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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, June 25, 2025, Vol. 28, No. 126

                           Headlines



A U S T R A L I A

BROOKHOLLOW INVESTMENTS: First Creditors' Meeting Set for June 27
EASTERN PROPERTY: Placed in Administration
ECOFIBRE LIMITED: Executes Deed of Company Arrangement
FP TURBO 2025-1: Moody's Assigns (P)Ba1 Rating to AUD3.6MM E Notes
GEMI 193: First Creditors' Meeting Set for June 30

LWZ JAPANESE: First Creditors' Meeting Set for July 2
NONI B: FTI Consulting Appointed as Liquidators
PLANET ARK: Formally Exits Voluntary Administration
PUBLIC HOSPITALITY: Jon Adgemis Appoints Trustee to His Assets
SYNGINEERING GROUP: McGrathNicol Appointed as Liquidators

TERM ATAC: First Creditors' Meeting Set for July 1


B A N G L A D E S H

BANGLADESH: IMF Completes Third and Fourth Reviews on 3 Facilities


C H I N A

CHINA CITIC: Moody's Affirms 'Ba1' CFR, Alters Outlook to Stable
SEAZEN GROUP: Moody's Affirms 'Caa1' CFR, Alters Outlook to Pos.
[] CHINA: Small Suppliers Still Choked by Long Payment Delays


H O N G   K O N G

NEW WORLD: Nears USD11 Billion Loan Refinancing Deal


I N D I A

A.M. INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
ARAVINDA STEELS: CARE Keeps B- Debt Rating in Not Cooperating
ARIHANT SUGAR: CARE Keeps D Debt Rating in Not Cooperating
ASHVI DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
BHIND MIHONA: CARE Keeps D Debt Rating in Not Cooperating Category

BINA KHIMLASA: CARE Keeps D Debt Rating in Not Cooperating
CORUSCATION VIDYUT: CARE Keeps D Debt Rating in Not Cooperating
DURGA BHAVANI: CARE Keeps B- Debt Rating in Not Cooperating
ESSEL WALAJAHPET: CARE Keeps D Debt Rating in Not Cooperating
HERITAGE DISTILIARIES: CARE Keeps B Debt Rating in Not Cooperating

HINDUSTHAN NATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
INDIAN KNIVES: CARE Keeps B- Debt Rating in Not Cooperating
INTEC CAPITAL: CARE Keeps D Debt Rating in Not Cooperating
JINDAL INFRASTRUCTURE: CARE Keeps C Debt Rating in Not Cooperating
KRISTAL INFRASTRUCTURE: Insolvency Resolution Process Case Summary

MEENA JEWELLERS: CARE Keeps D Debt Rating in Not Cooperating
MHOW GHATABILLOD: CARE Keeps D Debt Rating in Not Cooperating
PARTH NEXGEN: Insolvency Resolution Process Case Summary
RBEP ENTERTAINMENT: CARE Keeps D Debt Ratings in Not Cooperating
REX SEWING: CARE Keeps D Debt Ratings in Not Cooperating Category

ROY APPARELS: CARE Lowers Rating on INR9.86cr LT Loan to B-
S A MULLA: CARE Keeps C Debt Rating in Not Cooperating Category
SANKALPSHAKTI ENTERPRISES: Insolvency Process Case Summary
SHIRISH HOTELS: CARE Keeps C Debt Rating in Not Cooperating
SKML EXIM: CARE Lowers Rating on INR40cr LT Loan to D

STEFINA VITRIFIED: CARE Keeps D Debt Rating in Not Cooperating
SURANA MERCANTILES: Insolvency Resolution Process Case Summary
TULIP MARKETING: CARE Keeps B- Debt Rating in Not Cooperating
VAMSEE TEJA: Insolvency Resolution Process Case Summary
VAMSI KRISHNA: CARE Keeps B- Debt Rating in Not Cooperating

VEDIK ISPAT: CARE Keeps D Debt Ratings in Not Cooperating Category
VIJAYALAKSHMI DRIER: CARE Keeps B- Debt Rating in Not Cooperating
VINAYAK SERVICES: Voluntary Liquidation Process Case Summary
VINNARASI EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
VIRGO MARINE: Liquidation Process Case Summary



I N D O N E S I A

BAYAN RESOURCES: Moody's Ups CFR to Ba1, Alters Outlook to Stable


J A P A N

NISSAN MOTOR: CEO Faces Investor Grilling Over Job Cuts, Losses


M A C A U

TAI FUNG BANK: Fitch Rates USD280MM AT1 Capital Bonds 'B'


N E W   Z E A L A N D

DARBEZ LIMITED: Creditors' Proofs of Debt Due on July 7
ECO BUILDING: Court to Hear Wind-Up Petition on July 3
JP FRANKLIN: Court to Hear Wind-Up Petition on July 4
NXT FUELS: Creditors' Proofs of Debt Due on July 16


S I N G A P O R E

BLOEM CARE: Court to Hear Judicial Management Petition on July 29
BOLDTEK INVESTMENT: Commences Wind-Up Proceedings
ENGINEER.AI: Creditors' Meeting Set for July 8
JM LOGISTICS: Court to Hear Wind-Up Petition on July 4
SUPREME MOBILITY: Court to Hear Wind-Up Petition on July 4


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A U S T R A L I A
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BROOKHOLLOW INVESTMENTS: First Creditors' Meeting Set for June 27
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Brookhollow
Investments Pty Ltd will be held on June 27, 2025 at 11:00 a.m. at
the offices of PricewaterhouseCoopers, One International Towers
Sydney, in Watermans Quay, Barangaroo, NSW, and via
teleconference.

Andrew Scott and William Anthony Honner of PricewaterhouseCoopers
were appointed as administrators of the company on June 18, 2025.


EASTERN PROPERTY: Placed in Administration
------------------------------------------
Timothy Cook of Balance Insolvency on June 20, 2025, were appointed
as Administrator of Eastern Property Alliance Management Pty Ltd.

The Administrator may be reached at:

          Timothy Cook
          Balance Insolvency
          Level 1, Suite 4
          17 Castlereagh St
          Sydney, NSW 2000


ECOFIBRE LIMITED: Executes Deed of Company Arrangement
------------------------------------------------------
TipRanks reports that Ecofibre Limited, currently under
administration, held a second meeting of creditors where it was
resolved to execute a Deed of Company Arrangement (DOCA).

TipRanks relates that the administrators have declared the shares
worthless, indicating no expected returns for shareholders, and
advised them to seek independent tax and legal advice.

Based in Sydney, Australia, Ecofibre Limited (ASX:EOF) --
https://ecofibre.com/ -- together with its subsidiaries, engages in
the polymer, health care, and hemp seed genetics businesses in the
United States and Australia. The company operates through Ecofibre
Advanced Technologies, Ananda Health, Ecofibre Genetics, and EOF
Bio segments. It offers cannabinoid based health products for human
and pet consumption. In addition, the company provides yarn,
polymer textiles, and hemp related food products. Further, it is
involved in patient-centered cannabinoid-based drug activities.  

Scott Langdon and John Mouawad of KordaMentha were appointed as
administrators of Ecofibre Limited on May 2, 2025.



FP TURBO 2025-1: Moody's Assigns (P)Ba1 Rating to AUD3.6MM E Notes
------------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
notes to be issued by Perpetual Corporate Trust Limited in its
capacity as trustee of FP Turbo Series 2025-1 Trust.

Issuer: Perpetual Corporate Trust Limited in its capacity as
trustee of FP Turbo Series 2025-1 Trust

AUD256.0 million Class A1 Notes, Assigned (P)Aaa (sf)

AUD80.0 million Class A1-G Notes, Assigned (P)Aaa (sf)

AUD20.8 million Class B Notes, Assigned (P)Aa2 (sf)

AUD14.0 million Class C Notes, Assigned (P)A2 (sf)

AUD5.6 million Class D Notes, Assigned (P)Baa2 (sf)

AUD3.6 million Class E Notes, Assigned (P)Ba1 (sf)

The AUD20.0 million Seller Notes are not rated by us.

The transaction is a securitisation of operating, novated and
finance leases extended to Australian government and statutory
corporations, corporates, small and medium-sized businesses and
their employees. The leases securitised in this portfolio are
secured by passenger cars, commercial vehicles and auto equipment.
The collateral pool composition is static and no pre-funding or
substitution of receivables will take place during the life of the
transaction. All receivables were originated by Fleet Partners Pty
Limited (FleetPartners), FleetPlus Pty Ltd and Fleet Choice Pty Ltd
(both wholly owned subsidiaries of FleetPartners).

The securitised portfolio comprises lease instalment cash flows and
residual value cash flows. The present value of the outstanding
lease receivables balance is approximately AUD400.0 million and the
nominal value of estimated operating lease residual value (RV) cash
flows amounts to around AUD84.1 million. Due to the right of the
lessees to return the vehicle at contract maturity in order to
cover the final lease balance outstanding under an operating lease,
the notes are exposed to both default and market or residual value
risk of the related vehicles.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

-- An evaluation of the capital structure, underlying portfolio of
leases obligors and underlying RV exposure;

-- Back-up maintenance and servicer solutions;

-- The liquidity support available in the transaction in the form
of the liquidity facility;

-- The experience of Fleet Partners as servicer and the back-up
servicing arrangements with Perpetual Corporate Trust Limited.

The transaction benefits from credit strengths such as experience
of the originator, diversification of vehicle manufacturer and
lease term dates and strong historical performance of the lease
portfolio. However, Moody's note that the transaction features some
credit weaknesses such as high lessee concentration and residual
value risk.

KEY TRANSACTION FEATURES

-- The notes will be repaid on a sequential basis in the initial
stages, until the subordination percentage increases from the
initial 16.0% to 30.0% for the Class A Notes and no unreimbursed
charge offs, at which point Class A to Class E Notes will be repaid
on a pro-rata basis (but senior to the Seller Notes).

-- The liquidity facility sized at 1.5% of the outstanding amount
of all notes (with a hard floor of AUD250,000) is available where
trust income and principal collections are insufficient to meet
interest payment shortfalls on the required payments.

KEY POOL FEATURES

-- The majority of receivables (92.9%) are secured by passenger
vehicles or light commercial vehicles (

GEMI 193: First Creditors' Meeting Set for June 30
--------------------------------------------------
A first meeting of the creditors in the proceedings of Gemi 193 Pty
Ltd will be held on June 30, 2025 at 3:00 p.m. att the offices of
Mackay Goodwin Level 12, 20 Bridge Street, in Sydney, NSW, and via
Zoom Teleconference Facilities.

David Anthony Hurst and Grahame Ward of Mackay Goodwin were
appointed as administrators of the company on June 18, 2025.


LWZ JAPANESE: First Creditors' Meeting Set for July 2
-----------------------------------------------------
A first meeting of the creditors in the proceedings of LWZ Japanese
Cuisine Pty Ltd will be held on July 2, 2025 at 11:00 a.m. via
Microsoft Teams.

Amanda Lott of ACRIS was appointed as administrator of the company
on June 20, 2025.


NONI B: FTI Consulting Appointed as Liquidators
-----------------------------------------------
Creditors of Noni B Holdings NZ Limited on June 17, 2025, passed a
resolution to wind up the company's operations.

