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250731.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, July 31, 2025, Vol. 28, No. 152 Headlines A U S T R A L I A BLUESKY BUILDING: First Creditors' Meeting Set for Aug. 6 DAVID VENN: 'Extravagant' Party Before Company's Collapse GENERAL PANTS: Rejects Winding-Up Application GREENSILL CAPITAL: Lex Greensill Was 'Dishonest', IAG Alleges MME PL 2025-1: Fitch Assigns 'Bsf' Final Rating on Class F Notes POWERHOUSE RENEWABLES: First Creditors' Meeting Set for Aug. 6 STAR ENTERTAINMENT: Posts Wider Loss as Regulatory Squeeze SUN EXPRESS: Second Creditors' Meeting Set for Aug. 5 TETRA DARTBROOK: First Creditors' Meeting Set for Aug. 6 V.L. BUTCHER: First Creditors' Meeting Set for Aug. 6 C H I N A CHINA EVERGRANDE: Nears Delisting as Trading Suspension Expires MERCURITY FINTECH: Secures $200M Equity Line From Solana Ventures SHIMAO GROUP: Weil Advises Creditors on US$11.5BB Restructuring SINO-OCEAN GROUP: Unveils Bond Repayment Details I N D I A ALPS COMMUNICATION: CARE Keeps B- Debt Rating in Not Cooperating BALAJI ISPAT: CARE Lowers Rating on INR31cr LT Loan to D CITY ROLLING: CARE Lowers Rating on INR10cr LT Loan to D CLIMAX OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating CORLIM MARINE: CARE Keeps D Debt Rating in Not Cooperating ELEGANCE FOOD: CARE Keeps D Debt Ratings in Not Cooperating GAMMON INDIA: CARE Keeps D Debt Ratings in Not Cooperating GATIK TEA: CARE Keeps C Debt Rating in Not Cooperating Category GLOBAL DENT: ICRA Keeps B+ Debt Ratings in Not Cooperating GREENLAND AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating HEMADRI CEMENTS: Voluntary Liquidation Process Case Summary HOTEL PARMESHWARI: CARE Keeps B- Debt Rating in Not Cooperating KRUSHIRAJ SUGAR: CARE Keeps D Debt Rating in Not Cooperating LRD FOODS: CARE Keeps B- Debt Rating in Not Cooperating Category MARGDARSHEE HOSPITALITY: CARE Keeps C Rating in Not Cooperating MURLI ELECTRODE: CARE Lowers Rating on INR4.0cr LT Loan to D NAGA SINDHU: CARE Keeps B Debt Rating in Not Cooperating Category R. J. TRADELINKS: CARE Keeps C Debt Rating in Not Cooperating VENTURE SUPPLY: Insolvency Resolution Process Case Summary I N D O N E S I A STAR ENERGY: Moody's Alters Outlook on Ba3 Secured Rating to Pos. N E W Z E A L A N D BLACK SHEEP: Court to Hear Wind-Up Petition on Aug. 11 DEF MFG: Creditors' Proofs of Debt Due on Sept. 2 FLIPPIN' FUN: Creditors' Proofs of Debt Due on Aug. 21 NORTH SHORE: Court to Hear Wind-Up Petition on Aug. 21 TREAT US: Creditors' Proofs of Debt Due on Sept. 2 S I N G A P O R E ASI JAPAN: Creditors' Proofs of Debt Due on Aug. 22 G20 BANANA: Court Enters Wind-Up Order MM2 ASIA: Announces Several Boardroom Changes MM2 ASIA: Receives More Payment Demands RW AISAI: Creditors' Proofs of Debt Due on Aug. 22 TECHTRA SOLUTIONS: Court Enters Wind-Up Order TERAS OFFSHORE: Commences Wind-Up Proceedings V I E T N A M VINHOMES JSC: Fitch Affirms & Withdraws 'BB-' IDR, Outlook Stable - - - - - ================= A U S T R A L I A ================= BLUESKY BUILDING: First Creditors' Meeting Set for Aug. 6 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Bluesky Building & Construction Group Pty Ltd will be held on Aug. 6, 2025 at 10:30 a.m. via teleconference and video conference only. Aaron Kevin Lucan of Worrells was appointed as administrator of the company on July 25, 2025. DAVID VENN: 'Extravagant' Party Before Company's Collapse --------------------------------------------------------- Sarah Sharples at news.com.au reports that the "extravagant" party to celebrate the opening night of a big name musical included a Cadillac in the centre of the room, cocktails and go-go dancers – but behind the scenes the company, David Venn Enterprises, was staring down potential troubles. Videos of the night reveal generous platters filled with meats and vegetables, dipping sauces and breads and cheeses, as well as people drinking and talking as they surround a Cadillac while colourful lights flash around the room. According to news.com.au, the party had been put on by Australian producer David Venn and his company to mark the start of Elvis: The Musical Revolution's season in Sydney. But a year later the live entertainment company called David Venn Enterprises spectacularly collapsed owing AUD7.5 million, with Mr. Venn pointing to ticket sales not meeting expectations and broader financial risks such as high operating costs and unpredictable revenue leaving little margin for error in the industry. What wasn't known to those at the glamorous August 2023 party, including the cast and crew who ended up being owed tens of thousands of dollars each, was that David Venn Enterprises was potentially trading insolvent already in June that year, news.com.au relays citing a liquidator's report. Now another artist Sam, who was involved with the Elvis production, has come forward to raise questions about the flashy display, given the company's financial troubles that later emerged, according to news.com.au. "The Elvis opening night was wild for a producer compared to things I've done before - it's rather extraordinary," Sam, who asked that their real name be withheld, told news.com.au. Sam said the party, held at the Sofitel Wentworth had go-go dancers, as well as the Cadillac that had been brought into the foyer of the function rooms. "It was further than most opening nights – it was a full produced gala. It wasn't like drinks and nibbles and chats with anyone. I was shocked – it was extravagant," he added. Meanwhile, an artist who previously blew the whistle on how the abrupt cancellation of the show came with just