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

                     A S I A   P A C I F I C

          Wednesday, July 2, 2025, Vol. 28, No. 131

                           Headlines



A U S T R A L I A

ANTON'S FLOORS: First Creditors' Meeting Set for July 8
CHAMPION IRON: Fitch Assigns 'BB-' Long-Term IDR, Outlook Stable
DAVID VENN: Owes AUD7.5 Million, Liquidator's Report Shows
ELITE HOME: First Creditors' Meeting Set for July 8
HARBOUR GUIDANCE: Jeanswest Reaches DOCA to Pay Staff in Full

MASTERS OF MASONRY: First Creditors' Meeting Set for July 3
REDZED TRUST 2023-3: Fitch Hikes Rating on Class F Notes to 'BBsf'
SET SOLUTIONS: Crisafulli Failed to Declare Payment to Liquidators
STAR ENTERTAINMENT: Queen's Wharf Stake Sale Deal Collapses
UNITED EMPLOYMENT: First Creditors' Meeting Set for July 3

WOOLWORTHS GROP: MyDeal Marketplace Closure to Cost Up to AUD100MM
XCEL GROUP: First Creditors' Meeting Set for July 4
[] SBRs Keep Struggling Companies Afloat, ASIC Report Suggests


C H I N A

CIFI HOLDINGS: Gets Court OK for Overseas Debt Restructuring Plan
HOZON NEW: Seeks Investors to Resume Production Amid Restructuring


H O N G   K O N G

NEW WORLD: Secures USD11 Billion Refinancing Deal
[] HONG KONG: Restaurant Closures Surge Amid Spending Slump
[] HONG KONG: Smaller Developers Become USD22BB Risk for Banks


I N D I A

AJNARA INFRASTRUCTURE: ICRA Keeps B+ Rating in Not Cooperating
ALCHEMIST HOLDINGS: Insolvency Resolution Process Case Summary
ANISHKA DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating
AZAD IMPEX: ICRA Keeps D Debt Ratings in Not Cooperating Category
BABA BHUMAN: ICRA Keeps D Debt Ratings in Not Cooperating

BHANU COSMETICS: Insolvency Resolution Process Case Summary
CHILAKALURUPET MUNICIPALITY: ICRA Keeps B+ Rating in Not Coop.
CHINAR REALTY: Liquidation Process Case Summary
COOCH BEHAR: ICRA Keeps B- Debt Ratings in Not Cooperating
DSL INFRASTRUCTURE: ICRA Keeps B+ Debt Rating in Not Cooperating

ELURU MUNICIPAL: ICRA Keeps B+ Debt Rating in Not Cooperating
INDUS PROJECTS: Insolvency Resolution Process Case Summary
KAILASH TRADING: CARE Keeps D Debt Ratings in Not Cooperating
KALASHREEMUKHA: CARE Keeps B- Debt Rating in Not Cooperating
KSK MAHANADI: NCLAT Allows Fresh Bidding for Raigarh Champa Rail

LASCO LIFESTLYE: ICRA Keeps D Debt Rating in Not Cooperating
MAX TRANSPORT: Insolvency Resolution Process Case Summary
MCLEOD RUSSEL: ICRA Keeps D Debt Ratings in Not Cooperating
MEP SANJOSE: ICRA Keeps D Debt Ratings in Not Cooperating
NAVNIT AUTOSPARES: CARE Keeps D Debt Rating in Not Cooperating

NEXTRA TELESERVICES: Liquidation Process Case Summary
NIPPON PAPER: CARE Assigns B Rating to INR140.50cr LT Loan
P. RAJA: CARE Keeps B- Debt Rating in Not Cooperating Category
RAJAMANICKAM POULTRY: CARE Keeps B- Debt Rating in Not Cooperating
RAMAKRISHNA HOUSING: ICRA Keeps D Debt Rating in Not Cooperating

RAYBAN FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
REALTIME TECHSOLUTIONS: ICRA Keeps D Ratings in Not Cooperating
RICHA INDUSTRIES: Liquidation Process Case Summary
SAPTHA ZEAL: Liquidation Process Case Summary
SIRI RAM: Insolvency Resolution Process Case Summary

STEEL STOCKHOLDERS: CARE Keeps B- Debt Rating in Not Cooperating
SUNSHINE HOUSING: Liquidation Process Case Summary
SURYA SRI: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
SWASTIK ISPAT: Insolvency Resolution Process Case Summary
TERMICO ENGINEERS: CARE Assigns B+ Rating to INR12.43cr LT Loan

TRADCO DEESAN: ICRA Keeps D Debt Ratings in Not Cooperating
VIRTUE INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
ZEAL METALIKS: CARE Lowers Rating on INR18cr LT Loan to B+
ZENITH ERECTORS: Insolvency Resolution Process Case Summary


J A P A N

NOMURA HOLDINGS: Fitch Puts BB Final Rating to $1BB AT1 Securities
NOMURA HOLDINGS: Moody's Rates Sub. AT1 Securities 'Ba3(hyb)'


N E W   Z E A L A N D

5 WAKEMAN: Court to Hear Wind-Up Petition on July 10
BIOFAB NZ: Creditors' Proofs of Debt Due on July 21
DALY ENGINEERING: Court to Hear Wind-Up Petition on July 10
FRIEDEN MANAGEMENT: Court to Hear Wind-Up Petition on July 18
WINE & SPIRIT: Creditors' Proofs of Debt Due on July 21



S I N G A P O R E

BANANA LEAF: Court to Hear Wind-Up Petition on July 4
ESMEGEN GROUP: Court Enters Wind-Up Order
MAHENDRAN TRADING: Court Enters Wind-Up Order
PANAMERICANA PTE: Court to Hear Wind-Up Petition on July 4
USP GROUP: Winding Up Applications vs. Units Adjourned for 3 Mos.

WHITE VAN: Commences Wind-Up Proceedings

                           - - - - -


=================
A U S T R A L I A
=================

ANTON'S FLOORS: First Creditors' Meeting Set for July 8
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Anton's
Floors Pty Ltd will be held on July 8, 2025 at 10:00 a.m. via
Microsoft Teams.

David Henry Sampson of BPS Recovery was appointed as administrator
of the company on June 26, 2025.


CHAMPION IRON: Fitch Assigns 'BB-' Long-Term IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has assigned a Long-Term Issuer Default Rating (IDR)
of 'BB-' to Champion Iron Limited (Champion) and Champion Iron
Canada Inc. Fitch has also assigned a 'BB-' rating with a Recovery
Rating of 'RR4' to Champion Iron Canada Inc.'s proposed USD450
million senior unsecured notes due 2032. The notes will be
guaranteed by Champion and most of the group's operating companies.
The Rating Outlook is Stable.

Champion's 'BB-' rating reflects its conservative debt policy,
stable business environment, margin improvement from iron ore
premia, and healthy liquidity. The rating assumes that the
company's margin-enhancing direct reduction pellet feed (DRPF)
project will be completed in early 2026. Champion's rating is
adversely affected by its global cost curve position and
single-site operations.

Key Rating Drivers

Conservative Leverage Policy: Champion's conservative leverage
supports its rating. It had EBITDA leverage at 1.6x at FYE2025 —
i.e., as of March 31, 2025. Based on its midcycle price assumptions
for iron ore, Fitch forecasts Champion's EBITDA leverage to reach
2.2x at FYE2029. Champion's EBITDA net leverage is expected to be
materially lower at 1.7x. Fitch assumes that it will keep a
significant amount of cash on the balance sheet after the proposed
bond issuance to strengthen liquidity. Champion plans to issue
senior unsecured notes to repay its term loan A and the outstanding
revolver balance and bolster liquidity.

Flotation Plant Lifts Margins: Champion expects to commission a
flotation plant that upgrades iron ore to DRPF quality in December
2025. The project should enhance the company's margins by
increasing sale prices and reducing shipping costs. The flotation
plant will have 7.5 million wet metric ton (wmt) capacity, which is
half of Bloom Lake's 15 million wmt total. Fitch expects that the
direct reduction steelmaking process has better growth prospects
than the overall steel market. The project cost was estimated by
the company at approximately CAD470 million, of which roughly
CAD340 has already been invested.

Limited Scale, Stable Environment: Champion generated CAD454
million of Fitch-adjusted EBITDA in FY2025. Fitch expects that
Champion's EBITDA will reach around CAD330 million at its midcycle
iron ore price of USD70 per dry metric ton of 62% fines. Its only
producing asset is Bloom Lake, which benefits as one of the highest
purity iron ore deposits in the world and from its location in
Quebec, one of the most favorable jurisdictions for mining
companies globally.

Freight Pushes Up Costs: Long shipping distance considerably
increases unit costs and pushes the Bloom Lake complex into the
fourth from the third quartile on the global iron ore cost curve
based on CRU data. Champion sells most of its production volumes in
east Asian countries, such as China, Japan and South Korea. The
company aims to cut shipping costs as it switches to more pellet
feed production that it plans to sell in the EMEA region, which is
closer to Quebec. Freight rates are volatile but often have
positive correlation with iron ore prices, which may lower the
company's costs if prices decline.

No Direct Exposure to Tariffs: Champion does not have any customers
in the U.S. It may still be affected by secondary impacts of the
U.S. tariffs, such as rising prices for mining equipment or
possible negative effects on the global iron ore and steel markets.
The U.S. trade policy and Canadian reciprocal measures continue to
evolve.

Railcars to Ease Transportation Bottlenecks: Fitch expects that
Champion will gradually sell its stockpiled ore concentrate after
the purchase of 400 railcars in FY2025. It had 2.6 million wmt of
iron ore inventory at March 31, 2025. The stockpiles have been
accumulated mostly over the last two years due to insufficient
railway capacity and maintenance activities on the railroad.
Additional railcars acquired by Champion should help normalize iron
ore inventory and generate incremental EBITDA for the company.

Sufficient Mine Life: Champion has 15 years of mine life at its
Bloom Lake complex, along with a number of undeveloped iron ore
resources. Bloom Lake consists of three open pits, two crushers and
two mills. One of the pits is gradually depleting, and the company
will substitute it with ore from the other two pits. According to
management, the associated cost increase should be relatively
small.

Forecast Excludes Kami Project: Fitch does not expect Champion's
Kami project to begin construction in its rating case. Kami is a
greenfield project with an estimated iron ore production capacity
of 9 million wmt per year. Champion has not taken a final
investment decision (FID) on the project. Fitch expects that the
project will move forward only if iron ore prices increase above
the current levels and remain high, which is not its base case. The
project partners, Nippon Steel and Sojitz, may fund Kami's pre-FID
costs and thus obtain an equity stake in the project, according to
the agreement.

Mixed Iron Ore Market Dynamics: World consumption of iron ore
pellets may increase by more than 10% over the next five years,
according to CRU forecasts. In addition, global demand for iron ore
in general may slightly decline due to lower steel production in
China, among other factors. Chinese demand for construction steel
remains sluggish. Australia and Brazil will continue to dominate
iron ore export volume growth before Simandou projects in Guinea
materially ramp up in 2027.

Peer Analysis

Fitch expects Champion to have smaller scale of cash flows at
midcycle than CAP S.A. (BB+/Stable), a Chile-based iron ore
producer. Champion's share of higher-value-added iron ore products
in the asset mix is lower than CAP's, even if Champion's DRPF
project is included. In addition, Champion has higher iron ore
transportation costs than CAP. Champion is a pure-play iron ore
producer, while CAP is diversified into steel solutions and
infrastructure assets. On the other hand, Champion is based in a
more favorable jurisdiction and should have lower EBITDA leverage
over the rating horizon.

Champion is significantly smaller than Mineral Resources Limited
(MinRes; BB-/Negative), an Australia-based miner, based on midcycle
EBITDA. Fitch expects that MinRes will increase its iron ore
production to 29 million to 31 million tonnes over the next two
years from 18 million tonnes in FY2024, which is much larger than
Champion's Fitch-projected production. MinRes is diversified into
mining services, which are not directly exposed to commodity
prices, and lithium production. However, Champion has substantially
lower leverage. Champion also has lower execution and financial
risks with the DRPF facility than MinRes does with its Onslow iron
ore project.

Champion has substantially lower scale and weaker cost position
than industry leader Vale S.A. (BBB/Positive). Champion is also
smaller than Samarco Mineracao S.A. em Recuperação Judicial
(Samarco; B-/Positive). Samarco is burdened with dam collapse
liabilities and has higher leverage and weaker financial
flexibility than Champion.

Key Assumptions

- Fitch's price assumptions (China import iron ore fines 62%, CFR)
are at USD90/dmt for calendar 2025, USD85/dmt for 2026, USD75/dmt
for 2027 and USD70/tonne for 2028 and midcycle;

- USD/CAD average exchange rate at 1.41 CAD per 1 USD in
FY2026-FY2029;

- Annual sales between 14.5 million and 15.5 million dmt in
FY2026-FY2029, supported by inventory destocking until FYE2027;

- Direct reduction pellet feed sales begin in calendar 2026,
ramping up to 7.4 million dmt in calendar 2027;

- Opex and freight costs positively correlated with iron ore
prices;

- Stable dividend policy.

