250701.mbx

250701.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, July 1, 2025, Vol. 28, No. 130 Headlines A U S T R A L I A APOG BIDCO: Moody's Affirms 'B2' CFR & Alters Outlook to Stable CREDABL ABS 2025-1: Moody's Assigns B2 Rating to AUD2.25MM F Notes JOE BOOTH: Second Creditors' Meeting Set for July 3 LO SURDO'S: First Creditors' Meeting Set for July 3 MILKY LANE: First Creditors' Meeting Set for July 3 PERMACONN TOPCO: Cliffwater Marks AUD2.8MM Loan at 38% Off TRANZ ASSET: First Creditors' Meeting Set for July 3 WYRED UP: Second Creditors' Meeting Set for July 4 C H I N A CHINA EASTERN: Ex-Chairman Placed Under Anti-Graft Investigation JINGBO TECHNOLOGY: Reports FY25 Net Loss of $6.02 Million H O N G K O N G EMPEROR INTERNATIONAL: Defaults on HK$16.6 Billion Loan I N D I A ADVANTAGE ORGANIC: CRISIL Keeps D Debt Ratings in Not Cooperating AGGARWAL ASSOCIATES: CRISIL Keeps D Ratings in Not Cooperating ALUPAN COMPOSITE: CRISIL Keeps D Debt Ratings in Not Cooperating ANURADHA TIMBERS: CRISIL Keeps B- Debt Rating in Not Cooperating APCO AUTOMOBILES: CRISIL Keeps D Debt Rating in Not Cooperating COROMANDEL AGRICO: Liquidation Process Case Summary DEEPAK SINGAL: CARE Lowers Rating on INR7cr LT Loan to B- ELEGANCE MALLS: Insolvency Resolution Process Case Summary GOLDEN SUN: CARE Lowers Rating on INR5.92cr LT Loan to B- JIVA PLYWOODS: CARE Keeps D Debt Ratings in Not Cooperating KRISHNA TIMBER: CARE Keeps B- Debt Rating in Not Cooperating L R N FINANCE: CRISIL Keeps D Debt Ratings in Not Cooperating MUDRA DENIM: CRISIL Keeps D Debt Ratings in Not Cooperating N.P. AGRO: CRISIL Withdraws D Rating on INR24.65cr Cash Credit NEWSHUBHAM STONE: CARE Keeps B- Debt Rating in Not Cooperating P.M. IMPEX: CARE Lowers Rating on INR4.55cr LT Loan to B- PATEL JIVA: CARE Keeps B- Debt Ratings in Not Cooperating Category PIYALI TRADING: Insolvency Resolution Process Case Summary S.R. CASHEWS: CRISIL Keeps D Debt Rating in Not Cooperating SAB MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category SOUTHERN GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating TECHNOVAA PLASTIC: CRISIL Keeps D Debt Ratings in Not Cooperating UNIVERSAL EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating V.J. CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating VAG BUILDTECH: CRISIL Keeps D Debt Ratings in Not Cooperating VAIDEHI FOOD: CRISIL Keeps B- Debt Ratings in Not Cooperating VE JAY: CRISIL Keeps D Debt Ratings in Not Cooperating Category VEDANSH REAL: Insolvency Resolution Process Case Summary VINOTH DISTRIBUTORS: CRISIL Keeps D Ratings in Not Cooperating J A P A N SOFTBANK GROUP: S&P Rates Proposed Senior Unsecured Notes 'BB+' N E W Z E A L A N D GRAVES FORESTRY: Court to Hear Wind-Up Petition on July 3 ROZINDA OPHRAH: Grant Bruce Reynolds Appointed as Liquidator SPCW LIMITED: Creditors' Proofs of Debt Due on July 30 TABLE BLOOM: Creditors' Proofs of Debt Due on July 24 TOPVIEW PROPERTIES: Court to Hear Wind-Up Petition on July 8 P A P U A N E W G U I N E A PAPUA NEW GUINEA: S&P Affirms 'B-/B' Sovereign Credit Ratings S I N G A P O R E HATTEN LAND: Subsidiaries Struck Off Amid Judicial Management HIKOKI POWER: Creditors' Proofs of Debt Due on July 23 MAIF 2: Creditors' Proofs of Debt Due on July 23 NEW TURN: Commences Wind-Up Proceedings TOP GEAR: Court to Hear Wind-Up Petition on July 4 TWELVE PM: Commences Wind-Up Proceedings USP GROUP: Gets Approval for Settlement Deal w/ United Overseas - - - - - ================= A U S T R A L I A ================= APOG BIDCO: Moody's Affirms 'B2' CFR & Alters Outlook to Stable --------------------------------------------------------------- Moody's Ratings has affirmed APOG Bidco Pty Ltd (APOG)'s B2 corporate family rating and senior secured bank credit facility ratings. The outlook has been changed to stable from negative. RATINGS RATIONALE APOG's rating affirmation and outlook change to stable reflect the company's strong operating performance and earnings growth over the last two years. APOG's net revenue and Moody's adjusted EBITDA increased around 40% and 33%, respectively, over this period. This strong operating performance has continued in the nine months to March 2025 with APOG's reported net revenue and EBITDA increasing 18% and 20% year over year, respectively. This growth was driven by (1) a significant increase in compounding volumes, up 42% year over year mainly due to the Bath acquisition and stronger volumes in ANZ; (2) higher cancer care center volumes, driven by the ramp up of recently established sites, new site openings and volume growth in mature sites, despite the sell down of the Hong Kong Cancer Care business, and; (3) strong growth in fees per attendance and compounding fees. Moody's expects APOG's earnings will grow further over the next 12 to 18 months supported by higher patient volumes and fees at cancer care sites, as well as growing compounding volumes from recent contract wins, Bath's capacity utilization expansion, and higher compounding fees. While the company's credit metrics have improved, they still remain outside rating tolerance levels. However, Moody's expects earnings growth to support an improvement in the company's credit metrics to levels more commensurate with its B2 rating over the next 12 months. Moody's estimates APOG's leverage – as measured by Moody's gross adjusted debt to EBITDA, which includes lease liabilities – will register at 7.1x in fiscal year ending June 2025 (fiscal 2025), an improvement compared to 8.5x registered in fiscal 2023. Moody's anticipates APOG will continue to exhibit strong EBITDA growth, further reducing the company's leverage to 6.6x over the next 12 months, within the 7x threshold for the B2 rating. APOG's interest coverage (EBITA/interest) improved to around 1.1x in the twelve months to March 2025, from 1.0x in fiscal 2024, but remains at a weak level for its rating category. Moody's expects interest coverage to improve further to above 1.2x over the next 12 months, within its B2 rating tolerance levels. Moody's anticipates APOG to continue to be growth-oriented, which could limit material improvements in credit metrics if the company pursues debt funded inorganic growth initiatives or takes on further debt above its current business plan to invest in developing additional sites. Still, the repositioning of the portfolio has improved the company's business profile. In October 2024, APOG sold its Hong Kong Cancer Care business to Templewater, a private equity firm in the Asia Pacific, consistent with the company's strategic focus on growing its Australia, New Zealand and Southeast Asia businesses, and expanding further into the United Kingdom (UK). The majority of the proceeds from the divestment were used to repay the company's second lien facility balance of AUD80m. In August 2024, APOG completed the acquisition of Bath ASU, the second largest outsourced compounder in the UK, which also operates Pharmaxo, a clinical homecare and specialist provider of nurse-led treatments in patients' homes. In addition, late last year, APOG acquired a cancer care center in London from Nuffield Health and recently announced that it would open 3 new cancer care centers in sites adjacent to Nuffield's hospitals. These initiatives highlight the company's growth appetite and plans to expand further into the UK market. The B2 rating also continues to reflect APOG's strong market positions across its key cancer care, oncology compounding and hospital pharmacy services segments, each with high barriers to entry. The ratings are further supported by favorable demographic trends and expected solid demand growth for cancer oncology services as Australia's population ages and cancer incidence rate (particularly for those over 65 years of age) rises. APOG's rating is also supported by the stable regulatory environment in Australia and the company's good liquidity profile. RATING OUTLOOK The stable outlook reflects Moody's expectations that APOG will continue to register strong operating performance and fund growth in a way such that credit metrics improve further and are maintained within its B2 rating tolerance levels over the next 12 to 18 months. LIQUIDITY APOG's liquidity is good, and is supported by cash balances of around AUD65 million and committed undrawn facilities of around AUD320 million at March 31, 2025. Moody's expects that these sources of liquidity, along with operating cash flow, will be sufficient to cover capital expenditures, interest payments and lease payments over the next 12 to 18 months. There are no upcoming debt maturities over the next 12 months, with the next material maturity being the revolving credit facility (currently undrawn) due in December 2028. The revolver has a springing first lien net leverage covenant that would require APOG to maintain below an 8.65x net leverage ratio, tested quarterly, if 40% or more of the revolver is drawn. Moody's expects that APOG will maintain good cushion under this covenant for the next 12-18 months. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS APOG's ESG credit impact score is CIS-4 which indicates the rating is lower than it would have been if ESG risk exposures did not exist, notably governance risks. This is mainly driven by financial strategy and risk management because of its highly levered capital structure, which tends to be the case for private equity owned companies. APOG also has exposure to sector-wide social risks, notably human capital and regulations. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of the ratings is unlikely in the near term. However, longer term, Moody's could upgrade the ratings if APOG executes on its growth initiatives and achieves material earnings and credit metric improvement. Specifically, an upgrade would require: (1) APOG's adjusted debt/EBITDA to be below 6.0x; (2) adjusted EBITA/Interest expense to be above 2.5x; (3) positive free cash flow generation; and (4) maintaining good liquidity, all on a sustained basis. Moody's could downgrade the ratings if: (1) APOG's liquidity and/or operating performance deteriorate; (2) it fails to effectively execute its current initiatives to grow earnings and reduce leverage, and/or (3) if its financial policies become more aggressive. Specifically, an inability to reduce leverage and/or improve coverage, such that adjusted debt/EBITDA remains above 7.0x, adjusted EBITA/Interest expense is maintained below 1.2x. A weakening in the company's liquidity could also lead to a downgrade. METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. 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. CREDABL ABS 2025-1: Moody's Assigns B2 Rating to AUD2.25MM F Notes ------------------------------------------------------------------ Moody's Ratings has assigned definitive ratings to notes issued by AMAL Trustees Pty Limited as trustee of the Credabl ABS 2025-1 Trust. Issuer: Credabl ABS 2025-1 Trust AUD364.50 million Class A Notes, Assigned Aaa (sf) AUD37.80 million Class B Notes, Assigned Aa2 (sf) AUD12.15 million Class C Notes, Assigned A2 (sf) AUD10.35 million Class D Notes, Assigned Baa2 (sf) AUD13.95 million Class E Notes, Assigned Ba2 (sf) AUD2.25 million Class F Notes, Assigned B2 (sf) The AUD4.50 million Class G1 Notes and AUD4.50 million Class G2 Notes are not rated by us. The transaction is a securitisation of a portfolio of practice premise (commercial real estate), equipment, practice purchase, fixture and fitting, and auto loans to Australian medical and healthcare professionals. Practice premise loans represent 33.2% of the portfolio and benefit from security over commercial real estate. All portfolio receivables were originated by Credabl Pty Ltd (Credabl). This is Credabl's third asset-backed securitisation (ABS) transaction. Credabl is a finance business that provides commercial loans and personal loans to medical, dental, veterinary and allied health professionals. Credabl started originating loans in 2018 and has originated approximately AUD2.0 billion since inception. Credabl has a loan book of AUD1.08 billion as at April 30, 2025. RATINGS RATIONALE The definitive ratings take into account, among other factors, (1) Moody's evaluations of the underlying receivables and their expected performance; (2) evaluation of the capital structure and credit enhancement provided to the rated notes; (3) availability of excess spread over the transaction's life; (4) the liquidity facility in the amount of 1.8% of all notes; (5) the legal structure; (6) experience of Credabl as servicer; and (7) presence of AMAL Asset Management Limited (AMAL) as the back-up servicer. In Moody's views, the credit strengths of this transaction include, among others: -- The strong obligor credit quality as demonstrated by the very low levels of historical portfolio losses and arrears. As of April 30, 2025, 1.52% of Credabl's portfolio is 30+ days in arrears. As at March 31, 2025 Credabl has written off loans totaling AUD4.7 million which represents 0.24% of approximately AUD2.0 billion of origination. Over 91.8% of the portfolio are loans to businesses operated by general/specialist dentists, specialist medical doctors, general medical practitioners or veterinary surgeons and personal guarantee from individuals. These businesses and individuals are prime obligors with high incomes relative to the general Australian population. -- High proportion of secured loans with 33% of the loans are secured by commercial real estate, 19% of the loans are secured by equipment and 7% of the loans are secured by vehicles. In addition all loans benefit from personal guarantees from the related medical, dental, veterinary and allied health professionals. -- An excess spread reserve will be available to cover portfolio losses. The excess spread reserve will be funded from the income waterfall to a target of 0.5% of the initial invested amount should any of: 1) an unreimbursed charge off exists, 2) 3 month rolling acreage 90+ days delinquent loans exceed 2% of the portfolio, or 3) a servicer default having occurred at any point in time. The excess spread reserve will be funded to an uncapped target from the call date. However, the transaction has several challenging features, such as: -- Credabl has a limited origination and servicing track record with loan originations starting in early 2018. This risk is partly mitigated by the fact that Credabl has an experienced management and operational team with a long track record in medical, dental, veterinary and allied health lending in Australia, a niche asset class with over twenty years of strong performance. -- Portfolio granularity: The number of obligors, 1504 individual obligor groups, is relatively low compared to other commercial ABS securitisations. There is also industry concentration to medical and healthcare professionals with 100% of the pool related to this industry. The lack of granularity is partly mitigated by the absence of significant over exposure to individual obligors, diversity at a geographical level and the fact that healthcare is a non-cyclical industry. The largest obligor exposure is about 1.0% of the portfolio and the top 10 obligors account for about 6.6%. -- Balloon loans constitute a significant proportion 61.0% of the portfolio. Balloon payments constitute 41.2% of the portfolio balance. This is due to the 1 to 5 year maturity of the practice premise and practice purchase loans with the balloon payments of these loans expected to be refinanced. Practice purchase loans constitute 10.0% of the portfolio. Moody's stressed the default probability of these loans and the correlation between these loans to account for the refinancing risk related to balloon maturities and in particular the fewer refinance options available for practice purchase loans due to the specialised nature of practice purchase loan lending. -- The pro-rata amortisation of the subordinate classes of notes will lead to reduced credit enhancement of the senior notes in absolute terms. This exposes the senior notes to the risk of loss in the tail end of the transaction, particularly should the timing of defaults prove to be backloaded. MAIN MODEL ASSUMPTIONS -- Mean default rate: Moody's assumed a mean default rate of 2.73% over a weighted average life of 4.55 years (equivalent to a Baa3 proxy rating). The default rate assumption was based on (1) the historical performance data of Credabl's portfolios; (2) benchmarking to comparable portfolios performance, in particular the performance of other specialist healthcare lender portfolios; (3) the high proportion of balloon loans and the corresponding impact on the assumed default rate and (4) the characteristics of the loan-by-loan portfolio information. -- Default rate volatility: Moody's assumed a coefficient of variation (i.e. the ratio of standard deviation over the mean default rate explained above) of 88.3%, as a result of the analysis of the portfolio concentrations in terms of single obligors and industry sectors. -- Recovery rate: Moody's assumed a 42.0% stochastic recovery rate with a standard deviation of 20.0%. The recovery rate assumption is primarily based on the characteristics of the collateral-specific loan-by-loan portfolio information. In particular, 33% of the portfolio is secured by real estate collateral on which third-party valuation has been obtained. -- SME Stressed Loss: Moody's SME Stressed Loss for the collateral pool – representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario – is 19.9%. PORTFOLIO CHARACTERISTICS The initial portfolio balance was AUD449,992,853, composed of loans to 1,504 obligor groups. The average obligor group exposure was AUD299,197. The portfolio consists of practice premise loans (33.2%), equipment loans (19.1%), practice purchase loans (22.5%), fixture and fittings loans (18.0%) and auto loans (7.3%). The top obligor exposure is 1.0% and the top ten obligors constitute 6.6% of the portfolio. The weighted average portfolio yield was 8.03%. KEY TRANSACTION STRUCTURAL FEATURES -- The notes will be repaid on a sequential basis initially. On and after the payment date occurring twelve months after the deal closing date, Class A to Class F Notes will receive their pro-rata share of principal, provided step-down conditions are satisfied. These include, among others, subordination to the Class A Notes of at least 28.5%, no unreimbursed charge-offs and payment date occurring prior to the call option date. If step-down conditions are no longer met, the repayment of principal will revert to sequential. The call option date will occur on the earlier of the payment date in March 2029 or the date on which the aggregate outstanding amount of the trust receivables is less than or equal to 20% of the aggregate outstanding amount of the trust receivables as at settlement date. The transaction benefits from a funded liquidity facility that is sized at 1.8% of the aggregate invested amount of notes, subject to a floor of AUD810,000, and is sufficient to cover approximately 3.6 months of required payments. Methodology Underlying the Rating Action The principal methodology used in these ratings was "SME Asset-backed Securitizations" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include better-than-expected collateral performance. The Australian economy is a primary driver