The company's liquidators are:

          David McGrath
          Vaughan Strawbridge
          FTI Consulting
          Level 22, Gateway
          1 Macquarie Place
          Sydney, NSW 2000


PLANET ARK: Formally Exits Voluntary Administration
---------------------------------------------------
Lindy Hughson at Packaging News (PKN) reports that Planet Ark
Environmental Foundation (Planet Ark) has officially exited
voluntary administration on June 24, following the unanimous
approval of a Deed of Company Arrangement (DOCA) by creditors at a
meeting held on June 13.

PKN relates that the development marks a pivotal moment in the
organisation's three-decade history, paving the way for a return to
normal operations under the leadership of its original directors.
Planet Ark said the outcome reflects the strong support of its
employees and stakeholders, and signals a fresh chapter in its
long-standing mission to empower Australians to take positive
environmental action.

According to PKN, the move brings to a close a challenging period
for the not-for-profit, which entered voluntary administration in
May after grappling with financial pressures exacerbated by reduced
stakeholder support and the ongoing economic impacts of the
COVID-19 pandemic.

In a statement at the time, the Board said the decision to appoint
voluntary administrators Michael Jones and Bruce Gleeson of Jones
Partners Insolvency & Restructuring was made to enable an
independent assessment of the organisation's affairs and explore
restructuring options to ensure its ongoing viability, PKN recalls.
Planet Ark has now thanked Jones and Gleeson for their leadership
through the process, which it says was handled with professionalism
and care.

With its future secured, Planet Ark said it will continue
delivering its suite of flagship environmental programs with
renewed focus and vigour, PKN relays. These include National
Recycling Week, National Tree Day, Cartridges 4 Planet Ark, and the
Australasian Recycling Label (ARL), developed in partnership with
the Australian Packaging Covenant Organisation (APCO). Over the
years, these initiatives have helped drive circular economy
principles and support better recycling behaviour across Australian
households, schools, communities and businesses.

PKN adds that as part of the organisational restructure, the
leadership team at Planet Ark is also evolving. Current chief
executive officer Rebecca Gilling, who has played a key role in
steering the organisation through recent challenges, will
transition out of the CEO role by Dec. 31, 2025 under the terms of
the DOCA. The current executive team includes deputy CEO Adam
Culley and chief operations officer Claire Bell.

Former chief finance officer Scott Dickson is moving into a new
role, and Planet Ark will outsource its bookkeeping and accounting
functions moving forward to streamline operations, PKN says.
Additionally, the process of refreshing the organisation's board of
directors - already underway prior to the administration - will
continue as part of the governance renewal strategy.

"This milestone reaffirms our belief in the strength of Planet
Ark's mission and the value it brings to communities, schools,
businesses, and governments across the country," the organisation
said in its statement.

Michael Gregory Jones and Bruce Gleeson of Jones Partners
Insolvency & Restructuring were appointed as administrators of
Planet Ark Environmental Foundation on April 28, 2025.


PUBLIC HOSPITALITY: Jon Adgemis Appoints Trustee to His Assets
--------------------------------------------------------------
The Australian Financial Review reports that Jon Adgemis is
attempting to avoid bankruptcy by convincing his creditors to
accept a personal insolvency agreement after the former KPMG
dealmaker turned hospitality baron signed his assets over to a
trustee.

Monaco-based businessman Richard Gazal has been trying to bankrupt
Mr. Adgemis in a dispute over AUD26 million in debt and interest.
On June 20, as Mr. Gazal pursued him for payment, Mr. Adgemis
signed his property over to WLP Restructuring, according to the
national personal insolvency register, the Financial Review
relays.

According to the report, WLP Restructuring chief executive Scott
Pascoe said Mr. Adgemis had "appointed us trustees to control his
affairs so he can put forward a proposal [and] creditors can
decide". A meeting of creditors would be convened and they would
vote on whether to accept his proposal.

The Financial Review relates that Mr. Pascoe said the process
offered no guarantees Mr. Adgemis would avoid bankruptcy, which
would prevent his being a company director. Instead, it would allow
Mr. Adgemis some time before a meeting of creditors was called when
"all actions for the recovery of provable debt should be on hold".

A personal insolvency agreement - formerly known as a part X
arrangement - offers an alternative to being bankrupted over debts.
It would allow creditors to recoup some funds through a structured
debt repayment plan versus receiving nothing if Mr. Adgemis is
bankrupted.

The Financial Review says WLP Restructuring will assess Mr.
Adgemis' assets and debts and report to creditors with a proposal.
The process is expected to be finalised in August.

Mr. Adgemis founded Public Hospitality in 2021, accumulating a
large portfolio of pubs and development projects during the
COVID-19 pandemic when financing was cheap, the Financial Review
notes. At its height, the business owned about 20 venues, including
Oxford House, The Strand and The Norfolk in Sydney, and Guy
Grossi's Puttanesca and Karen Martini's Saint George in Melbourne.

But the business buckled under its large debts and higher financing
expenses last year at the same time as construction costs grew.
Eventually, parts of the business secured refinancing with Deutsche
Bank. But the deal did not prevent the company from disintegrating
after several venues - including Oxford House - fell into
administration.

Last September, New York lender Muzinich & Co called in insolvency
specialists FTI Consulting as receivers for five pubs; Oxford
House, The Exchange, The Norfolk, The Strand Hotel and Camelia
Grove Hotel, all hotels in Sydney. BDO was appointed administrator
of Public Lifestyle Management, the operating company behind the
assets.

It came after Public Hospitality secured a AUD400 million
refinancing in July last year, following months of negotiations.
Muzinich & Co held more than AUD100 million of Public Hospitality's
debt from the July refinance. That loan was secured against the
five Sydney pubs and their operating company.

According to the Financial Review, Mr. Adgemis, via his JAGA
Investments, has since put a AUD7.7 million proposal to creditors
to buy the pubs back. Earlier this month, JAGA paid AUD600,000 to
clear debts for staff pay and superannuation, following a
AUD400,000 payment earlier this year. The last payment will come
via AUD6.7 million in convertible notes to be funded by private
lender Archibald Capital. But the Australian Taxation Office is
currently attempting to wind up Archibald after it defaulted on
debts.

The Financial Review says Public Hospitality has a handful of pubs
not placed into administration and secured loans from Deutsche Bank
and Archibald Capital.

These two pools hold 11 venues, including The Empire Hotel in
Annandale, the Lady Hampshire in Camperdown, The Bondi South Hotel
and the Bayswater Hotel.

Mr. Adgemis has also been threatened by bankruptcy by other
creditors, including from Sydney hospitality veteran Paul Schulte.
Angas Securities, another lender, is pursuing him over a personal
guarantee on debts, according to the Financial Review.

In another matter, Mr. Adgemis is also trying to keep La Trobe
Financial from taking possession of a house owned by him and his
mother in Sydney's Rose Bay, adds the Financial Review.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
19, 2024, pub baron Jon Adgemis' embattled Public Hospitality Group
has taken another hit with receivers and external managers
appointed at five of his Sydney hotels, including Oxford House and
The Strand Hotel.

Insolvency specialist FTI Consulting has stepped in as receivers
and managers to operate Public's hip Redfern pub The Norfolk,
Oxford House in Paddington and Darlinghurst's The Strand Hotel, as
well as Alexandria's Camelia Grove Hotel and The Exchange Hotel,
also in Darlinghurst, Good Food said. The pubs will be sold as soon
as possible.

Duncan Club and Andrew Sallway of BDO advisory firm have also been
appointed voluntary administrators at affiliated companies
including Public Lifestyle Management Pty Ltd, Good Food added.

SYNGINEERING GROUP: McGrathNicol Appointed as Liquidators
---------------------------------------------------------
Melissa Smith and Anthony Connelly of McGrathNicol were appointed
as liquidators of Syngineering Group Pty Ltd on June 20, 2025.

Syngineering Group provides water management and energy engineering
solutions and services.


TERM ATAC: First Creditors' Meeting Set for July 1
--------------------------------------------------
A first meeting of the creditors in the proceedings of Term Atac
Pty Ltd will be held on July 1, 2025 at 10:00 a.m. via virtual
meeting technology only (Microsoft Teams).

Richard Albarran and Marcus Watters of Hall Chadwick were appointed
as administrators of the company on June 19, 2025.




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B A N G L A D E S H
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BANGLADESH: IMF Completes Third and Fourth Reviews on 3 Facilities
------------------------------------------------------------------
The Executive Board of the International Monetary Fund completed
the combined Third and Fourth Reviews of Bangladesh's arrangements
under the Extended Credit Facility (ECF), the Extended Fund
Facility (EFF), and the Resilience and Sustainability Facility
(RSF). The Executive Board also approved an augmentation of SDR
567.19 million (53.2 percent of quota) for the ECF/EFF arrangements
and a six-month extension. Completion of these reviews allows the
authorities to immediately withdraw SDR 650.5 million (about US$884
million) under the ECF/EFF, and SDR 333.3 million (about US$453
million) under the RSF.

Further, the IMF Executive Board approved a modification of
performance criteria and granted a waiver for the non-observance of
the performance criterion related to the non-imposition and
non-intensification of exchange restrictions, based on the
temporary nature of the non-observance and the implementation of
corrective measures.

Bangladesh's arrangements under the ECF/EFF/RSF were approved on
January 30, 2023, in an amount equivalent to SDR 2.5 billion (154.3
percent of quota or about US$3.3 billion) under the ECF/EFF and SDR
1 billion (93.8 percent of quota or about US$1.4 billion) under the
RSF (PR no. 23/25)

The augmentation approved by the Executive Board on June 23 brings
the total financial assistance under the ECF and EFF arrangements
to SDR 3,035.65 million (about US$ 4.1billion), alongside
concurrent RSF arrangements of SDR 1 billion (about US$1.4
billion). The enlarged enhanced ECF/EFF is aimed at restoring
macroeconomic stability, promoting inclusive growth, and protecting
the vulnerable. The RSF arrangement has secured fiscal space needed
to build resilience against climate risks.

Bangladesh's macroeconomic challenges have increased since the
popular uprising in the summer of 2024, which led to the ouster of
the previous government. The timely formation of an interim
government has helped stabilize political and security conditions,
fostering a gradual return to economic stability. However, the
economic outlook has worsened due to persistent political
uncertainty, continuation of tighter policy mix, rising trade
barriers, and increasing stress in the banking sector.

Program performance for the third and fourth reviews remains
broadly satisfactory despite the difficult political and economic
context. The authorities are fully committed to implementing
necessary policies under the program and have recently pressed
forward with critical reforms to increase exchange rate flexibility
and boost tax revenues.

The authorities have consented to the publication of the Staff
Report prepared for this consultation.

                    Executive Board Assessment

Following the Executive Board's discussion, Mr. Nigel Clarke,
Deputy Managing Director, and Acting Chair, made the following
statement:

"Bangladesh's economy continues to navigate multiple macroeconomic
challenges. Despite a difficult environment, program performance
has remained broadly on track, and the authorities are committed to
implementing necessary policy actions and reforms. The
IMF-supported programs are helping safeguard macroeconomic
stability and protect the most vulnerable, while accelerating
reforms to support resilient and inclusive growth.