eight days notice and also asked that their name be withheld, said they remembered thinking the party was "quite over the top," news.com.au relates. "In comparison, the next opening night we had there were mini spring rolls and samosas served from foil oven trays from a folding table in the foyer of the Atheneum (theatre in Melbourne)," they said. Mr. Venn, from the production company, declined to further comment on the most recent claims but previously said he regretted the impact of the company's collapse on those affected and remained committed to doing the right thing where circumstances allow, news.com.au reports. Cast and crew faced turmoil inside the production before the company went under as an unpaid superannuation bill of AUD440,000 racked up and seasons in Melbourne and New Zealand faced cancellation. Documents obtained by news.com.au also showed that just AUD304,000 will be returned to creditors from the AUD7.5 million owed after they voted to accept a personal insolvency agreement. A government scheme paid out AUD744,000 in outstanding entitlements to employees of David Venn Enterprises after its collapse, news.com.au learned. Mitchell Ball of Mackay Goodwin was appointed liquidator of the company on Aug. 11, 2024. GENERAL PANTS: Rejects Winding-Up Application --------------------------------------------- Christopher Kelly at Ragtrader reports that Australian apparel retailer General Pants has rebuked a winding-up application from a key local supplier, court documents revealed. This comes after UCC Australia Pty Ltd - an importer, distributor and wholesaler of FMCG, predominantly electrical and food - launched legal action against General Pants. Ragtrader relates that UCC Australia claims the retailer owes them AUD69,835.92, according to court documents, with General Pants since arguing it has paid these debts and that it is trading solvent. The debts, according to UCC, relate to several orders in late 2024. This includes over AUD16,000 in invoices on October 11, a AUD42,866 bill on October 31, and a AUD9,500 charge on December 3. A hearing is listed for August 20, 2025, Ragtrader notes. Further research by Ragtrader uncovered that General Pants faced a similar winding-up application in July 2024. Logistics firm Mainfreight. Air & Ocean Pty Ltd argued then that it was owed AUD125,000 by General Pants. In the 2024 case, General Pants swiftly responded, confirming it was trading solvent and that it had reached an agreement with the logistics firms regarding the debts owed. The case was dismissed a month later, Ragtrader relates. Regarding the 2025 case, a General Pants spokesperson said it was a commercial matter between both parties that has now been fully resolved, Ragtrader relays. These court orders follow a similar issue at General Pants' former sister business Surfstitch, according to Ragtrader. The Australian arm of footwear brand Nike claimed in court documents that it was owed AUD237,000. Prior to that court case, Surfstich was sold to Best Markets – a multi-category business with a portfolio across financial, hospitality and retail – and was then placed into voluntary administration. Surfstitch came out of administration via a deed of company arrangement (DOCA), tabled by Best Markets and accepted by creditors, including Nike, Ragtrader notes. GREENSILL CAPITAL: Lex Greensill Was 'Dishonest', IAG Alleges ------------------------------------------------------------- Jenny Wiggins at The Australian Financial Review reports that Greensill Capital's insurers are racing to include a previously confidential report from Switzerland's financial regulator as part of their defence in an Australian legal battle as they try to avoid up to AUD7 billion in payouts. According to the Financial Review, ASX-listed IAG and its former subsidiary Bond & Credit Co - now owned by Japanese insurer Tokio Marine - are fighting creditors of Lex Greensill's collapsed financing empire in Federal Court and trying to finalise defence statements ahead of a trial slated for August 2026 in Sydney. The Financial Review relates that lawyers representing Bond & Credit Co told the court on July 24 that they had only obtained a report – written in German – of a crucial investigation by the Swiss Financial Market Supervisory Authority in early May, and didn't get a formal English translation until mid-June, around the same time excerpts were publicly released to some media organisations. The Finma investigation into Greensill Capital's relationship with Swiss investment bank Credit Suisse, which held US$10 billion (AUD15 billion) of securities arranged by the collapsed supply chain finance group, was concluded in early 2023, the Financial Review notes. While the regulator released a public statement stating the bank had "seriously breached" its duty to identify and limit the risks of its business relationship with Lex Greensill, it did not release its full report. Bond & Credit Co is now "working hard" to add information from the Finma report into its defence, which will allege that Credit Suisse failed to do proper due diligence on Greensill Capital, counsel told the court on July 24, the Financial Review relays. According to the Financial Review, the Finma information is crucial to the insurers' defence because they are trying to pin blame for Greensill Capital's collapse in early 2021 and subsequent insurance claims on Credit Suisse and Lex Greensill, including arguing the Bundaberg-born entrepreneur was not honest. "Lex Greensill had a propensity to be dishonest in his dealings with insurers," IAG, Bond & Credit Co and Tokio Marine have alleged in documents