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250620.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, June 20, 2025, Vol. 28, No. 123 Headlines A U S T R A L I A AUSTRALIAN FIDUCIARIES: ASIC Takes Steps to Appoint Receivers CENTREX LIMITED: Enters Deed of Company Arrangement w/ PRL Global ESEL PTY: First Creditors' Meeting Set for June 25 FIOSON PTY: First Creditors' Meeting Set for June 25 NEWNHAM TRUCKING: First Creditors' Meeting Set for June 26 OLYMPIC DAM: First Creditors' Meeting Set for June 26 SUNFLOW SOLAR: First Creditors' Meeting Set for June 27 I N D I A ASOPALAV DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating BRAINBEES SOLUTIONS: Unit Faces Insolvency Plea Over INR65cr Dues BYJU'S: ICAI Resumes Detailed Probe on Troubled Edtech Firm DATTAR CERAMIC: ICRA Lowers Rating on INR20.75cr Term Loan to D DECCAN ISPAT: ICRA Keeps D Debt Ratings in Not Cooperating DHANALAKSHMI TRADERS: CRISIL Keeps D Ratings in Not Cooperating GALA GLOBAL: CRISIL Keeps B Debt Ratings in Not Cooperating LML LIMITED: ICRA Keeps D Debt Rating in Not Cooperating Category MAITHRI DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating MANDALIA OVERSEAS: ICRA Keeps D Debt Ratings in Not Cooperating NAVA NIRMAN: CRISIL Keeps D Debt Ratings in Not Cooperating NAVBHARAT INSULATION: CRISIL Keeps D Ratings in Not Cooperating NELLUKKARAN'S FOODS: CRISIL Keeps D Ratings in Not Cooperating NILA SANDROCK: CRISIL Keeps D Debt Ratings in Not Cooperating ONGOLE MUNICIPAL: ICRA Keeps B+ LT Rating in Not Cooperating OPUS INDUSTRIES: CRISIL Keeps B- Debt Rating in Not Cooperating P. RAJAGOPAL: CRISIL Keeps D Debt Rating in Not Cooperating PRG BUILDCON: CRISIL Keeps D Debt Ratings in Not Cooperating PRINT SOLUTIONS: ICRA Withdraws B+ Rating on INR19cr Term Loan PULIANI AND PULIANI: CRISIL Keeps B- Ratings in Not Cooperating RAICHUR LABORATORIES: ICRA Keeps D Ratings in Not Cooperating RANCHI EXPRESSWAY: ICRA Keeps D Debt Rating in Not Cooperating REFLECTION INVESTMENTS: CRISIL Keeps D Ratings in Not Cooperating REFRATHERM INT'L: CRISIL Keeps B+ Debt Ratings in Not Cooperating RG ROYAL: CRISIL Keeps D Debt Rating in Not Cooperating Category RIONA LAMINATE: ICRA Keeps B+ Debt Ratings in Not Cooperating SAVIDHA MEDICAL: ICRA Keeps B Debt Ratings in Not Cooperating SHRINIVAS ELECTRICALS: CRISIL Keeps D Ratings in Not Cooperating SHYAM COAL: CRISIL Keeps B Debt Rating in Not Cooperating SOHRAB SPINNING: CRISIL Keeps D Debt Ratings in Not Cooperating TATA MOTORS: Moody's Affirms 'Ba1' CFR, Outlook Remains Positive YES BANK: Moody's Hikes Long Term Deposit & Issuer Ratings to Ba2 I N D O N E S I A KAWASAN INDUSTRI: S&P Alters Outlook to Pos., Affirms 'CCC+' ICR M A L A Y S I A PHARMANIAGA BHD: Aims to Exit PN17 by End-2025 or Q1 of 2026 N E W Z E A L A N D BLACKTREE CONSTRUCTION: Creditors' Proofs of Debt Due on July 12 FLOWING IN MOTION: Court to Hear Wind-Up Petition on July 31 JA&PA SPICE: Waterstone Appointed as Receivers and Managers KMD BRANDS: Puffers are Out as Retailer Drops Profit Warning LEE 19: Tax Evader Leaves NZD2 Million Trail of Debt LI CREAMERY: Creditors' Proofs of Debt Due on July 14 TCD HOLDINGS: Court to Hear Wind-Up Petition on June 30 P A K I S T A N PAKISTAN INT'L: Sale Draws Interest From Leading Firms, Army Co. S I N G A P O R E ATAS FOOD: Court Enters Wind-Up Order CCL PRECAST: First Creditors' Meeting Set for July 1 G A PROPERTIES: Court Enters Wind-Up Order GRAB HOLDINGS: S&P Affirms 'BB-' Long-Term ICR, Outlook Stable JOIL AFRICA: Commences Wind-Up Proceedings TRUST CLEANZ: Court Enters Wind-Up Order X X X X X X X X MALDIVES: Fitch Affirms 'CC' Long-Term Foreign Currency IDR - - - - - ================= A U S T R A L I A ================= AUSTRALIAN FIDUCIARIES: ASIC Takes Steps to Appoint Receivers ------------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has applied to the Federal Court, seeking asset preservation orders and the appointment of receivers to Australian Fiduciaries Ltd and numerous related entities. ASIC understands that around 600 Australian retail investors have invested approximately AUD160 million into managed investment schemes offered by Australian Fiduciaries since February 2020, predominantly through their self-managed super funds (SMSFs). Australian Fiduciaries ceased distributing units in the schemes in September 2023. ASIC's application seeks to preserve the assets of the scheme and obtain a clearer picture of the financial position of Australian Fiduciaries and its schemes while ASIC continues its investigation. Australian Fiduciaries has failed to lodge audited financial statements or audited compliance plan reports for its registered managed investment schemes for FY2024 or the first half of FY2025. ASIC understands that it has also failed to keep investors updated on the status of their investments since May 2024. ASIC is investigating concerns around: * inadequate management of conflicts of interest * the ways investors were sold units in the schemes and how their funds were ultimately invested into a complex group of entities controlled by related parties * suspected failure by Australian Fiduciaries to conduct regular valuations of its schemes, and * loss of value in the underlying assets. Investors can find further information and a full list of the entities ASIC is seeking orders against on the Australian Fiduciaries webpage on ASIC's website. ASIC's application will be heard by the Court on a date yet to be set. CENTREX LIMITED: Enters Deed of Company Arrangement w/ PRL Global ----------------------------------------------------------------- TipRanks reports that Centrex Limited, currently under voluntary administration, and its subsidiary Agriflex Pty Ltd, have resolved to enter into a Deed of Company Arrangement (DOCA) with PRL Global Limited. This decision was made during the reconvened second meeting of creditors. According to TipRanks, the execution of the DOCA will involve the transfer of all Centrex shares to PRL, pending a court order, and is expected to impact shareholders, who are advised to seek legal and tax advice. Centrex Limited (ASX:CXM) -- https://www.centrexlimited.com.au/ -- together with its subsidiaries, engages in the exploration, evaluation, development, and production of mineral resources in Australia. The company produces phosphate rock, as well as explores for base metals, potash, zinc, and copper deposits. Its flagship project is the 100% owned Ardmore rock phosphate mine located in North West Queensland. The company was formerly known as Centrex Metals Limited and changed its name to Centrex Limited in December 2021. Joanne Emily Dunn of FTI Consulting was appointed as administrator of the company on March 3, 2025. ESEL PTY: First Creditors' Meeting Set for June 25 -------------------------------------------------- A first meeting of the creditors in the proceedings of Esel Pty Ltd (formerly trading as "Mwave") will be held on June 25, 2025 at 3:00 p.m. via virtual meeting technology. Antony Resnick and Henry Kwok of dVT Group were appointed as administrators of the company on June 13, 2025. FIOSON PTY: First Creditors' Meeting Set for June 25 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Fioson Pty Ltd (trading as FS Property Group) will be held on June 25, 2025 at 11:00 a.m. at the offices of Hall Chadwick, Level 40, 2 Park Street, in Sydney, NSW, and virtual meeting technology. Alexander Man Chun Siu of Hall Chadwick was appointed as administrator of the company on June 13, 2025. NEWNHAM TRUCKING: First Creditors' Meeting Set for June 26 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Newnham Trucking Pty Ltd will be held on June 26, 2025 at 9:30 a.m. at the offices of Morton + Lee Insolvency, Level 10, 388 Queen Street, in Brisbane, QLD, and via virtual meeting technology. Leon Lee of Morton + Lee Insolvency was appointed as administrator of the company on June 16, 2025. OLYMPIC DAM: First Creditors' Meeting Set for June 26 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Olympic Dam Haulage Pty Limited will be held on June 26, 2025 at 10:00 a.m. at the offices of Bernardi Martin, 195 Victoria Square, in Adelaide, SA. Hugh Sutcliffe Martin of Bernardi Martin was appointed as administrator of the company on June 17, 2025. SUNFLOW SOLAR: First Creditors' Meeting Set for June 27 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Sunflow Solar Pty Ltd (trading as Sunflow Build) will be held on June 27, 2025 at 10:00 a.m. via virtual meeting technology. Daniel O'Brien of DV Recovery Management was appointed as administrator of the company on June 18, 2025. ========= I N D I A ========= ASOPALAV DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Asopalav Developers (AD) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 20.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with AD, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Rajkot based Asopalav Developers (AD) was established in 2015. The partners have experience of more than a decade in the real estate segment. The current project Asopalav Enigma, consists of four towers of 12 floors, which has 192 units covering a total sale able area of 184,896 sq.ft. The construction started from April 2017 and was expected to be completed by September 2019. BRAINBEES SOLUTIONS: Unit Faces Insolvency Plea Over INR65cr Dues ----------------------------------------------------------------- Moneycontrol reports that the parent company of omnichannel baby products retailer FirstCry, Brainbees Solutions, has disclosed that an insolvency plea has been filed against its material subsidiary, GlobalBees Brands, over alleged unpaid dues of nearly INR65 crore. In a filing to stock exchanges on June 18, Brainbees said Ashutosh Garg, Paritosh Garg, and Manju Agarwal have moved the National Company Law Tribunal's (NCLT) New Delhi bench under Section 7 of the Insolvency and Bankruptcy Code (IBC), seeking to initiate insolvency proceedings against GlobalBees, Moneycontrol relates. The claimed amount stands at INR64.92 crore, along with 18% annual interest accruing from May 9, 2025. GlobalBees, which invests in and operates a portfolio of digital-first consumer brands, is actively seeking legal advice and plans to challenge the plea even at the admission stage, Brainbees added. "The financial implication on the Company cannot be ascertained and is contingent upon the final outcome of the said proceedings and subsequent legal challenges," the company said in the filing. FirstCry reported a net loss of INR111.5 crore for the fourth quarter of FY25, which widened compared to INR43.2 crore a year ago, company filing said on May 26, Moneycontrol discloses. FirstCry had reported a loss of INR14.7 crore in the previous quarter. The firm incurred a one-time loss of INR36.7 crore, which contributed to the losses in the March quarter. Loss for the full financial year, however, narrowed by 18 percent to INR264.8 crore in FY25, compared to a loss of INR321.5 crore in the previous year, Moneycontrol relays. Moneycontrol adds that the firm's revenue from operations rose 16 percent on year to INR1,930.3 crore in Q4FY25, up from