of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Additionally, Moody's could downgrade the ratings in case of poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, or lack of transactional governance and fraud. JOE BOOTH: Second Creditors' Meeting Set for July 3 --------------------------------------------------- A second meeting of creditors in the proceedings of Joe Booth Transport Pty Ltd has been set for July 3, 2025, at 10:00 a.m. at the offices of Mcleods Accounting at Level 5, 145 Eagle Street in Brisbane and via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by July 2, 2025 at 4:00 p.m. Nick Keramos and Bill Karageozis of Mcleods Accounting were appointed as administrator of the company on May 29, 2025. LO SURDO'S: First Creditors' Meeting Set for July 3 --------------------------------------------------- A first meeting of the creditors in the proceedings of Lo Surdo's Chatswood Pty Ltd will be held on July 3, 2025 at 10:30 a.m. via Microsoft Teams. Bradd William Morelli and Emma Marie Mos of Jirsch Sutherland were appointed as administrators of the company on June 23, 2025. MILKY LANE: First Creditors' Meeting Set for July 3 --------------------------------------------------- A first meeting of the creditors in the proceedings of Milky Lane Goldcoast Pty Ltd, Maman Bar & Kitchen Gc Pty Ltd, and Naami Pty Ltd will be held on July 3, 2025 at 10:00 a.m., 11:00 a.m., and 11:30 a.m., respectively, via teleconference only. John Vouris, Kathleen Vouris and Richard Albarranof Hall Chadwick were appointed as administrators of the company on June 23, 2025. PERMACONN TOPCO: Cliffwater Marks AUD2.8MM Loan at 38% Off ---------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $2,800,000 Australian dollar loan extended to Permaconn TopCo Pty. Ltd. to market at $1,722,442 Australian dollar or 62% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a First Lien Term Loan to Permaconn TopCo Pty. Ltd. The loan accrues interest at a rate of 9.42% per annum. The loan matures on July 20, 2029. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Permaconn TopCo Pty. Ltd. Permaconn has innovated critical connectivity to combine hardware and end-to-end IoT services into seamless experiences for its customers in over 2 million connected services. TRANZ ASSET: First Creditors' Meeting Set for July 3 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Tranz Asset Holding Pty Ltd, CTRU Pty Ltd. and Tranz Logistics Pty Ltd will be held on July 3, 2025 at 11:00 a.m., 11:30 a.m., and 12:00 p.m. via teleconference. Richard Albarran, Marcus Watters and Roberto Crispino of Hall Chadwick were appointed as administrators of the company on June 23, 2025. WYRED UP: Second Creditors' Meeting Set for July 4 -------------------------------------------------- A second meeting of creditors in the proceedings of Wyred Up Pty Ltd has been set for July 4, 2025, at 11:00 a.m. via videoconference only. 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 3, 2025 at 5:00 p.m. Roberto Crispino and Richard Albarran of Hall Chadwick were appointed as administrator of the company on May 28, 2025. ========= C H I N A ========= CHINA EASTERN: Ex-Chairman Placed Under Anti-Graft Investigation ---------------------------------------------------------------- Yicai Global reports that Liu Shaoyong, a former chairman of China Eastern Airlines Group, one of the nation's major three state‑owned carriers, is being investigated by the country's top anti-corruption watchdogs. Yicai relates that Liu is under disciplinary review and supervisory investigation by the Central Commission for Discipline Inspection and the National Supervisory Commission on suspicion of serious violations of discipline and law, the two bodies announced on June 28. Now aged 67, Liu entered the civil aviation industry in 1978. In 2008, he moved from China Southern Airlines, where he was general manager, to take up the same post at China Eastern. He was appointed chairman of China Eastern in December 2016 and resigned in 2022. According to Yica, Liu, a qualified pilot, consolidated Shanghai's aviation sector in 2009 by orchestrating the merger of China Eastern, which was then subject to a special treatment warning, with Shanghai Airlines, which was on the verge of delisting. He was also at the helm when in 2017 China Eastern was the first civil aviation group in the country to trial mixed-ownership, introducing private and non‑state investors as shareholders, Yicai notes. Yicai says mixed-ownership reform has been a key strategy for modernizing China's state-owned enterprises by bringing in private capital and management practices with the goal of improving efficiency, innovation, and competitiveness. China Eastern was profitable each year from 2009 to 2019 but has been losing money since 2020, following the Covid-19 pandemic, according to Yicai. Its loss topped CNY4.2 billion (USD590 million) last year, the most among the big major state airlines, while its revenue rose 16 percent to CNY132.1 billion (USD18.4 billion) from the previous year, ranking second behind China Southern, Yicai discloses. About China Eastern Airlines Headquartered in Shanghai, China Eastern Airlines Corporation Limited -- https://www.ceair.com/ -- together with its subsidiaries, operates in the civil aviation industry in the People's Republic of China, Hong Kong, Macau, Taiwan, and internationally. The company offers passenger, cargo, mail delivery, ground, tour operations, air catering, and other miscellaneous services. It is also involved in flight training; airline maintenance; the provision of import and export, investment, leasing, and consultation; business aviation; e-commerce platform and ticket agent; and property management services, as well as the research and development of technology and products in the field of aviation; and sale of goods. As of December 31, 2022, the company operated a fleet of 778 aircraft, including 775 passenger aircraft and 3 business aircraft. China Eastern Airlines reported net losses of CNY11.83 billion, CNY12.21 billion and CNY37.38 billion for the years ended Dec. 31, 2020, 2021, and 2022, respectively. The company also reported net losses of CNY8.19 billion and CNY4.23 billion in 2023 and 2024. JINGBO TECHNOLOGY: Reports FY25 Net Loss of $6.02 Million --------------------------------------------------------- Jingbo Technology, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net loss of $6,016,408 on $2,141,654 of net revenues for the year ended February 28, 2025, compared to a net loss of $5,482,077 on $1,583,637 of net revenues for the year ended February 29, 2024. Guangzhou, Guangdong, China-based GGF CPA LTD, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 12, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company had incurred substantial losses during the years and negative working capital, which raises substantial doubt about its ability to continue as a going concern. The Company primarily funds its operation through debt instruments whose availability depends on a number of factors including its ability to generate operating cash flow to repay debts when due, planned expenditures and market conditions. In assessing the Company's liquidity, the Company monitors and analyzes its cash on-hand and its operating and capital expenditure commitments. The Company's liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations. The Company's management has considered whether there is substantial doubt about its ability to continue as a going concern due to: (1) the net loss of $6,016,408 for the year ended February 28, 2025; (2) accumulated deficit of $35,326,578 as of February 28, 2025; and (3) the working capital deficit of 6,584,506 as of February 28, 2025. Management has determined there is substantial doubt about its ability to continue as a going concern. Management will implement strategies and plans to grow the Company's business and generate substantial revenue, and take further measures to control operating costs. Management is trying to alleviate the going concern risk through the following sources: * Equity financing to support its working capital; * Other available sources of financing (including debt) from banks and other financial institutions; and * Financial support and credit guarantee commitments from the Company's related parties. Based on the considerations, manager is of the opinion that the Company will probably not have sufficient funds to meet its working capital requirements if the Company is unable to obtain additional financing. There is no assurance that the Company will be successful in implementing the foregoing plans or that additional financing will be available to the Company on commercially reasonably terms, or at all. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/bdzej7nn About Jingbo Technology Headquartered in Shoujiang Town, Fuyang District, China, Jingbo Technology, Inc., initially was in the business platform of providing application software to a global vendor platform to connect people to businesses and provide a new shopping experience. The Company's wholly owned subsidiary, Intellegence Parking Group Limited, is a multinational technology company, with a smart parking application software and platform business ecosystem as its main business venture. Intellegence operates facilities at Xiaoshan Airport Remote Parking Lot, Tianjin Xinhua International University, Fuyang People's Hospital, Qilu University Hospital, Shanghai Tesco Supermarket, Hubei Huanggang Central Hospital. It also currently has eight urban parking projects. As of February 28, 2025, the Company had $12,222,816 in total assets, $35,231,324 in total liabilities, and total stockholders' deficit of $23,008,508. ================= H O N G K O N G ================= EMPEROR INTERNATIONAL: Defaults on HK$16.6 Billion Loan ------------------------------------------------------- The Standard reports that shares of Emperor International plunged as much as 16 percent on Monday morning (June 30) after the Hong Kong developer disclosed it had defaulted on HK$16.6 billion in bank borrowings. The stock fell to as low as HK$0.20 before paring some losses to trade at HK$0.206, down 13.4 percent, with turnover of about HK$380,000. According to The Standard, the company said in its annual results released June 27 that as of end-March, HK$16.6 billion in bank loans were overdue or in breach of certain terms of the loan agreements. As a result, the loans were classified as current liabilities and lenders could demand immediate repayment, according to the exchange filing. To shore up liquidity, the group said it is in talks with banks on a financial restructuring plan and expects to raise funds through scheduled asset sales, The Standard relays. Emperor International Holdings Limited is an investment holding company, which is principally engaged in property development and investment business. The Company and its subsidiaries develop and manage a wide range of property development projects, comprising office buildings, shopping malls, residential blocks, industrial buildings and hotels in Hong Kong, Macau and China. ========= I N D I A ========= ADVANTAGE ORGANIC: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Advantage Organic Naturals Technologies Private Limited (AONTPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (Issuer Not Cooperating) Long Term Loan 10 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.8 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with AONTPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AONTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AONTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AONTPL continues to be 'Crisil D Issuer not cooperating'. AONTPL was incorporated in 2007 as a private limited company by New Delhi based Sachdev family. AONTPL is engaged in setting up of unit to manufacture organic readymade garments. Mr. Rajiv Rai Sachdev is the key promoters and is actively engaged in managing day-to-day operations of the company. AGGARWAL ASSOCIATES: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Aggarwal Associates - Mansa (AAM) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 6 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AAM for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AAM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AAM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AAM continues to be 'Crisil D/Crisil D Issuer not cooperating'. Aggarwal Associates was formed as a partnership firm in 1995, by Mr. Prem Nath Garg and his son, Mr. Amit Garg. The firm undertakes civil contracts for government entities in Mansa (Punjab). ALUPAN COMPOSITE: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Alupan Composite Panels Private Limited (ACPPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Letter of Credit 4 CRISIL D (Issuer Not Cooperating) Letter of Credit 4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with ACPPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ACPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ACPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ACPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. ACPPL was established in 2003, promoted by Mr. Vinod Kumar Garg. The company manufactures aluminium composite panels at its facility in Haridwar, Uttarakhand. ANURADHA TIMBERS: CRISIL Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Anuradha Timbers International (ATI) continues to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Secured 15 Crisil B-/Stable (Issuer Not Overdraft Cooperating) Facility Crisil Ratings has been consistently following up with ATI for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ATI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ATI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ATI continues to be 'Crisil B-/Stable Issuer not cooperating'. ATI, incorporated in 2002 and is engaged in processing and sale of forest products like timber etc. ATI has its processing facilities in the Secunderabad, A.P. ATI is owned & managed by Mr. CH Sarath Babu & CH Kiran Kumar. APCO AUTOMOBILES: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Apco Automobiles Private Limited (AAPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inventory Funding 3.5 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with AAPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AAPL continues to be 'Crisil D Issuer not cooperating'. Kozhikode-based AAPL, incorporated in 2007, is an authorised dealer for Tata Motors Ltd's small commercial vehicles in five districts of Kerala. The company also sells light and intermediate commercial vehicles. Mr. A P Abdul Kareem and his family are the promoters. COROMANDEL AGRICO: Liquidation Process Case Summary --------------------------------------------------- Debtor: M/S. Coromandel Agrico Private Limited E9, Industrial Area, Sikandrabad (Gopalpur) Bulandshahr-203205, Uttar Pradesh, India, Sikandrabad, Uttar Pradesh, India - 203205 Liquidation Commencement Date: June 5, 2025 Court: National Company Law Tribunal, Allahabad Bench Liquidator: Mr. Sushil Kumar Singhal A-3/504 Krishna Apra Gardens, Plot no-7, Vaibhav Khand, lndirapuram, Ghaziabad, UP - 201014 Email ID: ip.sksinghal66@gmail.com 332 & 333, 3rd Floor, Somdatt Chamber-II, Bhikaji Cama Place, New Delhi-110066 Email ID: coromandel.cirp@gmail.com Last date for submission of claims: July 5, 2025 DEEPAK SINGAL: CARE Lowers Rating on INR7cr LT Loan to B- --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Deepak Singal Engineers and Builders Private Limited (DSEBPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 7.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 20, 2024, placed the rating(s) of DSEBPL under the 'issuer non-cooperating' category as DSEBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DSEBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 6, 2025, May 16, 2025 and May 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 bank facilities of DSEBPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Deepak Singal Engineers and Builders Private Limited (DSEBPL), incorporated in 1992, has been into civil construction for more than two decades and is a government contractor and builder. The company is a part of the 'Deepak' group having business interest in civil construction and real estate. DSEBPL has a group company- Deepak Builders & Engineers India Pvt. Ltd. which is also engaged in the same line of business since 1987. ELEGANCE MALLS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Elegance Malls Limited D-3, District Centre Saket, New Delhi, Delhi, India – 110017 Insolvency Commencement Date: June 9, 2025 Estimated date of closure of insolvency resolution process: December 6, 2025 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Mr. Piyush Kisanlal Jani Om Ashray, New Laxminagar, behind Mazar Ring Road, Gondia, Maharashtra 441614 Email id: capiyushj@gmail.com Plot No. 212, Pragati Colony, 2nd Floor, Ring Rd, Chhatrapati square, near Kalpavruksha Hospital, Nagpur, Maharashtra 440015 Email: elegance.cirp@gmail.com Last date for submission of claims: June 25, 2025 GOLDEN SUN: CARE Lowers Rating on INR5.92cr LT Loan to B- --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Golden Sun Agro Foods Private Limited (GSAFPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.92 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Long Term/ 0.08 CARE B-; Stable/CARE A4; ISSUER Short Term NOT COOPERATING; Rating Bank Facilities continues to remain under ISSUER NOT COOPERATING category and LT rating downgraded from CARE B; Stable and ST rating Reaffirmed Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 18, 2024, placed the rating(s) of GSAFPL under the 'issuer non-cooperating' category as GSAFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GSAFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 4, 2025, May 14, 2025 and May 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to bank facilities of GSAFPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Delhi based Golden Sun Agro Foods Private Limited (GSAFPL) was incorporated on July, 2007 as a private limited company. The company is managed by Mr. Chintal Jindal and Mr. Vijay Garg. GSAFPL is engaged in processing and packaging of frozen fruits and vegetables like peas, sweet corn, broccoli, cauliflower, strawberry, hash-brown etc. The company has its plant in Haryana. JIVA PLYWOODS: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Jiva Plywoods Private Limited (JPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.46 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 18, 2024, placed the rating(s) of JPPL under the 'issuer non-cooperating' category as JPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 4, 2025, May 14, 2025 and May 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Kutch, Gujarat based Jiva Plywoods Private Limited (JPPL) was incorporated in December 2015 by Mr. Moolji Patel and his sons Mr. Govind Patel but started its commercial operations from September, 2016. The company is currently being managed by Mr. Jagdish Patel, Mr. Moolji Bhai Patel and Mr. Jigna Patel. The company is engaged into trading and processing of wooden log into Plywood, doors and boards. JPS imports the raw material mainly wooden