filed in the Federal Court. The Financial Review says the founder of Greensill Capital is not a named party in any of the 10 lawsuits that IAG is defending in Australia. But Lex Greensill's role in arranging insurance for billions of dollars of invoices and so-called "future receivables" that his firm, Greensill Capital, packaged up and sold to Greensill Bank and Credit Suisse before collapsing in early 2021 is being detailed in court documents. Greensill Bank's administrator and Credit Suisse have filed the claims against IAG because it previously half-owned a specialist Australian insurer, Bond & Credit Co, the Financial Review says. Bond & Credit Co issued billions of dollars worth of insurance policies that were crucial to guaranteeing the invoices if the people who owed money on them defaulted. The insurance claims are complex because IAG's 50 per cent stake in Bond & Credit Co was sold by the ASX-listed insurer to Tokio Marine in mid-2019, raising questions over who exactly is liable. About Greensill Greensill was an independent financial services firm and principal investor group based in the United Kingdom and Australia. It offered structures trade finance, working capital optimization, specialty financing and contract monetization. Greensill Capital Pty was the parent company for the Greensill Group. Greensill Capital (UK) Limited and Greensill Capital Management Company (UK) Limited both entered into administration on March 8, 2021. Greensill Limited entered into Creditors' Voluntary Liquidation on July 30, 2021. Greensill Capital Securities Limited entered into Creditors' Voluntary Liquidation on June 24, 2022. Greensill Capital Pty Limited was the parent company to the Greensill Group of which Greensill Capital (UK) Limited and Greensill Limited formed a part. It entered into administration in Australia on March 9, 2021 and then subsequently into liquidation in Australia on April 22, 2021. MME PL 2025-1: Fitch Assigns 'Bsf' Final Rating on Class F Notes ---------------------------------------------------------------- Fitch Ratings has assigned final ratings to MME PL 2025-1 Trust's pass-through floating-rate notes. The notes are backed by a pool of first-ranking Australian unsecured personal loans originated by MoneyMe Financial Group Pty Ltd. The notes were issued by Perpetual Corporate Trust Limited as trustee for the trust. The final ratings of class B, D and E notes are one notch higher than their respective expected ratings due to lower commission note issuance (AUD2.75 million from AUD6 million at time of expected ratings) and lower note margins. Entity/Debt Rating Prior ----------- ------ ----- MME PL 2025-1 Trust A AU3FN0099818 LT AAAsf New Rating AAA(EXP)sf B AU3FN0099826 LT AA+sf New Rating AA(EXP)sf C AU3FN0099834 LT Asf New Rating A(EXP)sf Commission notes AU3FN0099974 LT AAAsf New Rating AAA(EXP)sf D AU3FN0099842 LT BBB+sf New Rating BBB(EXP)sf E AU3FN0099859 LT BB+sf New Rating BB(EXP)sf F AU3FN0099867 LT Bsf New Rating B(EXP)sf G1 AU3FN0099982 LT NRsf New Rating NR(EXP)sf G2 LT NRsf New Rating NR(EXP)sf Transaction Summary The total collateral pool was AUD200 million at the 30 June 2025 cut-off date, and consisted of 10,865 receivables with weighted-average (WA) seasoning of nine months, WA remaining maturity of 57 months and an average contract balance of AUD18,409. KEY RATING DRIVERS Stress Commensurate with Ratings: Fitch derived default base-case expectations for borrowers with Equifax scores of 700-799 and 800+. Its default assumptions (and 'AAAsf' default multiples) are 10.0% (4.00x) and 5.0% (5.25x), respectively, for each sub-pool, with a WA of 7.4% (4.44x). The recovery base case is 23.0%, with a 'AAAsf' recovery haircut of 60.0%, for both sub-pools. Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 1.3% for the year to March 2025 and unemployment was 4.3% in June 2025. Fitch forecasts GDP growth of 1.8% in 2025 and 2.1% in 2026, with unemployment at 4.3% and 4.2%, respectively. Excess Spread Limited by Commission Note Repayment: The transaction includes a commission note to fund the purchase-price component related to the unamortised commission paid to introducers for the origination of the receivables. The note will not be collateralised, and will amortise in line with an amortisation schedule. Its repayment limits the availability of excess spread to cover losses, as it ranks senior in the interest waterfall, above the class B to F notes. Structural Risks Addressed: Counterparty risk is mitigated by documented structural mechanisms that ensure remedial action takes place should the ratings of the transaction account bank, liquidity facility provider or swap provider fall below a certain level. The class A to F notes will receive principal repayments pro rata upon satisfaction of the step-down conditions. The percentage of credit enhancement provided by the G1 and G2 notes will increase as the A to F notes amortise. Fitch's cash flow analysis incorporates the transaction's structural features and tests the robustness of each note by stressing default and recovery rates, prepayments, interest-rate movements and default timing. All notes have passed their relevant rating stresses. Low Operational and Servicing Risk: All receivables were originated by MoneyMe, which demonstrated adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by standby servicing arrangements. The nominated standby servicer is Perpetual Corporate Trust Limited. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with those of other non-bank lenders. No Residual Value Risk: There is no residual value exposure in this transaction. 