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250708.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, July 8, 2025, Vol. 28, No. 135 Headlines A U S T R A L I A NMEL CSC: First Creditors' Meeting Set for July 15 PEISO PTY: First Creditors' Meeting Set for July 14 STRINGER LAND: Second Creditors' Meeting Set for July 11 SUN EXPRESS: First Creditors' Meeting Set for July 11 TOYS"R"US ANZ: Second Creditors' Meeting Set for July 10 C H I N A COUNTRY GARDEN: Faces Grim Outlook as Sales Slump Deepens in June I N D I A ADINATH COLD: CARE Keeps D Debt Rating in Not Cooperating Category AZAD TRANSPORT: CARE Lowers Rating on INR7.50cr LT Loan to B- BALAJI SAHAKARI: CARE Keeps D Debt Rating in Not Cooperating GODAVARI POLYMERS: ICRA Reaffirms D Rating on INR31.50cr LT Loan GVK POWER: Lenders to Restart IBC Process HALO ENERGIE: CARE Lowers Rating on INR14.19cr LT Loan to B- HARIDARSHAN JEWELLERS: ICRA Keeps D Ratings in Not Cooperating JAGDAMBAY RICE: CARE Keeps B- Debt Rating in Not Cooperating JAI JYOTI: CARE Keeps B- Debt Rating in Not Cooperating Category JAIPRAKASH ASSOCIATES: Adani Group Emerges as Highest Bidder MAHALUXMI STEELS: CARE Keeps B- Debt Rating in Not Cooperating MANISHA CREATIONS: CARE Keeps B- Debt Rating in Not Cooperating MBC INFRASPACE: CARE Keeps D Debt Ratings in Not Cooperating NAHAR LOGISTICS: CARE Keeps B- Debt Rating in Not Cooperating NARMADADEVI COTSPIN: CARE Keeps B- Debt Rating in Not Cooperating P P COMMODITIES: CARE Keeps B- Debt Rating in Not Cooperating PARMESHWARI TEA: CARE Keeps B- Debt Rating in Not Cooperating POPULAR AGRO: CARE Keeps B- Debt Rating in Not Cooperating R S ISPAT: CARE Keeps B- Debt Rating in Not Cooperating Category REHBER FOOD: ICRA Keeps D Debt Ratings in Not Cooperating ROSHAN DISTRIBUTORS: CARE Lowers Rating on INR10cr LT Loan to B+ SANGAMNER SHETKI: CARE Keeps B- Debt Rating in Not Cooperating SATYESHWAR HEEMGHAR: ICRA Keeps D Ratings in Not Cooperating SAVFAB DEVELOPERS: ICRA Keeps D Debt Rating in Not Cooperating SAYA HI-TECH: CARE Assigns C Rating to INR175cr NCDs SHRADDHA ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating SUYOG ANJANI: CARE Keeps B- Debt Rating in Not Cooperating TROIX CHEMICALS: CARE Keeps C/A4 Debt Ratings in Not Cooperating VARAD FERTILISERS: CARE Keeps B- Debt Rating in Not Cooperating VEDANT LANDMARKS: CARE Keeps B- Debt Rating in Not Cooperating J A P A N NISSAN MOTOR: Considers Foxconn EV Output to Save Oppama Plant NISSAN MOTOR: To Sell JPY150BB Convertible Bonds for Recovery Plan N E W Z E A L A N D AIRWORK FIXED: First Creditors' Meeting Set for July 14 FOUNDER CORPORATE: Creditors' Proofs of Debt Due on Aug. 3 FRAMI LIMITED: Court to Hear Wind-Up Petition on July 10 GREENZ FOUNDATION: Court to Hear Wind-Up Petition on July 10 HANSELLS MASTERTON: Walter & Wild Buys Firm Out of Receivership PRO SEAL: Creditors' Proofs of Debt Due on Aug. 1 P H I L I P P I N E S DEL MONTE: May Incur PHP42 Billion Loss Due to Unit's Bankruptcy TAMARAW RURAL: Creditors' Claims Deadline Set for August 4 S I N G A P O R E APEX BILK: Court to Hear Wind-Up Petition on July 11 AUREUS DESIGN: Court to Hear Wind-Up Petition on July 18 ELAN ENGINEERING: Court to Hear Wind-Up Petition on July 11 HIN LEONG: Bid to Shield 3 Insurance Policies From Creditors Fails ISE FOODS: Placed in Provisional Liquidation TECHTRA SOLUTIONS: Court to Hear Wind-Up Petition on July 11 T H A I L A N D MUANGTHAI CAPITAL: S&P Assigns 'BB-' Rating on MTN Program - - - - - ================= A U S T R A L I A ================= NMEL CSC: First Creditors' Meeting Set for July 15 -------------------------------------------------- A first meeting of the creditors in the proceedings of NMEL CSC Pty Ltd (Trading name: New Shanghai Chadstone) will be held on July 15, 2025 at 11:30 a.m. via Microsoft Teams video teleconferencing. Renee Sarah Di Carlo and Shane Justin Cremin of Rodgers Reidy were appointed as administrators of the company on July 3, 2025. PEISO PTY: First Creditors' Meeting Set for July 14 --------------------------------------------------- A first meeting of the creditors in the proceedings of Peiso Pty Ltd will be held on July 14, 2025 at 11:00 a.m. via virtual meeting technology. Matthew Charles Hudson and Terry Grant van der Velde of SV Partners were appointed as administrators of the company on July 2, 2025. STRINGER LAND: Second Creditors' Meeting Set for July 11 -------------------------------------------------------- A second meeting of creditors in the proceedings of Stringer Land Holdings Pty Limited has been set for July 11, 2025, at 11:00 a.m. via virtual facilities. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by July 10, 2025 at 4:00 p.m. Frank Farrugia and Bruce Gleeson of Jones Partners were appointed as administrators of the company on June 5, 2025. SUN EXPRESS: First Creditors' Meeting Set for July 11 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Sun Express Pty Ltd will be held on July 11, 2025 at 11:00 a.m. via teleconference only. Jason Tang of KPT Restructuring was appointed as administrator of the company on July 1, 2025. TOYS"R"US ANZ: Second Creditors' Meeting Set for July 10 -------------------------------------------------------- A second meeting of creditors in the proceedings of Toys"R"Us ANZ, Toys R Us Licensee Pty Ltd, Hobby Warehouse Pty Ltd and Mittoni Pty Ltd has been set for July 10, 2025, at 12:00 p.m. at the offices of BDO, Tower 4, Level 18, in 727 Collins Street, in Melbourne, Victoria and via conference call. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by July 9, 2025 at 4:00 p.m. Luke Francis Andrews and Duncan Edward Clubb of BDO were appointed as administrators of the company on June 4, 2025. ========= C H I N A ========= COUNTRY GARDEN: Faces Grim Outlook as Sales Slump Deepens in June ----------------------------------------------------------------- Bloomberg News reports that Country Garden Holdings Co.'s sales slid again in June, with the developer faring worse than peers, as a lack of policy support dampened demand. Monthly contracted sales at the Foshan-based company dropped 35% from a year earlier to CNY2.81 billion ($392 million), according to Bloomberg calculations based on a Friday [July 4] filing. The decline was from an already low base, and was steeper than the 23% drop in new home sales for China's top 100 developers. Falling prices in China are eroding corporate profits and employee income, leading to suppressed demand for housing purchases, just as the effects of a stimulus blitz last September start to wear off, according to Bloomberg. Premier Li Qiang last month pledged more action to revive the market, which analysts say is necessary to boost consumption and offset a threat to exports from US tariffs. Bloomberg says Country Garden has been counting on a turnaround in sales as it seeks to restructure its debt after a default more than a year ago. Yet its efforts to win backing for a $14.1 billion offshore restructuring are running into resistance as a key group of banks said failure to accept some of their demands would be a "deal breaker," according to a court hearing last month. Bloomberg relates that the builder needs support from three-quarters of debt holders among two individual groups - bank lenders and bondholders. It has said that it has backing from holders of 70% of bonds, but even if it gets more from that class, it still needs bank creditors to get on board to pass the plan through a "scheme of arrangement" procedure. It has been given a few months' reprieve from its liquidation petition hearing, with the next one set for Aug. 11. Country Garden has said it aims to implement the proposed restructuring by the end of 2025 and wants to reach an agreement with its major creditors on the terms "as soon as practicable," Bloomberg relays. About Country Garden Holdings Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. The developer defaulted on US$11 billion of offshore bonds last year and is in the process of an offshore debt restructuring. ========= I N D I A ========= ADINATH COLD: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Adinath Cold Storage Private Limited (ACSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 26, 2024, placed the rating(s) of ACSPL under the 'issuer non-cooperating' category as ACSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ACSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 12, 2025, May 22, 2025 and June 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable ACSPL, incorporated on June 29, 2010 is promoted by Mr. Ramanrao Bholla and Mrs. Vijayalaxmi Bholla. The company is engaged in processing of pulses and providing cold storage facility to local farmers and traders on rental basis. The facility is located at Nagpur district of Maharashtra. AZAD TRANSPORT: CARE Lowers Rating on INR7.50cr LT Loan to B- ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Shree Azad Transport Company Private Limited (SATCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 21, 2024, placed the rating(s) of SATCPL under the 'issuer non-cooperating' category as SATCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SATCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 7, 2025, May 17, 2025 and May 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SATCPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Delhi based Shree Azad Transportation Company Private Limited (SATCPL) was incorporated on April 20, 1993 by Mr. Raj Kumar Tekriwal. The company has succeeded an erstwhile partnership firm M/s Azad Transport Agency in which Mr. Raj Kumar Tekriwal and his family members were partners. The company is a logistics service provider and is engaged in providing transportation and carrier services mainly in Jharkhand, Bihar and Uttar Pradesh. BALAJI SAHAKARI: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shri Balaji Sahakari Soot Girni Limited (SBSSGL) continues to remain in the 'Issuer Not Cooperating ' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.18 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 24, 2024, placed the rating(s) of SBSSGL under the 'issuer non-cooperating' category as SBSSGL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBSSGL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 10, 2025, May 20, 2025 and May 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable SBSSGL was established as a co-operative society on January 21, 1991, but commenced commercial operation from May 25, 2011 onwards. SBSSG is engaged in cotton spinning through open end spinning method with an installed capacity of 6,624 spindles for manufacturing of cotton yarn with end-user industries being power loom companies situated in and around the area of Washim, Maharashtra. GODAVARI POLYMERS: ICRA Reaffirms D Rating on INR31.50cr LT Loan ---------------------------------------------------------------- ICRA has reaffirmed the ratings assigned to Godavari Polymers Private Limited (GPPL) and removed it from the Issuer Not-Cooperating Category, upon co-operation from the rated entity. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 31.50 [ICRA]D reaffirmed; removed from Fund based Issuer Not-Cooperating' category Long-term- 11.93 [ICRA]D reaffirmed; removed from Fund based Issuer Not-Cooperating' category Term Loan Short term- 34.50 [ICRA]D reaffirmed; removed from Non fund based Issuer Not-Cooperating' category Long-term- 42.87 [ICRA]D reaffirmed; removed from unallocated Issuer Not-Cooperating' category limits The reaffirmation of the ratings reflects the continued delays in debt servicing by the company because of its poor liquidity. GPPL has been facing liquidity constraints for the last three years owing to delayed receivables and a sizeable work-in-progress inventory. The entity continues to be a non-performing asset with the lender. The rating also factors in GPPL's weak financial profile, characterised by operational losses, a modest scale of operations and subdued debt protection metrics. While the profitability remains vulnerable to raw material price fluctuations, ICRA notes the company's established brand presence, its extensive experience in polymer processing and a revenue base supported by a wide distribution network. Key rating drivers and their description Credit strengths * Significant experience in polymer processing business and established brand name: The company has more than 25 years of experience in the pipe manufacturing business, resulting in a reputed customer base. Moreover, GPPL has an established brand name for HDPE pipes and MIS in the regions it operates. * Widespread distribution network: Over the years, GPPL has built an extensive distribution network of over 500 dealers in the rural and semi-urban areas across six states in India for selling its products and is expanding its presence in other states as well. Credit challenges * Continued delays and poor liquidity: The company's liquidity position is poor, reflected in the delays in meeting the debt repayment obligations. The poor liquidity position has been on account of continued delays in receivables from its customers and a sizeable work-in-progress inventory. * Weak financial profile, marked by modest scale of operations, operational losses and weak debt protection metrics: High fixed expenses with declining revenue have resulted in operating losses over the years. Operating loss, negative cash accruals and stretched receivables pushed up the debt and moderated the coverage indicators. The coverage indicators are expected to remain weak in the near term. The liquidity support in the last two years came from unsecured loans and sale of assets. * Profitability indicators exposed to volatility in raw material prices: The company's revenues and margins are exposed to price fluctuations of key raw materials such as PVC resin and HDPE/LDPE granules. Any adverse movement in the prices of raw materials could have an adverse impact on its margins, considering the stiff competition in the industry. Liquidity position: Poor GPPL's liquidity is poor, evident from the continued delays in its debt servicing. The liquidity position continues to be poor due to negative cash accruals and the high working capital intensity of operations because of its stretched receivables and a sizeable work-in-progress inventory. Rating sensitivities Positive factors – The ratings could be upgraded if the debt servicing is regularised for a sustained period, as per ICRA policy. Negative factors – Not applicable. Godavari Polymers Private Limited (GPPL), incorporated in August 1990, is engaged in the manufacturing of HDPE pipes, sprinkler irrigation systems, drip irrigation systems and PVC pipes. The company previously operated two manufacturing units. At present, only one unit is operational at Shadnagar in the Ranga Reddy district of Telangana, while the other manufacturing unit has been sold. GVK POWER: Lenders to Restart IBC Process ----------------------------------------- The Economic Times reports that lenders to GVK Power and Infrastructure (GPIL) would re-run the debt-laden company's insolvency process and seek separate bids for each of the four individual assets that cover businesses as diverse as land parcels, power, roads, and a residual stake in the Mumbai airport, documents accessed by ET showed. About INR16,000 crore of bank funds are stuck in this account. "This is the second attempt to find a buyer," a finance industry executive aware of the details told ET. "Lenders believe that selling the company on an asset basis will lead to better value since this company has different businesses and not all bidders will be keen to bid for the company as a whole." An earlier attempt to find a buyer for the company was abandoned by lenders in May because the two resolution plans received "were non-compliant" with the provisions of the request for proposals and the bankruptcy code, showed the documents accessed by ET. The GVK Group holding company, which has subsidiaries GVK Perambalur SEZ, GVK Energy, GVK Transportation, and a minority stake in the Mumbai airport business, owes INR15,944 crore to verified creditors led by ICICI Bank, ET discloses. The resolution professional, Satish Gupta, is now seeking separate plans for four assets - land, the power unit, roads and the airport stake. Potential buyers can also give an offer for all four assets, showed the documents. RP Satish Gupta declined to comment on ET's queries on the revamped bankruptcy resolution plans. Bidders can submit a bid for GVK Perambalur SEZ, through which the company owns an industrial freehold land parcel of more than 2,600 acres at Perambalur district, Tamil Nadu, abutting the Chennai-Trichy highway, according to ET. Bidders can also give offers for the residual 1.7 per cent stake in GVK Airport Developers Ltd that previously owned the Mumbai airport, now a part of the Adani Group that owns the Mumbai and Navi Mumbai International Airports. GVK Power and Infrastructure Ltd (GVKPIL) is the flagship company of Hyderabad-based GVK group. GVKPIL acts as an investment vehicle of the GVK group for all its investments in the infrastructure sector and is the ultimate holding company of diversified infrastructure assets of the group. The company commenced wind up proceedings on July 15, 2024. HALO ENERGIE: CARE Lowers Rating on INR14.19cr LT Loan to B- ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Halo Energie Private Limited (HEPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.19 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 27, 2024, placed the rating(s) of HEPL under the 'issuer non-cooperating' category as HEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 12, 2025, April 22, 2025, May 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of HEPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Halo Energie Private Limited (HEPL) was founded in 2013 and promoted by Mr. Himadeep Nallavadla and Ms. Chamundeswari Nallavadla along with Ms. C Vijayalakshmi. The first project commissioned by HEPL, of 5MW power, is installed on over 33 acres of land located near Kommireddipally village in Mehabubnagar district in Telangana. This project was commissioned in two phases of 2MW and 3MW out of the 5MW and the project achieved Commercial Operational Date (COD) on October 02, 2014 for 2MW and on September 12, 2016 for the balance 3MW in Telangana. HEPL has executed this project under 3rd party open access mechanism. The power is being purchased by 3 high consumption customers located in Hyderabad. HEPL has entered Power Purchase Agreements (PPAs) with Idea Cellular Limited, Omega Hospitals (a unit of Hyderabad Institute of Oncology Private Limited and iLabs Hyderabad Technology Centre Private Limited for supply of power. HARIDARSHAN JEWELLERS: ICRA Keeps D Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-term and Short-term rating for the bank facilities of Shri Haridarshan Jewellers (SHJ) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING /[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 10.