"Near-term policies should prioritize rebuilding external
resilience and reducing inflation. The authorities' recent steps to
implement a new exchange rate regime and include revenue-enhancing
measures in the FY2026 budget are welcome. A balanced policy
mix—anchored in maintaining a tight monetary policy stance,
greater exchange rate flexibility, and revenue-based fiscal
consolidation—will support efforts to restore both external and
internal balances.

"Efforts to raise tax revenues and rationalize
expenditures—including through subsidy reduction—are critical
for creating the fiscal space needed to strengthen social,
development, and climate initiatives. Sustained progress in
reducing government subsidies to a fiscally sustainable level,
along with enhanced public financial management, is essential to
improving spending efficiency and mitigating fiscal risks.

"Financial sector policy should prioritize safeguarding stability
and addressing rising vulnerabilities. Developing a comprehensive,
sequenced strategy to guide reforms is an immediate priority,
followed by the swift implementation of the new legal frameworks to
enable orderly bank restructuring while protecting small
depositors.

"Sustained structural reforms are essential for Bangladesh to
achieve its goal of attaining upper middle-income status. Key
priorities include diversifying exports, attracting greater foreign
direct investment, strengthening governance, and enhancing data
quality.

"Building resilience to natural disasters is essential for
achieving high and inclusive growth. The RSF's focus on
strengthening institutions and policy coordination as well as on
enhancing the efficiency of climate-related spending remains
critical, including in helping mobilize climate finance."

                         About Bangladesh

Bangladesh is a country in South Asia. It is the eighth-most
populous country in the world and is among the most densely
populated countries with a population of 170 million in an area of
148,460 square kilometres (57,320 sq mi). Dhaka, the capital and
largest city, is the nation's political, financial, and cultural
centre. Chittagong is the second-largest city and is the busiest
port on the Bay of Bengal.

As reported in the Troubled Company Reporter-Asia Pacific in late
May 2025, Fitch Ratings has affirmed Bangladesh's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B+' with a Stable
Outlook.

In early December 2024, Moody's Ratings downgraded the Government
of Bangladesh's long-term issuer and senior unsecured ratings to B2
from B1 and affirmed short-term issuer ratings at Not Prime. The
outlook has been changed to negative from stable.



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C H I N A
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CHINA CITIC: Moody's Affirms 'Ba1' CFR, Alters Outlook to Stable
----------------------------------------------------------------
Moody's Ratings has affirmed China CITIC Financial Asset Management
Co Ltd's (CITIC AMC) Ba1 local currency and foreign currency
long-term issuer ratings, NP local currency and foreign currency
short-term issuer ratings, and Ba1 corporate family rating.

Moody's have also affirmed Ba2 long-term backed senior unsecured
debt ratings of CITIC AMC's offshore financing vehicles –
including CFAMC II Co., Ltd., CFAMC III Co., Ltd. and CFAMC IV Co.,
Ltd., and their long-term backed senior unsecured medium-term note
(MTN) program ratings of (P)Ba2.

The notes issued under the MTN program established by the three
offshore financing vehicles are guaranteed by China CITIC Financial
AMC International Holdings Limited (CITIC AMC International) and
supported by keepwell deeds from CITIC AMC.

At the same time, Moody's have changed the entity-level outlook on
CITIC AMC and its offshore financing vehicles to stable from
negative.

A list of all affected ratings can be found at the end of this
press release.

RATINGS RATIONALE

The affirmation of CITIC AMC's ratings and change of outlook to
stable from negative reflects the improvement in the company's
funding and liquidity, as well as Moody's expectations that its
profitability, capital position and asset quality will stabilize at
the current level. In addition, the support from CITIC Group
Corporation (CITIC Group, A3 stable) and the Government of China
(A1 negative) is unlikely to weaken in the next 12-18 months.

The Ba1 long-term issuer rating of CITIC AMC incorporates a
standalone assessment of caa1, a one-notch uplift based on Moody's
assumptions of a moderate level of support from CITIC Group and a
five-notch uplift based on Moody's assumptions of a very high level
of support from the Government of China.

Moody's expects the company to maintain adequate funding and
liquidity over the next 12-18 months, considering its state-owned
background and support from CITIC Group. The company has increased
its credit lines from banks and lowered its funding costs in the
past two years. In addition, Moody's expects CITIC AMC to support
the funding and liquidity of its onshore and offshore
subsidiaries.

In the past five years, the company has significantly reduced its
high-risk legacy credit exposures and financial investments, while
also charging substantial provisions. The outstanding balance of
its debt assets under the acquisition-and-restructuring distressed
asset management business, through which it gains a fixed return by
entering into restructuring agreements with the original creditors
and debtors, decreased to 11.4% of its consolidated total assets as
of the end of 2024 from 17.6% as of end of 2023.

That said, its asset quality will continue to face pressure from
China's property market and the slowdown of economic growth. As of
the end of 2024, stage 3 assets accounted for 59.4% of the
company's debt assets under the acquisition-and-restructuring
business. The provision coverage ratio for these stage 3 assets was
45.9% as of year-end 2024, up from 39.1% as of year-end 2023.

Moody's expects CITIC AMC's profitability will continue to be
strained by high provision charges in the next 12-18 months.
Excluding the one-off gains from investments in associates, the
company's return on average assets remained weak in 2024 because of
a surge in provision charges, but Moody's expects provision charges
to decrease in 2025 compared to 2024.

Barring any equity capital injection, Moody's forecasts CITIC AMC's
common equity tier 1 (CET1) capital will remain strained over the
next 12-18 months, following the erosion of its equity base during
2022-24. Moody's do not consider the company's gain on its
investment in associates to be a part of its tangible common equity
because of the significant gap between the assessed carrying amount
and market value of the investment.

Moody's assumptions of a moderate level of affiliate support
reflects CITIC Group's position as CITIC AMC's largest shareholder
and its role in the supervision and management of the company.

The assumption of a very high level of government support reflects
the fact that CITIC AMC is indirectly controlled by the Ministry of
Finance, and the company's importance in the distressed asset
management market of China.

CITIC AMC's offshore financing vehicles

The (P)Ba2 long-term backed senior unsecured MTN program ratings
and the Ba2 long-term backed senior unsecured debt ratings of CFAMC
II Co., Ltd., CFAMC III Co., Ltd. and CFAMC IV Co., Ltd.
incorporate the caa3 standalone assessment of CITIC AMC
International, and a seven-notch uplift based on Moody's
assumptions of support from CITIC AMC and indirectly from the
Chinese government through its parent.

The caa3 standalone assessment reflects CITIC AMC International's
weak capital position, modest profitability, as well as the
pressure on its asset-quality, funding and liquidity in the absence
of support from the parent company.

Moody's assesses that government support would flow via CITIC AMC
to CITIC AMC International in times of need. A failure by CITIC AMC
to support CITIC AMC International would result in significant
business, operational and reputational risks to CITIC AMC.

The one-notch difference between CITIC AMC's long-term issuer
rating and the long-term debt ratings of these offshore financing
vehicles reflects the fact that keepwell deeds are different from
an explicit guarantee in procedures of enforcement.

ENVIRONMENTAL,SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

CITIC AMC's ESG Credit Impact Score (CIS) of CIS-5 and Governance
Issuer Profile Score of G-5 reflect the significant impact of
governance risk on the current rating. The company's past corporate
governance and internal control failures before 2018 have resulted
in large losses in the past. Moody's have changed the company's
compliance and reporting score to 4 from 5, reflecting the
improvement in its reporting in the past three years.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could upgrade CITIC AMC's ratings if (1) CITIC Group or the
central government strengthens its support for the company,
including in the form of an equity capital injection; or (2)
company's standalone assessment significantly improves on a
sustained basis.

CITIC AMC's standalone assessment could improve if (1) the company
substantially strengthens its capital base through disposing its
subsidiaries or an equity placement, such that its tangible common
equity/tangible managed assets increases above 4.0% on a sustained
basis; (2) it meets all the minimum regulatory requirements for
capital adequacy and leverage; (3) its asset quality and
profitability improve significantly because of strengthened risk
control and lower risk appetite; and (4) its funding and liquidity
remain adequate.

Moody's could downgrade CITIC AMC's ratings if (1) support from
CITIC Group or the central government for the company weakens, or
(2) the company's standalone assessment weakens.

A lowering of CITIC AMC's standalone assessment is likely if the
company's (1) profitability and asset quality weaken substantially;
or (2) funding and liquidity deteriorate.

LIST OF AFFECTED RATINGS

Issuer: China CITIC Financial Asset Management Co Ltd

Affirmations:

ST Issuer Rating (Foreign and Local Currency), Affirmed NP

LT Issuer Rating (Foreign and Local Currency), Affirmed Ba1

LT Corporate Family Rating, Affirmed Ba1

Outlook Actions:

Outlook, Changed To Stable From Negative

Issuer: CFAMC III Co., Ltd.

Affirmations:

Backed Senior Unsecured Medium-Term Note Program (Local Currency),
Affirmed (P)Ba2

Backed Senior Unsecured (Foreign and Local Currency), Affirmed
Ba2

Outlook Actions:

Outlook, Changed To Stable From Negative

Issuer: CFAMC IV Co., Ltd.

Affirmations:

Backed Senior Unsecured Medium-Term Note Program (Foreign and
Local Currency), Affirmed (P)Ba2

Backed Other Short Term (Foreign and Local Currency), Affirmed
(P)NP

Backed Senior Unsecured (Local Currency), Affirmed Ba2

Outlook Actions:

Outlook, Changed To Stable From Negative

Issuer: CFAMC II Co., Ltd.

Affirmations:

Backed Senior Unsecured Medium-Term Note Program (Local Currency),
Affirmed (P)Ba2

Backed Senior Unsecured (Local Currency), Affirmed Ba2

Outlook Actions:

Outlook, Changed To Stable From Negative

The principal methodology used in these ratings was Finance
Companies published in July 2024.

CITIC AMC's 'Assigned Standalone Assessment' score of caa1 is set
two notches below the 'Financial Profile' initial score of b2 to
reflect the material pressure on its common equity tier 1 capital
and one notch negative adjustment for 'Opacity and Complexity'.

China CITIC Financial Asset Management Co Ltd is headquartered in
Beijing. It reported consolidated assets of RMB984.3 billion as of
the end of 2024.

SEAZEN GROUP: Moody's Affirms 'Caa1' CFR, Alters Outlook to Pos.
----------------------------------------------------------------
Moody's Ratings has revised to positive from negative the outlook
on Seazen Group Limited. At the same time, Moody's have affirmed
Seazen Group's Caa1 corporate family rating, as well as Caa2 backed
senior unsecured rating on the bonds issued by New Metro Global
Limited and guaranteed by either Seazen Group or Seazen Holdings
Co., Ltd.

"The change in outlook to positive reflects Seazen Group's improved
funding access and reduced refinancing risk, as a result of its
recently completed issuance of $300 million offshore bond. As a
privately owned property developer, Seazen Group has also
maintained steady access to the domestic funding channels," says
Daniel Zhou, a Moody's Ratings Assistant Vice President and
Analyst.