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 credit enhancement available to the notes. Downgrade Sensitivities Unanticipated increases in the frequency of defaults and decreases in recoveries on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. Downside Sensitivities Classes: Commission / A / B / C / D / E / F Ratings: AAAsf / AAAsf / AA+sf / Asf / BBB+sf / BB+sf / Bsf Increase default rates by 10%: AAAsf / AA+sf / AAsf / A-sf / BBBsf / BBsf / Less than Bsf Increase default rates by 25%: AAAsf / AA+sf / A+sf / BBB+sf / BBB-sf / BB-sf / Less than Bsf Increase default rates by 50%: AAAsf / AA-sf / Asf / BBBsf / BB+sf / Bsf / Less than Bsf Reduce recovery rates by 10%: AAAsf / AAAsf / AAsf / Asf / BBB+sf / BBsf / Bsf Reduce recovery rates by 25%: AAAsf / AAAsf / AAsf / Asf / BBB+sf / BBsf / Less than Bsf Reduce recovery rates by 50%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Less than Bsf Increase default rates by 10% and reduce recovery rates by 10%: AAAsf / AA+sf / AA-sf / A-sf / BBBsf / BBsf / Less than Bsf Increase default rates by 25% and reduce recovery rates by 25%: AAAsf / AAsf / A+sf / BBB+sf / BBB-sf / B+sf / Less than Bsf Increase default rates by 50% and reduce recovery rates by 50%: AAAsf / A+sf / A-sf / BBB-sf / BBsf / Less than Bsf / Less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivities The commission and class A notes are at the highest level on Fitch's scale and cannot be upgraded. Classes: B / C / D / E / F Ratings: AA+sf / Asf / BBB+sf / BB+sf / Bsf Reduce defaults by 10% and increase recoveries by 10%: AA+sf / A+sf / A-sf / BB+sf / BB-sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY MoneyMe provided Fitch with a comprehensive set of data that includes a majority of data fields generally used in the agency's analysis of auto loan receivables. Prior to the transaction closing, Fitch reviewed a small, targeted sample of MoneyMe's origination files and found the file information to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Prior to the transaction closing, Fitch sought to receive a third-party assessment of the asset portfolio information, but none was made available. Overall, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. POWERHOUSE RENEWABLES: First Creditors' Meeting Set for Aug. 6 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Powerhouse Renewables Group Pty Ltd will be held on Aug. 6, 2025 at 3:00 p.m. at the offices of Olvera Advisors, at Level 10, 55 Clarence Street, in Sydney, NSW, and via virtual meeting technology. Anthony Phillip Wright and Neil Robert Cussen of Olvera Advisors were appointed as administrators of the company on July 25, 2025. STAR ENTERTAINMENT: Posts Wider Loss as Regulatory Squeeze ---------------------------------------------------------- Reuters reports that Star Entertainment on July 30 reported a deeper quarterly loss sequentially, underscoring the prolonged pressure on the casino operator from regulatory crackdowns and the shift to mandatory carded play. The embattled gaming group posted a fourth-quarter loss before interest, taxes, depreciation, and amortization of AUD27 million ($17.58 million), compared with a loss of AUD24 million in the prior quarter, Reuters discloses. Star has been reeling from a series of regulatory inquiries into alleged breaches of anti-money laundering and counter-terrorism laws, coupled with a broader downturn in gaming revenue. A recent move by the New South Wales government to ban cash transactions in casinos - though not in pubs and clubs - has further impacted the company's earnings potential. The broader casino sector in Australia has yet to recover from the lasting effects of COVID-era lockdowns, border closures and now rising interest costs. Star, in particular, has endured years of instability - marked by two Bell inquiries, the departure of its CEO and chairman, and a near-collapse that required urgent capital support. On July 30, the company confirmed that its Sydney casino licence remains suspended, Reuters says. It plans to make a formal submission to the New South Wales Independent Casino Commission on August 31 as part of efforts to regain regulatory approval. About Star Entertainment The Star Entertainment Group Limited (ASX:SGR) -- https://www.starentertainmentgroup.com.au/ -- is an Australia-based company that provides gaming, entertainment and hospitality services. The Company operates The Star Sydney (Sydney), The Star Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The Company operates through three segments: Sydney, Gold Coast and Brisbane. Sydney segment consists of The Star Sydney's casino operations, including hotels, restaurants, bars and other entertainment facilities. Gold Coast segment consists of The Star Gold Coast's casino operations, including hotels, theatre, restaurants, bars and other entertainment facilities. Brisbane segment includes Treasury's casino operations, including hotel, restaurants and bars. The Company also manages the Gold Coast Convention and Exhibition Centre on behalf of the Queensland Government. The Company also owns Broadbeach Island on which the Gold Coast casino is located. The Star Entertainment Group posted three consecutive annual net losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for the years ended June 30, 2022, 2023, and 2024, respectively. As reported in the the Troubled Company Reporter-Asia Pacific on Jan. 21, 2025, Star Entertainment has warned that it faces "material uncertainty" over its ability to stay afloat unless it finds a solution to its worsening financial woes. In a quarterly update to investors on Jan. 20, ASX-listed Star said its revenue had fallen 15 per cent in the December quarter, citing ongoing weakness in its operating performance. It pointed to a "challenging" consumer environment, the impact of carded play in NSW, and expenses caused by a series of regulatory and compliance problems. SUN EXPRESS: Second Creditors' Meeting Set for Aug. 5 ----------------------------------------------------- A second meeting of creditors in the proceedings of Sun Express Pty Ltd has been set for Aug. 5, 2025, at 11:00 a.m. via teleconference. 