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250703.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, July 3, 2025, Vol. 28, No. 132 Headlines A U S T R A L I A CORONADO GLOBAL: S&P Cuts LT ICR to 'CCC+' on Continued Cash Burn ELLY PROPERTY: First Creditors' Meeting Set for July 7 FLARE CREATIVE: First Creditors' Meeting Set for July 8 FLEXICOMMERCIAL 2025-1: Fitch Assigns B+sf Final Rating to F Notes ONELUX GROUP: First Creditors' Meeting Set for July 8 SIGNSKILL PTY: First Creditors' Meeting Set for July 8 TAILORED FREIGHT: Closes Doors After 19 Years in Business TNT MANLY: First Creditors' Meeting Set for July 8 WISR FREEDOM 2023-1: Moody's Hikes Class F Notes Rating to Ba1 XL EXPRESS: In Voluntary Administration; 200 Jobs Axed C H I N A LONGFOR GROUP: Fitch Lowers LongTerm IDR to 'BB-', Outlook Negative H O N G K O N G NEW WORLD: Ayala Land Buys Philippine Hotel I N D I A ANNIE TRADERS: Insolvency Resolution Process Case Summary ASA INTERNATIONAL: ICRA Moves D Debt Ratings to Not Cooperating AYG REALTY: CRISIL Keeps D Debt Ratings in Not Cooperating BEST TANNING: CRISIL Keeps D Debt Ratings in Not Cooperating BHARAT HEART: CRISIL Keeps D Debt Rating in Not Cooperating BHUMI MULTI: CRISIL Keeps B Rating in Not Cooperating Category BHUMI PLASTIC: CRISIL Keeps D Debt Ratings in Not Cooperating BIMLA MARU: CRISIL Keeps D Debt Ratings in Not Cooperating BINDU FOOD: ICRA Keeps C+ Debt Ratings in Not Cooperating BIRD HOSPITALITY: Insolvency Resolution Process Case Summary BMC FERROCAST: CRISIL Keeps B Debt Ratings in Not Cooperating BOSS COMPUTERS: CRISIL Keeps D Debt Ratings in Not Cooperating BUDS TEA: CRISIL Keeps D Debt Ratings in Not Cooperating Category CHADHA SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating CHANDRALOK RESIDENCY: CRISIL Keeps D Rating in Not Cooperating CHAUHAN POULTRY: CRISIL Keeps B Debt Ratings in Not Cooperating CHINAR RETAILS: Liquidation Process Case Summary CIRCLE INFOTECH: CRISIL Keeps D Debt Ratings in Not Cooperating CROSS TRADE: CRISIL Keeps D Debt Ratings in Not Cooperating DECOR PAPER: ICRA Keeps B+ Debt Ratings in Not Cooperating DEVIKA UNIVERSAL : Insolvency Resolution Process Case Summary DFI HOSPITALS: CRISIL Keeps B+ Debt Ratings in Not Cooperating DHRUV COTTONS: CRISIL Keeps D Debt Ratings in Not Cooperating DOLLARS GRAND: CRISIL Keeps D Debt Rating in Not Cooperating DURABLE TRANSFORMERS: CRISIL Keeps D Ratings in Not Cooperating FAROUK SODAGAR: CRISIL Keeps D Debt Ratings in Not Cooperating GENSOL EV: Insolvency Resolution Process Case Summary GLD SOFTWARE: Insolvency Resolution Process Case Summary GLOBAL TANNING: CRISIL Keeps D Debt Ratings in Not Cooperating HIMALAYA FOOD: ICRA Keeps D Debt Ratings in Not Cooperating HOUSING DEVELOPMENT: Adani Properties' Bid to Buy Two Assets OK'd MARGDARSHAK FINANCIAL: Insolvency Resolution Process Case Summary MARVEL LANDMARKS: Insolvency Resolution Process Case Summary NIRMANGOLD PLASTTECH: Liquidation Process Case Summary SUPERECO AUTOMOTIVE: Insolvency Resolution Process Case Summary M A L A Y S I A 1MDB: StanChart Faces US$2.7B Suit Over Alleged Role in Fraud SAPURA ENERGY: Wins Bursa Nod for Regularisation Plan to Exit PN17 N E W Z E A L A N D CPROPAINTERPLASTER LIMITED: Court to Hear Wind-Up Bid on July 10 FORMCRETE CONSTRUCTION: Property Developer Goes Into Liquidation LCEO LIMITED: Court to Hear Wind-Up Petition on July 10 NEXT LEVEL: Creditors' Proofs of Debt Due on Aug. 22 SPCW LIMITED: Creditors' Proofs of Debt Due on July 30 TABLE BLOOM: Creditors' Proofs of Debt Due on July 24 P H I L I P P I N E S ASIAN MARINE: Faces LandBank Takeover of 11 Mortgaged Vessels S I N G A P O R E DELMER GROUP: Creditors' Meetings Set for July 14 J. G. JEWELRY: Court Enters Wind-Up Order KANADA-YA SG: Creditors' Meetings Set for July 7 O'HARA WEDDINGS: Court Enters Wind-Up Order SMART BERRIIS: Commences Wind-Up Proceedings - - - - - ================= A U S T R A L I A ================= CORONADO GLOBAL: S&P Cuts LT ICR to 'CCC+' on Continued Cash Burn ----------------------------------------------------------------- On June 30, S&P Global Ratings lowered to 'CCC+' from 'B-' its long-term issuer credit rating on Coronado Global Resources Inc. At the same time, S&P lowered to 'B-' from 'B' its long-term issue rating on the company's senior secured debt. The recovery rating on the senior secured debt is '2' (85%). The outlook remains negative, reflecting heightened risks to creditworthiness if the company cannot secure the additional liquidity to cope with any sustained coal price weakness, coal prices do not recover to the company's current all in break-even cost of sustainably above US$220 per metric ton, or the company is unable to lower operating costs through the rest of 2025 toward the bottom end of its 2025 guidance range of US$92 per metric ton-US$105 per metric ton. Coronado's high, albeit improving, operating cost base and metallurgical coal prices below US$200 per metric ton leads S&P to believe the company will continue to burn cash in 2025. This will continue to pressure liquidity despite Coronado securing a new three-year US$150 million asset-based loan facility (ABL) and other liquidity support. The ABL contains tightening quarterly covenants that will be tough to achieve without a sustained recovery in coal prices. If this facility becomes unavailable, Coronado will face a further squeeze on liquidity. Coronado's new liquidity support comes with potentially onerous conditions. Coronado's new ABL facility (drawn to US$75 million) alleviates immediate liquidity concerns. However, tightening quarterly covenant tests may become harder to meet. This could expose Coronado to a liquidity squeeze in the next 12 months if coal prices remain weak or operating costs don't fall in line with management's expectations. The new Stanwell agreement also provides liquidity support. Coronado has also obtained additional liquidity from a prepayment of US$75 million under the new coal supply agreement with Stanwell Corp. Ltd., which will be settled by physical coal delivery from January 2027 over five years. The agreement also defers Coronado's coal price rebate payments for the period from April to December 2025. At current prices, the rebate is about US$75 million over the seven months and will be payable from 2027. Following the provision of the ABL and the revised agreements with Stanwell, the company's liquidity is about US$315 million as of June end (cash of about US$240 million and US$75 million undrawn capacity under the ABL), under our estimates. However, S&P expects the company to continue to burn cash over the next six months until it can show an improved unit operating cost profile from the ramp-up of new capacity. S&P said, "Subdued metallurgical coal prices limit Coronado's ability to generate positive cash flow. Prices remain well below the US$220 per metric ton we estimate the company needs to break even at current operating costs. We expect the company to burn through about US$10 million-US$20 million in cash per month for at least the next three months. We base this on mining costs of about US$105 per metric ton (at the upper end of its 2025 guidance) and stay-in-business capital expenditure (capex) of about US$10 million-US$15 million per month." Operational improvements are critical to Coronado slowing its cash burn and achieving a neutral free cash profile by year-end, stabilizing liquidity. Successful ramp-up of the Mammoth underground and Buchanan expansion is crucial to improving business resilience. These projects are key to Coronado increasing coal production by 2.5 million-3.0 million metric tons per annum (Mtpa). This additional volume is key to lowering operating costs in the second half of fiscal 2025 (ended Dec. 31, 2025) to the lower end of its mining cost guidance of US$90-$95 per metric ton (March quarter average mining costs were US$113 per metric ton). At these levels, coupled with achieving the US$100 million in targeted cost cuts, the cash flow neutral break-even coal price will decrease to about US$180 per metric ton, which is about current price levels. Coronado is seeking additional liquidity support to manage its cash burn from subdued coal prices. S&P believes Coronado is assessing the potential sale of minority stakes in some of its assets to raise cash and support liquidity. This will be critical if coal prices remain weak, particularly until the new Stanwell agreement commences in January 2027. The company estimates the new arrangements with Stanwell will add about US$150 million to annual cash flow from 2027. Currently, Coronado's Curragh mine must supply about 3 Mtpa of thermal coal to the Stanwell power station at well below market prices. Compounding this lost revenue, Coronado also must pay a rebate of 25% of export revenue for the first 7 Mtpa of coal and 10% of export revenue for the next 7 Mtpa. From 2027, the company will continue to supply 2 Mtpa to Stanwell under current discounted pricing and 1 Mtpa is released or repriced as follows: -- 200 kilotonnes per annum (ktpa) will be available for export; -- 400 ktpa will be supplied to Stanwell until 2032 at the current forward curve (less royalties and freight), at which prices are higher than present arrangements; -- 400 ktpa will be supplied to Stanwell until 2032 at market prices. Importantly, S&P expects Coronado's onerous coal price rebate to cease from January 2027. The negative outlook reflects the potential risks to Coronado's liquidity position over the next six to 12 months if it is unable to materially reduce mining costs to mitigate the impact of persistent weak coal prices. Lower costs will be critical to reducing cash burn and ensuring the company's liquidity position is sustainable, including ongoing access to the ABL facility. S&P said, "We could lower the rating if we expect a default to occur within the next 12 months. This could occur if liquidity materially weakens due to higher cash burn than we expect from weaker metallurgical coal prices or persistent high operating costs. Such a scenario would also likely result in a breach of Coronado's ABL facility covenants, further pressuring liquidity. "We could revise the