"The Caa1 corporate family rating reflects Seazen Group's
continuing need to refinance offshore debt maturities over the next
12-18 months," adds Zhou.

RATINGS RATIONALE

On June 12, 2025, Seazen Group issued $300 million offshore bond
with a three-year tenor and 11.88% coupon rate. The company also
launched an offer to partially repurchase its senior notes due in
July and October 2025 at 100% and 98.5% of par value, respectively,
with a total outstanding amount of $600 million.

This development marks a notable improvement in Seazen's funding
access. The issuance marked the first successful US dollar bond
raised by a privately owned Chinese developer after more than two
years of absence.

The new issuance will also meaningfully ease Seazen Group's
refinancing risk in the next six months.

Seazen Group's cash flow generation remains constrained by the weak
performance of its property development business. Nonetheless,
Moody's expects increasing profit contribution from the company's
expanding and sizable investment property (IP) portfolio will
mitigate the drag. The recurring nature and higher margins from
this income source will enhance the quality of the company's cash
flow and EBITDA over time.

Additionally, the IP portfolio as collateral assets has provided
Seazen Group an alternative funding source when raising secured
debt. This includes continued onshore bond issuances over the past
two years, within a constrained funding environment.

However, the increase in the encumbrance of the company's assets
could reduce its financial flexibility. As of the end of 2024,
around 85% of Seazen Group's IP assets were pledged based on their
carrying value.

Seazen Group's liquidity remains weak. Moody's estimates that the
company's cash balance as of year-end 2024, together with its
projected operating cash flow, will be insufficient to cover all of
its large maturing debt obligations over the next 12-18 months,
including around $400 million offshore bond maturing in May 2026.

The senior unsecured bond rating is one notch lower than the CFR
due to structural subordination risk. This risk reflects the fact
that the majority of claims are at the operating subsidiaries and
have priority over Seazen Group's senior unsecured claims in a
bankruptcy scenario. In addition, the holding company lacks
significant mitigating factors for structural subordination. As a
result, the likely recovery rate for claims at the holding company
will be lower.

In terms of environmental, social and governance (ESG) factors,
Moody's have considered Seazen Group's weak liquidity and risk
management that has led to high refinancing risk. In addition,
Moody's have considered Seazen Group's concentrated ownership by
its former chairman.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's will upgrade Seazen Group's ratings if it demonstrates a
track record of liquidity improvement over the next 12-18 months,
which is reflected by sustained new fund raising and capital
structure improvement, as well as strengthening of its business
operations.

Downward rating pressure will emerge if Seazen Group's risk of
default increases materially as a result of deteriorating liquidity
and funding access.

The principal methodology used in these ratings was Homebuilding
and Property Development published in October 2022.

Seazen Group's Caa1 CFR is two notches below the
scorecard-indicated outcome of B2. This reflects the company's weak
liquidity as a result of large debt maturities over the next 12-18
months.

Seazen Group operates primarily in residential development in
China. The company was founded in 1996 by its former chairman, Wang
Zhenhua, who is its key shareholder.

[] CHINA: Small Suppliers Still Choked by Long Payment Delays
-------------------------------------------------------------
Yicai Global reports that despite recent promises by several major
Chinese automobile manufacturers to speed up payments to their
suppliers, many smaller, lower-tier vendors continue to be under
great financial pressure as they are forced to wait extended
periods to receive payment from their big clients.

Large companies have a lot of leverage when it comes to setting
payment terms, according to Yicai research. Eight listed battery
manufacturers waited on average 103 days to receive payments last
year, but it took them an average of 255 days to pay their own
suppliers.

Battery giant Contemporary Amperex Technology, for instance, had an
average accounts receivable cycle of 65 days, but it only paid out
on average after 259 days, according to Yicai. Other battery makers
such as EVE Energy, Farasis Energy, Gotion High-tech, CALB Group,
and Guangzhou Great Power Energy and Technology took even longer to
pay than Ningde-based CATL.

Yicai also looked at 255 automotive parts companies listed on the
mainland and found that they waited 116 days in general to receive
payment and took an average of 142 days to pay their suppliers.
This means that small and medium-sized enterprises that are further
up the industrial chain are having to wait a long time to get
paid.

In general, the higher the market value of the parts suppliers, the
shorter the payment collection times and the stronger their ability
to get paid. For example, Fuyao Glass Industry Group normally
received payment within 81 days, for Zhejiang Wanfeng Auto Wheel it
was 44 days, and for Ningbo Joyson Electronic Corp. it was 79 days,
Yicai says.

Earlier this month, 17 leading carmakers said they would shorten
payment terms to within 60 days, recalls Yicai. However, analysts
said that big auto parts suppliers also need to do likewise and
stop relying on their upstream partners' cash flow to grow their
own business.

As the China Iron and Steel Association put it, companies along the
industrial chain need to be more aware of the overall situation,
Yicai relates. Big firms especially should set a good example by
taking the lead in combating "involution," which refers to
excessive and self-defeating competition, and promoting the healthy
development of the industrial chain.




=================
H O N G   K O N G
=================

NEW WORLD: Nears USD11 Billion Loan Refinancing Deal
----------------------------------------------------
Bloomberg News reports that New World Development Co., one of Hong
Kong's most indebted builders, is close to securing a crucial
HK$87.5 billion (US$11.1 billion) loan refinancing deal, according
to people familiar with the matter, the culmination of months of
negotiations as it raced to secure a lifeline amid a deepening
liquidity crisis.

New World has received preliminary consent from all the lenders for
the refinancing deal, even from those that had previously resisted,
the people said, asking not to be identified discussing private
matters, Bloomberg relates. A few of the banks are still working on
formal written commitments, the people added.

According to Bloomberg, the deal's success hinges on securing full
consent by June 30 from more than 50 existing bank lenders. Without
written approvals, the refinancing could still fall through.

While a successful refinancing could pull New World back from the
brink for now, its liquidity problems are likely to persist,
Bloomberg notes. Controlled by the family empire of Hong Kong
tycoon Henry Cheng, New World has been battered by a years-long
property slump in Hong Kong and mainland China after years of rapid
debt-fueled expansion. Investors have become increasingly concerned
about the firm's ability to manage its debt, particularly after it
decided to delay interest payments on four perpetual notes,
triggering a selloff of its bonds.

Bloomberg says the Hong Kong builder has spent months negotiating
with more than 50 banks to finalize the deal, one of city's largest
refinancings ever. Once completed, it means that HK$63.4 billion
($8.1 billion) of borrowings that were set to come due this year
and next will be pushed back to 2028, taking some pressure off the
company.

For its HK$24.1 billion in loans due in 2027 and beyond, the
maturities will remain the same, but New World will have to add
some credit enhancements and put up additional collateral.

Bloomberg says the developer has put about 40 of its properties
into the deal's collateral pool, including its headquarters, New
World Tower, as well as its commercial complex on the city's
waterfront, Victoria Dockside. If the deal had fallen through, all
of that collateral would have been released and any commitments
would have been canceled.

Separately, New World is seeking to raise an additional HK$15.6
billion loan secured by Victoria Dockside, a test of whether the
builder will be able to obtain new financing, Bloomberg reports.
The new loan will also partially be used to repay the nearly
completed refinancing.

                          About New World

New World Development Company Limited -- https://www.nwd.com.hk/ --
an investment holding company, operates in the property development
and investment business in Hong Kong and Mainland China. Its
property portfolio includes residential, retail, office, and
industrial properties. The company is also involved in the loyalty
program, fashion retailing and trading, and land development
businesses; and development and operation of sports park. In
addition, it operates club houses, golf and tennis academies, and
shopping malls; constructs and operates Skycity complex; and
operates department stores.

New World Development, an embattled property developer controlled
by one of Hong Kong's richest families, is aiming to complete one
of the city's largest-ever corporate refinancing deals with more
than 50 banks by the end of June 2025 after pushing back an initial
deadline for May 2025, according to Bloomberg News.  As at late May
2025, about 10 banks have agreed to terms while the rest are still
talking.

Failure to reach a deal could lead to demands for immediate
repayment, Bloomberg said. The repercussions would threaten both
New World and many of the banks which are already suffering from a
sharp rise in non-performing loans from commercial real estate.



=========
I N D I A
=========

A.M. INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of A.M.
Industries (AI) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 18, 2024, placed the rating(s) of AMI under the 'issuer
non-cooperating' category as AMI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AI continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated May 4, 2025, May
14, 2025 and May 24, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Hardoi (Uttar Pradesh) based A.M. Industries (AMI) is a partnership
firm and was established in November, 2000 and is currently being
managed by Mr. Shiv Kumar Agarwal & Mr. Ankit Mittal. AMI is
engaged in processing rice and its byproducts by processing paddy,
in its manufacturing unit located in Hardoi, Uttar Pradesh.


ARAVINDA STEELS: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri
Aravinda Steels (SAS) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  


Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 12, 2024, placed the rating(s) of SAS under the 'issuer
non-cooperating' category as SAS had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SAS continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 28, 2025, May
8, 2025, May 18, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Vijayawada based, Sri Aravinda Steels (SAS) was established in 2012
by Mr. Koteswara Rao, Mr. Srinivas Rao and family. The firm is
engaged in the wholesale and retail trading of reinforced steel
bars. SAS is a wholesale dealer of Rashtriya Ispat Nigam Limited
(Vizag Steel), Vizag Profiles Private Limited, Steel Exchange India
Limited and others in Andhra Pradesh region. The firm has its
customer base in the states of Andhra Pradesh, Telangana and
Karnataka.


ARIHANT SUGAR: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arihant
Sugar Industries Limited (ASIL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      28.27       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 31, 2024, placed the rating(s) of ASIL under the 'issuer
non-cooperating' category as ASIL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ASIL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 16, 2025,
April 26, 2025, May 6, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

Incorporated on August 2009 as a Private Limited company, Arihant
Sugar Industries Limited (ASIL) was later reconstituted as a Public
Limited company on February 11, 2010. ASIL is engaged in production
of white crystal sugar & molasses from sugarcane. The plant is
located at Chikkodi Taluka in Belgaum District of Karnataka. The
company's name has been changed from Om Sugars Limited to Arihant
Sugar Industries Limited with effect from June 4, 2020.



ASHVI DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ashvi
Developers Private Limited (ADPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      250.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 31, 2024, placed the rating(s) of ADPL under the 'issuer
non-cooperating' category as ADPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ADPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 16, 2025,
April 26, 2025, May 6, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

Incorporated in 2006, Ashvi Developers Pvt. Ltd. (ADPL) along with
another company Atithi Builders and Constructors Pvt. Ltd. (ABCPL)
of Ariisto Realtors group is developing a real estate project
“Ariisto Sommet” (erstwhile named as Ariisto Solitaire) at
Goregaon, Mumbai. The group has developed an area of 68.12 lakh
square feet (lsf) till date which includes super-premium
residential towers, affordable housing townships, luxurious retail
spaces and TDR generating rehab projects in and around Mumbai.


