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250627.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, June 27, 2025, Vol. 28, No. 128 Headlines A U S T R A L I A AJAY DEMOLITIONS: Second Creditors' Meeting Set for July 2 AKASHA BREWERY: Powder Monkey to Buy Brewing Company LADY CHAI: First Creditors' Meeting Set for July 2 LOCKHART RIVER: Directors Set to Call in Liquidators NOLA SYDNEY: First Creditors' Meeting Set for July 3 NUFARM LTD: S&P Downgrades ICR to 'BB-', Outlook Negative PEDERICK ENGINEERING: First Creditors' Meeting Set for July 2 PLENTI AUTO 2023-1: Moody's Raises Rating on Class F Notes from Ba1 PLENTI PL 2024-1: Moody's Upgrades Rating on Class F Notes to Ba1 PROGRESS 2025-1: S&P Assigns BB (sf) Rating to Class E Notes TGPS AU: First Creditors' Meeting Set for July 2 I N D I A AAKAVI SPINNING: CARE Keeps B- Debt Rating in Not Cooperating AASTHA INFRACITY: ICRA Keeps B Debt Rating in Not Cooperating AMBICA TIMBERTRADE: ICRA Keeps D Debt Rating in Not Cooperating ANALYSER INSTRUMENT: ICRA Keeps B+ Debt Rating in Not Cooperating APURVAKRITI INFRA: ICRA Keeps B+ Debt Ratings in Not Cooperating ASIAN BUSINESS: Insolvency Resolution Process Case Summary BADAJENA IRON: CARE Keeps B- Debt Rating in Not Cooperating BARDIYA REAL: ICRA Keeps B+ Rating in Not Cooperating Category BHAGYASHREE INFRA: ICRA Keeps B- Rating in Not Cooperating BHUSHAN POWER: JSW Steel Files Review Petition on Deal Collapse DHATRE UDYOG: CARE Keeps D Debt Ratings in Not Cooperating DIVINE SOLUTIONS: ICRA Keeps D Debt Ratings in Not Cooperating DOJAHAN TRADING: Liquidation Process Case Summary DOLLFINE DEVELOPERS: ICRA Keeps B+/A4 Ratings in Not Cooperating EMM BEE: Insolvency Resolution Process Case Summary GARVISAI PRIVATE: Voluntary Liquidation Process Case Summary HARESH PROPERTIES: Voluntary Liquidation Process Case Summary HERO ELECTRIC: CARE Keeps D Debt Ratings in Not Cooperating INDUS GENE: CARE Keeps D Debt Rating in Not Cooperating Category KAPRISA INTERNATIONAL: ICRA Keeps D Ratings in Not Cooperating KRISHNA TIMBER: ICRA Keeps B Debt Ratings in Not Cooperating MALIHA REALTORS: Insolvency Resolution Process Case Summary ORWO PRIVATE: Voluntary Liquidation Process Case Summary PATHWAY HR: Insolvency Resolution Process Case Summary PRESIDENCY EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating PRITHVI DEVELOPERS: ICRA Keeps D Debt Rating in Not Cooperating RAJDEEP BUILDCON: Insolvency Resolution Process Case Summary RANGOTSAV LIFESTYLE: CARE Keeps D Debt Rating in Not Cooperating RIGVED TECHNOLOGIES: Insolvency Resolution Process Case Summary SAB MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category SAHIL SPINTEX: Liquidation Process Case Summary SHIV VEGPRO: ICRA Keeps B+ Debt Rating in Not Cooperating SHRISHTI TECHNOLOGIES: ICRA Keeps B+ Rating in Not Cooperating SIRWAR RENEWABLE: ICRA Keeps B+ Debt Rating in Not Cooperating SUBRAMANYESWARA POLYMERS: ICRA Keeps B+ Rating in Not Cooperating TRIVANDRUM MOTORS: CARE Lowers Rating on INR41.65cr LT Loan to B UMA RANI: CARE Keeps B- Debt Rating in Not Cooperating Category V.R.K. ASSOCIATES: ICRA Keeps D Debt Rating in Not Cooperating VEL TECH: CARE Lowers Rating on INR133cr LT Loan to B+ VIKAS KRISHI: ICRA Keeps B+ Debt Rating in Not Cooperating YOURS ETHNIC: Liquidation Process Case Summary J A P A N JIMOTO HOLDINGS: Exits Government Control NOMURA HOLDINGS: Fitch Assigns 'BB(EXP)' Rating to AT1 Securities NOMURA HOLDINGS: Moody's Rates New AT1 Securities '(P)Ba3(hyb)' SBI HOLDINGS: To Fully Repay Public Funds Next Month SOFTBANK GROUP: S&P Affirms 'BB+' ICR, Outlook Stable L A O S XAYABURI POWER: Fitch Assigns 'B+' Rating to Thai Baht Debentures N E W Z E A L A N D ACTIVEVISION NZ: Goes Into Liquidation BURNS GROUP: Director Declared Bankrupt CRESSEY & CO: Court to Hear Wind-Up Petition on June 30 FIRE INSTALLATION: Court to Hear Wind-Up Petition on June 30 FLETCHER BUILDING: Announces Millions More in Restructuring Costs HELLO MISTER: Creditors' Proofs of Debt Due on July 21 MACQUARIE TRUSTEE: Creditors' Proofs of Debt Due on July 17 SCORPIO FIRE: Creditors' Proofs of Debt Due on July 18 TABLE BLOOM: London Canteen Cafe Goes Into Liquidation S I N G A P O R E ASCEND ENGINEERING: Court to Hear Wind-Up Petition on July 4 DELTA CORP: Court to Hear Wind-Up Petition on June 27 FNZ SECURITIES: Creditors' Proofs of Debt Due on July 21 G20 BANANA: Court to Hear Wind-Up Petition on July 11 USPI INVESTMENT: Court to Hear Wind-Up Petition on June 27 - - - - - ================= A U S T R A L I A ================= AJAY DEMOLITIONS: Second Creditors' Meeting Set for July 2 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Ajay Demolitions & Asbestos Removal Pty Ltd has been set for July 2, 2025, at 12:00 p.m. via Microsoft Teams platform. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by July 1, 2025 at 5:00 p.m. Rajiv Ghedia of Westburn Advisory was appointed as administrator of the company on May 27, 2025. AKASHA BREWERY: Powder Monkey to Buy Brewing Company ---------------------------------------------------- Will Ziebell at The Crafty Pint reports that there's set to be further consolidation in the local beer world with UK-based Powder Monkey Group - which already operates Southern Highlands Brewing and Willie The Boatman - revealing plans to buy Sydney brewing companies Akasha Brewery and Wayward Brewing. The latter pair only announced a merger in April, with Dave Padden from Akasha and Pete Philip from Wayward saying at the time that they were seeking further investment and intended to bring together a wider mix of brands, the Crafty Pint relates. A media release stated that this new deal will see staff, management and brewing assets all consolidated in Akasha's home in Five Dock. According to the Crafty Pint, Powder Monkey first entered the Australian market when the British operation merged with Southern Highlands Brewing in 2023. Then, in 2024, the business bought Willie The Boatman with that brewery's long-established home in Sydney's inner west acting as a joint taproom for Willie, Southern Highland and Powder Monkey. The latest news means the group now includes four NSW-based brands. The media release announcing the news also said a Powder Monkey Taphouse is due to open in Camden in Sydney's southern outskirts later this year, the report relays. Powder Monkey launch in 2023 and recently acquired Goddards Brewing on the Isle of Wight, Castle Eden Breweries and the beer brand Empress. In a media release announcing the acquisition of Castle Eden Brewery last month, Powder Monkey chair Mike McGeever talked of the company's "buy and build" strategy as well as further acquisitions. It's the latest chapter in what's become a complex story for both Akasha and Wayward, the Crafty Pint notes. In January 2024, the latter and the associated distribution business Local Drinks Collective entered administration, emerging several weeks later after brewery founder Pete Philip proposed a Deed of Company Arrangement (DOCA) that was approved by creditors. Akasha also entered voluntary administration in March last year. Akasha Brewery operates a Sydney taproom in the inner western suburb of Five Dock and also a brewery. Henry McKenna of Vincents was appointed as administrator of the company on March 30, 2024. LADY CHAI: First Creditors' Meeting Set for July 2 -------------------------------------------------- A first meeting of the creditors in the proceedings of Lady Chai Pty Ltd will be held on July 2, 2025 at 10:00 a.m. at the offices of JR Advisory at Level 1, 410 Elizabeth Street, in Surry Hills and via Zoom meeting. Scott Cameron Turner was appointed as administrator of the company on June 23, 2025. LOCKHART RIVER: Directors Set to Call in Liquidators ---------------------------------------------------- ABC News reports that the future of an internationally acclaimed Indigenous art centre in Queensland is in doubt, with directors on the verge of calling in liquidators. The Lockhart River Art Centre is best known for a group of famous artists called the Lockhart River Art Gang, who have had work shown overseas. They include Rosella Namok, Adrian King, Samantha Hobson, Fiona Omeenyo, Evelyn Sandy, and the late Silas Hobson, who all emerged in the small Indigenous community on the eastern coast of Cape York Peninsula, about 800 kilometres from Cairns. The art centre is run by Lockhart River Arts Indigenous Corporation, a registered charity that reports to the Office of the Registrar of Indigenous Corporations. According to the ABC, the corporation is accused of two counts of failing to lodge annual reports with the registrar, and one count of failing to lodge a general report. Solicitor Caitlin Miller, representing the corporation, on June 18 told the Cairns Magistrates Court: "Steps are being taken to . . . appoint a liquidator." The ABC relates that Adam Knight, a collector and dealer of Indigenous art, said Lockhart River became iconic for its "distinct style, completely different to Indigenous art produced in other parts of Australia". He said the 30-year-old art centre's "nationally and internationally recognised artists of significance . . . were very, very important in the growth of Queensland Indigenous art." "There are dealers in this industry already that I know have been trying to help and buying paintings for probably more than they're worth and taking on things just to try and keep it going as long as they can," the ABC quotes Mr. Knight as saying. According to the report, Ms. Miller told the court the decision to enter liquidation was made "in the last week or so", although directors were yet to make a formal resolution. "I'm unable to provide the court with any certainty around the timing . . . but I understand those involved, the defendant and other professional advisers, are working quickly to make this happen," she said. The corporation has yet to enter a plea to the regulatory breaches. Magistrate Leanne Scoines adjourned the case until next month, the ABC notes. The ABC adds that Mr. Knight said Lockhart River Art Centre had struggled in recent years, following the deaths of some artists and the relocation of others away from the remote community. "A lot of other art centres probably have the benefit of a larger Indigenous population that comes through and fills those artistic gaps, where probably Lockhart hasn't had the luxury of that," he said. He said while global Aboriginal art sales were strong, the domestic market had lagged in the past two years in a "pretty tough economic environment," the ABC relays. NOLA SYDNEY: First Creditors' Meeting Set for July 3 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Nola Sydney Pty Ltd (formerly trading as Nola Smokehouse And Bar) will be held on July 3, 2025 at 10:00 a.m. at the offices of AL Restructuring at Level 13, 50 Margaret Street in Sydney and via virtual meeting technology. Andre Lakomy of AL Restructuring was appointed as administrator of the company on June 23, 2025. NUFARM LTD: S&P Downgrades ICR to 'BB-', Outlook Negative --------------------------------------------------------- S&P Global Ratings lowered its long-term issuer credit rating on Nufarm Ltd. to 'BB-' from 'BB'. S&P also lowered by one notch its long-term issue ratings on the company's A$210 million senior secured bank facility (recovery rating of '1') to 'BB+', its US$350 million senior unsecured notes (recovery rating of '5') to 'B+', and its subordinated step-up hybrid notes (recovery rating of '6') to 'B-'. The negative outlook reflects the possibility that Nufarm's S&P Global Ratings-adjusted key credit ratios of debt to EBITDA and EBITDA interest coverage could deteriorate outside S&P's tolerances for the current rating over the next 12 months. The outlook also indicates a potential weakening in Nufarm's business risk profile, depending on the outcome of a review of the seeds business. Prolonged earnings weakness will erode Nufarm's credit quality. Weak fish oil prices weigh on the company's seeds business, while agrochemical industry conditions remain challenging. S&P anticipates the company will generate S&P Global Ratings-adjusted EBITDA of about A$200 million in fiscal 2025, leading to a debt-to-EBITDA ratio of about 4.5x. With the ratio having already exceeded our prior downside rating threshold of 3.5x in fiscal 2024, this represents a sustained deterioration in the company's creditworthiness. S&P said, "Further, while operating conditions for Nufarm should recover in fiscal 2026, we expect this to be gradual, leading to adjusted EBITDA of about A$230 million. This would result in debt-to-EBITDA ratio of about 4.2x and EBITDA interest coverage of 2.1x. We believe the continued uncertainty over the timing of a meaningful recovery in the agrochemical market means the company's earnings will remain volatile over the next 12 months. "Margins will remain weak following underperformance in the seeds business in fiscal 2025. We anticipate the S&P Global Ratings-adjusted EBITDA margin will remain weak at 6.3% in fiscal 2025. This is due to Omega-3 inventory write downs, weak operating conditions in North America, and high operating costs." Improvement will be gradual in fiscal 2026, with an adjusted EBITDA margin of 6.8%. This assumes that the nascent recovery in crop protection gathers momentum, performance of the seeds business improves, and cost saving initiatives start to materialize. That said, S&P believes margins are unlikely to recover to levels of 9%-10% seen during fiscals 2021-2023. These years benefited from the absence of Chinese suppliers due to Covid-era export restraints, which have now eased. Nufarm's seeds segment will drag on earnings amid writedowns. Low fish oil prices in the first half of fiscal 2025 led the company to write down A$28 million in inventory related to its Omega-3 product. The company marked a further A$20 million of inventory as "at risk" of impairment in the second half. S&P expects this hit to materialize, leading to a materially weaker EBITDA contribution than we expected previously for Nufarm's seeds business in fiscal 2025. An improvement in the profitability of the seeds business will be critical to our forecast improvement in adjusted EBITDA in fiscal 2026. Industry conditions will likely remain challenging. The pace of restocking among farmers and distributors remains sluggish, in S&P's view. While demand from customers and future prices of active ingredients remain unpredictable, the prospect of a material earnings-driven recovery in Nufarm's debt-to-EBITDA ratio has diminished. S&P believes the industry downturn will likely linger through fiscal 2025. The performance of Nufarm's crop protection segment should remain varied and uncertain. While the company's performance in Europe and Asia-Pacific has improved in comparison to the first half of fiscal 2024, this was off a low base. Nufarm's European business will benefit from favorable agricultural conditions, which will