250725.mbx

250725.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, July 25, 2025, Vol. 28, No. 148 Headlines A U S T R A L I A ALLIED CREDIT 2024-2: Moody's Ups Rating on Class E Notes to Ba1 ANTON'S FLOORS: Second Creditors' Meeting Set for July 31 BAKED GROUP: First Creditors' Meeting Set for Aug. 1 BAPCOR LIMITED: In AUD500 Million Wipeout on Fresh Upheaval BUYPARTSDIRECT.COM.AU: First Creditors' Meeting Set for July 28 ELITE CERTIFICATION: First Creditors' Meeting Set for July 31 GENERAL PANTS: Faces New Winding-Up Application KINGFISHER TRUST 2025-1: Moody's Assigns (P)Ba2 Rating to E Notes LEGAL SEARCH: S&P Affirms 'B-' LongTerm ICR, Outlook Stable QUIRKY WARS: First Creditors' Meeting Set for July 31 RAF ABS 2024-1: Moody's Upgrades Rating on Class F Notes from Ba1 THINK TANK 2022-3: S&P Raises Class F Notes Rating to BB+(sf) TRITON BOND 2023-3P: S&P Raises Class F Notes Rating to BB(sf) C H I N A LJJ HOME: Halts Operations; Starts Bankruptcy Procedures XINYUAN REAL ESTATE: Issues 15.3M Shares to Central Plains Ltd. H O N G K O N G CENTURION ZD: US Audit Watchdog Bars, Fines Hong Kong Auditor LAI SUN: Seeks More Bank Support to Refinance US$446MM Loan LI & FUNG: S&P Rates $300MM Unsecured Notes 'BB' I N D I A ADARSHA AUTO: ICRA Lowers Rating on INR46.75cr LT Loan to C ADARSHA AUTOMOTIVES: ICRA Cuts Rating on INR107.20cr LT Loan to C ADILABAD EXPRESSWAY: ICRA Keeps D Debt Rating in Not Cooperating AMARNATH AGGARWAL: ICRA Keeps B+ Debt Ratings in Not Cooperating DAAJ HOTELS: ICRA Keeps D Debt Rating in Not Cooperating Category DESEIN PRIVATE: ICRA Keeps D Debt Ratings in Not Cooperating DEVI ENGINEERING: Insolvency Resolution Process Case Summary ELEGANT FORGE: Insolvency Resolution Process Case Summary ELITE SHELTERS: ICRA Keeps B+ Debt Ratings in Not Cooperating FORT PROJECTS: Liquidation Process Case Summary GOYAL MOTOCORP: ICRA Keeps B Debt Ratings in Not Cooperating HEM INFRASTRUCTURE: Insolvency Resolution Process Case Summary ISHWAR CABLES: ICRA Keeps D Debt Ratings in Not Cooperating ISHWAR METAL: ICRA Keeps D Debt Ratings in Not Cooperating JALAN SYNTHETICS: ICRA Keeps B+ Debt Rating in Not Cooperating K S INFRA: ICRA Keeps D Debt Ratings in Not Cooperating Category KKSPUN INDIA: Insolvency Resolution Process Case Summary KLM HOLDINGS: Liquidation Process Case Summary KUHOO TECHNOLOGY: Voluntary Liquidation Process Case Summary MADHUSUDAN GARAI: ICRA Keeps D Debt Ratings in Not Cooperating MAHAGANGA SUGAR: Insolvency Resolution Process Case Summary NEW CITIZEN: ICRA Keeps D Ratings in Not Cooperating Category OPEL SECURITIES: Liquidation Process Case Summary PARTHENON INDIA: Voluntary Liquidation Process Case Summary PATEL COTTON: ICRA Keeps B+ Debt Rating in Not Cooperating PENTECH METALS: Insolvency Resolution Process Case Summary PRABHU AGARWALLA: ICRA Keeps D Debt Ratings in Not Cooperating RELIANCE COMMUNICATIONS: ICRA Keeps D Ratings in Not Cooperating RELIANCE INFRATEL: ICRA Keeps D Debt Ratings in Not Cooperating RELIANCE TELECOM: ICRA Keeps D Debt Ratings in Not Cooperating RIGHILL ELECTRICS: ICRA Keeps D Debt Ratings in Not Cooperating S.S. CONSTRUCTION: ICRA Keeps B- Debt Ratings in Not Cooperating TECHSCAPE INFOPARK: ICRA Keeps D Debt Rating in Not Cooperating UNIQUE SUGARS: Liquidation Process Case Summary VIDEO WORKS: Liquidation Process Case Summary VIILBERY HEALTHCARE: Liquidation Process Case Summary VIR ELECTRO: ICRA Keeps D Debt Ratings in Not Cooperating WEBFIL LIMITED: ICRA Keeps C+/A4 Debt Ratings in Not Cooperating YASHODHA MOTORS: ICRA Keeps B+ Debt Rating in Not Cooperating ZAPAK MOBILE: Insolvency Resolution Process Case Summary ZIPPY EDIBLE: ICRA Keeps B+ Debt Ratings in Not Cooperating M A L A Y S I A COUNTRY HEIGHTS: Unit Gets Winding-Up Bid Over MYR312K Tax Arrears N E W Z E A L A N D DU VAL: Founders Will Continue to Have Assets Frozen E & E JEWELLERY: Court to Hear Wind-Up Petition on Aug. 7 M & M REALTY: Creditors' Proofs of Debt Due on Sept. 4 MURIEL MAY: Creditors' Proofs of Debt Due on Aug. 18 NANOGIRL LABS: Unlikely to Pay NZD260K Tax Debt, Liquidators Say Q CARD TRUST: Fitch Assigns 'B(EXP)sf' Rating on Cl. F-2025-1 Notes TOOLEY HOLDINGS: Court to Hear Wind-Up Petition on Aug. 7 UHURU LIMITED: Creditors' Proofs of Debt Due on Aug. 24 S I N G A P O R E ASCEND ENGINEERING: Court Enters Wind-Up Order FUSION DESIGN: Court to Hear Wind-Up Petition on Aug. 1 LSES INTERNATIONAL: Court Enters Wind-Up Order MAXEON SOLAR: Kevin Wang Named Chairman of the Board NEW VISTA: Court to Hear Wind-Up Petition on Aug. 8 TOP GEAR: Court Enters Wind-Up Order T A I W A N SEMILEDS CORP: Appoints YCM CPA as Auditor After KCCW Resignation SEMILEDS CORP: Q3 Revenue Hits $17.7M, Net Income Falls to $223K - - - - - ================= A U S T R A L I A ================= ALLIED CREDIT 2024-2: Moody's Ups Rating on Class E Notes to Ba1 ---------------------------------------------------------------- Moody's Ratings has upgraded the ratings on five classes of notes issued by AMAL Trustees Pty Limited as trustee of Allied Credit ABS Trust 2024-2. Issuer: Allied Credit ABS Trust 2024-2 Class B Notes, Upgraded to Aa1 (sf); previously on Sep 13, 2024 Definitive Rating Assigned Aa2 (sf) Class C Notes, Upgraded to Aa3 (sf); previously on Sep 13, 2024 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to A3 (sf); previously on Sep 13, 2024 Definitive Rating Assigned Baa2 (sf) Class E Notes, Upgraded to Ba1 (sf); previously on Sep 13, 2024 Definitive Rating Assigned Ba2 (sf) Class F Notes, Upgraded to Ba3 (sf); previously on Sep 13, 2024 Definitive Rating Assigned B2 (sf) A comprehensive review of all credit ratings for the transaction has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in note subordination available for the affected notes and the good collateral performance to date. No actions were taken on the remaining rated classes in the deal as credit enhancements for these classes remain commensurate with their respective current ratings. Following the June 2025 payment date, the note subordination available for the Class B, Class C, Class D, Class E, and Class F Notes has increased to 14.9%, 11.1%, 9.1%, 4.1%, and 3.4% respectively, from 12.0%, 8.9%, 7.3%, 3.3%, and 2.7% at closing. Principal collections have been distributed on a sequential basis starting from Class A Notes. Current total outstanding notes (excluding A-X Notes) as a percentage of the total closing balance (excluding A-X Notes) is 80.3%. Class A-X Notes are not collateralised and are repaid through the interest waterfall only. As of end-May 2025, 1.2% of the outstanding pool was 30-plus day delinquent and 0.1% was 90-plus day delinquent. The portfolio has incurred 0.2% (as a percentage of the original portfolio balance) of gross losses to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have maintained Moody's expected default assumption at 4.1% of the outstanding pool balance (equivalent to 3.5% of the original balance) from closing. Moody's have also maintained the Aaa portfolio credit enhancement assumption at 18.0%. The transaction is securitisation of loans backed primarily by motor vehicle assets originated by Allied Credit Pty Ltd. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. ANTON'S FLOORS: Second Creditors' Meeting Set for July 31 --------------------------------------------------------- A second meeting of creditors in the proceedings of Anton's Floors Pty Ltdhas been set for July 31, 2025, at 12:00 p.m. via Microsoft Teams. 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 30, 2025 at 4:00 p.m. David Henry Sampson of BPS Recovery was appointed as administrator of the company on June 26, 2025. BAKED GROUP: First Creditors' Meeting Set for Aug. 1 ---------------------------------------------------- A first meeting of the creditors in the proceedings of The Baked Group Pty Ltd will be held on Aug. 1, 2025 at 11:00 a.m. at the offices of RSM Australia Partners, at Level 27, 120 Collins Street, in Melbourne, VIC, and via virtual meeting technology. Jonathon Colbran & Adrian Hunter of RSM Australia Partners were appointed as administrators of the company on July 22, 2025. BAPCOR LIMITED: In AUD500 Million Wipeout on Fresh Upheaval ----------------------------------------------------------- Simon Evans at Australian Financial Review reports that Bapcor, the owner of some of Australia's best known car parts retailers, has warned of weaker than expected earnings in a pessimistic update to investors that included big write-offs and the exit of three directors. According to the Financial Review, Angus McKay, Bapcor's chief executive, took the helm in August soon after the board rejected a AUD1.83 billion buyout proposal from Bain Capital, and said that turning the struggling company around had been harder than expected. Investors wiped almost AUD500 million from its sharemarket value. "We're disappointed we found some of the stuff that we have, but we've just got to deal with it," he said on an investor call on July 24. The Financial Review relates that Bapcor, which operates 1,100 retail and trade outlets under the Autobarn, Autopro, Burson and Midas brands, said trading had been weaker than expected in May and June, particularly in its trade business, which sells to mechanics. The company booked AUD50 million in post-tax impairments for the last financial year following a review of its balance sheet. This would result in net profit after tax of between AUD31 million and AUD34 million. Bapcor's net profit four years ago was AUD126 million, the Financial Review discloses. Three directors, Mark Bernhard, Brad Soller and James Todd resigned with immediate effect, the Financial Review says. Mr. McKay said their departure would have no effect on the board's view on the value of Bapcor should any fresh offers arrive. One of the co-founders of the Burson business, Garry Johnson – who remains a large Bapcor investor with a holding of 4 million shares – said he was disappointed at the share price slide but had faith in Mr. McKay to deliver, the Financial Review relays. "I think the new guy is good enough, but he just needs enough time," he said. "The previous management should hang their heads in shame." According to the report, Mr. Johnson said the company had floundered under previous chief executive Noel Meehan and former board chairwoman Margie Haseltine, who had put too much faith in a turnaround plan known as the "better than before" program, based largely on work done by McKinsey. Bapcor in 2023 estimated that the 300-plus initiatives would deliver an extra AUD100 million in profits in 2025. Instead contributed to a string of profit downgrades. Mr. McKay said 45 sites, mainly in the trade wholesale division, had been closed or shifted in the past year. "The disruption was not unexpected given the quantum of change that we pushed through," he said. He said the trade business had slowed in May and June, in part because some promotions had failed to resonate with customers, the Financial Review relates. Mr. McKay, who was chief executive of convenience store chain 7-Eleven Australia for six years before joining Bapcor, started dismantling the previous overhaul program early in his tenure. Bapcor's big rivals include Repco, owned by American giant Genuine Parts Co, and Supercheap Auto, owned by Super Retail Group. They are all contending with a push by Wesfarmers-owned Bunnings into automotive parts, with the hardware giant selling tow-bars, coolant and engine oil. Kieran Harris, analyst with E&P, said it was "obviously a very poor update." He singled out weakness in the trade business, given Genuine Parts Co had reported a strong update for the Repco business a day earlier. The Financial Review adds that Mr. McKay said the impairments and restructuring costs were "necessary to set the business up to where it needs to go", adding that the turnaround task had been more complicated than he thought when he started last year. Bapcor was moving to a strategy of having more category-specific sales events rather than across-the-board all-store discount sales. "That's what most retailers do," the report quotes Mr. McKay as saying. Based in Melbourne, Australia, Bapcor Limited (ASX:BAP) -- https://www.bapcor.com.au/ -- engages in the sale and distribution of vehicle parts, accessories, automotive equipment, and services and solutions in Australia, New Zealand, and Thailand. The company operates through four segments: Bapcor Trade, Bapcor Specialist Wholesale, Bapcor Retail, and Bapcor NZ. BUYPARTSDIRECT.COM.AU: First Creditors' Meeting Set for July 28 --------------------------------------------------------------- A first meeting of the creditors in the proceedings of: - Buypartsdirect.com.au Pty Ltd - CFI Australia Pty Ltd - CFI Global Pty Ltd - CFI New Zealand Pty Ltd as trustee for CFI New Zealand Trust - Cornell Automotive Group Pty Ltd - Cornell Corporation Pty Ltd - Cornell Equipment Pty Ltd as trustee for Cornell Equipment Trust - Cornell Diesel Systems (NSW) Pty Ltd - Cornell Diesel Systems (QLD) Pty Ltd as trustee for Cornell Diesel Systems (QLD) Trust - Cornell Diesel Systems (VIC) Pty Ltd - DCA Group Pty Ltd - DDM1 Pty Ltd - DDM Entity Pty Ltd as trustee for DDM Entity Trust - DDM Global Pty Ltd as trustee for CFI Global Unit Trust - DDM International Pty Ltd as trustee for DDM Family Trust - DDM Perth Pty Ltd - DDM Sydney Pty Ltd as trustee for DDM Sydney Family Trust - DDM United Pty Ltd as trustee for DDM United Family Trust - Devas Employment Pty Ltd - Devas Industries Pty Ltd - DM Devas Pty Ltd