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 Aug. 4, 2025 at 4:00 p.m. Jason Tang of KPT Restructuring was appointed as administrator of the company on July 1, 2025. TETRA DARTBROOK: First Creditors' Meeting Set for Aug. 6 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Tetra Dartbrook Pty Ltd will be held on Aug. 6, 2025 at 12:00 p.m. via MS Teams. Timothy Joseph Heenan and Richard John Hughes of Deloitte were appointed as administrators of the company on July 25, 2025. V.L. BUTCHER: First Creditors' Meeting Set for Aug. 6 ----------------------------------------------------- A first meeting of the creditors in the proceedings of V.L. Butcher Pty Ltd will be held on Aug. 6, 2025, at 11:00 a.m. via virtual meeting only. Laurence Fitzgerald & Garth O'Connor-Price of William Buck were appointed as administrators of the company on July 28, 2025. ========= C H I N A ========= CHINA EVERGRANDE: Nears Delisting as Trading Suspension Expires --------------------------------------------------------------- South China Morning Post reports that China Evergrande Group is edging closer to delisting from the Hong Kong stock exchange, as the trading suspension imposed following its court-ordered liquidation hit the 18-month mark. The company's shares have been suspended from trading since January 29, 2024 - the same day a Hong Kong court ordered its liquidation after it failed to present a viable restructuring plan, the Post says. Under the exchange's rules, a company that remains suspended for 18 consecutive months is subject to delisting. Evergrande's shares last traded at HK$0.163 before the suspension, giving it a market capitalisation of HK$2.12 billion (US$270 million), the Post discloses. At its peak in 2017, the company had a market cap of more than HK$354.9 billion. Bourse operator Hong Kong Exchanges and Clearing has not yet issued a delisting notice and the liquidators declined to comment, the Post notes. According to the Post, Raymond Cheng, an independent analyst, said the delisting would not come as a surprise "given its huge debt and low quality of assets, which doesn't allow it to offer a viable restructuring plan". Brock Silvers, chief investment officer at private equity investment firm Kaiyuan Capital in Hong Kong, echoed Cheng's sentiment, the Post relates. "Evergrande probably shouldn't keep its listing, as there's little evidence that any reasonable reorganisation would leave shareholders with a viable business," he said. The potential delisting comes as China's real estate sector continues to struggle despite policy easing. New home prices in 70 major mainland cities marked the biggest decline in eight months in June, according to official data. The Post adds that Goldman Sachs analysts said in a report in June that China's prolonged property downturn could extend into 2027. They said real home prices could decline another 10 per cent, as policymakers maintain a cautious stance despite mounting risks to the broader economy. About China Evergrande China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. China Evergrande Group, the second largest real estate developer in China, and certain of its affiliates sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023. Evergrande, widely known as the most leveraged company in the world, and its affiliates are asking the U.S. Bankruptcy Court for the Southern District of New York for recognition of foreign proceedings as "foreign main" proceeding under Chapter 15. Evergrande is in the midst of a highly complex restructuring of around $20 billion in offshore debt. In total, the Company has more than $300 billion in liabilities. Evergrande is incorporated in the Cayman Islands as an exempted company with limited liability, with its principal place of business located at 15th Floor, YF Life Centre, 38 Gloucester Road, Wanchai, Hong Kong. It is subject to a restructuring proceeding entitled In the Matter of China Evergrande Group, concerning a scheme of arrangement between Evergrande and certain Scheme Creditors pursuant to the relevant provisions of the Hong Kong Companies Ordinance (Chapter 622 of the Laws of Hong Kong), currently pending before the High Court of Hong Kong (Case Number HCMP 1091/2023. Affiliate Tianji Holding Limited is incorporated in Hong Kong as a limited liability company, with its principal place of business located at 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring proceeding entitled In the Matter of Tianji Holding Limited, concerning a scheme of arrangement between Tianji and certain Scheme Creditors, pursuant to the relevant provisions of the Hong Kong Companies Ordinance and currently pending before the Hong Kong Court (Case Number HCMP 1090/2023). Affiliate Scenery Journey Limited is incorporated in the British Virgin Islands as a limited liability company, with its principal place of business located at 2nd Floor Water's Edge Building, Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is subject to a restructuring proceeding entitled In the Matter of Scenery Journey Limited, concerning a scheme of arrangement between Scenery Journey and certain Scheme Creditors, pursuant to section 179A of the BVI Business Companies Act, 2004, and currently pending before the High Court of the Eastern Caribbean Supreme Court (Case Number BVIHCOM 2023/0076). U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15 proceedings. Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji. Maples BVI is the British Virgin Island Counsel to Scenery Journey. On Jan. 29, 2024, a Hong Kong court ordered the liquidation of China Evergrande Group. Edward Middleton and Tiffany Wong of Alvarez & Marsal were appointed as the liquidators. MERCURITY FINTECH: Secures $200M Equity Line From Solana Ventures ----------------------------------------------------------------- Mercurity Fintech Holding Inc. disclosed in a Form 6-K Report filed with the U.S. Securities and Exchange Commission that it entered into an $200 million Equity Line of Credit Agreement with Solana Ventures Ltd., a corporation organized and existing under the laws of the British Virgin Islands. According to the Agreement, the 24-month facility provides the Company with strategic flexibility to access capital in tranches ranging from $250,000 to $3 million, depending on market conditions and operational needs. The facility is subject to the filing and effectiveness of a registration statement with the SEC. The Company intends to deploy this capital to support Solana-based staking operations, decentralized yield-generation protocols, and institutional-grade treasury management infrastructure. In addition, the Agreement contains several provisions designed to protect existing shareholders from excessive dilution. The Company will issue new shares priced at 95% of the volume-weighted average price (VWAP), with a floor price set at 80% of the 10-day trading low. The Investor' beneficial ownership is capped at 4.99% of the Company's outstanding shares, and purchase notices are limited to prevent market disruption. Mercurity Fintech stated in a press release that this initiative positions the Company as a long-term institutional participant in the Solana ecosystem, expanding beyond fintech infrastructure into high-performance, on-chain treasury deployment and protocol engagement. MFH's Solana strategy focuses on: * Accumulating a large position in Solana-based (SOL) to build a high-value treasury * Generating long-term yield through staking, validator nodes, and Solana decentralized finance (DeFi) protocols * Investing in Solana-based projects, such as real-world assets and tokenized finance products "MFH is evolving beyond fintech infrastructure to engage directly in the value creation and utility of decentralized networks," said Wilfred Daye, Chief Strategy Officer of MFH. "Solana is emerging as a high-performance layer for tokenized assets, real-time payments, and institutional-grade DeFi -- combining speed, cost-efficiency, and growing regulatory acceptance." About Mercurity Fintech Holding Inc. Mercurity Fintech Holding Inc. is a digital fintech company with subsidiaries engaged in distributed computing and financial brokerage. Beyond its core fintech operations, the Company contributes to the advancement of AI hardware technology by delivering secure and innovative solutions in intelligent manufacturing and advanced liquid cooling systems. Its focus on compliance, innovation, and operational efficiency supports its position as a trusted player in both the evolving digital finance space and the AI technology sector. For more information, please visit the Company's website at https://mercurityfintech.com. In an audit report dated April 30, 2025, the Company's auditor, Onestop Assurance PAC, issued a "going concern" qualification, citing that at Dec. 31, 2024, the Company has incurred recurring net losses of $4.5 million and negative cash flows from operating activities of $3.6 million and has an accumulated deficit of $680 million, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Mercurity Fintech Holding had $35.69 million in total assets, $11.60 million in total liabilities, and $24.09 million in total shareholders' equity. SHIMAO GROUP: Weil Advises Creditors on US$11.5BB Restructuring --------------------------------------------------------------- Weil has acted as counsel to the ad hoc group of noteholders in relation to the successful restructuring of more than US$11.5 billion of offshore debt of Shimao Group Holdings Limited. The restructuring was completed on July 21, 2025, following the sanction of the scheme of arrangement ("Scheme") by the High Court of Hong Kong on March 13, 2025. Shimao, a Hong Kong-listed holding company, is a major PRC property development group focused on large scale development of residential, hotel, office and commercial projects across China. Offshore debt restructuring in China has intensified in recent years amid ongoing stress in the country's highly leveraged real estate sector. Several major developers have defaulted on offshore obligations, with Shimao standing out as one of the most high-profile and heavily indebted cases. Despite being one of the first situations to enter formal restructuring negotiations, Shimao's complex corporate and debt structure, coupled with challenging market conditions, led to a prolonged and intricate negotiation process between the company and its multiple creditors. The Hong Kong-based Weil team, which was involved from the start of this process, was led by Restructuring partner Kathleen Aka and included Minna Zhang, Graham Price and Isolde Tsukabayashi. "We are proud to have played an instrumental role in helping our clients navigate the challenges and complexity