250618.mbx

250618.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 Wednesday, June 18, 2025, Vol. 28, No. 121 Headlines A U S T R A L I A AUSTRALIAN INTERNATIONAL: First Creditors' Meeting Set for June 25 ESOTERIC FESTIVAL: First Creditors' Meeting Set for June 23 HENRYCARE PTY: Second Creditors' Meeting Set for June 23 LEON RESTOBAR: First Creditors' Meeting Set for June 25 MOSAIC BRANDS: May Have Traded Insolvent for Years, FTI Says ONYX COMMERCIAL: First Creditors' Meeting Set for June 24 SAPPHIRE XXVIII 2023-2: Moody's Ups Rating on Class E Notes to Ba1 STAR ENTERTAINMENT: Says AUD100M+ Fine Would Render it Insolvent VIRTICAL: Two Pub Directors Facing Tax Scam Allegations H O N G K O N G NEW WORLD: Bondholders Receive Interest Payment on Dollar Note I N D I A BAGH BAHAR: CARE Keeps D Debt Rating in Not Cooperating Category BANGLORE POLYMERS: CARE Keeps C Debt Ratings in Not Cooperating CABBANA INFRASTRUCTURES: CARE Keeps D Rating in Not Cooperating EDGEBIRDS INDIA: Voluntary Liquidation Process Case Summary FEEDBACK ENERGY: CARE Keeps D Debt Ratings in Not Cooperating GENSOL ENGINEERING: NCLT Admits Insolvency Resolution Proceedings GOPAL SHIVHARE: CARE Keeps C Debt Ratings in Not Cooperating GREEN SPACE: CARE Keeps D Debt Rating in Not Cooperating Category INDROYAL PROPERTIES: CARE Keeps D Debt Rating in Not Cooperating INFRA CORPORATION: CARE Keeps B- Debt Rating in Not Cooperating JAGDAMBA POULTRY: CARE Keeps D Debt Rating in Not Cooperating JET AIRWAYS: Bank of Baroda Top Bidder for Godrej BKC Office Space LUHIT TEA: CARE Keeps B+ Debt Rating to Not Cooperating Category MAHIMA COLD: CARE Lowers Rating on INR6.22cr LT Loan to B+ MURLI COLD: CARE Keeps B- Debt Rating in Not Cooperating Category NEEMRANA LAND: Insolvency Resolution Process Case Summary P.M.P. TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating PANORAMIC GATEWAY: CARE Keeps D Debt Rating in Not Cooperating PEEJAY AGRO: Insolvency Resolution Process Case Summary PRASHANT ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating PROGNOSYS MEDICAL: CARE Keeps C Debt Rating in Not Cooperating REAL GROW: CARE Keeps D Debt Ratings in Not Cooperating Category RISHI TRADERS: CARE Keeps D Debt Rating in Not Cooperating SAHYOG HOMES: Insolvency Resolution Process Case Summary SAI KRISHNA: Insolvency Resolution Process Case Summary SANT KRIPA: CARE Keeps D Debt Ratings in Not Cooperating Category SBS TRANSPOLE: CARE Keeps D Ratings in Not Cooperating Category SPAN OUTSOURCING: CARE Keeps C/A4 Debt Rating in Not Cooperating SSK INFOTECH: CARE Keeps D Debt Ratings in Not Cooperating SSK RETAILS: CARE Keeps D Debt Rating in Not Cooperating Category SUPREME INNOVATIVE: Liquidation Process Case Summary SUPREME STAR: Liquidation Process Case Summary SYSKA LED: CARE Keeps D Debt Ratings in Not Cooperating Category TAMOGNA ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating I N D O N E S I A BANK PAN INDONESIA: Fitch Affirms 'BB+' LT IDR, Outlook Stable J A P A N MARELLI AUTOMOTIVE: Akin and Cole Schotz Represent Senior Lenders MARELLI AUTOMOTIVE: Deadline for Panel Questionnaires Today M A C A U TAI FUNG BANK: Fitch Assigns 'B(EXP)' Rating to AT1 Capital Bonds M A L A Y S I A BERTAM ALLIANCE: Exits PN17 Status After Seven Years N E W Z E A L A N D ALL OUT: Court to Hear Wind-Up Petition on July 8 FLEET WORKS: Creditors' Proofs of Debt Due on Aug. 4 SILVER STREAM: Reynolds & Associates Appointed as Liquidators STUDIO NEW ZEALAND: Creditors' Proofs of Debt Due on Aug. 8 URSA SERVICES: Creditors' Proofs of Debt Due on July 30 S I N G A P O R E CHARLESTON SCIENTIFIC: Court Enters Wind-Up Order KSL AUTOMOTIVE: Court Enters Wind-Up Order LOCUST PTE: Court Enters Wind-Up Order PTY RESOURCES: Court to Hear Wind-Up Petition on June 20 WELLNESS FITNESS: Creditors' Meeting Set for June 25 S O U T H K O R E A KUMHO TIRE: Doublestar Under Increasing Pressure to Support Firm [] FSS to Tighten Capital Regulations on Real Estate Trust Cos. V I E T N A M VIETNAM: Moody's Affirms 'Ba2' Issuer Rating, Outlook Stable - - - - - ================= A U S T R A L I A ================= AUSTRALIAN INTERNATIONAL: First Creditors' Meeting Set for June 25 ------------------------------------------------------------------ A first meeting of the creditors in the proceedings of Australian International Studies Institute Pty Ltd will be held on June 25, 2025 at 12:00 p.m. via Zoom meeting. Danny Vrkic and Daniel O'Brien of DV Recovery Management were appointed as administrators of the company on June 13, 2025. ESOTERIC FESTIVAL: First Creditors' Meeting Set for June 23 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Esoteric Festival Pty Ltd will be held on June 23, 2025 at 11:00 a.m. virtually via Zoom. Nathan Deppeler and Scott Andersen of Worrells were appointed as administrators of the company on June 11, 2025. HENRYCARE PTY: Second Creditors' Meeting Set for June 23 -------------------------------------------------------- A second meeting of creditors in the proceedings of HenryCare Pty Limited has been set for June 23, 2025 at 2:30 p.m. at the offices of SV Partners at Level 7, 151 Castlereagh Street in Sydney and by way of teleconference facilities (Microsoft Teams). 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 20, 2025 at 4:00 p.m. Michael Carrafa and Fabian Kane Micheletto of SV Partners were appointed as administrators of the company on Feb. 24, 2025. LEON RESTOBAR: First Creditors' Meeting Set for June 25 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Leon Restobar Pty Ltd will be held on June 25, 2025 at 11:00 a.m. at the offices of Smith Hancock Chartered Accountants at Suite 47.04, Level 47, 8 Parramatta Square, 10 Darcy Street in Parramatta and via Microsoft Teams platform. Peter Hillig and Erwin Rommel Alfonso of Smith Hancock were appointed as administrators of the company on June 13, 2025. MOSAIC BRANDS: May Have Traded Insolvent for Years, FTI Says ------------------------------------------------------------ Carrie LaFrenz at The Australian Financial Review reports that the administrator of failed retailer Mosaic Brands has raised the possibility that the company was trading while insolvent as far back as five years ago. Mosaic, once one of the biggest ASX-listed clothing retailers, collapsed last year, with FTI Consulting appointed as administrators. The company operated clothing chains including Katies, Millers, Noni B and Rivers, all of which have now closed, resulting in hundreds of jobs being lost. On June 13, in a report circulated to creditors, FTI Consulting said its preliminary view was that Mosaic had never been able to recover from the sudden collapse in sales at the start of the COVID-19 pandemic and from the significant losses it incurred over that year, the Financial Review relays. That meant the company was likely trading insolvent as early as the end of 2020, they said. According to the Financial Review, the administrators outlined multiple potential breaches of directors' duties by the Mosaic board over that time, including a failure to exercise reasonable care and diligence, act in good faith and keep proper records. "Our current estimate of a recovery from a potential insolvent trading claim is between AUD38 million and AUD77 million (before costs and funding)," the administrators wrote to creditors in their report. "These estimates reflect our view on the inherent uncertainty involved in any litigation." The Financial Review relates that FTI Consulting also said liquidators should continue investigations into a potential "uncommercial transaction" when the company purchased Ezibuy, a clothing and homewares retailer, in 2019 and 2020. Mosaic put Ezibuy into administration in 2023, citing its poor sales growth. It added that more investigation is required to consider the defence of the directors who advised they occasionally sought so-called safe harbour protections, which protected them from personal liability for insolvent trading. FTI Consulting suggested liquidators investigate the "complex transaction" to determine "whether it meets the statutory threshold of an uncommercial transaction". If it did, creditors could recover as much as AUD5.5 million. Mosaic, which was previously known as Noni B, experienced severe disruptions as it migrated its logistics and distribution system, the Financial Review states. The company was trading under safe harbour provisions from August last year until it ultimately collapsed two months later. About Mosaic Brands Based in Rosebery, Australia, Mosaic Brands Limited (ASX:MOZ) -- https://www.mosaicbrandslimited.com.au/ -- engages in the retail of women's apparel and accessories in Australia and New Zealand. The company sells its products under the Millers, Rockmans, Noni B, Rivers, Katies, Autograph, W. Lane, Crossroads, beme, and Ezibuy brand names. It operates through a network of 804 stores and online digital department platforms. The company was formerly known as Noni B Limited and changed its name to Mosaic Brands Limited in November 2019. David Hardy, Gayle Dickerson, Ryan Eagle and Amanda Coneyworth were appointed Receivers and Managers to the assets and undertakings of the Mosaic Brands Group entities on Oct. 28, 2024. Mosaic Brands entities are: - Mosaic Brands Limited - Noni B Holdings Pty Limited - W.Lane Pty Ltd - Pretty Girl Fashion Group Pty. Ltd. - Pretty Girl Fashion Group Holdings Pty Ltd - Noni B Holdings 2 Pty Ltd - Rivers Retail Holdings Pty Ltd - Crossroads Retail Pty Ltd - Katies Retail Pty Ltd - Autograph Retail Pty Ltd - Millers Retail Pty Ltd - Noni B HoldCo Pty Ltd - Ezibuy Pty. Limited The Receivers' appointment follows the appointment of Vaughan Strawbridge, Kate Warwick, Kathryn Evans and David McGrath of FTI Consulting as Voluntary Administrators to the Mosaic Brands Group on Oct. 28, 2024. ONYX COMMERCIAL: First Creditors' Meeting Set for June 24 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Onyx Commercial Property Pty Ltd will be held on June 24, 2025 at 12:00 p.m. at the offices of HoganSprowles at Level 1, 44 Pitt Street in Sydney and via virtual meeting. Michael Hogan and Christian Sprowles of HoganSprowles were appointed as administrators of the company on June 12, 2025. SAPPHIRE XXVIII 2023-2: Moody's Ups Rating on Class E Notes to Ba1 ------------------------------------------------------------------ Moody's Ratings has upgraded ratings on three classes of notes issued by Permanent Custodians Limited as trustee of Sapphire XXVIII Series 2023-2 Trust. The affected ratings are as follows: Issuer: Sapphire XXVIII Series 2023-2 Trust Class C Notes, Upgraded to Aa3 (sf); previously on Sep 16, 2024 Upgraded to A1 (sf) Class E Notes, Upgraded to Ba1 (sf); previously on Nov 28, 2023 Definitive Rating Assigned Ba2 (sf) Class F Notes, Upgraded to Ba2 (sf); previously on Nov 28, 2023 Definitive Rating Assigned B2 (sf) A comprehensive review of all credit ratings for the transaction has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available to the affected notes and the collateral performance to date. No actions were taken on the remaining rated classes in the deal as credit enhancement remains commensurate with the current ratings for the respective notes. Following the May 2025 payment date, credit enhancement (including the Class RM Notes) available for the Class C Notes has increased to 10% from 6.8% at the time of the last rating action in September 2024. Credit enhancement for Class E and Class F Notes has increased to 4.8% and 2.8%, respectively, from 2.1% and 1.1% at closing. Principal collections have been distributed on a sequential basis starting from the Class A notes. Current outstanding pool balance as a percentage of the closing pool balance is 44.5%. As of end-April 2025, 6.8% of the outstanding pool was 30-plus day delinquent and 3.2% was 90-plus day delinquent. The deal incurred AUD8,196 of losses to date (equivalent to 0.001% of the original pool balance), which have been reimbursed by excess spread. Based on the observed performance to date and loan attributes, Moody's have revised Moody's expected loss assumption to 2.4% of the outstanding pool balance (equivalent to 1.1% of the original pool balance) from 2.3% of the outstanding pool balance (equivalent to 1.5% of the original pool balance) at the time of the last rating action. Moody's have maintained Moody's MILAN CE assumption at 8.7%. Moody's have also updated Moody's CPR assumption to 30% from 25% at closing. The transaction is an Australian RMBS secured by a portfolio of first-ranking prime and non-conforming residential mortgage loans, originated by Bluestone Group Pty Limited or Bluestone Mortgages Pty Limited. A significant portion of the portfolio consists of loans extended to borrowers with impaired credit histories or made on a limited 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. STAR ENTERTAINMENT: Says AUD100M+ Fine Would Render it Insolvent ---------------------------------------------------------------- The Australian Financial Review reports that Star Entertainment said a penalty greater than AUD100 million would force it into insolvency, as it fights in court to limit fines set to be imposed for years of inadequate anti-money laundering controls. According to the report, the financial crime watchdog is seeking a AUD400 million fine and said Star's claim that it would collapse under such a financial burden should not factor into the Federal Court's decision. In closing submissions, the Australian Transaction Reports and Analysis Centre pointed to the planned AUD300 million investment into Star from US casino giant Bally's Corporation to keep the casino operator running as a sign that it could pay, the Financial Review relays. The Financial Review says Star had already made a AUD150 million provision in its accounts for a potential AUSTRAC fine after the Australian Securities and Investments Commission raised concerns it had not been accounted for in its books. The Financial Review relates that Steven Finch, FC, representing Star, said the casino was asking for a AUD100 million fine "because that amount . . . is all the money that we have and reasonably anticipate being able to borrow, hoping, but not certain, that we will be able to survive." "It is a massive deterrent . . . not only to us, but to other players in this and perhaps other markets." AUSTRAC alleged in 2022 that Star allowed 117 high-risk clients to plough billions of dollars in dirty money through its Sydney, Brisbane and Gold Coast casinos, the Financial Review recalls. High rollers on junkets spent more than AUD125 billion between November 2016 and October 2020, AUSTRAC said in its statement of claim. Star, which has agreed with many of AUSTRAC's allegations relating to the facilitation of money laundering by VIP patrons, has sought to emphasise its financially precarious