RATING SENSITIVITIES

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

- Midcycle EBITDA leverage exceeding 4.0x;

- Significant delays or cost overruns during the DRPF facility
construction and ramp-up;

- New capex-intensive projects leading to weakening financial
profile or liquidity.

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

- Sustainable improvement in EBITDA scale and/or cost structure;

- Midcycle EBITDA leverage below 3.0x.

Liquidity and Debt Structure

Fitch expects Champion to have healthy liquidity after the proposed
seven-year senior unsecured notes are issued. Fitch assumes that
the company issues USD450 million notes and repays its CAD331
million term loan A and outstanding revolver balance with the
proceeds. The remaining cash of approximately CAD230 million should
be kept by the company to enhance liquidity. At March 31, 2025,
Champion had CAD117 million of cash.

Champion's USD400 million secured revolver expires in November
2027, and Fitch expects the company to extend it. Champion has
relatively small debt amortization in calendar 2025 and 2026. Fitch
expects that its total debt will be around CAD1 billion after the
proposed refinancing.

Issuer Profile

Champion is an iron ore producer with operations in Canada. Its key
Bloom Lake asset is located in Quebec. Champion is registered in
Australia and headquartered in Montreal, Canada.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

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

   Entity/Debt                Rating           Recovery   
   -----------                ------           --------   
Champion Iron Limited   LT IDR BB-  New Rating

Champion Iron Canada
Inc.                    LT IDR BB-  New Rating

   senior unsecured     LT     BB-  New Rating   RR4

DAVID VENN: Owes AUD7.5 Million, Liquidator's Report Shows
----------------------------------------------------------
News.com.au reports that an entertainment company that toured
theatre shows across Australia including Elvis: The Musical
Revolution and Cruel Intentions collapsed owing AUD7.5 million -
with one artist now lifting the lid on how unpaid entitlements
"burned" the cast and "messed" with their lives.

News.com.au relates that the Australian producer has also been
criticised for already launching a new company that is back staging
performances despite the epic collapse.

The company, called David Venn Enterprises, went under in August
last year leaving performers with unpaid superannuation of almost
AUD440,000, news.com.au discloses citing a liquidator's report.

One artist, who asked that their name be withheld, told news.com.au
that there were about 26 performers and 15 crew in the Elvis
production who were left out of pocket - owed between AUD15,000 and
AUD30,000 each.

The cast and crew also dealt with an abrupt end to the season -
essentially left jobless with just eight days notice.

News.com.au has learnt a government scheme has forked out
AUD744,000 to former employees for unpaid entitlements after the
company's failure, although this figure does not cover
superannuation.

There were also 77 trade creditors owed approximately AUD4 million
including hotels, media and event companies and even Meta, while
the company may have also traded while insolvent for over a year
prior to its collapse, the investigations of liquidator Mitchell
Ball from insolvency firm Mackay Goodwin found, news.com.au
relays.

Yet just AUD304,000 out of the millions owed will be paid back.

The collapsed company was owned by Australian producer David Venn.

Mitchell Ball of Mackay Goodwin was appointed liquidator of the
company on Aug. 11, 2024.


ELITE HOME: First Creditors' Meeting Set for July 8
---------------------------------------------------
A first meeting of the creditors in the proceedings of Elite Home
Constructions And Developments Pty Ltd (trading as Elite New Homes
and Clearview Elite Homes) will be held on July 8, 2025 at 2:00
p.m. via virtual meeting.

Andrew MacNeill of SMB Advisory was appointed as administrator of
the company on June 26, 2025.


HARBOUR GUIDANCE: Jeanswest Reaches DOCA to Pay Staff in Full
-------------------------------------------------------------
Business News Australia reports that the parent company of
embattled fashion retailer Jeanswest will come out of
administration with control returned to its directors, following a
creditors' meeting on June 27 where a deed of company arrangement
(DOCA) was approved that delivers more than AUD4 million in wages
owed to former employees.

BNA relates that the result was made possible due to overwhelming
consumer support during a two-month sales campaign to move
inventory after the Perth-founded retailer went into administration
in late March.

At the time that Pitcher Partners Melbourne was appointed as
administrator, Jeanswest employed 220 full-time, 155 part-time, and
up to 307 casual employees, the bulk of whom stayed on during sales
to shift AUD15 million worth of stock during the eight-week
campaign in April and May.

According to BNA, the cash inflow put Jeanswest director George
Yeung in a position to present a DOCA that will return 100 cents in
the dollar to employees, including owed annual leave, long service
leave and other entitlements.

As outlined in the creditor's report released ahead of the meeting
on June 27, outstanding wage entitlements were more than AUD4
million, as well as almost AUD900,000 in annual leave and
AUD624,000 in long service leave.

BNA says Yeung has thanked Pitcher Partners Melbourne, inventory
specialists Gordon Brothers, and Jeanswest's team members for their
commitment across the last few months.

"We regret having to pursue this course of action, but we were left
with very few options but to restructure as sales in our stores
were below expectations," the report quotes Yeung as saying.

BNA relates that administrator Lindsay Bainbridge said the
employees were the heroes of the sales campaign, despite the
difficult circumstances.

"The results of the sales campaign exceeded all expectations, which
has allowed team members to be paid all their entitlements," he
said.

"This is a great result for Jeanswest employees. Given the pressure
of a wind-down, the team's composure and commitment were the key
drivers of that performance."

BNA adds that Luke Johnston, a director in Gordon Brothers' client
coverage and origination division, said the group is pleased its
strategy to support the Jeanswest sales had outperformed
expectations.

"We recognised that a successful sales campaign was vital to
maximising returns to employees and to increasing the possibility
of a DOCA being developed," he says.

"We were asked to consider a number of strategies but ultimately
the Administrators went with our preferred model of selling-down
the company's stock through the stores to avoid a fire sale, and we
were delighted with this strong result."

"Jeanswest's employees were incredibly supportive throughout and I
want to acknowledge them. This was a large project conducted in a
limited timeframe and this result would not have been possible
without their expertise and commitment," adds Richard Ansell,
senior director in Gordon Brothers' retail team.

In its analysis of Jeanswest's financial difficulties, Pitcher
Partners notes the company's business model was heavily reliant on
bricks-and-mortar retail, through its 87 retail stores around
Australia.

"Many stores were underperforming, and with the weak retail
environment across Australia and consumers not spending in the
stores, there was little prospect of recovery while retaining the
current operating model," the report quotes Mr. Bainbridge as
saying.

Bainbridge confirms that external unsecured creditors will only
receive 2c for every dollar owed, which is unfortunate given they
are owed about AUD13 million, but he describes this as the only
option in the circumstances, BNA adds.

Harbour Guidance Pty Ltd, the parent company of Jeanswest, fell
into voluntary administration on March 26, 2025, appointing
administrators Lindsay Bainbridge, David Vasudevan and Andrew Yeo
of Pitcher Partners Melbourne.


MASTERS OF MASONRY: First Creditors' Meeting Set for July 3
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Masters of
Masonry Pty Ltd will be held on July 3, 2025 at 1:30 p.m. via via
virtual meeting technology.

Laurence Fitzgerald and Garth O'Connor-Price of William Buck were
appointed as administrators of the company on June 24, 2025.


REDZED TRUST 2023-3: Fitch Hikes Rating on Class F Notes to 'BBsf'
------------------------------------------------------------------
Fitch Ratings has upgraded four note class and affirmed three from
RedZed Trust Series 2023-3. The Outlook is Stable.

The transaction is backed by a pool of first-ranking Australian
conforming and non-conforming residential full- and
low-documentation mortgage loans originated by RedZed Lending
Solutions Pty Limited. The notes were issued by Perpetual Trustee
Company Limited in its capacity as trustee of RedZed 2023-3.

   Entity/Debt            Rating           Prior
   -----------            ------           -----
RedZed Trust
Series 2023-3

   A-1 AU3FN0082657   LT AAAsf  Affirmed   AAAsf
   A-2 AU3FN0082665   LT AAAsf  Affirmed   AAAsf
   B AU3FN0082673     LT AA+sf  Upgrade    AAsf
   C AU3FN0082681     LT A+sf   Upgrade    Asf
   D AU3FN0082699     LT BBB+sf Upgrade    BBBsf
   E AU3FN0082707     LT BBsf   Affirmed   BBsf
   F AU3FN0082715     LT BBsf   Upgrade    BB-sf

KEY RATING DRIVERS

Asset Performance: The 30+ day arrears for RedZed Trust Series
2023-3 at end-May 2025 stood at 3.6%, below Fitch's 1Q25
non-conforming Dinkum RMBS Index of 5.32%. The 90+ day arrears
ratio was 1.5%, below the index's 2.40%. There have been no losses
to date for the transaction.

The 'AAAsf' weighted-average foreclosure frequency (WAFF) for
RedZed Trust Series 2023-3 of 18.6% is driven by the foreclosure
frequency floor applied to loans in arrears, WA unindexed current
loan-to-value ratio (LVR) of 64.6%, self-employed borrowers
comprising 94.9% of the pool, low documentation loans making up
90.2%, and, under Fitch's methodology, non-conforming and
investment loans comprising 14.1% and 41.4%, respectively. The
'AAAsf' WA recovery rate (WARR) of 63.2% was driven by the
portfolio's WA indexed scheduled LVR of 59.1%.

Credit Enhancement Supports Ratings: The transaction has built up
credit enhancement through sequential principal repayment since the
transaction's closing, offsetting rising arrears and supporting the
current ratings in the cash flow model. The transaction will switch
to pro rata payment when the principal step-down test is satisfied.
Fitch expects the transaction to switch to pro rata payment from
the December 2025 payment date, subject to performance-based
triggers.

Liquidity Risk Mitigation: The transaction benefits from a
liquidity facility sized at 1.5% of the invested note balance
(excluding Class G), with a floor of AUD750,000, which is
sufficient to mitigate Fitch's payment interruption risk.
Additional structural features include retention and amortisation
mechanisms that redirect excess income to repay the principal
balances of the notes. The retention mechanism has been fully
applied, with the retention ledger balance currently at
AUD500,000.

Low Operational and Servicing Risk: Established in 2006, RedZed is
an experienced specialist lender for self-employed borrowers. Fitch
conducted an operational review and found that the operations of
the originator and servicer were comparable with market standards.

Tight Labour Market Supports Outlook: Portfolio performance is
supported by Australia's continued economic growth and a tight
labour market. GDP growth was 1.3% in the year ending March 2025,
and unemployment stood at 4.1% in May 2025. Fitch expects GDP
growth to rise to 1.7% in 2025 and 1.9% in 2026, with unemployment
at 4.3% and 4.2%, respectively.

RATING SENSITIVITIES

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

Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing delinquencies
and defaults, which could reduce credit enhancement available to
the notes.

Downgrade Sensitivities

Unanticipated increases in the frequency of defaults could produce
loss levels higher than Fitch's base case and are likely to result
in a decline in credit enhancement and remaining loss-coverage
levels available to the notes. Decreased credit enhancement may
make certain note ratings susceptible to negative rating action,
depending on the extent of coverage decline. Hence, Fitch conducts
sensitivity analysis by stressing a transaction's initial base-case
assumptions. Fitch applies the recovery rate stress to the recovery
rate to isolate the effect of a change in recovery proceeds at the
borrower level.

RedZed Trust Series 2023-3

Notes: A-1/ A-2 / B / C / D / E / F

Current rating: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BBsf /
BBsf

Increase defaults by 15%: AAAsf / AAAsf / AA+sf / A+sf / BBBsf /
BBsf / BB-sf

Increase defaults by 30%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
/ BB-sf

Reduce recoveries by 15%: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf /
BBsf / BBsf

Reduce recoveries by 30%: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf /
BBsf / BBsf

Increase defaults by 15% and reduce recoveries by 15%: AAAsf /
AAAsf / AA+sf / A+sf / BBBsf / BBsf / BB-sf

Increase defaults by 30% and reduce recoveries by 30%: AAAsf /
AAAsf / AAsf / Asf / BBBsf / BBsf / BB-sf

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

An upgrade could result from macroeconomic conditions, loan
performance and credit losses that are better than Fitch's baseline
scenario or sufficient build-up of credit enhancement that would
fully compensate for credit losses and cash flow stresses
commensurate with higher rating scenarios, all else being equal.

Upgrade sensitivities are not relevant for the class A-1 and A-2
notes, as they are rated 'AAAsf', which is the highest level on
Fitch's rating scale. However, results for the remaining rated
notes are as follows:

Upgrade Sensitivities:

RedZed Trust Series 2023-3

Notes: B / C / D / E / F

Current rating: AA+sf / A+sf / BBB+sf / BBsf / BBsf

Reduce defaults by 15% and increase recoveries by 15%: AA+sf /
AA-sf / A-sf / BBB-sf / BB+sf

The upgrade sensitivity of the class E notes, under the decrease in
defaults by 15% and increase in recoveries by 15%, is constrained
by the large obligor concentration test at 'BBB-sf' by one notch to
its upgrade sensitivity ratings for class E. Prepayments to the
loans with the largest obligor exposure, which results in the notes
passing Fitch's concentration test, could lead to positive rating
action for the notes, all else being equal.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information as part
of its ongoing monitoring.

Prior to the transaction closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was made available to Fitch for this
transaction.