BHIND MIHONA: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bhind
Mihona Gopalpur Toll Roads Limited (BMGTRL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       52.35      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 13, 2024, placed the rating(s) of BMGTRL under the
'issuer non-cooperating' category as BMGTRL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BMGTRL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
29, 2025, May 9, 2025 and May 19, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Bhind Mihona Gopalpur Toll Road Limited (BMGL) is a Special Purpose
Vehicle (SPV) floated by Essel Infraprojects Limited (EIL) for
construction of a 2-lane toll road from Lahar Junction [State
Highway (SH)-2] at Bhind traversing though Mihona and terminating
at Gopalpur (SH-45), a 50.86 km road section, in the state of
Madhya Pradesh under Build, Operate & Transfer (BOT) basis. The
project was awarded to BMGL by Madhya Pradesh Road Development
Corporation Limited (MPRDC) a public sector undertaking. The scope
of work for the project highway includes construction, operation
and maintenance for a period of 20 years commencing form the
Appointed Date i.e. February 26, 2010 (including two years
construction period).


BINA KHIMLASA: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bina
Khimlasa Malthon Toll Roads Limited (BKMTRL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      40.87       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 13, 2024, placed the rating(s) of BKMTRL under the
'issuer non-cooperating' category as BKMTRL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BKMTRL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
29, 2025, May 9, 2025 and May 19, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Bina Khimalasa Malthon Toll Roads Limited (BKML) is a Special
Purpose Vehicle (SPV) floated by EIL for construction of a 2 -lane
toll road Bina-Malthon section, a 39.72 km road section, in the
state of Madhya Pradesh under Build, Operate & Transfer (BOT)
basis. The project was awarded to BKML by Madhya Pradesh Road
Development Corporation Limited (MPRDC), a public sector
undertaking. The scope of work for the project highway includes
construction, operation and maintenance for a period of 25 years
including a construction period of 2 years commencing on the
Appointed Date i.e. February 26, 2010.


CORUSCATION VIDYUT: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Coruscation
Vidyut Vitaran (Ujjain) Private Limited (CVVPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      62.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 13, 2024, placed the rating(s) of CVVPL under the
'issuer non-cooperating' category as CVVPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. CVVPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
29, 2025, May 9, 2025 and May 19, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

Coruscation Vidyut Vitaran (Ujjain) Private Limited (CVVPL),
incorporated on April 24, 2012, as a special purpose vehicle (SPV)
promoted by Essel group for functioning as the distribution
franchisee (DF) for the Ujjain area. The SPV is held by Essel group
Investment Company i.e. Pan India Network Limited (PINL) holding
74% and balance is held by Pan India Infraprojects Private Limited
(PIIPL). CVVUPL was responsible for the purchase and distribution
of power to the existing and future consumers in the prescribed
area, maintenance of the distribution assets and all related
activities subject to the terms and conditions as
stipulated in the distribution franchise agreement (DFA) and
various regulatory authorities.


DURGA BHAVANI: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Durga
Bhavani Industries (SDBI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 29, 2024, placed the rating(s) of SDBI under the 'issuer
non-cooperating' category as SDBI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SDBI continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 14, 2025,
April 24, 2025, May 4, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Sri Durga Bhavani Industries was incorporated in the year January
2018 and the mill commenced oeprations in August 2019. It is
promoted by Mr. B Manjunath and his wife Ms. B Sravnthi. The firm
is into rice milling and processing of rice and the promoter has
the business vintage of over 16 years of experience in the rice
milling business. It has total production capacity of 6 M.T per
hour. The firm majorly deals in rice, steamed rice, boiled rice,
broken rice, rice bran, etc. The firm purchases its raw material
i.e. paddy from local farmers and process the paddy in their plant
and sells the final product to customers located across Karnataka,
Andhra Pradesh and Telangana.


ESSEL WALAJAHPET: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Essel
Walajahpet Poonamallee Toll Roads Private Limited (EWPTRPL)
continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      164.17      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 13, 2024, placed the rating(s) of EWPTRPL under the
'issuer non-cooperating' category as EWPTRPL had
failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. EWPTRPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails dated April 29, 2025, May 9, 2025 and
May 19, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratingss opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

EWPTRPL is a special purpose vehicle (SPV) incorporated on May 18,
2012, by EIL. EIL has been awarded the four to six laning of the
Poonamallee (Km 13/8) Walajahpet (Km 106/8) section of NH4 in the
state of Tamil Nadu by National Highway Authority of India (NHAI)
under design build finance operate and transfer (DBFOT) basis
covering a length of approximately 93.00 km.


HERITAGE DISTILIARIES: CARE Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Heritage
Distiliaries Private Limited (HDPL) continues to remain in the
'Issuer Not Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.81       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 29, 2024, placed the rating(s) of HDPL under the 'issuer
non-cooperating' category as HDPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
HDPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 14, 2025,
April 24, 2025, May 4, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Heritage Distiliaries Private Limited (HDPL) was incorporated in
February 1999 by Mr. Kartik Swain, Mrs. Kanchan Swain, Mr. Rashmi
Kanta Pattnayak and Mr. Suryakanta Swain. Initially, the company
was into bottling business of Indian Made Foreign Liquor (IMFL)
till 2012. However, the company has discontinued the bottling
business thereafter and it has leased out its bottling plant (land,
building and plant & machineries) to United Spirits Limited (USL)
as per lease agreement dated from May 25, 2013. The company entered
into a lease out agreement with USL for leasing out its complete
bottling plant for 5 years with effect from April 2013. Further,
the aforesaid deed of lease agreement dated May 25, 2013 entered
into between the parties stands extended and shall continue for a
period of 11 years with effect from July 3, 2017.


HINDUSTHAN NATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Hindusthan
National Glass & Industries Limited (HNG) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     2,063.00     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           600.00     CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Non Convertible      200.00     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

Rationale and key rating drivers

CARE had, vide its press release dated June 24, 2024, continued the
ratings of HNG under the 'issuer non-cooperating' category as HNG
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. HNG continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and letters/emails dated May 10,
2025, and May 20, 2025, among others.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Analytical approach: Standalone

Detailed description of key rating drivers:

At the time of last rating on June 24, 2024, the following were the
rating strengths and weaknesses (updated for the information
available from stock exchange filings):

Key weaknesses

* Delays in debt servicing: The Company has defaulted in servicing
of debt. The Hon'ble National Company Law Tribunal (NCLT), Kolkata
Bench, vide its order dated October 21, 2021, had admitted the
company for initiation of Corporate Insolvency Resolution Process
(CIRP) under the Insolvency and Bankruptcy code, 2016 (IBC). Mr.
Girish Siriram Juneja was appointed as the Resolution Professional
(RP) and he is being supported in the CIRP by EY Restructuring LLP
as the Insolvency Professional Entity. As the Company has been
admitted for initiation of CIRP process under the IBC code, it has
been granted a moratorium from paying off the debts till the
approval of resolution plan.

* Modest financial risk profile: The company reported net profit of
INR25.95 crore on total operating income (TOI) of INR1817.49 crore
in FY25 vis-à-vis net profit of INR163.37 crore on TOI of
INR2557.51 crore in FY24. Networth remained negative in view of
significant past losses.

Key strengths

* Long track record of the company with established market
presence: HNG, having market presence of over six decades, is an
established manufacturer of container glass and has a pan India
presence. The promoters have an experience of over two decades in
the container glass industry.

HNG, incorporated in February 1946, was promoted by late Mr. C.K.
Somany of the Kolkata-based Somany family. The company manufactures
container glass with seven manufacturing units, spread across the
country having an aggregate installed capacity of 15,69,500 tpa
(tonne per annum).

INDIAN KNIVES: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Indian
Knives and Tools Company (IKTC) continues to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      5.50       CARE B-; Stable; ISSUER NOT
   Facilities                     COOPERATING; Rating continues to

                                  remain under ISSUER NOT
                                  COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 14, 2024, placed the rating(s) of IKTC under the 'issuer
non-cooperating' category as IKTC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
IKTC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 30, 2025, May
10, 2025, May 20, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Indian Knives and Tools Company (IKTL), established in 1994 by Mr.
Sunil Balkrishna Chalke, having more than three decades of
experience in manufacturing and trading business of industrial
cutting instruments. The entity procures required raw material
namely steel, grinding wheels, abrasion resistance steel plate etc.
from local suppliers. Further entity manufacturing various shapes,
size, sharpness and thickness of industrial cutting instruments
which find application mainly in paper and plastic industries and
generated 100% of revenue from the domestic market only.


INTEC CAPITAL: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Intec
Capital Limited (ICL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       95.36      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings), vide its press release
dated January 7, 2021, has placed the rating of ICL under the
'issuer non-cooperating' category, as ICL failed to provide
information for monitoring the rating exercise as agreed to in its
rating agreement. ICL continues to be non-cooperative, despite
repeated requests for submission of information through e-mails
dated May 17, 2025, May 7, 2025, and April 27, 2025.

In line with the extant Securities and Exchange Board of India
(SEBI) guidelines, CareEdge Ratings has reviewed the rating based
on best available information, which however, in CareEdge Ratings'
opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Analytical approach: Standalone

Outlook: Not applicable

Detailed description of key rating drivers:

Key weaknesses

* Ongoing delays: Per the financial results for FY25 and the
auditor's remarks, the company is unable to service term loans and
working capital facilities including interest thereon to certain
banks.

* Declining scale and weak profitability: The company's net loan
book has been shrinking over the years, since FY19 from INR144.41
crore to INR54.99 crore as on March 31, 2025. In FY25, the company
reported profit of INR0.3 crore in FY25 against the net loss of
INR13.69 crore in FY24.

Key strength

* Experienced promoters and management: ICL was founded by Sanjeev
Goel, who has over two decades of experience in financial services.
He is a chartered accountant and holds master's in international
finance from the University of Iowa. ICL has been operating in
small and medium enterprises (SME) equipment financing for the last
two decades.

ICL (formerly known as Intec Securities Limited) was established in
February 1994, as a private limited company by Sanjeev Goel (Ex.
Finance Manager, Jai Bharat Maruti Ltd, CA and MBA) and Rajeev Goel
(B. Tech from IIT Kanpur and MS from USA). ICL was converted into a
public limited company in October 1994, and subsequently in
September 2009, its name was changed to the present name. ICL is
registered with the Reserve bank of India (RBI) as non-deposit
accepting (ND) non-banking finance company (NBFC) and is listed at
BSE. Post-merger with Unitel Credit Private Limited on February 11,
2011, ICL became a systemically
important (SI) NBFC. In April 2014, the company received
categorisation of Asset Finance Company (AFC) from RBI. Since, the
loan portfolio came below INR500 crore in fiscal year ending March
31, 2018; the company became non-systemically important NBFC. ICL
is primarily into providing funding for office equipment, medical
equipment, plant & machinery, computer peripherals, among others to
SME, government, semi-government, and private sector customers.


JINDAL INFRASTRUCTURE: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jindal
Infrastructure (JI) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      4.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 5, 2024, placed the rating(s) of JI under the 'issuer
non-cooperating' category as JI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
JI continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 21, 2025, May
1, 2025, May 11, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Jindal Infrastructure (JI) was established as a partnership firm in
2009 by Mr. Mukesh Kumar Agrawal and Mr. Vishnu Prasad Agrawal
based out of Chhattisgarh. Since its inception, the firm has been
engaged in civil construction activities in the segment like
construction of buildings, bridges, roads, etc. The firm is
classified as A5 class contractor by Public Works Division,
Chhattisgarh which indicates that the firm can participate for
higher value contracts released by government departments. JI
participates in tenders and executes orders for the Public Works
Department (Chhattisgarh), Irrigation Department, etc.