boost its contribution to earnings in fiscal 2025. That said, this will likely normalize in 2026. Despite a strong performance in the first six months of fiscal 2025, earnings growth in the Asia-Pacific division will be constrained due to dry conditions in major Australian cropping regions in fiscal 2025. S&P said, "Additionally, while we see early signs that distributor destocking will end in 2025, Nufarm's North American segment remains pressured from a prolonged weakness in pricing and demand for its products. In our view, earnings recovery in its North American business will remain fundamental to the company's ability to improve its financial leverage over the next 12 months." Cash conservation through restrained dividends and capital expenditure will only partially temper the impact of earnings weakness. S&P said, "We do not expect Nufarm to pay ordinary dividends to shareholders in fiscals 2025 or 2026. This is in line with its capital management framework, which stipulates that dividend payments are subject to financial leverage remaining within or below the group's 1.5x-2x annualized target range. We expect capital expenditure to be lower than we forecast in our previous base case for fiscal 2026." While positive, these measures collectively are likely to be insufficient to restore the debt-to-EBITDA ratio to within S&P's prior rating tolerances. That said, the steps will be necessary if the company is to improve its 2026 credit metrics in line with its base case. The potential outcome of a review of the seeds business remains uncertain and could pose a risk to credit quality. Announced by the company in May 2025, the review will consider options ranging from a partial sell down to full sale. In S&P's view, any divestment could reduce the company's scale of operations and earnings diversity. If the review leads to a partial or full sale, S&P would expect the company to offset any deterioration in the scope of its business with a recalibration of its capital structure consistent with the current rating. Weak earnings will narrow the cushion in Nufarm's debt covenant. The company's A$800 million revolving asset-based lending credit facility includes a springing covenant, which is customary for a facility of this type and is only activated when the facility is highly utilized. Ongoing earnings pressure will erode headroom in the fixed-charge coverage ratio component of this covenant. Prudent and proactive management of the facility's utilization will therefore be critical to supporting the group's liquidity position, in conjunction with measures to preserve cash that the company is instituting. The negative outlook on Nufarm reflects continued industry weakness that could result in earnings remaining weak and unable to support credit metrics consistent with a 'BB-' rating. As the company navigates its earnings recovery, S&P expects it to maintain prudent financial discipline and working capital management to support an adjusted debt-to-EBITDA ratio trending sustainably below 4.5x through the industry cycle. S&P said, "We could lower the rating if we believe Nufarm is unable to sustain its debt-EBITDA ratio to below 4.5x and adjusted EBITDA interest coverage ratio above 2.5x over the next 12 months or so. This is likely to occur if operating conditions remain weak with depressed active ingredient prices, subdued customer demand, and low margins, and if management fails to deliver on cost saving initiatives. A material deterioration in the group's liquidity position could also pressure the rating. "We may also lower the rating if competitive pressures or a narrowing of product diversity lead to a material erosion of the group's competitive position across its key markets. This scenario would weaken the company's business risk profile and result in a lower rating if not sufficiently offset by a stronger balance sheet. A divestment of the seeds business could result in such a weakening. "We could revise the outlook to stable if Nufarm's earnings and cash flow generation materially strengthen, supported by a continued recovery in the global agrochemical market. This should facilitate material deleveraging, such that its adjusted debt-to-EBITDA ratio can be sustained below 4.5x and adjusted EBITDA interest coverage above 2.5x through the cycle." PEDERICK ENGINEERING: First Creditors' Meeting Set for July 2 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Pederick Engineering Pty Ltd will be held on July 2, 2025 at 11:00 a.m. via a Teams videoconferencing facility. Mathieu Tribut and Mitchell Ball of Mackay Goodwin were appointed as administrators of the company on June 20, 2025. PLENTI AUTO 2023-1: Moody's Raises Rating on Class F Notes from Ba1 ------------------------------------------------------------------- Moody's Ratings has upgraded ratings on four classes of notes issued by Plenti Auto ABS Trust 2023-1. The affected ratings are as follows: Issuer: Plenti Auto ABS Trust 2023-1 Class C Notes, Upgraded to Aa1 (sf); previously on Nov 25, 2024 Upgraded to Aa2 (sf) Class D Notes, Upgraded to Aa3 (sf); previously on Nov 25, 2024 Upgraded to A1 (sf) Class E Notes, Upgraded to A3 (sf); previously on Nov 25, 2024 Upgraded to Baa1 (sf) Class F Notes, Upgraded to Baa3 (sf); previously on Nov 25, 2024 Upgraded to Ba1 (sf) A comprehensive review of all credit ratings for the transaction has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available to the affected notes and performance of the collateral pool to date. No action was taken on the remaining rated classes in the deal as credit enhancements remain commensurate with the current ratings for the respective notes. Following the May 2025 payment date, credit enhancement available for the Class C, Class D, Class E, and Class F Notes has increased to 11.5%, 9.9%, 6.7%, and 3.9% respectively, from 10.5%, 8.9%, 5.8%, and 3.1% at the time of the last rating action for these notes in November 2024. Principal collections have been distributed on a pro-rata basis among the rated notes (excluding Class A-X Notes) since the September 2024 payment date. Current outstanding notes (excluding Class A-X Notes) as a percentage of the total closing balance is 43.3%. Class A-X Notes are repaid through a scheduled amortisation profile. These notes are not collateralised and are repaid through the interest waterfall only. As of end-April 2025, 2.4% of the outstanding pool was 30-plus day delinquent and 0.4% was 90-plus day delinquent. The portfolio has incurred net losses of 0.7% (as a percentage of the original pool balance) to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have maintained Moody's expected default assumption at 2.6% of the current balance (equivalent to 2.0% of the original balance) at the time of the last rating action in November 2024. Moody's have also maintained the Aaa portfolio credit enhancement at 13.0%. Moody's analysis has also considered various scenarios involving different mean default rates, recovery rates, and prepayment rate to evaluate the resiliency of the note ratings. The transaction is a cash securitisation of consumer auto loan receivables extended to prime borrowers in Australia originated by Plenti Finance Pty Limited. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in August 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. PLENTI PL 2024-1: Moody's Upgrades Rating on Class F Notes to Ba1 ----------------------------------------------------------------- Moody's Ratings has upgraded ratings on four classes of notes issued by Plenti PL & Green ABS Trust 2024-1. The affected ratings are as follows: Issuer: Plenti PL & Green ABS Trust 2024-1 Class C Notes, Upgraded to Aa2 (sf); previously on Nov 25, 2024 Upgraded to Aa3 (sf) Class D Notes, Upgraded to A2 (sf); previously on Nov 25, 2024 Upgraded to A3 (sf) Class E Notes, Upgraded to Baa1 (sf); previously on Nov 25, 2024 Upgraded to Baa2 (sf) Class F Notes, Upgraded to Ba1 (sf); previously on Nov 25, 2024 Upgraded to Ba3 (sf) A comprehensive review of all credit ratings for the transaction has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available to the affected notes and performance of the collateral pool to date. No action was taken on the remaining rated classes in the deal as credit enhancements remain commensurate with the current ratings for the respective notes. Following the May 2025 payment date, credit enhancement available for the Class C, Class D, Class E, and Class F Notes has increased to 18.6%, 15.4%, 10.9%, and 5.6% respectively, from 17.5%, 14.2%, 9.7%, and 4.3% at the time of last rating action for these notes in November 2024. Principal collections have been distributed on a pro-rata basis among the rated notes since December 2024 payment date. Current outstanding notes as a percentage of the total closing balance is 51.7%. As of end-April 2025, 3.5% of the outstanding pool was 30-plus day delinquent, and 1.3% was 90-plus day delinquent. The deal has incurred 1.5% of gross losses (as a percentage of the original pool balance) to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have lowered Moody's expected default assumption to 5.0% of the current pool balance (equivalent to 4.1% of the original pool balance) from 5.2% of the outstanding pool balance (equivalent to 4.2% of the original pool balance) at the time of last rating action in November 2024. Moody's have also lowered the Aaa portfolio credit enhancement to 24.5% from 25.5%. Moody's analysis has also considered various scenarios involving different mean default rate and recovery rate to evaluate the resiliency of the note ratings. The transaction is a cash securitisation of personal loans, renewable energy loans and renewable energy buy-now-pay-later (BNPL) receivables originated by Plenti Finance Pty Limited. The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. PROGRESS 2025-1: S&P Assigns BB (sf) Rating to Class E Notes ------------------------------------------------------------ S&P Global Ratings assigned its ratings to six classes of prime residential mortgage-backed securities (RMBS) issued by Perpetual Trustee Co. Ltd. as trustee for Progress 2025-1 Trust. Progress 2025-1 Trust is a securitization of prime residential mortgages originated by AMP Bank Ltd. S&P said, "The ratings reflect our view of the credit risk of the underlying collateral portfolio and the credit support provided to each class of rated notes are commensurate with the ratings assigned. Credit support is provided by subordination, lenders' mortgage insurance (LMI), and excess spread, if any. Our assessment of credit risk considers AMP Bank's underwriting standards and approval process, which are consistent with industrywide practices, the servicing quality of AMP Bank, and the support provided by the LMI policies on 26.1% of the portfolio. "We believe the rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the LMI cover, the mechanism for trapping excess spread into an excess reserve, the provision of a liquidity reserve, and the provision of an income reserve--funded by AMP Bank at closing to cover extraordinary expenses--sized at a level consistent with the ratings. All rating stresses are made on the basis that the trust does not call the notes at or beyond the first call-option date, and that all rated notes must be fully redeemed via the principal waterfall mechanism under the transaction documents. "Our ratings also consider the counterparty exposure to Australia and New Zealand Banking Group Ltd. and MUFG Bank Ltd. as bank account providers. The transaction documents include downgrade remedies consistent with our counterparty criteria. The legal structure of the trust is established as a special-purpose entity and meets our criteria for insolvency remoteness." Ratings Assigned Progress 2025-1 Trust Class A, A$920.00 million: AAA (sf) Class AB, A$44.10 million: AAA (sf) Class B, A$15.50 million: AA (sf) Class C, A$9.90 million: A (sf) Class D, A$4.00 million: BBB (sf) Class E, A$3.30 million: BB (sf) Class F, A$3.20 million: Not rated TGPS AU: First Creditors' Meeting Set for July 2 ------------------------------------------------ A first meeting of the creditors in the proceedings of TGPS AU Pty Ltd will be held on July 2, 2025 at 10:30 a.m. at Level 7, 151 Castlereagh Street in Sydney and via Microsoft Teams meeting. Hugh Armenis and Jason Lloyd Porter of SV Partners were appointed as administrators of the company on June 22, 2025. ========= I N D I A ========= AAKAVI SPINNING: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Aakavi Spinning Mills Private Limited (ASMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 6.11 CARE B-; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 23, 2024, placed the rating(s) of ASMPL under the 'issuer non-cooperating' category as ASMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ASMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 8, 2025, April 18, 2025, April 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Aakavi Spinning Mills Private Limited (ASMPL), engaged in the manufacture of yarn and gray fabrics was established by two partners namely, Mr. R. Selvaraj and Mr. D. Jagadeesan in the year 2001 as a partnership concern and was later reconstituted as a private limited company in the year 2007. The company has four directors presently named, Mr. R. Selvaraj, Ms. S. Kalaichitra (w/o Mr. Selvaraj), Mr. D. Kamalanathan and Ms. K. Indiradevi (w/o Mr. Kamalanathan). The company has an installed capacity of 24,000 second hand spindles with a production capacity of 2,00,00 kg's of yarn/month. ASM manufactures yarn in different counts like 30's, 34's, 30's HT, 40's, 2/40's etc. AASTHA INFRACITY: ICRA Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Aastha Infracity Limited (AIL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 48.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with AIL, ICRA has been trying to seek information from the entity so as to monitor its performance, but Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2010, AIL has started developing a residential project - Aastha Greens - in Greater Noida West, Uttar Pradesh in June 2015. The project has G+19 floors and saleable area of over 9.5 lakh sq ft of saleable area. The project cost is estimated at INR325 crore and is envisaged tobe funded by debt of INR48 crore, customer advances of INR233 crore and promoter funds of INR44.0 crore. The company is promoted by Mr. Sanjay Kumar and Mr. Arun Kumar. AMBICA TIMBERTRADE: ICRA Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings for the Bank facilities of Ambica Timbertrade Private Limited (ATPL) in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]D ISSUER NOT COOPERATING/[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short Term- 3.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Short-term 27.