outlook on the rating to stable, or raise the rating, if Coronado can stabilize its liquidity position enough to accommodate the current weak price cycle. This could occur if the company can improve operating costs or if coal prices materially recover. Material asset sales or other new sources of liquidity could also support liquidity and stabilize the rating." ELLY PROPERTY: First Creditors' Meeting Set for July 7 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Elly Property Throsby Residential Pty Ltd and Elly Property Throsby Mixed Use Pty Ltd will be held on July 7, 2025 at 2:00 p.m. and 2:30 p.m., respectively, at the offices of 'Westburn Advisory', at Level 5, 115 Pitt Street, in Sydney, NSW. Shumit Banerjee of Westburn Advisory was appointed as administrator of the company on June 26, 2025. FLARE CREATIVE: First Creditors' Meeting Set for July 8 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Flare Creative Pty Ltd, trading as 'Drinks With Dan' & 'Onelux' will be held on July 8, 2025 at 11:00 a.m. at the offices of 'Westburn Advisory', at Level 5, 115 Pitt Street, in Sydney, NSW. Shumit Banerjee of Westburn Advisory was appointed as administrator of the company on June 27, 2025. FLEXICOMMERCIAL 2025-1: Fitch Assigns B+sf Final Rating to F Notes ------------------------------------------------------------------ Fitch Ratings has assigned final ratings to flexicommercial ABS Trust 2025-1's pass-through floating-rate notes. The notes are backed by a pool of first-ranking Australian secured commercial auto and equipment finance receivables extended to SME borrowers. The receivables are originated by Flexirent Capital Pty Limited and flexicommercial Pty Ltd (together, flexicommercial), each a wholly owned subsidiary of Humm Group Limited . The notes will be issued by Perpetual Corporate Trust Limited as trustee for flexicommercial ABS Trust 2025-1 (the issuer). The final ratings of class E and F notes are one notch higher than their respective expected ratings due to lower note margins. Entity/Debt Rating Prior ----------- ------ ----- flexicommercial ABS Trust 2025-1 A AU3FN0099511 LT AAAsf New Rating AAA(EXP)sf B AU3FN0099529 LT AAsf New Rating AA(EXP)sf C AU3FN0099537 LT Asf New Rating A(EXP)sf D AU3FN0099545 LT BBBsf New Rating BBB(EXP)sf E AU3FN0099552 LT BB+sf New Rating BB(EXP)sf F AU3FN0099560 LT B+sf New Rating B(EXP)sf G LT NRsf New Rating NR(EXP)sf Transaction Summary The total collateral pool was upsized to AUD625.4 million, against AUD500.0 million when expected ratings were assigned. The pool consists of 7,721 receivables with an average obligor exposure of AUD118,896.95 at the cut-off date. All receivables are fixed, amortising principal and interest loans and leases with a weighted-average remaining term of 48.2 months. KEY RATING DRIVERS Structure Supports SME Borrower Credit Risk: Historical data analysis was performed to derive a one-year default probability assumption for primary, secondary and tertiary assets, based on the annual average historical default rates related to the underlying portfolio. The one-year default probability assumption is 1.5% for primary assets, 1.8% for secondary and 2.3% for tertiary. Fitch added the default probability assumption to its proprietary Portfolio Credit Model (PCM), which also considers other key variables, such as concentration and industry distribution. The derived 'AAA' default probability for the SME portfolio is 25.1%. Cash flow analysis was performed, and all rated notes can withstand all of Fitch's relevant stresses. Varying Recovery Rates by Asset Type: Fitch analysed flexicommercial's historical asset recovery rates for primary and secondary assets. The 'AAAsf' recovery rate is 20.0% (base-case recovery assumption of 50% with a 60% 'AAAsf' haircut) and 4% (base-case recovery assumption of 10% with a 60% 'AAAsf' haircut), respectively. No credit was given to recoveries for tertiary assets. Low Borrower Concentration Risk: The largest single obligor accounts for no more than 0.3% of the portfolio balance, whereas the 10 largest obligors account for 2.0%. The portfolio is also diversified across geography and industry. All receivables are amortising. Structural Risks Addressed: Potential counterparty risk is mitigated by documented structural mechanisms that ensure remedial actions take place should the ratings of the liquidity facility provider, swap providers or transaction account bank fall below a certain level. The transaction will initially pay principal sequentially and convert to pro rata paydown, subject to the pro rata paydown condition being met, which includes a trigger to switch payments back to sequential payment at 20% of the initial note balance, mitigating tail risk. Tight Labour Market to Support Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 1.3% in the year ending March 2025 and unemployment was 4.1% in May 2025. Fitch forecasts GDP growth of 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 Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables 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 the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. Downgrade Sensitivities Notes: A / B / C / D / E / F Rating: AAAsf / AAsf / Asf / BBBsf / BB+sf / B+sf Rating Sensitivity to Increased Default Rates Increase in mean rating default rate (RDR) by 25%: AA+sf / AAsf / Asf / BBBsf / BBsf / Bsf Increase in mean RDR by 50%: AA+sf / AA-sf / A-sf / BBB-sf / BB-sf / B-sf Rating Sensitivity to Reduced Recovery Rates Reduce recovery rates by 25%: AA+sf / AA-sf / A-sf / BBB-sf / BB-sf / Bsf Reduce recovery rates by 50%: AAsf / A+sf / BBB+sf / BBB-sf / BB-sf / B-sf Rating Sensitivity to Increased Defaults and Reduced Recoveries Increase the mean RDR by 25% and reduce recovery rates by 25%: AAsf / A+sf / BBB+sf / BBB-sf / BB-sf / B-sf Increase the mean RDR by 50% and reduce recovery rates by 50%: AA-sf / Asf / BBB+sf / BB+sf / Bsf / Less than B-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. The class A ratings are at the highest level on Fitch's scale and cannot be upgraded. Prepayments to the loans with the largest obligor exposure, which result in the notes passing Fitch's concentration test, could lead to positive rating action for the notes, all else being equal. Upgrade Sensitivities Notes: B / C / D / E / F Rating: AAsf / Asf / BBBsf / BB+sf / B+sf Rating Sensitivity to Decreased Defaults and Increased Recoveries Decrease the mean RDR by 25% and increase recovery rates by 25%: AA+sf / A+sf / BBB+sf / BBB-sf / BB-sf 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 sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available for this transaction. Fitch conducted a review of 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. 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. ONELUX GROUP: First Creditors' Meeting Set for July 8 ----------------------------------------------------- A first meeting of the creditors in the proceedings of OneLux Group Pty Ltd, trading as Flare Group, will be held on July 8, 2025 at 11:30 a.m. at the offices of 'Westburn Advisory' Level 5, 115 Pitt Street, in Sydney, NSW. Shumit Banerjee of Westburn Advisory was appointed as administrator of the company on June 27, 2025. SIGNSKILL PTY: First Creditors' Meeting Set for July 8 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Signskill Pty Ltd will be held on July 8, 2025 at 11:00 a.m. at the offices of B&T Advisory, Level 19, 144 Edward Street, in Brisbane, QLD. Travis Pullen of B&T Advisory was appointed as administrator of the company on June 27, 2025. TAILORED FREIGHT: Closes Doors After 19 Years in Business --------------------------------------------------------- Big Rigs reports that Epping-based Tailored Freight, renowned for its modern bright blue, Kenworth-dominated fleet, has closed its doors after 19 years of operation. Voluntary administrators were appointed at the end of May with the equipment going under the hammer last month, Big Rigs notes. "It's very sad - after 19 years our beautiful blue trucks will no longer be on the road in the glory that they once were," Owner and Business Manager Jane Hawkes told Big Rigs via LinkedIn. "Due to the legal investigation our administrators, KordaMentha, are conducting we are not in a position to make any comment about what has happened to Tailored Freight. "We support the administrators publication of findings to creditors at the appropriate time." Big Rigs also contacted KordaMentha for comment. According to Big Rigs, Jane and husband Wayne Hawkes, a celebrated horse racing trainer, sent a letter to customers on April 16 advising them that Tailored Freight would cease trading and close its operations from that same date. "This decision has not been made lightly and comes after careful consideration and evaluation of the current business environment," the Hawkes wrote, notes the report. "Over the last 19 years, we've had the privilege of serving you and we want to sincerely thank you for being part of our story. "Your support has meant everything to us, and it has been an honour to do business with you." Tailored Freight, a refrigerated transport specialists, provided services to all major capital cities, as well as daily deliveries to all major supermarket distribution centres in Victoria. TNT MANLY: First Creditors' Meeting Set for July 8 -------------------------------------------------- A first meeting of the creditors in the proceedings of TNT Manly Pty Ltd, trading as Whistler Street Pizza Manly, will be held on July 8, 2025 at 11:00 a.m. at the offices at Nicols + Brien, Level 1, 310 Crown Street, in Wollongong, NSW, and via virtual meeting technology. Ryan Bradbury of Nicols + Brien was appointed as administrator of the company on June 26, 2025. WISR FREEDOM 2023-1: Moody's Hikes Class F Notes Rating to Ba1 -------------------------------------------------------------- Moody's Ratings has upgraded the ratings on four classes of notes issued by Wisr Freedom Trust 2023-1. Issuer: Wisr Freedom Trust 2023-1 Class C Notes, Upgraded to Aa2 (sf); previously on Oct 11, 2024 Upgraded to Aa3 (sf) Class D Notes, Upgraded to A2 (sf); previously on Oct 11, 2024 Upgraded to