KRISTAL INFRASTRUCTURE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Kristal Infrastructure Limited
No. 1, K 4th Cross, 29th Main BTM Layout,
        II Stage Bangalore, Karnataka-560078

Insolvency Commencement Date: May 30, 2025

Estimated date of closure of
insolvency resolution process: November 25, 2025

Court: National Company Law Tribunal, Bengaluru Bench

Insolvency
Professional: T Narayana Swamy
       No. 15, Subhadeep, 7th Cross,
              Bhuvaneshwarinagar, Hebbal - Kempapura
              Bangalore North,
              Near Shakti Ganapathi Temple
              Bangalore-560 024
              Email: tnswamyubi@gmail.com

              8, 3rd Floor, 3rd Main Road, KSSIDC
              Rajajinagar Industrial Estate, Bengaluru
              Karnataka 560010
              Email: cirp.kristal@gmail.com


Last date for
submission of claims: June 17, 2025


MEENA JEWELLERS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Meena
Jewellers Extension Private Limited (MJEPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      28.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 31, 2024, placed the rating(s) of MJEPL under the 'issuer
non-cooperating' category as MJEPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MJEPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
16, 2025, April 26, 2025, May 6, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

Meena Jewellers Extension Private Limited, incorporated in 2012,
belongs to the Meena Jewellers group (MJG) which is the jewellery
arm of the Meena Bazar group which has over 75 years of presence in
the twin cities of Hyderabad/Secunderabad. Meena Bazar group has
varied business interests consisting of retailing in sarees,
textiles, garments and jewellery, exhibition of films,
construction, etc.


MHOW GHATABILLOD: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mhow
Ghatabillod Toll Roads Private Limited (MGTRPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      200.10      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 13, 2024, placed the rating(s) of MGTRPL under the
'issuer non-cooperating' category as MGTRPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MGTRPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
29, 2025, May 9, 2025 and May 19, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

Mhow Ghatabillod Toll Roads Private Limited is a special purpose
vehicle (SPV) promoted by Essel Infra projects Limited (EIL) and
group entities for four laning of the Mhow Ghatabillod section (on
SH-27) from km 1.500 to km 28.500 in the state of Madhya Pradesh on
a design, build, finance, operate and transfer (DBFOT) toll basis.



PARTH NEXGEN: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Parth Nexgen Services Private Limited
Regd. Office Address: Adhunik Chambers,
        Office No, 3, Ground Floor, 13/29,
        East Nagar, West Delhi,
        India, 110008

        Corporate Office: C-111, ITHUM Tower,
        Plot No A 40, Sector-62, Noida,
        Gautam Buddha Nagar, Noida,
        Uttar Pradesh, India, 201301

Insolvency Commencement Date: June 4, 2025

Estimated date of closure of
insolvency resolution process: December 1, 2025

Court: National Company Law Tribunal, Allahabad Bench

Insolvency
Professional: Mr. Pankaj Arora
       136, Shubham Tower,
              Neelam Chowk, NIT,
              Faridabad, Haryana-121001
              Email: tra.pankaj@gmail.com
              Email: cirp.path.mdg@gmail.com


Last date for
submission of claims: June 19, 2025


RBEP ENTERTAINMENT: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of RBEP
Entertainment Private Limited (REPL) (Erstwhile Reliance Big
Entertainment Private Limited (RBEPL)) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      430.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     150.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 30,
2019, placed the rating(s) of RBEPL under the 'issuer
non-cooperating' category as REPL had failed to provide information
for monitoring of the rating exercise as agreed to in its Rating
Agreement. REPL continues to be non-cooperative despite repeated
requests for submission of information vide e-mail communications
dated March 7, 2025, February 25, 2025, and February 15, 2025, and
numerous phone calls.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Detailed description of the key rating drivers:

At the time of last rating on April 1, 2024, the following were the
rating weaknesses.

Key weaknesses

* Weakening of the credit profile of the credit enhancement
provider: REPL's credit profile had weakened on account of delays
in debt servicing.

REPL, incorporated in 2006, is one of the media and entertainment
companies of the Reliance Anil Dhirubhai Ambani Group (RADAG).
R-ADAG has interests in telecommunications, energy, financial
services, infrastructure and media and entertainment. In media and
entertainment industry, the R-ADAG has presence in various
verticals majorly through companies such as Reliance Mediaworks,
Reliance Broadcast Networks Limited etc. and their subsidiaries/
joint ventures (JVs).

REX SEWING: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rex Sewing
Machine Company Private Limited (RSMCPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.25       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 12, 2024, placed the rating(s) of RSMCPL under the
'issuer non-cooperating' category as RSMCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RSMCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
28, 2025, May 8, 2025 and May 18, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Set up in 1957 by Mr. Om Parkash Dandona, RSMCPL is engaged in the
manufacturing of a wide range of sewing machines at its two
manufacturing facilities located in Ludhiana.The company also
engages in the export of its products. The sewing machines are sold
under the brand name 'Rex' in the domestic markets as well as
export markets. RSMCPL is currently being managed by Mr Dinesh
Dandona and Mr Bhupesh Dandona (sons of Mr Om Prakash Dandona). All
the machines manufactured by RSMCPL have an ISI registration. The
company also has trading operations wherein it sources and sells
allied machines like Bag Closing Machines, Button Presses & Button
Moulding Machines, sewing machine components and spare parts.


ROY APPARELS: CARE Lowers Rating on INR9.86cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Roy Apparels Private Limited (RAPL), as:

                     Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.86       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Downgraded from CARE B; Stable

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 30, 2024, placed the rating(s) of RAPL under the 'issuer
non-cooperating' category as RAPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 15, 2025,
April 25, 2025, May 5, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of RAPL have been
revised on account of non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

Roy Apparels Private Limited (RAPL) was incorporated on April 8,
2008 and the registered office of the company is situated at
Kolkata, West Bengal. Since its inception, the company has been
engaged in manufacturing of apparels such as T-shirts, caps,
shirts, trousers, sportswear, jackets, sweat shirts for advertising
& promotions or even everyday work-wear for corporates as per their
specification. Currently the company has four manufacturing units
located in Kolkata (2 units) and South 24 Parganas (2 units) with
an aggregate installed capacity of 10,000 pieces of apparels per
day. The unit-3 and unit-4 plants which are located in South 24
Parganas have started the commercial operations in October 2017 and
March 2018 respectively. Further the company has availed moratorium
on interest and principal repayment of term loan from its lender
(Deutsche Bank; facility not rated by CARE) from March 2020 to
August 2020.

S A MULLA: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of S A Mulla
continue to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      6.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 15, 2024, placed the rating(s) of SAM under the 'issuer
non-cooperating' category as SAM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SAM continues to be non-cooperative despite repeated requests for
submission of information through emails dated March 31, 2025,
April 10, 2025, April 20, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

S A Mulla was incorporated as a Partnership firm by Mr. Saifuddin
Appalal Mulla and Mr. Moinuddin Saifuddin Mulla in 2014. The firm
is engaged in the business of civil construction such as laying of
roads and construction of buildings and bridges in the states of
Karnataka and is registered contractor with Public Works Department
(PWD) and Road and Building Departments (R&B),
Karnataka.


SANKALPSHAKTI ENTERPRISES: Insolvency Process Case Summary
----------------------------------------------------------
Debtor: Sankalpshakti Enterprises Private Limited
S-354, G.K.-1 Opp M Block Market, South Delhi,
        New Delhi, Delhi, India 110048

Insolvency Commencement Date: June 4, 2025

Estimated date of closure of
insolvency resolution process: December 12, 2025  (180 Days)

Court: National Company Law Tribunal, New Delhi Bench-V

Insolvency
Professional: Arunava Sikdar
       C-10, LGF, Lajpat Nagar Part III,
              New Delhi-110024
              Email: asikadr1990@gmail.com
              Email: cirp.sankalp@gmail.com


Last date for
submission of claims: June 18, 2025


SHIRISH HOTELS: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shirish
Hotels Private Limited (SHPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.85       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 21, 2024, placed the rating(s) of SHPL under the 'issuer
non-cooperating' category as SHPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SHPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 6, 2025,
April 16, 2025, April 26, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Hyderabad based, Shirish Hotels Private Limited (SHPL) was
incorporated on September 12, 2016 as a private limited company by
Mr. Yugandhar Dande (Managing Director), Mr. Dande Shanmug Shirish
(Director) and Mrs. Uma Devi Dande (Director). The company is
engaged in hospitality business and offers services in the area of
restaurants, bar, banquet hall, rooms, and coffee shop. Mr.
Yugandhar Dande is also the proprietor of “Shirish Hotels (SH)”
under which the proprietor runs a hotel located at Panjagutta,
Hyderabad. SH is engaged in bar & restaurants. Currently, the
company is managed by Mr. YugandharDande and his son Mr. Shanmug
Shirish who looks after overall operations of the company.


SKML EXIM: CARE Lowers Rating on INR40cr LT Loan to D
-----------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
SKML Exim Private Limited (SEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       40.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Downgraded from CARE BB; Stable

                                   and moved to ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd (CARE). has been seeking information from SEPL to
monitor the rating(s) vide email communications dated between May
15, 2025, to June 13, 2025, among others and numerous phone calls.
However, despite repeated requests, the company has not provided
the requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE Ratings Ltd. has reviewed and
revised the rating on the basis of the best available information
(including lender interaction) which however, in CARE Ratings
Ltd.'s opinion is not sufficient to arrive at a fair rating. The
rating on SEPL's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings have been revised on account of reported delays in debt
servicing, with the account classified as NPA based on confirmation
received during interaction with the lender. The rating action is
in line with CARE's policy on default recognition

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of key rating drivers:

Key weaknesses

* Delays in Debt Servicing and Non-Performing Asset (NPA)
Classification: As per the lender feedback, there were delays
reported in the debt servicing of its rated working capital loans
and the account has been classified as NPA.

Key strengths

* Experienced promoters with strong industry track record: SEPL is
promoted by Mr. Sateesh Mandapati and Mrs. Atchuta Karuna
Mandapati, having extensive industry experience and strong
association in the industry. Mr. Sateesh Mandapati, is the current
managing Director, having 8 years of experience in the industry.
Further, the overall business of the entity is being headed by Mr.
Ramarao, chief executive officer (CEO), who is a BTech graduate
with 30 years of experience in the seafood industry. The promoters
are resourceful and have been regularly infusing funds to support
the working capital as well as capex requirements of the business.

Liquidity: Poor

Liquidity stands poor due to delays reported in servicing its
working capital debt.