as trustee for Devas Family Trust - MTQ Engine Systems Pty Ltd - Partsbay Pty Ltd as trustee for Partsbay Trust will be held on July 28, 2025 at 2:00 p.m. via virtual facilities only. Jonathan Henry and Shaun Fraser of McGrathNicol were appointed as administrators of the company on July 16, 2025. ELITE CERTIFICATION: First Creditors' Meeting Set for July 31 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Elite Certification Pty Ltd will be held on July 31, 2025 at 9:00 a.m. via videoconference only. Shumit Banerjee of Westburn Advisory was appointed as administrator of the company on July 21, 2025. GENERAL PANTS: Faces New Winding-Up Application ----------------------------------------------- SmartCompany reports that youth apparel retailer General Pants Co is subject to a new winding-up application, in the latest challenge facing parent company Alquemie Group. Product distributor UCC Australia commenced winding-up proceedings last Thursday [July 17], Smartcompany discloses citing a notice published by the Australian Securities and Investment Commission. SmartCompany says the application will be heard at the Supreme Court of Victoria on August 20. UCC Australia supplies retailers with products from the likes of Garmin, Energizer and Kodak, among others. Alongside its apparel and footwear, General Pants Co sells a line of disposable and reusable Kodak film cameras. The substance of UCC Australia's claim against General Pants Co was not immediately clear, according to SmartCompany. Smartcompany notes that the new legal action comes just over a year after freight provider Mainfreight filed its own winding-up order against the 53-year-old General Pants Co brand. That matter was reportedly settled in July last year, the report notes. According to SmartCompany, the latest winding-up application comes after a tumultuous few months for Alquemie Group. Until recently, the business counted General Pants Co, SurfStitch, Ginger & Smart, AG LEGO Certified Stores, and National Geographic Stores in its retail portfolio. Nike Australia filed a winding-up application against SurfStitch Pty Ltd in May, claiming to be owed nearly AUD238,000 by the online surfwear retailer, recalls SmartCompany. Other claims of SurfStitch supplier underpayment this month led to a major investigation by SBS' Dateline program. SmartCompany relates that Nike Australia's court proceedings were complicated by Alquemie Group's sale of the SurfStitch brand, business, and assets in the same month. New owner Best Markets paid a token amount for SurfStitch and sister brand Ginger & Smart - and put both into voluntary administration shortly after, SmartCompany says. In June, a Best Markets spokesperson told Inside Retail they intend to revive both brands, which had ceased trading before administrators were appointed. At time of writing, both the SurfStitch and Ginger & Smart websites are still inaccessible to customers, SmartCompany adds. KINGFISHER TRUST 2025-1: Moody's Assigns (P)Ba2 Rating to E Notes ----------------------------------------------------------------- Moody's Ratings has assigned the following provisional ratings to six classes of notes to be issued by Perpetual Corporate Trust Limited as trustee of the Kingfisher Trust 2025-1. Issuer: Perpetual Corporate Trust Limited as trustee of Kingfisher Trust 2025-1 AUD690.00 million Class A1 Notes, Assigned (P)Aaa (sf) AUD24.75 million Class A2 Notes, Assigned (P)Aaa (sf) AUD18.75 million Class B Notes, Assigned (P)Aa2 (sf) AUD6.75 million Class C Notes, Assigned (P)A2 (sf) AUD3.75 million Class D Notes, Assigned (P)Baa2 (sf) AUD4.50 million Class E Notes, Assigned (P)Ba2 (sf) The AUD1.50 million Class F Notes are not rated by us. The transaction is a securitisation of prime Australian residential mortgages. All mortgages were originated and are serviced by Australia and New Zealand Banking Group Limited (ANZ, Aa2/P-1/Aa1(cr)/P-1(cr)). As of March 31, 2025, ANZ's Australian mortgage assets totaled AUD333 billion, with overall group lending amounting to AUD820 billion. RATINGS RATIONALE The provisional ratings take into account, among other factors, evaluation of the underlying receivables and their expected performance; evaluation of the capital structure and credit enhancement provided to the notes; the availability of excess spread over the life of the transaction; the liquidity facility in the amount of 1.00% of the notes' balance; the legal structure; and the credit strength and experience of ANZ as servicer. Moody's considers the transaction benefits from various credit strengths such as relatively high subordination to the Class A1 Notes, a low weighted average scheduled loan-to-value (LTV), and a highly seasoned portfolio. However, Moody's note that the transaction features some credit weaknesses such as further advances, the pro rata amortisation of Class A1 to Class F Notes, and a relatively high proportion of non-purchase loans (62.3%). MILAN Stressed Loss for the collateral pool – representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario – is 3.0%. Moody's expected loss for this transaction is 0.30%, which represents a stressed, through-the-cycle loss relative to Australian historical data. The key transactional features are as follows: -- The Class A1 Notes benefit from 8% initial note subordination. The excess subordination provides additional credit support in an event that portfolio performance is worse than expected. -- The notes will initially be repaid on a sequential basis. On or after the second anniversary from the closing date, all notes may be able to participate in proportional principal collections distribution subject to pro rata criteria being met. The subordination conditions include, among others, the credit support provided to the Class A1 Notes being equal to or greater than 2 times the support provided on the closing date and no unreimbursed charge-offs. -- A liquidity facility, provided by ANZ in the amount of 1.0% of the aggregate invested amount of all notes at that time, with a floor of AUD750,000. The liquidity facility will be available where trust income, drawing on the excess reserve and principal collections are insufficient to meet the required payments. -- There is a basis swap in place to hedge any potential mismatch between the movements of the variable rates charged on the receivables and the 1 month bank bill swap rate (BBSW) paid on the notes. The swap supplements the threshold rate mechanism – a standard feature of Australian RMBS – and provides ANZ with greater flexibility not to adjust the variable interest rate of the mortgage loans in the portfolio, should this be detrimental for business or performance reasons. The key portfolio features are as follows: -- The portfolio has a low weighted-average scheduled LTV ratio of 63.0% and 6.5% of the loans have a scheduled LTV ratio above 80%. -- The portfolio is well seasoned, with a weighted-average seasoning of 51.5 months. -- The portfolio has a relatively high proportion of loans that are secured by investment properties (38.3%). Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Levels of credit protection that are greater than necessary to protect investors against current expectations of loss could lead to an upgrade of the ratings. Moody's expectations of loss could improve from its original expectations because of fewer defaults by underlying obligors or higher recoveries on defaulted loans. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. The Australian jobs market and housing market are major drivers of performance. Other reasons for worse performance than Moody's expects include poor servicing, error on the part of transaction parties, deterioration in credit quality of transaction counterparties, fraud and lack of transactional governance. LEGAL SEARCH: S&P Affirms 'B-' LongTerm ICR, Outlook Stable ----------------------------------------------------------- S&P Global Ratings affirmed its 'B-' long-term issuer credit rating on Legal Search Holdings Pty Ltd. At the same time, S&P affirmed its 'B' long-term issue credit rating on its first-lien senior secured notes and 'CCC' long-term issue credit rating on its second-lien senior secured notes. The stable rating outlook on Legal Search reflects S&P's view that ATIG will continue to manage its high debt over the next 18 months. ATIG's expanding debt will remain a constraint on the rating on Legal Search. ATIG's payment-in-kind (PIK) loan keeps increasing because of its high interest rate of 15.5%. The loan balance was A$1.7 billion as of May 31, 2025, after a rise in accrued interest of over A$200 million during fiscal 2025 (ended June 30, 2025). Solid earnings growth at ATIG's two key subsidiaries, Legal Search and Legal Software Holdings Pty Ltd. (unrated), improved ATIG's leverage (defined as its ratio of gross debt to EBITDA) to below 10x in fiscal 2025, down from 11.7x in fiscal 2024. However, to continue to lower ATIG's leverage, group earnings will need to grow at the same pace as growth in the PIK balance, which could expand to more than A$3 billion upon its maturity date. S&P expects ATIG's debt-to-EBITDA ratio to be 9x-10x over the next two fiscal years. Legal Search remains a core subsidiary of ATIG. The company contributes 60%-70% of the group's total revenue. In addition, S&P believes it forms an integral part of the group's growth aspirations and is key to ATIG's operating strategy. S&P said, "Notwithstanding our revision of Legal Search's SACP to 'b+' from 'b', the company remains exposed to its weaker parent, particularly during financial stress. Therefore, S&P bases its rating on Legal Search on its view of ATIG's tolerance of high gross debt to EBITDA. Legal Search's core status for ATIG and ATIG's high leverage lead us to equate Legal Search's credit quality with our 'b-' group credit profile for ATIG." S&P said, "Our assessment of Legal Search's SACP reflects its improving leverage. Legal Search is generating higher earnings from acquisitions, growth in its market share in the U.K., and a resilient housing market in Australia. Furthermore, growth in the company's earnings benefits from relative price inelasticity of its products and a strong product suite, enabling Legal Search to raise prices by at least the rate of inflation, in our view. "Our base case assumes Legal Search's adjusted gross debt-to-EBITDA ratio will decline to below 4x in fiscal 2025, down from 5x in fiscal 2024. A key factor driving this change is our expectation revenue growth will be approximately 25% over fiscal 2025. Recent earnings growth indicates the company has reached a size that allows it to generate significant free cash flow. "Accordingly, we believe Legal Search is likely to continue to accumulate cash and reduce its net debt while also funding small acquisitions and resuming modest dividends in fiscals 2026 and 2027." Legal Search benefits from ATIG's leading market position in integrated search and workflow solutions. It provides these services in Australasia, the U.K., and the U.S. Revenue stability and long-standing relationships with data license holders will bolster the group's competitive position. S&P said, "Even so, our assessment of Legal Search's business risk is constrained by the relatively niche market it serves, which has modest barriers to entry. We also view ATIG's markets as fragmented and believe growing data aggregation and digitization will likely increase competition among existing peers. "The stable rating outlook on Legal Search reflects our view that the company is a core member of the ATIG group. ATIG is likely to gain efficiencies from its recent acquisitions, increasing its earnings over the next 12-18 months. "The group has a high level of debt in its capital structure, in our view. Its ability to successfully integrate and expand its product offerings is key to growing its earnings through market cycles, allowing it to reduce its leverage." S&P does not expect Legal Search's leverage to increase. S&P could downgrade Legal Search if it believes its capital structure may be unsustainable. This could occur if: -- Leverage increases substantially from a significant transfer of cash to the parent because of financial distress, or -- S&P expects earnings to deteriorate materially. Although less likely, downside pressure could occur if Legal Search's liquidity worsens materially. An upgrade of Legal Search will depend on an improvement in ATIG's credit quality. This could occur if we believe the group has a credible plan to reduce its adjusted gross debt-to-EBITDA ratio below 7x sustainably. QUIRKY WARS: First Creditors' Meeting Set for July 31 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Quirky Wars Pty Ltd will be held on July 31, 2025 at 2:00 p.m. at 22 Market Street, in Brisbane, QLD. David Michael Stimpson of SV Partners was appointed as administrator of the company on July 21, 2025. RAF ABS 2024-1: Moody's Upgrades Rating on Class F Notes from Ba1 ----------------------------------------------------------------- Moody's Ratings has upgraded ratings on five classes of notes issued by RAF ABS Series 2024-1. The affected ratings are as follows: Issuer: RAF ABS Series 2024-1 Class B Notes, Upgraded to Aaa (sf); previously on Dec 10, 2024 Upgraded to Aa1 (sf) Class C Notes, Upgraded to Aa1 (sf); previously on Dec 10, 2024 Upgraded to Aa2 (sf) Class D Notes, Upgraded to A1 (sf); previously on Dec 10, 2024 Upgraded to A2 (sf) Class E Notes, Upgraded to Baa1 (sf); previously on Mar 26, 2024 Definitive Rating Assigned Baa3 (sf) Class F Notes, Upgraded to Baa3 (sf); previously on Dec 10, 2024 Upgraded to Ba1 (sf) A comprehensive review of all credit ratings for the transaction has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available to the affected notes and performance of the collateral pool to date. No action was taken on the remaining rated class in the deal as credit enhancement remains commensurate with the current rating for the notes. Following the June 2025 payment date, credit enhancement available for the Class B, Class C, Class D and Class F Notes has increased to 29.7%, 22%, 16% and 9.1% respectively, from 23.4%, 17.4%, 12.6% and 7.2% at the time of the last rating action in December 2024. Credit enhancement available for the Class E Notes has increased to 11.4% from 7% at closing. Principal collections have been distributed on a sequential basis starting from Class A Notes. Current outstanding note balance as a percentage of the closing note balance was 61.3%. As of end-May 2025, 2.8% of the outstanding pool was 30-plus day delinquent and 0.6% was 90-plus day delinquent. The portfolio has incurred losses of 1.1% (as a percentage of the original pool balance) to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have maintained Moody's expected default assumption at 5% of the outstanding balance (equivalent to 4.2% of the original balance). Moody's have maintained the Aaa portfolio credit enhancement at 26%. Moody's have also considered sensitivity scenarios with higher default rate and lower recovery rate to test the resilience of the note ratings. The actual recovery performance to date falls short of Moody's initial expectation. The transaction is a cash securitisation of commercial auto and equipment loans extended to small and medium sized businesses in Australia originated by Resimac Asset Finance Pty Ltd. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. THINK TANK 2022-3: S&P Raises Class F Notes Rating to BB+(sf) ------------------------------------------------------------- S&P Global Ratings raised its ratings on nine classes of small-ticket commercial mortgage-backed, floating-rate, pass-through notes issued by BNY Trust Co. of Australia Ltd. as trustee of Think Tank Commercial Series 2022-3 Trust and Think Tank Commercial Series 2023-2 Trust. At the same time, S&P affirmed its ratings on five classes of notes. The collateral portfolios for both transactions include a high percentage of small-ticket commercial mortgage loans, 84.12% for Think Tank 2022-3 Trust and 80.15% for Think Tank 2023-2 Trust. The remaining balance is made of residential mortgage loans. S&P said, "Our analysis of credit risk for the small-ticket commercial mortgage loans is based on our "Principles Of Credit Ratings" criteria; however, where factors that affect borrower performance are similar to those for residential mortgage loans, we have applied similar assumptions." The rating actions reflect S&P's view of the credit risk of the underlying collateral portfolios. Credit support provided in percentage terms has increased as the pools have paid down. As of May 31, 2025, the pool factor is about 46.8% for Think Tank 2022-3 Trust and 55.5% for Think Tank 2023-2 Trust. The weighted-average effective loan-to-value ratio is 59.6% and a weighted-average seasoning of 47.0 months for Think Tank 2022-3 Trust and 61.3% and 43.6 months for Think Tank 2023-2 Trust. The strength of the cash flows at each respective rating level is underpinned by the various structural mechanisms in the transaction. Cash flows can meet timely payment of interest and ultimate payment of principal to the noteholders under the rating stresses. S&P has also factored into its analysis the relatively high level of self-employed borrowers and alternative-documentation loans in the pools. These characteristics increase our expectation of loss for the portfolios. Arrears have performed within our expectations for both transactions. As of May 31, 2025, loans greater than 30 days in arrears represent 2.54% for Think Tank 2022-3 Trust, of which 0.59% are greater than 90 days; and 1.82% for Think Tank 2023-2 Trust, of which 0.92% are more than 90 days in arrears. There have been no charge-offs to any of the notes. Think Tank 2022-3 Trust is currently paying down on a pro-rata basis. Principal is being passed through to each class of rated note, except for the class G notes and the class H notes which only receive principal once the rated notes have fully repaid. Therefore, there continues to be a build-up of credit support in percentage terms under the pro-rata structure. This feature is also present in the Think Tank 2023-2 Trust transaction; however, the transaction has not yet met the pro-rata triggers to switch to pro-rata payments. There is an increasing risk of borrower concentration as the pools continue to amortize. The largest 10 borrowers for Think Tank 2022-3 Trust make up 13.18% of the pool, and 8.98% for Think Tank 2023-2 Trust. S&P believes the lower-rated notes are more susceptible to this increasing borrower concentration risk. These qualitative factors are constraining our ratings beyond quantitative factors alone. Ratings Raised Think Tank Commercial Series 2022-3 Trust Class C: to AAA (sf) from AA (sf) Class D: to A+ (sf) from A (sf) Class E: to BBB+ (sf) from BBB (sf) Class F: to BB+ (sf) from BB- (sf) Think Tank Commercial Series 2023-2 Trust Class B: to AAA (sf) from AA+ (sf) Class C: to AA+ (sf) from A+ (sf) Class D: to A+ (sf) from BBB+ (sf) Class E: to BBB- (sf) from BB+ (sf) Class F: to BB- (sf) from B+ (sf) Ratings Affirmed Think Tank Commercial Series 2022-3 Trust Class A1: AAA (sf) Class A2: AAA (sf) Class B: AAA (sf) Think Tank Commercial Series 2023-2 Trust Class A1: AAA (sf) Class A2: AAA (sf) TRITON BOND 2023-3P: S&P Raises Class F Notes Rating to BB(sf) -------------------------------------------------------------- S&P Global Ratings raised its ratings on five classes of notes issued by Perpetual Corporate Trust Ltd. as trustee for Triton Bond Trust 2023-3P Series 1. At the same time, S&P affirmed its ratings on two classes of notes. The collateral portfolio for Triton Bond Trust 2023-3P Series 1 includes a high percentage of residential mortgage loans, 72.88% by current balance. The remaining balance is made up of small-ticket commercial mortgage loans. S&P said, "Our analysis of credit risk for the small ticket commercial mortgage loans is based on our "Principles Of Credit Ratings" criteria; however, where factors that affect borrower performance are similar to those for residential mortgage loans, we have applied similar assumptions. "The rating actions reflect our view of the credit risk of the pool, which has been amortizing in line with our expectations." Credit support provided in percentage terms has increased as the pool has paid down. This credit support comprises note subordination for all rated notes and mortgage insurance covering 3.53% of the loans in the portfolio. Loan-to-value ratios across the pool have been declining, lowering our expectations of loss for the pool. S&P believes the various mechanisms to support liquidity within the transaction, including an amortizing liquidity facility, loss reserve and principal draws, are sufficient under its cash flow stress assumptions to ensure timely payment of interest. Since close, the arrears performance across the pool has been favorable compared with the Standard & Poor's Performance Index (SPIN) for prime residential mortgage loans. There have been no losses to date. The transaction is currently paying down on a sequential basis, which means that credit support provided in percentage terms will continue to build for all rated notes. S&P expects that it may take a little longer before the pro-rata paydown triggers are met. This is because one of the triggers to allow for pro-rata paydown is that the credit support provided to the class A1 notes from note subordination needs to be at least 24.5% and, owing to the slow prepayment rates, the notes have built up credit support of 15.09% as of May 31, 2025. The slow prepayment rate is driven by the large percentage of self-managed superannuation fund loans in the pool, 82.09% by current balance, which have historically had low prepayment rates. Ratings Raised Triton Bond Trust 2023-3P Series 1 Class B: to AAA (sf) from AA+ (sf) Class C: to AA (sf) from A+ (sf) Class D: to A (sf) from A- (sf) Class E: to BBB (sf) from BBB- (sf) Class F: to BB (sf) from BB- (sf) Ratings Affirmed Triton Bond Trust 2023-3P Series 1 Class A1-A: AAA (sf) Class A1-B: AAA (sf) ========= C H I N A ========= LJJ HOME: Halts Operations; Starts Bankruptcy Procedures -------------------------------------------------------- Yicai Global reports that LJJ Home, a well-known home decorator with over 100 stores in South China, has suspended operations, telling creditors to register their claims while initiating bankruptcy procedures. LJJ had to halt operations due to the downturn in China's real estate market, according to a closure notice posted at its brick-and-mortar outlets, Yicai relays. After prolonged losses, the company has become insolvent, it added. The news shocked customers because LJJ was still organizing promotional activities earlier this month, with one telling Yicai that he was receiving services until July 17, but work suddenly stopped the next day. "Home furnishing companies are heavily reliant on a boom in the real estate market, as they are in the downstream of the sector," an industry insider told Yicai, "Around 2020, after the market entered a downward cycle, they did not anticipate the severity of subsequent issues." It has become common for well-known Chinese home decorators to experience capital chain ruptures, Yicai notes. For example, Dong Yi Ri Sheng Home Decoration Group had to suspend thousands of renovation projects last year, while Zhufaner ceased work at hundreds of sites last month. "After the company expanded its business, it was a challenge to provide standardized management for construction sites scattered across residential communities," a source from a leading home furnishing firm said to Yicai. "Due to the cumbersome affairs of renovation sites, maintaining brand reputation becomes more difficult as firms scale up." However, many small and medium-sized home decorators can operate well in the current market thanks to their light-asset models and fast capital turnover, the source pointed out, Yicai relays. XINYUAN REAL ESTATE: Issues 15.3M Shares to Central Plains Ltd. --------------------------------------------------------------- Xinyuan Real Estate Co., Ltd. disclosed in a Form 6-K Report filed with the U.S. Securities and Exchange Commission that it entered into a subscription agreement with Central Plains Ltd. pursuant to which Central Plains Ltd. purchases from the Company and the Company issues to the Purchaser an aggregate of 15,339,280 common shares of the Company, par value $0.0001 per share, at a purchase price of $0.10 per Common Share. The Supplemental Listing Application for the issuance was approved by NYSE on July 11, 2025. The Common Shares have not been registered under the Securities Act of 1933, as amended, or the securities laws of any state, and were offered and issued in reliance on exemptions from registration under the Securities Act, afforded by provisions of Section 4(a)(2) and Regulation S promulgated under the Securities Act. About Xinyuan Real Estate Co. Ltd. Xinyuan Real Estate Co. Ltd., headquartered in Beijing, is a residential real estate developer primarily focused on China's tier-one and tier-two cities. Founded in 1997, the Company targets middle-income homebuyers with large-scale, high-quality housing projects and has extended its operations to the U.S., U.K., and Malaysia. Xinyuan also offers property management and ancillary services, and its shares trade on the New York Stock Exchange under the ticker symbol XIN. Creditors of Xinyuan Real Estate Co. Ltd. sought involuntary petition under Chapter 11 of the U.S. Bankruptcy (Bankr. S.D.N.Y. Case No. 25-10745) on April 14, 2025. The Debtor is represented by Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch, LLP. ================= H O N G K O N G ================= CENTURION ZD: US Audit Watchdog Bars, Fines Hong Kong Auditor ------------------------------------------------------------- Reuters reports that the U.S. Public Company Accounting Oversight Board said on July 22 it had revoked the license of a Hong Kong firm and barred its owner for violating audit rules related to companies operating in China, including Luckin Coffee Inc. According to Reuters, the PCAOB said in a statement it had sanctioned Centurion ZD CPA & Co and its owner Chan Kam Fuk and hit them with a civil penalty of $75,000 for violating the board's rules and standards in connection with its audit work for three firms. Reuters relates that the auditor failed to properly assess risk and get sufficient audit evidence from Luckin in a 2022 opinion of the firm's 2021 financial reporting, the PCAOB said. The Chinese coffee firm in 2020 had settled accounting fraud charges with the SEC. The firm and Chan failed to use information about the fraud in the subsequent year's audit, PCAOB said. Centurion also violated PCAOB standards in connection with the audit of a second Chinese company and with audit procedures for some subsidiaries of a Malaysian firm, the PCAOB said, Reuters relays. Chan and Centurion did not admit or deny the