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 2.00 [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 SHJ, 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. Shri Haridarshan Jewellers (SHJ) was established in 1990 by Mr. Kaushik Patadia. The firm is engaged in manufacturing and wholesale of gold jewellery with operations based in Ahmedabad. The firm currently operates out of its wholesale unit based in C.G. Road. SHJ also owns three workshops situated in Manekchowk which employs about 100 artisans who manufacture gold jewellery for SHJ on job work basis. JAGDAMBAY RICE: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Jagdambay Rice Mills-Amritsar (JRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.31 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 21, 2024, placed the rating(s) of JRM under the 'issuer non-cooperating' category as JRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 7, 2025, May 17, 2025 and May 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Jagdambay Rice Mills - Amritsar was established as partnership concern in 1992. The firm is currently being managed by Mr. Vinod Kumar Gujral, Mrs Uma Rani, Mr Punit Gujral and Mr. Vineet Gujral as its partners. JRM is engaged in processing of paddy and milling of rice at its manufacturing facility located in Amritsar, Punjab. Besides this, the firm is also engaged in trading of rice. JRM sells basmati rice and non-basmati rice under its brand name – Golden Rath, Doha and Goric. JAI JYOTI: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Jai Jyoti Texo Fab (JJTF) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.49 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 21, 2024, placed the rating(s) of JJTF under the 'issuer non-cooperating' category as JJTF had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. JJTF continues to be noncooperative despite repeated requests for submission of information through e-mails dated May 7, 2025, May 17, 2025 and May 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Jai Jyoti Texo Fab (JJTF) was established in April, 2012 as a proprietorship firm by Smt. Raksha Rani. JJTF is presently engaged in manufacturing of polar fleece blankets and polyester fabric at its manufacturing facility located in Panipat, Haryana. The firm undertakes in-house dyeing and stitching of these blankets and fabric. The polyester fabric manufactured by firm is used as captive consumption for manufacturing of polar fleece blankets. JAIPRAKASH ASSOCIATES: Adani Group Emerges as Highest Bidder ------------------------------------------------------------ The Times of India reports that billionaire Gautam Adani-led Adani Group has reportedly emerged as the highest bidder in the race to acquire Jaiprakash Associates. The list of potential buyers who submitted bids included Adani Group, Vedanta, JSPL (Naveen Jindal), Suraksha Group, Dalmia Bharat, and PNC Infratech. Jaiprakash Associates Ltd (JAL), a financially stressed infrastructure and real estate firm which is undergoing insolvency proceedings, received six resolution proposals, TOI says. The Adani Group's bid stands at INR12,500 crore, according to sources quoted in a Business Standard report. TOI relates that the acquisition proposals, which were submitted on June 24, aim to take over the entire company. The case has garnered significant attention in the insolvency sector, with total claims amounting to INR57,185 crore. JAL has prestigious properties including Jaypee Greens in Greater Noida, sections of Wishtown in Noida, and the Jaypee International Sports City, situated advantageously near the upcoming Jewar International Airport. Their property portfolio extends to hospitality establishments across Delhi-NCR, Agra, and Mussoorie, alongside three commercial properties and four inactive cement manufacturing facilities in Uttar Pradesh and Madhya Pradesh. The National Asset Reconstruction Company Ltd. (NARCL), having acquired JAL's debt of INR12,000 crore in March from 90% of creditors including State Bank of India, stands as the primary claimant, according to TOI. The creditor list encompasses Asset Care & Reconstruction Enterprise (ACRE), Arcil, foreign commercial lenders of SBI and Bank of Baroda, along with numerous homebuyers. Whilst approximately twenty potential investors, including Kotak Alternate Asset Managers and Oberoi Realty, showed initial interest, they ultimately chose not to submit final bids, according to an ET report. About JAL Jaiprakash Associates Ltd (JAL) is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses. JAL was one of the leading cement manufacturers with an installed capacity of ~28 million tonnes per annum (mtpa) and under implementation capacity of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is also engaged in the construction business in the field of civil engineering, design and construction of hydro-power, river valley projects. JAL is also undertaking power generation, power transmission, real estate, road BOT, healthcare and fertilizer businesses through its various subsidiaries/SPVs. JAL featured in Reserve Bank of India's second list of at least 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC, claiming a default of more than INR16,000 crore. On June 3, 2024, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. Bhuvan Madan is the resolution professional (RP) for the JAL. SBI has also moved NCLT against JAL, claiming a total default of INR6,893.15 crore as of Sept. 15, 2022. MAHALUXMI STEELS: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mahaluxmi Steels (MS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 21, 2024, placed the rating(s) of MS under the 'issuer non-cooperating' category as MS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 7, 2025, May 17, 2025 and May 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable M/s Mahaluxmi Steels (MS) was established in October 2004 as a partnership concern currently being managed by Mr. Sanjay Gupta and Mr. Mukesh Gupta as the partners of the firm. MSL is mainly engaged in the manufacturing of iron & steel ingots and industrial rounds of various grades and sizes at its manufacturing facilities situated in Ludhiana, Punjab. MANISHA CREATIONS: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Manisha Creations (MC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 18, 2024, placed the rating(s) of MC under the 'issuer non-cooperating' category as MC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 4, 2025, May 14, 2025, May 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Established in year 2002, Manisha Creations (MC) was promoted by Mr. Anirudh Khemka and Mr. Siddhartha Singhania. The has been engaged in manufacturing of duplex cartons as well as corrugated cartons used for packaging various products like FMCG products, Garments, cosmetics, pharmaceuticals and white goods. The manufacturing facility is located at Domjur, Howrah. Mr. Anirudh Khemka (aged, 46 years) has around two decades of experience in the same line of business looks after the day to day operations of the firm. He is supported by other partner (Mr. Siddhartha Singhania) and a team of experienced professionals. MBC INFRASPACE: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of MBC InfraSpace Private Limited (MIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.55 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 27, 2024, placed the rating(s) of MIPL under the 'issuer non-cooperating' category as MIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 13, 2025, May 23, 2025, June 02, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Vapi (Gujarat) based, MBC was established as private limited company in year 2012 by Mr. Manoj Barua and Mrs. Bobby Baruah. The company is based at Vapi and is primarily involved in business of industrial civil construction and has carried out various projects such as civil work for construction of Industrial shed and other industrial civil construction. Also, Mr. Manoj Baruah is also associated with a proprietorship firm named MB Corporation since 1999. NAHAR LOGISTICS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nahar Logistics Park Private Limited (NLPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.17 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 21, 2024, placed the rating(s) of NLPPL under the 'issuer non-cooperating' category as NLPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NLPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 7, 2025, May 17, 2025 and May 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Nahar Logistics Park Private Limited (NLPPL) was established in November, 2011 as a private limited company and is currently being managed by Mr. Jasdeep Singh, Mr. Jagdial Singh and Mr. Sanjay Sehgal, as its directors. The company is engaged in the providing leasing services of warehouses at its facility located in Ludhiana, Punjab. Besides this, the directors are also engaged in other group concerns namely, Reliant Tradelinks Private Limited and Nahar Enterprises, based in Chandigarh and is engaged in transportation and logistics business. NARMADADEVI COTSPIN: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Narmadadevi Cotspin LLP (NCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 23.70 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 26, 2024, placed the rating(s) of NCL under the 'issuer non-cooperating' category as NCL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NCL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 12, 2025, May 22, 2025 and June 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Narmadadevi Cotspin LLP (NCL) established in 2018 in Beed, Maharashtra and is setting up a unit for cotton ginning and pressing, with a proposed capacity of 3 lakh quintal per annum. The firm is expected to commence its