managers. INDIAN SPICE: Court to Hear Wind-Up Petition on July 7 ------------------------------------------------------ A petition to wind up the operations of Indian Spice Restaurant Limited will be heard before the High Court at Whangarei on July 7, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 8, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 LITTLE AND FRIDAY: Court to Hear Wind-Up Petition on June 27 ------------------------------------------------------------ A petition to wind up the operations of Little and Friday Limited will be heard before the High Court at Auckland on June 27, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 17, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 TRAXX INVESTMENTS: Creditors' Proofs of Debt Due on July 3 ---------------------------------------------------------- Creditors of Traxx Investments 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 4, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 ================= S I N G A P O R E ================= AVPV FUKUOKA: Creditors' Proofs of Debt Due on July 4 ----------------------------------------------------- Creditors of AVPV Fukuoka SG Holding Pte. Ltd. and AVPV 4 SG Holding Pte. Ltd are required to file their proofs of debt by July 4, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 4, 2025. The company's liquidators are: Chek Khai Juat Tay Tuan Leng c/o Tricor Singapore 9 Raffles Place #26-01 Republic Plaza Singapore 048619 BD CRANETECH: Court to Hear Wind-Up Petition on June 20 ------------------------------------------------------- A petition to wind up the operations of BD Cranetech Pte. Ltd. will be heard before the High Court of Singapore on June 20, 2025, at 10:00 a.m. SH Cogent Logistics Pte Ltd filed the petition against the company on May 26, 2025. The Petitioner's solicitors are: Messrs Providence Law Asia LLC 1 Raffles Place #29-62, One Raffles Place Singapore 048616 FU YUAN: Commences Wind-Up Proceedings -------------------------------------- Members of Fu Yuan Construction Pte. Ltd. on June 6, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Mr. Yiong Kok Kong 180 Cecil Street, #12-04 Singapore 069546 GENIUS CENTRAL: Commences Wind-Up Proceedings --------------------------------------------- Members of Genius Central Singapore Pte. Ltd. on June 5, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Mr. Tan Eng Soon 7500A Beach Road #05-303/304 The Plaza Singapore 199591 HOUSE ON HIRE: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on May 30, 2025, to wind up the operations of House On Hire (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 =============== T H A I L A N D =============== THAI AIRWAYS: Exits Debt Restructuring Plan With Court Approval --------------------------------------------------------------- Anuchit Nguyen at Bloomberg News reports that Thai Airways International Pcl won court approval to exit a debt restructuring program, paving the way for resumption of trading in its stocks after a four-year gap. According to Bloomberg, the Central Bankruptcy Court in Bangkok on June 16 granted the national carrier's plea to emerge from the court-supervised debt rehabilitation. The airline successfully completed the restructuring as it managed to increase capital as specified under the plan, restructure business its without any delay, and generate profit before tax, the court said in a statement. Bloomberg relates that the exit will now allow the company to carry out normal business operations five years after it fell into pandemic-triggered financial distress with more than THB400 billion (US$12.3 billion) of debt. Trading of the company's shares may also resume in late July or early August following the court's decision, Thai Airways has said. "It's now the duty of the new board to ensure sustainable growth of Thai Airways as the court-appointed debt rehabilitation team members have laid the groundwork for the company's business expansion," Piyasvasti Amranand, court-appointed debt administrator, told reporters. Bloomberg says the airline is currently benefiting from a post-pandemic travel boom, which has boosted its earnings and cash flow. Its improved financials have allowed it to order a new fleet of Boeing Co. and Airbus SE jets to support its expanding operations. Thai Airways saw its net income jump fourfold in the first quarter of this year as the number of passengers it served rose more than 11% from a year earlier. The airline sees strong bookings in the second quarter, led by rising demand for its flights to Europe, Australia and India, Chief Executive Officer Chai Eamsiri said in May. Bloomberg adds that the airline appointed a new board of directors in April, including two senior officials from the Finance Ministry, to prepare for the debt program exit. The ministry's permanent secretary Lavaron Sangsnit is among the 11-member board. As part of the rescue plan, the carrier's creditors agreed to convert about THB53 billion of debt into shares. It also sold about THB23 billion in new shares to existing shareholders to boost its capital. Bloomberg says thai Airways' shareholder equity returned to a surplus after completing the debt-to-equity conversion and rights offering. It had a negative shareholder equity of about 27 billion baht after years of losses. "We have a lot of financial strength in Thai Airways to continue our expansion and success in the competitive air travel industry," Bloomberg quotes Chai as saying in a statement June 16. "Thai Air's main mission is to sustain its long-term growth and push for Thailand as the region's aviation hub." About Thai Airways Thai Airways International PCL (BAK:THAI) -- http://www.thaiairways.co.th/-- is the national carrier of Thailand. The company provides air transportation, freight and mail services on domestic and international routes including Asia, Europe, North America, Africa and South West Pacific. The Company is a state enterprise which is controlled by the government and partly owned by the public. As reported in Troubled Company Reporter-Asia Pacific in May 2020, Thailand's cabinet approved a plan to restructure troubled Thai Airways International Pcl's finances through a bankruptcy court. The plan for a court-led restructuring of the national carrier replaces a previous proposal of a government-backed rescue package that was heavily criticised in the country. Thai Airways on May 27, 2020 said it appointed board members as rehabilitation planners in a bankruptcy court submission. On Sept. 14, 2020, Thailand's Central Bankruptcy Court approved Thai Airways debt restructuring. According to Bloomberg, the airline aims to emerge from its debt-restructuring plan in 2025, five years after it filed for bankruptcy protection. The state-controlled airline returned to profit in 2023 after it had posted losses from operations every year from 2013, which were worsened by the Covid pandemic. The airline anticipates the resumption of stock trading in the second-quarter of 2025. ********* 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. 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