A3 (sf) Class E Notes, Upgraded to Baa2 (sf); previously on Oct 11, 2024 Upgraded to Baa3 (sf) Class F Notes, Upgraded to Ba1 (sf); previously on Oct 11, 2024 Upgraded to Ba3 (sf) A comprehensive review of all credit ratings for the transaction has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in note subordination available for the affected notes and the collateral performance to date. No action was taken on the remaining rated classes in the deal as credit enhancements for these classes remain commensurate with the current ratings. Following the June 2025 payment date, the note subordination available for the Class C, Class D, Class E, and Class F Notes has increased to 26.0%, 20.8%, 13.5%, and 10.9% respectively, from 23.1%, 17.7%, 10.1%, and 7.4% at the time of the last rating action in October 2024. Principal collections have been distributed on a pro-rata basis among the rated notes since the October 2024 payment date. Current total outstanding notes as a percentage of the total closing balance is 44.9%. As of May 2025, 4.3% of the outstanding pool was 30-plus day delinquent and 1.8% was 90-plus day delinquent. The portfolio has incurred 3.3% (as a percentage of the original portfolio balance) of gross losses to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have maintained Moody's expected default assumption at 7.0% of the current pool balance (equivalent to 6.5% of the original balance) from the last rating action in October 2024. Moody's have also maintained the Aaa portfolio credit enhancement assumption at 33%. The transaction is a cash securitization of unsecured personal loans extended to obligors located in Australia. All receivables were originated by Wisr Finance Pty Ltd. The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. XL EXPRESS: In Voluntary Administration; 200 Jobs Axed ------------------------------------------------------ SkyNews.com.au reports that up 200 people have been sacked as a Brisbane-based transport and logistics company has brought in voluntary administrators after 35 years in business. XL Express appointed FTI Consulting to conduct an "urgent assessment" of the company's viability. SkyNews.com.au understands the vast majority of XL Express' 200 employees were stood down prior to FTI Consulting's appointment. According to SkyNews.com.au, the firm has retained some employees to help with the shut down of the business or to assist FTI Consulting as the administrators carry out their duties. The Queensland-headquartered company offered transport services for an array of consumer and business customers across Australia. FTI Consulting's Kelly Trenfield, Joanne Dunn and Ross Blakeley have been appointed the voluntary administrators of XL Express and more than 15 other entities under the company's brand from June 27, SkyNews.com.au discloses. These include a litany of subsidiaries that cover XL Express' linehaul services, logistics, distribution and more. According to SkyNews.com.au, the administrators will look into XL Express' financial position and provide a report to creditors on the future of the company. The first meeting of creditors will be held before July 9, 2025, FTI Consulting said. FTI Consulting also noted that alternative arrangements will be made for XL Express customers who are impacted by the company entering voluntary administration. "Where services are unable to be fulfilled, arrangements are being made for customers to collect their goods held in XL Express Group distribution centres," it said. It remains unclear what led to XL Express falling into administration, SkyNews.com.au notes. ========= C H I N A ========= LONGFOR GROUP: Fitch Lowers LongTerm IDR to 'BB-', Outlook Negative ------------------------------------------------------------------- Fitch Ratings has downgraded Chinese homebuilder Longfor Group Holdings Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR), senior unsecured rating and the ratings on its outstanding senior notes to 'BB-', from 'BB'. The Outlook on the IDR is Negative. The downgrade reflects the continued decline in Longfor's property sales, straining its cash flow and liquidity buffer against material near-term maturities. The Outlook is Negative, as a sustained sales recovery for the company and industry remains uncertain. Longfor's rating is supported by its robust bank funding access, backed by its large investment-property (IP) portfolio with resilient operation and rising recurring income contribution. Fitch believes the improvement in capital market funding access for Chinese private developers supports Longfor's financial flexibility. Key Rating Drivers Continued Sales Decline: Fitch projects contracted sales to decline by 30% in 2025 and a further 20% in 2026, following weaker sales than Fitch had forecast so far in 2025. The company's focus on deleveraging has resulted in substantially fewer land acquisitions over the past three years. Fitch believes this has affected sales performance, as existing projects are of an older vintage and often have slower sell through. Longfor's 5M25 sales dropped by 31% yoy to CNY29 billion, underperforming state-owned peers that continued to buy land in the core areas of higher-tier cities. Fitch expects limited landbank replenishment in 2025, with investment gradually picking up in 2026, when debt repayment pressure eases. Liquidity Buffer Used to Address Maturities: The ongoing decline in property sales is pressuring Longfor's cash flow, leaving the company reliant on cash on hand and secured borrowings to address debt repayment obligations. Fitch forecasts Longfor to generate CNY10 billion in operating cash flow in 2025, based on more conservative assumptions than management's expectation, and to obtain CNY10 billion in additional IP-backed loans. This is against CNY19 billion of unsecured debt maturities. The company also plans to reduce its development loan balance significantly, although Fitch believes there is repayment flexibility based on its sales and project development plan. Easing Maturity Pressure from 2026: Maturity pressure from unsecured debt, including bonds and syndicated loans, should ease significantly after 2025, with CNY5 billion-6 billion due annually in 2026 and 2027. Fitch believes this amount is manageable, based on Longfor's liquidity and operating cash flow, even as the room to further increase IP-backed debt is likely to narrow as the total balance nears CNY100 billion (end-2024: CNY83 billion). Substituting unsecured borrowings with onshore secured lending would also reduce the unencumbered asset pool, which may create subordination risk for offshore unsecured borrowings. Reopening of Capital Market Access: Longfor does not intend to issue onshore or offshore bonds in the near term, given the high cost of issuance relative to onshore bank funding, but the recent US dollar note issuance by a privately owned peer indicates an improved funding environment for Longfor and other private developers, albeit at a high cost. Resilient Non-Development Income: The non-development segments continued to perform steadily in 5M25, providing Longfor with recurring cash flow and supporting its ability to obtain IP-backed financing, now a key source of funding. Rental income was up by 2.5% yoy and other service-related income was up by 2.4%. This follows a 7% rise in shopping-mall rental income in 2024, or 9% excluding the amortisation of previous rental concessions and 2% on a same-store basis excluding amortisation impact. The occupancy rate remained high, at 97% (1H24: 96%). On a same-store basis, foot traffic increased by 6% in 2024 and the trading amount by 7%, while rental housing income rose by 4%, with the segment's occupancy rate at a steady 95%. Peer Analysis Longfor's large IP portfolio, valued at about CNY200 billion, provides significant recurring income and supports bank funding access relative to that of property-development peers and is a major rating support factor. Longfor's continued decline in contracted sales and the resulting pressure on cash flow and liquidity buffer are the key drag on its ratings. In comparison, China Jinmao Holdings Group Limited's (BBB-/Negative, Standalone Credit Profile: bb) contracted sales have shown signs of recovery, with 5M25 sales up by 21% yoy. Fitch believes Jinmao's stronger sales performance is supported by its more active land acquisitions, as afforded by its stronger funding access given its state-owned background. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer - Contracted sales to decline by 30% in 2025 and 20% in 2026 (5M25: -31%) - Rental income to grow of 4% in 2025 and 2% in 2026 (5M25: 2.5%) - Land acquisition at 7% of sales proceeds in 2025 and 20% in 2026 (2024: 12%) - Construction costs, including IP capex, at 50% of sales proceeds in 2025 and 48% in 2026 (2024: 49%) - Development property gross profit margin at 5% in 2025 and 7% in 2026 (2024: 6.1%) RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Weaker contracted sales or free cash flow generation than Fitch expects - Deterioration in the operating performance of Longfor's IP business, including occupancy and rental rates - Deterioration in liquidity or funding access Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - The Outlook will be revised to Stable if the negative sensitivities are not met and the company's contracted sales and free cash flow generation stabilise. Liquidity and Debt Structure Longfor had CNY31 billion in available cash, excluding regulated presale funds, as of end-2024, sufficient to cover CNY29 billion in short-term debt, of which about CNY18 billion is syndicated loans and unsecured onshore bonds. Issuer Profile Longfor is China's 11th largest property developer, with CNY101 billion of contracted sales in 2024. The company also has an IP portfolio valued at over CNY200 billion, which mainly comprises shopping malls. 