SKML Exim Private Limited (SEPL) was incorporated in the year 2020.
The company is promoted Mr. Sateesh Mandapati, who is managing
director of the company and Atchuta Karuna Mandapati, who is
director of the company. The company involves in preprocessing of
raw shrimps (mainly vannamei) which involves activities like
washing, deheading, grading and block freezing. The company have a
processing plant located at Tallarevu in Andhra Pradesh, with an
installed capacity of 30 TPD and also processes shrimp at an
outsourced processing unit, which has a storage capacity of up to
40 MT/day on a job work basis. The unit started its commercial
operations in FY21. The company deals only in headless shrimps with
tail and caters to clients in China (majorly re-processors),
Vietnam, middle east, Malaysia, Singapore, and other Asian
countries.


STEFINA VITRIFIED: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Stefina
Vitrified Private Limited (SVPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      28.65       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      4.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 29, 2024, placed the rating(s) of SVPL under the 'issuer
non-cooperating' category as SVPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SVPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 14, 2025,
April 24, 2025, May 4, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

Morbi (Gujarat) based SVPL was incorporated in January 2016 by Mr.
Manojkumar Vilpara, Mr. Hiteshbhai Vilpara and Mr. Rajeshbhai
Vilpara. It has set up its plant in Morbi for manufacturing of
vitrified tiles of various sizes varying from 600 mm x 600 mm to
1600 mm x 4800 mm and operates with an installed capacity of 65,100
metric tonnes per annum. Commercial production of SVPL commenced
from March 2017 onwards.


SURANA MERCANTILES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Surana Mercantiles Private Limited
45, Shakespeare Sarani, 5th Floor,
        Block 5, Kolkata 700017

Insolvency Commencement Date: April 7, 2025

Estimated date of closure of
insolvency resolution process: October 3, 2025

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Sri Yogesh Gupta
       C/O S Jaykishan, 12, Ho Chi Minh Sarani,
              Suite No. 2D, 2E & 2F, 2nd floor,
              Kolkata-700071
              Email: yogeshgupta31@rediffmail.com
              Email: suranamercantiles.cirp@gmail.com

Last date for
submission of claims: April 21, 2025





TULIP MARKETING: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tulip
Marketing (TM) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 13, 2024, placed the rating(s) of TM under the 'issuer
non-cooperating' category as TM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
TM continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 29, 2025, May
9, 2025, May 19, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Tulip Marketing (TM) is a partnership firm was established on May
2, 2013 by Mr. Bhavya Dave and Mr. Sadik Sayed. TM is primarily
engaged in trading of mobile handsets and accessories in the retail
market through to various stores spread across western suburb of
Mumbai. TM is an authorized distributor of Karbon, Vivo India which
covers area like Kandivali, Borivali and Dahisar, Micromax India
covers area like Andheri, Goregaon and Jogeshwari.TM has its
corporate office and warehouse located at Borivali, Mumbai spread
over 700 sq. feet.


VAMSEE TEJA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Vamsee Teja Modern Rice Mill Private Limited
D.NO.3-249, Koderu-Tadepalligudem State Highway,
        Alamuru, Penumantra Mandal,
        Andhra Pradesh, India - 534126

Insolvency Commencement Date: June 3, 2025

Estimated date of closure of
insolvency resolution process: November 11, 2025 (180 Days)

Court: National Company Law Tribunal, Amaravati Bench

Insolvency
Professional: CA. Kambhammettu Sri Vamsi
       Plot No. A-85, Flat No. DX-4,
              Sri Varasiddhi Nivas, Road No. 11,
              Opposite Sai Baba Temple, Jubliee Hills,
              Hyderabad, Telangana 500033
              Email: casrivamsi@gmail.com
              Email: ip.vamseetejaricemill@gmail.com

Last date for
submission of claims: June 17, 2025

VAMSI KRISHNA: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vamsi
Krishna Cotton Mills (VKCM) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.40       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 12, 2024, placed the rating(s) of VKCM under the 'issuer
non-cooperating' category as VKCM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
VKCM continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 28, 2025, May
8, 2025, May 18, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Vamsi Krishna Cotton Mills (VKCM) is the Andhra Pradesh based
partnership firm, which was established in 2015 and promoted by Mr.
A. Ramesh Babu (Managing Partner), Ms. K. Swathi, Mr. K. Rama
Murthy and Mrs. K. Naga Mani. The firm is engaged in the Cotton
ginning and pressing with a total installed capacity of 24 double
roll gins with a ginning and pressing capacity of 200 bales per day
at its manufacturing unit located at Guntur, Andhra Pradesh. VKCM
sells its product to various spinning mills located in Andhra
Pradesh. VKCM procures Kappas from farmers and middle man in Andhra
Pradesh and Telangana.


VEDIK ISPAT: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vedik
Ispat Pvt Ltd (VIPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      85.39       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short-term Bank     10.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 30, 2024, placed the rating(s) of VIPL under the 'issuer
non-cooperating' category as VIPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
VIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 15, 2025,
April 25, 2025, May 5, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

Vedik Ispat Pvt. Ltd. (VIPL), incorporated in 1992, was a dormant
company till 2010. In 2010, it started a project to set up a hot
and cold-rolled sheets facility in Hindupur (AP), which started
commercial activity in 2011, with an installed capacity of 72,000
TPA of slabs/billets. The plant has capability to produce both Mild
Steel (MS) and Stainless Steel (SS) products. The company undertook
installation of Annealing pickling plant to process HR coils as a
part of its forward integration strategy. Apart from the above,
VIPL is also engaged in trading of TMT bars, MS Pipes, angels and
ingots.


VIJAYALAKSHMI DRIER: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Vijayalakshmi Drier Industries (VDI) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.90       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 30, 2024, placed the rating(s) of VDI under the 'issuer
non-cooperating' category as VDI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
VDI continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 15, 2025,
April 25, 2025, May 5, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Vijayalakshmi Drier Industries (VDI) was established in 2008 as a
partnership firm. VDI is engaged in milling and processing of rice
and the active partner Mr. Murali Krishna has an experience of two
decades in the business of rice milling and processing. Apart from
rice processing, the firm is also engaged in selling off
by-products such as broken rice, husk and bran. Currently the
installed capacity of the firm is 4 tons per hour.

VINAYAK SERVICES: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Vinayak Services Private Limited
        173, Sector - 56,
        GURUGRAM - 122011,
        Haryana

Liquidation Commencement Date: June 5, 2025

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Madhusudan Sharma
     54, CSC-9, DDA Market,
            Sector-7, Rohini, Delhi 110085
            Email: iamalert.net@gmail.com
            Mobile: 98688 72918

Last date for
submission of claims: July 5, 2025


VINNARASI EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vinnarasi
Educational & Social Service Trust (VESST) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.63       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 5, 2024, placed the rating(s) of VESST under the 'issuer
non-cooperating' category as VESST had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. VESST continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
21, 2025, May 1, 2025, May 11, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

Vinnarasi Educational and Social Service Trust (VESST) was
established in the year 1995 by Mr.B.Chandra Bose (President),
Ms.Antonysamy Lourdumary (Managing Trustee) and Ms.S.Mathalin Mary
(Trustee). VESST presently runs seven educational institution which
includes St.Josephs's Polytechnic College (krishnagiri),
St.Josephs's Institute of Advance Research (Distance
Education)(Hosur), St. Antony college of Nursing (Hosur),
St.Josephs's School of Nursing (Krishnagiri), St.Josephs's
Industrial Training Institute(Hosur and Krishnagiri), St.Josephs's
Industrial School (Hosur and Krishnagiri), and St.Josephs's Nursery
& Primary School(CBSE) (Krishnagiri). St.Josephs's Institute of
Advance Research is the study centre for J.R.N.Rajasthan Vidyapeeth
(Delhi), IASE University (Delhi) and KSOU (Mysore). The trust also
conducts medical camps in villages and also gives ITI training to
students who are school drop outs at free of cost as a social
service.


VIRGO MARINE: Liquidation Process Case Summary
----------------------------------------------
Debtor: M/s Virgo Marine Shipyards Private Limited (In
Liquidation)
F-408, KAILASH COMPLEX, PARKSITE, VIKHROLI WEST,
        MUMBAI, Maharashtra, India, 400079

Liquidation Commencement Date: June 3, 2025

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Mr. Mahesh Sureka
     173, Udyog Bhavan, Sonawala Road,
            Goregaon East, Mumbai 400063
            Email: mahesh@mrsureka.com
            Contact No: +91 9322581414
            Email: virgocirp@gmail.com

Last date for
submission of claims: July 2, 2025




=================
I N D O N E S I A
=================

BAYAN RESOURCES: Moody's Ups CFR to Ba1, Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Ratings has upgraded Bayan Resources Tbk (P.T.)'s (Bayan)
corporate family rating to Ba1 from Ba2.

At the same time, Moody's have changed the outlook to stable from
positive.

"The upgrade to Ba1 reflects Bayan's status as one of the largest
thermal coal producers in Indonesia as well as Moody's expectations
that it will continue to maintain its strict adherence to
conservative financial policies," says Anthony Prayugo, a Moody's
Ratings Analyst.

"Bayan's credit quality is supported by its growing thermal coal
operations, which have low operating costs and generate solid
profitability even during coal price downcycles," adds Prayugo,
also Moody's Ratings lead analyst for Bayan.      

RATINGS RATIONALE

Bayan's ability to generate profit through price cycles is mainly
supported by its established and integrated mining infrastructure,
which allows the company to maintain low-cost operations. Bayan is
ramping up thermal coal production at its Tabang mines to around 65
million metric tons (MT) by the end of 2025, and around 80 million
MT by end-2026, which would position Bayan as Indonesia's largest
thermal coal producer.

Moody's expects execution risk for the production ramp-up is
minimal, as Bayan has completed most of its infrastructure works at
the Tabang mines. Furthermore, the company has a strong track
record, increasing its annual thermal coal production to 57 million
MT in 2024 from 10 million MT in 2016.

Bayan's Tabang mines have a low strip ratio and a long reserve life
of around 25 years, based on its projected production volume for
2025. The Tabang mines, which contributed around 90% of Bayan's
coal production in 2024, are among the lowest-cost energy-adjusted
global coal mines with a strip ratio of only 3.6x. This enables
Bayan to maintain a low cash cost and generate solid profitability
during periods of low coal prices. Even under a stress case
scenario with a Newcastle thermal coal price of $70/MT, Moody's
expects Bayan to generate an annual EBITDA exceeding $1 billion
once it reaches 80 million MT in annual production.

Moody's expects the company will continue to have minimal reliance
on incremental debt funding over the next few years, as it will use
its internal cash flow for ongoing capital spending to increase
production capacity and infrastructure. As a result, Bayan's credit
metrics will remain very strong, with adjusted debt/EBITDA
remaining below 0.5x over the next two years.

Bayan will maintain very good liquidity over the next 18 months
with sufficient internal cash and projected operating cash flow to
fund its capital spending and dividend payments. The company also
has around $460 million undrawn committed working capital
facilities with banks as of the end of March 2025.

OUTLOOK

The stable outlook reflects Moody's expectations that Bayan will
generate strong earnings and cash flow, with a minimal reliance on
incremental debt while maintaining very good liquidity over the
next 12-18 months.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

Upward rating momentum is unlikely given Bayan's single commodity
operations with limited product and geographic diversification.
However, Moody's could upgrade the ratings if Bayan improves its
business profile through commodity diversification while adhering
to conservative financial policies, maintaining very good liquidity
and demonstrating a prudent approach toward investments and
shareholder distributions.