INR1,668.9 crore last year. The revenue fell 11 percent compared to INR2,172.3 crore in the previous quarter. For the full year, the company reported a consolidated operational revenue of INR7,810.1 crore in FY25, up 19 percent from INR6,550 crore in FY24. Firstcry is an e-commerce platform that offers baby and kids products including diapering, feeding, nursing, skin and health care, and fashion and more. BYJU'S: ICAI Resumes Detailed Probe on Troubled Edtech Firm ----------------------------------------------------------- Financial Express reports that the Institute of Chartered Accountants of India (ICAI) resumes its probe on the troubled edtech firm Byju's on June 19 after the institute forms four new benches of its disciplinary committee, said Charanjot Singh Nanda, president of ICAI. "One of these benches will take up the investigation of Byju's, and resume from the point from where the last bench had left off. The new benches will be re-constituted on Thursday with each of them having five members," he said. In February, the tenure of previous benches of the disciplinary committee had concluded, and since then, the ICAI was waiting for the government to suggest its nominees to be appointed on these benches, FE relates. As per the rules, each disciplinary bench is required to have two government-nominated members, names of which are provided by the ministry of corporate affairs (MCA). In December 2024, the disciplinary directorate at ICAI had referred the Byju's case to the disciplinary committee for alleged auditing lapses at the edtech firm, FE recalls. Prior to that, the financial reporting review board (FRRB) at ICAI started the investigation against Byju's in March 2024, and found prima facie violations. Following which, FRRB referred the case to the disciplinary directorate. Last year, the disciplinary committee had sent notices to the Byju's auditors asking them to present their case in front of the bench. "The cases are referred to disciplinary committee for detailed investigation. If found guilt, the members are punished with permanent removal, temporary suspension and financial penalties," FE quotes Nanda as saying. The FRRB is currently reviewing the financial statements of IndusInd and Gensol, he added. "The investigation on IndusInd and Gensol is likely to be concluded in six months," he said. The disciplinary committee of ICAI operates under Section 21B of the Chartered Accountants Act, 1949. It's responsible for probing and adjudicating complaints of professional or other misconduct against its members. About Byju's Based in Bengaluru, Karnataka, India, Byju's operates an online learning platform intended to deliver engaging and accessible education. The company's platform makes use of original content, watch-and-learn videos, animations, and interactive simulations that make learning contextual, visual, and practical, enabling students to receive a personalized educational experience. As reported in the Troubled Company Reporter-Asia Pacific in July 2024, the National Company Law Tribunal (NCLT) on July 16 ordered insolvency proceedings against the company after a complaint by the Board of Control for Cricket in India (BCCI) for not paying US$19 million in dues. Pankaj Srivastava was appointed as the interim resolution professional. Reuters said Byju's has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors who accused CEO Byju Raveendran of corporate governance lapses, job cuts and a collapse in its valuation to less than $3 billion. Byju's has denied any wrongdoing. The TCR-AP relayed that the National Company Law Appellate Tribunal (NCLAT) on Aug. 2, 2024, accepted the settlement between Byju Raveendran and the BCCI, thus removing Byju's parent Think and Learn from the insolvency resolution process. However, in October 2024, the Supreme Court quashed an earlier NCLAT ruling approving the settlement, according to The Economic Times. The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that foreign lenders, who collectively extended more than 85% of Byju's $1.2 billion term loan, have filed an insolvency petition against the online tutor in India. Moneycontrol related that the bankruptcy petition was filed in January 2024 in the Bengaluru bench of the National Company Law Tribunal (NCLT), the people said, requesting anonymity. BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Alleged creditors of Epic! Creations, also a U.S. unit, sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. DATTAR CERAMIC: ICRA Lowers Rating on INR20.75cr Term Loan to D --------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Dattar Ceramic Private Limited (DCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 20.75 [ICRA]D; ISSUER NOT Fund Based- COOPERATING; Rating downgraded Term Loan from [ICRA]B (Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Long Term- 6.00 [ICRA]D; ISSUER NOT Fund Based- COOPERATING; Rating downgraded Cash Credit from [ICRA]B (Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Short Term- 1.00 [ICRA]D; ISSUER NOT Non Fund Based- COOPERATING; Rating downgraded Others from [ICRA]A4; ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Rationale Material event The rating of DCPL is downgraded based on the public announcement for corporate insolvency of Dattar Ceramic Private Limited announced by National Company Law Tribunal. Impact of material event The rating is based on limited information on the entity's performance since the time it was last rated in July 2024. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Dattar Ceramic Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in June 2016, Dattar Ceramic Private Limited (DCPL) proposes to establish a manufacturing plant of potassium and soudium feldspar powder of 500TPD (200 mesh) with an installed capacity of producing 1,50,000 MT/annum at Surendranagar, Gujarat. The powder has wide usage as a raw material in the ceramic and glass industry accounting for almost 95% of the total raw material consumption. DECCAN ISPAT: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Short-Term rating of Deccan Ispat Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term 7.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Short Term- 3.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Deccan Ispat Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2005, Deccan Ispat Limited is engaged in trading of timber logs, veneersand plywood. The directors of the company are Mr. Rajiv Agrawal & Mr. Anshu Agrawal who have extensive experience of two decades in manufacturing plywood, block board and trading of timber. DHANALAKSHMI TRADERS: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Dhanalakshmi Traders (SDT) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Cash Credit 9.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 0.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SDT for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SDT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SDT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SDT continues to be 'Crisil D Issuer not cooperating'. Established as a partnership firm in 1999 and based in East Godavari (Andhra Pradesh), SDT is engaged in milling and processing of paddy into rice, rice bran, broken rice and husk. The day-to-day operations are managed by Mr. M V Srinivasa Reddy. GALA GLOBAL: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Gala Global Products Limited (GGPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit & 4.35 Crisil B/Stable (Issuer Not Working Capital Cooperating) Demand Loan Proposed Cash 0.65 Crisil B/Stable (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with GGPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GGPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GGPL continues to be 'Crisil B/Stable Issuer not cooperating'. Gala Printcity Ltd was incorporated in 2010 and was subsequently renamed as GGPL on merger with Gala products Pvt Ltd in 2016.The Ahmedabad, Gujarat-based company undertakes offset printing and all types of binding, photo polymer printing, offset plate making, letter press printing, allied lines in offset printing, and printing of packing materials, advertisement materials, and cartons. The company is listed on the Bombay Stock Exchange (BSE). LML LIMITED: ICRA Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Preference Share Capital Programme of Lml Limited (LML) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING ". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term– 125.00 [ICRA]D ISSUER NOT COOPERATING; Preference Shares Rating continues to remain Capital under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with LML, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained noncooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. LML Limited (LML) was promoted in 1972 as Lohia Machines Limited by the Singhania family to manufacture machinery for the synthetic fibers industry. Later, it diversified into production of 100 cc scooters, in technical collaboration with Piaggio Vespa, of Italy in 1984. Piaggio later took up 23.5% equity stake, which it later divested in favor of the Indian promoters pursuant to the settlement reached following certain legal disputes, which were settled out of court. Subsequently, the company entered technical collaboration with Daelim Motor Company, South Korea (DMC) to set up a small capacity for manufacturing of four-stroke motorcycles. Following a strike by the workers, LML had declared a lock-out at its factory in Kanpur with effect from March 7, 2006. The Sensitivity Label : Confidential lock-out remained in place for over a year and the same was lifted only in April 2007 pursuant to a tripartite agreement reached between the company, the Trade Union, and the Labor Department of Government of Uttar Pradesh. Since then, although production has been regular, it is currently at much lower levels of around 1,052 units per month. MAITHRI DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-term rating for the bank facilities of Maithri Developers (MD) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 60.00 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with MD, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2004, Maithri Developers (MD) is a proprietorship firm engaged in real estate development in Bangalore, Karnataka. The proprietor has long experience in the field of real estate development and construction and the firm has successfully executed 11 residential projects since its establishment encompassing ~2.0 million square feet (msft) of saleable area. The residential projects include apartments, with amenities such as clubhouse, swimming pool and gymnasium. Presently, the firm has two ongoing projects and three more projects are expected to commence within a year's time. The firm undertakes all the activities with the assistance of its in-house team of engineers and architects. MANDALIA OVERSEAS: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Mandalia Overseas Corporation in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 1.05 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term- 8.