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 Prior ----------- ------ ----- Longfor Group Holdings Limited LT IDR BB- Downgrade BB senior unsecured LT BB- Downgrade BB ================= H O N G K O N G ================= NEW WORLD: Ayala Land Buys Philippine Hotel ------------------------------------------- Ian Sayson at Forbes reports that Ayala Land - controlled by tycoon Jaime Zobel de Ayala and his family - has acquired Hong Kong-listed New World Development's hotel in the heart of the Makati business district as the Philippine developer expands its hospitality footprint amid a tourism boom. The 578-room New World Hotel Makati will be operated by Ayala Land's hospitality and resort unit, the builder, a unit of the Zobel de Ayala family's Ayala Corp., said in a statement without disclosing the transaction's amount, Forbes relates. According to Forbes, the sale coincides with the announcement that New World Development, controlled by the family of billionaire Henry Cheng, has concluded a HK$88.2 billion ($11.2 billion) debt refinancing deal, providing a reprieve to the cash-strapped builder. New World opened its sole hotel in the country in 1994 on land leased from Ayala Land. Forbes says the acquisition of New World Makati bolsters the presence of Ayala Land in the Makati financial district, in which the developer has initiated major upgrading projects, including the redevelopment of its oldest retail complex. Many of the group's prime properties including hotels, upscale shopping malls and office buildings are in Makati. "This move reflects our continued focus on offering a cohesive and high-quality guest experience across key locations," Forbes quotes George Aquino, CEO and President Ayala Land Hospitality, as saying. "The addition of New World Hotel Makati complements our existing portfolio and reinforces our commitment to serving evolving customer needs in one of the country's most dynamic cities." Ayala Land said in March that it will spend $500 million to almost double its hotel rooms to 7,500 by 2030 to ride the nation's tourism boom, Forbes relays. The builder, which then said that it had 4,000 hotel rooms, will reinvest in flagship hospitality properties, modernize its Seda business hotels and upgrade its El Nido Resorts in the idyllic Palawan islands while building new hotels and resorts. 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. ========= I N D I A ========= ANNIE TRADERS: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Annie Traders Private Limited 1/96, GNT Road, Janappan Chatram, Alinjevakkam Post, Thiruvallur, Chennai, Tamil Nadu, India, 600067 Insolvency Commencement Date: June 4, 2025 Estimated date of closure of insolvency resolution process: December 1, 2025 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: Mr. Thangamuthu Viswanathan, C/o Murugavel, No.3/101A, Kuttiagoundanur, Andigoundanur, Udumalaipettai, Tiruppur, Tamil Nadu - 642154 Email: ca.vthangamuthu@gmail.com B M V & Associates, No.227, 2nd Floor, Rasi Building, Palani Main Road, Old Bus Stand, Udumalpet, Tiruppur, Tamil Nadu - 642126 Email: cirpannietraderspvt@gmail.com Last date for submission of claims: June 26, 2025 ASA INTERNATIONAL: ICRA Moves D Debt Ratings to Not Cooperating --------------------------------------------------------------- ICRA has moved the rating for ASA International India Microfinance Limited's rated facilities to the 'Issuer Not Cooperating' category. The rating is denoted as '[ICRA]D; ISSUER NOT COOPERATING'. It is based on limited cooperation from the entity since the time it was last rated in June 2024. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 29.69 [ICRA]D; ISSUER NOT COOPERATING; Bank facilities- rating moved to ISSUER NOT Term loans COOPERATING category Non-convertible 109.88 [ICRA]D; ISSUER NOT COOPERATING; Debentures rating moved to ISSUER NOT COOPERATING category As a part of its process and in accordance with its rating agreement with the entity, ICRA has been sending repeated reminders for the payment of the surveillance fee that became due. Also, ICRA has been trying to seek information as well as a meeting with the management to monitor the entity's performance. Despite multiple requests, the entity's management has remained non-cooperative. In the absence of the requisite cooperation and in line with ICRA's aforesaid policy, the rating has been moved to the 'Issuer Not Cooperating' category. Moreover, the limited information available/debt servicing declaration indicates continued delay(s) in servicing the scheduled debt obligations. ASA International India Microfinance Limited (ASA India) is a subsidiary of ASA International Holdings, Mauritius. ASA International Group plc is listed on the London Stock Exchange. ASA India started its microfinance operations in July 2008. Its corporate and registered office is in Kolkata (West Bengal). ASA India's lending model is based on individual liability without any group guarantee mechanism. As on March 31, 2025, it operated through a network of 159 branches, spread across 46 districts in 6 states in India. AYG REALTY: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of AYG Realty Private Limited (AYG) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 14 CRISIL D (Issuer Not Cooperating) Cash Credit 7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AYG for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AYG, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AYG is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AYG continues to be 'Crisil D/Crisil D Issuer not cooperating'. AYG, incorporated in 1993, undertakes civil construction projects for various departments of the Maharashtra and Rajasthan governments, and subcontracts work. It is a Class A contractor with the Public Works Department, Maharashtra. Mr Anand Gupta and Mr Yogesh Gupta manage operations. BEST TANNING: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the ratings on bank facilities of Best Tanning Industries Private Limited (BTIPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 Crisil D (Issuer Not Cooperating) Cash Credit 0.5 Crisil D (Issuer Not Cooperating) Letter of Credit 1 Crisil D (Issuer Not Cooperating) Packing Credit 0.5 Crisil D (Issuer Not Cooperating) Packing Credit 3 Crisil D (Issuer Not Cooperating) Proposed Long Term 0.5 Crisil D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with BTIPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BTIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BTIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BTIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. BTIPL was incorporated in 1993, promoted by Mr Mohsin Sharif and his family. The capacity at its manufacturing facility in Kanpur, Uttar Pradesh, is utilised at around 80%. It manufactures chrome and vegetable-tanned leather, and uppers, among other types of leather. BHARAT HEART: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Bharat Heart and Super Speciality Hospitals (BHSSH) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 27.67 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BHSSH for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BHSSH, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BHSSH is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BHSSH continues to be 'Crisil D Issuer not cooperating'. Set up in fiscal 2017 as a partnership firm, BHSSH is managed and promoted by Dr Chetan Swaroop Sharma. The firm runs a hospital, Velmed Hospital, in Dehradun. Operations commenced in October 2018. BHUMI MULTI: CRISIL Keeps B Rating in Not Cooperating Category -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Bhumi Multi Agro Food Industries Private Limited (BMAFIPL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 13 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with BMAFIPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BMAFIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BMAFIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BMAFIPL continues to be 'Crisil B/Stable Issuer not cooperating'. BMAFIPL, incorporated in October 2015, is setting up a flour mill with capacity of 130 tonne per day at Kopargaon in Maharashtra. The company is promoted by the Kapse and Jape families of Kopargaon. BHUMI PLASTIC: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bhumi Plastic Pipes Private Limited (BPPPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (Issuer Not Cooperating) Cash Credit 4.25 CRISIL D (Issuer Not Cooperating) Long Term Loan 4.75 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BPPPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BPPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BPPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BPPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. BPPPL, commenced operations from October 2017 at Guntur (Andhra Pradesh), manufactures polyvinyl chloride pipes and high-density polyethylene pipes with capacity of 7,200 tonne per year. BIMLA MARU: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bimla Maru Fashions Private Limited (BMFPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.9 CRISIL D (Issuer Not Cooperating) Cash Credit 15.1 CRISIL D (Issuer Not Cooperating) Letter of Credit 9 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.25 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with BMFPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BMFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BMFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BMFPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. BMFPL, incorporated in 1999, trades in garments and upholstery fabric; it imports fabric, primarily from China, and markets the garments in India. The company also manufactures trousers, and has an in-house design team, which provides specifications to weavers. The manufacturing facility is located at Noida. The company has set up an office in Bangladesh to coordinate imports of fabric from China, for re-export (in the form of garments) to India. BINDU FOOD: ICRA Keeps C+ Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term and Short-term rating for the Bank facilities of Bindu Food Processors Private Limited (BFPPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]C+; ISSUER NOT COOPERATING/[ICRA]A4;ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 0.65 [ICRA]C+/[ICRA]A4 ISSUER NOT Short Term- COOPERATING; Rating continues Unallocated to remain under 'Issuer