findings, Reuters notes. A lawyer for both did not respond immediately to request for comment. LAI SUN: Seeks More Bank Support to Refinance US$446MM Loan ----------------------------------------------------------- Bloomberg News reports that Lai Sun Development has been working to win banks' backing for a HK$3.5 billion (US$446 million) loan refinancing deal, but after about six months of talks, nearly half the lenders still aren't on board, according to people familiar with the matter. The property firm – controlled by local tycoon Peter Lam – has secured commitments from nine out of the original 19 lenders for the five-year refinancing, said the people, who declined to be identified discussing private matters. The existing loan matures on October 5, according to Bloomberg-compiled data. Even if Lai Sun doesn't manage to secure the target amount from all banks, it could still opt to partially repay the loan and refinance the rest, the people said. According to Bloomberg, Lai Sun's financing challenges underscore the depth of Hong Kong's years-long property downturn, which has made banks cautious about lending to developers in the city. The company has already spent longer on its deal than property giant New World Development took to complete its recent record loan refinancing, a process that only materialised after months of negotiations and meetings between banks and regulators. Bloomberg says Lai Sun's original loan was backed by its Cheung Sha Wan Plaza office tower and shopping centre in Kowloon, and the refinancing would be too. The company has proposed an all-in pricing of about 160 basis points over the Hong Kong interbank offered rate for the refinancing, the people said. The cash flow generated from Cheung Sha Wan Plaza would be sufficient to cover interest expenses on the existing borrowing, according to the people. Lai Sun said in its interim results that the tower had an occupancy rate of 92.1 per cent, generating HK$131 million in rental income for the six months to January 31, down from HK$143 million a year earlier. Lai Sun Development is the property arm of Hong Kong conglomerate Lai Sun Group, which is also known for its media and entertainment businesses. According to Bloomberg, the parent's financial position has been under the spotlight since last year, when it shut some of its restaurants in Hong Kong, including Michelin-starred ZEST by Konishi. The real estate unit reported a net loss of about HK$117.8 million for the six months ended January 31, narrowing from the year-earlier period, Bloomberg discloses. Property sales fell 33.2 per cent to HK$617.2 million. Separately, Lai Sun is also in talks to refinance another bank loan backed by some of the company's assets in mainland China, including Hong Kong Plaza in Shanghai, other people said, Bloomberg reports. The HK$3.97 billion loan is due to mature in early 2026, they added. "The company already secured majority support from banks. The refinancing progress is on track," a Lai Sun representative said, without elaborating. The builder had HK$34 billion of total liabilities on January 31, Bloomberg discloses citing the company's latest interim report. Its 5 per cent dollar-denominated note with US$493 million outstanding is trading at about 52 cents on the dollar, according to Bloomberg data, a distressed level reflecting investor concerns. About Lai Sun Development Headquartered in Hong Kong, Lai Sun Development Company Limited (HKG:0488) -- https://www.laisun.com/lai-sun-development -- together with its subsidiaries, invests in, develops, leases, and sells real estate properties in Hong Kong, Mainland China, Macau, the United Kingdom, Vietnam, and internationally. Lai Sun Development reported annual net losses of HKD2,965,960, HKD1,966,921 and HKD2,088,090 for the financial years ended July 31, 2023, 2022 and 2021, respectively. The company reported annual net loss of HKD2,934,813 in 2020. LI & FUNG: S&P Rates $300MM Unsecured Notes 'BB' ------------------------------------------------ S&P Global Ratings assigned its 'BB' long-term issue rating and '3' recovery rating to Li & Fung Ltd.'s proposed US$300 million senior unsecured notes. The '3' recovery rating indicates its expectation of a 50%-70% recovery for noteholders in the event of a default. The company plans to use the net proceeds to repay its outstanding senior unsecured notes due in August 2025 and for general corporate purposes. Following the proposed debt-for-debt refinancing, S&P expects Li & Fung (BB/Stable/--) to pay down most of its unsecured bank loans drawn from its committed bank facilities using its cash balance on hand. Its forecast for the company's leverage (ratio of debt to EBITDA) for 2025 remains at 4.0x. Issue Ratings--Recovery Analysis Key analytical factors -- S&P assumes a simulated default occurring in 2030 and a gross enterprise value (EV) of US$196.6 million, which is based on a 6.0x multiple and an estimated distressed emergence EBITDA of US$32.8 million. -- A payment default would require the depletion of Li & Fung's cash balance, as well as a substantial and unexpected decline in revenue and cash flow. This could happen because of a sharp drop in demand by end consumers and clients accumulating excess amounts of inventory. S&P said, "Even so, we use a 6.0x multiple--in line with the multiples we use for other leading business service companies--to reflect Li & Fung's favorable business position, including its advantage in sourcing capabilities, its well-recognized name, and its established and stable customer relationships in the U.S. and Europe." -- S&P generally caps recovery ratings on unsecured debt issued by entities rated 'BB-' or higher at '3' to account for the high risk that recovery prospects may be impaired by incremental debt issuance prior to default. -- Li & Fung, the debt-issuing entity, is domiciled in Hong Kong. While the group generates revenue in the U.S. and Europe, its activities are managed out of its Hong Kong headquarters. The notes issuance is governed by English law. Therefore, S&P assumes the creditors would file for reorganization proceedings in Hong Kong at the time of default. Simulated default assumptions -- Simulated year of default: 2030 -- EBITDA multiple: 6.0x -- EBITDA at emergence: US$32.8 million -- Jurisdiction: Hong Kong Simplified waterfall -- Gross enterprise value at emergence: US$196.6 million -- Net value attributable to creditors (after 5% administrative costs): US$186.7 million -- Estimated unsecured debt claims (including prepetition interest): US$312.0 million -- Recovery expectation: 50%-70% (rounded estimate: 55%) Recovery rating '3' Note: All debt amounts include six months of prepetition interest ========= I N D I A ========= ADARSHA AUTO: ICRA Lowers Rating on INR46.75cr LT Loan to C ----------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Adarsha Auto World Private Limited (AAWPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 46.75 [ICRA]C; ISSUER NOT COOPERATING; Fund Based- Rating downgraded from [ICRA]B+ Cash Credit (Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Long Term- 11.61 [ICRA]C; ISSUER NOT COOPERATING; Fund Based- Rating downgraded from [ICRA]B+ Term Loan (Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Long Term- 1.64 [ICRA]C; ISSUER NOT COOPERATING; Unallocated Rating downgraded from [ICRA]B+ (Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Rationale The rating is downgrade because of lack of adequate information regarding AAWPL performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Adarsha Auto World Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Adarsha Auto World Private Limited (AAWPL) was incorporated in 2012 by Mr. B. Satyanarayana Goud & family but the commercial operations of the company started in October 2016. AAWPL is the dealer for Maruti Suzuki-NEXA passenger vehicles and spares for the regions – Hyderabad, Karimnagar and Warangal in Telangana. The Warangal outlet was started in the month of July 2017. AAWPL is the sole authorized dealer in Karimnagar and Warangal districts and operates one of the eight NEXA showrooms in Hyderabad. AAWPL is a part of Adarsha group which comprises of Adarsha Automotives Private Limited- authorized dealership for Maruti Suzuki India Limited, Adarsha Motor Sales, Susheel Motors, Adarsha Automobiles, Thirumal Motors -authorized distributor for TVS motors limited in different parts of Telangana. ADARSHA AUTOMOTIVES: ICRA Cuts Rating on INR107.20cr LT Loan to C ----------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Adarsha Automotives Private Limited (AAPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 107.20 [ICRA]C; ISSUER NOT COOPERATING; Fund Based- Rating downgraded from [ICRA]B+ Cash Credit (Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Long Term- 17.32 [ICRA]C; ISSUER NOT COOPERATING; Fund Based- Rating downgraded from [ICRA]B+ Term Loan (Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Long Term/ 5.48 [ICRA]C; ISSUER NOT COOPERATING; Short Term Rating downgraded from [ICRA]B+ Unallocated (Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Rationale The rating is downgrade because of lack of adequate information regarding AAPL performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Adarsha Automotives Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated as a private limited company in January 2006 by Mr. Satyanarayana Goud and family, Adarsha Automotives Private Limited (AAPL) is the sole authorized dealer for Maruti Suzuki India Limited for sale of passenger cars along with spares and services in the 9 districts of Telangana. The company operates 23 showrooms, 17 workshops in these districts. AAPL is a part of Adarsha group which comprises of Adarsha Auto Private Limited authorized dealership for Maruti Suzuki India Limited (NEXA), Adarsha Motor Sales, Susheel Motors, Adarsha Automobiles, Thirumal Motors - authorized distributors for TVS motors limited in different parts of Telangana. ADILABAD EXPRESSWAY: ICRA Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term rating of Adilabad Expressway Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 253.69 [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 AEPL, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Adilabad Expressway Private Limited (AEPL) is a special purpose vehicle (SPV) promoted by Soma Enterprise Limited (SEL) (88.70% holding) had been awarded a 20-year concession (BOT-Annuity) from NHAI for the design, construction, development, finance, operation and maintenance of a 55 km road stretch on NH-7 which provides a direct link between Nagpur in Maharashtra and Hyderabad) from Km 175 to Km 230. The scope of work involves developing the 55 km road stretch to four lane divided carriageway standards including strengthening of the existing two-lane road. The project is located in Andhra Pradesh (close to the AP Maharashtra border) and is part of the North-South Corridor of National Highways Development Project (NHDP) - Phase 2. The concession term is 20 years starting from November 2007 (including a two-year construction period). Against a scheduled commercial operation date (COD) of November 2009, the project had achieved provisional COD for the complete stretch in June 2010. AMARNATH AGGARWAL: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term rating of Amarnath Aggarwal Constructions (AAC) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.00 [ICRA]B+ (Stable) ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Long Term- 2.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with AAC, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1979, Amarnath Aggarwal Constructions Pvt. Ltd. (AAC) is into the construction of roads, bridges, road over bridges (RoB) etc. AAC is a part of the Amarnath Aggarwal group, which has been in the construction and real estate business for past 30 years through various group companies and primarily has presence in Punjab, Haryana and Himachal Pradesh. DAAJ HOTELS: ICRA Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Daaj Hotels And Resorts Private Limited in the 'Issuer Not Cooperating' category. The rating denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 79.50 [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 Daaj Hotels And Resorts Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Daaj Hotels and Resorts Private Limited was incorporated in 1998 and is promoted by Mr. B.S. Sahney and family for the development, operation and maintenance of a 5-star deluxe hotel at Banjara Hills, Hyderabad. The operation of the 157-room hotel is currently being carried out by by M/s Carlson Hotels Asia Pacific Pvt Limited under the brand name Radisson Blu Plaza. DESEIN PRIVATE: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term and Short-Term ratings of Desein Private Limited (DPL) 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- 3.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term/ 5.