position. According to the report, Mr. Finch said the idea that AUD400 million was affordable for Star was "fanciful". Crown Resorts, which came under similar scrutiny over its money-laundering failings, agreed to pay a AUD250 million fine after it was pursued by AUSTRAC. Mr. Finch argued that there are problems with using Crown as a comparison. "That penalty was agreed at a rate which would not result in the insolvency of Crown, which was a very much larger organisation. Whereas here, if one had a fine which was a small amount less than that, we say the evidence is that it would be insolvency," the Financial Review quotes Mr. Finch as saying. About Star Entertainment The Star Entertainment Group Limited (ASX:SGR) -- https://www.starentertainmentgroup.com.au/ -- is an Australia-based company that provides gaming, entertainment and hospitality services. The Company operates The Star Sydney (Sydney), The Star Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The Company operates through three segments: Sydney, Gold Coast and Brisbane. Sydney segment consists of The Star Sydney's casino operations, including hotels, restaurants, bars and other entertainment facilities. Gold Coast segment consists of The Star Gold Coast's casino operations, including hotels, theatre, restaurants, bars and other entertainment facilities. Brisbane segment includes Treasury's casino operations, including hotel, restaurants and bars. The Company also manages the Gold Coast Convention and Exhibition Centre on behalf of the Queensland Government. The Company also owns Broadbeach Island on which the Gold Coast casino is located. The Star Entertainment Group posted three consecutive annual net losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for the years ended June 30, 2022, 2023, and 2024, respectively. As reported in the the Troubled Company Reporter-Asia Pacific on Jan. 21, 2025, Star Entertainment has warned that it faces "material uncertainty" over its ability to stay afloat unless it finds a solution to its worsening financial woes. In a quarterly update to investors on Jan. 20, ASX-listed Star said its revenue had fallen 15 per cent in the December quarter, citing ongoing weakness in its operating performance. It pointed to a "challenging" consumer environment, the impact of carded play in NSW, and expenses caused by a series of regulatory and compliance problems. VIRTICAL: Two Pub Directors Facing Tax Scam Allegations ------------------------------------------------------- The Australian Financial Review reports that liquidators are chasing two alleged players in one of the country's biggest GST scams for more than AUD245 million, accusing them of operating a dishonest scheme that ripped off taxpayers and creditors. According to the Financial Review, BRI Ferrier liquidators have filed Federal Court action against John Palasty and Mark Toma, the directors of collapsed pub empire Virtical, over alleged breaches of insolvency laws and director duties that they say had a "dishonest and fraudulent design". The Financial Review, citing the statement of claim, relates that Messrs. Palasty and Toma allegedly used millions of dollars in fake GST refunds to fund Virtical's spending blitz on iconic pubs last year, including Sydney's The Republic Hotel and Melbourne's The Adelphi, and to benefit themselves. The group of more than 40 companies owed the Australian Taxation Office AUD144 million including penalties and interest, according to the claim. But the court documents allege the total owed blows out to AUD245 million when counting tax, loans and other debts, which liquidators claim Messrs. Palasty and Toma are liable for, the Financial Review discloses. The Financial Review relates that the legal action follows weeks of public liquidation examinations where Messrs. Palasty and Toma each accused the other of being the one in charge of the GST refunds. Companies can claim refunds for GST they pay on expenses needed to run the business if their expenses surpass their income in the period. However, liquidators allege Messrs. Palasty and Toma companies used Top Class Construction, of which Mr. Toma was director, to issue invoices for construction and development work "where no such services were provided and no or minimal development was being undertaken". One company allegedly made a GST refund claim when its bank accounts did not show any income or sales or payments to suppliers. Two other companies, including one set up to buy the Republic Hotel, allegedly made GST claims that mirrored others already made, the Financial Review relays. ATO audits found that at least three of the companies had "intentional disregard" for tax laws, while others made false and misleading statements over their refund claims. The Financial Review adds that liquidators allege Messrs. Toma and Palasty were the directors of Virtical and that even after Mr. Toma's resignation in late 2023, he acted as "true controller" of the company. Tracing how the GST refunds made their way back to the directors, the liquidators gave the example of two Virtical-related companies and the directors' lawyers, Kekatos Lawyers, that allegedly received AUD13.5 million in total GST refunds on December 5, 2023. That same day the companies sent the money to the main Virtical arm which, on December 5 and 6, allegedly transferred AUD5 million to Toma directly. Toma then allegedly transferred the AUD5 million to his new lending company, Bond Global Capital, as "a loan". "There was no commercial or otherwise legitimate purpose or benefit for the scheme transactions," the statement of claim, as cited by the Financial Review, said. The Financial Review says the liquidators argue Messrs. Palasty and Toma failed to act according to directors' duty of good faith or in the best interest of the companies as a result of "improperly causing or allowing the scheme transactions to be made". It is claimed that the alleged breaches resulted in loss and damages including the AUD144 million owed to the ATO and the costs and expenses of the liquidation. "The breaches were dishonest in that they transgressed the ordinary standards of honest behaviour," liquidators claimed. The legal action further accuses Palasty and Toma of insolvent trading, citing Virtical-linked companies that were allegedly insolvent since incorporation and remained so even as they racked up tens of millions of dollars in debts. According to the Financial Review, liquidators are also seeking to wind up some of the last remaining companies, including one developing a luxury resort in the NSW south coast and Toma's lending business. They claim Mr. Palasty, Mr. Toma or other directors failed to keep written financial records regarding the companies and that some, such as Bond Global Capital, received monies from the scheme. BRI Ferrier has drafted a report on the proceedings it is seeking leave to provide to the Australian Securities and Investments Commission and the ATO, the Financial Review adds. About Virtical Virtical Metro specialised in land development services, including projects for new housing estates, commercial buildings, and other infrastructure developments. Additionally, the company provided hospitality services through pubs, bars, and restaurants. On Nov. 27, 2024, Peter Krejci and Andrew Cummins of BRI Ferrier were appointed Joint and Several Administrators of Cedar Grove Tas Pty Limited, Core Assets Investments Pty Limited, Nerang QLD Pty Limited, Newcastle Denison Pty Limited, The Courthouse Management Pty Limited and Virtical Metro Pty Ltd. On Feb. 19, 2025, Peter Krejci and Jonathon Keenan were appointed provisional liquidators of Core Asset Development Pty Ltd, The Jewel of Eden Motel Pty Ltd, The Whale Hotel Pty Ltd, Top Class Constructions Pty Ltd, and Newcastle Denison Management Pty Ltd. ================= H O N G K O N G ================= NEW WORLD: Bondholders Receive Interest Payment on Dollar Note -------------------------------------------------------------- Bloomberg News reports that New World Development Co. has paid interest due on a dollar note, according to several bondholders, giving the indebted Hong Kong builder some breathing room as it works to complete an HK$87.5 billion (US$11.1 billion) loan refinancing deal. The company owed $5.05 million in interest by June 16 on the 5.875% bond, according to Bloomberg calculations. Investors were closely monitoring the deadline after the builder recently decided to use an option to defer coupon payments on four perpetual notes. The interest due this week, however, was on a regular bond that didn't carry such an option to push back payments. The deadline was crucial for New World, as an event of default could be triggered if it failed to honor the coupon within 14 days of the due date, according to an offering document seen by Bloomberg News. It can sometimes take two to three days for dollar bondholders to receive interest payments once they're initiated. According to Bloomberg, New World, which is grappling with HK$210.9 billion of liabilities, is one of the most indebted of Hong Kong's major developers. Any signal of a possible default by the company, controlled by the family of Hong Kong tycoon Henry Cheng, could intensify concerns about sluggish real estate market conditions and possible spillover effects. Bloomberg says the builder has prioritized talks with banks for months to secure the loan refinancing deal to ease its liquidity stress. Separately, it is also using one of its most valuable assets in Hong Kong - a harbor complex that houses luxury mall K11 Musea - to seek a new loan of as much as HK$15.6 billion. About New World New World Development Company Limited -- https://www.nwd.com.hk/ -- an investment holding company, operates in the property development and investment business in Hong Kong and Mainland China. Its property portfolio includes residential, retail, office, and industrial properties. The company is also involved in the loyalty program, fashion retailing and trading, and land development businesses; and development and operation of sports park. In addition, it operates club houses, golf and tennis academies, and shopping malls; constructs and operates Skycity complex; and operates department stores. New World Development, an embattled property developer controlled by one of Hong Kong's richest families, is aiming to complete one of the city's largest-ever corporate refinancing deals with more than 50 banks by the end of June 2025 after pushing back an initial deadline for May 2025, according to Bloomberg News. As at late May 2025, about 10 banks have agreed to terms while the rest are still talking. Failure to reach a deal could lead to demands for immediate repayment, Bloomberg said. The repercussions would threaten both New World and many of the banks which are already suffering from a sharp rise in non-performing loans from commercial real estate. ========= I N D I A ========= BAGH BAHAR: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bagh Bahar Appliances Private Limited (BBAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 80.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 6, 2019, placed the ratings of BBAPL under the 'issuer non-cooperating' category as BBAPL had failed to provide information for monitoring of the rating. BBAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 30, 2025, and March 20, 2025, among others and numerous phone calls. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the ratings on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Combined The rating is based on combined view of the financials of Shree Sant Kripa Appliances Pvt Ltd (SSKAPL) with its group companies (Please refer Annexure 6) viz. Bagh Bahar Appliances Pvt Ltd (BBAPL), SSK Retail Pvt Ltd (SRPL), SYSKA Led Lights Pvt Ltd (SLLPL), SSK Infotech Pvt Ltd (SIPL) and SYSKA E Retails LLP (SEL), collectively called as 'SSK Group', as they have a similar line of business and are held by the same promoters. Moreover, there are intercompany transactions indicating operational linkages and also financial support is offered to each other and corporate guarantees are given for facilitating bank debt. Detailed description of key rating drivers: At the time of last rating on April 24, 2024, the following were the rating weaknesses considered: Key Weaknesses: * Delays in debt servicing: As per the last feedback received dated April 24, 2024 from some of its lenders, there were on-going delays in debt servicing. Further, as per CIBIL records, some directors of the SSK Group have been classified as defaulters (Wilful defaulter), with cumulative outstanding dues exceeding ₹1 crore as of March 31, 2025. The SSK Group comprises of the following entities: 1. Shree Sant Kripa Appliances Pvt Ltd (SSKAPL) 2. Bagh Bahar Appliances Pvt Ltd (BBAPL) 3. SSK Infotech Pvt Ltd (SIPL) 4. SSK Retails Pvt Ltd (SRPL) 5. SYSKA Led Lights Pvt Ltd (SLLPL) 6. SYSKA E-retails LLP (SEL) SSKAPL is the flagship company of the Pune-based SSK group. It is promoted by Mr. Govind Uttamchandani and Mr. Rajesh Uttamchandani. Established as a partnership firm in 2002, and reconstituted as a private limited company in 2006, SSKAPL is the exclusive distributor of Samsung mobiles, accessories, and tablets for five states in India: Gujarat, Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh, and Chhattisgarh. It is also a distributor of Samsung home appliances in the Mumbai region. BBAPL is a closely held private limited company and dealer of the flagship company SSKAPL. BBAPL is also the exclusive distributor for Samsung home appliances in Jalgaon, Aurangabad, Pune, Satara and Sangli in Maharashtra, and in Goa and mobile distribution in Pune. SIPL provides electronic data services and solutions to telecom and MNCs; and printing and mailing activities such as printing of cheques and current/savings account statements, mainly for banks. It has four printing facilities based out of Pune, Mumbai, Gurgaon, and Hyderabad. SRPL is dealers in a wide range of telecom devices/appliances, accessories, and peripherals. SSKRPL operates 28 Samsung Smart Phone Cafes across India (in Maharashtra, MP, Gujarat, and Goa). It also deals in Mobile Gadget Secure of SYSKA brand. SSK group forayed into electrical fittings in FY14 through establishment of SLLPL. The company is in the business of importing, testing, and sale of LED technology, Solar PV solutions, Hi Tech Batteries System Integration, Solar based UPS & Inverters. It imports LED products from various companies in South Korea, assembles and sells under its brand name SYSKA. SLLPL does business in 18 states in India through 489 distributors and exclusive retail showrooms at 80 locations and is setting up operations in international markets as well. The imported components are assembled at Rabble factory in Maharashtra. SEL was established in 2015 and is promoted by Ms. Honey Uttamchandani (daughter of Mr. Govind Uttamchandani) and Ms. Gitika Uttamchandani (daughter of Mr. Rajesh Uttamchandani). The company is engaged in the trading of SYSKA brand of products which includes lighting products (LED bulbs, tube lights, panel lights etc), personal grooming products (trimmers, shavers, hair straighteners, irons, etc.) and several other (power banks, Bluetooth speakers) through e-commerce platforms. The firm procures goods from group companies namely SYSKA LED Lights Private Limited (SLLPL) and Shree Sant Kripa Appliances Private Limited (SSKAPL) and sells to online portals like Amazon, Flipkart, Paytm, Snapdeal, Tata Clip to name a few. BANGLORE POLYMERS: CARE Keeps C Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Banglore Polymers Private Limited (BPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 21.