logs like Teak, Pine, Hardwood (backed by L/C) from Malaysia, China, Vietnam and Myanmar which are subsequently sized at its saw mill unit in Gandhidham into various commercial sizes as per the requirement of its customers. Plywoods are sold in domestic market to traders, wholesalers, civil engineering and construction companies to PAN India. KRISHNA TIMBER: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sri Krishna Timber Mart & Saw Mill (SKTMSM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.25 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 9.95 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 28, 2024, placed the rating(s) of SKTMSM under the 'issuer non-cooperating' category as SKTMSM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SKTMSM 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: Stable Salem (TamilNadu) based, Sri Krishna Timber Mart & Saw Mill (SKTMSM) is a proprietorship firm established in 1998 by Mr. S Balan. SKTMSM is the retail and wholesale dealers of wood and wood products and is involved in sawing of timber logs into different sizes as per specifications of the customer. SKTMSM has a saw mill in salem, spread over an area of 1.5 acres with a capacity to saw upto 36,000 cubic feet of wooden logs. The firm sawed 41,000 cubic feet of wood in FY18. The customers of the firm include traders in timber products like Sri Vinayaka Timber Depo, R.K Traders and Lucky Timbers etc. SKTMSM procures the various types of wood like hardwood, kabukalli and green heart etc. from Singapore, South America and South Africa etc. The firm imports around 50% of total wood purchases and balance requirement of wood was sourced locally. L R N FINANCE: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on the bank facilities and non-convertible debentures of L R N Finance Limited (LRN Finance) continue to be 'Crisil D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating 10 CRISIL D (ISSUER NOT COOPERATING) Non Convertible 30 CRISIL D (ISSUER NOT Debentures COOPERATING) Non Convertible 30 CRISIL D (ISSUER NOT Debentures COOPERATING) Non Convertible 25 CRISIL D (ISSUER NOT Debentures COOPERATING) Crisil Ratings has followed up with LRN Finance for obtaining information through letter and email dated April 14, 2025, among others, apart from telephonic communication. However, the issuer has remained 'non cooperative'. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale On September 4, 2017, Crisil Ratings had assigned 'Crisil D' rating based on an email communication received from the debenture trustee stating that debenture holders had not received the redemption amount, indicating delay in debt servicing by the issuer. The company has remained closed since Sep 2017 and all the debt obligations till June 2025 have remained unpaid as per email communication received from debenture trustee. Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the updated business or financial performance or track record of debt servicing of LRN Finance, which restricts Crisil Ratings ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes information available on LRN Finance is consistent with the 'Assessing Information Adequacy Risk'. Based on the last available information and no updated information that debt is now being serviced, the rating on the bank facilities and non-convertible debentures of LRN Finance continues to be 'Crisil D Issuer Not Cooperating'. LRN Finance was registered as a non-banking financial company. The Reserve Bank of India cancelled the certificate of registration of LRN Finance via an order dated September 27, 2016 prohibiting the company to transact the business of a non-banking financial institution, as defined in clause (a) of Section 45-IA of the RBI Act, 1934. Adequate information about the company is also not available in public domain as the company has last filed returns with the Ministry of Corporate Affairs (MCA) on October 13, 2014. MUDRA DENIM: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Mudra continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12.5 Crisil D (Issuer Not Cooperating) Cash Credit 9.5 Crisil D (Issuer Not Cooperating) Cash Credit 10 Crisil D (Issuer Not Cooperating) Letter of Credit 3 Crisil D (Issuer Not Cooperating) Term Loan 55 Crisil D (Issuer Not Cooperating) Term Loan 50 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Mudra for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Mudra, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Mudra is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Mudra continues to be 'Crisil D/Crisil D Issuer not cooperating'. Mudra was incorporated in 2007, promoted by Mr. Murarilal Agarwal and his family. The company dyes and processes denim fabric at its unit in Ankleshwar, Gujarat, with a capacity of about 14.5 million metre per annum. It commenced commercial operations in January 2015. The company is undertaking a backward integration project for setting up a weaving unit, which is expected to commence full scale operations from April 2017. N.P. AGRO: CRISIL Withdraws D Rating on INR24.65cr Cash Credit -------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of N.P. Agro India Industries Private Limited (NPAIIL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 24.65 Crisil D/Issuer Not Cooperating (Withdrawn) Letter of Credit 0.35 Crisil D/Issuer Not Cooperating (Withdrawn) Proposed Long Term 5.26 Crisil D/Issuer Not Bank Loan Facility Cooperating (Withdrawn) Term Loan 1.74 Crisil D/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with NPAIIL for obtaining information through letter and email dated October 10, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NPAIIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NPAIIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has continued the ratings on bank facilities of NPAIIL to 'Crisil D/Crisil D Issuer not cooperating'. Crisil Ratings has withdrawn its ratings on the bank facilities of NPAIIL on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. NPAIIL was incorporated in fiscal 1998 and was taken over by the present management headed by Mr. Prateek Pasricha along with his associates in fiscal 2009. The company manufactures high-density polyethylene/poly propylene bags and tarpaulin, masterbatches, and printed laminated plastic films. Its unit is in Bareilly, Uttar Pradesh. NEWSHUBHAM STONE: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Newshubham Stone Crusher LLP (NSCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 18, 2024, placed the rating(s) of NSCL under the 'issuer non-cooperating' category as NSCL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NSCL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 4, 2025, May 14, 2025 and May 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Nainital, Uttarakhand based Newshubham Stone Crusher was incorporated in 2015 as proprietorships concern by Mr. Babulal Patwari and it converted in Newshubham Stone Crusher LLP (NSCL) in 2018 as a Limited Liability Partnership firm and is currently being managed by Mr. Babulal Patwari, and Mr. Amit Patwari, Mr. Sumit Patwari. The firm was established with the objective of stone crushing, washing, grading & natural screening of stones. P.M. IMPEX: CARE Lowers Rating on INR4.55cr LT Loan to B- --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of P.M. Impex Private Limited (PIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.55 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Long Term/Short 1.15 CARE B-; Stable/CARE A4; Term Bank ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category and LT rating downgraded from CARE B; Stable and ST rating reaffirmed Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 18, 2024, placed the rating(s) of PIPL under the 'issuer non-cooperating' category as PIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 4, 2025, May 14, 2025 and May 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to bank facilities of PIPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Delhi based PM Impex Private Limited was incorporated in 2012 by Mr. Prashant Aggarwal and Mr. Mahesh Aggarwal. The company is engaged in the manufacturing of metal products viz. Roofing System, Ceiling system, and Pre-engineered building at its manufacturing facility located in Noida. PATEL JIVA: CARE Keeps B- Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Patel Jiva Sales Private Limited (PJSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.85 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 8.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 18, 2024, placed the rating(s) of PJSPL under the 'issuer non-cooperating' category as PJSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PJSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 4, 2025, May 14, 2025 and May 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Patel Jiva Sales Private Limited (PJSPL) was initially incorporated as Patel Sales Corporation, a partnership firm in 1969. The name and constitution of the firm was changed to its present status in 2010. The operations of the company are handled by Mr. Govind Patel and Mr. Dharmen Patel. The company is engaged into trading and processing of timber logs. The company is also engaged in trading of plywood and laminates. PJS's saw mill units are located at Gandhidham, near to Kandla port and at Kriti Nagar, Delhi. PIYALI TRADING: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Piyali Trading Company Private Limited 7-A Ground Floor, Giriraj Building, Sant Tukaram Road, Iron Market, Masjid Station East Mumbai Maharahstra India, 400009 Insolvency Commencement Date: June 9, 2025 Estimated date of closure of insolvency resolution process: December 7, 2025 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Milind Kasodekar Third floor, Satyagiri Apartments 77, Vijayanagar Colony, 2147, Sadashiv Peth Pune 411030 Email: milind.kasodekar@kmdscs.com Email: cirp.piyalitrading@gmail.com Last date for submission of claims: June 24, 2025 S.R. CASHEWS: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of S.R. Cashews (SRC) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SRC for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SRC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRC continues to be 'Crisil D Issuer not cooperating'. Set up in 2006 as a partnership firm, SRC processes raw cashew nuts and sells cashew kernels. The firm is based in Kollam, Kerala and is promoted by Mr. SR Sreekrishnan and his brother Mr. SR Sreemurugan. 