operations in November 2018. The firm has 6 sister concerns which are engaged in diverse business viz. cotton ginning & pressing, managing petrol pump and oil extraction. P P COMMODITIES: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of P P Commodities (PPC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 13, 2024, placed the rating(s) of PPC under the 'issuer non-cooperating' category as PPC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PPC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 29, 2025, May 9, 2025, May 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Kolkata, West Bengal based P P Commodities was established in September 2013 as a partnership firm by Mr. Ravi Singhal and his son Mr. Saket Singhal. Since its inception, the firm has been engaged in trading of all types of pulses. The company imports around 70% of its total purchases from countries like Australia, Canada and Myanmar and balance procurement happens domestically. Moreover, the company sells its entire products in the domestic market only. PARMESHWARI TEA: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Parmeshwari Tea Company (PTC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.55 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 10, 2024, placed the rating(s) of PTC under the 'issuer non-cooperating' category as PTC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PTC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 26, 2025, May 6, 2025, May 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Parmeshwari Tea Company (PTC) was established in 2002 as a partnership entity by Dhandharia family of Golaghat, Assam for cultivating and manufacturing black tea. Over the years, the firm has increased its tea processing capacity, in phases from 5.0 lakhs kg p.a. to 25.0 lakhs kg p.a. of Black Tea. PTC presently owns one manufacturing facility located at Karbi Anglong district of Assam, which processes the green leaves purchased by them from gardens in nearby area. Tea is sold through brokers and auctions. POPULAR AGRO: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Popular Agro Products (PAP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 18, 2024, placed the rating(s) of PAP under the 'issuer non-cooperating' category as PAP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PAP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 4, 2025, May 14, 2025, May 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Popular Agro Products was established in March 12, 2007 with an objective to enter into the rice milling and processing business. The manufacturing unit of the entity is located at Bardhaman, West Bengal. The entity deals in Gobindo Vog Rice in brand name of Aisha, Lion King & Mughal Gold. The entity is procuring raw paddy from the local farmers and traders and sales its products through the agent and whole sellers. Apart from domestic sales, the entity also exports its products to Dubai which around 10-20% of its total sales. R S ISPAT: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of R S Ispat (RSI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 20, 2024, placed the rating(s) of RSI under the 'issuer non-cooperating' category as RSI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RSI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 6, 2025, May 16, 2025 and May 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable R S Ispat (RSI) was established in 2010 as a proprietorship firm by Mr. Ramesh Chand Bansal. RSI is engaged in the business of trading of iron and steel products at its facility located in Panchkula, Haryana. The major products include TMT Bars, angle, channel, structures, pipes, etc. The firm sells the traded goods directly as well as through distributors to various wholesalers based in Punjab, Himachal Pradesh, Chandigarh, Haryana, and Jammu. The key traded goods are majorly procured from wholesalers based in Mandi Gobindgarh, Punjab and Una, Himachal Pradesh. REHBER FOOD: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has kept the long-term ratings of Rehber Food Industries Private Limited (RFIPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 45.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 9.64 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with RFIPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2013, RFIPL processes and sells buffalo meat in the domestic as well as export markets. Initially incorporated as Marya Frozen Agro Foods Private Limited, the company was renamed as Rehber Food Industries Private Limited (RFIPL) in FY2018. It is owned and managed by Mr. Firoz Ahmed Shaikh, Mr. Kaukab Ghulam Mohamed Qureshi and Mr. Chand Miyajan Qureshi, who have extensive experience in the meat-processing business. Further, Rustam Foods Private Limited, an established player in the export of buffalo meat, acquired a 40% stake in RFIPL in FY2020. RFIPL's integrated meat-processing plant, comprising a slaughterhouse, is located at Bareilly, Uttar Pradesh. The facility has a processing capacity of 202 metric tonnes per day (MTPD), a freezing plant to store raw and finished meat, and a rendering plant to process offals (the entrails and internal organs). Further, RFIPL's promoters have another Group company named Yusra Agro Foods Private Limited (YAFPL), which is also involved in buffalo meat trading. However, there were no business operations in Yusra Agro since FY2020. ROSHAN DISTRIBUTORS: CARE Lowers Rating on INR10cr LT Loan to B+ ---------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Roshan Distributors Private Limited (RDPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB-; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 28, 2024, placed the rating(s) of RDPL under the 'issuer non-cooperating' category as RDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 14, 2025, May 24, 2025 and June 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of RDPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Roshan Distributors Private Limited (Roshan) was incorporated during FY23 and is engaged in trading of pharmaceuticals mainly catering to the needs of Outpatient Department (OPD). Company is based out of Delhi and deals in medicines of major pharma companies such as Cipla, Pfizer, Dr Reddy's, Zydus etc. Clientele of Roshan is retail pharmacy in and outside hospitals. Roshan is part of A S Pharma Group. A S Pharma Private Limited is a parent company of Roshan Distributors Private Limited. A S Pharma Private Limited is engaged in dealing of pharma products for In-Patient Department (IPD) and mainly caters to hospitals such as Max Healthcare, Fortis, BLK Hospital, Medanta Group etc. SANGAMNER SHETKI: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sangamner Shetki Sahakari Sangh Limited (SSSSL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 24, 2024, placed the rating(s) of SSSSL under the 'issuer non-cooperating' category as SSSSL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SSSSL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 10, 2025, May 20, 2025, May 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable SSSSL was founded in 1959 and is based out of Sangamner (Maharashtra). The entity is engaged in trading of petrol and diesel, agricultural inputs (motors, sprinklers, steel sheets, PVC pipes, fitting materials and drips) and agriculture produce goods (fertilizers, oil, seeds and grains). Furthermore, SSSSL is also an authorized distributor of Finolex Industries Ltd, IFFCO and RCFL. SATYESHWAR HEEMGHAR: ICRA Keeps D Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term and Short-Term ratings of Satyeshwar Heemghar Private Limited (SHPL) 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- 5.42 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term- 4.40 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 0.18 [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 SHPL, 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 September 2014, Satyeshwar Heemghar Private Limited (SHPL) is promoted by the West Bengalbased Ghosh family. The company provides cold storage facility to potato farmers and traders on a rental basis and has a storage capacityof 22,790 metric tonnes (MT). The cold storage unit is located at Mohaboni, Paschim Midnapore, West Bengal. SAVFAB DEVELOPERS: ICRA Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Savfab Developers Private Limited (SDPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 35.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with SDPL, 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 2012, SDPL is developing a residential project called "Jasmine Grove" at Village Mehrauli, on NH-24, Ghaziabad, Uttar Pradesh. In the last year, the company increased the scope of the project to 517 flats from the originally envisaged 370 flats. The company is part of the Saviour group, which is promoted by Mr. Dhanesh Goel and Mr. Vineet Goel, who have been executing projects in NCR for many years. SAYA HI-TECH: CARE Assigns C Rating to INR175cr NCDs ---------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Saya Hi-Tech Private Limited (SHTPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 175.00 CARE C; Stable Assigned Debentures Rationale and key rating drivers The rating assigned to the proposed instrument of Saya Hi-Tech Private Limited factors in project execution risk associated with ongoing projects in group entities, delays in debt servicing in group entity, high reliance on fresh sales for repayment of debt obligation and completion of project considering limited financial support from promoters, and inherent cyclicality of real estate sector. The rating takes comfort from the experienced management having over 25 years' experience in real estate industry, and the project's favourable location. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Timely execution of the project and realisation of envisaged customer advances ensuring adequate liquidity buffer to fund project progress and service the debt obligations on time. Negative factors * Delays in timely realising the funds as envisaged, towards NCDs redemption. Analytical approach: Combined For arriving at the rating assessment, operational and financial risk profiles of Saya Hi-Tech Private Limited (SHTPL), Forever Infrabuild India LLP (FIIL), and RGB Infra LLP (RGB) have been combined, as these entities have managerial linkages, exhibit cash flow fungibility, and operate in the same business. Outlook: Stable The stable outlook reflects CARE Ratings Limited's (CareEdge Ratings') expectation that the combined entities will be able to realise timely collections from ongoing projects to meet the pending construction cost and debt repayment obligation. Detailed description of key rating drivers: Key weaknesses * Project execution and marketing risk: FIIL and RGB are currently developing two commercial projects in Noida and Greater Noida, with a total saleable area of ~8.66 lakh square feet (lsf). Construction for Saya South X commenced in 2018, while Saya Piazza began in 2021. Both projects are expected to be completed by the end of FY26. As of now, ~61% total estimated project cost has been incurred. However, execution risk persists for the remaining construction, and timely completion within the planned cost and schedule remains critical from a credit risk perspective. As on May 31, 2025, Saya South X has achieved a booking status of 69%, and Saya Piazza stands at ~81%. The sales momentum remains subject to risks stemming from the cyclical real estate market, including demand fluctuations and changing economic conditions. The group is also carrying unsold inventory in two of its completed projects, indicating challenges associated with selling projects. * Small scale of operations: Despite operating in the real estate sector for over two decades, the Saya Group remains a relatively small player. The business continues to be predominantly promoter-driven with limited geographical diversification. Currently, the group is developing two commercial projects under FIIL and RGB, with revenue potential of INR1278.22 crore and is planning to launch a new residential project in Indirapuram, Ghaziabad jointly with another developer where Saya Group owns the land parcel, while the development and marketing will be handled by a different developer. Aside from this, the group does not has project in pipeline or land bank to support future expansion, which limits its visibility for revenue growth. * Project funding risk: The estimated cost for ongoing projects is ~INR800 crore which is to be financed through a proposed NCD of INR175 crore and remaining through customer advances. The pending financial closure for the project elevates the funding risk. The proposed nonconvertible debentures (NCDs) are expected to carry a coupon rate of 19%, indicative of a very high cost of borrowing. This suggests a perception of elevated risk associated with the company. There are ongoing delays in debt servicing of one of the group entities (Saya Homes Private Limited; rated CARE D; INC) since 2022, and there is no financial support forthcoming from promoters to regularise the debt repayment. This underlines the heavy reliance on fresh sales proceeds of ongoing projects for timely completion of ongoing project and servicing of debt obligations of proposed NCDs. * Cyclicality of the real estate sector: The company operates in the inherently cyclical real estate sector, which is closely linked to macroeconomic conditions, interest rates, and disposable income levels. Shocks in the industry can lead to higher vacancy rates and reduced investor sentiment, affecting the ability to liquidate inventory within stipulated timelines, straining cash flows. * Geographic concentration and competitive risks: All ongoing projects are concentrated in the Delhi-NCR region, exposing the group to significant geographic concentration risk. Economic or regulatory downturn in this region would disproportionately affect the company's revenues and project viability. The area is witnessing increased competition from other developers, leading to a crowded market with rising inventory levels, which could exert downward pressure on prices and reduce saleability. Key strengths * Experienced promoters: The company is part of the Saya Group which has around two decades' experience in real estate development. Saya Group has developed of over 5.37 million square feet (msf) residential and commercial projects. Promoters Vikas Bhasin and Ajay Kumar Awal have an experience of over a decade in real estate. * Favourable location of the projects: The ongoing projects, Saya South X (RERA Registration No. UPRERAPRJ17950), and Saya Piazza (RERA Registration No. UPRERAPRJ36406) are at Greater Noida and Noida, respectively. Both the projects are well connected with the key areas of the city and has good connectivity. This favourable location is expected to support the group in selling the remaining unsold units by attracting prospective clients seeking exposure to prime market areas. Liquidity: Stretched As on May 31, 2025, the company has maintained free liquid balances of INR1.87 crore. The company has committed receivables from sold inventory of over INR274.41 crore, which covers ~65% balance project cost and debt repayment. Timely realisation of collections will be crucial from liquidity perspective. Saya Hi-Tech Private Limited (CIN: U70109DL2021PTC375944) is a part of the Saya Group and was incorporated on Jan. 20, 2021, to operate as a real estate developer across residential, commercial, and retail segments. Currently, the company does not have projects under its name. Saya Hi-Tech Private Limited is planning to raise INR175 crore through the issuance of listed nonconvertible debentures (NCDs). The proceeds from the issuance will be utilised for commercial projects - Saya South X (RERAUPRERAPRJ17950), being developed by Forever InfraBuild India LLP, and Saya Piazza (RERA- UPRERAPRJ36406) being developed by RGB Infra LLP. SHRADDHA ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Shraddha Energy and Infraprojects Pvt. Ltd (SEIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING.". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 185.40 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term- 169.80 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 54.80 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with SEIPL, 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. Based out of Maharashtra, Shraddha Energy and Infraprojects Private Limited (SEIPL) is involved in diverse activities viz construction of infrastructure projects (mainly irrigation), operating of sugar mill and windmill projects. The company has class1 registration with multiple state public works departments and state irrigation departments/corporations. It has a sugar factory in Partur, Maharashtra with a capacity of 2500 TCD. Apart from this, SEIPL has installed wind turbine generators across Maharashtra and Karnataka, with a total capacity of 52 MW. SUYOG ANJANI: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Suyog Anjani Avishkar Associates (SAAA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.98 CARE B-; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 21, 2024, placed the rating(s) of SAAA under the 'issuer non-cooperating' category as SAAA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SAAA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 7, 2025, May 17, 2025 and May 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Established in the year 2011 SAAA is a joint venture of Pune based Suyog Group, Anjani Group, Anjani Promoters and Avishar Associate. The groups have undertaken real estate projects predominantly in Pune region. The partners of the SAAA have presence in real estate business since 1998, through various companies and partnership/proprietorship entities in association with well-known developers in Pune. TROIX CHEMICALS: CARE Keeps C/A4 Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Troix Chemicals Private Limited (TCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/Short 12.00 CARE C; Stable/CARE A4; Term Bank ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 14, 2024, placed the rating(s) of TCPL under the 'issuer non-cooperating' category as TCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 30, 2025, May 10, 2025, May 20, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Established in the year 1984, Troix Chemicals Private Limited (TCPL) is a private limited company engaged into trading and distribution of petrochemicals i.e. solvents (Ethyl Hexanol, Iso-Butanol and n-Butanol) which find application primarily in the coatings (viz. paints, thinners and varnish), elastic and pharmaceutical industry. It is an authorized distributor of Andhra Petrochemicals Limited (APL) for all over India and operates out of its office in Mumbai. VARAD FERTILISERS: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Varad Fertilisers (VF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.30 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 21, 2024, placed the rating(s) of VF under the 'issuer non-cooperating' category as VF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 