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with ATPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Ambica Timber Trade Private Limited (ATPL) is a privately owned company which is engaged in the timber trading business. It has its sales offices located in Nangloi (Delhi) and branch office at Gandhidham (Gujarat). The company procures timber mainly from Malaysia, Singapore and New Zealand. The variety of timber imported comprises mainly 'Meranti', 'pine', and 'arau' which are mainly used in furniture making and light construction work. ANALYSER INSTRUMENT: ICRA Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long Term and Short-Term rating of Analyser Instrument Company Private Limited (AICPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 1.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 13.00 [ICRA]A4; ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with AICPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1996, AICPL provides turnkey solutions for pollution control detection systems mainly for the public sector undertakings including large refineries and power plants. The main products include different types of analyser systems and instruments like water analysers, gas analysers, dust monitors etc. The company was promoted by Mr. Satyendra Kumar Gupta, Mrs. Pushpa Gupta, Mrs. Rupa Singhal and Mr. Sanjeev Kumar Gupta who have an experience of over a decade in the industry. APURVAKRITI INFRA: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Apurvakriti Infrastructure Private Limited (AIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.20 [ICRA]B+ (Stable) ISSUER NOT Non Fund Based- COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with AIPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Apurvakriti Infrastructure Private Limited (AIPL) was established in 2008 by Mr. Sham Lal Mittal and is involved in the construction of rail tracks, residential buildings and drainage coverings. The company secures orders from public sector enterprises or their sub-contractors through tenders. Mr. Mittal has previously worked with IRCON Limited and has extensive experience in the construction industry. The company has wide geographical coverage across Punjab, Haryana, Delhi-National Capital Region, Chennai, West Bengal and Maharashtra. ASIAN BUSINESS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Asian Business Connections Private Limited Registered office: FM-18 Mansarovar Complex, 7 No Stop Shivaji Nagar, Bhopal, Bhopal, Madhya Pradesh, India, 462016 Principal office: Carnival House, Nr Dindoshi Fire Station, Gen A. K Vaidya Marg, Off Western Express Highway, Malad E, Mumbai, Maharashtra, India, 400097 Insolvency Commencement Date: June 3, 2025 Estimated date of closure of insolvency resolution process: November 30, 2025 (180 Days) Court: National Company Law Tribunal, Indore Bench Insolvency Professional: Mr. Sunit Jagdishchandra Shah 801-802, Eight Floor, Abhijeet–1, Opp Bhuj Mercantile Bank, Mithakhali Six Roads, Navrangpura, Ahmedabad, Gujarat, 380006 Email: sunit78@gmail.com Email: cirp.abcpl@gmail.com Last date for submission of claims: June 20, 2025 BADAJENA IRON: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Badajena Iron and Steel Industries Private Limited (BISIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 2.35 CARE B-; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 5.00 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 30, 2024, placed the rating(s) of BISIPL under the 'issuer non-cooperating' category as BISIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BISIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 15, 2025, April 25, 2025 and May 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Badajena Iron and Steel Industries Private Limited (BISIPL) was incorporated in 2013 as a Private Limited Company promoted by Mr. Ranjit Kumar Badajena and Mrs. Aiswarika Badajena. However, the company has started its commercial operation from May 2015. The company is primarily engaged in civil construction and also involved in logistics business with its service facility located atHIG-165, KananVihar, Phase-1, Patia, Bhubaneshwar, Odisha-751031. Mr. Ranjit Kumar Badajena (Managing director) having a business experience of more than a decade, he looks after the day to day activities of the business with adequate support a team of experienced professionals. BARDIYA REAL: ICRA Keeps B+ Rating in Not Cooperating Category -------------------------------------------------------------- ICRA has kept the Long-Term rating of Bardiya Real Estate Developers Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 86.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Bardiya Real Estate Developers, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. The Bardiya Group has been active as a real estate developer, gemstone trade house and mining business group in and around Jaipur. The Group ventured into the real estate business in the early 1990s with the launch of Gaurav Tower (GT), one of the first shopping destinations of Jaipur. The Group has focused its attention on acquiring large land banks at the city's premium locations. It has a prominent land bank near the Jaipur airport and across the heart of the city. The Group developed GT Central Mall in 2013 under BREDPL. GT Central is surrounded by projects such as GT, Crystal Court, World Trade Park, Jaipur Stock Exchange, etc. The total land area of GT is 2,565 sq. mt. The mall has four floors and a basement with a total leasable/saleable area of 1.35 lakh sq. ft. The company has sold/leased out 87% of the developed space. The mall has a mix of flagship stores, vanilla stores, shops and food court. The brands which are at present on board are Inox, Reliance Trends, Reliance Footprint, Oneplus (mobile store), Burger King, Pizza Hut, Dominos, State Bank of India, Modern Masti, Ximi Vogue, etc. The property has an average daily footfall of up to 20,000 people and 35,000-40,000 people during weekend. BHAGYASHREE INFRA: ICRA Keeps B- Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings for the Bank facilities of Bhagyashree Infra Projects (BIP) in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]B-(Stable) ISSUER NOT COOPERATING/[ICRA]A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 2.00 [ICRA]A4; ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with BIP, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in year 2006, Bhagyashree Infra Projects (BIP) is engaged in construction of roads, Earthwork, Excavation work, development of land etc. The firm has its registered office in Pune, Maharashtra and takes projects in and around Pune region for Municipal corporation and private bodies. The firm has its own set of machineries which are deployed to the site for project work. Nagpur Logistic Infra, Lafarge India, Pate developers, Pune Municipal Corporation, ARAI, Rajdeep Buildcon Pvt Ltd are few of its reputed clients. BHUSHAN POWER: JSW Steel Files Review Petition on Deal Collapse --------------------------------------------------------------- Reuters reports that JSW Steel said on June 25 it has filed a review petition before the country's top court, related to the rejection of its $2.3 billion takeover plan of Bhushan Power and Steel (BPSL). Early last month, the Supreme Court of India rejected JSW Steel's resolution plan to acquire BPSL and ordered its liquidation, four years after the takeover was completed, Reuters relates. On May 26, the court halted the liquidation proceedings of the debt-ridden firm after JSW Steel and some creditors of BPSL told the Supreme Court that they would file a review petition against the order. Reuters says the court had said that the pause on liquidation proceedings will be in effect until a review petition is filed and taken up. The collapse of the deal had unsettled buyers of distressed assets, with many lawyers and bankruptcy law experts saying that the ruling has alarmed potential buyers of insolvent or bankrupt firms, Reuters reported in May. The Supreme Court cited major procedural lapses for the ruling, JSW Steel had said. The company added that it saw no impact from the order, Reuters relays. About Bhushan Power Bhushan Power and Steel Limited manufactures and markets steel products. It offers flat products, such as coated products, galvanized/galvalume, color coated products, cable tapes, and cold rolled products; and long products, including iron making and sponge iron products. The company also provides steel pipes, hollow steel sections, grooved pipes, and carbon steel tubes. Mahendra Kumar Khandelwal was appointed as the IRP in the case under an order passed by the National Company Law Tribunal (NCLT) on July 26, 2017. Bhushan Power, which owes over INR37,000 crore to a consortium of lenders led by Punjab National Bank, was among 12 large companies identified by the Reserve Bank of India against which banks were directed to initiate insolvency proceedings. Barring Era Infra Engineering Ltd, petitions have been admitted in all other cases. As reported in the Troubled Company Reporter-Asia Pacific on March 29, 2021, JSW Steel group on March 26, 2021, closed the INR19,350-crore transaction with lenders to acquire Bhushan Power, bringing down the curtain on a corporate insolvency resolution process (CIRP) that has stretched over three-and-a-half years. Business Standard said the transaction was funded through a mix of equity and debt. As part of the payment, a sum of INR8,614 crore in Piombino Steel (PSL) was arranged through a mix of equity, optionally convertible instruments and debt. Of this, INR8,550 crore was invested in a special purpose vehicle (SPV), Makler, the bidding company. The remaining INR10,800 crore was funded through debt. JSW informed the stock exchanges that following the implementation of the resolution plan, which included payment of INR19,350 crore to financial creditors of BPSL and the merger of the SPV, PSL holds 100 per cent equity shares in BPSL. Seshagiri Rao, joint managing director and chief financial officer, JSW Steel, said the company took charge of the asset on March 26, according to Business Standard. In early May 2025, the Supreme Court initially nullified JSW Steel's acquisition and directed the liquidation of the debt-laden company, but later put the liquidation process on hold. DHATRE UDYOG: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Dhatre Udyog Limited (DUL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 97.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 125.00 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 April 24, 2024, placed the rating(s) of DUL under the 'issuer non-cooperating' category as DUL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DUL continues to be non-cooperative despite repeated requests for submission of information through emails dated March 10, 2025, March 20, 2025, March 30, 2025 among others. 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 Outlook: Not Applicable Dhatre Udyog Limited (DUL) (ISIN Number: INE715T01031) which belongs to Narayani Group, is incorporated in the year 1996 by Mr. Kishanlal Choudhary, who is the chairman of the company and is ably supported by his son Mr. Sunil Choudhary, who is the managing director and chief executive officer with an overall experience of 20 years. DUL is part of the Narayani group; the group comprises five companies namely Narayani Steels Limited (NSL), Narayani Ispat Limited (NIL), Hari Equipment Private Limited (HEPL), Kedarnath Commotrade Private Limited (KCPL) and Agrimony Tradex Vyaappar Private Limited (ATVPL). The Narayani group is engaged in the trading of blooms, billets, TMT bars, pellets, and wire coils and the manufacturing of TMT bars and other long products such as rounds, flats, angles, channels, etc. Further, the group has a wide network for the sales and distribution of the products across Andhra Pradesh, Telangana and other states in India. DIVINE SOLUTIONS: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Divine Solutions Private Limited (DSPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING /[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term- 14.00 [ICRA]D; ISSUER NOT COOPERATING; Non-Fund Based- Rating Continues to remain under Others 'Issuer Not Cooperating' Category Long-term- 6.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with DSPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. DSPL was incorporated in July 2006 with the main objective of dealing in products like tiles, sanitary ware items, smart boards etc. The directors on board comprises of Mr. Priyanshu Agarwal and Mr. Deept Sarup Agarwal. Currently, DSPL is the sole importer of BRAVAT brand of sanitary wares in India. DOJAHAN TRADING: Liquidation Process Case Summary ------------------------------------------------- Debtor: Dojahan Trading Private Limited Office No. 2045, Bima Complex, B Wing Kalamboli, Raigarh, Navi Mumbai, Maharashtra, India, 410218 Liquidation Commencement Date: May 28, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Ritesh Prakash Adatiya D2 2nd Floor, D wing, Chanakya CHS Ltd, Mahavir Nagar, Kandivali (W), Mumbai City, Maharashtra - 400067 Email ID: riteshadatiya01@gmail.com 10th Floor, 1003, Zion Z1, Ramdas Road, Near Avalon Hotel, Thaltej, Ahmedabad, Gujarat - 380059 Email ID: cirp.dojahan@gmail.com Last date for submission of claims: July 6, 2025 DOLLFINE DEVELOPERS: ICRA Keeps B+/A4 Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings of Dollfine Developers (DD) in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 15.00 [ICRA]B+ (Stable); ISSUER NOT Short Term- COOPERATING/[ICRA]A4; ISSUER Unallocated NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with DD, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Dollfine Developers (DD) was formed in April 2013 as a partnership firm and is engaged in the development of residential real estate properties in Hyderabad. The firm is promoted by Mr. G Babu Rao having more than 18 years of experience in real estate development. The firm is constructing a residential property "Durga County" in Madinaguda, Hyderabad on a land parcel of 25389.12 sq. yards in a Joint Development Agreement (JDA, with company's share of 67%) with the landowners. The project has six blocks from Block A to Block F. Blocks A, B and C have been completed and handed over to customers. Block D is in its final stage of completion and is expected to be handed over to customers in January 2020. Currently, the construction of Blocks E&F is under progress and is expected to be completed by November 2020. EMM BEE: Insolvency Resolution Process Case Summary --------------------------------------------------- Debtor: Emm Bee Fincap Private Limited A-56, Ground Floor, Parwana Road, Jitar Nagar, Delhi, 110051 Insolvency Commencement Date: May 16, 2025 Estimated date of closure of insolvency resolution process: November 11, 2025 Court: National Company Law Tribunal, New Delhi Bench-II Insolvency Professional: Ms. Taruna Goel SCO-1 A, Cabin No.109, Sector 7C, Madhya Marg, Chandigarh Email: tarunagoelcs4@gmail.com Mobile No.