As part of its ongoing monitoring, Fitch reviewed a small, targeted
sample of the originator's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis, according to its applicable rating methodologies,
indicates that it is adequately reliable.

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ESG Considerations

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

SET SOLUTIONS: Crisafulli Failed to Declare Payment to Liquidators
------------------------------------------------------------------
ABC News reports that Queensland Premier David Crisafulli failed to
declare a AUD200,000 payout to liquidators pursuing an insolvent
trading claim against him, a parliamentary committee has found.

The failure of Mr. Crisafulli to list the liability on his MP
register of interests was "careless", the bipartisan ethics
committee found in a report tabled on June 27.

But the committee absolved Mr. Crisafulli of any contempt of
parliament, saying it could not find adequate evidence that he had
knowingly failed to disclose the payout tied to a private training
company he had run.

The ABC relates that Mr. Crisafulli maintained the report had
cleared him of wrongdoing but refused to answer how he had paid for
the AUD200,000.

"I've met my obligations," he said at least four times.

The committee's findings stem from exclusive ABC reports last year
revealing liquidators of the training organisation SET Solutions
believed it may have been trading insolvent from the day Mr.
Crisafulli started as a director.

The ABC later revealed Mr. Crisafulli had paid AUD200,000 to settle
the insolvent trading claims.

During a break from politics in 2015, Mr. Crisafulli took a job as
sole director and chief executive of Melbourne-based SET Solutions,
according to the report.

The company received government funding to teach courses ranging
from health administration to freight handling.

But the company had been struggling financially long before he took
the role on Dec. 1, 2015.

Mr. Crisafulli only stayed until April 1, 2016, and the company
collapsed into voluntary liquidation on June 30, 2016, the ABC
recalls.

The ABC relates that liquidators from PwC subsequently told
creditors their investigations "indicate the company appears to
have traded while insolvent from at least Dec. 1, 2015".

They pursued an insolvent trading claim against Mr. Crisafulli.

The ABC says Mr. Crisafulli signed a deed of settlement with the
liquidators and made three payments while he was in Opposition:
AUD80,000 in March 2020, AUD60,000 in July 2020, and AUD60,000 in
July 2021.

"The payments were made with the joint understanding of no
admission of liability and no findings made against me," Mr.
Crisafulli told the ethics committee, in a letter tabled in its
report, the ABC relays.

MPs are required to declare liabilities of more than AUD19,000 but
Mr. Crisafulli disputed the notion the upcoming payment to the
liquidators constituted the definition of liability.

"I note that the payments were made in order to compromise certain
statutory claims that a party was threatening to pursue by
litigation but which had not been established," he wrote.

A finding of contempt of parliament would have required the
committee to establish on the balance of probabilities that the
premier knowingly failed to list the debt, the ABC states.

Mr. Crisafulli maintained to the committee he never believed he had
a liability to declare.

The ABC notes that the committee determined there was "evidence
that the premier ought to have known that such payments were to be
declared or at least sought the Registrar's advice".

That included him having met with the Clerk of Parliament to
discuss requirements of the register.

But Mr. Crisafulli never sought advice about if he should have
declared the liquidator debt.

"In hindsight, I should have sought the advice of the Clerk," he
told the committee.

According to the ABC, the committee said Mr Crisafulli's thinking
at the time "appears to have been mistakenly focused on dealing
with the issue in the context of director liabilities under
corporate law rather than his [register disclosure] obligations".

The committee also noted it could not "identify how the alleged
failure to declare the liability would give rise to a conflict of
interest or a perception of a conflict of interest between the
premier's private interests and the public interest".

The ABC adds Mr. Crisafulli declined to discuss whether he had been
under any financial stress at the time the payments were being
made.

Listed assets and liabilities on Mr. Crisafulli's register at the
time include a multi-property portfolio and six mortgages with Bank
of Queensland.

Mr. Crisafulli's splitting of AUD200,000 in liquidation settlement
payments into three tranches over 16 months raised speculation
within the insolvency industry about whether it indicated a degree
of financial strain.

The ABC can reveal that 10 months after that last payment was made,
Mr. Crisafulli's private family company Crisafulli Financial
Services offloaded a property in Townsville for AUD230,000 -
crystallising a AUD57,000 gross loss after holding the property for
almost 12 years.

Advertisements for the sale, which conceded the property "needs
work", show a rapid push to sell with the price heavily knocked
down.

"The owner's instructions are clear, and this will be gone before
the end of the financial year so it's a situation of first in best
dressed!" the advertisement said.


STAR ENTERTAINMENT: Queen's Wharf Stake Sale Deal Collapses
-----------------------------------------------------------
Reuters reports that Star Entertainment said it had received a
notice from Hong Kong's Far East Consortium International and Chow
Tai Fook Enterprises to terminate the deal to sell its 50% stake in
its Queen's Wharf project in Brisbane.

Reuters relates that the termination is set to take effect five
business days from June 30, unless withdrawn earlier.

According to Reuters, the March 7 agreement outlined the casino
operator's planned exit from its equity interest in Destination
Brisbane Consortium (DBC), but the parties had not resolved
outstanding key commercial issues of the deal as of this morning,
Star said in a statement on June 30.

The casino and hotel complex was developed for AUD3.6 billion
($2.35 billion), Star's website said.

For years, Star and Blackstone-owned larger rival Crown Resorts
have faced multiple inquiries into anti-money laundering rule
violations and subsequent legal actions.

Had the deal gone through, Far East Consortium and Chow Tai Fook
Enterprises were set to become the sole owner of the Brisbane
venture, which has luxury hotels and restaurants and other
amenities, Reuters notes.

Star was, in turn, set to take on the investors' 66.67% stake in a
Gold Coast project in Queensland.

In a separate statement, property developer Far East Consortium
said that Star must repay AUD10 million within 30 days of
termination, failing which it must transfer its 33.3% stake in
Tower 1 (Dorsett) to the Hong Kong parties, according to Reuters.

"Despite the receipt of this notice, The Star remains willing to
continue negotiations with the Joint Venture Partners to give
effect to the DBC transaction," Star added.

Star Entertainment did not immediately respond to a Reuters email
seeking confirmation of the repayment details.

                     About Star Entertainment

The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.

The Star Entertainment Group posted three consecutive annual net
losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for
the years ended June 30, 2022, 2023, and 2024, respectively.

As reported in the the Troubled Company Reporter-Asia Pacific on
Jan. 21, 2025, Star Entertainment has warned that it faces
"material uncertainty" over its ability to stay afloat unless it
finds a solution to its worsening financial woes.

In a quarterly update to investors on Jan. 20, ASX-listed Star said
its revenue had fallen 15 per cent in the December quarter, citing
ongoing weakness in its operating performance. It pointed to a
"challenging" consumer environment, the impact of carded play in
NSW, and expenses caused by a series of regulatory and compliance
problems.

UNITED EMPLOYMENT: First Creditors' Meeting Set for July 3
----------------------------------------------------------
A first meeting of the creditors in the proceedings of United
Employment Pty Ltd will be held on July 3, 2025 at 1:00 p.m. via
online Microsoft Teams meeting.

Anthony Phillip Wright and Damien Mark Hodgkinson of Olvera
Advisors was appointed as administrator of the company on June 23,
2025.


WOOLWORTHS GROP: MyDeal Marketplace Closure to Cost Up to AUD100MM
------------------------------------------------------------------
News.com.au reports that Woolworths will close online retailer
MyDeal on September 30 to instead put its efforts into other
businesses, including Big W Market and Everyday Market.

In an announcement to the ASX, Woolworths estimates the cost of
closing the online business will be between $90 million and $100
million including payments for outstanding equity and staff
redundancies, news.com.au relates.

This ends the online marketplace after more than a decade in
business, having started back in 2011 before being acquired by
Woolworths in September 2022.

According to news.com.au, Woolworths Group chief executive Amanda
Bardwell said the announcement followed a strategic review into
MyDeal's profitability.

"MyDeal has brought marketplace expertise and leading technology to
the Group's marketplace platform, Woolworths MarketPlus, enabling
rapid GMV growth," news.com.au quotes Ms. Bardwell as saying.
"However, given the intensely competitive environment and the
superior economics of marketplaces integrated into retail brands,
we have made the decision to close the MyDeal customer website."

News.com.au relates that Ms. Bardwell said MyDeal's closure, once
completed, would lead to a meaningful reduction in Woolworths
MarketPlus operating losses.

Woolworths closing MyDeal follows rival Wesfarmers announcing the
closure of its online retailer Catch at the start of the year, the
report notes.

Based in Bella Vista, Australia, Woolworths Group Ltd (ASX:WOW) --
https://www.woolworthsgroup.com.au/ -- operates retail stores in
Australia and New Zealand. It operates through Australian Food,
Australian B2B, New Zealand Food, BIG W, and Other segments.  

The Company has a working capital deficit of AUD5.828 billion as of
June 30, 2024, compared to a working capital deficit of AUD5.511
billion for the year ended June 30, 2023.


XCEL GROUP: First Creditors' Meeting Set for July 4
---------------------------------------------------
A first meeting of the creditors in the proceedings of Xcel Group
of Companies Pty Ltd (trading as Homes by Xcel) will be held on
July 4, 2025 at 11:00 a.m. via virtual meeting technology.

Graeme Beattie of Worrells was appointed as administrator of the
company on June 24, 2025.


[] SBRs Keep Struggling Companies Afloat, ASIC Report Suggests
--------------------------------------------------------------
A significant uptake in small business restructurings (SBRs) over
the last few years, and other data, suggest the SBR regime is
playing an important role in assisting struggling small businesses
to survive, a new report from the Australian Securities &
Investments Commission (ASIC) reveals.

Report 810 Review of small business restructuring process:
2022–24 (REP 810) showed there were 3,388 SBR appointments that
commenced between July 1, 2022 and Dec. 31, 2024 (the review
period). This is a significant increase from the 82 SBR
appointments from Jan. 1, 2021 to June 30, 2022 revealed in Report
756 Review of small business restructuring process (REP 756).

The number of appointments continues to increase each year, with
448 appointments in 2022-23, 1,425 in 2023-24, and appointments for
2024-25 expected to be around 3,000.

Around half of all SBR appointments during the review period came
from the Construction (27%) and Accommodation and Food Services
(23%) industries.

From those 3,388 SBR appointments, 2,820 transitioned to small
business restructuring plans (SBR plans), while the majority of the
remaining 568 appointments were terminated as a result of creditors
rejecting the proposed plan.

The SBR regime provides a streamlined process for directors of
struggling small companies to restructure their debts, while
remaining in control of the company.

ASIC Commissioner Kate O'Rourke said: 'After a slow start, the
recent growth of SBRs and other data in our report shows that the
SBR regime is starting to deliver on the intended policy objective
of reducing the complexity and costs involved in insolvency
processes for small businesses and ultimately helping them to
survive.

'Safeguards against the misuse of the SBR process are important. In
addition to the statutory safeguards, where we can, ASIC has tested
questions raised by some stakeholders about the potential misuse of
the SBR process. At this stage, we have not found evidence that
indicates widespread misuse of the SBR process.

'We will continue to monitor the uptake of SBRs and their
effectiveness. We are committed to ensuring that the SBR regime
provides a cost-effective restructuring option that supports the
survival of small business while minimising the risk of misuse.'

There was over AUD101 million in dividends distributed to unsecured
creditors from fulfilled SBR plans. Approximately 87%
(approximately AUD88 million) of these funds were distributed as
dividends to the Australian Taxation Office.

The median remuneration paid for the restructuring process remained
stable overall during the review period at AUD21,998, similar to
the AUD22,055 reported in REP 756.

In 2020, the Government introduced legislation which changed
Australia's insolvency framework for small businesses from Jan. 1,
2021. This included creating a new simplified debt restructuring
process for eligible small businesses whereby control of the
insolvent company is left in the hands of the directors and not the
appointed registered liquidator.

As a result, small business restructurings (SBRs) now occur in two
phases:

     - Appointment of a registered liquidator as the restructuring
practitioner, where:

          * directors of a company appoint a restructuring
            practitioner if the company meets the eligibility
            criteria, and the directors resolve that the company
            is insolvent or likely to be insolvent and that a
            restructuring practitioner should be appointed, and

          * a restructuring proposal period of 20 business days
            commences where the company proposes a restructuring
            plan.

     - Entering into a restructuring plan (if one is approved).

In January 2023, ASIC released REP 756 Review of small business
restructuring process covering the 82 small business restructuring
(SBR) appointments from Jan. 1, 2021 to June 30, 2022.




=========
C H I N A
=========

CIFI HOLDINGS: Gets Court OK for Overseas Debt Restructuring Plan
-----------------------------------------------------------------
Yicai Global reports that CIFI Holdings Group announced that it has
received court approval for its overseas debt restructuring plan,
which was also backed by creditors earlier this month.

Yicai relates that CIFI secured the court approval on June 26, and
the plan took effect the next day, the Shanghai-based company said.
The aim is to reduce the firm's debt load by USD5.27 billion, which
would be 66 percent of its offshore liabilities.

The company also intends to restructure its onshore corporate
bonds, which are valued at CNY10.06 billion (USD1.4 billion), with
the plan currently under internal review pending finalization.