Not Cooperating' category Long-term- 6.00 [ICRA]C+; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 1.35 [ICRA]C+; 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 BFPPL, 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. Bindu Food Processors Private Limited (BFPPL) had set up its cold storage unit in West Medinipur, West Bengal in 1997 to carry out the business of storage and preservation of potatoes. BFPPL has a storage capacity of 21,326 metric tonnes (MT). The cold storage unit of the company is operating under the name Purnima Cold Storage. BIRD HOSPITALITY: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Bird Hospitality Services Private Limited E-9 Connaught House Connaught Place, New Delhi- 110001 Insolvency Commencement Date: June 13, 2025 Estimated date of closure of insolvency resolution process: December 9, 2025 (180 Days) Court: National Company Law Tribunal, New Delhi Bench-VI Insolvency Professional: Atul Kumar Kansal Ground Floor, 221-A/19, Onkar Nagar-B, Tri Nagar, Northwest, Delhi-110035 Email: advatulkansal@gmail.com Immaculate Resolutions LLP Unit No. 112, First Floor, Tower-A, Spazedge Commercial Complex, Sector-47, Sohna Road, Gurgaon-122018 Email Id: ibc.birdhospitality@gmail.com Last date for submission of claims: June 27, 2025 BMC FERROCAST: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of BMC Ferrocast Private Limited (BFPL; part of the BMC group) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.4 CRISIL B/Stable (ISSUER NOT COOPERATING) Long Term Loan 13.6 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with BFPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BFPL continues to be 'Crisil B/Stable Issuer not cooperating'. Des Incorporated in 2011, BFPL has set up a castings product unit in Adityapur Industrial Area, Jharkhand. The company manufactures ductile iron products and is one of the major suppliers of axle parts such as hubs and torque plates to TML and Brakes India Ltd for itsJamshedpur plant. The installed capacity is 16,000 million tonne per annum. BMCPL commenced operations in 1985 as a castings product unit in the same area. The company manufactures ductile iron products and is one of the major suppliers of axle parts such as hubs, torque plates, and rear brakes to the same clients. The installed capacity is 10,200 million tonne per annum. BOSS COMPUTERS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Boss Computers Private Limited (Boss) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.5 CRISIL D (Issuer Not Cooperating) Term Loan 3.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Boss for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Boss, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Boss is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Boss continues to be 'Crisil D Issuer not cooperating'. Boss incorporated in 2008 is a Chandigarh based company promoted by Mr. Narinder Pal Singh. It is engaged in trading of computer hardware. The company have dealerships of Dell, Asus, HP, Lenovo and Acer. BUDS TEA: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Buds Tea Industries Limited (BITL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Cash Credit 20 CRISIL D (Issuer Not Cooperating) Long Term Loan 8.75 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BITL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BITL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BITL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BITL continues to be 'Crisil D/Crisil D Issuer not cooperating'. BITL, established in 2006, manufactures and trades in the CTC variety of tea, and has a plant near Jalpaiguri, West Bengal. CHADHA SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings for the Bank facilities of Chadha Sugars & Industries Limited (CSIL) 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- 40.46 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Long-term- 168.33 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term- 109.80 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 6.00 [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 CSIL, 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. CSIL was incorporated in 2004. The company is a part of the Late Mr. Hardeep Chadha Group which has business interests in diverse areas such as real estate, sugar, liquor, paper etc. CSIL has set up a 4500 TCD sugar plant (expanded to 5000 TCD), 26 MW co-generation unit, 30 KLPD grain-based distillery and 30 KLPD molasses-based distillery. The plant is located at village Teri Afghana in Gurdaspur district of Punjab. CHANDRALOK RESIDENCY: CRISIL Keeps D Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Chandralok Residency Private Limited (CRPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CRPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CRPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CRPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CRPL continues to be 'Crisil D Issuer not cooperating'. CRPL, established in 2010, is setting up a 22-key hotel in Rewa, Madhya Pradesh. The company is promoted by Rewa-based Mr. Satnam Singh and Mr. Mohanveer Singh. CHAUHAN POULTRY: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Chauhan Poultry Farm (CPF) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.25 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 1.00 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 5.75 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CPF for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CPF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CPF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CPF continues to be 'Crisil B/Stable Issuer not cooperating'. CPF, set up as a partnership firm in 1990s, manages a poultry farm in Yamuna Nagar (Haryana) with a capacity of 1,80,000 egg-laying birds. The firm is promoted by Mr. Mansingh. CHINAR RETAILS: Liquidation Process Case Summary ------------------------------------------------ Debtor: Chinar Retails and Infrastructure Private limited 112, Chinar Incude Business Center Hoshangabad Road Misrod Huzur M.P. NAGAR Bhopal, Madhya Pradesh, 462026 Liquidation Commencement Date: June 11, 2025 Court: National Company Law Tribunal, Indore Bench Liquidator: Mayuri Daga 194 Om Shiv Colony Laghati Bhopal, Madhya Pradesh 462030 Email: mayuri_lunawat16@yahoo.com Last date for submission of claims: July 11, 2025 CIRCLE INFOTECH: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Circle Infotech Private Limited (CIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CIPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. CIPL, incorporated in 2008, is a Mumbai-based company that imports computer peripherals from manufacturers in China and sells them in India under the in-house brand, Circle. The products range from desktop cabinet, switched-mode power supply (power systems), key boards, mouse, card readers, speakers, head phones, earplugs and other high-end gaming products. Mr Sanjeev Kumar and Ms Sneha Kumar are the promoters. CROSS TRADE: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Cross Trade Links (CTL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 3.5 CRISIL D (Issuer Not Cooperating) Packing Credit 3.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CTL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CTL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CTL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CTL continues to be 'Crisil D Issuer not cooperating'. Set up in 2000 as a proprietorship firm by Mr Ashok Sharma, CTL manufactures ready-made garments such as T-shirts, ladies' dresses, and office wear, and exports entire production to South Africa, the United States of America and the United Arab Emirates. DECOR PAPER: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings for the Bank facilities of Decor Paper Mills Limited in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING/[ICRA]A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 13.00 [ICRA]B+(Stable)ISSUER NOT Fund Based COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 0.13 [ICRA]A4; ISSUER NOT Non-Fund to remain under 'Issuer Not Based-Others Cooperating' category As part of its process and in accordance with its rating agreement with Decor Paper Mills 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 2007, Decor Paper Mills Limited is engaged in the manufacturing of kraft paper which finds applications in the packaging industry, especially for making corrugated boxes. The company has its manuf. unit located in Hyderabad having a production capacity of around 60,000 MTPA of kraft paper of various grades. The grades manufactured by the company include 12 BF, 14 BF, 16 BF, 18 BF, 20 BF, and 22 BF. DPML is promoted by the Agarwal group, which has a long track record in the paper and pulp industry. The key group companies are Bazargaon Paper and Pulp Mills Private Limited (Nagpur, 25,000 MTPA) and Kolar Paper Mills Limited (plant being setup at Chittoor, Andhra Pradesh with an installed capacity of 105,000 MTPA. DEVIKA UNIVERSAL : Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Devika Universal Lands Private Limited 780-A-7, G/F, F/P Govindpuri, Kalkaji, South Delhi, New Delhi 110019, Delhi, India Insolvency Commencement Date: June 12, 2025 Estimated date of closure of insolvency resolution process: December 9, 2025 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Sudhanshu Gupta 311, Agarwal Chamber-2, Plot No. 30, 31, Veer Savarkar Block, Opp. Metro Piliar No. 58, Shakarpur, East Delhi, Delhi-110092 Email: sg_1973@rediffmail.com Email: devikauniland_cirp@gmail.com Last date for submission of claims: June 27, 2025 DFI HOSPITALS: CRISIL Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of DFI Hospitals Private Limited (DHPL) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.75 Crisil B+/Stable (Issuer Not Cooperating) Term Loan 48.25 Crisil B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DHPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DHPL continues to be 'Crisil B+/Stable Issuer not cooperating'. DHPL was incorporated in 2009. It is setting up multi-specialty tertiary care hospital