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 9.00 CARE C; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain Under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 7, 2024, placed the rating(s) of BPPL under the 'issuer non-cooperating' category as BPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 23, 2025, May 3, 2025, May 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Bangalore based Bangalore Polymers Private Limited (BPPL) was incorporated in 1993 and is currently being managed by Mr. Subhash Bharita and Ms. Sumitra Bharita. BPPL is a del-credere agent of Gail Authority India Limited (GAIL) for plastic granules. CABBANA INFRASTRUCTURES: CARE Keeps D Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Cabbana Infrastructures Private Limited (CIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 CARE D; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 6, 2024, placed the rating(s) of CIPL under the 'issuer non-cooperating' category as CIPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. CIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 22, 2025, May 2, 2025 and May 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Cabbana Infrastructure Private Limited (CIPL) was incorporated in December 2005 by the name Hyatt Resorts Private Ltd. Later in April 2011, the name of the company was changed to its present name- Cabbana Infrastructure Private Limited. CIPL is located on the Jalandhar- Ludhiana highway and is operating a 47 room, 5star hotel. The company also provides banquet services (5 banquet halls) and has a recreational club under the name 'Club Cabbana'. CIPL is promoted by Mr S L Pabbi, Mr H L Pabbi, Mr Anil Chodha and Mr Manoj Chodha. EDGEBIRDS INDIA: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Edgebricks India Private Limited No. A-405, Mana Candela Phase 2, Kodathi, Behind Wipro Sez, Sarjapur Road, Bangalore, Bangalore, Karnataka, India, 560035 Liquidation Commencement Date: May 26, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Rajeev Ranjan Singh Truvisory Insolvency Professionals Private Limited 1501, Tower No. 4, Spring Grove Towers, Lokhandwala Township, Kandivali East, Mumbai - 4000101 Email ID: contactanshulgupta@gmail.com Email ID: vl.edgebricks@gmail.com Telephone No: +91 8368155800 Last date for submission of claims: June 25, 2025 FEEDBACK ENERGY: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Feedback Energy Distribution Company Limited (FEDCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 209.68 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 49.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 60.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 24, 2024, placed the rating(s) of FEDCL under the 'issuer non-cooperating' category as FEDCL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. FEDCL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 9, 2025, April 19, 2025, April 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable FEDCL is a wholly owned subsidiary of FIPL and is operating a distribution franchisee business at four divisions in Meghalaya and Tripura each and executes projects pertaining to Network Roll out Implementation (NRI). The scope of work under operating distribution franchisee business includes consumer metering, billing and revenue collection as well as network operations & maintenance. Furthermore, the scope of work also includes automation of metering facility of sub stations, feeders and high value consumers as well as introduction of smart metering into the area. The above scope of work carried by FEDCL is to increase billing and collection efficiency. FEDCL envisages extending the model to other regions across country. GENSOL ENGINEERING: NCLT Admits Insolvency Resolution Proceedings ----------------------------------------------------------------- The Economic Times reports that the National Company Law Tribunal (NCLT) admitted Gensol Engineering Ltd. and its arm Gensol EV Lease Ltd for insolvency resolution following separate petitions filed by Indian Renewable Energy Development Agency Ltd. (IREDA). However, NCLT appointed an alternative interim resolution professional (IRP) for both the companies, while rejecting the name proposed by IREDA, ET relates. On May 14, State-run IREDA had filed an application under Section 7 of Insolvency and Bankruptcy Code, 2016 against Gensol Engineering claiming a default of over INR510 crore. ET relates that IREDA had filed a separate plea against Gensol EV Lease claiming a default of INR218.95 crore. IREDA had also initiated proceedings before the Debt Recovery Tribunal against both the firms. According to ET, the IREDA petition against Gensol Engineering satisfies Section 7's substantive requirements, NCLT Judicial Member Shammi Khan and Technical Member Sanjeev Kumar Sharma, said in their order on June 13. However, Gensol Engineering objected to Gupta's appointment citing prior relationships. The Tribunal finds that the undisclosed relationships raised concerns about Gupta's eligibility, necessitating the appointment of an alternative IRP, NCLT said, ET relays. NCLT appointed Keshav Khaneja as IRP for Gensol Engineering. Making similar observations, NCLT also appointed Khaneja as IRP for Gensol EV Lease, ET notes. Gensol has been in the spotlight after SEBI via an interim order in April barred the company's promoters from the securities market for alleged fund diversions and corporate governance lapses, ET notes. Gensol Engineering is a part of the Gensol Group of companies, which offers engineering, procurement, and construction (EPC) services for the development of solar power plants. GOPAL SHIVHARE: CARE Keeps C Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Gopal Shivhare (GS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING Category Long Term/ 12.00 CARE C; Stable/CARE A4 Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 11, 2024, placed the rating(s) of GS under the 'issuer non-cooperating' category as GS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 27, 2025, May 7, 2025 and May 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Madhya Pradesh based Gopal Shivhare (GS) was formed in 2006 as a proprietorship concern by Mr Gopal Shivhare. He is engaged in Liquor Trading business and the shops are allotted in Madhya Pradesh by the state government through a competitive bidding process for a period of one year. The firm's product profile comprises almost all the major brands of Indian Made Foreign Liquor (IMFL) such as Seagram, Signature, Mc Dowells No.1, DIG whisky among others. Shivhare Liquor group has entities namely Ram Swaroop Shivhare, Gopal Shivhare, Laxminarayan Shivhare, Kalpana Shivhare, Kamla Shivhare, Gopal Shivhare, Vinum Traders Pvt Ltd, Ranjeet Shivhare, Shriram & Co, Shivhare Liquors, Prabha Star and Rahul Shivhare which are engaged in similar business activity. GREEN SPACE: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Green Space Infraheights Private Limited (GSIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 40.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 7, 2024, placed the rating(s) of GSIPL under the 'issuer non-cooperating' category as GSIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GSIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 23, 2025, May 3, 2025, May 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Green Space Infraheights Pvt Ltd (GSIPL) is a real estate development firm, incorporated in 2013. It belongs to 'Shree Vardhman group' and is incorporated for the affordable housing residential project 'Green Space' located in Panchkula, Haryana. INDROYAL PROPERTIES: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Indroyal Properties Private Limited (IPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 23.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 9, 2024, placed the rating(s) of IPPL under the 'issuer non-cooperating' category as IPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 25, 2025, April 4, 2025, April 14, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable About the Company Trivandrum based Indroyal Properties Private Limited (IPPL) is engaged in development of real estate projects. The ongoing project "The Uptown" is a high-end luxury residential project comprising of 3 bed room condominiums, penthouses and garden houses and a total of 213 units. The project was launched in February 2015 and is located at PMGKannammoola Road, Trivandrum. INFRA CORPORATION: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Infra Corporation (IC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 14, 2024, placed the rating(s) of IC under the 'issuer non-cooperating' category as IC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 30, 2025, May 10, 2025 and May 20, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Pune based, Infra Corporation (IC), is a partnership firm established in 2016 by Mr Pankaj Shah and Mr Kiran Shah. The entity is engaged in trading of metal pipes, M.S pipes, Hollow sections, Pre-galvanized pipes. IC is distributor of Maharashtra Seamless Limited, Jindal Pipes Limited, APL Appolo Tubes Limited. The firm is part of the Ambalal and Sons group, which has its presence in trading, consultancy and civil work. The group caters to the variety of end-user industries and has customer base across Maharashtra. JAGDAMBA POULTRY: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Jagdamba Poultry Private Limited (SJPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 10, 2024, placed the rating(s) of SJPPL under the 'issuer non-cooperating' category as SJPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SJPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 26, 2025, May 6, 2025 and May 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Nagpur, Maharashtra based, SJPPL was incorporated in 2001 as a private limited company by Mr. Rakesh Singh and Ms. Nutan Rakesh Singh, and is engaged in poultry farming business and trading of agro products like paddy, maize, wheat, rice, soyabean, animal and poultry feed amongst others. JET AIRWAYS: Bank of Baroda Top Bidder for Godrej BKC Office Space ------------------------------------------------------------------ The Economic Times reports that in a significant development under the ongoing Jet Airways insolvency proceedings, public sector lender Bank of Baroda has emerged as the highest bidder for the airline's 83,000 sq ft office space in commercial tower Godrej BKC in Mumbai's business district Bandra-Kurla Complex, said people familiar with the development. ET relates that the bank has placed a bid of INR370 crore, outpacing other contenders in the auction held under the Insolvency & Bankruptcy Code (IBC), 2016. Last month, a government-appointed liquidator had put an entire office floor owned by the defunct aviation company in this tower on the block with a reserve price of INR335.24 crore. Following this, the liquidator is now expected to inform global alternative investment major Brookfield Asset Management that holds the right of first refusal (ROFR) with a 15-day period to match the highest bidder if it intends to acquire the property, ET relays. According to ET, sources said Brookfield is likely to exercise the ROFR for the property. In 2020, as part of Jet Airways' insolvency proceedings, Brookfield had acquired the company's two office floors in the building for INR490 crore, ET recalls. These offices are currently occupied by marquee tenants including World Bank and PayPal. ET says the transaction involved around 180,000 sq ft office space spread across the third and fourth floors, along with rights to 138 car parking spaces. Brookfield holds the ROFR for this additional office space too as part of the agreement entered then. About Jet Airways Based in Mumbai, India, Jet Airways (India) Limited was one of India's top airlines founded by Naresh Goyal. It provided passenger and cargo air transportation services as well aircraft leasing services. It operated flights to 66 destinations in India and international countries. Jet Airways on April 17, 2019, halted all flight operations after its lenders rejected its plea for emergency funds. On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai Bench, accepted an insolvency petition against Jet Airways filed by its creditors as they attempt to recover some of their dues. Ashish Chhawchharia of Grant Thornton India has been named as the resolution professional in the case. Law firm Cyril Amarchand Mangaldas represented the interests of the lenders' consortium, according to a Reuters report. Creditors have filed claims worth INR30,907 crore, according to Financial Express. The RP has so far admitted claims worth over INR14,000 crore. In October 2020, the airline's Committee of Creditors (CoC) approved the revival plan submitted by the consortium of Dubai-based Murari Lal Jalan and the UK's Kalrock Capital. In 2021, the NCLT approved the Jalan-Kalrock consortium's resolution plan for the troubled carrier. On Nov. 7, 2024, the Supreme Court ordered the liquidation of Jet Airways, after finding a National Company Law Appellate Tribunal (NCLAT) judgment was in flagrant disregard of the the top court's January 2023 judgment. According to The Economic Times, the top court stated that the NCLAT disregarded the Court's January 2023 order by allowing the adjustment of a INR150 crore performance bank guarantee (PBG) against an infusion requirement of INR350 crore from the Jalan-Kalrock Consortium (JKC), Jet Airways' resolution applicant. LUHIT TEA: CARE Keeps B+ Debt Rating to Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Luhit Tea Company Private Limited (LTC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 17.90 CARE B+; Stable; Issuer not Facilities cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 15, 2024, placed the rating(s) of LTCPL under the 'issuer non-cooperating' category as LTCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LTCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 31, 2025, April 10, 2025, April 20, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Luhit Tea Company Private Limited (LTCPL) was incorporated in August, 1997 by Assam based Somani family. Since its incorporation the company is engaged in the business of processing of black tea at Dhulia Gaon, Golaghat, Assam. The company sells tea in auction and through brokers. The company is currently engaged in blending of tea in its existing location. Mr. Hiralal Somani having around five decades of experience in the tea industry looks after the day to day operations of the company. He is supported by other director Mr. Manoj Somani and Mr. Binod Somani and a team of experienced professionals. MAHIMA COLD: CARE Lowers Rating on INR6.22cr LT Loan to B+ ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Mahima Cold Storage Private Limited (MCSPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.22 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 2, 2024, placed the rating(s) of MCSPL under the 'issuer non-cooperating' category as MCSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MCSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 18, 2025, March 28, 2025, April 7, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of MCSPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Mahima Cold Storage Private Limited (MCSPL) was incorporated in July 2003 and presently managed by Mr. Rajesh Kumar Patwari and Mr. Neeraj Agarwal. The cold storage facility of the company is located at Cooch Bihar, West Bengal with aggregated storage capacity of 149664 quintal. The company provides cold storage services for potatoes to the farmers and traders. This apart the company provides interest bearing advances to the farmers & traders against the pledge of cold storage receipts. Mr. Rajesh Kumar Patwari, has more than three decades of experience in cold storage industry, looks after the overall management of the company. He is supported by other director Mr. Neeraj Agarwal who also has more than a decade of experience in this line of business. The promoters are supported by a team of experienced professionals. MURLI COLD: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Murli Cold Storage Private Limited (MCSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.97 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 22, 2024, placed the rating(s) of MCSPL under the 'issuer non-cooperating' category as MCSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MCSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 8, 2025, March 18, 2025, March 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Murli Cold Storage Private Limited (MCSPL) was incorporated in September 1976 and presently managed by Mr. Rajesh Kumar Patwari and Mr. Neeraj Agarwal. The cold storage facility of MCSPL is located at Boinchi, Hooghly with aggregated storage capacity of 241836 quintal. The company provides cold storage services for potatoes to the farmers and traders. This apart the company provides interest bearing advances to the farmers & traders against the pledge of cold storage receipts. NEEMRANA LAND: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: NEEMRANA LAND PRIVATE LIMITED Registered Office: Plot No. CC-10, Phase-1, RIICO Industrial Area, Neemrana, Alwar-301705, Rajasthan, India Principal Office: 94 Shivaji Nagar, Civil Lines, Jaipur, Rajasthan-302006 Insolvency Commencement Date: May 29, 2025 Estimated date of closure of insolvency resolution process: November 25, 2025 Court: National Company Law Tribunal, Jaipur Bench Insolvency Professional: Prabhu Dayal Parsoya Near Mundru Bus Stand, Ward No 17, Vpo-Mundru, Tehsil-Srimadhopur, District-Sikar, Sikar, Rajasthan-332712 Email: pdparsoya60@gmail.com Email: cirp.neemrana@gmail.com Last date for submission of claims: June 12, 2025 P.M.P. TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of P.M.P. Textiles Spinning Mills Limited (PTSML) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.90 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 6.50 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 24, 2024, placed the rating(s) of PTSML under the 'issuer non-cooperating' category as PTSML had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PTSML continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 9, 2025, April 19, 2025, April 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable PTSML incorporated in November 1988 is engaged in manufacturing of yarn and has its spinning unit in Dharmapuri, Tamil Nadu. The unit has a total capacity of 39,500 spindles and it manufactures combed and carded ring spun cotton yarns for weaving and knitting. The company produces higher count yarn (80s). The company is managed by Mr P. Muthuswamy, the Managing Director, who has more than three decades of experience in the business. PANORAMIC GATEWAY: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of The Panoramic Gateway (TPG) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.24 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 19, 2024, placed the rating(s) of TPG under the 'issuer non-cooperating' category as TPG had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TPG continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 5, 2025, March 15, 2025, March 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable The Panoramic Gateway (TPG) was established as a proprietorship concern by Ms. Sona Bennett in December 2014. Ms. Sona Bennett, the proprietor, has about 15 years of experience in hospitality industry. The firm runs a resort which is located at Munnar, Kerala and has facilities like helipad, swimming pools, restaurants, beer and wine parlor, a large sitting area and 51 furnished rooms. The resort is categorized as 'Five Star-Unofficial'. PEEJAY AGRO: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: M/s Peejay Agro Foods Private Limited New Building, Ayyappankavu Road, Karayur, Kottapadi P.O., Thrissur, Kerala, India, 680505 Insolvency Commencement Date: March 28, 2025 Estimated date of closure of insolvency resolution process: November 24, 2025 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: R. Raghavendran, Flat No.3, Dhruvatara Apartments, 241, Dr. Rajendra Prasad Road, Tatabad, COIMBATORE - 641012 Email: ragavca@gmail.com Email: cirp.peejayagro@gmail.com Last date for submission of claims: June 11, 2025 PRASHANT ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Prashant Enterprises (PE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 59.32 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 7, 2024, placed the rating(s) of PE under the 'issuer non-cooperating' category as PE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 23, 2025, May 3, 2025 and May 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Set up in 1979 as partnership firm by Singhal family, Prashant Enterprises is a manufacturer and exporter of building hardware materials comprising doorknobs, door handle, ceramic glass, aluminum doors, window hardware fittings, curtains finials & rods, tiebacks, holdbacks, etc. The manufacturing facility of Prashant Enterprises is located in Aligarh (Uttar Pradesh) with total installed capacity of 2,400 tons of building hardware as on March 31, 2019. The firm procures its raw material (brass, aluminum, zinc, iron/steel) from suppliers located in nearby areas (e.g. Aligarh, Hathras, Moradabad etc), whereas it earns all its revenue from exports to retail chains as well as wholesale traders in UK, Europe, South Africa and USA. PROGNOSYS MEDICAL: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Prognosys Medical Systems Private Limited (PMSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.50 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 17, 2024, placed the rating(s) of PMSPL under the 'issuer non-cooperating' category as PMSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PMSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 2, 2025, April 12, 2025, April 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Prognosys Medical Systems Private Limited (PMSPL), a Bangalore (Karnataka) based company, was incorporated in 2004 by Mr.V. Krishna Prasad (Managing Director), Mr. Kesava (Director) and Mr. Sunil Monga (Director) at Chamarajpet, Bangalore, Karnataka. PMSPL is engaged in designing, manufacturing, integrating and installing products related to digital radiology equipment. The company is also engaged in manufacturing other related accessories, providing end to -end solutions in the healthcare industry through the integrated delivery of medical devices, communication equipment, computers, servers, software supply, installation and maintenance of the same on a turnkey basis under the brand name of ProRad. PMSPL is an ISO 9001:2000 certified company for radiology imaging equipment and other allied healthcare products. REAL GROW: CARE Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Real Grow Exims Private Limited (RGEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 29.80 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 17, 2024, placed the rating(s) of RGEPL under the 'issuer non-cooperating' category as RGEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RGEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 2, 2025, April 12, 2025, April 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Real Grow Exim Private Limited (RGEPL), incorporated in May 2012, is promoted by Mr. Goluguri Venkata Reddy, Mr. Karri Venkata Srinivasa Reddy and Mr. G N V S Satyanarayana Reddy. RGEPL commenced its operations from June 2014 and is engaged in trading of aqua feed for fish and prawns feeds in and around West Godavari district, Andhra Pradesh. The promoters have long established presence in the fish feed industry through several other group companies viz. Reddy and Reddy Imports and Exports, Nutrient Marine Foods Limited, Reddy and Reddy Motors, Reddy and Reddy Automobiles and Nexus Feeds Ltd. Which are engaged in fish and prawns feed/shrimp processing business. RISHI TRADERS: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rishi Traders (RT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.73 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 10, 2024, placed the rating(s) of RT under the 'issuer non-cooperating' category as RT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 26, 2025, May 6, 2025 and May 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Nagpur based RT was established as a partnership concern in the year 2011. The firm is engaged in ginning and pressing of cotton and extraction of oil from cotton seed. SAHYOG HOMES: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Sahyog Homes Limited 321, Morya Estate, New Link Road, Opp. Infinity Mall, Andheri (West), Mumbai, Maharashtra, India, 400053 Insolvency Commencement Date: May 28, 2025 Estimated date of closure of insolvency resolution process: November 24, 2025 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Dilipkumar Natvarlal Jagad 803/804 Ashok Heights Opp Saraswati Apartment Nikalas Wadi Road Near Bhuta School Old Nagar X Road Gundavali Andheri East, Mumbai City, Maharashtra, 400069 Email Id: dilipjagad@hotmail.com Email Id: sahyog.cirp@yahoo.com Representative of Creditors in a class: 1. Vithal M Dahake Flat 22, Building Bella-2C, Aditya Garden Society, Behind RMD Institute, Warje, Pune, 411058 Email: vm.dahake@rediffmail.com 2. Mr. Satya Narayan Baheti Flat No. 1804, Zinnia, Bldg. No.17, Vasant Oasis, Makwana Road, Marol, Andheri-East, Mumbai-400059 Email: sn.baheti@rediffmail.com 3. Mr. Jitender Kothari 702, Orchid A Wing, Evershine Park Off Veera Desai Road Andheri West, Mumbai City, Maharashtra, 400053 Email: jitenderkothari@rediffmail.com Last date for submission of claims: June 11, 2025 SAI KRISHNA: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: M/s Sai Krishna Minerals Private Limited K.R Road, Ranipet, Hospet, Karnataka-583201 Insolvency Commencement Date: May 27, 2025 Estimated date of closure of insolvency resolution process: November 23, 2025 Court: National Company Law Tribunal, Bengaluru Bench Insolvency Professional: Gonugunta Murali D. No.16-11-19/4, G-1, Srilaxminilayam Saleemnagar Colony, Malakpet, Hyderbad, Telagana-500038 Email: gmurali34@gmail.com - and - Flat No. 1209, MSKM Group, 11th Floor, Vasavi, MPM Grand, Yellareddyguda Road, Ameerpet, Hyderabad -500073 EMail: ipsaikrishnaminerals@gmail.com Last date for submission of claims: June 13, 2025 SANT KRIPA: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shree Sant Kripa Appliances Private Limited (SSKAPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 685.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 50.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 6, 2019, placed the rating(s) of SSKAPL under the 'issuer non-cooperating' category as SSKAPL had failed to provide information for monitoring of the rating. SSKAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 30, 2025, and March 20, 2025, among others and numerous phone calls. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the ratings on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Combined The rating is based on combined view of the financials of Shree Sant Kripa Appliances Pvt Ltd (SSKAPL) with its group companies (Please refer Annexure 6) viz. Bagh Bahar Appliances Pvt Ltd (BBAPL), SSK Retail Pvt Ltd (SRPL), SYSKA Led Lights Pvt Ltd (SLLPL), SSK Infotech Pvt Ltd (SIPL) and SYSKA E Retails LLP (SEL), collectively called as 'SSK Group', as they have a similar line of business and are held by the same promoters. Moreover, there are intercompany transactions indicating operational linkages and also financial support is offered to each other and corporate guarantees are given for facilitating bank debt. Detailed description of key rating drivers: At the time of last rating on April 24, 2024, the following were the rating weaknesses considered: Key Weaknesses: * Delays in debt servicing: As per the last feedback received dated April 24, 2024 from some of its lenders, there were on-going delays in debt servicing. Further, as per CIBIL records, some directors of the SSK Group have been classified as defaulters (Wilful defaulter), with cumulative outstanding dues exceeding ₹1 crore as of March 31, 2025. The SSK Group comprises of the following entities: 1. Shree Sant Kripa Appliances Pvt Ltd (SSKAPL) 2. Bagh Bahar Appliances Pvt Ltd (BBAPL) 3. SSK Infotech Pvt Ltd (SIPL) 4. SSK Retails Pvt Ltd (SRPL) 5. SYSKA Led Lights Pvt Ltd (SLLPL) 6. SYSKA E-retails LLP (SEL) SSKAPL is the flagship company of the Pune-based SSK group. It is promoted by Mr. Govind Uttamchandani and Mr. Rajesh Uttamchandani. Established as a partnership firm in 2002, and reconstituted as a private limited company in 2006, SSKAPL is the exclusive distributor of Samsung mobiles, accessories, and tablets for five states in India: Gujarat, Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh, and Chhattisgarh. It is also a distributor of Samsung home appliances in the Mumbai region. BBAPL is a closely held private limited company and dealer of the flagship company SSKAPL. BBAPL is also the exclusive distributor for Samsung home appliances in Jalgaon, Aurangabad, Pune, Satara and Sangli in Maharashtra, and in Goa and mobile distribution in Pune. SIPL provides electronic data services and solutions to telecom and MNCs; and printing and mailing activities such as printing of cheques and current/savings account statements, mainly for banks. It has four printing facilities based out of Pune, Mumbai, Gurgaon, and Hyderabad. SRPL is dealers in a wide range of telecom devices/appliances, accessories, and peripherals. SSKRPL operates 28 Samsung Smart Phone Cafes across India (in Maharashtra, MP, Gujarat, and Goa). It also deals in Mobile Gadget Secure of SYSKA brand. SSK group forayed into electrical fittings in FY14 through establishment of SLLPL. The company is in the business of importing, testing, and sale of LED technology, Solar PV solutions, Hi Tech Batteries System Integration, Solar based UPS & Inverters. It imports LED products from various companies in South Korea, assembles and sells under its brand name SYSKA. SLLPL does business in 18 states in India through 489 distributors and exclusive retail showrooms at 80 locations and is setting up operations in international markets as well. The imported components are assembled at Rabble factory in Maharashtra. SEL was established in 2015 and is promoted by Ms. Honey Uttamchandani (daughter of Mr. Govind Uttamchandani) and Ms. Gitika Uttamchandani (daughter of Mr. Rajesh Uttamchandani). The company is engaged in the trading of SYSKA brand of products which includes lighting products (LED bulbs, tube lights, panel lights etc), personal grooming products (trimmers, shavers, hair straighteners, irons, etc.) and several other (power banks, Bluetooth speakers) through e-commerce platforms. The firm procures goods from group companies namely SYSKA LED Lights Private Limited (SLLPL) and Shree Sant Kripa Appliances Private Limited (SSKAPL) and sells to online portals like Amazon, Flipkart, Paytm, Snapdeal, Tata Clip to name a few. SBS TRANSPOLE: CARE Keeps D Ratings in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of SBS Transpole Logistics Private Limited (STLPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 100.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 116.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 17, 2024, placed the rating(s) of STLPL under the 'issuer non-cooperating' category as STLPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. STLPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 2, 2025, April 12, 2025, April 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable The company was incorporated in August, 2004 by the name of Transpole Logistics Private Limited and is engaged in integrated logistics services. Subsequently, in Oct, 2014; the name was changed to the current one, SBS Transpole Logistics Private Limited (STLPL). STLPL is promoted by Mr Anant Chaudhary and Mr. Vivek Shukla and the company business segment offers general logistics, including 3PL, international logistics, warehouse logistics and various other multi-modal logistics solutions. SPAN OUTSOURCING: CARE Keeps C/A4 Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Span Outsourcing Private Limited (SOPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 10.00 CARE C/CARE A4; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 17, 2024, placed the rating(s) of SOPL under the 'issuer non-cooperating' category as SOPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SOPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 2, 2025, April 12, 2025, April 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Span Outsourcing Private Limited (SOPL) is an ISO certified company, incorporated on May 18, 2004 as a marketing service provider, specializing in compiling and delivering high quality web content, marketing and data solutions. The company provides its software solutions majorly to healthcare, technology and manufacturing industries. SSK INFOTECH: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of SSK Infotech Private Limited (SIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.17 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 6, 2019, placed the rating(s) of SIPL under the 'issuer non-cooperating' category as SIPL had failed to provide information for monitoring of the rating. SIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 30, 2025, and March 20, 2025, among others and numerous phone calls. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the ratings on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Combined The rating is based on combined view of the financials of Shree Sant Kripa Appliances Pvt Ltd (SSKAPL) with its group companies viz. Bagh Bahar Appliances Pvt Ltd (BBAPL), SSK Retail Pvt Ltd (SRPL), SYSKA Led Lights Pvt Ltd (SLLPL), SSK Infotech Pvt Ltd (SIPL) and SYSKA E Retails LLP (SEL), collectively called as 'SSK Group', as they have a similar line of business and are held by the same promoters. Moreover, there are intercompany transactions indicating operational linkages and also financial support is offered to each other and corporate guarantees are given for facilitating bank debt. Detailed description of key rating drivers: At the time of last rating on April 24, 2024, the following were the rating weaknesses considered: Key Weaknesses: * Delays in debt servicing: As per the last feedback received dated April 24, 2024 from some of its lenders, there were on-going delays in debt servicing. Further, as per CIBIL records, some directors of the SSK Group have been classified as defaulters (Wilful defaulter), with cumulative outstanding dues exceeding INR1 crore as of March 31, 2025. The SSK Group comprises of the following entities: 1. Shree Sant Kripa Appliances Pvt Ltd (SSKAPL) 2. Bagh Bahar Appliances Pvt Ltd (BBAPL) 3. SSK Infotech Pvt Ltd (SIPL) 4. SSK Retails Pvt Ltd (SRPL) 5. SYSKA Led Lights Pvt Ltd (SLLPL) 6. SYSKA E-retails LLP (SEL) SSKAPL is the flagship company of the Pune-based SSK group. It is promoted by Mr. Govind Uttamchandani and Mr. Rajesh Uttamchandani. Established as a partnership firm in 2002, and reconstituted as a private limited company in 2006, SSKAPL is the exclusive distributor of Samsung mobiles, accessories, and tablets for five states in India: Gujarat, Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh, and Chhattisgarh. It is also a distributor of Samsung home appliances in the Mumbai region. BBAPL is a closely held private limited company and dealer of the flagship company SSKAPL. BBAPL is also the exclusive distributor for Samsung home appliances in Jalgaon, Aurangabad, Pune, Satara and Sangli in Maharashtra, and in Goa and mobile distribution in Pune. SIPL provides electronic data services and solutions to telecom and MNCs; and printing and mailing activities such as printing of cheques and current/savings account statements, mainly for banks. It has four printing facilities based out of Pune, Mumbai, Gurgaon, and Hyderabad. SRPL is dealers in a wide range of telecom devices/appliances, accessories, and peripherals. SSKRPL operates 28 Samsung Smart Phone Cafes across India (in Maharashtra, MP, Gujarat, and Goa). It also deals in Mobile Gadget Secure of SYSKA brand. SSK group forayed into electrical fittings in FY14 through establishment of SLLPL. The company is in the business of importing, testing, and sale of LED technology, Solar PV solutions, Hi Tech Batteries System Integration, Solar based UPS & Inverters. It imports LED products from various companies in South Korea, assembles and sells under its brand name SYSKA. SLLPL does business in 18 states in India through 489 distributors and exclusive retail showrooms at 80 locations and is setting up operations in international markets as well. The imported components are assembled at Rabble factory in Maharashtra. SEL was established in 2015 and is promoted by Ms. Honey Uttamchandani (daughter of Mr. Govind Uttamchandani) and Ms. Gitika Uttamchandani (daughter of Mr. Rajesh Uttamchandani). The company is engaged in the trading of SYSKA brand of products which includes lighting products (LED bulbs, tube lights, panel lights etc), personal grooming products (trimmers, shavers, hair straighteners, irons, etc.) and several other (power banks, Bluetooth speakers) through e-commerce platforms. The firm procures goods from group companies namely SYSKA LED Lights Private Limited (SLLPL) and Shree Sant Kripa Appliances Private Limited (SSKAPL) and sells to online portals like Amazon, Flipkart, Paytm, Snapdeal, Tata Clip to name a few. SSK RETAILS: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of SSK Retails Private Limited (SRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 6, 2019, placed the rating of SRPL under the 'issuer non-cooperating' category as SRPL had failed to provide information for monitoring of the rating. SRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 30, 2025, and March 20, 2025, among others and numerous phone calls. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the ratings on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Combined The rating is based on combined view of the financials of Shree Sant Kripa Appliances Pvt Ltd (SSKAPL) with its group companies viz. Bagh Bahar Appliances Pvt Ltd (BBAPL), SSK Retail Pvt Ltd (SRPL), SYSKA Led Lights Pvt Ltd (SLLPL), SSK Infotech Pvt Ltd (SIPL) and SYSKA E Retails LLP (SEL), collectively called as 'SSK Group', as they have a similar line of business and are held by the same promoters. Moreover, there are intercompany transactions indicating operational linkages and also financial support is offered to each other and corporate guarantees are given for facilitating bank debt. Detailed description of key rating drivers: At the time of last rating on April 24, 2024, the following were the rating weaknesses considered: Key Weaknesses: * Delays in debt servicing: As per the last feedback received dated April 24, 2024 from some of its lenders, there were on-going delays in debt servicing. Further, as per CIBIL records, some directors of the SSK Group have been classified as defaulters (Wilful defaulter), with cumulative outstanding dues exceeding ₹1 crore as of March 31, 2025. The SSK Group comprises of the following entities: 1. Shree Sant Kripa Appliances Pvt Ltd (SSKAPL) 2. Bagh Bahar Appliances Pvt Ltd (BBAPL) 3. SSK Infotech Pvt Ltd (SIPL) 4. SSK Retails Pvt Ltd (SRPL) 5. SYSKA Led Lights Pvt Ltd (SLLPL) 6. SYSKA E-retails LLP (SEL) SSKAPL is the flagship company of the Pune-based SSK group. It is promoted by Mr. Govind Uttamchandani and Mr. Rajesh Uttamchandani. Established as a partnership firm in 2002, and reconstituted as a private limited company in 2006, SSKAPL is the exclusive distributor of Samsung mobiles, accessories, and tablets for five states in India: Gujarat, Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh, and Chhattisgarh. It is also a distributor of Samsung home appliances in the Mumbai region. BBAPL is a closely held private limited company and dealer of the flagship company SSKAPL. BBAPL is also the exclusive distributor for Samsung home appliances in Jalgaon, Aurangabad, Pune, Satara and Sangli in Maharashtra, and in Goa and mobile distribution in Pune. SIPL provides electronic data services and solutions to telecom and MNCs; and printing and mailing activities such as printing of cheques and current/savings account statements, mainly for banks. It has four printing facilities based out of Pune, Mumbai, Gurgaon, and Hyderabad. SRPL is dealers in a wide range of telecom devices/appliances, accessories, and peripherals. SSKRPL operates 28 Samsung Smart Phone Cafes across India (in Maharashtra, MP, Gujarat, and Goa). It also deals in Mobile Gadget Secure of SYSKA brand. SSK group forayed into electrical fittings in FY14 through establishment of SLLPL. The company is in the business of importing, testing, and sale of LED technology, Solar PV solutions, Hi Tech Batteries System Integration, Solar based UPS & Inverters. It imports LED products from various companies in South Korea, assembles and sells under its brand name SYSKA. SLLPL does business in 18 states in India through 489 distributors and exclusive retail showrooms at 80 locations and is setting up operations in international markets as well. The imported components are assembled at Rabble factory in Maharashtra. SEL was established in 2015 and is promoted by Ms. Honey Uttamchandani (daughter of Mr. Govind Uttamchandani) and Ms. Gitika Uttamchandani (daughter of Mr. Rajesh Uttamchandani). The company is engaged in the trading of SYSKA brand of products which includes lighting products (LED bulbs, tube lights, panel lights etc), personal grooming products (trimmers, shavers, hair straighteners, irons, etc.) and several other (power banks, Bluetooth speakers) through e-commerce platforms. The firm procures goods from group companies namely SYSKA LED Lights Private Limited (SLLPL) and Shree Sant Kripa Appliances Private Limited (SSKAPL) and sells to online portals like Amazon, Flipkart, Paytm, Snapdeal, Tata Clip to name a few. SUPREME INNOVATIVE: Liquidation Process Case Summary ---------------------------------------------------- Debtor: Supreme Innovative Building Projects Private Limited Sharma Bungalow, Behind Lake Castle Building, Hiranandani Garden, Powai, MUMBAI, Maharashtra, India - 400076 Liquidation Commencement Date: May 30, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Mr. Dharmendra Kumar 30, Tower 1, Supreme Enclave, Mayur Vihar Phase-1, New Delhi -110091 Email: kumard36@hotmail.com - and - Stellar Insolvency Professionals LLP 310, New Delhi House, 27, Barakhamba Road, New Delhi -110001 Email: innovativesupreme@gmail.com Last date for submission of claims: June 29, 2025 SUPREME STAR: Liquidation Process Case Summary ---------------------------------------------- Debtor: Supreme Star Villa Private Limited Supreme House, Plot No.94/C, Opp. I.I.T., Powai, Mumbai, Maharashtra, India - 400076 Liquidation Commencement Date: May 30, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Mr. Dharmendra Kumar 30, Tower 1, Supreme Enclave, Mayur Vihar Phase-1, New Delhi -110091 Email: kumard36@hotmail.com - and - Stellar Insolvency Professionals LLP 310, New Delhi House, 27, Barakhamba Road, New Delhi -110001 Email: supremestarvilla@gmail.com Last date for submission of claims: June 29, 2025 SYSKA LED: CARE Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of SYSKA Led Lights Private Limited (SLLPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 98.