- +91-9915592699 Sco-818, 1st Floor, Above Yes Bank, NAC, Manimajra, Chandigarh-160101 Email: cirp.emmbeefincap@gmail.com Mobile No.-77194-02001 Last date for submission of claims: June 3, 2025 GARVISAI PRIVATE: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Garvisai Private Limited 376, Lokmanya Nagar, Kesar Bagh Road, Indore G.P.0., Indore, Madhya Pradesh, India, 452001 Liquidation Commencement Date: May 30, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Bharat Ramakant Upadhyay 507, 5th floor, C2 Wing, Skyline Wealth Space, Skyline Oasis Complex, Premier Road, Near Vidyavihar Station, Ghatkopar- West, Mumbai 400086 Ph. No.: 9833284483 Email: brupadhyay.irp@gmail.com Email: brupadhyay@hotmail.com Last date for submission of claims: June 29, 2025 HARESH PROPERTIES: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Haresh Properties Private Limited I/366 Gujarati Socnehru Road, Vile Parle East, Mumbai-400057, MH Liquidation Commencement Date: May 15, 2025 Court: National Company Law Tribunal Mumbai Bench Liquidator: Mr. Dilip Vasudeo Gupta No.8 Ellora CHS Ltd Daftary Road, Malad East, Mumbai 400097 Email: ipdilipgupta@gmail.com Phone No: +91 9870047608 Last date for submission of claims: June 14, 2025 HERO ELECTRIC: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Hero Electric Vehicles Private Limited (HEVPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 40.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long-term/ 250.00 CARE D/CARE D; ISSUER NOT Short-term COOPERATING; Rating continues Bank facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has been seeking information from HEVPL to monitor ratings vide e-mail communications dated June 6, 2025, followed up on mails dated March 30, 2025, Feb. 19, 2025, Feb. 9, 2025, and January 30, 2025, and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the rating. Considering the extant Securities and Exchange Board of India (SEBI) guidelines, CareEdge Ratings has reviewed ratings based on the best available information, which in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Ratings on HEVPL's bank facilities will continue to be denoted as CARE D; ISSUER NOT COOPERATING due to non-availability of requisite information. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using above ratings. At the time of last rating review done on March 26, 2024, the following were the rating strengths and weaknesses: Rating sensitivities: Factors likely to lead to rating actions Positive factors * Timely servicing of debt obligations for minimum continuous three months. * Significant equity infusion or favourable resolution of subsidy claims substantially improving the financial risk profile. * Substantial generation of gross cash accruals (GCA) sufficing operations and/or financial obligations. Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: Key weaknesses * Delay in debt servicing: HEVPL has delayed in servicing its debt obligations. CareEdge Ratings has taken cognisance of the same and accordingly has taken the rating action. This also follows the poor liquidity situation prevailing in the company due to continued operating losses and elongated receivable position. * Dependence on external borrowings due to sizeable pending FAME subsidy claims: Post debarment from FAME scheme (Faster Adoption and Manufacturing of Electric Vehicles), MHI issued notices to HEVPL for the recovery of amounts wrongly claimed amounting INR133 crore and barred HEVPL from receiving future payments from the scheme resulting in a build-up of subsidy claims from the government of ~INR516 crore as on April 30, 2023, increased from INR62 crore as on March 31, 2022, thus impacting the company's already stretched liquidity. In FY23, the promoters infused equity amounting to INR50 crore as on April 30, 2023. According to the signed term sheet with its existing investors Oaks & GII were to infuse ~INR160 crore by June 2023, of which INR44.5 crore has been received as on July 31, 2023. There was lower-than-expected infusion of equity which has further stretched HEVPL's already stretched liquidity. * Continued operating Losses: Despite a gross margin of 18%-20%, HEVPL is yet to report operating profit due to the high component costs (50% of raw material cost). According to the latest financial results available, the company's PBILDT losses expanded from INR27.37 crore in FY22 to INR124.52 crore in FY23. Key strengths * Established market position in the e2W industry in India: HEVPL's early-mover advantage, pan-India distribution network, promoter family expertise, and market reputation make it one of India's oldest e2W businesses with a network of 500 dealers and 250 sub-dealers, with 750 touch points, across 25 Indian states. With the current investment, the company's Ludhiana, Punjab, manufacturing facility's 75,000-unit capacity would rise to 200,000 units. HEVPL sold 53,556 units in FY21, 101,204 in FY22, and 90,000 through January 2023; its market share as of March 2023 stood at ~13%. Liquidity: Poor With the continued operating losses and its elongated receivable position (FAME subsidy claims), the company's liquidity is poor. This has followed in delaying repayment of its debt obligations as well. HEVPL's free cash and cash equivalents stood at ~INR3.9 crore as on July 31, 2023 (total cash and cash equivalents was INR21.1 crore), while repayments due in FY24 are ~INR56 crore for term debt. HEVPL is a part of the Hero Eco group (comprising HEVPL, Hero Exports [rated 'CARE BBB+; Stable/CARE A2']), and Hero Ecotech Ltd (rated 'CARE BBB+; Stable/CARE A2'), held by Vijay Munjal, Naveen Munjal, and Gaurav Munjal. The company began developing EVs over a decade ago and rolled out its first electric scooter in India in 2007. Its target market is the low and city-speed segments. It has over 300 employees in India and a manufacturing unit in Ludhiana, with an installed capacity of 70,000 units per annum. INDUS GENE: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Indus Gene Expressions Limited (IGEL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 29.00 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 27, 2024, placed the rating(s) of IGEL under the 'issuer non-cooperating' category as IGEL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IGEL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 12, 2025, April 22, 2025, May 2, 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 Andhra Pradesh based M/s. Indus Gene Expressions Limited (IGEL) is incorporated in the year 2007 and promoted by Mr. C Channa Reddy and other directors. Indus Gene Expressions Limited is a contract manufacturing facility for bio-pharmaceuticals with highly skilled pool of scientists and technologists. IGEL is setting up its unit in land area of 28.30 Acre at Sy, No 178, 157, Koduru Village and Sy. No 65 Settipalli Village, Chilmathur Mandal, Ananthpur District, Andhra Pradesh for Bio – Technology products such as Lipid Mediators and Elisa Kits. KAPRISA INTERNATIONAL: ICRA Keeps D Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Short-Term ratings for the Bank facilities of Kaprisa International Pvt Ltd (Kaprisa) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term- (4.00) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable Rating Continues to remain under Others 'Issuer Not Cooperating' Category Short-term- 6.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Kaprisa, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Kaprisa International Pvt. Ltd. (Kaprisa) is a private limited company incorporated in 1999 and has been taken over by the current management in the year 2007. Mr. Satish Mehta looks after the day-to-day administration and financial matters of the business. Kaprisa is engaged in the business of manufacture and export of studded gold jewellery, studded platinum jewellery, plain gold and platinum mounting and studded silver jewellery. It is a 100% export-oriented unit and has its marketing and administration office and manufacturing unit located in Special Economic zone at SEEPZ, in Andheri, Mumbai. Fine Facets India Pvt. Ltd., a sister concern based out of Opera House, Mumbai, engaged in the business of trading of polished diamonds has outstanding rating of [ICRA]D to INR14.00 crore bank lines. Two of its associate concerns are based out of Belgium and are engaged in the gems and jewellery business. KRISHNA TIMBER: ICRA Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term ratings of Krishna Timber Company (KTC) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- (6.50) [ICRA]B (Stable); ISSUER NOT Interchangeable COOPERATING; Rating continue to remain under the 'Issuer Not Cooperating' category Long Term- 6.50 [ICRA]B (Stable) ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 1.00 [ICRA]B (Stable) ISSUER NOT Fund Based/ COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with KTC, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2007, Krishna Timber Company (KTC) is a private limited concern engaged in real estate development in Bangalore, Karnataka. The promoter Mr. K Nagaraj has a long-standing experience in the field of real estate development, having developed more than 10 residential and commercial projects encompassing 0.2 million square feet of constructed area, since establishment of his partnership entity M/s. Saravana Construction sin 1997. Initially, the group had started off as a real estate company doing small format layouts, independent homes and small apartment complexes, but now the group has forayed into large housing projects and is in the process of getting into villa project ventures too. The firm has its inhouse team of engineers and architect. MALIHA REALTORS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Maliha Realtors Private Limited 676, Ground Floor, Chitla Gate, Chawari Bazar, North Delhi, Delhi - 110006 Insolvency Commencement Date: June 6, 2025 Estimated date of closure of insolvency resolution process: December 3, 2025 Court: National Company Law Tribunal, New Delhi Bench-VI Insolvency Professional: Pawan Kumar Singal AVM Resolution Professionals LLP 8/28, 3rd Floor, W.E.A., Abdul Aziz Road, Karol Bagh, New Delhi - 110005 Email: mlvij1956@gmail.com Email: homebuyers.maliha@gmail.com Email: cirp.maliha@gmail.com Classes of Creditors: Home Buyers in the Real Estate Project of the Corporate Debtor Representative of Creditors in a Class: 1. Mr. Pawan Kumar Goyal 2. Mr. Devendra Umrao 3. Mr. Yatin Sharma Last date for submission of claims: June 23, 2025 ORWO PRIVATE: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Orwo Private Limited 601, Bakhtavar, Shahid Bhagat Singh, Opp. Colaba Post Office, Colaba, Mumbai, Maharashtra, India 400005 Liquidation Commencement Date: June 4, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Bharat Ramakant Upadhyay 507, 5th floor, C2 Wing, Skyline Wealth Space, Skyline Oasis Complex, Premier Road, Near Vidyavihar Station, Ghatkopar - West, Mumbai 400086 Ph. No.: 9833284483 Email: brupadhyay.irp@gmail.com Email: brupadhyay@hotmail.com Last date for submission of claims: July 4, 2025 PATHWAY HR: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: M/s Path2 way HR Solutions Private Limited 701-702, R.G Trade Tower, Netaji Subhash Place, Pitampura, North West, New Delhi, Delhi, India 110034 Insolvency Commencement Date: June 6, 2025 Estimated date of closure of insolvency resolution process: December 2, 2025 (180 Days) Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: CA Anil Matta 308 RG Trade Tower, Plot No B-7, Netaji Subhash Place Pitampura Delhi-110034 Email: mattaassociates@gmail.com Email: CIRP.Path2wayhrsolutions@gmail.com Last date for submission of claims: June 23, 2025 PRESIDENCY EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Presidency Exports & Industries Ltd in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING /[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/ 13.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Fund Based- remain under 'Issuer Not Cash Credit Cooperating' Category As part of its process and in accordance with its rating agreement with Presidency Exports, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Presidency Exports & Industries Ltd, promoted by Kolkata based Bajoria family, was incorporated in the year 1919. The company had been engaged in the export of iron ore fines from the year 2007 onwards. However, unfavorable changes in the Government policies related to iron ore mining in the past few years adversely impacted its revenues from this segment. The company also exports onion and rice to Bangladesh. It also has a warehouse in Rishra which has been leased to the corporate. PRITHVI DEVELOPERS: ICRA Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- ICRA has kept the long-term ratings of Prithvi Developers in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 8.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Prithvi Developers, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Prithvi Developers is a society established in 1996 by Dr Zora Singh and his family members. It established a private university by the name Desh Bhagat University under the Punjab Govt's Desh Bhagat University Act. Desh Bhagat United has its campuses at Mandi Gobindgarh, Shri Muktsar Sahib, Moga, Chandigarh in Punjab, India and in Kenya, East Africa. The university offers around 105 undergraduate and post-graduate courses in the field of Agricultural Sciences, Airlines, Animation, Applied Sciences, Art & Craft and Fashion Technology, Ayurveda, Commerce, Computer Sciences, Education, Engineering, Hospitality and Tourism, Hotel Management, Languages, Law, Management, 2 Media, Nursing, Performing arts, Physical Education, and the Social Sciences. The university has a total capacity of 21,000 students with an average occupancy of 43%. RAJDEEP BUILDCON: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Rajdeep Buildcon Private Limited Rajdeep House, Savedi Ahmednagar - 414003, Maharashtra Insolvency Commencement Date: June 4, 2025 Estimated date of closure of insolvency resolution process: December 1, 2025 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Vikas Khiyani 910, 9th floor, Ajmera Sikova, Opposite Damodar Park, Nityanand Nagar, Ghatkopar West, Mumbai-400086 Email: cavikas.khiyani@gmail.com Email: cirp.rbpl@gmail.com Last date for submission of claims: June 18, 2025 RANGOTSAV LIFESTYLE: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rangotsav Lifestyle Private Limited (RLPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 32.