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 SMPL 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. SOUTHERN GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Southern Gold Private Limited (SGPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 30 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit & 3 CRISIL D (Issuer Not Working Capital Cooperating) Demand Loan Cash Credit & 6 CRISIL D (Issuer Not Working Capital Cooperating) Demand Loan Long Term Loan 3.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SGPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SGPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SGPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SGPL was set up in 2010, and is engaged in the business of gold retailing and wholesaling. The day to day operations of the company are managed by Mr. CA Collins and his brother, Mr. C A Raphy. The company currently operates two showrooms in Ernakulam and Palakkad (Kerala) totalling 5500 sq ft. TECHNOVAA PLASTIC: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Technovaa Plastic Industries Private Limited (TPIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 18 CRISIL D (Issuer Not Cooperating) Term Loan 47.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with TPIPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of TPIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TPIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TPIPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2010, TPIPL is part of the Darvesh group. The group, based in the United Arab Emirates, has interests in diverse businesses such as plastic packaging, paper core manufacturing, construction equipment, trading of building materials, and real estate. TPIPL manufactures plastic packaging products such as cast polypropylene films and stretch wrap films at its facility at Gujarat. UNIVERSAL EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Universal Exports (UE) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Letter Of Guarantee 2.5 CRISIL D (Issuer Not Cooperating) Packing Credit 3.5 CRISIL D (Issuer Not Cooperating) Proposed Non Fund 0.5 CRISIL D (Issuer Not based limits Cooperating) Crisil Ratings has been consistently following up with UE for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of UE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on UE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of UE continues to be 'Crisil D Issuer not cooperating'. UE was established as a partnership firm in 2004 by Mumbai-based Katharani family. The firm trades in tendu leaves, which it exports mainly to Sri Lanka. V.J. CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of V.J. Constructions (VJC) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.5 CRISIL D (ISSUER NOT COOPERATING) Overdraft Facility 2.5 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with VJC for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VJC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VJC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VJC continues to be 'Crisil D/Crisil D Issuer not cooperating'. VJC was set up in 2008 as a partnership firm by Mr. J Mohan Reddy and Mr. V Ramana Reddy. The firm undertakes civil contracts to construct highways, roads and bridges for the Telangana government. VAG BUILDTECH: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vag Buildtech Limited (VBL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 10 CRISIL D (Issuer Not Cooperating) Cash Credit 25 CRISIL D (Issuer Not Cooperating) Proposed Long Term 15 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with VBL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VBL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VBL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VBL continues to be 'Crisil D/Crisil D Issuer not cooperating'. VBL, formerly known as Ecological Road Construction Pvt Ltd, was incorporated in 2012, with the parent, SHEL holding a 72% stake. The Mumbai-based company undertakes civil construction projects related to buildings, roads, waste management, and solar power. VAIDEHI FOOD: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Sri Vaidehi Food Processing and Agro Industries Private limited (SVFP) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 Crisil B-/Stable (Issuer Not Cooperating) Proposed Cash Credit Limit 2.6 Crisil B-/Stable (Issuer Not Cooperating) Term Loan 6.4 Crisil B-/Stable (Issuer Not Cooperating) Working Capital Term Loan 4 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SVFP for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SVFP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVFP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SVFP continues to be 'Crisil B-/Stable Issuer not cooperating'. SVFP was incorporated in 2016 by Mr. Shanmukh Hari Rajasekhar Mallavarapu and his family members. The company commenced operations in fiscal 2019 and has capacity of 200 tonne per day. It sells products such as rice, broken rice, rejection rice and rice bran. VE JAY: CRISIL Keeps D Debt Ratings in Not Cooperating Category --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ve Jay Textile Mills (VTM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.25 CRISIL D (Issuer Not Cooperating) Long Term Loan 3.85 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.90 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with VTM for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VTM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VTM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VTM continues to be 'Crisil D Issuer not cooperating'. VTM was established in 2005 as a proprietorship firm by Mr. G Devaraj. The firm, based in Coimbatore, Tamil Nadu, manufactures cotton yarn. VEDANSH REAL: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Vedansh Real Estate Private Limited 37 A, Basement, C Block, Qutub Vihar, Phase-I, DC Goyla, South West Delhi, South West Delhi, Delhi, India, 110071 Insolvency Commencement Date: May 21, 2025 Estimated date of closure of insolvency resolution process: December 6, 2025 Court: National Company Law Tribunal, Principal Bench, New Delhi Insolvency Professional: IP CA Umesh Garg C-334, Pocket C, Sarita Vihar New Delhi-110076 Email: umeshg602gmail.com E-45, Lower Ground Floor, Block E, Lajpat Nagar-III, New Delhi, Delhi 110024 Email: cirpvedansh@gmail.com Last date for submission of claims: June 23, 2025 VINOTH DISTRIBUTORS: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vinoth Distributors (VD) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL D (Issuer Not Cooperating) Term Loan 1 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VD for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VD continues to be 'Crisil D Issuer not cooperating'. Set up in 2009 as a partnership firm and promoted by Mr. K R Padmanabhan and his family members, VD trades in rice. The firm is a distributor of Kohinoor Specialty Foods India Pvt Ltd. In 2013, Mr. Vinoth Kumar was inducted as a partner in the firm. Mr. Kumar oversees the firm's day-to-day operations. ========= J A P A N ========= SOFTBANK GROUP: S&P Rates Proposed Senior Unsecured Notes 'BB+' --------------------------------------------------------------- S&P Global Ratings has assigned its 'BB+' issue credit rating to SoftBank Group Corp.'s (BB+/Stable/--) proposed senior unsecured notes. The proposed U.S.