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 52.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 6, 2019, placed the rating(s) of SLLPL under the 'issuer non-cooperating' category as SLLPL had failed to provide information for monitoring of the rating. SLLPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 30, 2025, and March 20, 2025, among others and numerous phone calls. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the ratings on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Combined The rating is based on combined view of the financials of Shree Sant Kripa Appliances Pvt Ltd (SSKAPL) with its group companies viz. Bagh Bahar Appliances Pvt Ltd (BBAPL), SSK Retail Pvt Ltd (SRPL), SYSKA Led Lights Pvt Ltd (SLLPL), SSK Infotech Pvt Ltd (SIPL) and SYSKA E Retails LLP (SEL), collectively called as 'SSK Group', as they have a similar line of business and are held by the same promoters. Moreover, there are intercompany transactions indicating operational linkages and also financial support is offered to each other and corporate guarantees are given for facilitating bank debt. Detailed description of key rating drivers: At the time of last rating on April 24, 2024, the following were the rating weaknesses considered: Key Weaknesses: * Delays in debt servicing: As per the last feedback received dated April 24, 2024 from some of its lenders, there were on-going delays in debt servicing. Further, as per CIBIL records, some directors of the SSK Group have been classified as defaulters (Wilful defaulter), with cumulative outstanding dues exceeding INR1 crore as of March 31, 2025. The SSK Group comprises of the following entities: 1. Shree Sant Kripa Appliances Pvt Ltd (SSKAPL) 2. Bagh Bahar Appliances Pvt Ltd (BBAPL) 3. SSK Infotech Pvt Ltd (SIPL) 4. SSK Retails Pvt Ltd (SRPL) 5. SYSKA Led Lights Pvt Ltd (SLLPL) 6. SYSKA E-retails LLP (SEL) SSKAPL is the flagship company of the Pune-based SSK group. It is promoted by Mr. Govind Uttamchandani and Mr. Rajesh Uttamchandani. Established as a partnership firm in 2002, and reconstituted as a private limited company in 2006, SSKAPL is the exclusive distributor of Samsung mobiles, accessories, and tablets for five states in India: Gujarat, Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh, and Chhattisgarh. It is also a distributor of Samsung home appliances in the Mumbai region. BBAPL is a closely held private limited company and dealer of the flagship company SSKAPL. BBAPL is also the exclusive distributor for Samsung home appliances in Jalgaon, Aurangabad, Pune, Satara and Sangli in Maharashtra, and in Goa and mobile distribution in Pune. SIPL provides electronic data services and solutions to telecom and MNCs; and printing and mailing activities such as printing of cheques and current/savings account statements, mainly for banks. It has four printing facilities based out of Pune, Mumbai, Gurgaon, and Hyderabad. SRPL is dealers in a wide range of telecom devices/appliances, accessories, and peripherals. SSKRPL operates 28 Samsung Smart Phone Cafes across India (in Maharashtra, MP, Gujarat, and Goa). It also deals in Mobile Gadget Secure of SYSKA brand. SSK group forayed into electrical fittings in FY14 through establishment of SLLPL. The company is in the business of importing, testing, and sale of LED technology, Solar PV solutions, Hi Tech Batteries System Integration, Solar based UPS & Inverters. It imports LED products from various companies in South Korea, assembles and sells under its brand name SYSKA. SLLPL does business in 18 states in India through 489 distributors and exclusive retail showrooms at 80 locations and is setting up operations in international markets as well. The imported components are assembled at Rabble factory in Maharashtra. SEL was established in 2015 and is promoted by Ms. Honey Uttamchandani (daughter of Mr. Govind Uttamchandani) and Ms. Gitika Uttamchandani (daughter of Mr. Rajesh Uttamchandani). The company is engaged in the trading of SYSKA brand of products which includes lighting products (LED bulbs, tube lights, panel lights etc), personal grooming products (trimmers, shavers, hair straighteners, irons, etc.) and several other (power banks, Bluetooth speakers) through e-commerce platforms. The firm procures goods from group companies namely SYSKA LED Lights Private Limited (SLLPL) and Shree Sant Kripa Appliances Private Limited (SSKAPL) and sells to online portals like Amazon, Flipkart, Paytm, Snapdeal, Tata Clip to name a few. TAMOGNA ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Tamogna Enterprises Private Limited (TEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 2, 2024, placed the rating(s) of TEPL under the 'issuer non-cooperating' category as TEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 18, 2025, March 28, 2025, April 7, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Hyderabad-based Kommineni Fintech Consultants Private Limited was incorporated in the year 1996 and promoted by Mr. K Venkata Ramanappa (Late), Mr. K Praveen Kumar, Mr. P Eswar Reddy and Mr. E Venkateswara Rao. Later on, the name of the entity changed to current nomenclature, i.e., Tamogna Enterprises Private Limited (TEPL). TEPl is presently engaged in providing services like mobilizing and servicing financial Products like bill discounting, letter of credit and recovery agency services to various private and nationalized banks. TEPL provides consultancy and document handling services through its employees for the entire process of opening, processing and closing of bank guarantees (BGs), letter of credit (LCs) and other bank facilities between its client, client bank, suppliers of its clients and suppliers bank. The company has around 150 to 200 clients. During FY17, the company entered into trading of Petcoke (Petroleum Coke) and Iron Ore. ================= I N D O N E S I A ================= BANK PAN INDONESIA: Fitch Affirms 'BB+' LT IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings Indonesia has affirmed PT Bank Pan Indonesia Tbk's (Panin) Long-Term Issuer Default Rating (IDR) at 'BB+' with a Stable Outlook, Short-Term IDR at 'B', Viability Rating (VR) at 'bb+' and Government Support Ratings (GSR) at 'bb'. Simultaneously, Fitch has withdrawn all the ratings. Fitch has chosen to withdraw the ratings of Panin for commercial reasons. Key Rating Drivers Driven by Standalone Credit Profile: Panin's Long-Term IDR is driven by the VR, which reflects a moderate domestic franchise and earnings generation capacity alongside high exposure to riskier borrowers. This is mitigated by strong capitalisation, which provides a robust buffer against potential losses. Steady Operating Environment: Fitch forecasts Indonesia to sustain its GDP growth at 4.9% in 2025 and 4.7% 2026, although global trade tensions and domestic policy uncertainty pose downside risk. Indonesia has low exposure to exports to the US, but could face second-order effects that weigh on growth opportunities in the banking sector. Nevertheless, Fitch projects system loan growth of close to 10% and for only moderate compression in lending margins, as there is limited space for Bank Indonesia to further reduce the benchmark rate following its 75bp rate cuts to date. Moderate Domestic Franchise: Panin's business profile score reflects its moderate domestic franchise as Indonesia's 12th largest bank and system asset market share of around 1.8% at end-March 2025. Its loan portfolio is reasonably diversified, but leans towards the commercial and SME segment. Consistent Underwriting: Fitch believes Panin's focus on the commercial segment bears higher credit risk, but that this is mitigated by a sound collateral policy that consistently provides good loan exposure coverage. Panin has recently completed de-risking efforts and Fitch expects it to resume expanding its loan portfolio, but overall loan growth is likely to remain below that of the system average in the near to medium term. Manageable Asset-Quality Risks: Panin's non-performing loan ratio of 3.3% and loans at risk ratio at 15.4% as at end-March 2025 were above that of mid-sized bank peers and industry averages. However, Fitch believes its non-performing loan coverage ratio of 160% was adequate to absorb potential credit losses when assessed in tandem with high collateralisation. Recovery in Profitability: Panin's annualised operating profit/risk-weighted asset ratio stood at 2.6% in 3M25 (2024: 2.5%), broadly in line with that of mid-sized bank peers. Fitch expects the ratio to remain steady over the next 12-18 months, supported by a modest recovery in the net interest margin, as lower funding cost from deposit repricing offset the competitive pressure in loan pricing. Fitch projects a modest rise in credit costs as provisioning normalises, but costs should stay manageable, supported by sound collateral coverage. Satisfactory Capitalisation: Panin's common equity Tier 1 ratio of 34.8% as at end-March 2025 was well above the 18.8% average of similarly sized peers. Panin's sound profitability, high earnings retention and modest loan growth target should support the ratio, Adequate Liquidity: Panin's funding and liquidity score reflects its view of a deposit franchise that is largely comparable to that of mid-sized peers. Fitch expects the bank to maintain a steady liquidity profile, although its loan/deposit ratio is likely to remain above the system average, due to some reliance on wholesale funding. The liquidity coverage ratio was well above regulatory requirements at 233% as of end-2024. Moderate Likelihood of Support: Fitch believes there is a moderate probability that the government will extend extraordinary support to Panin, if required. This is based on its view that Panin has moderate systemic importance as one of the country's larger banks and is a designated domestic systemically important bank. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Rating sensitivities are no longer relevant, as the ratings have been withdrawn. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Rating sensitivities are no longer relevant, as the ratings have been withdrawn. VR ADJUSTMENTS The operating environment score has been assigned above the implied score, due to the following adjustment reasons: sovereign rating (positive), macroeconomic stability (positive). The asset quality score has been assigned below the implied score, due to the following adjustment reason: loan classification policies (negative). The earnings and profitability score has been assigned below the implied score, due to the following adjustment reason: earnings stability (negative). The capitalisation and leverage score has been assigned below the implied score, due to the following adjustment reason: risk profile and business model (negative). The funding and liquidity score has been assigned below the implied score, due to the following adjustment reason: deposit structure (negative). ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- PT Bank Pan Indonesia Tbk LT IDR BB+ Affirmed BB+ LT IDR WD Withdrawn ST IDR B Affirmed B ST IDR WD Withdrawn Viability bb+ Affirmed bb+ Viability WD Withdrawn Government Support bb Affirmed bb Government Support WD Withdrawn ========= J A P A N ========= MARELLI AUTOMOTIVE: Akin and Cole Schotz Represent Senior Lenders ----------------------------------------------------------------- In the Chapter 11 cases of Marelli Automotive Lighting USA LLC and affiliates, the Ad Hoc Group of Senior Lenders filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. The Ad Hoc Group of Senior Lenders engaged Akin Gump Strauss Hauer & Feld LLP on October 16, 2024, and Cole Schotz P.C. on June 4, 2025, to represent it in connection with a potential restructuring transaction. Akin and Cole Schotz represent only the Ad Hoc Group of Senior Lenders. Akin and Cole Schotz do not represent the Ad Hoc Group of Senior Lenders as a "committee" and do not undertake to represent the interests of, and are not fiduciaries for, any creditor, party in interest or other entity other than the Ad Hoc Group of Senior Lenders. In addition, the Ad Hoc Group of Senior Lenders does not represent or purport to represent any other entities in connection with these chapter 11 cases. Akin and Cole Schotz have been advised by the individual members of the Ad Hoc Group of Senior Lenders that the individual members of the Ad Hoc Group of Senior Lenders either hold claims or manage accounts that hold claims (including directly or indirectly, including by participation, swap or other derivative transaction) against the Debtors' estates. The Ad Hoc Group of Senior Lenders' address and the nature and amount of disclosable economic interests held in relation to the Debtors are: 1. Deutsche Bank AG Azabudai Hill Mori JP Tower 1-3-1 Azabudai Minato-ku, Tokyo, Japan * Term Loans: $146,573,276.15 * Revolving Loans: $29,112,442.80 * Preferred Equity JPY (d-1) Interests: 8,571.00 * Preferred Equity EUR (d-2) Interests: 1,282.00 2. Fortress Credit Advisors, LLC, for and on behalf of its funds, affiliates and assignees 1345 Avenue of the Americas, 46th Floor, New York, NY 10105 * Term Loans: $257,975,352.61 * Revolving Loans: $12,482,291.89 * Preferred Equity JPY (d-1) Interests: 7,290.00 * Preferred Equity EUR (d-2) Interests: 6,615.00 3. Maserati SS II L.P PO Box 309, Ugland House, Grand Cayman KY1-1104, Cayman Islands * Term Loans: $304,679,622.06 * Revolving Loans: $54,542,207.57 * Preferred Equity JPY (d-1) Interests: 13,904.00 * Preferred Equity EUR (d-2) Interests: 2,068.00 4. Polus Capital Management Limited Asticus Building, 21 Palmer Street, London, England SW1H 0AD * Term Loans: $110,528,131.40 * Revolving Loans: $2,059,221.70 * Preferred Equity JPY (d-1) Interests: 6,543.00 * Preferred Equity EUR (d-2) Interests: 0.00 5. Investment funds and accounts managed indirectly by Strategic Value Partners, LLC and its affiliates 100 West Putnam Avenue, Greenwich, CT 06830 * Term Loans: $1,137,080,793.51 * Revolving Loans: $193,805,277.90 * Preferred Equity JPY (d-1) Interests: 68,076.00 * Preferred Equity EUR (d-2) Interests: 7,279.00 Counsel to the Ad Hoc Group of Senior Lenders: COLE SCHOTZ P.C. Justin R. Alberto, Esq. Stacy L. Newman, Esq. Jack M. Dougherty, Esq. Elazar A. Kosman, Esq. 500 Delaware Avenue, Suite 600 Wilmington, DE 19801 Telephone: (302) 652-3131 Facsimile: (302) 652-3117 E-mail: jalberto@coleschotz.com snewman@coleschotz.com jdougherty@coleschotz.com ekosman@coleschotz.com - and - AKIN GUMP STRAUSS HAUER & FELD LLP Ira S. Dizengoff, Esq. Anna Kordas, Esq. One Bryant Park New York, NY 10036 Telephone: (212) 872-1000 Facsimile: (212) 872-1002 Email: idizengoff@akingump.com akordas@akingump.com - and - Scott L. Alberino, Esq. Kate Doorley, Esq. Alexander F. Antypas, Esq. 2001 K Street, N.W. Washington, D.C. 20006 Telephone: (202) 887-4000 Facsimile: (202) 887-4288 Email: salberino@akingump.com kdoorley@akingump.com aantypas@akingump.com About Marelli Marelli is a "Tier 1" automotive supplier and one of the largest automotive components suppliers in the world. Headquartered in Saitama, Japan, Marelli operates in twenty-four countries around the world and supplies over sixty-five OEMs and brands such as Stellantis, Nissan, Volkswagen, BMW, and Mercedes Benz. With around 45,000 employees worldwide, the Marelli footprint includes over 150 sites globally. In 2024, Marelli generated over $10 billion of revenue. On June 11, 2025, Marelli Holdings Co. Ltd. and its affiliates commenced voluntary chapter 11 cases (Bankr. D. Del. Lead Case No. 25-11034). The cases are pending before the Honorable Judge Craig T. Goldblatt in Delaware. Around 80% of the Company's lenders have signed an agreement to support the Company' Chapter 11 restructuring in the U.S., which will deleverage Marelli's balance sheet and strengthen its liquidity position. Kirkland & Ellis LLP is serving as legal counsel to Marelli. PJT Partners Inc. is serving as financial advisor, and Alvarez & Marsal LLC is serving as restructuring advisor to Marelli. Verita Global, formerly KCC, is the claims agent. Akin Gump Strauss Hauer & Feld LLP, Houlihan Lokey, and AlixPartners LLP are serving as advisors to the ad hoc group of lenders. MARELLI AUTOMOTIVE: Deadline for Panel Questionnaires Today ----------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of Marelli Automotive Lighting, et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/zpdav83u and return by email it to Jane M. Leamy, Esq. -- jane.m.leamy@usdoj.gov -- and Timothy J. Fox, Esq. -- timothy.fox@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than today, Wednesday, June 18, 2025, at 4:00 p.m. Eastern Time. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Marelli Marelli is a "Tier 1" automotive supplier and one of the largest automotive components suppliers in the world. Headquartered in Saitama, Japan, Marelli operates in twenty-four countries around the world and supplies over sixty-five OEMs and brands such as Stellantis, Nissan, Volkswagen, BMW, and Mercedes Benz. With around 45,000 employees worldwide, the Marelli footprint includes over 150 sites globally. In 2024, Marelli generated over $10 billion of revenue. On June 11, 2025, Marelli Holdings Co. Ltd. and its affiliates commenced voluntary chapter 11 cases (Bankr. D. Del. Lead Case No. 25-11034). The cases are pending before the Honorable Judge Craig T. Goldblatt in Delaware. Around 80% of the Company's lenders have signed an agreement to support the Company' Chapter 11 restructuring in the U.S., which will deleverage Marelli's balance sheet and strengthen its liquidity position. Kirkland & Ellis LLP is serving as legal counsel to Marelli. PJT Partners Inc. is serving as financial advisor, and Alvarez & Marsal LLC is serving as restructuring advisor to Marelli. Verita Global, formerly KCC, is the claims agent. Akin Gump Strauss Hauer & Feld LLP, Houlihan Lokey, and AlixPartners LLP are serving as advisors to the ad hoc group of lenders. ========= M A C A U ========= TAI FUNG BANK: Fitch Assigns 'B(EXP)' Rating to AT1 Capital Bonds ----------------------------------------------------------------- Fitch Ratings has assigned Tai Fung Bank Limited's (TFB, BBB+/Stable/bb+) proposed US dollar non-cumulative capital bonds an expected rating of 'B(EXP)'. The proposed instruments should qualify as the bank's additional Tier 1 (AT1) capital, and the net proceeds will be used to strengthen its capital adequacy. The final rating is contingent upon the receipt of final documents conforming to the information already received. Key Rating Drivers Fitch applies TFB's standalone Viability Rating (VR) of 'bb+' as the anchor rating for its AT1 instruments. The expected 'B(EXP)' rating of the AT1 instruments is four notches below the anchor rating. The notching comprises two notches for loss severity due to deep subordination, and two notches for higher non-performance risks - given the proposed instruments' full discretionary, non-accumulative coupon payments. The notching is in line with Fitch's baseline notching for AT1 instruments. The proposed AT1 instruments shall be subordinated to the claims of depositors, general creditors, holders of Tier 2 capital instruments and holders of any other subordinated debt that rank senior to the proposed AT1 instruments. The proposed AT1 instruments rank in priority to the claims of holders of all classes of share capital, and rank pari passu with the claims of holders of any other AT1 capital instruments of the bank. Key rating drivers for TFB's VR can be found in the latest full rating action commentary, Fitch Affirms Tai Fung Bank at 'BBB+'; Outlook Negative, published on 21 March 2025. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The expected rating on the proposed AT1 capital bond would be downgraded if TFB's VR is downgraded. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The expected rating on the proposed AT1 capital bond would be upgraded if TFB's VR is upgraded, or if there is expectation that support from BOC could be extended further down the capital structure to warrant a different anchor rating by its assessment. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Tai Fung Bank Limited Subordinated LT B(EXP) Expected Rating =============== M A L A Y S I A =============== BERTAM ALLIANCE: Exits PN17 Status After Seven Years ---------------------------------------------------- The Star reports that Bertam Alliance Bhd has regularised its financial condition and no longer triggers any of the Prescribed Criteria under Paragraph 2.1 of Practice Note 17 (PN17) and Paragraph 8.03A of the Main Market Listing Requirements of Bursa Malaysia. In a filing with Bursa Malaysia, the real estate business firm said Bursa, after taking into consideration the relevant facts and circumstances of the matter, has resolved to approve the company's application for an early upliftment from being classified as an "Affected Listed Issuer" pursuant to PN17, The Star relates. Bertam was uplifted from being classified as a PN17 company on June 12, 2025. Bertam fell into PN17 status in 2018 due to the winding-up order against its wholly-owned unit Bertam Development Sdn Bhd, which accounts for at least 50% of its total assets, notes the report. About Bertam Alliance Bertam Alliance Berhad -- http://www.bertamalliance.com/-- engages in property and plantation development activities in Malaysia. In 2018, Bertam Alliance Bhd was classified as an affected listed issuer under Practice Note 17 (PN17) as Bursa Malaysia has rejected the company's application for a waiver from being classified as PN17 company. The bourse made its decision after taking into consideration the winding-up order against its wholly-owned unit Bertam Development Sdn Bhd (BDSB), which accounts for at least 50% of the company's total assets. ===================== N E W Z E A L A N D ===================== ALL OUT: Court to Hear Wind-Up Petition on July 8 ------------------------------------------------- A petition to wind up the operations of All Out Landscaping Limited will be heard before the High Court at Wellington on July 8, 2025, at 10:00 a.m. Nees Hardware and Building Supplies Limited filed the petition against the company on May 16, 2025. The Petitioner's solicitor is: Catherine Louise Waugh c/- Credit Consultants Group NZ Limited Level 6, 15 Willeston Street Wellington Central Wellington 6011 FLEET WORKS: Creditors' Proofs of Debt Due on Aug. 4 ---------------------------------------------------- Creditors of Fleet Works Limited are required to file their proofs of debt by Aug. 4, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 4, 2025. The company's liquidator is: David Edward Thomas Don’t Be Limited C/- 4 Willow Street Tauranga Central SILVER STREAM: Reynolds & Associates Appointed as Liquidators ------------------------------------------------------------- Grant Bruce Reynolds of Reynolds & Associates on June 6, 2025, were appointed as liquidators of Silver Stream Limited. The liquidators may be reached at: Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 STUDIO NEW ZEALAND: Creditors' Proofs of Debt Due on Aug. 8 ----------------------------------------------------------- Creditors of Studio New Zealand Limited are required to file their proofs of debt by Aug. 8, 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: Andrew McKay Rees Logan BDO Auckland Level 4 BDO Centre 4 Graham Street Auckland 1010 URSA SERVICES: Creditors' Proofs of Debt Due on July 30 ------------------------------------------------------- Creditors of Ursa Services Limited are required to file their proofs of debt by July 30, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 30, 2025. The company's liquidator is: David Edward Thomas Don't Be Limited C/- 4 Willow Street Tauranga Central ================= S I N G A P O R E ================= CHARLESTON SCIENTIFIC: Court Enters Wind-Up Order ------------------------------------------------- The High Court of Singapore entered an order on May 30, 2025, to wind up the operations of Charleston Scientific 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 KSL AUTOMOTIVE: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on June 6, 2025, to wind up the operations of KSL Automotive Pte. Ltd. United Overseas Bank Limited filed the petition against the company. The company's liquidators are: Tan Jun Zhang, Solomon Lam Zi Yang c/o Argile Partners 138 Cecil Street #10-01 Cecil Court Singapore 069538 LOCUST PTE: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on May 30, 2025, to wind up the operations of Locust Pte. Ltd. Heng Choon Leng filed the petition against the company. The company's liquidator is: Goh Tiong Hong Jan Corporate Advisory 60 Paya Lebar Road #10-03 Paya Lebar Square Singapore 409501 PTY RESOURCES: Court to Hear Wind-Up Petition on June 20 -------------------------------------------------------- A petition to wind up the operations of PTY Resources Pte. Ltd. will be heard before the High Court of Singapore on June 20, 2025, at 10:00 a.m. Victorious Navigation S.A filed the petition against the company on May 30, 2025. The Petitioner's solicitors are: Allen & Gledhill LLP One Marina Boulevard, #28-00 Singapore 018989 WELLNESS FITNESS: Creditors' Meeting Set for June 25 ---------------------------------------------------- Wellness Fitness Health (WFH) Pte. Ltd. will hold a meeting for its creditors on June 25, 2025, at 4:00 p.m. via Zoom. Agenda of the meeting includes: a. to nominate liquidator(s) or to confirm members' nomination of liquidator(s); b. to receive a full statement of the Company's affairs together with a list of its creditors and the estimated amount of their claims; c. to consider and if thought fit, appoint a Committee of Inspection for the purpose of such winding up; and d. to consider any other matters which may be brought before the meeting. Farooq Ahmad Mann of M/s Mann & Associates PAC was appointed as provisional liquidator of the Company on June 5, 2025. ===================== S O U T H K O R E A ===================== KUMHO TIRE: Doublestar Under Increasing Pressure to Support Firm ---------------------------------------------------------------- The Korea Times reports that Doublestar, the Chinese tire manufacturer that acquired Kumho Tire in 2018, is facing growing pressure to provide financial support to the Korean tire company, which was severely impacted by a devastating factory fire last month. According to The Korea Times, Kumho Tire is still dealing with the aftermath of the fire that completely burned down one of its two production lines in the southwestern city of Gwangju. The loss is expected to result in a massive earnings drop for the company, and thousands of workers from the company and its partner firms are also at risk of losing their jobs. However, Doublestar, which holds a 45 percent stake in Kumho Tire, has kept a low profile, taking no specific actions to help stabilize the company's operations. In response, union members of Kumho Tire recently traveled to the Chinese city of Qingdao to meet with Doublestar's management and urge them to take prompt action by supplying funds for the cash-strapped tire company, The Korea Times says. "Doublestar has not presented any alternative action plans regarding the latest factory fire, apparently because the Chinese firm is walking on eggshells around investors," the report quotes the labor union for Kumho Tire workers as saying in a statement on June 12. The union denounced Doublestar's inaction as an "irresponsible attitude" ignoring the expectations of some 2,500 workers and the regional economy. According to The Korea Times, the union representatives said they suggested that Doublestar raise capital for the factory's relocation, but the Chinese firm has not immediately accepted the proposal. Instead, the company said it would wait for Kumho Tire's management to submit necessary documents for a factory recovery and relocation plan. Since Kumho Tire will need to spend a substantial amount of capital on the potential factory relocation, the company plans to raise funds by selling its factory site in Gwangju, according to the report. To facilitate this, Kumho Tire has requested approval from the city of Gwangju to change the land-use designation of the site from factory-only to commercial purposes. If the request is approved, Kumho Tire will be able to sell the site for approximately KRW1.4 trillion ($1.03 billion). The Korea Times notes that Kumho Tire's management has pledged to introduce a detailed road map for the possible factory relocation by early next month. The tire firm and the regional government will engage in several rounds of negotiations to fine-tune details. Market analysts expect the latest fire to affect Kumho Tire's tire production for at least 18 months. "It will take some 18 months or up to three years for Kumho Tire to normalize its tire production by building a new factory," Hana Securities analyst Song Sun-jae said, notes the report. The aftermath of the unexpected fire will also drive down Kumho Tire's sales by up to KRW800 billion, according to the analyst, The Korea Times relays. Kumho Tire Co. Ltd. manufactures tires. The company's offerings include tires for sports utility vehicles, passenger cars, various sizes of trucks and buses and racing cars. In addition, the company provides batteries for automobiles. [] FSS to Tighten Capital Regulations on Real Estate Trust Cos. --------------------------------------------------------------- Maeil Business Newpaper reports that financial