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 28, 2024, placed the rating(s) of RLPL under the 'issuer non-cooperating' category as RLPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RLPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 13, 2025, April 23, 2025, May 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Rangotsav Lifestyle Private Limited (RLPL), incorporated in September 2010 as Suman Vinimay Pvt Ltd (SVPL), is currently managed by two of its directors Mr. Narendra Kumar Agarwal (aged 55 yrs) and Mr. Sumit Agarwal (aged 30 yrs, son of Mr. Narendra Kumar Agarwal), with headquarters in Kolkata. On January 16, 2013, RLPL entered into a long-term franchisee agreement (i.e. 9 years) with Titan Industries Ltd for selling jewellery items in precious metal inclusive of jewellery watches under the brand name "Tanishq" at their showroom in Burdwan. From October 2016, RLPL has opened up showroom in the basement of its Burdwan showroom for selling of saris. RLPL derives around 80-85% of its revenue from sale of 'Tanishq' jewelry, around 8% from sale of diamond jewelry and remaining from sale of saris. RLPLis part of the Rangotsav Sarees group [flagship company of the group is Rangotsav Sarees Pvt. Ltd. (RSPL)] promoted by Mr. Narendra Kumar Agarwal in the year 1999. RIGVED TECHNOLOGIES: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Rigved Technologies Private Limited Unit No. 208, Building No. 3, Sector 3 Millennium Business Park, Mahape, Mumbai City Maharahstra, India, 400710 Insolvency Commencement Date: June 3, 2025 Estimated date of closure of insolvency resolution process: November 29, 2025 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Rajkumar Fery Gupta 502 B, Hamilton Court, Raheja Reflections Thakur Village, Borivali East, Near Western Express Highway, Mumbai Suburban, Maharashtra, 400066 Email: rf.gupta86@gmail.com KDRA Insolvency Professionals Private Limited 1601, Chandak Unicorn, Dattaji Salve Marg, Off Veera Desai Raod, Andheri West Mumbai 400053 Email: cirp.rigvedtechnologies@gmail.com Last date for submission of claims: June 19, 2025 SAB MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sab Motors Private Limited (SMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 139.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. has been seeking information from Sab Motors Private Limited to monitor the rating(s) vide e-mail communications/letters dated May 16, 2025 and May 20, 2025 among others and numerous phone calls. However, despite repeated requests, Sab Motors Private Limited has not provided the requisite information for monitoring the ratings. 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. The rating on Sab Motors Private Limited'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 long-term rating has been reaffirmed owing to instances of delays in servicing of debt obligations by the company. Analytical approach: Standalone Outlook: Not Applicable Detailed description of key rating drivers: At the time of last rating on May 13, 2024, following were the rating strengths and weaknesses (updated based on limited information available from the company). Key weaknesses * Instances of delays in servicing of debt obligations: As per bank statements, SMPL has reported instances of delays in the repayment of tranches due in inventory funding account from September 2023 onwards. The delays were largely on account of poor liquidity position of the company. * Low profitability margins: The profitability margins of the company improved though remain low as marked by the PBILDT and PAT margins of 3.42% and 0.50% respectively in FY24 (Audited) as against to 2.08% and 0.47% respectively in FY23 (Audited). The improvement in margins is on account of lower discounts offered by the company to its customers and its focus on sale of spare parts which fetch better margins. Further, the company achieved a total operating income of INR602.82 crore in FY24 (Audited) vis-à-vis INR599.00 crore in FY23 (Audited). * Leveraged capital structure and weak debt coverage indicators: As on March 31, 2024 (Audited), the debt profile of the company comprises of term loan of 44.91 crore, lease liability of 5.71 crore and working capital borrowings of INR102.70 crore as against tangible net worth of INR27.01 crore. The capital structure of the company remained leveraged as marked by overall gearing ratio of 6.46x on March 31, 2024 (Audited) as against 6.21x on March 31, 2023 (Audited). Due to low profitability margins and high debt levels, the debt coverage indicators of the company remained weak as marked by interest coverage ratio and total debt to gross cash accruals of 1.36x and 32.89x in FY24 (Audited) as against 1.45x and 25.42x in FY23 (Audited). * Intense competition, regional concentration and linkage to fortunes of Tata Motors Limited: The company procures its products directly from its Original Equipment Manufacturer (OEM), i.e., Tata Motors Limited. Thus, the fortunes of the company are directly linked to its OEM which exposes the company's revenue growth and profitability to its OEM's future growth prospects. Any impact on business and financial profile of the OEM will also have an impact on the growth prospects of the company. Further, the operations of the company are geographically concentrated in the regions of Delhi NCR and Uttar Pradesh. Moreover, it faces an aggressive competition from various other established auto dealers of OEMs like Maruti Suzuki, Hyundai, Honda, Kia Corporation, etc. In order to capture market share, auto dealers have to offer better buying terms such as providing credit period or allowing discounts on purchases which create pressure on the margins. Key strengths * Experienced promoters and management team: SMPL is managed by Mr. Rama Kant Sharma (Director), who is a postgraduate by qualification and has an experience of around two decades in the auto-dealership and auto service business through his association with this company and other family businesses. Further, the company has a dedicated team of marketing and sales professionals, service in-charge and customer relation officers, who have over one decade of experience in their respective fields, which strengthens the company's business risk profile. Incorporated in the year 2014, SMPL is a Ghaziabad, Uttar Pradesh based company. It is an authorized dealer of Tata Motors Limited and deals exclusively in the sale of Tata's passenger cars and spare parts. The company is authorized to sell all models of Tata Motors Limited. Currently, SMPL is running 7 showrooms and 4 workshops in regions of Delhi NCR and Uttar Pradesh. SAHIL SPINTEX: Liquidation Process Case Summary ----------------------------------------------- Debtor: Sahil Spintex Ltd. Ratia Road, Village Boha, Budhlada Dist. Mansa - 151503 Punjab Liquidation Commencement Date: June 5, 2025 Court: National Company Law Tribunal, Chandigarh Bench Liquidator: GURBINDER SINGH House No 5600, Sector 38 West Chandigarh 160014 Email: gurbinderca@gmail.com Mobile: 7888399347 SCF 91, Top Floor, Sector 11, Near Geeta Mandir, Panchkula PIN 134109 Email: ip.sahilspintex@gmail.com Mobile: 7888399347 Last date for submission of claims: July 5, 2025 SHIV VEGPRO: ICRA Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term rating of Shiv Vegpro Private Limited (SVPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 30.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SVPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. SVPL is engaged in solvent extraction of soybean seeds, producing soybean oil and deoiled cake. The promoters belong to the Saboo Group, which has a long track record of about four decades in the food processing industry and business, having been involved in the manufacture of edible oil in Hadoti area comprising Kota, Bundi, Baran, Jhalawar and Bhawanmandi. The company has solvent extraction and allied 3 processes at RIICO Industrial Area, Kota with a crushing capacity of 400 TPD (tonnes per day) of soybean seed for production of de-oiled cake. SHRISHTI TECHNOLOGIES: ICRA Keeps B+ Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Shrishti Technologies in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Shrishti Technologies, ICRA has been trying to seek information from the entity so as to monitor its performance Further. ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Shrishti Technologies is engaged in manufacturing and assembling of electric fans for Bajaj Electrical Limited, Luminous Power Technologies Private Limited, Maharaja White line Industries Private limited, Surya, Anchor Electricals Private Limited. The firm has its manufacturing facility in Baddi, Himachal Pradesh. Until FY2015, the firm had an installed capacity to manufacture 10 lakh units per annum and was operating at ~90%+ capacity. Thereafter in FY2016, the firm added new customers (including Luminous Power Technologies Private Limited, Maharaja White line Industries Private Limited, Anchor Electricals Pvt. Ltd, Surya Roshni Limited etc.). SIRWAR RENEWABLE: ICRA Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Sirwar Renewable Energy Private Limited (SREPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B+(Stable)ISSUER NOT Fund Based COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SREPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2015 as a private company by Mr. Vijaya Shankar and Mr. D Muralidhar Reddy, Sirwar Renewables Energy Private Limited (SREPL) had setup a 2 MWp solar power plant at Sirwar Village, Manvi Taluk, Raichur District, Karnataka. The solar power plant is spread across an area of 13.01 acres. The total project cost of the 2 MWp solar power plant was INR16.87 crore which was funded by INR5.10 crore equity, INR10.00 crore term loan and INR1.77 crore unsecured loans from directors. The company has signed a 25-year PPA with Gulbarga Electricity Supply Company Limited (GESCOM) in July 2015 at a tariff of 8.40 rupees per unit. However, the current PPA rate is 6.51 rupees per unit as the COD got delayed by 21 days and was achieved on January 21, 2017. As per the signed PPA, the scheduled COD was December 31, 2016. SUBRAMANYESWARA POLYMERS: ICRA Keeps B+ Rating in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Sri Subramanyeswara Polymers (SSP) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 7.00 [ICRA]B+ (Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Fund based- 0.87 [ICRA]B+ (Stable) ISSUER NOT Term Loan COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Unallocated 10.33 [ICRA]B+(Stable); ISSUER NOT COOPERATING; Rating Continues to remain under issuer not cooperating category As part of its process and in accordance with its rating agreement with SSP, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Sri Subramanyeswara Polymers (SSP) incorporated in 2007, is a partnership firm engaged in manufacturing HDPE/PP woven sacks. The processing unit with current installed capacity of 7560 MT per annum is located at Koilkuntla in Kurnool district of Andhra Pradesh. SSP manufactures Polypropylene (PP) bags which are majorly used for packing cement and food grains. It also sells fabric sheets which is an intermediary product in the process of making bags. TRIVANDRUM MOTORS: CARE Lowers Rating on INR41.65cr LT Loan to B ---------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Trivandrum Motors Private Limited (TMPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 41.65 CARE B; ISSUER NOT Bank 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 27, 2024, placed the rating(s) of TMPL under the 'issuer non-cooperating' category as TMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 12, 2025, April 22, 2025, May 2, 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 TMPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Incorporated in 2015, Trivandrum Motors Private Limited is a Kerala based closely held company. It is engaged in the business of auto dealership for passenger vehicles of Tata Motors Limited. TMPL also offers, Services and Spare parts. Currently, day-today affair of the company is looking after by Mr. Harikumar Mohandas, Managing Director, supported by a team of experienced professionals. UMA RANI: CARE Keeps B- Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Uma Rani Agrotech Private Limited (URAPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 5.98 CARE B-; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 0.49 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 30, 2024, placed the rating(s) of URAPL under the 'issuer non-cooperating' category as URAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. URAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 15, 2025, April 25, 2025 and May 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Uma Rani Agrotech Private Ltd (URAPL), incorporated in 2012, commenced operation from February, 2014. The company is engaged in processing and milling of non-basmati rice. The milling unit of URAPL is located at Birbhum, West Bengal with processing capacity of 14,400 Metric Ton Per Annum (MTPA). URAPL procure paddy from farmers & local agents and sells its products through the wholesalers and distributors across West Bengal, Jharkhand, Bihar, Rajasthan and Assam. Mr. Sukdev Kundu (Director) has over two decades of experience in rice milling, looks after the day to day operations of the company. He is further supported by his wife Mrs. Kamala Kundu and his daughter Mrs. Subarna Kundu along with a team of experienced professionals. V.R.K. ASSOCIATES: ICRA Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of V.R.K. Associates Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 8.