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category Short-term 15.00 [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 DPL, 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 1965 by Late Mr. O P Gupta, DPL provides engineering consultancy services for coal/lignite/diesel as well as gas-based combined cycle power plants with unit sizes ranging up to 800 MW in both India and overseas. Its range of services includes feasibility and detailed project report, design and engineering, procurement assistance, project/construction management, inspection and expediting, supervision of construction, erection, testing and commissioning, operation and maintenance (O&M), turnkey contracting. Environmental Impact Assessment (EIA) studies, renovation and modernization of existing plants etc. DPL operates from its offices located in Delhi, Hyderabad, Kolkata and Bangalore. DPL has a vast experience of working with various private and Government clients in the power sector. It has executed more than 38,000 MW of capacity domestic power plants for various state electricity boards as well as various industries in most states in India. DEVI ENGINEERING: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: M/s. Devi Engineering and Constructions Private Limited Plot No. 20, S.No.139/1, IVY Grand, Flat no. G-1, Ground Floor, Narsannanagar, Suryaraopeta, NA, Kakinada, Andhra Pradesh, India – 533003 Insolvency Commencement Date: July 7, 2025 Estimated date of closure of insolvency resolution process: January 3, 2026 Court: National Company Law Tribunal, Hyderabad Bench Insolvency Professional: Malireddy Ramana Reddy Flat No 202, H.No 8-3-191/155 (16/ A) Sai Saurabh Residency, Vengal Rao, Nagar, Hyderabad -500038, Telangana Email: ramanareddycsrp@gmail.com -- and -- Flat No.403, Nirmal Tower, Dwarakapuri Colony, Beside Sai Baba Temple, Punjagutta, Hyderabad-500082 Email: deviengineeringcirp@gmail.com Email: ramanareddycsrp@gmail.com Last date for submission of claims: July 21, 2025 ELEGANT FORGE: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Elegant Forge & Equipment's Private Limited 701/A, Meenaxi Apartments, Gokuldham, Goregaon (E), Mumbai-400063, Maharashtra Insolvency Commencement Date: July 11, 2025 Estimated date of closure of insolvency resolution process: January 7, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Dinesh Kumar Aggarwal 1507 07, Highland Park, Kolshet Road, Behind D Mart, Thane, Maharahstra, 400607 Email: dinesh.aggarwal31@gmail.com Email: cirp.elegantforge@gmail.com Last date for submission of claims: July 25, 2025 ELITE SHELTERS: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Elite Shelters in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 16.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 18.50 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not As part of its process and in accordance with its rating agreement with Elite Shelters, 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. Elite Landmarks is a real estate development group present in the real estate sector since year 1990. The group has constructed several residential and commercial properties in and around the city of Pune. The group constructs properties through its sister concerns such as Elite Shelters, Elite Developers, Elite Erectors Private Limited, Elite Multi Housing Private Limited, Elite Properties, etc. The group has collectively developed over 1 million square feet of area till date, which includes construction of residential units, commercial units as well as malls in and around Pune. FORT PROJECTS: Liquidation Process Case Summary ----------------------------------------------- Debtor: Fort Projects Pvt Ltd Registered Office: 7/1A, Hazra Road, Kolkata, West Bengal - 700026, India Principal Office: Fort Barlow 59C, Chowringhee Road, 5th Floor, Kolkata, West Bengal - 700020 India Liquidation Commencement Date: June 18, 2025 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Umesh Kumar Flat No. 4D, D Block, Satyabhama Grand Apartment Kusai, Doranda, Ranchi, Ranchi, Jharkhand 834002 GOYAL MOTOCORP: ICRA Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-term rating for the bank facilities of Goyal Motocorp Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 2.50 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with GMPL, 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, Goyal Motocorp Private Limited (GMPL) is an authorised dealer of cars manufactured by Hyundai Motor India Limited (HMIL). The company sells vehicles and provides ancillary services that include vehicle servicing and sale of spare parts and accessories from its showroom based in Raigarh, Chhattisgarh. The company has another small showroom at Pathalgaon, which falls under Jashpur district of Chhattisgarh, offering vehicle sales as well as servicing. HEM INFRASTRUCTURE: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Hem Infrastructure and Property Developers Private Limited 1401, Tower B, 14th floor, Peninsula Business Park, Gantaparo, Kadam Marg, Lower Parel, Mumbai - 40013 Insolvency Commencement Date: July 14, 2025 Estimated date of closure of insolvency resolution process: January 10, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Rajesh Jhunjhunwala A51, Ashit chs, Azad Road, H, B Gawde Marg, Stanburg Estate, Juhu Koliwada, Mumbai, Maharashtra - 400049 Email: Jhunjhunwala.rajesh@gmail.com Email: heminfra.cirp@gmail.com Last date for submission of claims: July 28, 2025 ISHWAR CABLES: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Ishwar Cables Pvt Ltd (ICPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term 1.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term- 6.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with ICPL, 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. ICPL was established on February 10, 2006 by Mr. Rahul Chaudhary, and his family as a private limited company to cater for the cables and wires requirements of Ishwar Metal Industries. However, in FY2014, the shareholding was transferred to Mr. Arpit Chaudhary and Ms. Sunita Matoria. The firm is engaged in manufacturing of high and low voltage wires and cables mostly used by state SEBs. The manufacturing unit of the firm is located in Jaipur Industrial Area (Rajasthan). ISHWAR METAL: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Ishwar Metal Industries (IMI) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term 22.50 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term- 0.99 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term- 20.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with IMI, 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. IMI was established in 1985 by Mr. Rahul Chaudhary and his family as a partnership firm. The firm is engaged in manufacturing and installation of sub-station structure, transformer tanks, core clamps, mater piller boxes, cables and conductors, electronic meters and electric lamination. The manufacturing unit of the firm is located in Jaipur Industrial Area (Rajasthan). JALAN SYNTHETICS: ICRA Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the long-term ratings of Jalan Synthetics in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 14.00 [ICRA]B+ (Stable); ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Jalan Synthetics, 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. Jalan Synthetic is a partnership firm established in October 1995 by Late Mr Dindayal Jalan, Mr Keshav Jalan (son of Late Mr Dindayal Jalan) and their family members. The firm is engaged in wholesale trading of extensive variety of fabrics for different purposes and uses ranging from apparels to home décor such as sarees, fancy sarees, ladies suit, dress materials, suiting, shirting, handloom rugs, curtain cloth and other cloth materials. The firm deals with majority of leading brands of the country. The controlling office of the firm is located in Varanasi, UP, which is also the sales office, whereas the purchase offices are located at Mumbai, Surat, Kolkata, Jaipur and Erode (Tamil Nadu). The firm mainly caters to traders based in Uttar Pradesh, Bihar, Jharkhand, Madhya Pradesh, Chhattisgarh and West Bengal. K S INFRA: ICRA Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of K S Infra Transmission Private Limited (KSIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term 2.50 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term- 7.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with KSIPL, 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. KSIPL incorporated in 2013 is promoted by Mr. Rahul Chaudhary. The company manufactures fabricated structures such as Cross Arms, Clamps, Lattice towers, Substation structures and Transformer tanks. In addition, it also manufactures line hardware for 11 KV and 33 KV and LT line made up of Aluminium Casting and Iron Casting. The manufacturing facility of the company is located in Jaipur, Rajasthan. The company is cate ring to private as well as various SEBs. KKSPUN INDIA: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: KKSpun India Limited Registered Office: DSIIDC Shed No. 103, Scheme - I Okhla Industrial Area, Phase II, New Delhi - 110020 Insolvency Commencement Date: July 11, 2025 Estimated date of closure of insolvency resolution process: January 7, 2026 (180 Days) Court: National Company Law Tribunal, New Delhi Bench- Court IV Insolvency Professional: Harvinder Singh 11-CSC, DDA Market, A Block Saraswati Vihar National Capital Territory of Delhi, 110034 Email: harvinder@akgandassociates.com Email: kkspunindia.cirp@gmail.com Last date for submission of claims: July 25, 2025 KLM HOLDINGS: Liquidation Process Case Summary ---------------------------------------------- Debtor: M/S KLM Holdings Private Limited D-22 KH. NO. -77/14/2 Ground Floor Street No. 19BLK-D Rajeev Najar Extn Village Karala City Delhi DL 110086 India Liquidation Commencement Date: June 12, 2025 Court: National Company Law Tribunal New Delhi Bench-II Liquidator: Mr. Kamall Ahuja A-5, 2nd Floor, Gurudwara Marg, Defence Colony, Delhi - 110024 Email: nclt.srassociate@lawmax.in D-251, Basement, Defence Colony, New Delhi 110024 Email: klmholdingscirp1@gmail.com Tel No: 011-46772202 Last date for submission of claims: August 11, 2025 KUHOO TECHNOLOGY: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Kuhoo Technology Services Private Limited Suite S12, Vatika Business Centre Unit No. G5, Ground Floor and Unit No. 02, First Floor, Trade Centre, Bandra Kurla Complex, Bandra (East), Mumbai, Mumbai, Maharashtra, India - 400051 Liquidation Commencement Date: July 10, 2025 Court: National Company Law Tribunal Mumbai Bench Liquidator: Ganesh Panduranga Pai No. 68, 6B, 6th Floor, Chitrapur Bhawan 8th Main, 15th Cross Malleshwaram Bangalore 560055 Email: pragnya.cas@gmail.com Mobile Phone: 9845666596 Mobile Phone: 080-23565641 Email: pragnya.cas@gmail.com Last date for submission of claims: August 9, 2025 MADHUSUDAN GARAI: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the long term ratings of Madhusudan Garai (MG) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 3.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain to Cash Credit under 'Issuer not cooperating' category Long Term- 3.50 [ICRA]D; ISSUER NOT COOPERATING; Non Fund Based Rating Continues to remain to Others under 'Issuer not cooperating' category As part of its process and in accordance with its rating agreement with MG, ICRA has been trying to seek information from the entity to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of the requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. MG was established as a proprietorship concern in 1979 by the Nadia-based Mr. Madhusudan Garai, who has an experience of more than four decades in constructing and maintaining roads, car sheds, buildings, bridges, subways, structural steel sheds, etc. in West-Bengal. MAHAGANGA SUGAR: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Shree Mahaganga Sugar Mills Limited Room No. 18, Vithal Wadi, Sawant Chawl, Azad Nagar, Near Tep. Dargh, Andheri West, Mumbai, Andheri Railway Station, Mumbai, Maharashtra – 400058 Insolvency Commencement Date: July 7, 2025 Estimated date of closure of insolvency resolution process: January 7, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Bharati Manoj Daga 94B, Palash Tower, Veera Desai Rd, Andheri (W), Mumbai 53 Email: bharteedaga1008@gmail.com Email: cirp.mahaganga@gmail.com Last date for submission of claims: July 28, 2025 NEW CITIZEN: ICRA Keeps D Ratings in Not Cooperating Category ------------------------------------------------------------- ICRA has kept the Long-term rating for the bank facilities of New Citizen Cars in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 5.00 [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 New Citizen Cars, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 2010 by Mr. Ghouse Sait (son of Mr. Haneef Sait) as a proprietorship firm in Bangalore, New Citizen Cars is a private pre-owned car (POC) dealer which primarily deals in high-end range of cars. The major car brands include Ford, Honda, Hyundai, Rolls Royce, Bentley, Land Rover, Toyota, Benz, BMW, Audi, Bugatti, Harley Davidson, Lamborghini, Jaguar, Volkswagen, Chevrolet and Skoda. The firm has one showroom in Banswadi, which has a capacity of keeping ~60 cars. It has a sister concern, called Citizen Cars, which is also a private POC dealer and operates out of a showroom with a capacity of keeping ~110 cars in Hebbal, Bangalore. OPEL SECURITIES: Liquidation Process Case Summary ------------------------------------------------- Debtor: OPEL Securities Private Limited 102, Riddhi Siddhi Avenue, Village Chhatral, Taluk Kalol, Gandhinagar, Gujarat - 382729 Liquidation Commencement Date: June 30, 2025 Court: National Company Law Tribunal Ahmedabad Bench Liquidator: Bimal Ashok Desai 217, Florence Pride Opposite Corporation Garden Sun Pharma Road, Vadodara 390 020 Email: bimal.a.desai@icai.org Email: cirp.opel@gmail.com Last date for submission of claims: July 30, 2025 PARTHENON INDIA: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Parthenon India Private Limited 6th floor, The Ruby, Senapati Bapat Marg, Dadar (West), Mumbai city, Mumbai, Maharasthra, India, 400028 Liquidation Commencement Date: June 26, 2025 Court: National Company Law Tribunal Mumbai Bench Liquidator: Rohit Ramesh Mehra Tower A 3403, Oberoi Woods, Oberoi Garden City, Goregaon east, Mumbai city, Maharashtra - 400063 Email: rohitmehra@hotmail.com Email: liquidator.pipl@gmail.com Tel No: +91 99220022284 Last date for submission of claims: July 26, 2025 PATEL COTTON: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the long-term ratings of Patel Cotton Industries - Veraval (PCI) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING." Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with PCI, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 1997 as a partnership firm, Patel Cotton Industries (PCI) is involved in the business of cotton ginning and pressing to produce cotton bales and cottonseeds. Its manufacturing facility is located at Veraval in Gujarat. The firm is equipped with 48 ginning machines and 2 automatic pressing machines, with an installed capacity of producing ~300 bales per day or 51 MTPD. The promoters of the firm have over 25 years of experience in the cotton ginning business. PENTECH METALS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Pentech Metals Limited Registered Office: Office No. 507, 5th Floor, The Summit Business Bay, Andheri A.K Road, Gondavali, Opposite Cinemax, Andheri, Mumbai, Maharashtra, India, 400093 Insolvency Commencement Date: July 14, 2025 Estimated date of closure of insolvency resolution process: January 10, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Dipti Mundra A-109, J/1, 1st floor, Shram Siddhivinayak Premises Society, Wadala Truck Terminal, Wadala East, Mumbai City, Maharashtra ,400037 Email: ip.dipti@gmail.com Email: cirp.pentech@gmail.com Last date for submission of claims: July 30, 2025 PRABHU AGARWALLA: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings for the Bank facilities of Prabhu Agarwalla Construction Private Limited (PACPL) in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]D ISSUER NOT COOPERATING/[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/ 40.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Non Fund Based/ remain under 'Issuer Not Others Cooperating' Category Long-term- 33.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with PACPL, 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 2003, PACPL is primarily involved in the civil construction (roads, bridges and buildings) business in Assam. With effect from March 31, 2013, PACPL took over the entire business of its group entity M/s. Prabhu Agarwalla (PA), a partnership firm, which was previously involved in the civil construction business in Assam. RELIANCE COMMUNICATIONS: ICRA Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Debenture Programme and Long-Term and Short-term ratings for the Bank facilities of Reliance Communications Limited in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]D ISSUER NOT COOPERATING/[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term- 3365.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Non-convertible 5000.00 [ICRA]D; ISSUER NOT COOPERATING; Debenture (NCD) Rating continues to remain under Programme 'Issuer Not Cooperating' Category Long-term- 8658.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 6582.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Short Term- 3949.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Long Term- 12876.00 [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 Reliance Communications Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. The company had been operating as an integrated telecommunications service provider, however on January 31, 2018, it shut down its wireless retail operations. Now its continuing operations comprise Business to Business (B2B) focused businesses, including Indian and Global Enterprise, Internet Data Centres, and private submarine cable network. However, currently the company is under Corporate Insolvency Resolution Process pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016. Its affairs, business and assets are being managed by the Interim Resolution Professional, Mr. Pardeep Kumar Sethi appointed by Hon'ble National Company Law Tribunal, Mumbai Bench, Mumbai, vide order dated 18th May 2018. RELIANCE INFRATEL: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings for the Bank facilities of Reliance Infratel Limited (RITL) in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]D ISSUER NOT COOPERATING/[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 1796.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Commercial Paper/STD 1000.00 [ICRA]D; ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' Category Long-term- 475.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term- 195.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 50.00 [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 RITL, 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. RITL is a part of the RCom group and RCom (holding company for group telecom operations) has around 95% stake in RITL through its wholly owned subsidiary -Reliance Communications Infrastructure Limited and other trusts and holding companies. RITL provided passive telecom infrastructure services to RCom, RTL and other telecom operators. RELIANCE TELECOM: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short-term rating for the Bank facilities of Reliance Telecom Limited (RTL) in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]D ISSUER NOT COOPERATING/[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Commercial 500.00 [ICRA]D; ISSUER NOT COOPERATING; Paper/STD Rating continues to remain under 'Issuer Not Cooperating' Category Short-term 784.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long Term- 127.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Long-term- 685.00 [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 RTL, 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. Reliance Telecom Limited (RTL) is a RCom group company and used to provide global system for mobile communications (GSM) based services in eight telecom circles, namely Madhya Pradesh, Bihar, Orissa, West Bengal, Assam, Northeast, Himachal Pradesh, and Kolkata. RIGHILL ELECTRICS: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Righill Electrics Pvt Ltd (REPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term 1.50 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term/ 3.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category Long-term- 3.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with REPL, 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. Righill Electrics Pvt Ltd (REPL) was incorporated in 1993 as a private limited company by Mr. Ashutosh Shukla and Mr. Vinod Sapre. The company designs and manufactures control systems and assemblies for various applications, including oil field equipment. It also manufactures parts and assemblies like electronic control modules, printed circuit boards (PCBs), plug and socket connectors, etc. REPL specialises in designing and manufacturing controls and electric parts for oil rigs. The major revenue is derived from the sale of rig equipment, and thus the revenues largely depend on the rigging activity, and in turn on crude oil prices. It also provides services pertaining to repairs and maintenance and offers annual maintenance contracts (AMC) to its customers. The company has an employee base of 50 engineers, who provide on-site services to customers. The manufacturing facility of the company is located at Bhopal in Madhya Pradesh. S.S. CONSTRUCTION: ICRA Keeps B- Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term rating for the Bank facilities of S.S. Construction (SSC) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B-(Stable);ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.95 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 2.05 [ICRA]B- (Stable) ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SSC, 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. S.S. Construction (SSC) is a proprietorship firm based in Ghaziabad, Uttar Pradesh and was set up in 2007. The firm is promoted by Mr. Ravi Chaudhary. SSC undertakes civil construction work for state and Central Government agencies. It is registered as an 'A' class contractor with UP State Power Utilities, UPSIDC Ltd, Kanpur, Ghaziabad Development Authority, Hapur Pilkhuwa Development Authority, Kanpur Development Authority, Bulandshahr Development Authority etc. The company has worked in various towns of UP, including Ghaziabad, Kanpur, Moradabad, Noida, Agra, Meerut, Bulandshahr, Hapur, Bareilly etc. The firm has completed two small real estate projects with a saleable area of 13,600 sq. ft. each, costing INR5.28 crore and INR5.29 crore respectively in February 2017. Project I consists of 16 3BHK flats with sales value of INR8.0 crore, and project II consists of 24 2BHK flats with the sales value of INR7.5 crore. TECHSCAPE INFOPARK: ICRA Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term rating for the Bank facilities of Techscape Infopark Private Limited (Formerly known as Carnival Soft Private Limited) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 200.00 [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 Techscape Infopark Private Limited (Formerly known as Carnival Soft Private Limited), ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Techscape Infopark Private Limited (Formerly known as Carnival Soft Private Limited) is engaged in the business of leasing out commercial office space and presently owns and manages a commercial office space (named Carnival Info Park) in Kochi, Kerala. The said space is located on a plot of 6.35 acres and comprises of 4 buildings aggregating to a total built up area of 8.76 lakh sqft out of which 6.87 lakh sqft is the leasable area. As on 31st March 2019, the lease for the 5-acre land and 1.35-acre land is valid for a period of 74 years and 78 years respectively. Carnival Info Park was previously developed, owned and managed by the Leela Group through Leela Soft Private Limited. The entire shareholding of the Leela Group was purchased by the Carnival Group in a share purchase transaction dated 21st July 2014 (the enterprise value was INR271.69 cr.) and the name of the commercial park was changed to Carnival Info Park from Leela Info Park. The main intention of Carnival Group behind the purchase was to venture in the new segment of commercial leasing and particularly asset creation and lease rental income through this project. UNIQUE SUGARS: Liquidation Process Case Summary ----------------------------------------------- Debtor: Unique Sugars Limited Mhatre Pen Bldg B Wing Senapati Bapat Marg Dadar, Mumbai, Maharashtra, India 400028 Liquidation Commencement Date: July 9, 2025 Court: National Company Law Tribunal Mumbai Bench Liquidator: CA Pawan KR Agarwal 42, Gopal Bhawan 199 Princess Street Mumbai 400002 Email: arbitratorpr@gmail.com Email: liquniquesugar1981@gmail.com Last date for submission of claims: August 8, 2025 VIDEO WORKS: Liquidation Process Case Summary --------------------------------------------- Debtor: Video Works Studio Private Limited 216, 2nd Floor, Vasupujya Estate, Laxmi Nagar. Off Link Road, Village Pahadi, Goregaon West Mumbai - 400104, Maharashtra Liquidation Commencement Date: July 7, 2025 Court: National Company Law Tribunal Mumbai Bench Liquidator: Smita Gupta Flat No. 702, 7th Floor, Godrej Central J Tower Shell Colony, Near Tilak Nagar Railway Station Chembur. Mumbai, Mumbai Suburban, Maharashtra 400071 Email: sumitayal31@gmail.com Email: videoworks.cirp@gmail.com Last date for submission of claims: August 6, 2025 VIILBERY HEALTHCARE: Liquidation Process Case Summary ----------------------------------------------------- Debtor: Viilbery Healthcare Private Limited 130, Shanta Industrial Estate 1st Floor, I. B. Patel Road Goregaon East, Mumbai City, Mumbai, Maharashtra, India 400063 Liquidation Commencement Date: June 30, 2025 Court: National Company Law Tribunal Mumbai Bench Liquidator: Mr. Gaurang C. Shah 1204, Maker Chambers V, Nariman Point, Mumbai 400021 Email: waterfall0421@gmail.com 1221, Maker Chamber V, Nariman Point, Mumbai – 400021 Email: ip.vhpl@gmail.com Last date for submission of claims: August 6, 2025 VIR ELECTRO: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Vir Electro Engineering Private Limited (VEE) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 6.92 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 4.73 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Long-term- 12.35 [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 VEE, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 1996 by Mr. Shivaji S. Dalvi, Vir Electro Engineering Private Limited (VEE) is engaged in fabrication, galvanizing, spray painting and metalizing of steel structures for engineering companies like Crompton Greaves, ABB Ltd. and Siemens. The company is specialized in surface preparation and protection work as specified by customer and manufacturer of fabrication items. The company's manufacturing plants are located at Ambad and Gonde at Nashik. VEE has set up their manufacturing plant at Gonde, Nashik in January 2013. The total installed capacity of 2,600 MT per month for fabrication and galvanization. WEBFIL LIMITED: ICRA Keeps C+/A4 Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings of Webfil Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]C+; ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 10.30 [ICRA]C+/[ICRA]A4 ISSUER NOT Short Term- COOPERATING; Rating continues to Non Fund remain under 'Issuer Not Based-Others Cooperating' category Long-term- 3.38 [ICRA]C+; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Webfil Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Webfil Limited was incorporated in 1979 as a joint venture company of West Bengal Infrastructure Development Corporation Limited and the Andrew Yule group. The company manufactures tungsten filament wires used in luminaries and digital products, which in turn is primarily used in communication and surveillance services. YASHODHA MOTORS: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating for the Bank facilities of Yashodha Motors Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 26.