with 150 bed capacity at Amberpet- Hyderabad with the objective of providing affordable medical services to the society at large. DHPL is promoted by the trust named Dhanwantari Foundation International (DFI) and currently directed by Dr. Kamalakara Sharma Pantangi, Dr. Jayasree Sarma Pantangi, Mrs. Satya Sree Peesapati and Mrs. Anuradha Akella. DHRUV COTTONS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Dhruv Cottons (DC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (Issuer Not Cooperating) Long Term Loan 2 CRISIL D (Issuer Not Cooperating) Proposed Cash 2 CRISIL D (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with DC for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DC continues to be 'Crisil D Issuer not cooperating'. Established in 2006, DC gins cotton at its unit in Bhainsa, Telangana. Managing partner, Mr. C Maruti, has experience of more than 30 years in the cotton segment. DOLLARS GRAND: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the rating on bank facilities of Dollars Grand Club Private Limited (DGCPL) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 15 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with DGCPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DGCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DGCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DGCPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2017, DGCPL is setting up a hotel in Tirupati, Andhra Pradesh, under the brand name Dollar Grand Club. The company is owned and managed by C Divakar Reddy and C Monica Devi. DURABLE TRANSFORMERS: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Durable Transformers Private Limited (DCPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 CRISIL D (Issuer Not Cooperating) Letter of Credit 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DCPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. DCPL, incorporated in July 2005, commenced commercial production in April 2006. It manufactures bushings (used in transformers), insulators (pin, disc, post, high-tension, and low-tension), and plain cement concrete poles. DTPL, incorporated in April 2008, commenced commercial operations in December 2008. It manufactures transformers up to 1,000 kilovolt ampere, and sells 10% of the output to DCPL. FAROUK SODAGAR: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Farouk Sodagar Darvesh and Co. Private Limited (Darvesh) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Funded Interest 17 CRISIL D (Issuer Not Term Loan Cooperating) Letter of Credit 15 CRISIL D (Issuer Not Cooperating) Working Capital Term Loan 85 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Darvesh for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Darvesh, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Darvesh is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Darvesh continues to be 'Crisil D/Crisil D Issuer not cooperating'. The Darvesh group was founded by the Miya Ahmed Darvesh family in 1909. Trading in timber is its main business. The group started trading in steel bars in 2003, but discontinued the business in 2012 because of slowdown in the end-user industry (real estate). GENSOL EV: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: Gensol EV Lease Limited Westgate Business Bay, 15th floor, A Block, Makarba, Jodhpur Char Rasta, Ahmedabad, Gujarat 380015 Insolvency Commencement Date: June 13, 2025 Estimated date of closure of insolvency resolution process: December 10, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Keshav Khaneja C-7, Parth Apartment, Ramdev Nagar, Satellite, Ahmedabad-380015 Email: khanejakes@gmail.com 824, 1st Floor, Sector-14 Gurugram-122001 Email: cirpgensolev@gmail.com Last date for submission of claims: June 27, 2025 GLD SOFTWARE: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: GLD Software Private Limited Flat No. 203, Nilgiri Neelkanth Vihar, Shashid Bhagat Kanwar, Ram Marg, Rajawad, I, Mumbai City, Mumbai, Maharashtra, India, 400077 Insolvency Commencement Date: June 5, 2025 Estimated date of closure of insolvency resolution process: December 2, 2025 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: G. Ramachandran F-10, Syndicate Residency Dr. Thomas First Street, South Boag Road, T. Nagar Chennai-600017 Email: ramgcs@gmail.com C/o M/s Brahmayya & Co. Ground Floor, DLF Plaza Tower, Qutub Enclave, Block B Sector 26A, Gurgaon - 122 022 National Capital Region (NCR) Email: ip.gldpl@gmail.com Last date for submission of claims: June 19, 2025 GLOBAL TANNING: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Global Tanning Industries (GTI) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Foreign Bill 4.5 CRISIL D (Issuer Not Purchase Cooperating) Letter of Credit 0.5 CRISIL D (Issuer Not Cooperating) Overdraft Facility 0.19 CRISIL D (Issuer Not Cooperating) Proposed Long Term 4.75 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.56 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GTI for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GTI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GTI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GTI continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 2003, Kolkata-based GTI tans raw hide and manufactures leather gloves. Mr Dilshad Elahi is the promoter. HIMALAYA FOOD: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-term and Short-term rating for the bank facilities of Himalaya Food International Ltd. (HIL) 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- 61.64 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 136.11 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term 7.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Short-term 1.25 [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 HIL, 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. Himalya International Limited (HIL) was promoted by Mr. Man Mohan Malik and Mr. Sanjay Kakkar in 1992 as Himalya Cement & Calcium Carbonate Private Limited (HCC) for manufacturing precipitated calcium carbonate and hydrate of lime. HCC was reconstituted as a public limited company with its current name in 1994. In 1998-99, these operations were discontinued. Currently, HIL cultivates mushrooms and manufactures canned mushrooms, canned soups, ready to eat and other processed food items, cottage cheese, yoghurt, sweets, snacks, and breaded appetizers (French Toast Sticks, Bites, Veg Patty, Samosa). HIL has its manufacturing facility in Sirmaur (Himachal Pradesh) and Mehsana (Gujarat). HOUSING DEVELOPMENT: Adani Properties' Bid to Buy Two Assets OK'd ----------------------------------------------------------------- The Economic Times reports that the National Company Law Tribunal (NCLT) has approved Adani Properties' acquisition of two assets of defunct real estate developer Housing Development and Infrastructure (HDIL) through the corporate insolvency resolution process (CIRP). The assets include a commercial property known as 'Inspire BKC' in Mumbai's business district Bandra-Kurla Complex and a land parcel in Kalyan Shahad on the outskirts of Mumbai, ET says. According to ET, Adani Properties was found to be the only bidder to make Insolvency and Bankruptcy Code (IBC)-compliant proposal for both the properties. For the Inspire BKC commercial project, its resolution plan is valued at INR3 crore. This includes INR2.85 crore allocated to creditors and INR15 lakh for CIRP costs. In the case of Shahad land parcel, the fair value and liquidation value were estimated at INR89.66 crore and INR62.76 crore, respectively. According to industry experts, both these assets in central Mumbai and Kalyan together are estimated to be valued at over INR2,000 crore, ET relays. ET says the Mumbai bench of the NCLT approved the resolution plans for both projects under Section 31 of the IBC, 2016. The committee of creditors (CoC) had cleared both the plans with 66.08% voting share in 2022. The voting concluded in November 2022. The Rakesh Wadhawan-promoted HDIL has been undergoing insolvency since 2019 with admitted liabilities of over INR7,789 crore. While its resolution professional had initially issued an expression of interest for a resolution of the entire company in February 2020, it did not receive any proposal. As the company had several unfinished residential properties, the National Company Law Appellate Tribunal (NCLAT) allowed a project-wise resolution plan, ET notes. About HDIL Housing Development & Infrastructure Limited (HDIL) is real estate development company. The Company's services include residential, commercial, and retail real estate development. The National Company Law Tribunal (NCLT) on Aug. 20, 2019, admitted an application filed by Bank of India to initiate insolvency proceedings against the company. In July 2020, the National Company Law Appellate Tribunal (NCLAT) has upheld the NCLT order to initiate insolvency proceedings against HDIL and rejected the plea of its promoter Rakesh Wadhwan. MARGDARSHAK FINANCIAL: Insolvency Resolution Process Case Summary ----------------------------------------------------------------- Debtor: M/s Margdarshak Financial Services Limited 118 Dayal Farms, Ganeshpur Rehmanpur Chinhat Deva Road, Lucknow, Lucknow, Uttar Pradesh, India 226019 Insolvency Commencement Date: June 11, 2025 Estimated date of closure of insolvency resolution process: December 18, 2025 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Rakesh Kumar Jindal Efficax Resolution Professionals Private Limited 3656/6 Gali No.6, Narang Colony, Tri Nagar, Near Rose Garden, North West, National Capital Territory of Delhi-110035 Email: md@efficaxindia.com 70D, 3rd Floor, Pocket-A, Krishna Park Et., Tilak Nagar, Delhi - 110018 Email: cirp_mfsl@efficaxindia.com Last date for submission of claims: June 25, 2025 MARVEL LANDMARKS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Marvel Landmarks Private Limited Office No. 301- 302, Jewel Tower, Lane No. 5, Koregaon Park, Pune, Pune, Maharashtra, India, 411001 Insolvency Commencement Date: June 14, 2025 Estimated date of closure of insolvency resolution process: December 11, 2025 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Vijay