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with V.R.K. Associates, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. V.R.K. Associates Private Limited was incorporated in 2001. The company is based out in Varanasi, Uttar Pradesh and is involved in the activities which range from running a hotel to selling mobiles to having distributorship of Vodafone. The major operations of the company are confined to prepaid distribution of Vodafone which involves pre-paid activation and recharge for the Vodafone users. Till Jan 2016, the company was associated with Tata Docomo. VEL TECH: CARE Lowers Rating on INR133cr LT Loan to B+ ------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Vel Tech Rangarajan Dr. Sagunthala R&D Institute of Science and Technology Trust (VTRDSRIOSTT), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 133.00 CARE B+; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB-; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 21, 2024, placed the rating(s) of VTRDSRIOSTT under the 'issuer non-cooperating' category as VTRDSRIOSTT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VTRDSRIOSTT 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). The ratings assigned to the bank facilities of VTRDSRIOSTT have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Vel Tech Rangarajan Dr. Sagunthala R&D Institute of Science and Technology (VTRDSRIOSTT), was established in 1997 by Dr. R. Rangarajan and Dr. Sagunthala Rangarajan as an engineering college with courses in computer science & engineering, electronics & communication engineering and electrical & electronics engineering. Initially, the college was affiliated to Madras University and approved by AICTE, New Delhi, and then affiliated to Anna University, Chennai in 2001. The institute was conferred the "Deemed-to-be-university" in Nov. 2008 by the University Grants Commission (UGC). The Veltech group has also other trusts operating under its umbrella which includes Vel Shree R Rangarajan Dr Sakunthalarangarajan Educational Academy, R.S. Trust and Vel Trust (1997). Operations of all the trusts are managed by the group chairman, Dr R Rangarajan, and vice chairman, Dr Sakunthala Rangarajan. VIKAS KRISHI: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating of Vikas Krishi Seva Kendra in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Vikas Krishi, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Vikas Krishi Seva Kendra is a proprietorship firm engaged in the trading of seeds, fertilizers, pesticides, oil paints and colour etc. In seeds the firm trades in BT Cotton Seeds (T-1 and T-2 variety), hybrid Maize, Jowar, Wheat etc. In fertilizers, the firm trades in UREA, Superphosphates, DAG etc. The firm also deals in the pesticides and has dealership of Asian Paints. YOURS ETHNIC: Liquidation Process Case Summary ---------------------------------------------- Debtor: Yours Ethnic Foods Private Limited 3 D Nidhishri Corporation, Nr. Vimal House, Vithalbhai Patel Colony, Stadium Rd, Nav Rangpura, Ahmedabad, Gujarat, India - 380013 Liquidation Commencement Date: June 5, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Court-II Liquidator: Niharika Maheshwari A-904, Rudra Enclave, Althan Bhimrad Canal Road Near Shiv Residency, Bhimrad Surat, Gujarat 395007 Email: niharikamaheshwari2011@gmail.com 4026, World Trade Centre, Near 21 Century Building, Ring Road, Surat-395002 Email: cirp.yoursethnicfoods@gmail.com Last date for submission of claims: July 4, 2025 ========= J A P A N ========= JIMOTO HOLDINGS: Exits Government Control ----------------------------------------- The Japan Times reports that shareholders of Jimoto Holdings approved on June 26 a plan to resume dividend payments on preferred shares held by the government, allowing the regional banking group to exit from effective government control. According to The Japan Times, the plan was approved at a general shareholders meeting held in the city of Yamagata. In the business year ended in March 2024, Jimoto Holdings incurred a net loss for the second straight year due to the deterioration of earnings at subsidiary Kirayaka Bank, based in Yamagata, The Japan Times relays. The group also has Sendai Bank, based in city of Sendai, under its wing. At a general shareholders meeting in June 2024, Jimoto Holdings decided to forgo dividend payments, giving preferred shares that are held by the government voting rights equivalent to 63% of the total. At an extraordinary shareholders meeting in September last year, Jimoto Holdings revamped its management team, working to improve its profitability. As a result, the holding company regained profitability in the business year ended in March this year, and it decided on a policy of resuming dividend payments, The Japan Times says. The Japan Times relates that the focus is now on whether the group will be able to repay a total of JPY78 billion in public funds injected into Sendai Bank and Kirayaka Bank as planned. Kirayaka Bank received public funds following the financial crisis triggered by the 2008 collapse of U.S. investment bank Lehman Brothers. Public funds were again injected into the bank, following the 2011 massive earthquake and tsunami that heavily hit northeastern Japan, and the COVID-19 crisis, the report notes. Jimoto Holdings, Inc. provides various banking and financial products and services. The company offers consulting, merger and acquisition, business succession, recruitment, and venture capital services. It also engages in the leasing, credit card, and clerical and consignment work businesses, as well as development, maintenance, and operation of computer systems. Jimoto Holdings, Inc. operates as a subsidiary of The Resolution and Collection Corporation. NOMURA HOLDINGS: Fitch Assigns 'BB(EXP)' Rating to AT1 Securities ----------------------------------------------------------------- Fitch Ratings has assigned an expected rating of 'BB(EXP)' to Nomura Holdings, Inc.'s (NHI, A-/Stable) upcoming issue of US dollar-denominated perpetual subordinated debt securities, which are classified as Additional Tier 1 (AT1) securities. The final rating on the notes is subject to the receipt of final documentation conforming to information already received. Key Rating Drivers The AT1 securities are rated four notches below NHI's Viability Rating (VR) of 'bbb+', the baseline anchor rating for such instruments, comprising two notches for loss severity and two notches for non-performance risk. Non-performance risk arises from the optional interest payments that NHI may cancel, at its discretion, in part or in full on an interest payment date. Expected recoveries upon non-performance are assessed as poor in light of the securities' deep subordination - they only rank ahead of ordinary equity. In addition, the securities are subject to full and irrevocable principal write-down at a point of non-viability to be applied when the Japanese Prime Minister confirms that the Specified Item 2 Measures pursuant to Article 126-2, Paragraph 1, Item 2 of the Deposit Insurance Act have to be taken or when the common equity Tier 1 ratio falls below 5.125%. The rating reflects that there are no relevant additional features that reduce or increase non-performance risk, such as a profit test on interest payments, or the presence of unusually thin capital buffers or distributable reserves. For NHI's key rating drivers and sensitivities, see Fitch Affirms Nomura at 'A-'; Outlook Stable, published on 14 March 2025. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The rating on the securities will be downgraded if NHI's VR is downgraded. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The rating on the securities will be upgraded if NHI's VR is upgraded. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS Fitch has assigned an expected xgs rating of 'BB(xgs)(EXP)' to the notes, four notches below the NHI's VR. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade A downgrade of NHI's VR would lead to a similar rating action on the expected xgs rating of the notes. Factors that could, individually or collectively, lead to positive rating action/upgrade An upgrade of NHI's VR would lead to a similar rating action on the expected xgs rating of the notes. ESG Considerations NHI has an ESG Relevance Score of '4' for Group Structure due to its complex organisational structure, with numerous business lines and large overseas operations. This poses a challenge to risk control, has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. 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 ----------- ------ Nomura Holdings, Inc. Subordinated LT BB(EXP) Expected Rating subordinated LT (xgs) BB(xgs)(EXP) Expected Rating NOMURA HOLDINGS: Moody's Rates New AT1 Securities '(P)Ba3(hyb)' --------------------------------------------------------------- Moody's Ratings has assigned a (P)Ba3(hyb) rating to Nomura Holdings, Inc.'s (Nomura) proposed USD-denominated, perpetual, non-cumulative and subordinated Additional Tier 1 (AT1) securities, to be issued from Nomura's USD shelf registration program. At the same time, Moody's have assigned a (P)Ba3 rating to the non-cumulative perpetual capital securities component of Nomura's USD shelf registration program. The terms and conditions of the notes incorporate Basel III-compliant non-viability language in accordance with Japanese regulations and will qualify as regulatory AT1 capital securities. Moody's provisional ratings, issued in advance of the final issuance, represent its preliminary credit opinion on the proposed notes. A definitive rating may differ from the provisional rating if the terms and conditions of the final issuance are materially different from those of the draft prospectus the agency reviewed. RATINGS RATIONALE The (P)Ba3(hyb) rating is positioned three notches below the Baa3 standalone assessment of Nomura's main operating subsidiary, Nomura Securities Co., Ltd. (Nomura Securities), in line with Moody's standard notching guidance for AT1 securities. The standalone assessment reflects Moody's group-consolidated view of Nomura. The rating also takes into account the absence of government support, as well as subordination and coupon skip features. The principal and any accrued but unpaid distributions on these capital securities would be written down, partially or in full, if (1) Nomura's consolidated Common Equity Tier 1 (CET1) ratio falls below 5.125%; (2) the Prime Minister of Japan confirms that without such a write-down, the company would become non-viable; or (3) Nomura becomes subject to bankruptcy, a corporate reorganization, civil rehabilitation, special liquidation or other equivalent proceeding in Japan or any other jurisdiction. In addition, Nomura, as a going concern, may choose not to pay the interest on these securities on a non-cumulative basis. As such, the interest payments on these capital securities are fully discretionary. These securities are senior to common shareholders but junior to all general creditors, senior debt and subordinated debt holders. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Nomura's AT1 securities rating if Nomura securities' standalone assessment is upgraded. This could happen if the company reduces pretax earnings volatility from the international wholesale business and its return on average assets (ROAA) improves sustainably to over 0.65%, driven by increasing stable revenues without a material increase in its risk appetite and leverage. An upgrade would also be contingent upon the company maintaining stable capital, liquidity, and funding. Conversely, Moody's could downgrade Nomura's AT1 securities rating if Nomura securities' standalone assessment is downgraded. A downgrade of Nomura's standalone assessment is likely if (1) the group's Common Equity Tier1 (CET1) ratio declines to below 11% (Basel III finalized basis); (2) the group's liquidity or funding structure deteriorates; (3) its wealth management or wholesale segment profitability significantly deteriorates because of operational or risk management failures; or (4) its general risk appetite increases. The principal methodology used in these ratings was Securities Industry Market Makers (Japanese) published in June 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Nomura Holdings, Inc. is a Japanese holding company. Its subsidiaries provide investment and financial services to individuals, corporations, institutions and government agencies in Japan, the US, Europe and Asia. As of March 31, 2025, Nomura reported total consolidated assets of JPY56.8 trillion. SBI HOLDINGS: To Fully Repay Public Funds Next Month ---------------------------------------------------- The Japan Times reports that SBI Holdings will complete on July 31 repaying public funds poured into its banking unit, the Japanese financial group said June 25, marking the end to the aftermath of a financial crisis triggered by the bursting in the early 1990s of the asset-inflated economic bubble in Japan. Although a specific plan to repay the JPY230 billion funds that SBI Shinsei Bank has not already paid back to the government is still under discussion, the parent firm is expected to purchase the bank's preferred shares held by government-affiliated Deposit Insurance of Japan and its Resolution and Collection arm, people familiar with the matter said, The Japan Times relays. To raise funds for the share purchase, SBI Holdings is considering allotting new shares worth some JPY110 billion to Nippon Telegraph and Telephone and issuing JPY170 billion in corporate bonds, they added. The Japan Times relates that the bank, which took public money to write off soured loans like other banks in the country, was initially set to end its debt repayment within several years from now. But the holding firm has decided to bring forward the repayment schedule. The Japan Times adds that SBI Holdings is also expected to apply next month for SBI Shinsei Bank's relisting on the Tokyo Stock Exchange so the bank, by the end of the year, can go public for a third time since it was called the Long-Term Credit Bank of Japan, which went bust in 1998. About SBI Holdings SBI Holdings Inc is a Japan-based company mainly engaged in the financial business. The Company operates five business segments: Financial Services Business, Asset Management Business, Investment Business, Crypto-Asset Business, and Non-financial Business segments. SOFTBANK GROUP: S&P Affirms 'BB+' ICR, Outlook Stable ----------------------------------------------------- S&P Global Ratings affirmed its long-term issuer credit rating on SoftBank Group at 'BB+', its long-term issue ratings on the company's debt at 'BB+', and subordinated debt at 'B+'. The stable outlook reflects S&P's view that the company's financial position will remain commensurate with the ratings even while accelerating investments in unlisted assets and the quality and liquidity of its investment portfolio will remain high. SoftBank Group's investment portfolio has grown. Its size can help mitigate the negative effects of accelerating investment in AI. Most of the company's targeted investees, including AI research and development company OpenAI Global LLC, are privately held startups. On the other hand, it has sizable investment assets, about JPY35 trillion in total. S&P believes listed assets will account for more than 60% of its portfolio, even after factoring in additional investment in OpenAI, scheduled through December 2025. The quality of SoftBank Group's investment portfolio has become more stable. Investment gains and losses in the fund business have been stabilizing due to an improvement in the share price of technology-related stocks and listings of companies it has invested in. The likelihood of the group's fund business diminishing the size of its investment assets is decreasing, in our view. SoftBank Group Corp. holds multiple high value and easily convertible listed assets, such as stock in Arm Holdings PLC. S&P believes this will support the liquidity and quality of its investment portfolio. S&P said, "The group will likely manage key financial indicators within a certain range while maintaining a degree of financial discipline. SoftBank Group's approach to financial management is aggressive, in our view. It prioritizes a very bold growth strategy. We expect the company will make a series of growth investments, primarily through debt financing. At the same time, the company has a record of managing investments with a degree of financial discipline to mitigate adverse