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short Term- (4.00) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable Rating Continues to remain under 'Issuer Not Cooperating' Category Long-term/ 0.95 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Mandalia Overseas Corporation, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 1971, as a partnership firm, Mandalia Overseas Corporation trades in variety of packed food and agricultural commodities such as mango pulp, spices, pulses, wheat and bajra. The firm has its office located in Mumbai and has two rented warehouses in Navi Mumbai-one in Vashi and the other one in Mahape. Mahape warehouse is to stock export orders. NAVA NIRMAN: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Nava Nirman Fabrication Private Limited (NNFPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 Crisil D (Issuer Not Cooperating) Cash Credit 14 Crisil D (Issuer Not Cooperating) Long Term Loan 5.3 Crisil D (Issuer Not Cooperating) Proposed Cash 3.2 Crisil D (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with NNFPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NNFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NNFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NNFPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2009 and promoted by Mr. Subodh Kumar Dutta and his family members, NNFPL manufactures and fabricates various locomotive parts such as roofs, side walls, driver's cabins, and complete shells. NAVBHARAT INSULATION: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Navbharat Insulation and Engg. Co. (NIEC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Cash Credit 1.95 CRISIL D (Issuer Not Cooperating) Letter of Credit 0.9 CRISIL D (Issuer Not Cooperating) Working Capital 2 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with NIEC for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NIEC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NIEC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NIEC continues to be 'Crisil D/Crisil D Issuer not cooperating'. NIEC, set up by Mr. R L Khanduja in the late 1960s, undertakes insulation contracts for oil refineries, engineering and manufacturing units, and buildings such as shopping malls and hospitals. NELLUKKARAN'S FOODS: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Nellukkaran's Foods and Feeds Private Limited (NFFPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.75 CRISIL D (Issuer Not Cooperating) Term Loan 6.50 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NFFPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NFFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NFFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NFFPL continues to be 'Crisil D Issuer not cooperating'. NFFPL, incorporated in 2011, manufactures poultry feed. It commenced commercial operations in January 2016. Its manufacturing facility in Mangaluru, Karnataka, has capacity to process 10 tonne per hour of feed on a single-shift basis. NILA SANDROCK: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Nila Sandrock Granites Private Limited (NSPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.5 CRISIL D (Issuer Not Cooperating) Term Loan 8.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NSPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NSPL continues to be 'Crisil D Issuer not cooperating'. NSPL was incorporated in 2011, promoted by Mr. Mahesh Jayantilal Shah and Mr. Sudeesh Babu. The company has establised a stone-crushing unit in Palakkad, Kerala; the unit started commercial operations in November 2016. ONGOLE MUNICIPAL: ICRA Keeps B+ LT Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Ongole Municipal Corporation in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". As part of its process and in accordance with its rating agreement with Ongole Municipal Corporation, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Ongole Municipal Corporation (OMC), established in 2012, is governed as per the Andhra Pradesh Municipal Corporations Act 1994 (Act). OMC manages the municipal services in Ongole town, the headquarter of the Prakasam district in Andhra Pradesh, is located 20 km from the Bay of Bengal. The Ongole Municipality, established in 1876, was upgraded to a Municipal Corporation in 2012 and its jurisdiction was expanded by merging the surrounding villages with the town. It is the prominent commercial centre of the Prakasam district. OMC covers an area of 132.45 square kilometer (sq. km.) and serves a population of 2.53 lakh (as per Census 2011). The major functions include water supply, solid waste management, and construction, repair and maintenance of roads and streetlights in its area. OMC is divided into six municipal divisions and 50 municipal wards and in the absence of the Council, is currently governed by a Special Officer appointed by the Government of Andhra Pradesh (GoAP), who enjoys the powers and functions of the Council. The administrative division is headed by the commissioner of OMC. OPUS INDUSTRIES: CRISIL Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Opus Industries Private Limited (OIPL) continues to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Term Loan 27 CRISIL B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with OIPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of OIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on OIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of OIPL continues to be 'Crisil B-/Stable Issuer not cooperating'. OIPL was incorporated in 2012 in Hyderabad, to manufacture AAC blocks and market them under its own brand - 'Aerobild'. The manufacturing facility is located at Kodad in Nalgonda district of Telangana.Operations are managed by Mr. V Raghuram and his wife, Mrs V Amulya. P. RAJAGOPAL: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of P. Rajagopal and R. Saravanan (PRRS) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Term Loan 12 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PRRS for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PRRS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PRRS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PRRS continues to be 'Crisil D Issuer not cooperating'. PRRS is a proprietorship firm set up by Mr. P Rajagopal in December 2016. The project, Hotel Chendur Murugan, based in Tiruchendur, began operations in.June 2019. PRG BUILDCON: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of PRG Buildcon India Private Limited (PRG) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 12 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Letter of Credit 10 CRISIL D (Issuer Not Cooperating) Letter of Credit 15 CRISIL D (Issuer Not Cooperating) Proposed Long Term 19 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with PRG for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PRG, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PRG is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PRG continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 2012 as Naya Infrastructure Pvt Ltd (NIPL) and later renamed a PRG Buildcon India Pvt Ltd (PRG), it primarily undertakes execution of irrigation projects in Hyderabad (Telangana). The day to day operations of the company are managed by Mr. Sunil Kumar Bontha. PRINT SOLUTIONS: ICRA Withdraws B+ Rating on INR19cr Term Loan -------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Print Solutions Private Limited, based on the request of the company and the No Due Certificate or Closure Certificate received from its lender's. The Key Rating Drivers and their description, Liquidity Position, Rating Sensitivities, Key Financial Indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 19.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Term Loan Print Solutions Private Limited (PSPL) was promoted by Mr. Dushyant Pahare and was later acquired by its current owners, Mr. Gurjeet Singh Chhabra and family. The company is a part of the Century 21 Group, which is involved in real estate development in Indore and other parts of India. It has leased out the land and the building constructed on it to Malwa Hospitalities Pvt. Ltd, which has in turn developed a 181-room hotel – Effotel Hotel – on the same. PULIANI AND PULIANI: CRISIL Keeps B- Ratings in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Puliani and Puliani (P & P) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.5 CRISIL B-/Stable (ISSUER NOT COOPERATING) Proposed Long Term 5.5 CRISIL B-/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with P & P for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of P & P, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on P & P is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of P & P continues to be 'Crisil B-/Stable Issuer not cooperating'. P & P constituted in 1979 is a partnership concern engaged in tading of books coupled with publishing the same under its own brand name pulani & pullani. The day to day operations are looked after by Mr. Satpal Pullani, Mr. Yashpal Pullani, Mr. Vedyaprakash Pullani and Mr. Vinayak Pullani. RAICHUR LABORATORIES: ICRA Keeps D Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Raichur Laboratories Private Limited (RLPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 15.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 5.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with RLPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Raichur Laboratories Private Limited (RLPL) was incorporated in the year 2013 by Mr. P. Giridhar Gopal and Dr. M. Vijender for setting up a drug intermediate and API's manufacturing unit. The manufacturing unit of the company is located at Industrial Growth Centre in Raichur District of Karnataka. The company has a total reactor capacity of 75,000 KL. RANCHI EXPRESSWAY: ICRA Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Ranchi Expressway Limited (REL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 1,151.60 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with REL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Ranchi Expressways Limited (REL) has been incorporated as a special purpose vehicle promoted by Madhucon Infra Limited (MIL) and Madhucon Projects Limited (MPL) to undertake the implementation of Fourlaning of Ranchi to Jamshedpur section of NH-33 from km 114.000 to km 277.500 in the state of Jharkhand under NHDP Phase III on Design, Build, Finance, Operate, Transfer (DBFOT) Annuity basis. REFLECTION INVESTMENTS: CRISIL Keeps D Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Reflection Investments (Reflection) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 4 CRISIL D (Issuer Not Cooperating) Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Bank Guarantee 8 CRISIL D (Issuer Not Cooperating) Proposed Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Reflection for obtaining information through letter and email dated May 14, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Reflection, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Reflection