On the other hand, Moody's could downgrade the ratings if Bayan
experiences operational disruptions or industry fundamentals weaken
such that its earnings and cash flow decline; or if Bayan engages
in aggressive shareholder distributions or capital investments,
which would indicate a deviation from its stated prudent financial
policies.

Specific indicators Moody's would consider for a downgrade include
adjusted debt/EBITDA above 2.5x or adjusted (EBITDA-Capex)/interest
below 4.5x.

The principal methodology used in this rating was Mining published
in April 2025.

The Ba1 rating is two notches below the scorecard-indicated outcome
of Baa2. The difference reflects Bayan's single commodity
operations with limited product and geographic diversification.

Bayan is engaged in surface open cut mining of coal mines primarily
in East and South Kalimantan. It listed on the Indonesian Stock
Exchange in 2008 and had a market capitalization of around IDR652
trillion ($40 billion) as of June 18, 2025.



=========
J A P A N
=========

NISSAN MOTOR: CEO Faces Investor Grilling Over Job Cuts, Losses
---------------------------------------------------------------
Bloomberg News reports that Ivan Espinosa's first annual meeting as
Nissan Motor Co.'s chief executive officer was a baptism by fire,
as shareholders questioned the feasibility of his turnaround plan
and the carmaker's failed tie-up with Honda Motor Co.

For roughly three hours, investors grilled Mr. Espinosa about
decisions mostly made before he was promoted in April, airing their
grievances and rehashing the myriad missteps that led to the
elimination of 20,000 jobs and closure of seven of its 17
manufacturing sites, after the company posted a net loss of JPY671
billion ($4.6 billion) in the fiscal year that ended in March,
Bloomberg relates.

"We understand your frustration," Mr. Espinosa told stakeholders at
its headquarters in Yokohama on June 24. "It will not be easy to
deliver. But I am confident that we have what we need to rebuild
our company."

With roughly JPY800 billion ($5.4 billion) in debt due next year,
Nissan is seeking to raise funds to keep operations on stable
footing, Bloomberg says. Management turmoil has distracted the
company ever since the 2018 arrest and ouster of former Chairman
Carlos Ghosn, leading to an aging product lineup, shrinking margins
and the loss of an early lead in mass-market electric cars.

"Nissan's ability to reduce its tariff exposure by moving other
production to the U.S. appears limited in the near term," said
Bloomberg Intelligence senior auto analyst Tatsuo Yoshida.
"Capacity may be less of a constraint even as the automaker moves
to consolidate global manufacturing."

The carmaker could incur as much as $2.1 billion in additional
costs for this fiscal year through March if U.S. tariffs on autos
and parts remain in place, Mr. Yoshida said.

According to Bloomberg, Nissan withheld its profit guidance for the
period, owing to the uncertainty of its own finances as well as the
global automobile industry, given President Donald Trump's tariffs
on cars and car parts imported to the U.S.

Internal documents show that Nissan anticipates an operating loss
of as much as JPY450 billion for the 12 months through March 2026
if the tariffs remain in place, Bloomberg relays. Without them, the
loss is forecast to be JPY300 billion. Either would mark the
biggest operating deficit in the company's history.

In May, Mr. Espinosa, 46, announced plans to scale back Nissan's
capacity after the carmaker posted one of its biggest losses since
French carmaker Renault saved it from bankruptcy more than a
quarter-century ago, Bloomberg recalls. While the alliance partners
still own stakes in each other, they are charting separate
courses.

The full scale of Nissan's plight became clear in early November
when it announced a 94% drop in first-half net income, along with
plans to cut jobs and reduce production capacity, Bloomberg notes.
That was followed by news that a fund controlled by activist
investor Effissimo Capital Management had bought a stake in Nissan,
fueling market turmoil. A filing on June 23, however, showed the
investor was no longer included in a list of Nissan's major
shareholders.

Bloomberg adds Mr. Espinosa may also face questions over plans to
raise more than JPY1 trillion from debt and asset sales, including
the issuance of convertible securities and bonds, and the sale of
stakes in Renault and other entities.

The funding proposal doesn't appear to have been approved by
Nissan's board yet, leaving it unclear whether it will happen,
people familiar with the matter have said, declining to be
identified discussing details that are private, Bloomberg relays.

                        About Nissan Motor

Nissan Motor Co., Ltd. manufactures and distributes automobiles and
related parts. The Company produces luxury cars, sports cars,
commercial vehicles, and more. Nissan Motor markets its products
worldwide.

Fitch Ratings, in April 2025, downgraded Nissan Motor Co., Ltd.'s
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
and senior unsecured rating to 'BB' from 'BB+'. The Outlook is
Negative. Fitch has affirmed the Short-Term Foreign- and
Local-Currency IDRs at 'B'.

S&P Global Ratings, on March 7, 2025, lowered its long-term issuer
credit ratings on Nissan Motor and its overseas subsidiaries to
'BB' and affirmed its short-term issuer credit ratings on each
company at 'B'. The negative outlook reflects S&P's view that the
company's creditworthiness may continue to deteriorate as a
challenging operating environment hampers profitability improvement
and free cash flow losses continue.

Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3
the senior unsecured rating for Nissan Motor Co., Ltd. At the same
time, Moody's have assigned a Ba1 corporate family rating and
withdrawn the company's Baa3 issuer rating. Moody's have also
maintained the negative rating outlook.



=========
M A C A U
=========

TAI FUNG BANK: Fitch Rates USD280MM AT1 Capital Bonds 'B'
---------------------------------------------------------
Fitch Ratings has assigned Tai Fung Bank Limited's (TFB,
BBB+/Stable/bb+) USD280 million non-cumulative additional Tier 1
(AT1) capital bonds a final rating of 'B'.

The bonds have no maturity date and will be callable after five
years. The bonds carry a fixed interest rate of 7.75% per annum,
with semi-annual payments, up to the first call date and will reset
thereafter. The bonds, listed on Hong Kong Stock Exchange, are
expected to qualify as the bank's AT1 capital, with net proceeds
used to strengthen capital adequacy. The bonds represent TFB's
direct, unsecured and subordinated obligations.

The final rating on the bonds is in line with the expected rating
assigned on 11 June 2025 and follows the receipt of documents
conforming to information already received.

Key Rating Drivers

Fitch applies TFB's standalone Viability Rating (VR) of 'bb+' as
the anchor rating for its AT1 instruments. The final rating of 'B'
of the AT1 instruments is four notches below the anchor rating. The
notching comprises two notches for loss severity due to deep
subordination, and two notches for higher non-performance risks -
given the instruments' full discretionary, non-accumulative coupon
payments. The notching is in line with Fitch's baseline notching
for AT1 instruments.

The AT1 instruments shall be subordinated to the claims of
depositors, general creditors, holders of Tier 2 capital
instruments and holders of any other subordinated debt that rank
senior to the AT1 instruments. The AT1 instruments rank in priority
to the claims of holders of all classes of share capital, and rank
pari passu with the claims of holders of any other AT1 capital
instruments of the bank.

Rating Sensitivities

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

The rating on the AT1 capital bond would be downgraded if TFB's VR
is downgraded.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

The rating on the AT1 capital bond would be upgraded if TFB's VR is
upgraded, or if there is expectation that support from Bank of
China Limited (A/Stable/bbb) could be extended further down the
capital structure to warrant a different anchor rating by its
assessment.

Date of Relevant Committee

10 June 2025

Sources of Information

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt             Rating          Prior
   -----------             ------          -----
Tai Fung Bank Limited

   Subordinated         LT B  New Rating   B(EXP)



=====================
N E W   Z E A L A N D
=====================

DARBEZ LIMITED: Creditors' Proofs of Debt Due on July 7
-------------------------------------------------------
Creditors of Darbez Limited are required to file their proofs of
debt by July 7, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 16, 2025.

The company's liquidator is:

          Heath Gair
          Palliser Insolvency
          PO Box 57124
          Mana, Porirua 5247


ECO BUILDING: Court to Hear Wind-Up Petition on July 3
------------------------------------------------------
A petition to wind up the operations of Eco Building Limited will
be heard before the High Court at Auckland on July 3, 2025, at
10:45 a.m.

Blue Swan Holdings Limited filed the petition against the company
on March 25, 2025.

The Petitioner's solicitor is:

          James Blackie
          TBB Law
          Level 36, PwC Tower
          15 Customs Street West
          Auckland 1010


JP FRANKLIN: Court to Hear Wind-Up Petition on July 4
-----------------------------------------------------
A petition to wind up the operations of JP Franklin Roofing Limited
will be heard before the High Court at Auckland on July 4, 2025, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 22, 2025.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


NXT FUELS: Creditors' Proofs of Debt Due on July 16
---------------------------------------------------
Creditors of Nxt Fuels Limited are required to file their proofs of
debt by July 16, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 16, 2025.

The company's liquidator is:

          Rhys Cain
          PO Box 20113
          Christchurch 8053




=================
S I N G A P O R E
=================

BLOEM CARE: Court to Hear Judicial Management Petition on July 29
-----------------------------------------------------------------
A petition to place the operations of Bloem Care Pte. Ltd. under
Judicial Management will be heard before the High Court of
Singapore on July 29, 2025, at 10:00 a.m.

Kevin Caldwell and Lim Yi Ti Joan filed the petition against the
company on May 15, 2025.

The Petitioner's solicitors are:

         TSMP Law Corporation
         6 Battery Road, #05-01/02
         Six Battery Road
         Singapore 049909


BOLDTEK INVESTMENT: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Boldtek Investment Pte. Ltd. on June 10, 2025, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Tan Wei Cheong
         Lim Loo Khoon
         Deloitte & Touche LLP
         6 Shenton Way
         OUE Downtown 2, #33-00
         Singapore 068809


ENGINEER.AI: Creditors' Meeting Set for July 8
----------------------------------------------
ENGINEER.AI (BUILDER.AI) Private Limited will hold a meeting for
its creditors on July 8, 2025, at 11:00 a.m., via electronic
means.

Agenda of the meeting includes:

   a. to receive a full statement of the company's affairs
      together with a list of creditors and the estimated amount
      of their claims;

   b. to appoint liquidators;

   c. to form a committee of inspection of not more than
      5 members, if thought fit; and

   d. any other business.

Chan Yee Hong of CLA Global TS Risk Advisory was appointed as
provisional liquidator of the Company on June 11, 2025.


JM LOGISTICS: Court to Hear Wind-Up Petition on July 4
------------------------------------------------------
A petition to wind up the operations of JM Logistics and Transports
Pte. Ltd. will be heard before the High Court of Singapore on July
4, 2025, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
June 10, 2025.

The Petitioner's solicitors are:

         M/s Advent Law Corporation
         111 North Bridge Road
         #25-03 Peninsula Plaza
         Singapore 179098


SUPREME MOBILITY: Court to Hear Wind-Up Petition on July 4
----------------------------------------------------------
A petition to wind up the operations of Supreme Mobility Product
Pte. Ltd. will be heard before the High Court of Singapore on July
4, 2025, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
June 13, 2025.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542  




                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2025.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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