At a May 12 creditor briefing, CIFI founder Lin Zhong said that
completing the domestic and overseas bond restructurings was
essential to the company's survival, and would greatly improve its
capital structure and balance sheet.

The builder was in positive equity, exceeding CNY10 billion, at the
end of last year, Chief Financial Officer Yang Xin noted at the
same briefing, Yicai relays.

After the restructuring, CIFI's property portfolio will have net
assets of about CNY130 billion (USD18 billion), mainly in
Beijing, Guangzhou, and other key cities, and own investment
property worth around CNY46 billion (USD6.4 billion) that
generated nearly CNY1.8 billion (USD251 million) in rental income
last year, a roughly 10 percent increase on the prior year,
according to Yicai.

At the end of 2024, CIFI's interest-bearing debt had fallen 30
percent to CNY86.6 billion (USD12 billion) from its peak, Yicai
discloses. Post-restructuring bond liabilities will more than halve
to less than CNY30 billion, with debt maturities will extend to
nine to 10 years, and interest rates will shrink to bearable
levels, Yang said.

                        About CIFI Holdings

CIFI Holdings (Group) Co. Ltd. is an investment holding company
principally engaged in property businesses. The Company mainly
operates through three segments. Property Development segment is
engaged in the development and sales of office properties,
commercial properties and residential properties in China. Property
Investment segment is engaged in the leasing of investment
properties developed or purchased by the Company for the rental
income and the appreciation of the properties' values. Property
Management, Project Management and Other Property Related Services
segment is engaged in property management and project management in
China.

As reported in the Troubled Company Reporter-Asia Pacific, in
October 2022, Fitch Ratings has downgraded China-based property
developer CIFI Holdings (Group) Co. Ltd.'s Long-Term Foreign- and
Local-Currency Issuer Default Ratings to 'CC' from 'BB-'. Fitch has
also downgraded CIFI's senior unsecured rating and the ratings on
the outstanding notes to 'CC' with a Recovery Rating of 'RR4', from
'BB-'. All the ratings have been removed from Rating Watch
Negative.

The downgrade reflects CIFI's rising liquidity risks, amid market
reports that it failed to make an interest payment for its
convertible bonds (maturing April 8, 2025) that was due in early
October, and that it was also seeking to delay certain principal
and interest payment for other financial obligations.

The TCR-AP also reported on Oct. 19, 2022, that Moody's Investors
Service has downgraded CIFI Holdings (Group) Co. Ltd.'s corporate
family rating to Ca from B3 and senior unsecured rating to C from
Caa1.  The outlook remains negative.

HOZON NEW: Seeks Investors to Resume Production Amid Restructuring
------------------------------------------------------------------
Yicai Global reports that Hozon New Energy Automobile, the owner of
the Neta electric vehicle brand undergoing bankruptcy
reorganization, has started a pre-recruitment process for potential
investors, prioritizing those who can propose feasible plans for
resuming production.

Hozon Auto will prioritize investors willing to provide financial
support for restoring factory operations, which have been halted
since November, the Shanghai-based carmaker announced on June 30,
Yicai relays. Preferred will be investors prepared for the funding
to be used for restructuring investment, it added.

Prospective investors must include an investment plan, a plan for
resuming production, an employee placement plan, an operational
plan for the company post-restructuring, and others in their
investment proposals, Hozon Auto noted, according to Yicai.

Neta's production equipment is working normally, Hozon Auto pointed
out, adding that the brand has more than 400 employees, including
its management team and core technical personnel, making it capable
of resuming operation.

Yicai, citing rumors circulating online in May, says Toyota Motor
was considering acquiring Neta. However, Xu Yiming, the head of
brand communication at Toyota Motor China Investment, and
executives from Neta told Yicai the information was false.

Neta's first mass-produced model rolled off its production line in
July 2018. Its deliveries topped 152,000 units in 2022, ranking
first among Chinese EV startups. However, its sales have since
declined, dropping to 85,900 units in the first 10 months of last
year before production was suspended.

Hozon Auto officially entered bankruptcy proceedings on June 19,
CCTV News reported on June 20.

                          About Hozon Auto

Tongxiang-based Hozon Auto manufactures electric car. It produces
vehicles under the Neta brand.

As reported in the Troubled Company Reporter-Asia in mid-June 2025,
Hozon New Energy Automobile has entered bankruptcy reorganization
proceedings.  According to Yicai Global, the National Enterprise
Bankruptcy Information Disclosure Platform updated its information
about Hozon Auto's bankruptcy case on
June 13, adding Zhejiang Zicheng Law Firm as the administrator,
along with other key management personnel, indicating that the
company has officially entered bankruptcy.




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

NEW WORLD: Secures USD11 Billion Refinancing Deal
-------------------------------------------------
Reuters reports that New World Development said on June 30 it had
received commitments for a HK$88.2 billion (USD11.24 billion) loan
refinancing package, as the property developer finalises a crucial
lifeline in a struggling market.

Reuters relates that the refinancing, poised to be one of the
largest ever seen in Hong Kong, concludes months of negotiations
over a debt package designed to bring the company back from the
brink of default.

New World, which carries one of the highest debt ratios among its
peers, changed its chief executive twice last year.

Adrian Cheng, who stepped down as CEO in September, after the
company reported its first annual loss in over 20 years, had
resigned as a non-executive director and non-executive
vice-chairman, New World said in a separate filing to the exchange
on June 30.

Giving details of its refinancing plan, New World said it had
refinanced portions of its existing offshore unsecured debt,
including bank loans, through a new facility and had also aligned
the terms of its remaining loan agreements, Reuters relays.

According to Reuters, the new facility consists of multiple
tranches of bank loans with different maturities, the earliest
being June 30, 2028.

The refinancing includes terms, such as financial covenants and
security over certain assets, that provide the firm with greater
flexibility to effectively manage its ongoing business operations
and financial requirements, the company said.

"We would like to express our sincere gratitude to the banking
community for their continued support. This is a testament to the
confidence placed in our operation," Reuters quotes Echo Huang, CEO
of New World, as saying.

She added that the group's financial management strategy is to
prioritise reducing debt and improving cash flow.

Earlier this month, Reuters reported that New World had made a
dollar bond interest payment due on June 16, offering temporary
relief to the market over its liquidity.

And June 30's update from the company followed media reports
suggested the property developer was close to securing a loan
refinancing deal.

New World's market capitalisation stood at $12 billion when Cheng,
the third-generation heir to the company, succeeded his father as
CEO in 2020 and expanded the firm's operations in Hong Kong and
China.

Its market value is currently $1.83 billion, Reuters discloses.

                          About New World

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

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

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


[] HONG KONG: Restaurant Closures Surge Amid Spending Slump
-----------------------------------------------------------
The Standard reports that Hong Kong's catering industry is
currently experiencing severe operational pressures due to an
economic downturn, with business conditions reportedly
deteriorating beyond those experienced during the pandemic, as
stated by industry leaders.

According to The Standard, Simon Wong Ka-wo, president of the Hong
Kong Federation of Restaurants & Related Trades, mentioned on a
local radio program that the weakening of local consumer spending
and the increasing trend of residents spending in mainland China
are posing significant challenges. Despite a rise in tourist
numbers this year, Wong pointed out that they still fall 20 percent
short of pre-pandemic levels, further exacerbated by a notable
decrease in average visitor spending.

The Standard says the industry's crisis has led to numerous
closures. Lawmaker and chairman of the Federation of Hong Kong and
Kowloon Labour Unions, Lam Chun-sing, noted the recent shutdowns of
multiple chain restaurants, which have impacted hundreds of
grassroots workers.

The Standard relates that Lam voiced concerns over the potential
negative effects on the re-employment opportunities for these
displaced local workers due to employers applying for the foreign
labour import scheme.

Kwok Wai-keung, a legislator from the Hong Kong Federation of Trade
Unions, highlighted that the wave of closures poses a direct threat
to the livelihoods of low-income employees, The Standard relays.

He advocated for the industry to prioritize hiring affected local
staff before resorting to importing foreign labor. Kwok also
suggested the creation of a "suspension mechanism" that would halt
the intake of foreign workers if local unemployment escalates
significantly, adds The Standard.


[] HONG KONG: Smaller Developers Become USD22BB Risk for Banks
--------------------------------------------------------------
Bloomberg News reports that while New World Development Co.'s
mounting debt has captured market attention and shaken one of
Asia's wealthiest families, Hong Kong's smaller property firms have
lenders on even higher alert.

Bloomberg relates that banks are tightening the screws on mid-sized
developers that have at least HK$173 billion (USD22 billion) in
debt. They are demanding stricter refinancing terms, asking for
credit enhancements such as collateral or guarantees, and
increasingly, halting new lending altogether, according to people
familiar.

According to Bloomberg, local developer Lai Sun Development Co. is
facing extra bank scrutiny as it seeks to refinance an October
loan, said people familiar, who requested not to be named because
the matter is private. Wang On Properties Ltd. was forced to offer
credit enhancements to banks because of cash flow concerns, other
people added.

Bloomberg says the shift underscores growing caution in a sector
long regarded as a cornerstone of Hong Kong's economy. Smaller and
mid-sized developers are being squeezed by a mix of high interest
rates and plunging asset values, the result of Hong Kong's deepest
property downturn in decades.

As these firms slash spending and rush to offload assets, the
fallout is beginning to reverberate beyond their balance sheets,
Bloomberg notes. The pressure threatens to erode bank margins,
weigh on the local job sector, and send ripples through overseas
markets where Hong Kong developers have long been active players.
What was once a reliable engine of growth is now a source of
growing financial fragility.

Bloomberg notes that the lenders are taking extra steps to minimize
fallout that's already mounting. Just in the past days, several
Hong Kong lenders were called out by Moody's Corp. for risks in
their lending to commercial real estate in the city. The credit
assessor downgraded Dah Sing Bank Ltd.'s rating and also emphasized
asset quality challenges posed by loans to the sector at Bank of
East Asia Ltd., whose outlook it held at 'negative.'

In another sign of growing stress, about HK$46 billion ($5.9
billion) in short-term debt of 11 publicly-traded smaller
developers in the Asia financial hub is at "risky" levels in the
next 12 months, according to a Jefferies Financial Group Inc.
report in February, Bloomberg relays.

The Hong Kong Monetary Authority and banks are handling developers'
financing needs on a case-by-case basis, Hong Kong Financial
Secretary Paul Chan said in an interview with local media on June
23.

When Wang On Properties sought to refinance a loan earlier this
year, it was told to go the extra mile by agreeing to repay with
residual proceeds from several joint venture projects in Hong Kong,
including its developments in Ap Lei Chau, according to people
familiar with the matter, Bloomberg relays.

Wang On received a HK$1.02 billion facility in March, downsizing
from HK$1.45 billion, the people said. The company didn't respond
to requests for comment.

Meanwhile, lenders are taking longer to assess Lai Sun's asset
quality, wary of its financial health and property revaluation,
other people said. The company didn't comment.

Hong Kong's listed second-tier developers, including Lai Sun, Far
East Consortium International Ltd. and CSI Properties Ltd. have
racked up at least HK$173 billion in debt, Bloomberg discloses
citing the Jefferies report. That accounts for about 12% of the
HK$1.4 trillion loans for property development and investment in
Hong Kong by the end of March, according to data from the Hong Kong
Monetary Authority.

"Smaller banks typically have a weaker client base and are likely
to be more exposed to second-tier developers and non-prime
properties," said Phyllis Liu, director at S&P Global Ratings, who
estimated such lenders have about 5% more property loan exposure
compared with the three largest lenders in Hong Kong, Bloomberg
relays. "They will face more volatility in their asset quality."

While New World's net debt to shareholders' equity ratio stood at
95.5% as of December, Kowloon Development Co. reached 104% and Road
King Infrastructure Ltd. surpassed 172%, perpetual bonds included,
according to Bloomberg Intelligence.




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

AJNARA INFRASTRUCTURE: ICRA Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Ajnara Infrastructure Private
Limited (AIPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+(Stable);ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          9.10       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with AIPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Incorporated in July 2006, Ajnara Infrastructure (P) Ltd (AIPL) is
part of the Ajnara group which is engaged in the development of
real estate project in Ghaziabad and Noida region. The group's
flagship company Ajnara India Ltd (rated [ICRA]BB+ (Stable); Issuer
Non-Cooperation) holds 53.6% in AIPL while the remaining
shareholding is held directly by the promoters. AIPL is engaged in
construction work for residential projects developed by the Ajnara
group in association with other developers. AIPL has started
ready-mix concrete (RMC) work in FY2018 and has also purchased
construction equipment which is expected to generate rental income
for the company.


ALCHEMIST HOLDINGS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Alchemist Holdings Limited
1511 Hemkunt Chambers,
        89 Nehru Place, New Delhi-110019

Insolvency Commencement Date: June 4, 2025

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

Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Manoj Kumar Jain
       B-7/45, Second Floor,
              Safdarjung Enclave Extension,
              New Delhi-110029
              Email: mkjain365@gmail.com

              B-318, 3rd Floorm Tower-B,
              KLJ Noida One, B-8, Sector-62,
              Noida, Gautambuddh Nagar,
              U.P. 201309
              Email: cirp.alchemistholdings@gmail.com

Last date for
submission of claims: June 18, 2025



ANISHKA DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank facilities of
Anishka Developers Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING".