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Yashodha Motors Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Yashoda Motors Private Limited, incorporated in the year 2010 as a closely held private limited company with Mr. Gurdeep Batra and Deepak Batra, having shareholding of 60% and 40% respectively. Initially, YMPL had a dealership of TVS two-wheeler since 1982. Later in 2008, it got dealership of Ashok Leyland's heavy commercial vehicles and Ashok Leyland Engine used in combine harvester manufacturing. In 2011, it started selling of Nissan cars also. It has two showrooms and 4 sub-dealers of TVS 2W in Patiala. They have one each show rooms of HCV and Nissan cars at Rajpura Road, Patiala apart from a showroom of HCV in Ambala, Haryana. For Ashok Leyland combine harvester engines, it has opened a showroom each in Nabha and Janalndhar (Punjab). ZAPAK MOBILE: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Zapak Mobile Games Private Limited Registered Office: 502, Plot No. 91/94 Prabhat Colony, Santacruz (East), Mumbai City, Mumbai, Maharashtra, India, 400055 Insolvency Commencement Date: July 14, 2025 Estimated date of closure of insolvency resolution process: January 10, 2026 (180 Days) Court: National Company Law Tribunal, Mumbai Bench Court- VI Insolvency Professional: Mr. Mohit Bipinchandra Adatiya H-35, 1st Floor Jangpura Extension, Jungpura, South Delhi, New Delhi - 110014 Email: ipe@npvca.in 10th Floor, 1003, Zion Z1, Near Avalon Hotel, Sindhu Bhavan Road, Thaltej, Ahmedabad - 380054 Email: cirp.zapakmobilegames@gmail.com Last date for submission of claims: July 28, 2025 ZIPPY EDIBLE: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Zippy Edible Products Private Limited (ZEPPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 2.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 14.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with ZEPPL, 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. ZEPPL was incorporated in August 2013 and is engaged in the manufacturing of pasta and vermicelli. The commercial production commenced from April 2015. The unit is in Jaspur in Uttarakhand and has a total production capacity of 18,120 Metric Tons Per Annum. The main raw materials required for manufacturing semolina which is coarse and is derived by purified wheat middling s of durum wheat. The company sells its products directly in the local markets in Uttar Pradesh, Uttarakhand, and Delhi under its brands "Dig roan" and "Deliza". =============== M A L A Y S I A =============== COUNTRY HEIGHTS: Unit Gets Winding-Up Bid Over MYR312K Tax Arrears ------------------------------------------------------------------ The Edge Malaysia reports that Country Heights Holdings Bhd said the group has been served with a winding-up petition by the Inland Revenue Board over MYR312,560 in unpaid taxes. The petition, filed against its wholly-owned unit, Country Heights Commercial Development Sdn Bhd (CHCDSB), was received on July 24, the group said in a bourse filing, the Edge relays. The petition was filed under Section 465(1)(e) and Section 466(1)(a) of the Companies Act 2016. These provisions allow a company to be wound up by the court if it is unable to pay its debts, specifically when it fails to settle a debt exceeding the prescribed minimum amount within 21 days of receiving a statutory notice of demand from a creditor. The Edge relates that CHCDSB was deemed unable to pay its debts after failing to comply with a statutory notice of demand issued on March 25, said Country Heights. According to the group, CHCDSB, incorporated in 1995, is not a major subsidiary and is engaged in non-residential property operations and investment holding. The unit posted a net profit of MYR922,098 for the financial year ended Dec 31, 2023, with current liabilities of MYR34.22 million and paid-up capital of MYR100,000, the Edge discloses. According to the Edge, Country Heights said the petition is not expected to have any immediate material financial or operational impact on the group, as the unit is not a principal revenue contributor. However, the group said it will evaluate if any provisions or impairments are needed, depending on the outcome of the petition. The High Court has fixed September 29 for the hearing, the group added, the Edge relays. Based in Seri Kembangan, Malaysia, Country Heights Holdings Bhd (KL:CHHB) -- https://countryheights.com.my/ -- engages in the property development, investment, hotel and resort management, healthcare, event planning and exhibitions, and timeshare businesses in Malaysia and South Africa. ===================== N E W Z E A L A N D ===================== DU VAL: Founders Will Continue to Have Assets Frozen ---------------------------------------------------- Rowan Quinn at Radio New Zealand reports that the founders of the collapsed Du Val companies will continue to have their assets frozen and their passports held by the court, the High Court has ruled. Du Val is in statutory management, owing more than NZD300 million, and its main owners, Charlotte and Kenyon Clarke, are in receivership, with a preservation order on their assets. The Financial Markets Authority (FMA) obtained the interim order last August and the couple fought back against that at a hearing last month but the court has agreed with the FMA, RNZ recalls. In laying out the background to her decision, Justice Anderson said the High Court had the ability under the Financial Markets Conduct Act to make a range of protective orders for the benefit of "aggrieved persons," according to RNZ. "These are individuals or entities who may have suffered harm or loss as a result of certain conduct that is under investigation by the FMA," she said. She noted the FMA's orders were opposed by the Clarkes but ruled they should continue until further order of the court, RNZ relates. The decision also upholds the receivership and the overseas travel ban placed on the couple. RNZ says Justice Anderson's decision was heavily suppressed, mainly because of suppression orders that arose in hearing, some of which are under appeal. Then, each side had argued different aspects of the arguements or preliminary evidence could prejudice later action if made public. About Du Val Group Du Val Group developed large-scale residential projects in New Zealand, renowned for their innovative design. As reported in the Troubled Company Reporter-Asia Pacific, the Financial Markets Authority on Aug. 21, 2024, confirmed that the Governor-General, on the advice of the Minister of Commerce and Consumer Affairs given in accordance with a recommendation from the FMA, declared a number of entities within the Du Val group be placed in statutory management under the terms of the Corporations (Investigation and Management) Act 1989 (the Corporations Act). Statutory management for these entities was announced by the Minister on Aug. 21, 2024 effective immediately. John Fisk, Stephen White and Lara Bennett of PwC New Zealand, who were appointed as interim receivers on Aug. 2, 2024, have been appointed as the Statutory Managers. E & E JEWELLERY: Court to Hear Wind-Up Petition on Aug. 7 --------------------------------------------------------- A petition to wind up the operations of E & E Jewellery Limited will be heard before the High Court at Christchurch on Aug. 7, 2025, at 10:00 a.m. Gerlyn Apacible Allado filed the petition against the company on June 17, 2025. The Petitioner's solicitor is: Stephen Caradus 131 Victoria Street Christchurch 8013 M & M REALTY: Creditors' Proofs of Debt Due on Sept. 4 ------------------------------------------------------ Creditors of M & M Realty 2022 Limited (previously known as Mchattie Realty Limited) are required to file their proofs of debt by Sept. 4, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 17, 2025. The company's liquidators are: Iain Bruce Shephard Jessica Jane Kellow BDO Wellington, Business Restructuring Level 1, 50 Customhouse Quay Wellington 6011 MURIEL MAY: Creditors' Proofs of Debt Due on Aug. 18 ---------------------------------------------------- Creditors of Muriel May Limited are required to file their proofs of debt by Aug. 18, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 21, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 NANOGIRL LABS: Unlikely to Pay NZD260K Tax Debt, Liquidators Say ---------------------------------------------------------------- Radio New Zealand reports that Nanogirl Labs Ltd owes Inland Revenue more than NZD260,000 and is unlikely to be able to pay any of its unsecured creditors, its liquidators said. The company - founded by Michelle Dickinson and her husband Joe Davis - was placed into liquidation last November. Ms. Dickinson told RNZ at the time that a tough business environment was behind the decision. Government funding had also been cut, RNZ relates. Ms. Dickinson told RNZ last November that revenue sources had "dried up". The biggest set back was the cut to MBIE's NZD1.6 million Curious Minds funding, which supported community science programmes. RNZ says Nanogirl also received funding from other government departments, including the Ministry of Education and MFAT which had been undertaking science curriculum work in the Pacific. All had been cut by the Government, she said. According to RNZ, liquidator Digby Noyce, from RES Corporate Services, said in his second report that all employment contracts were terminated when he was appointed, but some staff were contracted to perform the remaining birthday party bookings. RNZ relates that the report said the business had a cash balance of NZD11,769 and the equipment and stock had no realisable value. "We have received a preferential creditor claim from Inland Revenue for unpaid GST and employer activities taxes amounting to NZD267,028.42," RNZ quotes Mr. Noyce as saying. "Our present view, based on information received to date, is that it is uncertain whether a distribution will be available for preferential creditors, however recovery actions through insolvent transactions or other remedies may bring in additional funds, although it is still too early to express a view on such matters." Mr. Noyce had received claims from unsecured creditors amounting to NZD191,680. But he said, based on information to date, it was unlikely that a distribution would be made to those creditors, RNZ relates. Nanogirl Labs Ltd provided science live shows, education and STEM kits to children for eight years. Q CARD TRUST: Fitch Assigns 'B(EXP)sf' Rating on Cl. F-2025-1 Notes ------------------------------------------------------------------- Fitch Ratings has assigned expected ratings to Q Card Trust's A-2025-2, A-2025-3, B-2025-2, C-2025-2, E-2025-1 and F-2025-1 pass-through floating-rate notes. The transaction, a securitisation of New Zealand credit card receivables, is an asset-backed note programme featuring a multiclass structure that purchases eligible receivables from related entities of humm group limited (hummgroup) on a revolving basis. Issuance proceeds will be used to fully redeem 12 series of notes. The notes will be issued by The New Zealand Guardian Trust Company Limited in its capacity as trustee of Q Card Trust. The ratings of the remaining notes outstanding under the trust were affirmed on 20 November 2024. Entity/Debt Rating ----------- ------ Q Card Trust A-2025-2 LT AAA(EXP)sf Expected Rating A-2025-3 LT AAA(EXP)sf Expected Rating B-2025-2 LT AA(EXP)sf Expected Rating C-2025-2 LT A(EXP)sf Expected Rating E-2025-1 LT BB(EXP)sf Expected Rating F-2025-1 LT B(EXP)sf Expected Rating KEY RATING DRIVERS Stable Receivables Performance: Portfolio performance is supported by New Zealand's economic recovery, despite GDP falling by 1.1% in the year to March 2025 and a softening labour market, with unemployment at 5.1% at end-March 2025. Fitch forecasts GDP growth of 1.2% in 2025 and 2.5% in 2026, with unemployment at 5.1% and 4.9%, respectively. This reflects its expectation that monetary easing will support economic activity. The steady states and rating stresses are shown below: Steady state assumptions: Gross charge-offs: 4.5% Recovery rate: 15.0% Monthly payment rate (MPR): 9.5% Portfolio yield: 15.0% Purchase rate: 100% Rating stresses: Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf Charge-offs (increase): 4.50x / 3.75x / 3.00x / 2.25x / 1.75x / 1.25x Recoveries (% haircut): 60% / 48% / 36% / 27% / 18% / 12% MPR (% haircut): 40% / 35% / 30% / 25% / 15% / 7.5% Portfolio yield (% haircut): 35% / 30% / 25% / 20% / 15% / 10% Purchase rate (% haircut): 90% / 85% / 75% / 65% / 