is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Reflection continues to be 'Crisil D Issuer not cooperating'. A Chennai-based retail broking firm, Reflection received trading membership on the National Stock Exchange (NSE) in 1995 under the registered partnership category. It commenced operations in the cash segment in October 1995 and became a member in the derivatives segment in 2001. The firm, which also has a branch in Bengaluru, operates in primary as well as secondary markets. Mr. Sambrani holds 88% of the shareholding, while Ms Sambrani holds the remaining 12%. Net profit was INR11 lakh on total income of INR1.8 crore in fiscal 2017, vis-a-vis INR14 lakh and INR1.8 crore, respectively, in fiscal 2016. REFRATHERM INT'L: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Refratherm International Private Limited (RIPL) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10.96 CRISIL B+/Stable (ISSUER NOT COOPERATING) Term Loan 14.04 CRISIL B+/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with RIPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RIPL continues to be 'Crisil B+/Stable Issuer not cooperating'. RIPL was incorporated in February 2007 and is engaged in manufacturing of high quality Calcined Pet Coke (CPC) in different specifications. The day-to-day operations of the company are looked after by Mr. Krishnendu Shaw and his wife Mrs. Meeta Shaw, who are the promoter-director of the company. RG ROYAL: CRISIL Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of RG Royal Hotel & Convention (RGHC) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RGHC for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RGHC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RGHC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RGHC continues to be 'Crisil D Issuer not cooperating'. Set up in 2013 in Bengaluru as a proprietorship firm by Mr. Ravish Gowda, RGHC operates a hotel with 65 rooms, 3 banquet halls, and 3 restaurants-cum-bar. The hotel, which became operational from April 2016, operates under the RG Royal brand. RIONA LAMINATE: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-term rating for the bank facilities of Riona Laminate Pvt. Ltd. (RLPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with RLPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2011, Riona Laminate Pvt. Ltd. (RLPL) was set up to manufacture high pressure decorative laminates which are primarily used in furniture for surface decoration. The company commenced commercial production in September 2012. It is owned and managed by Mr. Kishan Bhalodiya, Mr. Jayntilal Kanani and Mr. Jaydeep Kanani. The plant is in Morbi (Gujarat) and has an installed capacity to manufacture 90000 sheets per month. The company mainly manufactures decorative sheets of the size 8'x4' with thickness ranging from 0.8mm-1.0 mm which is the most common size sold in India. The company also manufactures phenol resin and melamine resin for captive consumption as well as sold externally. SAVIDHA MEDICAL: ICRA Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Savidha Medical Center and Hospital in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 5.00 [ICRA]B (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Savidha Medical Center and Hospital, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Savidha Medical Center and Hospital has been established by Dr. Sasithra and Mr. Dhamod haran as a partnership firm in the year 2015.The firm had proposed establish a multi -specialty hospital under the name Savidha Medical Center and Hospital in Mettupalayam, Coimbatore with specialties including Paediatrics, Orthopaedics, Dermatology, Obstetrics, Gynaecology and General medicine. SHRINIVAS ELECTRICALS: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shrinivas Electricals GTD Private Limited (SEGPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL D (Issuer Not Cooperating) Letter of Credit 9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SEGPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SEGPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SEGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SEGPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2011 in Nashik as Sairus Infrastructure Pvt Ltd and renamed in 2013, SEGPL is promoted by Mr. Ganesh Nibe and undertakes engineering, procurement, and construction (EPC) contracts primarily for Maharashtra State Electricity Distribution Company Ltd. SHYAM COAL: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Shyam Coal Corporation (SCC) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SCC for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SCC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCC continues to be 'Crisil B/Stable Issuer not cooperating'. SCC, established in 2013, is owned and managed by Mr. Pravin Baraiya, Mr. Mahesh Detroja, Mr. Ramesh Baraiya, Mr. Jayesh Kundariya and Mr. Savji Baraiya. The firm undertakes grading of and trading in Indonesian coal. SOHRAB SPINNING: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sohrab Spinning Mills Limited (SSML) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 16 CRISIL D (Issuer Not Cooperating) Letter of Credit 2 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 12 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSML for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSML, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSML is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SSML continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in 1989 by Mr Amjad Ali, SSML manufactures industrial yarn that finds application mainly in the tyre industry. The remaining revenue is derived from manufacture of hosiery yarn. The company has a manufacturing facility in Malerkotla, Punjab. TATA MOTORS: Moody's Affirms 'Ba1' CFR, Outlook Remains Positive ---------------------------------------------------------------- Moody's Ratings has affirmed Tata Motors Limited's (TML) Ba1 corporate family rating. The rating outlook remains positive. "The affirmation reflects the sustained strengthening in TML's consolidated credit profile driven by gross debt reduction and earnings expansion, which are accelerating deleveraging even as the global automotive industry faces challenging conditions," says Kaustubh Chaubal, a Moody's Ratings Senior Vice President. RATINGS RATIONALE TML's Ba1 CFR reflects several credit strengths: (1) a robust global presence in the luxury automotive segment through its wholly owned subsidiary, Jaguar Land Rover Automotive Plc (JLR, Ba1 positive) ; (2) a leading market position in India across commercial vehicles (CVs) and growing share in passenger vehicles (PVs); (3) a commitment to creditor-friendly financial policies that balance growth with discipline, supporting a solid credit profile; and (4) a long-standing, strategically important relationship with parent Tata Sons, which results in a one-notch uplift to the rating based on Moody's expectations of extraordinary support, if needed. TML is in the process of demerging its CV operations into a separately listed entity with mirror shareholding. Post-demerger -- expected to be effective October 1 -- the rated entity will comprise all PV and PV-related businesses, including 100% ownership of JLR. Following the transaction, JLR will contribute over 90% of TML's consolidated EBITDA, underscoring the increasing convergence of their credit fundamentals. Given JLR's growing influence on TML's financial profile, Moody's recently upgraded JLR's rating to Ba1 from Ba2, now incorporating an explicit one-notch uplift to reflect Moody's expectations of extraordinary support, if needed. TML's India-based operations, excluding JLR, are largely insulated from the impact of US tariffs on automotive imports. However, JLR remains exposed to this risk -- consistent with other global automakers -- given that the US accounted for around 30% of its global vehicle sales in the fiscal year ending March 31, 2025 (FY24–25). These headwinds will likely shrink JLR's wholesale unit sales and strain its profitability and free cash flow generation during FY25-26. Another challenge for JLR remains its transition to battery electric vehicles (BEVs), with BEV penetration at just 2% in FY24–25 -- among the lowest in its peer group. The upcoming launch of the Range Rover Electric later this year and the first all-electric Jaguar model in 2026 are critical milestones toward JLR's goal of full electrification by 2030. Timely execution of this strategy will be essential to maintain competitiveness. Meanwhile, the outlook for TML's India operations remains favorable. Rising per capita income, a growing working-age population, and replacement demand will remain strong catalysts. A steady slew of new models and model variants across different price points, persistent focus on branding and customer satisfaction will, in Moody's views, help TML's PV operations in India achieve volume growth of mid-single-digit during FY25-26. Moody's forecasts the surviving entity ensuing the demerger, TML's PV business -- comprising JLR and its PV operations in India -- to generate Moody's adjusted EBIT margin of 4%-5% over the next two fiscal years. Moody's also expects its debt/EBITDA to continue its deleveraging trajectory, reaching around 2.0x by March 2027. Despite ongoing investments in product development and capital expenditure, free cash flow is expected to remain positive on a Moody's adjusted basis. Overall, TML's credit profile continues to strengthen, with key financial metrics tracking in line with Moody's expectations and reinforcing its trajectory toward an investment-grade rating. STRUCTURAL CONSIDERATIONS TML is not a pure holding company. While its PV and electric vehicle businesses are currently housed under separate subsidiaries, as part of the demerger, the PV subsidiary will be merged into TML, preserving its status as an operating company. Importantly, the expectation of extraordinary support from Tata Sons -- the group's apex holding company -- mitigates structural subordination risk. Tata Sons has a demonstrated track record of timely, shareholding-agnostic support across its portfolio. RATINGS OUTLOOK The positive outlook mirrors the positive outlook on JLR and reflects Moody's views that TML remains on track for an upgrade to investment grade, supported by its strategic growth focus and commitment to maintaining a balanced financial policy aimed at achieving and sustaining net-zero automotive debt. LIQUIDITY Tata Motors Limited (TML) maintains very good liquidity. As of March 2025, it held consolidated cash and equivalents of approximately $8.0 billion. A portion of the cash at its Indian operations will be transferred to the CV entity upon demerger. Cash at JLR and TML's PV operations in India, along with Moody's forecasted operating cash flows of $3.6 billion through September 2026, will comfortably cover obligations of $5.9 billion -- including $2.3 billion in debt repayments, $3.1 billion in capital expenditure, and $0.5 billion in dividends. JLR's liquidity is further supported by a fully undrawn GBP1.7 billion revolving credit facility (RCF), with maturities between 2027 and 2029. In India, TML benefits from access to 364-day working capital lines and strong banking relationships, both domestic and international, underpinned by its affiliation with the Tata Group. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade to investment grade would require sustained strong operating performance, adherence to financial policy targets -- including net debt below zero -- high single-digit EBIT margins, positive free cash flow, and very good liquidity. More importantly, an upgrade of JLR's ratings is a prerequisite for TML's rating upgrade. The outlook would return to stable if there are material deviations from Moody's expectations for sustained credit profile improvement, or if JLR's outlook returns to stable from positive. A downgrade of JLR's ratings would result in a downgrade of TML's CFR. Any deviations in TML's financial policies that result in consolidated debt/EBITDA sustained above 3.5x or free cash flows turning negative or a weakening in liquidity would also exert negative rating pressure. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Automobile Manufacturers published in April 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. CORPORATE PROFILE Tata Motors Limited (TML), the flagship automotive company of the Tata Group, is India's leading manufacturer of commercial vehicles (CVs), offering a broad portfolio across light, medium, and heavy-duty trucks, pickups, and buses. In the passenger vehicle (PV) segment, TML sells both internal combustion engine (ICE) and electric vehicles (EVs), including utility vehicles and compact cars. For the fiscal year ended March 2025 (FY24–25), TML sold approximately 384,700 CVs and 556,400 PVs (excluding Jaguar Land Rover Automotive Plc, JLR). The company is in the process of demerging its CV business into a separately listed entity. JLR, TML's wholly owned UK-based subsidiary, designs and manufactures luxury vehicles under the Range Rover, Defender, and Discovery brands. In FY24–25, JLR sold 400,900 units globally. YES BANK: Moody's Hikes Long Term Deposit & Issuer Ratings to Ba2 ----------------------------------------------------------------- Moody's Ratings has upgraded Yes Bank Limited's long-term (LT) foreign currency (FC) and local currency (LC) bank deposit ratings to Ba2 from Ba3 as well as its Baseline Credit Assessment (BCA) and adjusted BCA to ba3 from b1. Moody's have also upgraded its LT FC issuer rating to Ba2 from Ba3, its LT FC and LC Counterparty Risk Ratings (CRR) to Ba2 from Ba3, its LT Counterparty Risk (CR) Assessment to Ba2(cr) from Ba3(cr), as well as the senior unsecured medium-term note program rating to (P)Ba2 from (P)Ba3. Moody's have affirmed the Not Prime (NP) short-term (ST) FC and LC bank deposit ratings as well as its NP ST FC and LC CRR and NP(cr) ST CR Assessment. At the same time, Moody's have upgraded Yes Bank, IFSC Banking Unit Branch's LT FC and LC CRR to Ba2 from Ba3, its senior unsecured medium-term note program rating to (P)Ba2 from (P)Ba3, and LT CR Assessment to Ba2(cr) from Ba3(cr). Moody's have affirmed the NP ST FC and LC CRR and the branch's NP(cr) ST CR Assessment. Moody's have also changed the rating outlooks, where applicable, to stable from positive. RATINGS RATIONALE The upgrade of Yes Bank's ratings and BCA is driven by a gradual improvement in the bank's credit profile including its capital and loan loss reserves which will provide sufficient buffers against the bank's unseasoned asset risks and improving yet modest profitability and funding. Yes Bank's Ba2 deposit ratings are one notch above its ba3 BCA based on Moody's expectations of a moderate likelihood of support from the Government of India (Baa3 stable) in times of need. The bank's gross non-performing loan (NPL) ratio declined to 1.6% as of March 2025 from 13.9% in March 2022. Reported provision coverage as a proportion of NPL increased to 80% from 71% during this period. Despite these improvements, Yes Bank's asset quality remains exposed to unseasoned risks associated with the rapid expansion in its retail and small & medium enterprise portfolios, its increased focus into higher-risk retail segments, and reliance on third-party sourcing channels. The bank's Common Equity Tier 1 (CET1) capital ratio on a standalone basis improved to 13.5% as of the end of March 2025 from 12.2% a year earlier following the exercise of equity share warrants during the year. In May 2025 Sumitomo Mitsui Banking Corporation (SMBC, A1 stable, a3) announced that it will acquire a 20% stake in Yes Bank from existing shareholders. The planned acquisition is credit positive for Yes Bank because it brings in a long-term strategic partner, with a strong balance sheet and funding capacity to support its growth. However, with a 20% stake, Moody's expects that SMBC's influence will be limited and consequently Moody's do not plan to factor in affiliate support in the bank's rating after completion of the transaction. The bank's efforts to reduce deposit costs and increasing lending to higher yielding, albeit higher-risk retail and small and medium enterprise segments and will help maintain its net interest margins despite the significant decline in policy rates in India over the past few months. Continued improvement in the bank's ability to meet the central bank's priority sector lending norms will also support its profitability. Yes Bank's profitability is weaker than Indian peers Moody's rate and remains the banks' key credit challenge. The bank's funding has gradually improved with higher share of low cost current and savings deposits and retail term deposits which increased to 51% of its total deposits at the end of March 2025 from 41% as of the end of March 2021. Nonetheless, the bank's funding is modest compared with those of other Indian banks that Moody's rate. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Yes Bank's BCA and ratings could be upgraded if there is further improvement in pre-provisioning profit to total assets above 1.5% on a sustained basis while maintaining its capitalization and stable asset quality without a significant increase in credit costs. Moody's could also upgrade BCA and ratings if there is a significant improvement in Yes Bank's funding profile. Moody's could downgrade Yes Bank's ratings if its asset quality or capitalization deteriorates materially with pre-provisioning profit to total assets remaining below 1.0%. Any material weakening in Yes Bank's funding and liquidity would also be negative for the ratings. The principal methodology used in these ratings was Banks published in November 2024. Yes Bank Limited's "Assigned BCA" score of ba3 is set two notches below the "Financial Profile" initial score of ba1 to reflect unseasoned asset risk and modest funding. Yes Bank is headquartered in Mumbai and reported consolidated assets of INR4,241 billion ($49.6 billion) as of March 31, 2025. ================= I N D O N E S I A ================= KAWASAN INDUSTRI: S&P Alters Outlook to Pos., Affirms 'CCC+' ICR ---------------------------------------------------------------- On June 17, 2025, S&P Global Ratings revised its rating outlook on Kawasan Industri Jababeka Tbk. PT (Jababeka) to positive from stable. At the same time, S&P affirmed its 'CCC+' long-term issuer credit rating on the Indonesia-based company and its 'CCC+' issue rating on its senior secured notes. The positive outlook reflects the possibility of an upgrade over the next 12-18 months if Jababeka addresses its outstanding US$185.9 million notes due December 2027 and generates positive cash flow on a sustainable basis. Jababeka's cash flow at the company level is improving. We believe Jababeka will turn cash flow positive at the company level for the next two years, excluding cash flows from consolidated JVs except dividends. S&P expects Jababeka's cash balance excluding JVs to rise to IDR750 billion by the end of 2025, and further to IDR800 billion by 2026, from IDR565 billion in 2024. This compares with its previous expectation of gradual cash position erosion in 2025-2026. Jababeka's cash flow will benefit from the amendment of a loan from Bank Mandiri PT with a lighter amortization, and recurring dividends from its JV, Kawasan Industri Kendal PT. On June 13, 2025, Jababeka announced it has amended its outstanding US$87.4 million (IDR1.4 trillion) Bank Mandiri loan. After the amendment, the loan carries a flat amortization schedule over its 10-year tenor. This translates into a IDR380 billion-IDR460 billion lower installment outflow for Jababeka over 2025-2026. In addition, dividends from the Kendal JV have become a recurring cash flow stream. The Kendal JV has had positive earnings and distributed dividends for three consecutive years. A distribution of IDR275 billion to Jababeka for 2025 has already been confirmed and is scheduled for the second quarter. Under S&P's base-case assumptions, it forecasts dividends of IDR140 billion-IDR160 billion from the Kendal JV in 2026. Our estimate considers the Kendal JV will have IDR2.2 trillion-IDR2.3 trillion in land sales annually. S&P said, "We expect Jababeka's industrial land sales to rise, supporting cash flow. By our estimates, the company's consolidated marketing sales will reach IDR3.4 trillion-IDR3.5 trillion in 2025, about 8% higher than 2024. Resilient demand from the manufacturing and food and beverage services sectors should support Jababeka's industrial land sales. Sales remained solid in the first quarter of 2025 despite macroeconomic uncertainties. Jababeka's marketing sales during the quarter nearly doubled year on year to IDR1.2 trillion, meeting 34% of our full-year expectation. "Evolving tariff policies could pose a risk to our base case. The impact on land sales will likely be more pronounced at Kendal JV, which caters to international buyers and is more exposed to trade policies. Land sales at Jababeka's Cikarang township project are more domestic focused, with a diverse buyer profile across industries. "The sustainability of Jababeka's capital structure hinges on favorable market conditions. We believe the company will rely on external refinancing such as offshore notes and bank borrowings to address its US$185.9 million (IDR3 trillion) notes maturing in December 2027." This is despite our projection that the cash balance will rise to about IDR1 trillion by end 2027. This large looming maturity is a key constraint for the current rating. Jababeka's funding access remains somewhat limited. The company's notes due December 2027 are currently trading just slightly below par. This signals an improvement in investor sentiment compared with two years back, when Jababeka conducted an exchange offer that S&P considered as distressed. However, apart from issuing offshore notes, Jababeka's funding remains highly concentrated. More than 90% of the company's bank borrowings as of March 31, 2025, were from Bank Mandiri. Jababeka does not have a record of arranging bank funding as large as IDR3 trillion--a size it needs to fully repay or refinance the December 2027 