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-          40.00      [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with Anishka Developers Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Anishka Developers Private Limited was incorporated in 2014 for
construction of residential projects. ADPL, in February 2015 has
launched residential cum commercial project "Green Park" in Kondhwa
in the southwest region of Pune. The company is promoted by Mr.
Kamal Bhatia who has promoted the Capricorn group. Capricorn group
has been involved in execution of real estate projects since 1980.
Apart from India, the group has executed real estate projects in UK
and Dubai (UAE).


AZAD IMPEX: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
facilities of Azad Impex Private Limited (AIPL) in the 'Issuer Not
Cooperating' category. The rating are denoted as "[ICRA]D ISSUER
NOT COOPERATING/[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         4.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term         38.00     [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with AIPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Azad Impex Private Limited (AIPL) is a privately owned company
which is engaged in the timber trading business. It has its sales
offices located in in Mundka (Delhi), Jind (Haryana) and Gandhidham
(Gujarat). The company procures timber from Malaysia, New Zealand &
Ghana etc. The variety of timber imported comprises mainly
'Meranti', 'Sal', 'Arau', and 'Kapur' which are mainly used in
furniture making and light construction work. The imported timber
logs after reaching Kandla port are transported to AIPL's factory
in Gandhidham (Gujarat) located at a distance of 15 KMs away from
the port. At the factory, the logs are cleaned and sawed to make
clean squared timber blocks as well as different shapes of moulding
and beading as per customers' requirements and specifications. All
the sawn timber produced at Gandhidham (Gujarat) is sold locally to
traders, builders located mainly in Delhi, Rajasthan, Punjab,
Haryana and Gujarat. The nature of the work is low value additive,
and the company faces high competition from numerous other players
operating in the industry, which results in modest profitability
for the company.


BABA BHUMAN: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank facilities of Baba
Bhuman Shah Ji Rice Mills (BSJR) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        17.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         3.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with BSJR, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Incorporated in 2013, BSJR is a partnership firm engaged in
milling, processing, and sorting of basmati and non-basmati rice.
The firm has its plant at Fazilka (Punjab) with a milling capacity
and sorting capacity of 6 tons per hour each. It undertakes milling
of basmati as well as non-basmati rice, however ~80% of its revenue
is derived from basmati rice. The firm sells its products directly
to its customers as well as through commission agents. BSJR
supplies rice mainly in Delhi, Haryana, and Punjab. The firm sells
its products mainly to wholesalers in domestic markets who further
export the same to overseas markets.


BHANU COSMETICS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Bhanu Cosmetics Packaging Pvt Ltd
18, NIGOS INDUSTRIAL ESTATE,
        CAMA INDUSTRIAL ESTATE ROAD,
        GOREGAON (E), MUMBAI 400063

Insolvency Commencement Date: May 8, 2025

Estimated date of closure of
insolvency resolution process: November 4, 2025

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Girish Prabhakar Muley
       203, Triveni, DSK Raanwara,
              Bavdhan, Pune 411021 ye
              Email id: muleyg@gmail.com

              c/o POT Capital
              Off. no. 9, 2nd Floor,
              22 Rajabahadur Mansion,
              Mumbai Samachar Marg, Mumbai -400001
              Email id: cirp.bhanucosmetics@gmail.com

Last date for
submission of claims: June 26, 2025


CHILAKALURUPET MUNICIPALITY: ICRA Keeps B+ Rating in Not Coop.
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Chilakalurupet Municipality
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Issuer Rating       -        [ICRA]B+(Stable);ISSUER NOT
                                COOPERATING; Rating continues to
                                remain under 'Issuer Not
                                Cooperating' category

As part of its process and in accordance with its rating agreement
with Chilakalurupet Municipality, ICRA has been trying to seek
information from the entity so as to monitor its performance
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

The CPM was upgraded to a first-grade municipality in 2001 and is
governed as per the Andhra Pradesh Municipal Act, 1994. The
municipality manages the municipal services in Chilakalurupet town,
situated in the Guntur district of Andhra Pradesh and covers an
area of 18.13 square kilometer (Sq. Km.), serving a population of
101,398 (as per Census 2011). The major functions of the CPM
include water supply, solid waste management and construction,
repair and maintenance of roads and streetlights in its area. The
CPM is divided into 34 municipal wards and is supervised by an
elected body, the Council, consisting of ward councilors, who
further elect a Chairperson. The Commissioner is appointed by the
State Government and is the principal executive officer of the
municipality.


CHINAR REALTY: Liquidation Process Case Summary
-----------------------------------------------
Debtor: CHINAR REALTY PRIVATE LIMITED
F. No 401, Block G Gaurav Fourth Floor
        Chinarr Dream CT, Ratanpur Sadak,
        Ward No. 84 Hoshangabad Road, Misrod,
        Bhopal, Huzur, Madhya Pradesh, India, 462047

Liquidation Commencement Date: June 11, 2025

Court: National Company Law Tribunal, Indore Bench

Liquidator: CS Mohd. Raees Sheikh
     213, Azad Nagar, Goli-Karkhana
            Indore 452001 Madhya Pradesh
            Email: mrsheikh.pcs@gmail.com

            c/o Swan Investment,
            H-3, P-15-16 Metro Tower,
            Vijay Nagar Square,
            Indore-452010 MP IN
            Email: Liquidation.chinarrealty@gmail.com

Last date for
submission of claims: July 11, 2025


COOCH BEHAR: ICRA Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long Term rating of Cooch Behar Mission Hospital
Private Limited (CBMH) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B-(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         25.49       [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          9.51       [ICRA]B- (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with CBMH, ICRA has been trying to seek information from the entity
so as to monitor its performance Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Established in 2007, CBMH is in the process of setting up a 136 bed
multi-specialty hospital in Cooch Behar One of the promoters of the
company, Dr. Nirmal Palit, has a long experience as a doctor. CBMH
commenced commercial operation with 20 beds in November 2014. At
present, the hospital is operating with 100 beds. However, a
significant portion of the proposed infrastructure of the hospital
is yet to be developed.


DSL INFRASTRUCTURE: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating of DSL Infrastructure And Space
Developers Pvt. Ltd. (DSL) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long Term         50.00       [ICRA]B+(Stable); ISSUER NOT
   Unallocated                   COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

As part of its process and in accordance with its rating agreement
with DSL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

DSL Infrastructure and Space Developers Private Limited (DSL) is a
Special Purpose Vehicle incorporated on 16th September 2006 to
develop an integrated IT Park, shopping mall and Multiplex spread
over 4.238 acres of land. DSL Infra was promoted by Sri Laxmi
Prasad Agarwal and Sri Manoj Kumar Agarwal to carry on the business
of infrastructure development. The promoters have acquired landed
measuring 4.24 Acres situated at IDA, Uppal located on Hyderabad -
Warangal National highway [NH202] which is in close proximity to
the fast-emerging IT hub. In Phase I, the company proposes to
develop Commercial Mall and Multiplex space of 0.62 Mn sft. In
phase II, the company proposes to develop Office Space of about
0.80 Mn sft on the balance of project land.


ELURU MUNICIPAL: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Eluru Municipal Corporation
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Issuer Rating       -        [ICRA]B+(Stable);ISSUER NOT
                                COOPERATING; Rating continues to
                                remain under 'Issuer Not
                                Cooperating' category

As part of its process and in accordance with its rating agreement
with Eluru Municipal Corporation, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

In the year 1866, the urban local body (ULB) in Eluru was
established as a Municipality and, subsequently, the Municipality
was upgraded to a Municipal Corporation in April 2005. The
functioning of Eluru Municipal Corporation (EMC) is governed by the
Andhra Pradesh Municipal Corporation Act, 1994 (Act), which is
administered by the Municipal Administration and Urban Development
Department (DMA), Government of Andhra Pradesh (GoAP). EMC is
primarily responsible for providing basic civic services and
amenities to the inhabitants of the city. The key services extended
by the Corporation are construction and maintenance of roads,
drains and streetlights, solid waste management, and creation and
maintenance of amenities such as shopping stalls, community hall,
playgrounds, parks/gardens etc.


INDUS PROJECTS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Indus Projects Limited
304 Loha Bhavan, P D Mello Road,
        Masjid, Mumbai-400009,
        Maharashtra, India

Insolvency Commencement Date: May 8, 2025

Estimated date of closure of
insolvency resolution process: November 4, 2025

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Vivek Satyaprakash Jalan
       Tower 3/1502, Spring Grove Tower,
              Lokhandwala Township, Akurli Road
              Kandivali East, Near Centrium Mall,
              Mumbai Suburban, Maharashtra, 400101
              Email: cavivekjalan81@gmail.com

              A-402, Suashish IT park, Dattapada road,
              Borivali East, Mumbai 400066
              Email: cirp.indusprojectslimited@gmail.com

Last date for
submission of claims: June 25, 2025

KAILASH TRADING: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kailash
Trading Corporation (KTC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      5.65       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 27, 2024, placed the rating(s) of KTC under the 'issuer
non-cooperating' category as KTC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
KTC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 12, 2025,
April 22, 2025, May 2, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

KTC established in 2001 by Mr. K Chandrasekhar is engaged in
trading of engineering and commodity plastics. On the commodity
plastics segment KTC acts as a consignment agent of LG and on the
engineering plastics segment it imports polymers like hostaform,
celanex and sells them to Tier 1 and Tier 2 OEM's of automobile and
electronic industries. The firm operates out of Chennai and has a
warehouse of capacity 4000 sq. Ft.


KALASHREEMUKHA: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Kalashreemukha (K) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      15.00       CARE B-; Stable; ISSUER NOT
   Facility                        COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 6, 2024, placed the rating(s) of K under the 'issuer
non-cooperating' category as K had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
K continues to be non-cooperative despite repeated requests for
submission of information through emails dated April 22, 2025, May
2, 2025, May 12, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Bhubaneswar (Odisha) based, Kalashreemukha was established as a
proprietorship firm by Mr. Niranjan Sahoo in 2005. The firm is a
redistribution stockist of Hindustan Unilever Limited (HUL),
stockist of Dabur India Limited (Dabur) and wholesaler of Parle
Products Private Limited (Parle) for all its products segments. The
product segments of the firm include soaps and detergents, personal
care products, health care products and food & beverages etc. The
firm is also engaged in trading of readymade garments and its shop
is located in Konark, Puri.

KSK MAHANADI: NCLAT Allows Fresh Bidding for Raigarh Champa Rail
----------------------------------------------------------------
The Economic Times reports that the National Company Law Appellate
Tribunal (NCLAT) quashed a Hyderabad bench NCLT order that denied
permission to the lenders of debt-ridden Raigarh Champa Rail
Infrastructure to start a fresh bidding process. This is a relief
for JSW Energy, which had sought permission to participate in the
insolvency resolution process of Raigarh Champa Rail
Infrastructure, an ancillary company of KSK Mahanadi.

JSW Energy had acquired KSK Mahanadi Power, a 3,600 MW thermal
power plant in Chhattisgarh, for Rs 16,084 crore through the
insolvency process, earlier in March this year, ET recalls.

According to ET, the Chennai-bench of the NCLAT said it saw no
demerits in the decision of the lenders' body CoC to invite fresh
Expression of Interest (EoI) by re-issuing fresh Form G, inviting
new prospective buyers as it "will certainly increase competition
and in all likelihood, result in higher bids."

". . . since, the EoI is proposed to be reopened for everybody and
not for JSW alone, it is fair and transparent and not
discriminatory and that since, existing PRAs (Prospective
Resolution Applicants) are proposed to be retained with option
given to them to participate in challenge mechanism, it is also
fair to the existing Resolution Applicants," it said.

ET relates that the tribunal had said it is" proposed to be the
Reserve Price, there cannot be any value erosion of the Corporate
Debtor, if EoI process is reopened" over the bid submitted by Medha
group, which was the highest and also approved earlier by RCRIPL
lenders with 100 per cent votes.

Five companies, including Adani Power, Jindal Power, Medha Servo
Drives, Sherisha Technologies and Vedanta, had bid to acquire the
special Purpose Vehicle (SPV) promoted by KSK group.

Earlier, on April 3, 2025, the Hyderabad bench of the NCLT denied
permission to the RP and the lenders' body Committee of Creditors
(CoC) for issuance of a fresh Form G and invitation of EoI from new
eligible Prospective Resolution Applicants, including JSW Energy,
ET says.

In the fresh bidding, the NCLT had directed to conduct the
challenge mechanism amongst the bidders as earlier decided by the
CoC.

However, NCLAT said it sees no demerits in the proposal of the RP
and decision of the CoC, as going by previous decisions, the
lenders' body has the power to call for fresh Form G and permit
other PRAs to participate even after submission of EoI, ET relays.

"The Impugned Order of April 3, 2025, is hereby quashed and as a
consequence. The relief as sought for, by the Resolution
Professional, to be permitted to issue fresh Form G and to invite
Expression of Interest (EoI) from new and interested eligible
Prospective Resolution Applicants is granted," said the NCLAT order
passed on June 19, 2025 by a two member comprising Justice Sharad
Kumar Sharma and Jatindranath Swain.