P. Lulla 201, Satchitanand Bldg, 12th Road, Opp. Ram Mandir, Khar (West) Mumbai-400 052 Email: vijayplulla@rediffmail.com 203-B Arcadia Building 2nd Floor, Nariman Point Mumbai - 400021 Email: marvellandmarks.cirp@gmail.com Classes of Creditors: Class of Homebuyers Authorized Representative of creditors in a class: 1. Manish Dawda E-mail: ip.dawdamanish@gmail.com 2. Arun Nandlal Agrawal E-mail: iparun@gmail.com 3. Bharati Daga E-mail: bharteedaga1008@gmail.com Last date for submission of claims: June 28, 2025 NIRMANGOLD PLASTTECH: Liquidation Process Case Summary ------------------------------------------------------ Debtor Nirmangold Plasttech Private Limited Gut No. 17, Sultanpur Shivar, Near Jikthan Phata, Tq Gangapur, Aurangabad, Maharashtra, India - 431133 Liquidation Commencement Date: June 4, 2025 Court: National Company Law Tribunal, Mumbai Bench-I Liquidator: Rakesh Kumar Tulsyan B-4, Vinay Tower, Kranti Nagar, Lokhandwala, Kandivali East, Mumbai - 400101 Email: tulsyanrk@gmail.com Email: liq.nppl@gmail.com Last date for submission of claims: July 12, 2025 SUPERECO AUTOMOTIVE: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: M/s Supereco Automotive Co. LLP Plot No. 01, Sector-A, Industrial Area Maharajpura, Gwalior, Madhya Pradesh, India, 474005 Insolvency Commencement Date: June 12, 2025 Estimated date of closure of insolvency resolution process: December 9, 2025 Court: National Company Law Tribunal, Indore Bench Insolvency Professional: Apeksha Kekre 9 Parashar Nagar, Near Rajendra Nagar, Indore, Madhya Pradesh, 452012 Email: apekshakekre@gmail.com Email: cirp.supereco@gmail.com Last date for submission of claims: June 28, 2025 =============== M A L A Y S I A =============== 1MDB: StanChart Faces US$2.7B Suit Over Alleged Role in Fraud ------------------------------------------------------------- Jude Chan at The Business Times reports that liquidators seeking to recoup misappropriated funds from Malaysia's sovereign wealth fund 1Malaysia Development Berhad (1MDB) have initiated legal proceedings against Standard Chartered Bank in the High Court of Singapore, they said in a statement dated June 30. BT relates that the lawsuit, brought by court-appointed liquidators Angela Barkhouse and Toni Shukla, seeks to hold StanChart accountable for its role in allegedly enabling fraud to be committed against 1MDB and the systematic theft of funds. Three companies in liquidation linked to 1MDB - Alsen Chance Holdings, Blackstone Asia Real Estate Partners and Brightstone Jewellery - said financial breaches and control failings by StanChart between 2009 and 2013 led to financial losses of more than US$2.7 billion, according to the liquidators. They are seeking to hold the bank accountable for its alleged role in enabling fraud related to the multibillion-dollar financial scandal, the statement said, BT relays. In a statement to the media on July 1, StanChart said it has not yet received the legal claim documents, and "emphatically rejects" any claims made by these companies, according to BT. "The liquidators who are making these claims have publicly stated that these companies were shell companies with no legitimate business and were linked to fugitives Low Taek Jho and his associate Eric Tan," StanChart said, notes the report. "They operated under false pretences, and acted as a conduit for funds misappropriated from 1MDB to launder monies," the bank added. "Any claims by these companies are without merit and StanChart will vigorously defend any lawsuit commenced by the liquidators." According to the claimants, StanChart between 2009 and 2013 permitted more than 100 intrabank transfers that helped conceal the flow of stolen funds and chose to overlook obvious red flags in relation to the transfer of funds, BT relays. In one example, an account held by Blackstone Asia Real Estate Partners is said to have disbursed US$150 million directly to the personal bank account of Najib Razak - the former prime minister of Malaysia who has since been jailed for corruption and money laundering. BT relates that the account also disbursed US$4.7 million to jewellery, watch and bag vendors to pay for the luxury goods purchases of Najib's wife Rosmah Mansor. Another US$1 million was transferred from the account to Red Granite Pictures, a movie production and distribution company controlled by Riza Aziz - Rosmah's son and Najib's stepson. This was used to pay for movie development expenses, among other things. Through such transfers, the claimants said they have lost a total of more than US$2.7 billion and S$20 million in public funds, BT relates. "According to the claimants, these amounts, along with the nature of the money flows, evidence how StanChart had failed to conduct the anti-money laundering safeguards that would have been expected of it," the liquidators said in the statement. BT says StanChart noted that the transactions cited date back to 2010. "We reported the transaction activities of these companies, both before and at the time we shut their accounts in early 2013, and fully cooperated with the investigating authorities," the bank said in its statement. The Monetary Authority of Singapore (MAS) in 2016 imposed financial penalties of SGD5.2 million on StanChart in relation to 1MDB-related fund flows, recalls BT. StanChart noted in its statement that while MAS identified regulatory breaches, the inspection did not find pervasive control weaknesses or wilful misconduct at the bank. "StanChart takes our responsibility to fight financial crime extremely seriously," it added. "We have made significant investments in strengthening our controls and uplifting our anti-money laundering standards, and will continue to do so." BT adds that a spokesperson for the board of 1MDB said: "We are pleased to see the court-appointed liquidators taking action which will benefit the victims of the fraud, including 1MDB. The Malaysian people were the true victims of this global fraud, and all parties are determined to hold every facilitator to account – including financial institutions that failed in their most basic duties of vigilance and responsibility." About 1MDB Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent Malaysian strategic development company, wholly owned by the Malaysian Minister of Finance. 1MDB was established in 2009 to foster long-term economic development for the country by forging global partnerships, particularly in energy, real estate, tourism, and agribusiness. The Company was founded shortly after Dato Sri Najib Razak became Prime Minister of Malaysia in July 2009. Najib said the establishment of 1MDB into a federal entity was to benefit a majority of Malaysians. 1MDB is said to have raised billions of dollars in bonds, for investment projects and joint ventures, between 2009 and 2013. Among those projects are the Tun Razak Exchange, Tun Razak Exchange's sister project Bandar Malaysia, and the acquisition of three independent power producers. The Company came into heavy scrutiny in 2015 for suspicious money transactions and evidence pointing to money laundering, fraud and theft. The corruption scandal in 1MDB has implicated high-level officials, including Prime Minister Najib Razak, as wells as banks and financial institutions around the world. In 2016, the U.S. Department of Justice filed a lawsuit, alleging that at least US$3.5 billion has been stolen from 1MDB. In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be US$7.8 billion. Malaysia has been filing lawsuits over the years in an effort to recover the missing billions of dollars. Among others, in May 2021, Malaysia filed 22 civil suits against entities and people involved in the corruption scandal, including units of Deutsche Bank and JP Morgan. Malaysia said in September 2020 it has so far recovered about US$3.24 billion in assets linked to the 1MDB matter. This amount includes about US$600 million cash and assets returned by U.S. authorities; about US$2.5 billion paid by Goldman Sachs as settlement; as well as US$780 million in settlement amounts from Malaysian banking group AmBank and audit firm Deloitte. SAPURA ENERGY: Wins Bursa Nod for Regularisation Plan to Exit PN17 ------------------------------------------------------------------ The Edge Malaysia reports that Sapura Energy Bhd has received approval from Bursa Malaysia for its proposed regularisation plan, paving the way for the financially troubled oil and gas contractor to exit Practice Note 17 (PN17) status. In a bourse filing, Sapura Energy said the approval, granted via a letter on June 30, covers key components of the regularisation plan, namely a capital reconstruction, debt restructuring, fundraising exercise and an exemption from undertaking a mandatory general offer. The Edge relates that the plan, spearheaded by Sapura Energy's principal adviser MIDF Amanah Investment Bank Bhd, will now proceed subject to several conditions, including full compliance with Bursa's Main Market Listing Requirements, submission of shareholder approval, and confirmation that all relevant regulatory approvals have been obtained. According to The Edge, the approval marks a major milestone for Sapura Energy's long-awaited turnaround strategy, which was first announced in March. The plan entails reducing the group's paid-up capital by 99.99%, and paring down total borrowings and trade liabilities from RM12.1 billion to RM5.23 billion. It also involves a RM1.1 billion capital injection from the Ministry of Finance, via Malaysia Development Holding Sdn Bhd (MDH), through redeemable convertible loan stocks (RCLS). Upon full conversion of the RCLS, MDH could become the single largest shareholder in Sapura Energy with a stake exceeding 33%, overtaking Permodalan Nasional Bhd, whose stake could be diluted to just over 5%. The Edge says Bursa's approval requires Sapura Energy and MIDF to furnish quarterly updates on share issuances related to the conversion of its RCLS and redeemable convertible unsecured Islamic debt securities, ensure compliance with public shareholding spread requirements, and notify the exchange upon completion of the plan. Following the implementation of a 20-to-one share consolidation