-dollar denominated notes and euro-denominated notes are likely to differ in maturities and base interest rates. S&P said, "The issue rating on the proposed notes is equal to our long-term issuer credit rating on the company. This is because we estimate the company's priority debt ratio (the sum of an issuer's total secured debt, including margin loans, divided by the issuer's total debt) is significantly below 50%. That is the threshold for us to consider notching down the issue rating to reflect risk arising from structural subordination of the debt. "The proposed notes have a limited impact on SoftBank Group's credit quality. The company will use the proceeds to redeem some of its existing bonds. We forecast the company's loan-to-value ratio (as we calculate it) will remain about 30% in the next one year or so, commensurate with the rating. The ratio was about 28% as of the end of March 2025. "Our issuer credit rating on SoftBank Group is supported by following three points. First, it has considerable assets under management as an investment holding company. Second, the liquidity of its investment portfolio will remain healthy because it holds multiple listed assets, including Arm Holdings PLC. Third, the company maintains a high amount of cash on hand. "However, the following three factors constrain our rating on SoftBank Group. First, its investment portfolio is susceptible to fluctuations in value of investees in technology sector and its fund business. Second, SoftBank Group's investment portfolio is concentrated in the technology industry and is biased toward large investments. As a result, its investment portfolio has limited diversification. Third, SoftBank Group has weak financial standing and a heavy debt burden compared with peers. This is a consequence of its growth-focused financial policy." ===================== N E W Z E A L A N D ===================== GRAVES FORESTRY: Court to Hear Wind-Up Petition on July 3 --------------------------------------------------------- A petition to wind up the operations of Graves Forestry Services Limited will be heard before the High Court at Dunedin on July 3, 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: David Tasker Inland Revenue, Legal Services PO Box 1782 Christchurch 8140 ROZINDA OPHRAH: Grant Bruce Reynolds Appointed as Liquidator ------------------------------------------------------------ Grant Bruce Reynolds of Reynolds & Associates on June 23, 2025, was appointed as liquidator of Rozinda Ophrah Limited, Prestige Plastering Limited, NCRD Consulting NZ Limited and Dymond Construction Limited. The liquidator may be reached at: Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 SPCW LIMITED: Creditors' Proofs of Debt Due on July 30 ------------------------------------------------------ Creditors of SPCW Limited are required to file their proofs of debt by July 30, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 16, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 TABLE BLOOM: Creditors' Proofs of Debt Due on July 24 ----------------------------------------------------- Creditors of Table Bloom Limited are required to file their proofs of debt by July 24, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 16, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 TOPVIEW PROPERTIES: Court to Hear Wind-Up Petition on July 8 ------------------------------------------------------------ A petition to wind up the operations of Topview Properties Limited will be heard before the High Court at Wellington on July 8, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 28, 2025. The Petitioner's solicitor is: Gideon Jacobus Du Preez Legal Services, 55 Featherston Street PO Box 895 Wellington 6011 =============================== P A P U A N E W G U I N E A =============================== PAPUA NEW GUINEA: S&P Affirms 'B-/B' Sovereign Credit Ratings ------------------------------------------------------------- On June 27, 2025, S&P Global Ratings affirmed its 'B-' long-term and 'B' short-term foreign- and local-currency sovereign credit ratings on Papua New Guinea (PNG). The transfer and convertibility assessment remains 'B-'. Outlook The stable outlook balances risks associated with PNG's weak economic fundamentals and institutional settings against the government's ongoing commitment to reforms, which, if delivered, should support strengthening fiscal and external metrics. Downside scenario S&P could lower its ratings if PNG's fiscal or external indicators deteriorate sharply, heightening risks around debt serviceability. Upside scenario S&P said, "We could raise our ratings if PNG achieves a strong, sustained uptick in per-capita GDP growth or materially reduces its external and fiscal liabilities. We could also raise our ratings if the government achieves a longer track record of more effective institutions and prudent policymaking." Rationale S&P expects PNG's real growth rate to pick up to about 4.5% in 2025, aided by the reopening of the Porgera gold mine and solid growth in the non-mining sector. The promise of new resource projects in the medium term might improve the country's economic prospects. Budgetary consolidation appears on track, with the fiscal deficit likely to fall to below 3% of GDP this year. This should cause net public debt to decline, from 45% of GDP in 2024, and interest expenses to moderate to less than 15% of revenues. Under an IMF program, the central bank is allowing the local currency, the kina, to slowly adjust to a market-determined level. The goal of the 45-month program is to eventually restore convertibility and clear unmet foreign-exchange orders that have long been a hindrance to business. Our sovereign ratings on PNG reflect structural constraints inherent in a low-income economy that is dependent on the resources sector and served by weak institutions. Institutional and economic profile: Constitutional changes could help alleviate political unpredictability; resource projects could support medium-term growth -- Recent constitutional amendments should reduce the frequency of disruptive votes of no-confidence. -- Per capita economic growth rate underperforms peers', though upcoming gas projects could boost future economic performance. -- Bilateral trade with the U.S. is small, meaning drag from tariffs should be manageable. PNG's political scene is characterized by weak party cohesion and frequently shifting alliances. This makes implementation of policy somewhat difficult, in our view. Prime Minister James Marape survived parliamentary votes of no-confidence in April 2025 and September 2024. Such leadership jostling is an intrinsic feature of PNG politics. However, parliamentary stability should improve following the passage of a constitutional amendment in early 2025. The amendment introduces an 18-month "grace period" after any unsuccessful vote of no confidence against a sitting prime minister. As a result, Mr. Marape now appears likely to remain in his position until the next election in 2027. S&P expects PNG's economy to grow at 3.5%-4.5% a year, in real terms, over the next few years. Growth should derive support from the recent reopening of the Porgera gold mine and slowly improving access for the private sector to hard currency. Goods exports to the U.S. were subject to the Trump administration's 10% baseline tariff from April 2025, but the annual value of these exports is small at less than US$100 million. PNG faces pressing development needs. Per capita GDP stands at about US$3,000. S&P calculates that the country's real per capita GDP trend growth rate is low compared with peers, averaging only about 1.3% over a 10-year horizon. A high crime rate deters private sector and foreign direct investment. The quality of governmental institutions and transparency is relatively weak, in S&P's view. The economy relies heavily on the energy sector, which accounts for most export earnings and GDP, and on the agricultural sector, which engages most of the labor force. PNG's largest export is liquefied natural gas (LNG). Its economy has historically been somewhat volatile, with booms in the 1990s and 2010-2014 (the latter associated with the mammoth PNG LNG project) followed by stretches of subpar growth. Prospective LNG projects, which S&P has yet to factor into its base case, could brighten PNG's growth prospects. Multinational companies continue to assess the feasibility of the proposed US$12 billion-US$18 billion Papua LNG project (equivalent to over one-third of national GDP). The final investment decision for this project has faced repeated delays and is now set for late 2025. This could be followed by the development of a new gas field, P'nyang, which may require about four years of additional construction activity once Papua LNG is operational. There is limited transparency around publicly guaranteed debt. The latest IMF Article IV report revealed a call was made on a legacy government guarantee in December 2024 and paid by the government in April 2025, for a total amount of US$8.5 million. S&P does not view this delay in payment as constituting a default. This is because the original guarantee is unlikely to meet conditions for credit substitution under our guarantee criteria, and the guaranteed loan was small, at 0.02% of GDP, relative to the sovereign's cash buffers. PNG's most recent midyear economic and fiscal outlook suggests the government is uncertain about the status of several other guarantees. S&P sees some risks associated with the future status of the autonomous region of Bougainville. In its base case, S&P assumes a peaceful resolution, but any flare-up of tensions could weigh on PNG's institutional settings. In 2019, Bougainvilleans voted for independence in a nonbinding referendum. Bougainville hopes for independence by 2027, but PNG's parliament has yet to consider the ratification process. In late 2024, both sides agreed to appoint an external mediator to progress negotiations. Flexibility and performance profile: Fiscal consolidation appears on track; relatively high public and external debt burdens are prominent fragilities -- Fiscal deficits should narrow over our forecast horizon, enabling the start of a decline in public debt and interest burden. -- External debt metrics are improving on the back of large current account surpluses, though terms of trade are volatile. -- IMF program is gradually addressing foreign-exchange shortages that suppress business activity. S&P projects that the annual change in net general government debt will narrow to average 1.5% of GDP over 2025-2028. The November 2024 annual budget reiterates the government's medium-term plan to achieve a balanced budget by 2027. Revenue growth should benefit from higher tax receipts, greater compliance efforts, dividends from state-owned resource companies, and the end of depreciation allowances for the PNG LNG project. The country has a relatively shallow tax base and faces gaps in basic services and infrastructure. This is reflected in