7, 2025, May 17, 2025 and May 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable VF, based in Sangli, Maharashtra, was established in April 2009, as a partnership firm with four partners viz. Mr Venkatesh Puramwar, Mr Sudhakar Parsewar, Mr Sainath Parsewar and Mr Somnath Puramwar. VF is engaged in trading of fertilizers, seeds and pesticides. Along with trading activities, VF also provides warehousing and transport facilities. VEDANT LANDMARKS: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vedant Landmarks (VL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 CARE B-; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 21, 2024, placed the rating(s) of VL under the 'issuer non-cooperating' category as VL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 7, 2025, May 17, 2025 and May 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable VL is a partnership firm formed on September 30, 2011 and belongs to Vedant Group. Vedant Group is a renowned name in the real estate development in Pune and has been in real estate business since a decade. ========= J A P A N ========= NISSAN MOTOR: Considers Foxconn EV Output to Save Oppama Plant -------------------------------------------------------------- Reuters reports that Nissan Motor is in talks to allow Taiwan's Foxconn to use one of the automaker's domestic factories to build electric vehicles, said two people familiar with the matter, a deal that could save the plant from closure. Reuters reported in May that Nissan was considering closing its Oppama plant, in the port city of Yokosuka south of Tokyo. CEO Ivan Espinosa has announced sweeping restructuring plans aimed at turning around the struggling automaker, including closing seven of Nissan's 17 factories globally and reducing its workforce by some 15%. Allowing electronics manufacturer Foxconn to produce its own EVs at Oppama could avert plant closure, mitigating the impact of restructuring on the plant's 3,900 employees and suppliers, the people said, declining to be identified. The discussions were first reported by the Nikkei business daily late on July 6, Reuters says. According to Reuters, Nissan in a statement said the Nikkei report was not based on information released by the automaker. A Foxconn spokesperson did not respond to a Reuters' request for comment. Kyodo News reported separately on July 7 that Foxconn was considering a plan to acquire a portion of the Oppama plant, Reuters relays. In May, Nissan's junior partner Mitsubishi Motors signed a memorandum of understanding with a Foxconn subsidiary for the Taiwanese firm to supply it with an EV model. About Nissan Motor Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. Fitch Ratings, in April 2025, downgraded Nissan Motor Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) and senior unsecured rating to 'BB' from 'BB+'. The Outlook is Negative. Fitch has affirmed the Short-Term Foreign- and Local-Currency IDRs at 'B'. S&P Global Ratings, on March 7, 2025, lowered its long-term issuer credit ratings on Nissan Motor and its overseas subsidiaries to 'BB' and affirmed its short-term issuer credit ratings on each company at 'B'. The negative outlook reflects S&P's view that the company's creditworthiness may continue to deteriorate as a challenging operating environment hampers profitability improvement and free cash flow losses continue. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. NISSAN MOTOR: To Sell JPY150BB Convertible Bonds for Recovery Plan ------------------------------------------------------------------ Bloomberg News reports that Nissan Motor plans to sell $5 billion in debt to help fund new chief executive officer Ivan Espinosa's turnaround of the ailing automaker, part of a broader financing initiative to keep operations on track. Bloomberg relates that the Japanese carmaker will sell JPY150 billion ($1 billion) of convertible bonds for investment in new products and technologies, the company said on July 7. Nissan also plans to issue $4 billion in unsecured dollar- and euro-denominated bonds for general corporate purposes, according to Fitch Ratings, which has assigned a BB rating to the debt, Bloomberg relays. According to Bloomberg, the fundraising is part of Nissan's broader effort to raise more than JPY1 trillion, including asset sales and lease-back plans for its Yokohama headquarters. Mr. Espinosa, who was appointed CEO earlier this year, is seeking to revamp the carmaker, which has an aging product lineup and is facing a huge loan repayment wall next year. "The focus will be on how much it can convince the market on why it needs to raise capital," Bloomberg quotes Nobuhiko Kuramochi, vice president of investment adviser Parasol, as saying. "It will be difficult for investors to take action until changes, including structural reforms and capital structure adjustments, become visible." Nissan had also planned to take out a GBP1 billion ($1.4 billion) syndicated loan, guaranteed by U.K. Export Finance, by the end of the fiscal quarter, which ended June 30, Bloomberg relays. It wasn't clear whether that was still on track, given that the internal deadline has passed. With a BB rating assigned by Fitch for the euro and dollar bonds - indicating speculative-grade debt - investors remain wary, questioning whether Nissan's planned job cuts and plant closures will be enough to restore profitability after its recent JPY671 billion net loss. The Nissan bonds are being marketed to investors from the mid-7% area, compared with an average yield of about 5.7% on similarly rated U.S. notes, data show, Bloomberg relays. The car company is tapping the market after spreads on U.S. junk bonds tightened back to their lowest since February, while market-wide spreads are near their lowest since the global financial crisis. Nissan has sufficient capital of about JPY2.2 trillion in cash on hand and credit to last the next 12 to 18 months, Mr. Espinosa said in May. Bloomberg notes that the new CEO has announced plans to eliminate 20,000 jobs and close seven of Nissan's 17 plants by March 2028 after the company reported a JPY671 billion net loss for most recent fiscal year. The measures follow the collapse of talks earlier this year to join forces with Honda, Bloomberg notes. Those discussions ended in part due to disagreements about Nissan's willingness to make deeper cuts to production and personnel. This financing move highlights broader pressure in the auto industry, as legacy automakers such as Nissan navigate costly transitions to electric vehicles and digital technologies. Investors will be closely watching whether the company can successfully implement structural reforms without additional support or deeper alliances following its failed talks with Honda. About Nissan Motor Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. Fitch Ratings, in April 2025, downgraded Nissan Motor Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) and senior unsecured rating to 'BB' from 'BB+'. The Outlook is Negative. Fitch has affirmed the Short-Term Foreign- and Local-Currency IDRs at 'B'. S&P Global Ratings, on March 7, 2025, lowered its long-term issuer credit ratings on Nissan Motor and its overseas subsidiaries to 'BB' and affirmed its short-term issuer credit ratings on each company at 'B'. The negative outlook reflects S&P's view that the company's creditworthiness may continue to deteriorate as a challenging operating environment hampers profitability improvement and free cash flow losses continue. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. ===================== N E W Z E A L A N D ===================== AIRWORK FIXED: First Creditors' Meeting Set for July 14 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Airwork Fixed Wing Limited will be held on July 14, 2025 at 11:30 a.m. at the offices of Baker Tilly Staples Rodway Auckland Limited, at Level 9, 45 Queen Street, in Auckland. Tony Leonard Maginness and Jared Waiata Booth of Baker Tilly Staples Rodway Auckland were appointed as administrators of the company on July 2, 2025. FOUNDER CORPORATE: Creditors' Proofs of Debt Due on Aug. 3 ---------------------------------------------------------- Creditors of Founder Corporate Limited, Falconer Corporate Limited and SR Corporate Limited are required to file their proofs of debt by Aug. 3, 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: Craig Sanson Malcolm Hollis PwC, PwC Christchurch PO Box 13244 City East Christchurch 8141 FRAMI LIMITED: Court to Hear Wind-Up Petition on July 10 -------------------------------------------------------- A petition to wind up the operations of Frami Limited will be heard before the High Court at Christchurch on July 10, 2025, at 10:00 a.m. Wynn Williams filed the petition against the company on May 14, 2025. The Petitioner's solicitor is Jackson Blythe Fletcher. GREENZ FOUNDATION: Court to Hear Wind-Up Petition on July 10 ------------------------------------------------------------ A petition to wind up the operations of Greenz Foundation Systems Limited will be heard before the High Court at Auckland on July 10, 2025, at 10:00 a.m. Harmony World Building Limited (trading as Harmony World Building) filed the petition against the company on May 29, 2025. The Petitioner's solicitor is Ivan Milan Vodanovich of Vodanovich Law. HANSELLS MASTERTON: Walter & Wild Buys Firm Out of Receivership --------------------------------------------------------------- Jangoulun Singsit of JustFood reports that Walter & Wild has acquired the manufacturing assets of Hansells Masterton out of receivership through a newly formed company, Hansells