55% / 45% Originator and Servicer Risk Mitigated: Fitch reviewed hummgroup's origination and servicing capabilities and found that the operations were comparable with those of other credit card providers in Australia and New Zealand. Mitigated Counterparty Risk: hummgroup acts in several capacities, most prominently as originator, servicer and trust manager. The degree of reliance is mitigated by the transferability of operations, a contracted standby servicer and a liquidity facility. Mitigated Interest-Rate Risk: Interest-rate risk is mitigated by available credit enhancement and interest rate swaps. Rated Above Sovereign: Structured finance notes can be rated up to six notches above New Zealand's Long-Term Local-Currency Issuer Default Rating of 'AA+', supporting the 'AAAsf' rating on the class A notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce the credit enhancement available to the notes. Unanticipated increases in charge-offs or reductions in purchase rates or yield could produce loss levels higher than Fitch's base case and are likely to result in a decline in credit enhancement and remaining loss coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's steady-state assumptions. This section provides insight into the model-implied sensitivities the transaction faces when one assumption is modified, while holding others equal. The modelling process uses the modification of these variables to reflect asset performance in up and down environments. The results below should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. It should not be used as an indicator of possible future performance. Downgrade Sensitivities Notes: A / B / C / E / F Expected Rating: AAAsf / AAsf / Asf / BBsf / Bsf Increase charge-offs by 25%: AAAsf / AAsf / Asf / BBsf / Bsf Increase charge-offs by 50%: AAAsf / AA-sf / A-sf / BBsf / Bsf Increase charge-offs by 75%: AAAsf / A+sf / BBB+sf / BBsf / Bsf Reduce MPR by 15%: AAAsf / AAsf / Asf / BBsf / Bsf Reduce MPR by 25%: AAAsf / AA-sf / Asf / BBsf / Bsf Reduce MPR by 35%: AA+sf / A+sf / Asf / BBsf / Bsf Reduce purchase rate by 50%: AAAsf / AAsf / Asf / BBsf / Bsf Reduce purchase rate by 75%: AAAsf / A+sf / A-sf / BBsf / Bsf Reduce purchase rate by 100%: AAAsf / AA-sf / A-sf / BBsf / Bsf Reduce yield by 15%: AAAsf / AAsf / Asf / BBsf / Bsf Reduce yield by 25%: AAAsf / AAsf / Asf / BBsf / Bsf Reduce yield by 35%: AAAsf / AA-sf / A-sf / BBsf / Bsf Increase charge-offs by 25% and reduce MPR by 15%: AAAsf / AA-sf / Asf / BBsf / Bsf Increase charge-offs by 50% and reduce MPR by 25%: AA+sf / Asf / A-sf / BBsf / Bsf Increase charge-offs by 75% and reduce MPR by 35%: AA-sf / A-sf / BBBsf / BBsf / Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An improvement in long-term asset performance, such as decreased charge-offs, increased MPR or increased portfolio yield, driven by a sustainable positive change in underlying asset quality would contribute to a positive revision of Fitch's asset assumptions. This could positively affect the notes' ratings. Increased credit enhancement ratios that are able to fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal, would also be positive for the ratings. Some of the outstanding subordinate tranches may be able to support higher ratings based on the output of Fitch's proprietary cash flow model. Enhancement levels are set to maintain a constant rating level per class of issued notes and may provide more than the minimum enhancement necessary to retain issuance flexibility, since the credit card programme is set up as a continuous funding programme and requires that any new issuance or note reductions do not affect the rating of existing tranches. Therefore, Fitch may decide not to assign or maintain ratings above the current outstanding ratings in anticipation of future issuance or reductions. The class A notes are at the highest level on Fitch's scale and cannot be upgraded. The ratings on the class B, C, E and F notes are unlikely to be upgraded prior to their amortisation period due to the continuous funding nature of the programme. This would no longer apply during the amortisation period and the ratings may be upgraded. Upgrade Sensitivities Notes: B / C / E / F Expected Rating: AAsf / Asf / BBsf / Bsf Decrease charge-offs by 25%: AAAsf / AAsf / Asf / A-sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was available. Overall, and together with any assumptions referred to above, Fitch's assessment of the asset pool information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. TOOLEY HOLDINGS: Court to Hear Wind-Up Petition on Aug. 7 --------------------------------------------------------- A petition to wind up the operations of Tooley Holdings Limited will be heard before the High Court at Christchurch on Aug. 7, 2025, at 10:00 a.m. Damian Wilson Plastering Limited filed the petition against the company on April 11, 2025. The Petitioner's solicitor is: Gregory David Trainor Hill Lee & Scott Lawyers Unit 4–31 Tyne Street Addington Christchurch UHURU LIMITED: Creditors' Proofs of Debt Due on Aug. 24 ------------------------------------------------------- Creditors of Uhuru Limited are required to file their proofs of debt by Aug. 24, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 17, 2025. The company's liquidators are: Janet Sprosen Stephen White C/o PwC, PwC Auckland Private Bag 92162 Victoria Street West Auckland 1142 ================= S I N G A P O R E ================= ASCEND ENGINEERING: Court Enters Wind-Up Order ---------------------------------------------- The High Court of Singapore entered an order on July 4, 2025, to wind up the operations of Ascend Engineering Services Pte. Ltd. DBS Bank Ltd filed the petition against the company. The company's liquidators are: Leow Quek Shiong Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 FUSION DESIGN: Court to Hear Wind-Up Petition on Aug. 1 ------------------------------------------------------- A petition to wind up the operations of Fusion Design Singapore Pte. Ltd. will be heard before the High Court of Singapore on Aug. 1, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on July 10, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 LSES INTERNATIONAL: Court Enters Wind-Up Order ---------------------------------------------- The High Court of Singapore entered an order on July 4, 2025, to wind up the operations of LSES International Pte. Ltd. DBS Bank Ltd filed the petition against the company. The company's liquidators are: Leow Quek Shiong Gary Loh Weng Fatt c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 MAXEON SOLAR: Kevin Wang Named Chairman of the Board ---------------------------------------------------- Maxeon Solar Technologies, Ltd. disclosed in a Form 6-K Report dated July 11, 2025, filed with the U.S. Securities and Exchange Commission that the Board of Directors approved the appointment of the existing director of the company Mr. Cheng WANG as Chairman of the Board, effective July 7, 2025. Mr. Wang succeeds Mr. Donald Colvin, who will continue to serve as a member of the Board and as Chair of the Audit Committee. Mr. Wang will continue in his role as chairman of the Company's Strategy & Transformation Committee, Compensation Committee, and Nominating & Corporate Governance Committee. About Maxeon Solar Maxeon Solar Technologies, Ltd. is a Singapore-based company that designs and manufactures photovoltaic panels. The company was previously a division of the American SunPower company before it was spun off in August 2020. Maxeon is still the primary provider of solar panels for SunPower. Singapore-based Ernst & Young LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 30, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and negative free cash flows and has stated that substantial doubt exists about the Company's ability to continue as a going concern. NEW VISTA: Court to Hear Wind-Up Petition on Aug. 8 --------------------------------------------------- A petition to wind up the operations of New Vista Engineering Pte. Ltd. will be heard before the High Court of Singapore on Aug. 8, 2025, at 10:00 a.m. RHB Bank Berhad filed the petition against the company on July 14, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 TOP GEAR: Court Enters Wind-Up Order ------------------------------------ The High Court of Singapore entered an order on July 4, 2025, to wind up the operations of Top Gear Auto Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 =========== T A I W A N =========== SEMILEDS CORP: Appoints YCM CPA as Auditor After KCCW Resignation ----------------------------------------------------------------- SemiLEDs Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that KCCW Accountancy Corp. resigned as independent registered public accounting firm of the Company, as it is exiting the public company audit practice. On July 10, 2025, the audit committee of the board of directors of the Company engaged YCM CPA INC. as the Company's new independent registered public accounting firm, as described below. During the Company's most recent fiscal year and through the date of dismissal, (a) it had no disagreements with KCCW on any matter of accounting principles or practices, financial statement disclosure, or auditing scope of procedure which disagreement if not resolved to the satisfaction of KCCW would have caused it to make reference to the subject matter of the disagreement in connection with its reports, and (b) there were no "reportable events" as defined in Item 304(a)(l)(v) of Regulation S-K. Neither the Company, nor anyone on its behalf, has consulted with YCM regarding: (i) the type of final audit opinion that might be rendered on the Company's financial statements and neither a written report nor oral advice was provided to the Company that YCM concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing, or financial reporting issue, (ii) any matter that was the subject of a disagreement within the meaning of Item 304(a)(1)(iv) of Regulation S-K, or (iii) any reportable event within the meaning of Item 304(a)(1)(v) of Regulation S-K. About SemiLEDs Corporation Headquartered in Taiwan, R.O.C., SemiLEDs Corporation develops, manufactures, and sells light-emitting diode (LED) chips, LED components, LED modules, and systems. The Company's products serve a range of specialty industrial applications, including ultraviolet (UV) curing of polymers, LED light therapy for medical and cosmetic purposes, counterfeit detection, horticultural lighting, architectural lighting, and entertainment lighting. SemiLEDs packages its LED chips into LED components, which are sold to distributors and a customer base primarily concentrated in key markets, such as the Netherlands, Taiwan, the United States, and Japan. The Company also offers its "Enhanced Vertical" (EV) LED product series in blue, white, green, and UV variations in select markets. The Company's lighting products are primarily sold to original design manufacturers (ODMs) of lighting products, as well as to the end users of lighting devices. In its report dated Nov. 26, 2024, the Company's auditor, KCCW Accountancy Corp., issued a "going concern" qualification citing that the Company incurred recurring losses from operations and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. SEMILEDS CORP: Q3 Revenue Hits $17.7M, Net Income Falls to $223K ---------------------------------------------------------------- SemiLEDs Corporation announced its financial results for the third quarter of fiscal year 2025, ended May 31, 2025. * Revenue for the third quarter of fiscal 2025 increased to $17.7 million, compared to $10.9 million in the second quarter of fiscal 2025. * GAAP net income attributable to SemiLEDs stockholders for the third quarter of fiscal 2025 decreased to $223 thousand, or $0.03 per diluted share, compared to a net income of $388 thousand, or $0.05 per diluted share, in the second quarter of fiscal 2025. * GAAP gross margin for the third quarter of fiscal 2025 decreased to 5%, compared to 9% for the second quarter of fiscal 2025. * Operating margin for the third quarter of fiscal 2025 was negative 0.4%, compared with 1% for the second quarter of fiscal 2025. * The Company's cash and cash equivalents were $2.4 million at both May 31, 2025 and at the end of the second quarter of fiscal 2025. About SemiLEDs Corporation Headquartered in Taiwan, R.O.C., SemiLEDs Corporation develops, manufactures, and sells light-emitting diode (LED) chips, LED components, LED modules, and systems. The Company's products serve a range of specialty industrial applications, including ultraviolet (UV) curing of polymers, LED light therapy for medical and cosmetic purposes, counterfeit detection, horticultural lighting, architectural lighting, and entertainment lighting. SemiLEDs packages its LED chips into LED components, which are sold to distributors and a customer base primarily concentrated in key markets, such as the Netherlands, Taiwan, the United States, and Japan. The Company also offers its "Enhanced Vertical" (EV) LED product series in blue, white, green, and UV variations in select markets. The Company's lighting products are primarily sold to original design manufacturers (ODMs) of lighting products, as well as to the end users of lighting devices. In its report dated Nov. 26, 2024, the Company's auditor, KCCW Accountancy Corp., issued a "going concern" qualification citing that the Company incurred recurring losses from operations and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***