PNG's low ranking in the UN Human Development Index. A tightening fiscal stance should allow net general government debt to start to decline from 45% of GDP in 2024. PNG reported a fiscal deficit of about 3.3% of GDP in 2024, down from 4.3% the preceding year. The government's 2025 deficit financing strategy targets a roughly 40/60 split between domestic and external sources. It signals a greater prioritization of external concessional financing than the previous 50/50 target. Guarantees over loans to various state-owned enterprises represent about 7% of GDP. Domestic financial markets are somewhat shallow. Roughly 44% of the stock of domestic debt takes the form of short-dated treasury bills, creating some rollover risk, in S&P's view. External public borrowing is mostly in the form of official loans from multilateral and bilateral partners. PNG has a sole US$500 million sovereign eurobond outstanding, due in 2028. S&P views the ongoing IMF program as supportive of pro-growth reforms. In March 2023, PNG entered a 38-month, US$918 million arrangement under the IMF's Extended Credit Facility and Extended Fund Facility. In December 2024, the IMF agreed to extend the program by seven months and added a two-year, US$259 million Resilience and Sustainability Facility arrangement. PNG has achieved most of the IMF's benchmarks to date, across areas such as improving governance of the central bank, amending the Income Tax Act, introducing a dividend policy for state companies, and shifting to a more flexible exchange rate arrangement. PNG's external position remains relatively weak, in our view. Its terms of trade are volatile due to large recent swings in global hydrocarbon prices. However, external imbalances have generally contracted over the past decade, with LNG production since 2014 resulting in the gradual repayment of private sector external liabilities. S&P expects narrow net external debt, by its metrics, to average about 88% of current account receipts over 2025-2028. External debt ballooned during the construction phase of the PNG LNG project over 2010-2013. During this time, current account deficits exceeded 30% of GDP. Future LNG projects, if they proceed, could similarly exacerbate external imbalances during their construction phase. The quality of PNG's external data is lacking, in S&P's view, because the country does not publish an international investment position, and its balance of payments has a track record of large errors and omissions. Official gross foreign-exchange reserves are relatively healthy, standing at US$3.6 billion as of December 2024. This is equivalent to about 5.3 months of current account payments. PNG maintains some foreign-exchange restrictions. These are symptomatic of an exchange rate that persists above the market-clearing rate. Bank of Papua New Guinea (BPNG; the country's central bank) formally adopted a "crawl-like" exchange rate arrangement in January 2024, though the IMF has classified the regime as de facto crawl-like since 2014. The kina depreciated by 6.8% against the U.S. dollar in 2024 but likely remained overvalued according to BPNG and IMF estimates. The central bank's relatively weak monetary flexibility is a rating constraint. The transmission of monetary policy settings to commercial interest rates had historically been limited because of a high level of liquidity in the banking system. This situation may be slowly improving with BPNG's recent implementation of an interest rate corridor system and auctions of central bank bills. The PNG government amended the Central Banking Act in 2024 to clarify the central bank's inflation-targeting mandate and enhance its autonomy. The amendments resulted in the creation of a new monetary policy committee; this committee kept BPNG's policy rate steady at 4.0% at its inaugural meeting in March 2025. Annual headline inflation slowed to 0.7% at the end of 2024 but is likely to rise in 2025 with ongoing depreciation of the kina. In accordance with S&P's relevant policies and procedures, the Rating Committee was composed of analysts that are qualified to vote in the committee, with sufficient experience to convey the appropriate level of knowledge and understanding of the methodology applicable. At the onset of the committee, the chair confirmed that the information provided to the Rating Committee by the primary analyst had been distributed in a timely manner and was sufficient for Committee members to make an informed decision. After the primary analyst gave opening remarks and explained the recommendation, the Committee discussed key rating factors and critical issues in accordance with the relevant criteria. Qualitative and quantitative risk factors were considered and discussed, looking at track-record and forecasts. The committee's assessment of the key rating factors is reflected in the Rating Component Scores above. The chair ensured every voting member was given the opportunity to articulate his/her opinion. The chair or designee reviewed the draft report to ensure consistency with the Committee decision. The views and the decision of the rating committee are summarized in the above rationale and outlook. The weighting of all rating factors is described in the methodology used in this rating action. Ratings list Ratings Affirmed Papua New Guinea Sovereign Credit Rating B-/Stable/B Transfer & Convertibility Assessment Local Currency B- Senior Unsecured B- ================= S I N G A P O R E ================= HATTEN LAND: Subsidiaries Struck Off Amid Judicial Management ------------------------------------------------------------- TipRanks reports that Hatten Land Limited, currently under judicial management, has announced that its subsidiaries H2X Pte. Ltd., Hatten Technology (S) Pte. Ltd., and Hatten X Pte. Ltd. have been struck off the Register of Companies as of May 29, 2025. Despite the suspension of its shares since August 2024, the company will continue to provide updates in accordance with Catalist Rules, advising shareholders and investors to consult professionals regarding their dealings with the company's shares, TipRanks relays. Hatten Land Limited (SGX:PH0)-- https://hattenland.com.sg/ -- operates as a property developer. The Company develops malls, hotels, and residential properties. Hatten Land serves customers in Singapore and Malaysia. As reported in the Troubled Company Reporter-Asia Pacific on Oct. 18, 2024, Hatten Land has received approval from the Singapore High Court for the appointment of Deloitte & Touche's Tan Wei Cheong and Lim Loo Khoon as joint judicial Managers. As joint judicial managers, Tan and Lim are expected to manage the group's affairs, business and property, The Edge Singapore said. HIKOKI POWER: Creditors' Proofs of Debt Due on July 23 ------------------------------------------------------ Creditors of Hikoki Power Tools (Singapore) Pte. Ltd. are required to file their proofs of debt by July 23, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 20, 2025. The company's liquidator is: Koh Swee Tian 7 Temasek Boulevard #04-01 Suntec Tower One Singapore 038987 MAIF 2: Creditors' Proofs of Debt Due on July 23 ------------------------------------------------ Creditors of Maif 2 Investments Greater China 2 Pte. Ltd. are required to file their proofs of debt by July 23, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 20, 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 NEW TURN: Commences Wind-Up Proceedings --------------------------------------- Members of New Turn Pte. Ltd. on June 17, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Ms. Toh Ai Ling Mr. Chan Kwong Shing, Adrian Ms. Tan Yen Chiaw KPMG Services 12 Marina View #15-01 Asia Square Tower 2 Singapore 018961 TOP GEAR: Court to Hear Wind-Up Petition on July 4 -------------------------------------------------- A petition to wind up the operations of Top Gear Auto Pte. Ltd. will be heard before the High Court of Singapore on July 4, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on June 13, 2025. The Petitioner's solicitors are: Adsan Law LLC 300 Beach Road #26-00 The Concourse Singapore 199555 TWELVE PM: Commences Wind-Up Proceedings ---------------------------------------- Members of Twelve PM Pte. Ltd. on June 17, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Ms. Toh Ai Ling Mr. Chan Kwong Shing, Adrian Ms. Tan Yen Chiaw KPMG Services 12 Marina View #15-01 Asia Square Tower 2 Singapore 018961 USP GROUP: Gets Approval for Settlement Deal w/ United Overseas --------------------------------------------------------------- TipRanks reports that USP Group Limited, currently under judicial management, has received approval from the High Court to proceed with a Settlement Agreement with United Overseas Bank Limited. This development is part of the company's ongoing judicial management process, with the costs related to the settlement being covered by the company's assets, TipRanks says. According to TipRanks, the trading suspension of the company's shares, initiated in February 2024, remains in effect. USP Group Limited provides oil blending and property development services. The Company, through its subsidiaries, offers the blending and distribution of diesel and engine oils as well as provides property holding, development, management and related services for the residential and commercial sectors throughout Singapore. As reported in the Troubled Company Reporter-Asia Pacific in mid-June, 2024, the High Court of Singapore entered an order on June 11, 2024, to place USP Group Limited under Judicial Management. The company's Judicial Manager is Tan Wei Cheong. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***