notes. The process of perfecting collateral and conducting due diligence could also take time. Jababeka's credit quality will be driven by its performance at the company level, excluding JVs. In S&P's view, the financial performance at the company level, supplemented by cash dividends from the Kendal JV, better captures the sustainability of Jababeka's capital structure and its interest-servicing capability. This is because nearly all the consolidated entity's debt sits at the holding company, including the US$185.9 million senior secured bonds S&P rates. Although Jababeka fully consolidates the Kendal JV, its direct access to cash flows at the JV is limited due to a significant minority shareholding (49%). S&P estimates the JV contributes about 50% to Jababeka's consolidated EBITDA. The JV shareholders access these earnings on a yearly basis in the form of upstreamed dividends. The positive rating outlook reflects the possibility that S&P could upgrade Jababeka over the next 12-18 months if it can address its outstanding US$185.9 million notes due December 2027. The outlook also reflects the improvement in Jababeka's cash flows, supported by a lighter loan amortization schedule and recurring dividends from the Kendal JV. This will help the company reverse the trend of cash flow deficits and support a more sustainable capital structure. S&P said, "We could revise the outlook to stable if Jababeka's liquidity at the company level excluding JVs deteriorates, or if we anticipate renewed cash flow deficits that could erode the cash position. These scenarios could emerge if Jababeka fails to establish a concrete refinancing plan of its 2027 senior notes well ahead of maturity, or if marketing sales at the company level are significantly lower than our base-case. "We could raise the ratings on Jababeka if the company refinances its senior notes due 2027, and we expect its cash flow to remain positive on a sustainable basis." =============== M A L A Y S I A =============== PHARMANIAGA BHD: Aims to Exit PN17 by End-2025 or Q1 of 2026 ------------------------------------------------------------ The Sun reports that Pharmaniaga Bhd is targeting to exit Practice Note 17 (PN17) status as early as end-2025 or by the first quarter of 2026. According to The Sun, managing director Zulkifli Jafar said its MYR352.2 million rights issue and private placement will be the driver of its regularisation plan. "We are targeting, we are hoping, in the best-case scenario, we are out at the end of this year. In the worst-case scenario, we are out in the first quarter of 2026," the report quotes Zulkifli as saying at a press conference after Pharmaniaga's 27th AGM on June 18. The Sun relates that Zulkifli said a substantial amount from the funds raised under the regularisation plan will be used to pare down its debt. "That paring down of our debt alone will save about 16 million a year on interest." Pharmaniaga has 21 market days to finalise the private placement and the rights issue together with the subscription, The Sun says. The group will then undertake a capital reduction exercise, expected to take about a week. "We're targeting to complete the fundraising exercise by August," said Zulkifli. "By end-August, we expect to complete the entire regularisation plan." Under Bursa Malaysia's rules, the group must record two consecutive quarters of net profit before it can exit PN17. However, Zulkifli said Pharmaniaga is seeking a waiver to shorten the wait time. "We're proposing to consider one quarter before and one after the completion, instead of two full quarters post-completion," The Sun relays. As to the AGM, all 13 resolutions tabled were passed with 99% approval. "This shows that shareholders believe in our strategy and our journey towards exiting PN17," Zulkifli remarked. He said that for 2024, the group recorded a profit after tax (PAT) of MYR133.8 million, compared with a loss of about MYR78 million previously, The Sun discloses. "We are targeting for 2025 about MYR4 billion in revenue with a PAT of MYR60 million. This is our target although we hope we can achieve better than that." About Pharmaniaga Pharmaniaga Berhad is an investment holding company. The Company is principally engaged in the research and development, manufacturing of generic drugs and medical devices, logistics and distribution, sales, and marketing, as well as community pharmacy. It was reported in February 2023 that Pharmaniaga had been classified as an affected listed issuer under PN17. The pharmaceutical company said it had triggered the PN17 criteria pursuant to its audited consolidated financial statements for the period ended Dec. 31, 2022. ===================== N E W Z E A L A N D ===================== BLACKTREE CONSTRUCTION: Creditors' Proofs of Debt Due on July 12 ---------------------------------------------------------------- Creditors of Blacktree Construction Management Limited Pte. Ltd. are required to file their proofs of debt by July 12, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 12, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 FLOWING IN MOTION: Court to Hear Wind-Up Petition on July 31 ------------------------------------------------------------ A petition to wind up the operations of Flowing In Motion Limited will be heard before the High Court at Auckland on July 31, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 10, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 JA&PA SPICE: Waterstone Appointed as Receivers and Managers ----------------------------------------------------------- Adam Botterill and Damien Grant of Waterstone on June 13, 2025, were appointed as receivers and managers of JA&PA Spice Merchants NZ Limited. The receivers and managers may be reached at: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 KMD BRANDS: Puffers are Out as Retailer Drops Profit Warning ------------------------------------------------------------ Carrie LaFrenz at The Australian Financial Review reports that KMD Brands, the owner of Rip Curl and the Kathmandu outdoor clothing brand, is the latest retailer to issue a profit warning as cost-of-living pressures and Trump's tariffs combine to dent sales. Unseasonably warm autumn weather in Australia also hurt sales of Kathmandu's insulated clothing range, including puffer jackets and fleeces, although a cold start to winter in Australia and New Zealand had "reignited sales momentum", the company said. The Financial Review relates that the retailer, which is listed in New Zealand and Australia, said sales had fallen 0.5 per cent in the first 10 months of the 2025 financial year compared with consensus expectations for sales growth of 1.9 per cent. Trading had been so poor that the company would have breached its banking covenants, but it has been given some breathing space by its lenders and said it expected to be fully compliant by July 31, according to the Financial Review. KMD, which also owns US hiking boot brand Oboz, expects full year underlying earnings before interest, tax, depreciation and amortisation to be in the range of AUD15 million to AUD25 million, the Financial Review discloses. That's about 50 per cent below analyst consensus expectations prior to the downgrade. The guidance includes an expected AUD1 million hit from US tariffs. Shoe retailer Accent Group and luxury goods seller Cettire have also put out negative trading updates last week. KMD group sales in the first four months of the second half fell 1.9 per cent, with the main drag coming from Kathmandu, where sales tumbled 6.4 per cent from February to May, the Financial Review says. On a brighter note, Kathmandu had seen sales growth of 13.2 per cent in the first 17 days of June versus the same period a year earlier and said school holidays and the start of the ski season should help to keep up the momentum. Sales at surf brand Rip Curl were up just 0.9 per cent in the February to May period, while sales at Oboz were down 1.1 per cent, adds the Financial Review. KMD Brands, formerly Kathmandu Holdings, is a New Zealand global outdoor, lifestyle and sports company consisting of three brands: Kathmandu, Rip Curl and Oboz. Kathmandu was founded in 1987 in New Zealand and specialises in clothing and equipment for travel and the outdoors. KMD Brands, formerly Kathmandu Holdings, -- https://www.kmdbrands.com/ -- is a New Zealand global outdoor, lifestyle and sports company consisting of three brands: Kathmandu, Rip Curl and Oboz. LEE 19: Tax Evader Leaves NZD2 Million Trail of Debt ---------------------------------------------------- Otago Daily Times reports that a tax-evading Southland school caterer has left a NZD2 million trail of debt after her company went bust. Debra Lee Monteith appeared in the Invercargill District Court earlier this month and was sentenced to 11 months' home detention on a single representative charge of aiding and abetting her company in failing to account for PAYE between March 2021 and February 2024, Inland Revenue said in a release, ODT relays. That just added to her troubles after her company, Lee 19, was put into liquidation in March last year, with questions over third-party loans and operating a lawnmowing business under the company's name, which was running contracts while in liquidation. Her company stopped paying PAYE tax for nearly three years and defaulted on a debt repayment scheme, according to ODT. Inland Revenue had applied to put her in liquidation last year, which was granted. All up, the company had assets of NZD99,899 and liabilities of NZD2,048,785. Lee 19 was primarily involved in food catering, including the Ministry of Education's Ka Ora, Ka Ako Healthy School Lunches Programme and catering at the Alliance Lorneville meat processing plant. According to ODT, the latest liquidators' report said Inland Revenue was one of the preferential creditors, who were collectively owed NZD1,106,877, unsecured creditors were owed NZD843,336, while secured creditors were owed NZD181,482. In the latest liquidators report, published in April this year, the director of the company advised the company was operating two businesses: a catering business and a canteen. The director also advised the company had been used to operate her ex-partner's lawnmowing business. Initially, the director advised of an intention to purchase some of the company's assets. Due to the valuations the liquidators received, those purchases were declined by the liquidators. All remaining company assets were sold to one party. ODT relates that the liquidators were also considering a claim for an unrelated third party which had a contract with the lawnmowing business in the name of the company. The contract was still operating after the liquidation, with questions about who was receiving payments. A claim was also issued for an overdrawn current account against the previous director. No response was received, ODT notes. A claim was also made on a third-party loan but no-one could be located and it became uneconomic to pursue. LI CREAMERY: Creditors' Proofs of Debt Due on July 14 ----------------------------------------------------- Creditors of LI