exercise, Sapura Energy's share base is expected to reduce to between 919 million and 1.01 billion shares. Aside from MDH, three banks - Maybank Islamic Bhd, CIMB Bank Bhd and RHB Islamic Bank Bhd - are expected to emerge as substantial shareholders upon full conversion of their respective instruments, while Amanah Saham Bumiputera's direct stake in the group could fall below 15%, adds The Edge. About Sapura Energy Sapura Energy Berhad, formerly SapuraKencana Petroleum Berhad, is engaged in investment holding and the provision of management services to its subsidiaries. The Company's segments include Engineering and Construction (E&C), Drilling, Energy and Corporate. Sapura Energy Bhd announced on May 31, 2022, that it has been classified as a PN17 listed issuer due to going concerns on its shareholders' equity position less than 50% of its share capital. Sapura Energy has become an affected listed issuer under PN17 on the basis that its shareholders' equity position of MYR85 million as at Jan. 31, 2022 was less than 50% of its share capital of MYR10.9 billion. ===================== N E W Z E A L A N D ===================== CPROPAINTERPLASTER LIMITED: Court to Hear Wind-Up Bid on July 10 ---------------------------------------------------------------- A petition to wind up the operations of Cpropainterplaster 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 7, 2025. The Petitioner's solicitor is: Derick Lotz Inland Revenue, Legal Services PO Box 1782 Christchurch 8140 FORMCRETE CONSTRUCTION: Property Developer Goes Into Liquidation ---------------------------------------------------------------- Peter Newport at Crux reports that a property developer linked to some of the largest construction projects at Jacks Point near Queenstown has gone into liquidation. Formcrete Construction Ltd went into liquidation on June 25, with Baker Tilly Staples Rodway of Auckland appointed as liquidators, Crux discloses. The company was formerly known as Falconer and Co. Ltd up until 2022. According to the Companies Office, Dean Franklin is the sole director and a shareholder. The only other shareholder is a company owned by Lance Morrison. Until it was taken offline on July 1, Formcrete's website showed a total of nine large scale multi million dollar Jacks Point projects in its portfolio. Crux approached Mr. Franklin for comment on July 1 but received no response. A contact email address on the website was answered by a former General Manager, Marty Price, who said he had had no connection with the company for the past 12 months. The first liquidator's report was due to be filed with the Companies Office on July 2, 2025. Many of the properties that were detailed on the Formcrete Construction Ltd website are still being actively marketed to potential buyers via www.falconer.nz and Falconer Real Estate - a company run by Julia Franklin and Willie Baddeley, according to Crux. The Falconer Real Estate website shows property prices ranging from NZD1.25 million to NZD2.3 million with many being listed as "price on application." One of the projects, the Village Works Quarters is listed as being 50% sold, Crux adds. LCEO LIMITED: Court to Hear Wind-Up Petition on July 10 ------------------------------------------------------- A petition to wind up the operations of LCEO 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 7, 2025. The Petitioner's solicitor is: Derick Lotz Inland Revenue, Legal Services PO Box 1782 Christchurch 8140 NEXT LEVEL: Creditors' Proofs of Debt Due on Aug. 22 ---------------------------------------------------- Creditors of Next Level 2024 Limited are required to file their proofs of debt by Aug. 22, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 24, 2025. The company's liquidators are: Andrew McKay Rees Logan BDO Auckland Level 4 BDO Centre 4 Graham Street Auckland 1010 SPCW LIMITED: Creditors' Proofs of Debt Due on July 30 ------------------------------------------------------ Creditors of SPCW Limited are required to file their proofs of debt by July 30, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 16, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 TABLE BLOOM: Creditors' Proofs of Debt Due on July 24 ----------------------------------------------------- Creditors of Table Bloom Limited are required to file their proofs of debt by July 24, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 16, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 ===================== P H I L I P P I N E S ===================== ASIAN MARINE: Faces LandBank Takeover of 11 Mortgaged Vessels ------------------------------------------------------------- SunStar reports that the state-owned Land Bank of the Philippines (LandBank) has filed a legal complaint to take possession of 11 mortgaged vessels belonging to the Cebu City-based Asian Marine Transport Corp. (AMTC). In a prayer for the immediate issuance ex parte of a warrant of arrest of vessels, filed before the Regional Trial Court in Manila on May 30, 2025, LandBank is asking the court to authorize the arrest and seizure of the ships after AMTC failed to settle loans amounting to PHP3.67 billion, which are now in default. According to SunStar, the vessels were mortgaged by AMTC to secure loans granted by LandBank and its predecessor, the United Coconut Planters Bank, beginning in 2010. According to the complaint, AMTC's outstanding obligation to LandBank stood at PHP3,674,355,437.64 as of May 15. SunStar relates that AMTC also has unsettled loans with the Development Bank of the Philippines totaling PHP1.479 billion, bringing its total debt to government financial institutions to nearly PHP5 billion. AMTC's loans were restructured in December 2019, but the company failed to meet its new obligations, SunStar says. LandBank stated it sent five formal collection letters from July 8, 2024, to Feb. 17, 2025, but AMTC did not comply with the demands for payment or surrender of the mortgaged assets. The bank described this as a clear default of the loan terms and referred to AMTC's continued possession of the vessels as unlawful detention. In its petition, LandBank requested an ex parte warrant of arrest to prevent AMTC from moving the vessels beyond the court's jurisdiction. The bank said the seizure is necessary to enable the sheriff to take immediate possession of the mortgaged vessels for purposes of extrajudicial foreclosure and sale, SunStar relays. The vessels identified for seizure include mv Super Shuttle Ferry 5, mv Super Shuttle Ferry 6, mv Super Shuttle Roro 7, mv Super Shuttle Roro 9, mv Super Shuttle Ferry 10, mv Super Shuttle RoRo 11, mv Super Shuttle Ferry 12, mv Super Shuttle Roro 14, mv Super Shuttle Roro 16 (also referred to as mv Super Shuttle Rocon 16) and mv Super Shuttle Ferry 17. SunStar adds that LandBank said the ships are stationed in various locations nationwide, complicating foreclosure efforts. Mv Super Shuttle Roro 9 and mv Super Shuttle Ferry 12 are currently docked at Ouano Port in Mandaue City, while mv Super Shuttle Roro 11 is at the Keppel Batangas Shipyard in Bauan, Batangas. The remaining vessels are serving different ports in the Visayas and Mindanao regions, as well as Manila and Batangas. Before filing the complaint, AMTC reportedly proposed several arrangements to settle the debt, including payment through the surrender of property and later a revised proposal involving a lease of its operating vessels and container yard, SunStar notes. However, LandBank rejected these offers, citing inconsistencies with its lending policies and the company's failure to agree to terms, including the payment of P25 million in "goodwill money" on or before May 29. LandBank proceeded with legal action after AMTC failed to meet the final conditions set in a letter sent by the bank on May 27. Asian Marine Transport Corp. (AMTC) operates passenger and freight shipping services primarily through its brands Super Shuttle Roro, Super Shuttle Ferry and Shuttle Fast Ferry, serving 32 to 35 ports across the Philippines. ================= S I N G A P O R E ================= DELMER GROUP: Creditors' Meetings Set for July 14 ------------------------------------------------- Delmer Group Pte. Ltd. will hold a meeting for its creditors on July 14, 2025, at 4:00 p.m., via electronic means. Agenda of the meeting includes: a. to present a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to consider the appointment of a Committee of Inspection; and d. any other business. Ong Shyue Wen and Saw Meng Tee of EA Consulting Pte Ltd (a subsidiary of EisnerAmper PAC) were appointed as provisional liquidators of the Company on June 18, 2025. J. G. JEWELRY: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on June 16, 2025, to wind up the operations of J. G. Jewelry Pte. Ltd. Shree Ramkrishna Exports Pvt. Ltd., The Jewelry Company, Govind Dholakia, Rahul Dholakia, Nirav Narola and Amit Shah filed the petition against the company. The company's liquidators are: Tan Wei Cheong Khoo Christina Deloitte & Touche 6 Shenton Way #33-00 OUE Downtown Singapore 068809 KANADA-YA SG: Creditors' Meetings Set for July 7 ------------------------------------------------ Kanada-Ya SG Pte. Ltd. and Kanada-Ya Restaurants Pte. LTtd. will hold a meeting for its creditors on July 7, 2024, at 3:30 p.m. and 4:00 p.m., respectively, via electronic means. Agenda of the meeting includes: a. to present a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; and e. any other business. Neo Ban Chuan of BC Neo Business Advisory was appointed as provisional liquidator of the Company on June 11, 2025. O'HARA WEDDINGS: Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on June 20, 2025, to wind up the operations of O'Hara Weddings Private Limited. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 SMART BERRIIS: Commences Wind-Up Proceedings -------------------------------------------- Members of Smart Berriis @ Tai Seng Pte. Ltd. on June 19, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Mr. Chian Yeow Hang c/o Guardian Advisory 531A Upper Cross Street #03-118 Singapore 051531 ********* 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. 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