Acquisition Limited (HAL), ensuring continued operations at the Masterton facility. Hansells Masterton, which serves as a contract manufacturer and owns brands such as Horleys Sports Nutrition, had its receivership managed by BDO Auckland. Receiver Andrew McKay noted that several offers were reviewed before the final decision was made, according to JustFood. "This outcome provided the best possible resolution under the circumstances and helped reduce disruption for both employees and the wider Masterton community," McKay stated, notes the report. According to a release, all staff members have been offered positions under the new ownership. Walter & Wild CEO Harry Hart said the acquisition marks a fresh beginning, JustFood relays. "With this reset, we can now focus on long-term stability—supporting our people, meeting customer needs, and reinforcing Hansells' role in Masterton and the wider New Zealand food industry," Hart said. COO Isi Tupou added, "We're excited to work alongside our partners to fully realize the business's potential. Revitalising businesses is our strength, and this opportunity aligns perfectly with our experience," notes the report. About Hansells Masterton Hansells Masterton is a New Zealand-based food contract packer. The company specialises in powder and liquid blending and packing. Walter & Wild owns several popular brands, including Aunt Betty's, Hubbards, Vitasport, and Vitafresh. The Auckland-based food business, owned by investor Harry Hart, was established in 2018 following the Hart family's purchase of Hansells Food Group. The Hansells brand was later sold to Hansells Masterton, which entered receivership in April 2025 after failing to meet conditions tied to the acquisition. Walter & Wild, a secured debt holder, appointed Andrew McKay and Rees Logan of BDO Auckland as receivers to Hansells Masterton on April 10, 2025. PRO SEAL: Creditors' Proofs of Debt Due on Aug. 1 ------------------------------------------------- Creditors of Pro Seal Limited are required to file their proofs of debt by Aug. 1, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 24, 2025. The company's liquidator is: Bryan Williams c/o BWA Insolvency Limited PO Box 609 Kumeu 0841 ===================== P H I L I P P I N E S ===================== DEL MONTE: May Incur PHP42 Billion Loss Due to Unit's Bankruptcy ---------------------------------------------------------------- Bilyonaryo.com reports that Del Monte Pacific Limited (DMPL), owned by Nutriasia of bilyonaryo Joselito "Butch" Campos Jr., is bracing for a major financial hit as it prepares to write down $748 million (PHP42 billion) following the Chapter 11 bankruptcy filing of its U.S. subsidiary, Del Monte Foods Holdings Ltd. (DMFHL). In a disclosure to the Singapore Exchange (SGX), DMPL said the write-down will include its $579 million equity investment in DMFHL and $169 million in receivables from DMFHL and its subsidiaries, both as of Jan. 31, 2025, Bilyonaryo.com relates. "With DMFHL's Chapter 11 filing, we expect the Company's equity investment in DMFHL and certain receivables due from DMFHL and/or its subsidiaries to be subject to impairment," DMPL stated. According to Bilyonaryo.com, the company warned that the total write-offs "are likely to cause a capital deficit in DMPL's balance sheet," though it assured investors that the impact is largely contained within its U.S. operations. "Nevertheless, DMPL does not expect these developments to cause any disruption to its operations outside the U.S.," the company added. DMFHL filed for Chapter 11 bankruptcy in the U.S. earlier this month due to financial and operational difficulties. The move is part of a broader restructuring plan that may include selling some of its assets. Despite the looming impairment, DMPL claimed that it remains a going concern, citing continued strong performance in its Asian business, particularly Del Monte Philippines, Inc. (DMPI), which delivered $226 million in positive cash flow in FY2025, Bilyonaryo.com relays. "Management believes that the company will be able to pay or refinance its liabilities as and when they fall due," the DMPL said, notes the report. "The group continues to find new sources of funding to improve cash management . . . and DMPI, with its Asian and international businesses, continues to perform well." Bilyonaryo.com relates that DMPL also clarified that it has not guaranteed any loans of DMFHL or its subsidiaries and has no contingent liabilities tied to the U.S. unit's obligations. Bilyonaryo.com says the company is working closely with its external auditors to finalize the full extent of impairments and the audited financial results for FY2025, with a commitment to disclose these by 31 July 2025. "Save for the extent of the impairments mentioned above and the Company's last quarter and FY2025 financial results… the Company is not aware of any information that will have a material bearing on investors' decision which is required to be disclosed and has yet to be announced," DMPL said, the report relays. Del Monte Pacific Limited is an investment holding company with subsidiaries that are principally engaged in growing, processing, and selling packaged fruits, vegetable and tomato. TAMARAW RURAL: Creditors' Claims Deadline Set for August 4 ---------------------------------------------------------- All creditors of the closed Oriental Tamaraw Rural Bank of Naujan (Oriental Mindoro), Inc. have until August 4, 2025, to file their claims against the assets of the closed bank either by e-mail, mail, or personal filing. Creditors refer to any individual or entity with a valid claim against the assets of the closed Oriental Tamaraw Rural Bank of Naujan (Oriental Mindoro), Inc. and include depositors whose deposits exceed the maximum deposit insurance coverage (MDIC) of P1 million. The Philippine Deposit Insurance Corporation (PDIC) said that creditors may file their claims through any of the following: 1. E-mail at naujan-pad@pdic.gov.ph; 2. Mail addressed to the PDIC Public Assistance Department, Ground Floor, PDIC Chino Bldg., 2228 Chino Roces Avenue, Makati City 1231. Claims filed by mail must have a postmark date no later than August 4, 2025; or 3. Personal filing at the PDIC Public Assistance Center (PAC) located on the Ground Floor, PDIC Chino Bldg., 2228 Chino Roces Avenue, Makati City, from Monday to Friday, from 8:00 AM to 5:00 PM. For visits to the PAC, clients are highly encouraged to request an appointment by calling the Public Assistance Hotline during office hours at (02) 8841-4141 or at Toll-Free number 1-800-1-888-7342 or 1-800-1-888-PDIC, by sending an e-mail request to naujan-pad@pdic.gov.ph, or by sending a request through private message at PDIC's official Facebook page at www.facebook.com/OfficialPDIC. The prescribed Claim Form against the assets of the closed bank may be downloaded from the PDIC website at http://www.pdic.gov.ph/files/Claim_Form_Against_Assets_of_Closed_Banks.pdf. PDIC reminds creditors to transact only with authorized PDIC personnel. Claims filed after August 4, 2025, shall be disallowed. PDIC, as Receiver, shall notify creditors of the denial or disallowance of claims through mail. Claims denied or disallowed by the PDIC may be filed with the liquidation court within 60 days from receipt of final notice of denial or disallowance of claim, or within 20 days from the date of publication of the Order setting the Petition for Assistance in the Liquidation Proceeding for the initial hearing, whichever is later. In addition, PDIC said that depositors with account balances of more than the MDIC of P1 million who have already filed claims for the insured portion of their deposits as of August 4, 2025, are deemed to have filed their claims for the uninsured portion or the amount in excess of the MDIC. PDIC, as Receiver of closed banks, requires personal data from creditors to be able to process their claims and protects these data in compliance with the Data Privacy Act of 2012. Oriental Tamaraw Rural Bank of Naujan (Oriental Mindoro), Inc. was ordered closed by virtue of Monetary Board Resolution No. 437.B dated May 8, 2025. It is a single-unit rural bank located in Barcenaga, Naujan, Oriental Mindoro. All requests and inquiries relating to Oriental Tamaraw Rural Bank of Naujan (Oriental Mindoro), Inc. shall be addressed to the PDIC Public Assistance Department through e-mail at naujan-pad@pdic.gov.ph, or through telephone number (02) 8841-4141. Creditors outside Metro Manila may call the PDIC Toll Free Hotline during office hours at 1-800-1-888-PDIC (7342). Inquiries may also be sent as a private message to the PDIC's official Facebook page at www.facebook.com/OfficialPDIC. ================= S I N G A P O R E ================= APEX BILK: Court to Hear Wind-Up Petition on July 11 ---------------------------------------------------- A petition to wind up the operations of Apex Bilk Marine Pte. Ltd. will be heard before the High Court of Singapore on July 11, 2025, at 10:00 a.m. Chartered Logistics Limited filed the petition against the company on April 29, 2025. The Petitioner's solicitors are: August Law Corporation 12 Eu Tong Sen Street #04-166, The Central Singapore 059819 AUREUS DESIGN: Court to Hear Wind-Up Petition on July 18 -------------------------------------------------------- A petition to wind up the operations of Aureus Design Pte. Ltd. will be heard before the High Court of Singapore on July 18, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on June 23, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00 AIA Tower Singapore 048542 ELAN ENGINEERING: Court to Hear Wind-Up