Form G under IBC is an Invitation for Expression of Interest (EoI)
and is published by the Resolution Professional (RP) to invite
potential resolution applicants to submit their proposals for
taking over a company undergoing CIRP.

This was challenged before the appellate tribunal NCLAT, which on
June 16 quashed the NCLT order, ET notes.

                 About KSK Mahanadi Power Company

Incorporated in 2009, KSK Mahanadi Power Company Ltd (KMPCL) owns a
3,600 MW thermal power plant located in Chhattisgarh.

The National Company Law Tribunal (NCLT), Hyderabad, on April 30,
2024, admitted Aditya Birla ARC's initiation of insolvency process
petition against the personal guarantees given by the promoters of
KSK Mahanadi Power Company K.A. Sastry and S. Kishore.


LASCO LIFESTLYE: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of Lasco
Lifestlye Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D;ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        30.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Lasco Lifestlye Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Incorporated in 2004, Lasco Lifestyle Ltd. is engaged in the
business of trading silk and art silk fabric, and processed greige
fabric. In the case of the latter, the company procures the greige
fabric, and since it does not have any in-house processing
capacity, it outsources the processing activities such as dyeing,
embroidery, etc. to other job-work units in Surat, and then markets
the processed fabric. The direct trading of silk and art silk
fabric (or ready-made fabric) accounts for ~75% of the total sales
and the remaining from processed greige fabrics. The fabrics traded
by the company find application in the manufacture of sarees, dress
materials and shirting.


MAX TRANSPORT: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s. Max Transport Limited
156, Doshi Tower, Poonamalle High Road
        Kilpauk, Chennai-600 010 Tamil Nadu

Insolvency Commencement Date: June 10, 2025

Estimated date of closure of
insolvency resolution process: December 17, 2025

Court: National Company Law Tribunal, Chennai Bench

Insolvency
Professional: Radhakrishnan Gopal, Chartered Accountant
       V 90/3 Shree Chella Apartments, 5th Avenue,
              Anna Nagar, Chennai, Tamil Nadu, 600040
              Email: maxtransportcirp@gmail.com
       Phone: 044/42693157
Last date for
submission of claims: June 24, 2025


MCLEOD RUSSEL: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Mcleod Russel
India Limited (MRIL) in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-       491.76       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term-       360.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term/       163.92       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Fund Based/                   remain under 'Issuer Not
   Cash Credit                   Cooperating' Category

   Short-term        15.41       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
   Others                        'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with MRIL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

McLeod Russel India Limited (MRIL), the tea plantation company of
the Kolkata-based B.M. Khaitan Group, was originally incorporated
as Eveready Company India Private Ltd. on May 5, 1998. MRIL was
formed after the demerger of the bulk-tea business from Eveready
Industries India Ltd. (EIIL) with effect from April 1, 2004. MRIL
has acquired several other companies like Williamson Tea Assam in
FY2006, Doom Dooma Tea Company in FY2007 and Moran Tea in FY2008.
These acquisitions helped MRIL increase the number of tea estates
to 53 in India, with the total land under tea cultivation being
33,723 hectares (Ha). MRIL also acquired tea estates through its
subsidiaries in Vietnam (three tea estates and seven factories),
Uganda (six tea estates and five factories) and Rwanda (two tea
estates and two factories) between CY2009 and CY2014, which took
the total production to around 118 Mkg on a consolidated basis
during FY2018. In the recent past, MRIL has sold one tea estate in
the Dooars, and twenty more, of which eighteen are in Assam and two
in Dooars. Post conclusion of the sale, the company would have 32
tea estates with the capacity to manufacture around 42 mkg of tea
from own leaves. MRIL is primarily a producer of CTC tea, which
accounts for around 96% of the total tea production.


MEP SANJOSE: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term rating of Mep Sanjose Kante Waked Road
Private Limited (MSKWRPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long Term-       (36.72)     [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable              Rating Continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term-       371.83      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term-         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with MSKWRPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative.

In the absence of requisite information and in line with the
aforesaid policy of ICRA, the rating has been continued to the
"Issuer Not Cooperating" category. The rating is based on the best
available information.

MEP Sanjose Kante Waked Road Private Limited (MSKWRPL) is a Special
Purpose Vehicle (SPV) promoted by MEP Infrastructure Developers Ltd
(MEPIDL) in joint venture with Sanjose India Infrastructure &
Construction Pvt. Ltd. (SIICPL) for implementing a road project
involving upgradation from two-lane to four-lane of Kante Waked
road in the state of Maharashtra from Km 281.30 to Km 332.30 (Total
Length 50.90 km) and construction of additional 2 lanes. The
project is awarded under the National Highway Development Project -
IV (NHDP-IV) on Hybrid Annuity mode (HAM). The bid project cost is
INR826.28 crore and has a concession period of 17 years (including
2 years of construction period).


NAVNIT AUTOSPARES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Navnit
Autospares (Nagpur) Private Limited (NAPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.60       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 21, 2024, placed the rating(s) of NAPL under the 'issuer
non-cooperating' category as NAPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
NAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated May 7, 2025, May
17, 2025 and May 27, 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

Navnit Autospares (Nagpur) Private Limited was incorporated in 2002
and is engaged in the distribution of commercial vehicle spare
parts of Tata Motors Limited.


NEXTRA TELESERVICES: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Nextra Teleservices Private Limited
83, Chilla Village (near Fraser Suits Hotel),
        Mayur Vihar, Phase-I, Delhi-110091

Liquidation Commencement Date: June 9, 2025

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Pushpinder Kumar
     4A/54 Old Rajinder Nagar,
            New Delhi- 110060
            Email: pushpinderraiip@gmail.com
            Email: liquidatornextrateleservices@gmail.com

Last date for
submission of claims: July 9, 2025


NIPPON PAPER: CARE Assigns B Rating to INR140.50cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Nippon
Paper Mills Private Limited (NPMPL; formerly Dwarkapati Smelters
Private Limited), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term
   bank facilities     140.50      CARE B; Stable Assigned

   Short-term
   bank facilities      10.00      CARE A4 Assigned

Rationale and key rating drivers

The ratings assigned to the bank facilities of NPMPL take into
account the fragmented nature of industry leading to intense
competition, susceptibility to volatility in raw material price
fluctuation, nascent stage of operation and stretched liquidity
position. The ratings also take note of the project implementation
risk related to the capacity expansion of 200 MT per day for its
duplex line and 5MW cogen power plant with total project cost of
INR125 crore.

The above constraints are offset by its experienced promoters,
diversified product basket with flexibility to change product mix,
and diversified customers base with presence in diverse end user
industries.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Increase in scale of operation above INR100 crore with PBILDT
margin above 10% on a sustained basis.

* Successful completion and ramp-up of the expansion unit with no
major time or cost overrun.

Negative factors

* Any major time or cost overrun in the completion of the expansion
unit.

* Deterioration in overall gearing ratio above 1.50x on a sustained
basis.

Analytical approach: Standalone

Outlook: Stable

CARE Ratings believes that the entity shall sustain its moderate
financial risk profile over the medium term.

Detailed description of key rating drivers:

Key weaknesses

* Fragmented nature of industry leading to intense competition: The
kraft paper industry is highly fragmented due to low entry
barriers, leading to stiff competition among numerous organized and
unorganized players. This intense competition results in
significant pricing pressure and a challenging business
environment. The paper industry is cyclical and depends on various
factors, including general economic conditions, industry demand,
and supply. The recent surge in new capacity additions has resulted
in an oversupply situation, with supply growth outpacing demand
growth.

* Susceptibility to volatility in raw material price fluctuation:
The company's kraft paper manufacturing business is heavily
dependent on wastepaper as its primary raw material, which is
sourced from domestic markets apart from power & fuel and
chemicals. This reliance makes the business vulnerable to price
fluctuations driven by supply and demand dynamics. These raw
materials and finished goods are globally traded commodities with
volatile prices.

* Nascent stage of operation: The company began its operations in
July 2024 and is currently in the early stages of development. The
company has earned revenue of INR78.90 crore in FY25 (Prov.) with
PBILDT margin of 17.87%. With high capital cost, PAT margin stood
at 0.84% in FY25 (Prov.). The company earned GCA of INR8.90 crore
vis-à-vis debt repayment obligation of INR0.36 crore in FY25.

* Project implementation risk: The company is planning to install
another plant having a capacity of 200MT per day for its duplex
line and a 5MW cogen power plant with a total project cost of
INR124.83 crore. The same shall be funded out of term loan of
INR64.50 crore and balance INR60.33 crore shall be funded in the
form of equity and unsecured loans. The orders for machineries
involved in setting up the plant have already been placed, and the
plant is expected to be operational by August 2025. As on May 31,
2025, the company has already incurred around INR65 crore. The same
is funded by term loan of around INR30 crore, and for the balance
INR35 crore, the same is funded by the promoters through INR33
crore in equity infusion and INR2 crore of unsecured loans.

Key strengths

* Experienced promoters: NPMPL is promoted by Sanjay Kumar Dalmia,
Akash Agarwal, Vivek Kumar Banka, Sonal Choudhary and Neelu Banka.
The overall operations of the company are managed by Vivek Kumar
Banka, who has over two decades of experience in the paper
industry, along with a team of experienced professionals.

* Diversified product basket with flexibility to change product
mix: NPMPL has diversified paper product portfolio with
manufacturing facilities for Newsprint (NP), Printing and Writing
Paper (PWP) and Kraft Paper (KP) catering to diverse end-user
segments. The company is expanding its product base to include the
manufacturing of paper bags. However, the company is focusing on
the production of PWP and KP. NP market is not good and accordingly
the company is not focusing on manufacturing the same.
Additionally, NPMPL is establishing a duplex board plant, which is
expected to be operational by August 2025, to produce primary
packaging.

* Diversified customers base with presence in diverse end user
industries: Given NPMPL's diversified product basket, the company
has diversified customer base from varied end-user industries. NP
is used by print media for printing newspapers. PWP finds
application in notebooks, textbooks, and copier paper (education
sector). KP is used in packaging operations for packing, wrapping
individual items, bundling and void fill. Currently, the company
has a customer base in West Bengal, Bihar, Odisha, and Jharkhand.
With the commencement of duplex board production, the company will
also begin exporting its products. Additionally, the company plans
to start manufacturing paper bags, which will be sold both
domestically and internationally. However, top 10 customers
constitute around 70% of the total revenue. Going forward the
customer base is going to diversify.

Liquidity: Stretched

The liquidity position of the company is stretched marked by some
instances of overdrawal in its working capital limits, not
exceeding 30 days. The company has a debt repayment obligation of
INR4.63 crore in FY26 against which the company is expected to
generate sufficient cash accruals. The average working capital
limit utilisation stood at 97% during the last 11 months period
ended June 2025.

NPMPL, based in Kolkata, West Bengal, was incorporated on March 26,
2019. Dwarkapati Smelters Private Limited acquired all the assets
of Kohinoor Paper and Newsprint Private Limited (KPNPL) for a
consideration of INR53.45 crore, without assuming any liabilities
under the liquidation process. Consequently, the company took over
total assets worth INR201.53 crore. The scheme received approval
from the NCLT on February 23, 2024 for merger of KPNPL with NPMPL.
The company started its operations
from July 2024.

The company spent a total of around INR110 crore in acquisition and
upgradation. The acquisition cost amounts to INR53.45 crore, while
the upgradation costs are INR56.55 crore which was partially funded
out of term loan of INR42 crore and balance out of equity/unsecured
loans from promoters. The company is in the manufacturing of KP,
PWP, NP, duplex with a production capacity of 140 metric tons per
day. The company is setting up another plant of 200 metric tons per
day.

P. RAJA: CARE Keeps B- Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P. Raja
(PR) continues to remain in the 'Issuer Not Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 28, 2024, placed the rating(s) of PR under the 'issuer
non-cooperating' category as PR had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PR continues to be non-cooperative despite repeated requests for
submission of information through emails 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

Namakkal based P. Raja (PR) was established in the year 2005 by Mr.
P. Raja. The proprietor who runs a poultry business in the name of
'Raja Poultry Farm' has more than two decades of experience in
poultry business. The firm is engaged in farming of egg laying
poultry birds (chickens) and trading of eggs, cull birds and their
manure. The firm sells its products like eggs and cull birds to
retailers located in Trichy and Kerala. The firm mainly buys chicks
from Skylark Hatcheries. The firm purchases raw materials for
feeding birds like rice brokens, maize, sun flower oil cake, shell
grit, minerals and soya from local traders. The firm has an
installed capacity of 1,50,000 birds per annum. The firm has not
availed COVID-19 moratorium for its rated facilities.


RAJAMANICKAM POULTRY: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Rajamanickam Poultry Farm (RPF) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 27, 2024, placed the rating(s) of RPF under the 'issuer
non-cooperating' category as RPF had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RPF continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 12, 2025,
April 22, 2025, May 2, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Rajamanickam Poultry Farm (RPF) was established in the year 2002 by
Mr. Rajamanickam Gurram along with his family members. The partners
have more than two decades of experience in poultry business. The
firm is engaged in farming of egg, laying poultry birds (chickens)
and trading of eggs, cull birds and their Manure. The firm mainly
buys chicks from Venky's India Limited. The firm purchases raw
materials for feeding of birds like rice brokens, maize, sun flower
oil cake, shell grit, minerals and soya from its associate concerns
(Guna Poultry Feeds). The firm sells all its products like eggs and
cull birds to local traders. The firm has installed capacity of
3,00,000 number of birds.