effects. "We expect the group's loan-to-value (LTV) ratio, as we define it, to remain around 30% for the next year or so. It was about 28% as of the end of March 2025. Our expectation is based on our assumption that the company will take certain financial easing measures, such as converting assets into cash, while implementing growth investments. We also assume that the share price of Arm Holdings will remain around the lower end of the range seen in the past year or so." In addition to direct investments in Open AI, the company will aggressively make growth investments in projects related to the company. This includes spending on the Stargate project and Cristal Intelligence, an AI tool for enterprises. Both these projects will be launched in stages. S&P therefore forecasts that the level of investment will be limited over the next year or so. SoftBank Group aims to invest US$500 billion (about JPY75 trillion) overall in the Stargate project over the next four years. S&P said, "We see two factors somewhat reducing the risk of the project. First, the investment and business operations of Stargate will be conducted jointly with partners. Second, the investment will be made over multiple years, with the timing of disbursement of funds spread to a degree. On the other hand, we believe that large investments over the longer term may constrain the company's financial capacity." S&P said, "The stable outlook reflects our view that the company, backed by a certain degree of financial discipline, will maintain its financial position, including its LTV ratio, at a level commensurate with the ratings while accelerating growth investments. It also reflects our view that the quality and liquidity of its investment portfolio will remain high over the next year or so. "We have revised our LTV ratio trigger for a potential downgrade to 35% from 30%. We estimate 35% is equivalent to about 25% under the company's definition. The revision is based on three main factors. First, the company is the world's largest investment holding company in terms of assets on its books. Its reputation is also improving based on its investment and fund business performance. Second, the liquidity of its investment portfolio will remain high, supported by its holdings of listed assets. Third, investment profit and losses in its fund business will stabilize. "We might consider a downgrade if we see a heightened likelihood of either of the scenarios below." SoftBank Group's LTV ratio stays above 35%. This could happen if a rapid and significant deterioration in market conditions causes a material decline in the asset value of its investment portfolio, or if the company continues aggressive growth investments without taking appropriate mitigation measures. The quality and liquidity of its overall investment portfolio significantly deteriorates due to an increased portion of unlisted assets with lower credit quality. This could happen if credit quality at large investees significantly deteriorates, or the company accelerates growth investment to AI-related areas. Prospects for an upgrade are remote. The company has high concentrations in the technology industry and large investments. S&P also assumes resuming investments will keep its LTV ratio high amid the potential volatility of profit and losses. Nevertheless, S&P would consider an upgrade if all of the following occur: -- The company maintains the current quality and liquidity of its investment portfolio despite of a slight decrease in the concentration of its largest investments due to the acceleration of investments. -- Investment income or portfolio stability increase further. -- The company performs well enough to maintain its LTV ratio, as S&P calculates it, well below 20%, continues to manage it at that level, and adopts a very conservative financial policy. -- S&P said, "Governance factors are a moderately negative consideration in our credit rating analysis of SoftBank Group. Its largest shareholder is Masayoshi Son, the growth-focused founder, chairman of the supervisory board, and CEO. He will continue to exert meaningful influence on the company's corporate culture and financial policy, in our view. On the other hand, we consider SoftBank Group's leadership to have strong management and execution capabilities. We also acknowledge the company has been enhancing its governance structure in recent years, including by increasing the ratio of external members on its board of directors to 55.5%, and hiring a chief risk officer." ======= L A O S ======= XAYABURI POWER: Fitch Assigns 'B+' Rating to Thai Baht Debentures ----------------------------------------------------------------- Fitch Ratings has assigned Laos-based Xayaburi Power Company Limited's (XPCL, B+/Stable) Thai baht senior unsecured non-guaranteed debentures due 2030 a final rating of 'B+'. The Outlook is Stable. RATING RATIONALE The debentures will be issued by XPCL directly, and the proceeds from these debentures and from the proposed Thai baht senior unsecured guaranteed debentures (BBB+(EXP)/Stable) will be used to refinance the existing baht debentures issued in 2022 by XPCL. The debenture holders will be senior in nature, similar to the existing unsecured fixed-rate baht debentures with bullet payments as well as fully amortising floating-rate secured bank loans issued in US dollars and baht. The refinancing risk at the maturity of the debentures from 2028 to 2030 will be alleviated by the long remaining tenor of the asset's concession period and XPCL's access to banks. XPCL's ratings reflect its credit quality assessment of the hydropower project, which started operation in 2019 and benefits from long-term fixed-price offtake agreements with Electricity Generating Authority of Thailand (EGAT, BBB+/Stable) and Electricite du Laos (EDL). Project cash flow is exposed to hydrology risk in the absence of availability-based payments. At the same time, XPCL's ratings are constrained by the limited hydrological data available for the project. Fitch assesses the ratings above its internal assessment of the Laos sovereign's credit profile and the related transfer and convertibility risks, as the project's structural features mitigate the country, transfer and convertibility risks associated with operating in Laos. These include XPCL's run-of-the-river nature and primary transmission line that connects to Thailand's grid. The line evacuates the majority of the power generated, reducing operational risk from local conditions in Laos. The project's proven, low-complexity technology also minimises labour intensity. The concession agreement approved by Laos shields XPCL from regulatory risk arising from changes in laws, including compensation for adverse economic impacts. It also mitigates transfer and convertibility risk by allowing XPCL to hold offshore bank accounts in Thailand for all revenue and debt repayments in both US dollars and baht. These measures limit exposure to changes in foreign-currency regulations in Laos. However, any change in its internal assessment of Laos's credit profile could still affect debentures' ratings. Fitch believes EDL's interest in the hydropower project, through its indirect 20% shareholding in XPCL, is aligned with the power sector's strategic importance to Laos. Power exports to Thailand are the country's largest source of export revenue and Laos has a memorandum of understanding with Thailand to supply 10,500MW of power, including XPCL's project. KEY RATING DRIVERS Established In-House O&M Team - Operation Risk: Midrange XPCL utilises conventional, commercially proven technology and has been operational for about 5.5 years. A dedicated in-house team oversees routine maintenance, while operations and maintenance (O&M) is supported by technical advisors and the engineering team at CK Power Public Company, XPCL's parent. The plant is well-maintained and consistently delivers reliable performance. Fitch believes the availability of replacement contractors is facilitated by the presence of multiple plants along the Mekong River. XPCL manages and reviews its spare parts inventory annually. In addition, a major maintenance reserve account is kept for major overhauls that are scheduled every 12 years. However, its factor assessment is limited to 'Midrange', because operating cost forecasts have not been validated by an independent technical advisor. XPCL holds comprehensive insurance policies that cover losses from property damage and business interruption. Limited Operating History, Hydrology Risk - Revenue Risk, Volume: Midrange XPCL's energy generation and revenue are reliant on the Mekong River's water flow, with no payments from offtakers for plant availability during periods of lower flow. XPCL has projected hydrology internally since it commenced operation in 2019, using actual data from 2009 that reflects the stabilising effect of upstream Chinese dams, which help maintain water flow during the dry season. The original hydrology study benefited from extensive historical data, but did not account for the effects of upstream Chinese dams. Hydrology risk is alleviated by power purchase agreement (PPA) provisions that allow XPCL to designate a low hydrology year as a "drought year" once every 15 years, and by a provision to carry forward surplus energy generated beyond committed levels for up to 10 years. Fixed Tariff, Long-Term PPAs - Revenue Risk, Price: Stronger XPCL contracts its entire capacity through long-term PPAs with EGAT and EDL, shielding the project from merchant price volatility. The tariff structure lacks inflation protection, but the EGAT PPA tariffs are in US dollars and baht for the primary energy component, offering a natural hedge against XPCL's US dollar bank loans. Energy payments under the EDL PPA use a fixed baht tariff. Bullet-Payment, Medium-Term Debentures - Debt Structure: Midrange The fixed-rate debentures will be issued in three separate tranches, with maturities of three, four and five years, scheduled for repayment between 2028 and 2030. These debentures will be baht-denominated and will be unsecured, similar to the existing debentures in baht. They will be supported by a debt service reserve account and a joint waterfall mechanism shared with other debts. The debentures will also include a restrictive financial covenant concerning the debt/equity ratio. The refinancing risk for these debentures is lessened by XPCL's bank access and a lengthy tail period of about 17 years until the PPAs reach maturity. XPCL's current consolidated debt structure primarily comprises fully amortising, floating-rate secured bank loans in US dollars and baht, alongside unsecured, fixed-rate baht debentures with bullet payments. Financial Profile Fitch assumes XPCL will issue debentures during 2025-2027 to refinance its current debentures issued in 2022 and 2023, with the new debentures to be repaid by 2032. Its base case includes yearly maximum gross electricity generation based on the company's estimate, stressed by 2.5% for the EGAT portion. Fitch also incorporates higher insurance premiums and interest rates, in line with XPCL's estimates, on the new debentures to be issued during 2025-2027. The debt-service coverage ratio (DSCR) averages 1.20x under its base case over the debt repayment period from 2025 to 2032. Its rating case stresses the yearly maximum gross electricity generation by 5.0% for the EGAT portion and a similar 50% stress for the energy-related EDL portion, in addition to a 5% stress on O&M and major maintenance expenses. The DSCR averages 1.15x over 2025-2032. The credit metrics remain comfortable at the current rating level even in a stress scenario, assuming no revenue accruing from EDL. PEER GROUP XPCL can be compared with JSW Hydro Energy Limited (senior secured rating: BB+/Stable). JSW Hydro operates two run-of-the-river hydropower projects: its 1,091MW Karcham Wangtoo plant on the Satluj River and 300MW Baspa II plant on the Baspa River, both located in the state of Himachal Pradesh, India. Fitch assesses volume risk at JSW Hydro as 'Stronger', owing to its regulated business model that ensures medium-term profitability if its projects remain available, regardless of actual off-take. In contrast, XPCL faces hydrology risk, restricting its volume risk assessment to 'Midrange'. JSW Hydro's rating case DSCR is 1.77x, against 1.15x for XPCL. Despite JSW Hydro's robust financial profile, its rating is constrained by uncertainty around the terms of future debt refinancing and systemic risk from its exposure to state-owned power-distribution companies, justifying a three-notch rating difference with XPCL. XPCL can also be compared with the financing vehicle, Clean Renewable Power (Mauritius) Pte. Ltd (CRP, senior secured rating: BB-/Stable), wholly owned by Hero Future Energies Asia Pte. Ltd. CRP's renewable energy portfolio includes wind (46%) and solar (54%) projects. Its rating case DSCR stands at 1.29x. A portion of CRP's revenue is derived from Indian state-owned distribution companies. This could cause liquidity pressure and justifies the one-notch rating difference with XPCL. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Annual average DSCR persistently falling below 1.10x. - Any significant adverse changes to Fitch's internal evaluation of transfer and convertibility risks for Laos. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A longer operating record that provides greater assurance on the project's hydrology, combined with annual average DSCR exceeding 1.15x on a sustained basis and no increased exposure to Laos's local conditions or transfer and convertibility risk. TRANSACTION SUMMARY The proceeds from the non-guaranteed debentures as well as proposed guaranteed debentures totalling the equivalent of THB4,000 million will be used by XPCL to refinance a portion of the existing baht debentures that were issued in 2022. The fixed-rate unsecured non-guaranteed debentures will be issued in three tranches with maturities of three, four and five years, set to mature in 2028, 2029, and 2030, respectively. 