Creamery Limited (formerly known as Little Island Limited) are required to file their proofs of debt by July 14, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 13, 2025. The company's liquidators are: Clive Robert Bish Raymond Paul Cox Ecovis KGA Limited Level 2, 5–7 Kingdon Street Newmarket Auckland 1023 TCD HOLDINGS: Court to Hear Wind-Up Petition on June 30 ------------------------------------------------------- A petition to wind up the operations of TCD Holdings Limited will be heard before the High Court at Tauranga on June 30, 2025, at 10:00 a.m. Freight Traders Limited filed the petition against the company on May 23, 2025. The Petitioner's solicitor is: Jeffrey Gray Ussher Level 19 191 Queen Street Auckland =============== P A K I S T A N =============== PAKISTAN INT'L: Sale Draws Interest From Leading Firms, Army Co. ---------------------------------------------------------------- Reuters reports that two of Pakistan's leading business groups and a company backed by the powerful military will bid for the country's ailing national carrier, a divestment the government hopes will kickstart the privatisations of state-owned enterprises. Reuters says the sale of Pakistan International Airlines will be the first major privatisation for around two decades, with the sale of loss-making state-owned enterprises a condition of last year's $7 billion bailout by the International Monetary Fund. The government tried unsuccessfully to last year offload a stake in PIA, which is a major burden on its budget, but the sale was aborted because of the poor state of the airline and the conditions attached to any purchase. Expressions of interest were due by June 19 for an up to 100% stake in the airline, with industry insiders expecting more bidders to emerge. They say the deal has been sweetened with a tax incentive and bolstered by signs of a turnaround in PIA's fortunes. Among those planning bids are the Yunus Brothers Group, owners of the Lucky Cement and energy companies; and a consortium led by Arif Habib Limited that includes Fatima Fertiliser, Lake City, and The City School, sources within the companies said, Reuters relays. Fauji Fertilizer Company, which is part-owned by the military, said it will be making an expression of interest, in a notice to the Pakistan Stock Exchange. Fertiliser production is a lucrative sector in Pakistan. A group of PIA employees has also come forward to bid, Reuters notes. "The employees will use their provident fund and pension, in addition to finding an investor to place a bid. We're doing this to save jobs and turn around the company," Reuters quotes Hidayatullah Khan, president of the airline's Senior Staff Association, as saying. Reuters notes that the airline was restructured last year, offloading approximately 80% of its legacy debt to the government to make it more attractive to investors. But bidders remain concerned about overstaffing and the ability to fire employees. Last year's sale effort failed when the sole bid of $36 million fell far short of a $305 million floor price. Interested parties walked away before bidding, partly because the government was not willing to give up 100% of the company, with bidders saying they did not want the government to remain involved. Since then, PIA has posted its first operating profit in 21 years, driven by cost-cutting reforms, after making cumulative losses of $2.5 billion, Reuters states. This success of the current process will depend on whether the government is willing to give up a 100% stake, industry insiders said. They added that a government decision this month to remove the requirement of paying sales tax upfront on the lease of new aircraft, which had been an impediment, will make the deal more attractive. PIA resumed flights to Europe in January after the European Union lifted a four-year safety ban. The airline has also approached UK authorities for permission to resume services to London and Manchester. The restoration of international routes is vital to future growth opportunities and successful bidders are likely to bring in foreign airlines as operators, adds Reuters. About PIA Pakistan International Airlines Corp Ltd (PIA) provides commercial air transportation services. It includes passenger, cargo postal carriage, engineering, and other services. Pakistan International Airlines (PIA) is the flag carrier of Pakistan and wholly owned by the government of Pakistan. As reported in the Troubled Company Reporter-Asia Pacific on April 4, 2024, Pakistan is putting on the block a stake ranging from 51% to 100% of loss-making national carrier Pakistan International Airlines, the privatisation panel said on April 2, as part of reforms urged by the International Monetary Fund (IMF). Reuters said the disposal of the flag carrier is a step past elected governments have steered away from as likely to be highly unpopular, but progress on the privatisation will help cash-strapped Pakistan pursue further funding talks with the IMF. In October 2023, a body under Pakistan's cabinet used emergency powers to hire financial advisers to plan the privatization of Pakistan International Airlines. Pakistan International Airlines has reported a loss of over PKR75 billion for the year 2023. The total liabilities of the airline have ballooned to PKR825 billion while total assets are valued at PKR161 billion, according to Pakistan Today. ================= S I N G A P O R E ================= ATAS FOOD: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on June 6, 2025, to wind up the operations of Atas Food Group 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 CCL PRECAST: First Creditors' Meeting Set for July 1 ---------------------------------------------------- A first meeting of the creditors in the proceedings of CCL Precast Pte Ltd. will be held on July 1, 2025 at 11:00 a.m. via video-conference and/or tele-conference. Messrs Tan Wei Cheong and Lim Loo Khoon of Deloitte were appointed as provisional liquidators of the company on June 6, 2025. G A PROPERTIES: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on June 6, 2025, to wind up the operations of G A Properties Pte. Ltd. DBS Bank Ltd filed the petition against the company. The company's liquidators are: Mr. Tan Jun Zhang Solomon Mr. Lam Zi Yang c/o Argile Partners 138 Cecil Street #10-01 Cecil Court Singapore 069538 GRAB HOLDINGS: S&P Affirms 'BB-' Long-Term ICR, Outlook Stable -------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' long-term issuer credit rating on Grab Holdings Ltd., a Singapore-based provider of mobility, delivery, and digital financial services. The stable rating outlook reflects S&P's view that Grab will continue to improve its EBITDA and operating cash flow, and maintain ample liquidity over the next 12-24 months. Grab's US$1.5 billion convertible bond issuance will spike its leverage. S&P said, "We expect the company's debt-to-EBITDA ratio to jump to 5.3x in 2025 from our previous expectation of 1.0x-1.5x. The forecast ratio is still within our tolerance level for the rating. Our adjusted debt metrics for Grab do not net off the company's cash holdings." S&P believes Grab's leverage will decline to 3.6x in 2026 and 3.0x in 2027. A nearly 30% compounded annual growth rate in EBITDA over the next three years will help in this. Grab's operating cash flow (OCF) should also improve from higher earnings in its ride-hailing and food delivery segments, as well as increasing customer deposits in its fast-growing digital financial services segment. Furthermore, Grab's EBITDA coverage will remain well above 10x over the next two years, given the convertible bonds do not bear any interest. Grab's leverage tolerance may have increased. S&P said, "The step-up in leverage following the bond issuance could signal a higher debt tolerance than we previously anticipated. The company is also undertaking shareholder-friendly actions as its earnings and cash flow strengthen. Actions such as larger buybacks and dividends could delay leverage improvement, in our view." Use of the bond proceeds will be crucial. The primary use of proceeds--for pursuit of growth or for shareholder returns--will be key for our assessment of Grab's creditworthiness. Should the company use the proceeds for a large-scale acquisition or investment, S&P would reassess its business competitiveness and whether any incremental business improvement compensates for potentially higher leverage. S&P said, "We expect Grab to maintain its measured approach toward potential acquisitions. The company has not made any outsized acquisition since its takeover of Uber Technologies Inc.'s southeast Asia business in 2018. Considering the track record, we believe any acquisition or investment will have a material synergy with Grab's existing business segments." Grab's strong liquidity provides a sufficient buffer for unexpected operational volatility. S&P's base case assumes the company will have more than US$7.0 billion of cash and short-term investments through 2026. This is even after taking into account additional share repurchase programs following completion of its inaugural share repurchase of US$500 million in 2024-2025. S&P said, "In our view, Grab has demonstrated prudent risk aversion to ensure ample liquidity. The company has maintained at least US$4.9 billion of cash and short-term investments since 2021, supporting our strong assessment of its liquidity. Grab's hefty liquidity balance of about US$10 billion at its peak after public listing cushioned the initial cash burn during the pandemic. We estimate the company will maintain at least US$2 billion in cash holdings while pursuing growth. "The stable rating outlook reflects our expectation that Grab will continue to improve its EBITDA and cash flow over the next 12-24 months. We believe the company will maintain robust liquidity of at least US$2 billion while pursuing growth. The outlook also reflects our view that Grab will maintain a conservative approach toward leverage management. "We may lower the rating if we believe Grab is unlikely to sustain positive EBITDA or operating cash flow, or if the company's liquidity buffer weakens. This could happen because of heightened competition or Grab adopting more aggressive tactics to boost or defend market share. A decline in gross merchandise value (GMV), take rate, or number of monthly transacting users (MTU), or rising incentive spending could signal such deterioration. "We may also lower the rating if Grab increases its leverage without operational benefits. This could happen if it takes sizable additional debt or grows inorganically, without business accretive opportunities. "We could raise the rating if Grab maintains a record of positive EBITDA and operating cash flow while keeping leverage at a prudent level and maintaining ample liquidity. The debt-to-EBITDA ratio remaining below 2.0x on a sustained basis could indicate such improvement." Upside could also flow from a significant strengthening of the company's operational scale and competitiveness. JOIL AFRICA: Commences Wind-Up Proceedings ------------------------------------------ Members of Joil Africa Pte. Ltd. on June 10, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Mr. Abuthahir Abdul Gafoor Ms. Yessica Budiman AAG Corporate Advisory 11 Collyer Quay #07-02 The Arcade Singapore 049317 TRUST CLEANZ: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on June 6, 2025, to wind up the operations of Trust Cleanz Initiative Pte. Ltd. United Overseas Bank 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 =============== X X X X X X X X =============== MALDIVES: Fitch Affirms 'CC' Long-Term Foreign Currency IDR ----------------------------------------------------------- Fitch Ratings has affirmed the Maldives' Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'CC'. Fitch typically does not assign Outlooks to sovereigns with a rating of 'CCC+' or below. Key Rating Drivers External Financing Challenges Ahead: The Maldives' 'CC' rating reflects Fitch's assessment that a default event of some sort remains probable within the rating horizon. Fitch believes that persistent external and fiscal vulnerabilities will complicate refinancing of the sovereign's impending large external debt-servicing obligations in the year ahead, even as the tourism sector continues to expand and gross foreign exchange (FX) reserves have increased following support from the Reserve Bank of India (RBI). Improving FX Reserves: The Maldives' gross FX reserves increased to USD856 million in April 2025, from a record low of USD371 million in September 2024. The increase was driven by a USD400 million drawdown under a currency swap arrangement signed by the Maldives Monetary Authority (MMA) with the RBI in October 2024, which alleviated imminent external liquidity strains. Gross FX reserves also rose due to solid tourism-related receipts and the newly implemented Foreign Currency Act, which mandates tourism-related businesses to exchange either 20% of monthly foreign-currency receipts or a fixed amount up to USD500 per tourist arrival into rufiyaa with local banks. The MMA has allocated USD120 million from the drawdown to local banks. Future accumulation of foreign-currency receipts in the Sovereign Development Fund (SDF) could help finance a portion of the upcoming external debt servicing This will be facilitated by the increase in airport development fees which came into effect last December. The SDF was initially established in principle for US dollar bond amortisation, although part of the funds in the SDF have been exchanged to local currency in the past. External Liquidity Still Fragile: Fitch estimates the Maldives' gross foreign-reserve coverage of current external payments at roughly 1.5 months, well below the 'B'/'C'/'D' category median of 3.5 months. Gross reserves net of the MMA's predetermined short-term foreign liabilities coming due within the next 12 months, including the drawdown of US dollar swap with the RBI, remain low at USD28 million. Fitch expects the sovereign's FX reserves remain under pressure, given the high current account deficit (CAD), substantial external debt service, and the MMA's continued interventions to support the official currency peg to the US dollar. Substantial External Debt Service: The government has USD688 million in sovereign and public guaranteed external debt-servicing obligations due in 2H25. This amount includes the potential repayment of the drawdown from the US dollar facility with the RBI. This, combined with USD356 million falling due in 1H25, represents a notable increase in external debt service from a Fitch-estimated USD436 million in 2024. Total external debt servicing will further increase to about USD1.1 billion in 2026, including the repayment of a USD500 million sukuk and a USD100 million private bond placement (both in April 2026). Reliance on External Support: The government may succeed in securing continued external financing support from strategic creditors, given the country's geopolitical importance due to its location in the Indian Ocean along vital shipping lanes. Bilateral liquidity support could allow the authorities to service its debt, but will not mitigate the underlying vulnerabilities, which are continuing to build. Financial support from the IMF, if requested by the authorities, would most likely be contingent on strong fiscal consolidation and debt restructuring, in its view. Persistent External Imbalances: Fitch forecasts the Maldives' CAD will decline to 14.0% of GDP in 2025, from an estimated 17.9% in 2024, driven by robust tourism-related receipts and lower fuel prices. However, the high CAD and excess domestic liquidity lead to persistent US dollar shortages with notable spreads between official and parallel market rates. The MMA has raised the mandatory exchange requirement for banks' US dollar proceeds collected from tourism-related businesses to 90% from the previous 60%, under the new Foreign Currency Act, in a bid to improve US dollar liquidity for essential needs. Fiscal Deficit to Remain High: Fitch projects the fiscal deficit will widen to 14.5% of GDP in 2025, up from 14.0% in 2024 on high recurrent spending. This reflects its expectation of rising public wage and continued delays in the planned fiscal reforms of subsidies and healthcare spending largely due to political considerations, which offset a measured capex rationalisation. Fitch expects the deficit will edge down to 13.9% in 2026, supported by solid tourism growth and new revenue enhancement measures. Still, domestic financing of the sizeable deficits remains challenging, as banks have limited room to absorb additional government debt due to already substantial holdings. Rising Public Debt Ratio: Fitch forecasts general government debt to rise to 125.1% of GDP in 2026, from an estimated 114.5% in 2024, nearly double the projected median level of 'B'/'C'/'D' category peers. Its baseline expects the debt ratio will further increase over the medium term, based on its assumption of modest fiscal consolidation. Fitch estimates outstanding government-guaranteed debt increased to 19.5% of GDP in 2024 (MVR21.1 billion), up from 14.9% in 2023 (MVR15.1 billion), primarily because of the drawdown from the swap arrangement. The substantial guaranteed debt continues to pose contingent liability risks to the sovereign balance sheet. Solid Economic Growth: Fitch projects economic growth will remain robust at 4.8% in 2025 and 4.7% in 2026. Fitch expects growth to be primarily driven by rising tourist arrivals and receipts, supported by the partial opening of the new passenger terminal at Velana International Airport as early as July 2025, new resorts under construction, and continued development of tourism infrastructure. However, a sharp economic slowdown in the archipelago's major tourism source markets, such as China, Europe and Russia, poses a downside risk to growth. ESG - Governance: The Maldives has an ESG Relevance Score (RS) of '5[+]' and '5' for Political Stability and Rights and for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. These scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in its proprietary Sovereign Rating Model. The Maldives has a medium WBGI ranking at the 44th percentile, reflecting recent peaceful political transitions, a moderate level of rights for participation in the political process, institutional capacity, corruption, and rule of law. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Public Finances: Failure to service bonded debt obligations within grace periods stipulated in relevant documentation, or unilateral declaration of a debt moratorium. - Public Finances: Launch of a formal debt renegotiation process by the authorities or the start of a process that Fitch deems to constitute a default-like event (distressed debt exchange). Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - External Finances: Strengthening of external financing capability and external buffers, for example, through structural measures to sustainably increase foreign-currency reserves. - Public Finances: Significant progress in implementing a credible fiscal consolidation strategy, putting public debt on a declining medium-term trajectory. Sovereign Rating Model (SRM) and Qualitative Overlay (QO) Fitch's proprietary SRM assigns the Maldives a score equivalent to a rating of 'CCC+' on the Long-Term Foreign-Currency (LT FC) IDR scale. However, in accordance with its rating criteria, Fitch's sovereign rating committee has not utilised the SRM and QO to explain the ratings in this instance. Ratings of 'CCC+' and below are instead guided directly by the rating definitions. Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three-year centred averages, including one year of forecasts, to produce a score equivalent to a LT FC IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within its criteria that are not fully quantifiable and/or not fully reflected in the SRM. Country Ceiling The Country Ceiling for the Maldives is 'B-'. For sovereigns rated 'CCC+' or below, Fitch assumes a starting point of 'CCC+' for determining the Country Ceiling. Fitch's Country Ceiling Model produced a starting point uplift of 1 notch. Fitch's rating committee did not apply a qualitative adjustment to the model result. Fitch does not assign Country Ceilings below 'CCC+', and only assigns a Country Ceiling of 'CCC+' in the event that transfer and convertibility risk has materialised and is affecting the vast majority of economic sectors and asset classes. ESG Considerations The Maldives has an ESG Relevance Score of '5[+]' for Political Stability and Rights, as WBGIs have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and a key rating driver with a high weight. As the Maldives has a percentile rank above 50 for the respective governance indicator, this has a positive impact on the credit profile. The Maldives has an ESG Relevance Score of '5' for Rule of Law, Institutional & Regulatory Quality and Control of Corruption, as WBGIs have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and are a key rating driver with a high weight. As the Maldives has a percentile rank below 50 for the respective governance indicators, this has a negative impact on the credit profile. The Maldives has an ESG Relevance Score of '4' for Human Rights and Political Freedoms, as the Voice and Accountability pillar of the WBGIs is relevant to the rating and a rating driver. As the Maldives has a percentile rank below 50 for the respective governance indicator, this has a negative impact on the credit profile. The Maldives has an ESG Relevance Score of '4' for Creditor Rights, as willingness to service and repay debt is relevant to the rating and is a rating driver for the Maldives, as for all sovereigns. As the Maldives has a fairly recent restructuring of public debt in 2020, this has a negative impact on the credit profile. 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 ----------- ------ ----- Maldives LT IDR CC Affirmed CC ST IDR C Affirmed C LC LT IDR CC Affirmed CC LC ST IDR C Affirmed C Country Ceiling B- Affirmed B- ********* 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. 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