authorities will tighten capital regulations on real estate trust companies to prevent the spread of insolvency caused by the real estate recession. The authorities were conscious that the crisis could spread across the industry as credit risks grew, with Mugunghwa Trust, the seventh-largest in the industry, receiving orders to improve management from authorities due to poor assets at the end of last year, Maeil Business relates. According to the report, the authorities said on June 15 the Financial Supervisory Service has decided to tighten financial management by including the risk of damages when evaluating the credit risk of real estate trusts. Currently, most of the land trust workplaces are responsible quasi-trust (book-based) trusts and mixed trusts that raise project costs through project financing (PF) loans and complete projects with trust companies taking responsibility, Maeil Business notes. If the construction company fails to complete the construction within the promised period due to bankruptcy or financial difficulties, the trust company will take full responsibility. If it is not completed in the end, the trust company will be liable for damages to the lender. In the future, the level of business net capital ratio (NCR) regulations will increase by reflecting the amount of damages in the total risk, Maeil Business says. NCR is the proportion of net capital for business divided by total risk, and it is an indicator of the financial soundness of a trust company, and the lower the risk, the more dangerous it is. According to the current financial investment business regulations, trust companies whose NCR has fallen below 150% will receive management improvement measures from the authorities, Maeil Business relates. Depending on the financial position, they are subject to three levels of recommendation, request, and order, but if they do not meet the level of demand, they may be suspended or withdrawn from the market. ============= V I E T N A M ============= VIETNAM: Moody's Affirms 'Ba2' Issuer Rating, Outlook Stable ------------------------------------------------------------ Moody's Ratings has affirmed the Government of Vietnam's issuer and senior unsecured ratings at Ba2 and maintained the stable outlook. The rating affirmation reflects Vietnam's high growth potential, improving macroeconomic stability, and attractiveness as a foreign investment destination, which provide resilience against the negative credit implications of tariffs on exports to the US potentially settling at high levels. Other rating drivers include credit challenges related to limited – though improving – institutional quality and policy effectiveness, banking system and property sector risks, and long-term exposure to physical climate risks. The stable outlook reflects a balance of risks. Downward pressures would stem from persistently high US tariffs and trade restrictions that lead to material disruptions in trade flows and foreign investments. Upward credit pressures could emerge if improvements in institutions and governance strength, particularly through enhancements in macroprudential policies, facilitate greater financial stability and lower banking sector risks. Success in addressing structural economic impediments – such as skill shortages and infrastructural deficiencies – would also be credit positive. Vietnam's local- and foreign-currency ceilings remain unchanged at Baa2 and Ba1 respectively. The Baa2 local currency ceiling, three notches above the sovereign rating, reflects relatively opaque government decision-making and the significant, though reducing, government footprint in the economy, balanced by moderate political risks and low external imbalances. The foreign currency ceiling at Ba1, two notches below the local-currency ceiling, reflects existing constraints to capital flows that point to possible transfer and convertibility restrictions being imposed at times of perceived need. RATIONALE FOR RATING AFFIRMATION FOREIGN INVESTMENT RESILIENT TO TARIFF UNCERTAINTY Vietnam's exports of goods to the US amounted to 26% of GDP in 2024, making it one of the most exposed countries globally to a sharp increase in tariffs. However, despite uncertainty surrounding the tariffs that will be imposed on Vietnamese exports to the US, Moody's do not expect significant withdrawals of capital or relocation of production facilities out of Vietnam in Moody's baseline scenario, although investors may put investment plans on hold. Incorporating these external factors, Moody's forecasts economic growth for Vietnam to slow but remain high compared to rating peers at 5.5% in 2025 and 5.0% in 2026. Meanwhile, Vietnam's fundamentals continue to support its attractiveness as an investment destination, including a sizeable workforce with competitive wages, improving infrastructure, stable domestic politics and supportive policies that contribute to a business friendly environment. Vietnam's multiple port nodes, access to shipping and growing network of free trade agreements cement its role in global supply chains. Its rapidly growing middle class adds to its attraction for foreign investors. Large and growing renewable generative capacity also attracts firms with lower carbon emission commitments. At the same time, Vietnam continues to upgrade its infrastructure. These include projects in renewables and grid connectivity, as well as a series of large connectivity projects such as the North-South expressway expansion, high speed rail between Hanoi and Ho Chih Minh City, and railways connecting Hanoi to key ports like Haiphong and Lao Cai. These infrastructure upgrades will further enhance Vietnam's status as a manufacturing and maritime hub, and its importance to the global supply chain. That said, structural and institutional constraints exist and if left unaddressed, could erode Vietnam's competitiveness over the longer run, impeding ambitions to move further up the value chain and enhance economic complexity. These include regulatory uncertainty, weak public administrative efficiency and skill shortages that Moody's views to have constrained Vietnam's ability to attract high-end investments like semiconductor fabrication. ROBUST FISCAL METRICS TO PERSIST Vietnam's credit profile is supported by very strong fiscal positions, characterized by low debt, high debt affordability and low external vulnerabilities. Weaker revenue outturns due to tariff-related economic pressures along with higher capital expenditures on infrastructure upgrades will widen deficits. Moody's estimates fiscal deficits of around 3.0-3.5% of GDP in the next 2-3 years. The debt burden will trend higher gradually but remain lower than peers and well-contained within the government's public ceiling. Additionally, debt resilience continues to improve as the government reduces reliance on external financing. In 2024, only 3-4% of borrowings were from external sources, from 26% a decade ago. Foreign currency denominated debt now accounts for around a third of general government debt, from a peak of over 42% in 2016. At the same time, debt affordability continues to improve with lower domestic borrowing costs brought on by capital inflows and high domestic savings which have allowed the government to increasingly source budget financing from domestic institutional investors and at increasingly longer tenors. RATIONALE FOR STABLE OUTLOOK RISK OF HIGHER TARIFFS OFFSET BY POTENTIAL BENEFITS OF REFORM Moody's expects ongoing negotiations between the US and Vietnam to result in average effective tariffs on Vietnamese exports to the US to be materially lower than the 46% proposed by the US on April 2, but also probably significantly higher than before April. Downside risks persist, as negotiations may result in a combination of tariffs and other trade restrictions that materially impact Vietnam's attractiveness as a node in regional global chains and destination for FDI. In addition to trade with the US, impacts on trade relations with other of Vietnam's trading partners, such as China, could be negative for Vietnam if they shift trade patterns and investment away from Vietnam. At the same time, these risks are partly offset by reforms that have accelerated since To Lam assumed leadership of the Community Party of Vietnam (CPV) in 2024. These reforms aim to address some of the institutional and structural constraints mentioned above. Examples include a reduction in ministries and agencies through mergers and dissolutions and redefining the government's scope of responsibilities, and a provincial restructuring to consolidate the number of sub-national entities, allowing decentralization of government functions and reducing administrative costs. If effective, the restructuring will streamline the bureaucracy, enhance decision-making, and improve administrative efficiency. The government also introduced structural reforms to support the domestic private sector as the core driver of growth and drive advancements in science and technology. These include raising research and development expenditure and supporting start-ups. If successful, these reforms could boost productivity growth and reduce FDI reliance, driving greater economic dynamism and resilience in the long run. ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS Vietnam's CIS-4 credit impact score indicates the rating is lower than it would have been if ESG risk exposures did not exist. Environmental risk exposure is a primary driver. Governance limitations, including weak legislative and executive institutions, constrain policy effectiveness and transparency, as well as institutional capacity to respond to shocks. Vietnam's E-4 issuer profile score (IPS) for environmental risk largely reflects physical climate risks from potentially adverse exposure to coastal flooding and heat waves. Over time, rising sea levels and increasing frequency of severe weather shocks will impose significant costs, while requiring resettlement of some urban populations. Reliance on agriculture for employment exacerbates the potential economic and fiscal impacts of weather-related shocks, such as flooding and storm surges, as well as spillovers from the country's large and fast-growing manufacturing sector, such as pollution. Upstream hydropower development and pollution on agricultural production in the Mekong River Delta also drives exposure to water management risk. Vietnam's S-3 IPS for social risk balances Vietnam's large and relatively young population compared with peers with risks to longer-term social stability from the young workforce's rising expectations of continued improvement in living standards. A decline in the working-age population from 2037 is also likely to hamper growth and productivity, although government investments in education could enhance worker skills and productivity over time. Compared with peers at similar levels of economic development, Vietnam's government has prioritized the provision of housing, healthcare and education. However, rising economic and social inequality reflect generally weak provision of social services, with high levels of undernourishment and lack of access to clean drinking water. Vietnam's G-4 IPS for governance incorporates weak legislative and executive institutions that reduce the predictability and transparency of policy, which can hinder investor confidence. Challenges remain in rule of law, regulatory quality and voice and accountability, with varying progress amidst institutional reforms adopted by the government. GDP per capita (PPP basis, US$): 16,335 (2024) (also known as Per Capita Income) Real GDP growth (% change): 7.1% (2024) (also known as GDP Growth) Inflation Rate (CPI, % change Dec/Dec): 2.9% (2024) Gen. Gov. Financial Balance/GDP: -3.4% (2024) (also known as Fiscal Balance) Current Account Balance/GDP: 6.1% (2024) (also known as External Balance) External debt/GDP: 31.5% (2024) Economic resiliency: baa2 Default history: No default events (on bonds or loans) have been recorded since 1983. On June 09, 2025, a rating committee was called to discuss the rating of the Vietnam, Government of. The main points raised during the discussion were: The issuer's economic fundamentals, including its economic strength, have not materially changed. The issuer's institutions and governance strength, have not materially changed. The issuer's fiscal or financial strength, including its debt profile, has not materially changed. The issuer's susceptibility to event risks has not materially changed. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS Moody's would consider upgrading the rating if there were signs that risks from a more restrictive trade environment were receding, while institutions and governance strength continue to improve. In particular improved supervision of the banking system and oversight over financial stability that limits contingent liability risks would signal improved regulatory effectiveness. Success in addressing structural impediments towards stronger economic potential and the absorption of higher value-added production with greater linkages to domestic companies would also be credit positive. FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS Moody's would consider a downgrade of the rating should high US tariffs pose severe risks to Vietnam's attractiveness to foreign capital and growth prospects. Evidence that a rise in geopolitical tensions or structural shift in trade pattens is disrupting Vietnam's access to critical manufacturing inputs or eroding export and FDI competitiveness would also be negative for the rating. Over the longer run, erosion of the country's strong investment-fueled growth and economic competitiveness as a result of an inability to address structural and institutional challenges would also weigh on the rating. The principal methodology used in these ratings was Sovereigns published in November 2022. The weighting of all rating factors is described in the methodology used in this credit rating action, if applicable. Vietnam's "a2" fiscal strength is set below the initial score of "aa3" to reflect potential for materialization of contingent liabilities from State-Owned Enterprises and potentially higher-than-expected fiscal burdens amid ongoing efforts to address structural challenges. The "b" susceptibility to event risk score is also set below the initial score of "ba", driven by banking sector risk, reflecting the large size of the banking system and the risk of severe stress in a downside economic shock, given the banking system's low capital levels and weak regulation. These lead to a final scorecard-indicated outcome of Baa3-Ba2, compared to an initial scorecard-indicated outcome of A3-Baa2. The assigned rating is within the final scorecard-indicated outcome. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***