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 ----------- ------ ----- Xayaburi Power Company Limited senior unsecured LT B+ New Rating B+(EXP) ===================== N E W Z E A L A N D ===================== ACTIVEVISION NZ: Goes Into Liquidation -------------------------------------- Rob O'Neill at Reseller News reports that audio-visual technology supplier and distributor ActiveVision NZ has gone into liquidation after an attempt to reach a compromise with creditors appears to have failed or been abandoned. Reseller News, citing a document posted to the Companies Office, discloses that the company owed around NZD1.2 million after proposing a deal whereby creditors would receive 70% of what they were owed by the end of September 2027, over a four-payment schedule. Reseller News says the compromise proposed all of the payments would be deemed full and final settlement of the debt owed and any personal guarantee given in relation to those debts would be irrevocably waived and released when the final payment was made. According to Reseller News, creditors would also have to continue to provide goods and/or services to ActiveVision NZ in accordance with each creditor's agreed terms of trade with the company as long as it met its payment obligations in respect of any order or supply made after 10 June. ActiveVision NZ also had to make each of its scheduled debt payments on or before dates specified in the schedule. "The company is currently technically insolvent as it cannot meet due debts and can therefore not continue to trade without support from its creditors," the notice of compromise said. To support its compromise proposal, the company prepared a cash flow forecast for the period to March 2027 to help creditors see the path forward and to validate the director's "strong belief" that that compromise was achievable and would result in a far superior outcome for creditors, given the alternative was liquidation, Reseller News relays. "It is critical that the company receive the support of creditors to allow it to deliver on this compromise," the notice said. Major creditors listed were interactive display-maker Promethean (NZD762,662), Conen Systems (NZD113,453), and Solutions Plus Partnership (NZD26,072). In April, ActiveVision NZ managing director David Wharton registered a new company, QUNO, to distribute brands including Promethean, ViewSonic, Sony, Conen Systems, AirServer, Catchbox, Screenbeam, Sky Kit, Navori and more. Reseller News has attempted to contact Wharton and several creditors. The liquidators are Tom Rodewald of Tauranga-based Rodewald Consulting and Paul Manning of BDO Tauranga. BURNS GROUP: Director Declared Bankrupt --------------------------------------- Otago Daily Times reports that Burns Group director Malcolm Burns - who owes creditors millions - has finally been declared bankrupt despite a last-ditch effort to delay the decision a fourth time. According to ODT, Associate Judge Dale Lester declared Mr. Burns bankrupt in the High Court at Dunedin on June 12 after the previous week giving him "a last chance" to pay what his company Otago Excavation owes vehicle leasing business FleetPartners Group. ODT relates that the bankruptcy of Mr. Burns, who has several businesses in liquidation owing millions to multiple creditors, was sought by NZGT (FP) Trustee Ltd, on behalf of FleetPartners Group. Private investigator Thomas James, who acted on behalf of FleetPartners, confirmed the bankruptcy was related to debts owed by Otago Excavation, ODT notes. The Mosgiel-based excavation company, of which Mr. Burns is sole director, went into liquidation in 2022 owing more than NZD3.3 million and is also in receivership. Receivership focuses on protecting the interests of secured creditors, while liquidation involves the winding up of the company and the distribution of assets to all creditors. According to ODT, the latest receivers report, published in January, stated it had secured debts of NZD1.7 million with Kiwi Asset Finance and NZD1.3 million with PFNZ, as of November last year. It is not clear how much is owed to FleetPartners. In a minute issued on June 12 this year, Judge Lester acknowledged the FleetPartners debt was "relatively modest", but said Mr. Burns had known since at least November 2023 that he would have to deal with it and had still been unable to pay it, ODT relays. Mr. Burns was served with the bankruptcy notice on October 23 last year and the application he be adjudicated bankrupt was filed at the end of the year, ODT says. The application was scheduled to be called in court in February this year but was delayed three times on promises the debt would be settled. According to ODT, Judge Lester's minute noted that when the matter was called on June 12, Mr. Burns' lawyer, Kevin Sullivan, sought a further adjournment partly claiming that "actions on behalf of a counsel of a creditor in support frustrated the viability of funding". That funds coming from Mr. Burns' mother-in-law "did not apparently survive the provision of independent advice" was not a compelling reason to seek an adjournment, the judge said. "If the lender thought better of the transaction with independent advice, that is not a change of circumstances that Mr. Burns can rely on." On June 11, another creditor, which claimed it was owed nearly NZD900,000 based on two arbitration awards - both dated November 2022 - joined the claim. ODT relates that Mr. Sullivan said those debts were disputed and claims would be raised by Mr. Burns to meet those debts. But Judge Lester said nothing had been done about that since 2022 and he had made it clear he would not adjourn the bankruptcy matter again. In a written statement to BusinessDesk, Mr. Burns said: "The bankruptcy was the culmination of factors outside of my control and is solely due to personal guarantees related to the lending and leasing of the company, ODT relays. "The FleetPartners debt was primarily made up of unrealised lease earnings remaining in the contract term at the time the company was liquidated. Ironically, FleetPartners refused to even consider taking an unencumbered security and chose to proceed with the bankruptcy. This will not have any effect, nor include any of my private creditors." Otago Excavation is a subsidiary of Burns Group 2018 Ltd, of which Mr. Burns is also the sole director. Burns Group was placed in liquidation in the High Court at Dunedin in 2023 despite a late attempt for an adjournment which was turned down by Judge Lester. Another subsidiary, Titan Bulk Haulage, was placed in liquidation in May last year on the application of Inland Revenue. Administration of the liquidation was recently completed and a final report last month showed creditors had been left out of pocket by more than NZD1 million. CRESSEY & CO: Court to Hear Wind-Up Petition on June 30 ------------------------------------------------------- A petition to wind up the operations of Cressey & Co Limited will be heard before the High Court at Tauranga on June 30, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 21, 2025. The Petitioner's solicitor is: Timothy Saunders Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton FIRE INSTALLATION: Court to Hear Wind-Up Petition on June 30 ------------------------------------------------------------ A petition to wind up the operations of Fire Installation Systems Limited will be heard before the High Court at Tauranga on June 30, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 18, 2025. The Petitioner's solicitor is: Timothy Saunders Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton FLETCHER BUILDING: Announces Millions More in Restructuring Costs ----------------------------------------------------------------- Radio New Zealand reports that Fletcher Building has announced hundreds of millions of dollars of new restructuring and impairment costs, and continued a suspension of its dividend as it focuses on paying down debt. At an investor day briefing it disclosed estimated losses for the current financial year between NZD573 million to NZD781 million of significant items which will hit its full-year results to be announced in August, RNZ relays. According to RNZ, chief executive Andrew Reding said a strategic review of its businesses revealed the losses. "We expect FY25 EBIT (earnings before interest and tax -- before significant items) to be in the range of NZD370 million to NZD375 million." RNZ relates that specific provisions detailed included the already disclosed NZD251 million writedown of its Australian plumbing business Iplex; NZD58 million lost on the sale of Australian distribution business Tradelink; NZD12 million-NZD15 million on the International Convention Centre; NZD10 million-NZD15 million for defending legal action for the West Australian leaky pipes issue; and just disclosed NZD16.4 million loss on the Puhoi to Warkworth highway. According to RNZ, Mr. Reding said the additional losses related to restructuring and redundancy costs, goodwill and brand impairments, closure costs and exiting onerous technology contracts. The company said there would be no dividends for shareholders until its net debt level has fallen to the mid-range of NZD400 million to NZD900 million, when the dividend policy would be reviewed. RNZ says the new guidance was subject to market conditions for the remainder of June which is Fletcher Building's financial year-end. The uncertainty in the estimates related to the timing of housing settlements in its Fletcher Living unit. In materials presented for the investor day, the company said it had made savings of about NZD200 million and cut staff by about 620 full time positions. It said its medium term focus would be on manufacturing and distribution of building products and materials, in a simple and decentralised structure. In February, Fletcher Building reported half-year losses of NZD134 million, and said it expected economic pressures to persist for the remainder of the year, RNZ discloses. According to RNZ, the strategic review has been aimed at streamlining its businesses in New Zealand and Australia, but it did not release any details of businesses that might be sold. The company is also being sued by Sky City Entertainment for hundreds of millions of dollars over delays in completing the International Convention Centre in Auckland. Fletcher Building Limited, together with its subsidiaries, manufactures and distributes building products in New Zealand, Australia, and internationally. It operates through Building Products, Distribution, Concrete, Residential and Development, Construction, and Australia segments. HELLO MISTER: Creditors' Proofs of Debt Due on July 21 ------------------------------------------------------ Creditors of Hello Mister Sylvia Park Limited are required to file their proofs of debt by July 21, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 23, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 MACQUARIE TRUSTEE: Creditors' Proofs of Debt Due on July 17 ----------------------------------------------------------- Creditors of Macquarie Trustee Limited are required to file their proofs of debt by July 17, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 18, 2025. The company's liquidator is: John Marshall Scutter Fervor Limited Level 1, 17–19 Seaview Road Paraparaumu Beach SCORPIO FIRE: Creditors' Proofs of Debt Due on July 18 ------------------------------------------------------ Creditors of Scorpio Fire Limited are required to file their proofs of debt by July 18, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 19, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 TABLE BLOOM: London Canteen Cafe Goes Into Liquidation ------------------------------------------------------ Otago Daily Times reports that the owners of Christchurch's London Canteen have let their customers know with "heavy hearts" the cafe at Oderings Garden Centre in Barrington has gone into liquidation. The canteen is under the company Table Bloom with directors listed as Simon Suffolk and Jisuk (Julie) Han who are shareholders with Edmund Tanner. Christchurch liquidator Brenton John Hunt from Insolvency Matters was appointed on June 16, ODT discloses. The canteen owners posted on a Facebook page they were devastated. "It's with heavy hearts that we share that London Canteen has closed its doors. Unfortunately, due to circumstances beyond our control, we've had to make the tough decision to enter liquidation. This has been an incredibly difficult decision and one we never imagined having to make so soon. We've poured everything into this venture, from the food and the atmosphere to the people, and we're proud of what we've built." In the post signed off by Simon, Julie and the London Canteen team, they thanked their customers, supporters, suppliers, and staff, ODT relays. "Your loyalty and love have meant the world. We've been humbled by the community that formed around us, and we'll carry those memories and connections with us into the future." According to ODT, cafe clients replied they were disappointed to hear the cafe was closed and thanked them for the "absolute perfection" of their menu. Customers with remaining bookings were told they would be contacted soon. ODT notes that co-owner Julie Han was the Outstanding Chef winner in the 2024 Canterbury Hospitality Awards. Judges praised her as being a visionary and a leader, with a passion for the food culture woven into the fabric of Canterbury and delivered onto every plate. She was described as an ambassador of local produce and innovator of new techniques, adds ODT. ================= S I N G A P O R E ================= ASCEND ENGINEERING: Court to Hear Wind-Up Petition on July 4 ------------------------------------------------------------ A petition to wind up the operations of Ascend Engineering Services Pte. Ltd. will be heard before the High Court of Singapore on July 4, 2025, at 10:00 a.m. DBS Bank Ltd. filed the petition against the company on June 12, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 DELTA CORP: Court to Hear Wind-Up Petition on June 27 ----------------------------------------------------- A petition to wind up the operations of Delta Corp Shipping Pte. Ltd. will be heard before the High Court of Singapore on June 27, 2025, at 10:00 a.m. Arte Bunkering Pte. Ltd. filed the petition against the company on June 5, 2025. The Petitioner's solicitors are: TSMP Law Corporation Level 5 6 Battery Road, #05-01/02 Six Battery Road Singapore 049909 FNZ SECURITIES: Creditors' Proofs of Debt Due on July 21 -------------------------------------------------------- Creditors of FNZ Securities Singapore Pte. Ltd. are required to file their proofs of debt by July 21, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 13, 2025. The company's liquidators are: Toh Ai Ling Chan Kwong Shing, Adrian Tan Yen Chiaw c/o 12 Marina View #15-01 Asia Square Tower 2 Singapore 018961 G20 BANANA: Court to Hear Wind-Up Petition on July 11 ----------------------------------------------------- A petition to wind up the operations of G20 Banana Pte. Ltd. will be heard before the High Court of Singapore on July 11, 2025, at 10:00 a.m. DBS Bank LTD. filed the petition against the company on June 16, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 USPI INVESTMENT: Court to Hear Wind-Up Petition on June 27 ---------------------------------------------------------- A petition to wind up the operations of USPI Investment Pte. Ltd. will be heard before the High Court of Singapore on June 27, 2025, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on April 30, 2025. The Petitioner's solicitors are: Tan Kok Quan Partnership 1 Wallich Street #07-02 Guoco Tower Singapore 078881 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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