RAMAKRISHNA HOUSING: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Ramakrishna Housing (P)
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-        315.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with Ramakrishna Housing (P) Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.


Ramakrishna Housing Private Limited was incorporated in January
2014 and is promoted by Mr. K.P.V. Anjani Kumar and his wife Mrs.
K.C.V. Durga Devi. The promoters have earlier developed several
residential projects under different group entities namely,
Ramakrishna Townships & Projects, and Ramakrishna Housing
(partnership firm). Ramakrishna Group has acquired 53 acres to
construct and develop a township in Kaza, Mangalagiri Mandal of
Guntur District. The company is constructing 25 high-rise
apartments ranging from 24 to 31 floors in a phased manner in the
name of 'Ramakrishna Venuzia'. Phase-I, consists of 8 towers; Phase
II, consists of 9 towers; and Phase III, consists of 8 towers.
Initially, under Phase I, the company is constructing 6 out of 8
towers, namely, Tower No. 2, 6, 8 and 3, 4, 5 with a total saleable
area of 21.50 lakh sft. The Total Project Cost (TPC) of INR645.71
crore is proposed to be funded through INR100 crore (15% of TPC) of
equity, INR205 crore (32%) of project loan, INR16 crore (2%) of
equipment finance loan and remaining INR324.71 crore (50%) by way
of customer advances. The construction activity has commenced
during Q1FY2017. Till December 2017, RHPL incurred INR276.20 crore
which is funded through INR68.66 crore promoters' contribution,
INR115.80 crore debt and INR91.74 crore customer advances.


RAYBAN FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
facilities of Rayban Foods Private Limited (RFPL) in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]D;ISSUER
NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         2.69      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term-        30.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term/         9.81      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

   Short term-        7.50      [ICRA]D; ISSUER NOT COOPERATING;
   Non fund based               Rating Continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with RFPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative.

In the absence of requisite information and in line with the
aforesaid policy of ICRA, the rating has been continued to the
"Issuer Not Cooperating" category. The rating is based on the best
available information.

RFPL commenced operations in FY2010 and is involved in the business
buffalo meat processing. The company operates from its meat
processing plant located at Hapur, Uttar Pradesh.


REALTIME TECHSOLUTIONS: ICRA Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Realtime
Techsolutions Private Limited (RTTS) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         6.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short Term-        3.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-Fund Based-               Rating continues to remain under
   Letter of Credit              'Issuer Not Cooperating'
                                 Category

   Short Term-       16.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-Fund Based-               Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category
  
As part of its process and in accordance with its rating agreement
with RTTS, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Established in 1998, Realtime Techsolutions Private Limited (RTTS)
is a niche player delivering end-to-end system integration and
software solutions for the Defence sector that requires extreme
levels of performance reliability and robustness. The company
combines system integration and software capabilities across
multiple platforms and operating systems to deliver a range of
products and subsystems designed and tested to perform under severe
conditions. The company is ISO-9001- 2008 certified.


RICHA INDUSTRIES: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Richa Industries Limited
Plot No-29, DLF Industrial Area Phase-II, Fadirabad,
        Fadirabad, Haryana, India, 121003

Liquidation Commencement Date: June 11, 2025

Court: National Company Law Tribunal, Chandigarh Bench

Liquidator: Mohit Chawla
     SCO 26, Level III, Shri Balaji Complex,
            Old-Ambala Road,
            Dhakauli, Zirakpur-140603
            Email: camohitchawla@gmail.com
            Contact: 09888003303
            Email: liq.richa@gmail.com

Last date for
submission of claims: July 11, 2025


SAPTHA ZEAL: Liquidation Process Case Summary
---------------------------------------------
Debtor: Saptha Zeal Private Limited
Roshni House, Kumarapuram Medical College P.O
        Thiruvananthapuram-695011, Kerala

Liquidation Commencement Date: June 12, 2025

Court: National Company Law Tribunal, Kochi Bench

Liquidator: Reuben George Joseph
     37/2038, 1st floor, Muttathil Lane,
            Kadavanthra, Cochin-682 020
            Kerala
            Email: reuben.joseph@gja.co.in
            Email: SZPLCIRP@gmail.com

Last date for
submission of claims: July 12, 2025


SIRI RAM: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: Siri Ram Syal Hydro Power Private Limited
87A, Adhachini Sri Aurobindo Marg,
        South Delhi, New Delhi- 110017

Insolvency Commencement Date: June 11, 2025

Estimated date of closure of
insolvency resolution process: December 7, 2025  (180 Days)

Court: National Company Law Tribunal, New Delhi Bench Court-III
Insolvency
Professional: Vikram Bajaj
              214, Second Floor, Tower A,
              Spazedge, Tower A, Sector 47,
              Gurgaon, Haryana, 122018
              Email: bajaj.vikram@gmail.com

              Immaculate Resolutions LLP
              Unit No. 112, First Floor,
              Tower-A, Spazedge Commercial Complex,
              Sector-47, Sohna Road, Gurgaon-122018
              Email Id: ibc.srshp@gmail.com

Last date for
submission of claims: June 25, 2025


STEEL STOCKHOLDERS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of The Steel
Stockholders Syndicate (TSSS) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       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 21, 2024, placed the rating(s) of TSSS under the 'issuer
non-cooperating' category as TSSS had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
TSSS continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated May 7, 2025, May
17, 2025 and May 27, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Pune based, The Steel stockholders Syndicate (TSSS), is a
partnership firm established in 2003 by Mr Pankaj Shah and Mr Kiran
Shah. The entity is engaged in trading of PVC pipes and fittings,
CI pipes, valves, waterproofing items, RCC pipes among others. TSSS
is authorized distributor of Finolex Industries Limited, Zoloto
industries, Matrix valves private Limited, Kapilansh Dhatu Udyog
Private Limited. The firm is part of the Ambalal and Sons group,
which has its presence in trading, consultancy and civil work. The
group caters to the variety of end-user industries and has customer
base across Maharashtra.


SUNSHINE HOUSING: Liquidation Process Case Summary
--------------------------------------------------
Debtor: M/s. Sunshine Housing and Infrastructure
         Private Limited
        1 Moti Mahal, 221, Station Road,
        Goregaon West, Mumbai city,
        Mumbai, Maharahstra, India, 400062

Liquidation Commencement Date: June 2, 2025
  
Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Mr. Gaurav Ashok Adukia
     Anand Bhavan Jamnadas Adukia Road,
            Kandivali West Mumbai City,
            Maharastra, 400067
            Email: gauravadukia@hotmail.com

            Sumedha Management Solutions
             Private Limited
            C-703, Marathon Innova, Lower Parel (West)
            Mumbai 400013, Maharashtra
            Email: cirp.ship@gmail.com

Last date for
submission of claims: July 9, 2025


SURYA SRI: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long Term rating of Surya Sri Rice Mill (SSRM) in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.51        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.15        [ICRA]B+ (Stable) ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         41.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.34        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with SSRM, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Surya Sri Rice Mill (SSRM) was established in the year 2005 and is
engaged in the milling of paddy and produces raw and boiled rice.
It was promoted by Mr. Vishwanadha Reddy. The firm has a milling
unit in Koppavaram-East Godavari district of Andhra Pradesh with an
installed capacity of 108,000 MTPA.


SWASTIK ISPAT: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Swastik Ispat Private Limited
PLANT SIDE ROAD, ROURKELA,
        Orissa, India, 769001

Insolvency Commencement Date: June 12, 2025

Estimated date of closure of
insolvency resolution process: December 9, 2025

Court: National Company Law Tribunal, Cuttack Bench

Insolvency
Professional: CA (IP) Payal Agarwal
       Old College Lane, Nimchouri,
              Cuttack, Odisha 753002,
              Email: agarwalpayal2008@gmail.com
              Email: swastikispat.cirp@gmail.com

Last date for
submission of claims: June 26, 2025



TERMICO ENGINEERS: CARE Assigns B+ Rating to INR12.43cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Termico
Engineers & Erectors Private Limited (TEEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            12.43      CARE B+; Stable Assigned
   Bank Facilities      

   Long Term/            7.57      CARE B+; Stable/CARE A4
   Short Term                      Assigned
   Bank Facilities       
                                    
   Short Term            5.00      CARE A4 Assigned
   Bank Facilities       

Rationale and key rating drivers

The ratings assigned to the bank facilities of TEEPL factors in
modest scale of operations, low net-worth base and limited track
record of operations. Further, the ratings are constrained by
susceptibility of margins towards construction material price
volatility, tender driven nature of business and highly competitive
industry. The credit profile derives comfort from wide experience
of promoters in the industry, moderate profitability margins,
moderate capital structure & debt coverage indicators and moderate
order book position of TEEPL, providing medium term revenue
visibility.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* A substantial increase in the scale of operations, as marked by
total operating income of above Rs 70 crore with PBILDT margin
above 6.00% on a sustained basis.

Negative factors

* Decline in scale of operations and the profitability margins as
marked by the PBILDT margin of below 4.00% on a sustained basis.

* Deterioration in the capital structure as marked by the overall
gearing ratio of above 2.50x on a sustained basis.

Analytical approach: Standalone

Outlook: Stable

The 'Stable' outlook reflects that the firm will continue to
benefit from the long-standing experience of promoters in the
industry.

Detailed description of key rating drivers:

Key weaknesses

* Modest scale of operations: The total operating income (TOI) of
the company remained modest at INR53.89 crore (PY: Rs.43.18 crore)
in FY25 (refers to the period from April 1, 2024 to March 31,
2025). The modest scale limits the company's financial flexibility
in times of stress and deprives it of scale benefits.

* Low net-worth base: The net worth base of the firm stood low at
INR9.64 crores as on March 31, 2025 (PY: Rs.6.53 crore). The
improvement in net worth was primarily on account of accretion of
reserves. During FY24 & FY25, Unsecured loans from promoters of Rs
3.33 crore are treated as quasi equity supported by the latest
sanction letter.
* Limited track record of operations: Since TEEPL has only been
operational for a few years, it is still in the process of
establishing its market position and brand reputation due to
limited track record. However, the promoters are well experienced
in the industry, leading to established relationships with its
customers and suppliers.

* Highly competitive industry: TEEPL operates in a competitive
construction industry, contending with both organized and
unorganized competitors due to the low barriers to entry. Numerous
small and regional players serve the same market, which has reduced
the company's bargaining power and put pressure on its margins.

* Susceptibility of margins towards construction material price
volatility: The entity's operating margin is vulnerable to sudden
increases in the prices of input materials, as well as rising
labour costs, given the labour-intensive nature of the industry.
However, majority of the contracts have price escalation clause,
which allows the company to pass on the incremental input materials
and other costs to its customers.

* Tender driven nature of business: TEEPL's revenue stream relies
on tender-based projects, making its success dependent on securing
these contracts. The intense industry competition exerts
significant pressure on profit margins. However, the promoters'
extensive experience in the construction industry help mitigate
this risk.

Key strengths

* Experienced Promoters: TEEPL's promoters have more than three
decades of experience in engineering construction industry, which
has helped the company to secure regular orders. Over the years,
the company has expanded its operations into different states in
India. TEEPL has established strong relationships with its
customers, aiding in securing high value orders.

* Moderate though concentrated order book position: As on April 10,
2025, TEEPL has order book of INR191.85 crore which is expected to
be completed by July 2028. The order book to TOI for FY24 stood
moderate at 4.4x, translating into strong revenue visibility over
short to medium term. The orderbook is highly concentrated with a
single order constituting ~67% of the total orders in hand,
however, this order is from Bharat Heavy Electricals Limited, which
significantly minimizes the counterparty risk due to their strong
reputation and stability.

* Moderate profitability margins: TEEPL's operating profitability
exhibited stood moderate with profit before interest, lease
rentals, depreciation, and taxation (PBILDT) margin within the
range of 6-9% in the past three years ended FY25. The profitability
margin of the firm stood moderate as reflected by PBILDT and PAT
margin of 7.30% (PY: 5.94%) and 3.26% (PY: 2.23%) respectively in
FY25. The improvement in the profitability in FY25 was on account
of execution of contracts offering better margins.

* Moderate capital structure and debt coverage indicators: The
entity's capital structure stood moderate, as marked by an overall
gearing of 1.52x as on March, 31, 2025 (1.20x as on March, 31,
2024) with high reliance on external debt, largely for working
capital needs. The debt profile comprises working capital debt and
term loans. The total outside liabilities to net worth stood high
at 3.23x as on March, 31, 2025 (3.99x as on March, 31, 2024). The
deterioration in capital structure was on account of higher
utilisation of working capital limits. Debt coverage indicators
stood moderate as marked by interest coverage of 2.34x in FY25
(2.43x in FY24) and total debt to GCA (TD/GCA) of 6.95x in
FY25(6.26x in FY24).