Petition on July 11 ----------------------------------------------------------- A petition to wind up the operations of Elan Engineering Pte. Ltd. will be heard before the High Court of Singapore on July 11, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on June 23, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 HIN LEONG: Bid to Shield 3 Insurance Policies From Creditors Fails ------------------------------------------------------------------ The Straits Times reports that the daughter of bankrupt former Hin Leong Trading director Lim Chee Meng failed in a bid to shield three AIA Singapore insurance policies worth over half a million dollars from being part of Mr. Lim's bankruptcy estate. According to The Straits Times, Ms. Michelle Lim Yan Yi, the granddaughter of Hin Leong founder Lim Oon Kuin, sought a High Court declaration that the three policies, worth over $521,000, should be ring-fenced from creditors' reach because they were held on trust for her benefit by her father, who was declared bankrupt in December 2024. The Straits Times relates that the three policies are part of a set of eight insurance policies with AIA that Mr. Lim Chee Meng had taken out when Ms. Lim was a minor, under which he was the policy owner and she was the named insured. But High Court Judicial Commissioner Mohamed Faizal found there was a lack of evidence of an intention on Mr. Lim's part, prior to his bankruptcy, to create a trust over the three policies for the sole benefit of his daughter. He found that the documentary evidence relied on by Ms. Lim was "either self-interested representations" or "mere assertions," The Straits Times relays. One document she relied on was an October 2021 letter from Mr. Lim to ring-fence the eight policies from other assets that were subjected to a freezing order in a US$3.5 billion (SGD4.45 billion) civil suit. Another document adduced was an AIA letter dated October 2021 signed by a purported personal wealth manager, who asserted that "the eight policies belong to (Ms. Lim), and are being held by Mr. Lim Chee Meng on trust for (Ms. Lim)". Ms. Lim contended that the AIA letter would not have been issued unless her father had clearly conveyed his intention to create a trust. But the judicial commissioner found "the letter was bare and bereft of details and merely asserted, without more, that the eight policies were held on trust," The Straits Times notes. Other documents Ms. Lim relied on included an e-mail dated March 10, 2025, from Mr. Lim to the trustees and part of his affidavit filed in 2024 for his bankruptcy proceedings, in which he asserted that he held the eight policies on trust for Ms. Lim. But the judicial commissioner pointed out that most of the documents she relied on as evidence were written by or on behalf of her father after his bankruptcy proceedings started, The Straits Times relays. "By that time, it would have been apparent that Hin Leong's collapse could have extremely far-reaching financial consequences for all concerned, not least Mr. Lim who was a director." The judicial commissioner noted: "It was at this point that Mr Lim started to insist that the eight policies were in fact not owned by him and should be deemed to be held on trust." He pointed out: "The courts should be wary of such belated attempts by bankrupts to shield assets from creditors by retrospectively asserting the existence of trust arrangements without contemporaneous evidence," The Straits Times adds. Mr. Lim, along with his father and sister Lim Huey Ching, was declared bankrupt in December 2024, following a settlement of two lawsuits brought by Hin Leong's liquidators and HSBC against the Lim family. Their bankruptcy estates are being managed by trustees Leow Quek Shiong and Seah Roh Lin of BDO Singapore, who have taken the position that the three insurance policies vest in Mr. Lim's bankruptcy estate, The Straits Times says. According to the report, the trustees had asked Mr. Lim and Ms. Michelle Lim whether a third party would pay the bankruptcy estate the surrender value of the three policies, which was worth over $521,000 as at Jan. 16. If no third party would pay for them, the trustees would then terminate the policies and use the proceeds to pay his creditors. But Mr. Lim and his daughter did not agree to this arrangement. Ms Lim claimed that her father intended to hold these policies on trust for her until she turned 21 years old, after which he would transfer the policies to her name. But the trustees contend that while the policy documents do identify Ms. Lim as the insured, they do not name her as a beneficiary. The trustees also pointed out that Mr Lim's actions were "inconsistent with any intention to create a trust for Ms Lim since he did not take the necessary steps to vest the three policies in her name when she turned 21", despite having the opportunity to do so. The Straits Times adds that the trustees noted that AIA had written to Mr Lim on June 13, 2024, to indicate that its records showed he wished to remain the policies' owner when Ms Lim turned 21, but they were writing to him just in case he wished to change the state of affairs. The judicial commissioner noted that Mr. Lim "chose to ignore the (AIA) letters altogether". Further, he also did not file any affidavit to support his daughter's case. About Hin Leong Singapore-based Hin Leong Trading (Pte.) Ltd. provided petroleum products and transportation services. The Company offered oil, lubricants, grease, and diesel products, as well grants storage, terminalling, trucking, and marine logistics services. Hin Leong Trading served customers globally. Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. Filed for court protection from creditors on April 17, 2020, as the former struggles to repay debts of almost US$4 billion. Hin Leong posted a positive equity of US$4.56 billion and net profit of US$78 million in the period ended October 31, 2019, according to the people, who asked not to be identified as the matter is sensitive, Bloomberg News reported. But Hin Leong told its creditors that total liabilities reached US$4.05 billion as of early April 2020, while assets were just US$714 million, leaving a hole of at least US$3.34 billion, according to screenshots of the presentation to a group of bankers seen by Bloomberg News. The balance sheet of the company showed no equity at all as of April 9, 2020, and warned that "figures obtained from the company are subject to verification," Bloomberg News added. On April 27, 2020, the Company was granted interim judicial management by the Singapore High Court. Goh Thien Phong and Chan Kheng Tek of PricewaterhouseCoopers Advisory Services (PwC) have been appointed as interim judicial managers. Ernst & Young (EY), has been appointed interim judicial manager for Ocean Tankers. On March 8, 2021, judicial managers Goh Thien Phong and Chan Kheng Tek of PwC were appointed liquidators of Hin Leong. The judicial managers had applied for Hin Leong to be wound up after three potential bidders walked away from a deal to buy Hin Leong and two related companies as a combined entity, according to The Straits Times. ISE FOODS: Placed in Provisional Liquidation -------------------------------------------- Mr. Masao Yamashika and Mr. Yiong Kok Kong of Avic DKKY Pte. Ltd. on June 24, 2025, were appointed as provisional liquidators of ISE Foods Singapore Pte Ltd. The provisional liquidators may be reached at: Mr. Masao Yamashika Mr. Yiong Kok Kong Avic DKKY Pte. Ltd. 180 Cecil Street, #12-04 Singapore 069546 TECHTRA SOLUTIONS: Court to Hear Wind-Up Petition on July 11 ------------------------------------------------------------ A petition to wind up the operations of Techtra Solutions Pte. Ltd. will be heard before the High Court of Singapore on July 11, 2025, at 10:00 a.m. The Petitioner's solicitors are: I.R.B Law LLP 229 Mountbatten Road #02-30 Mountbatten Square Singapore 398007 =============== T H A I L A N D =============== MUANGTHAI CAPITAL: S&P Assigns 'BB-' Rating on MTN Program ---------------------------------------------------------- S&P Global Ratings assigned its 'BB-' long-term foreign currency issue rating to a U.S. dollar global medium-term note (MTN) program of Muangthai Capital Public Co. Ltd. S&P equalizes the rating on the MTN program with the long-term issuer credit rating on Muangthai Capital (BB-/Stable/--). The rating is subject to our review of the final terms and conditions. The notes under the program are direct, unconditional, unsubordinated, and unsecured obligations of Muangthai Capital. They will rank equally without any preference among themselves and equally with all other outstanding unsecured and unsubordinated obligations of the issuer. The terms of the notes require Muangthai Capital to maintain a risk-adjusted capital ratio (as defined in the terms and conditions of the bond) of at least 15% and a net stage III asset ratio of 7% or less. They also contain a pledge by the Thailand-based financial institution that it will not create a security interest on its businesses or assets as long as the notes remain outstanding. The terms also stipulate that Muangthai Capital should not create any form of encumbrance or security interest upon any part of its business as long as any note remains outstanding. Muangthai Capital may also issue index-linked notes under the program. Under our rating criteria, S&P does not rate the notes if principal payments are linked to fluctuations in equity or commodity prices, or equity or commodity indices. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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