Liquidity: Stretched

Liquidity is stretched, marked by tightly matched accruals
vis-à-vis repayment obligations. TEEPL has generated gross cash
accruals of INR2.11 crore in FY25 (A) and is expected to generate
GCA of INR2.64 crores in FY26 against repayment obligations of
around INR2.04 crore in the same year. Further, the company has low
unencumbered cash and bank balances of INR0.17 crore as on March
31, 2025.The net working capital cycle stood elongated at 122 days
in FY25 (FY24: 115 days) majorly on account of high inventory days
of 142 days (PY:128 days). The company is not planning to incur any
major capex in the near to medium term. Fund based working capital
utilisation stood fully utilised during the last 12 months ending
May 31, 2025.

Termico Engineers & Erectors Private Limited (TEEPL), based in
Mohali, Punjab, was incorporated on May 13, 2019, by Mr.
Unnikrishnan Pillai. Initially founded as a proprietary firm named
"Thermal Engineers and Erectors" in 2004, it was rebranded to its
current name in 2019. TEEPL is involved in EPC (Engineering,
Procurement, and Construction) work, offering comprehensive
solutions encompassing project planning, execution, monitoring,
management, safety oversight, testing and quality assurance across
sectors such as power, oil and gas, water infrastructure, industry
development, and telecommunications. The company is
headquartered in Mohali, Punjab.


TRADCO DEESAN: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long term and short-term ratings for the bank
facilities of Shri Tradco Deesan Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        66.75      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term-        97.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Shri Tradco Deesan Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

The Tradco Group comprises three companies - STIPL, HDPL and STDPL
- and is primarily involved in maize trading and manufacturing of
starch and derivatives. Maize trading contributed ~76.8% to the
Group's revenues in FY2019, with starch and derivative
manufacturing comprising ~21.1%. In addition, it generates revenue
from chemical trading and windmill business (13.5 MW capacity). The
Tradco Group is promoted by Mr. Rajratan Agarwal, who manages its
operations, growing his business by a CAGR of ~12.5% from FY2014 to
FY2019. STIPL, the Group's flagship company, was incorporated in
2006. The Group has two maize processing facilities, one each at
Dhule (for STDPL) and Jalgaon (for HDPL), with a processing
capacity of 1,05,000 metric tonne per annum (MTPA) each.

VIRTUE INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Virtue
Industries (VI) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 27, 2024, placed the rating(s) of VI under the 'issuer
non-cooperating' category as VI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
VI continues to be non-cooperative despite repeated requests for
submission of information through emails dated April 12, 2025,
April 22, 2025, May 2, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Krishna District (Andhra Pradesh) based, Virtue Industries was
established in the year 2016 as a partnership firm by Munsunuru
family. The firm is engaged in the manufacturing and sale of
construction aggregates (in the range of 0mm to 40mm) to the
construction industry. The blue-metals are acquired from Virtue's
group associate "Sri Sai Ganesh Stone Crusher" (SSGSC). The various
types of aggregates manufactured are sold to domestic
infrastructure and construction companies. The firm has an
installed capacity of 350 TPH (Tons Per Hour) as on December 27th
2017 located at Krishna District, Andhra Pradesh.


ZEAL METALIKS: CARE Lowers Rating on INR18cr LT Loan to B+
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
P. Raja (PR), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       18.00      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING and Downgraded from
                                   CARE BB-; Stable

Rationale and key rating drivers

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

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

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

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

Analytical approach: Standalone

Outlook: Stable

Zeal Metaliks Private Limited (formerly known as Right Choice
Products Private Limited) was incorporated by Raipur based Agarwal
family to trade in mineral products (such as iron ore and coal).
Since November 2012, ZMPL has been associated with "Tanishq"
(Jewellery Division of TITAN Company Limited) and had set up its
first retail outlet at Bilaspur in Chhattisgarh under franchisee of
Tanishq. Further in March 2016, ZMPL added a new store in Nasik and
in March 2018 in Korba, Chhattisgarh. Currently, ZMPL in engaged in
the retailing of gold, solitaire, pearls, gems, rough and polished
diamonds, precious and semiprecious stones including ornaments
containing diamonds and all precious and semiprecious stones
through these three stores.


ZENITH ERECTORS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Zenith Erectors Private Limited
P-12, Haldia Industrial Estate,
        Durgachak, Haldia, Purba Medinipur,
        West Bengal - 721602

Insolvency Commencement Date: June 12, 2025

Estimated date of closure of
insolvency resolution process: December 9, 2025

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Rajnandan Kumar
       Shibani Complex, 47C, Pottery Road,
              Kolkata 700015
              Email: rnk_sa2004@yahoo.co.in
              Email: cirp.zenitherectors@gmail.com

Last date for
submission of claims: June 26, 2025




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

NOMURA HOLDINGS: Fitch Puts BB Final Rating to $1BB AT1 Securities
------------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'BB' to Nomura
Holdings, Inc.'s (NHI, A-/Stable) issue of USD1 billion perpetual
subordinated debt securities, which are classified as Additional
Tier 1 (AT1) securities.

Key Rating Drivers

The AT1 securities are rated four notches below NHI's Viability
Rating (VR) of 'bbb+', the baseline anchor rating for such
instruments, comprising two notches for loss severity and two
notches for non-performance risk.

Non-performance risk arises from the optional interest payments
that NHI may cancel, at its discretion, in part or in full on an
interest payment date.

Expected recoveries upon non-performance is assessed as poor in
light of the securities' deep subordination - they only rank ahead
of ordinary equity. In addition, the securities are subject to full
and irrevocable principal write-down at a point of non-viability to
be applied when the Japanese Prime Minister confirms that the
Specified Item 2 Measures pursuant to Article 126-2, Paragraph 1,
Item 2 of the Deposit Insurance Act have to be taken or when the
common equity Tier 1 ratio falls below 5.125%.

The rating reflects that there are no relevant additional features
that reduce or increase non-performance risk, such as a profit test
on interest payments, or the presence of unusually thin capital
buffers or distributable reserves.

For NHI's key rating drivers and sensitivities, see Fitch Affirms
Nomura at 'A-'; Outlook Stable, published on 14 March 2025.

RATING SENSITIVITIES

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

The rating on the securities will be downgraded if NHI's VR is
downgraded.

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

The rating on the securities will be upgraded if NHI's VR is
upgraded.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

Fitch has assigned a xgs rating of 'BB(xgs)' to the notes, four
notches below NHI's VR.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade

A downgrade of NHI's VR would lead to a similar rating action on
the xgs rating of the notes.

Factors that could, individually or collectively, lead to positive
rating action/upgrade

An upgrade of NHI's VR would lead to a similar rating action on the
xgs rating of the notes.

ESG Considerations

NHI has an ESG Relevance Score of '4' for Group Structure due to
its complex organisational structure, with numerous business lines
and large overseas operations. This poses a challenge to risk
control, has a negative impact on the credit profile and is
relevant to the ratings in conjunction with other factors.

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

   Entity/Debt             Rating                Prior
   -----------             ------                -----
Nomura Holdings,
Inc.

   Subordinated    LT       BB      New Rating   BB(EXP)

   subordinated    LT (xgs) BB(xgs) New Rating   BB(xgs)(EXP)

NOMURA HOLDINGS: Moody's Rates Sub. AT1 Securities 'Ba3(hyb)'
-------------------------------------------------------------
Moody's Ratings has assigned a definitive Ba3(hyb) rating to Nomura
Holdings, Inc.'s (Nomura) USD1 billion, perpetual, non-cumulative
and subordinated Additional Tier 1 (AT1) securities, to be issued
from Nomura's USD shelf registration program.

The terms and conditions of the notes incorporate Basel
III-compliant non-viability language in accordance with Japanese
regulations and will qualify as regulatory AT1 capital securities.

RATINGS RATIONALE

The Ba3(hyb) rating is positioned three notches below the Baa3
standalone assessment of Nomura's main operating subsidiary, Nomura
Securities Co., Ltd. (Nomura Securities), in line with Moody's
standard notching guidance for AT1 securities. The standalone
assessment reflects Moody's group-consolidated view of Nomura. The
rating also takes into account the absence of government support,
as well as subordination and coupon skip features.

The principal and any accrued but unpaid distributions on these
capital securities would be written down, partially or in full, if
(1) Nomura's consolidated Common Equity Tier 1 (CET1) ratio falls
below 5.125%; (2) the Prime Minister of Japan confirms that without
such a write-down, the company would become non-viable; or (3)
Nomura becomes subject to bankruptcy, a corporate reorganization,
civil rehabilitation, special liquidation or other equivalent
proceeding in Japan or any other jurisdiction.

In addition, Nomura, as a going concern, may choose not to pay the
interest on these securities on a non-cumulative basis. As such,
the interest payments on these capital securities are fully
discretionary. These securities are senior to common shareholders
but junior to all general creditors, senior debt and subordinated
debt holders.

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

Moody's could upgrade Nomura's AT1 securities rating if Nomura
securities' standalone assessment is upgraded. This could happen if
the company reduces pretax earnings volatility from the
international wholesale business and its return on average assets
(ROAA) improves sustainably to over 0.65%, driven by increasing
stable revenues without a material increase in its risk appetite
and leverage. An upgrade would also be contingent upon the company
maintaining stable capital, liquidity, and funding.

Conversely, Moody's could downgrade Nomura's AT1 securities rating
if Nomura securities' standalone assessment is downgraded. A
downgrade of Nomura's standalone assessment is likely if (1) the
group's Common Equity Tier1 (CET1) ratio declines to below 11%
(Basel III finalized basis); (2) the group's liquidity or funding
structure deteriorates; (3) its wealth management or wholesale
segment profitability significantly deteriorates because of
operational or risk management failures; or (4) its general risk
appetite increases.

The principal methodology used in this rating was Securities
Industry Market Makers (Japanese) published in June 2024.

Nomura Holdings, Inc. is a Japanese holding company. Its
subsidiaries provide investment and financial services to
individuals, corporations, institutions and government agencies in
Japan, the US, Europe and Asia. As of March 31, 2025, Nomura
reported total consolidated assets of JPY56.8 trillion.



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

5 WAKEMAN: Court to Hear Wind-Up Petition on July 10
----------------------------------------------------
A petition to wind up the operations of 5 Wakeman Drive Limited
will be heard before the High Court at Christchurch on July 10,
2025, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 16, 2025.

The Petitioner's solicitor is:

          Derick Lotz
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140


BIOFAB NZ: Creditors' Proofs of Debt Due on July 21
---------------------------------------------------
Creditors of Biofab NZ Limited are required to file their proofs of
debt by July 21, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 23, 2025.

The company's liquidators are:

          Raymond Paul Cox
          Gareth Russel Hoole
          Ecovis KGA Limited, Chartered Accountants
          Level 2, 5–7 Kingdon Street
          Newmarket
          Auckland 1023


DALY ENGINEERING: Court to Hear Wind-Up Petition on July 10
-----------------------------------------------------------
A petition to wind up the operations of Daly Engineering Limited
will be heard before the High Court at Christchurch on July 10,
2025, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 26, 2025.

The Petitioner's solicitor is:

          Derick Lotz
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140


FRIEDEN MANAGEMENT: Court to Hear Wind-Up Petition on July 18
-------------------------------------------------------------
A petition to wind up the operations of Frieden Management
Esplanade Limited will be heard before the High Court at Auckland
on July 18, 2025, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 10, 2025.

The Petitioner's solicitor is:

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


WINE & SPIRIT: Creditors' Proofs of Debt Due on July 21
-------------------------------------------------------
Creditors of Wine & Spirit Depot Limited (trading as L'alcool) are
required to file their proofs of debt by July 21, 2025, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 23, 2025.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751




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

BANANA LEAF: Court to Hear Wind-Up Petition on July 4
-----------------------------------------------------
A petition to wind up the operations of The Banana Leaf Apolo Pte.
Ltd. will be heard before the High Court of Singapore on July 4,
2025, at 10:00 a.m.

Toh Thye San Farm filed the petition against the company on June
11, 2025.

The Petitioner's solicitors are:

          Lighthouse Law LLC
          2 Havelock Road
          #07-27 Havelock II
          Singapore 059763


ESMEGEN GROUP: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on June 11, 2025, to
wind up the operations of ESMEGEN GROUP Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

          Gary Loh Weng Fatt
          BDO Advisory
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


MAHENDRAN TRADING: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on June 6, 2025, to
wind up the operations of Mahendran Trading Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

          Gary Loh Weng Fatt
          BDO Advisory
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


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

Toh Thye San Farm filed the petition against the company on June
11, 2025.

The Petitioner's solicitors are:

          Lighthouse Law LLC
          2 Havelock Road
          #07-27 Havelock II
          Singapore 059763



USP GROUP: Winding Up Applications vs. Units Adjourned for 3 Mos.
-----------------------------------------------------------------
TipRanks reports that USP Group Limited, currently under judicial
management, has announced that the High Court has granted a
three-month adjournment for the hearing of winding up applications
against its subsidiaries, USPI and Supra S, due to a potential
settlement with UOB.

The company remains under a trading suspension since February 2024
and will provide further updates as material developments occur.

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.


WHITE VAN: Commences Wind-Up Proceedings
----------------------------------------
Members of White Van 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 Pte. Ltd.
          12 Marina View
          #15-01 Asia Square Tower 2
          Singapore 018961



                           *********


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
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Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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