of this restructuring, which has reached successful completion after years of difficult negotiations, court processes and transaction execution. As legal advisers to the ad hoc group, we have had the privilege to work alongside the highly capable team of financial advisers at Houlihan Lokey, and as the leader of this transaction at Weil, I have been fortunate to have the dedicated and unwavering support of an incredible team of lawyers," Kathleen commented. "The Weil Asia Restructuring team has yet again demonstrated its ability to get tough transactions across the line, whilst being strong advocates for our clients' interests." The transaction has been recognized as one of the 2025 Deals of the Year by China Business Law Journal, underscoring its significance in the evolving landscape of China's offshore debt restructurings. About Shimao Group China-based Shimao Group Holdings Ltd, formerly Shimao Property Holdings Ltd, is an investment holding company principally engaged in the sale of properties. The Company operates its business through four segments. The sales of Properties segment is mainly engaged in the development of residential real estate. The Property Management Income and Others is mainly engaged in property management. The Hotel Operation Income segment is mainly engaged in hotel operations. The Commercial Properties Operation Income segment is mainly engaged in the development, investment and operation of commercial, office and industrial park property projects. As reported in the Troubled Company Reporter-Asia Pacific, Shimao Group has missed the interest and principal payment of a US$1 billion offshore bond due on July 3, 2022. SINO-OCEAN GROUP: Unveils Bond Repayment Details ------------------------------------------------ TipRanks reports that Sino-Ocean Group Holding Limited has announced details regarding the repayment of its corporate bonds, specifically 'H19 Sino-Ocean 1' and 'H19 Sino-Ocean 2', issued by its subsidiary, Beijing Sino-Ocean Group Holding Limited. The company has set a repayment percentage of 0.3% for the bonds, with a grace period of 30 trading days to ensure smooth repayment. This move is part of the company's efforts to manage its debt obligations effectively, which could impact its financial stability and investor confidence, the report says. Sino-Ocean Group Holding Limited (HKEX:03377), formerly Sino-Ocean Land Holdings Limited, is an investment holding company principally engaged in property development and property investment in the People's Republic of China (the PRC). The Company is engaged in property development in Beijing-Tianjin-Hebei, Northeast, Central and Southern. Once considered one of the stronger names among China's debt-laden developers, Sino-Ocean became a defaulter in September 2023 when it suspended payment on all its offshore borrowings. ========= I N D I A ========= ALPS COMMUNICATION: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of ALPS Communication Private Limited (ACPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.67 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 10, 2024, placed the rating(s) of ACPL under the 'issuer non-cooperating' category as ACPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ACPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 26, 2025, June 5, 2025 and June 15, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to bank facilities of ACPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Incorporated in April 1997, Alps Communication Private Limited (ACPL) is engaged into manufacturing of pharmaceuticals products. The company undertakes third party contract manufacturing of betalactum tablets and dry syrups at its facility located in Kala Amb, Himachal Pradesh. The company is present across various therapy areas including anti-bacterial, anti-diarrheal, anti-diabetic, anti-infective, anti-fungal, anti-malarial, anti-coagulants, etc. Besides ACP, the directors are also associated with group concern namely, MMG Healthcare (MMG). BALAJI ISPAT: CARE Lowers Rating on INR31cr LT Loan to D -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Balaji Ispat (BI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 31.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B-; Stable Long Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE A4 Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 3, 2024, placed the rating(s) of BI under the 'issuer non-cooperating' category as BI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BI continues to be non-cooperative despite repeated requests for submission of information through e-mail dated July 21, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of BI have been revised on account of non-availability of requisite information. The rating revision also considers the ongoing delays in debt servicing as recognized from lenders feedback. Analytical approach: Standalone Outlook: Not Applicable Balaji Ispat (BI) is a partnership firm established in 2013 by Mr. Pawan Kumar and Mr. Satpaul Goyal both the partners look after the overall operations of the firm. The firm is engaged in the trading of imported and indigenous alloys & ferro alloys, metal scrap & semi-finished products. The firm has its warehousing facility located in Mandi Gobingarh (Punjab). CITY ROLLING: CARE Lowers Rating on INR10cr LT Loan to D -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of City Rolling Mills Private Limited (CRMPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B-; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 16, 2024, placed the rating(s) of CRMPL under the 'issuer non-cooperating' category as CRMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CRMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 1, 2025, June 11, 2025, June 23, 2025 and July 21, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of CRMPL have been revised on account of non-availability of requisite information. The revision further considers the ongoing delays in debt servicing as recognized from publicly available information i.e. CIBIL filings. Analytical approach: Standalone Outlook: Not applicable City Rolling Mills Private Limited (CRMPL), incorporated in January, 2010 was promoted by Mr. Kishore Sharma and Mr. Tarun Kr. Gupta of Patna, Bihar. The company is engaged in the manufacturing of TMT bars at its plant located at Bihta, Patna. The company commenced operations in January, 2013. Mr. Pramod Kumar Agrawal (aged, 55 years), having more than two decades of experience in iron & steel industry, looks after the day to day operations of the company. He is supported by other directors Mr. Kishore Sharma and Mr. Tarun Kumar Gupta along with the team of experienced professionals. CLIMAX OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Climax Overseas Private Limited (COPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 0.25 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term 25.00 CARE D; ISSUER NOT COOPERATING Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 3, 2024, placed the rating(s) of COPL under the 'issuer non-cooperating' category as COPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. COPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 19, 2025, May 29, 2025, June 8, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Haryana based Climax Overseas Private Limited (COPL) was incorporated in 1994. The company is currently being managed by Mr Prameet Singh Sood and Mrs. Aveen Kaur Sood. COPL is engaged into manufacturing of rubber, plastic and sheet metal components such as valve stem, valve cover gaskets, filters, engine mounts, etc. The company caters to various OEM's and other manufacturing companies in the field of automobile, power transmission & distribution, white goods, defense and aviation industry etc. CORLIM MARINE: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Corlim Marine Exports Private Limited (CMEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 44.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 11, 2024, placed the rating(s) of CMEPL under the 'issuer non-cooperating' category as CMEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CMEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 27, 2025, June 6, 2025, June 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Consolidated The analytical approach is consolidated as CMEPL holds 99.00% of shares of Alby's Agro Private Limited (AAPL). Corlim Marine Exports Private Limited (CMEPL) incorporated in the year 1993 is promoted Mr. Rajinder Singh Jari, the Managing Director who has been in the marine products business for more than three decades having an experience in the sea food processing industry as well as in fishing trawler management. CMEPL is engaged in processing, packaging and export of varieties of sea foods like Vannamei shrimps and other varieties of marine products. During FY10, the directors and associates of CMEPL have formed a new company to produce Quality Products in the field of Marine Exports under the name, Albys Agro Private Limited (AAPL) and is in the business of exporting processed sea food. It commenced its operations in 2017 with a state of Art Prawn & Fish Processing plant, located at Sanguem, Goa. CMEPL holds 99.00% of the shares of AAPL. ELEGANCE FOOD: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Elegance Food Processing and Impex Private Limited (EFPIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.48 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 15, 2024, placed the rating(s) of EFPIPL under the 'issuer non-cooperating' category as EFPIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EFPIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 31, 2025, June 10, 2025, June 20, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Morbi (Gujarat) based EFPIPL was established in September 2015 as a private limited company by five promoters namely Mr. Hasmukhbhai Patel, Mr. Kishan Vidja, Mr. Jitendra Patel, Mr. Becharbhai Patel, Mr. Bharatbhai Raiyani and Mr. Anil Patel for processing and manufacturing of agro commodities. EFPIPL has set up a plant for processing of groundnut seeds and manufacturing of mainda and other flour with an installed capacity of 7420 MTPA and 12600 MTPA (Metric Tonnes Per Annum) respectively as on March 31, 2019. Commercial operations commenced from September 2017 for groundnut processing and for Flour from April 2018. GAMMON INDIA: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Gammon India Limited (GIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 949.05 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 9,092.78 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Non-Convertible 324.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE had, vide its press release dated July 23, 2024, reaffirmed the rating(s) of GIL under 'issuer noncooperating' category as GIL had failed to provide information for monitoring of the rating. GIL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls dated June 8, 2025, to July 18, 2025, among others. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The reaffirmation in the ratings assigned to the bank facilities of GIL is due to continued delays in the company's ability to meet debt obligations due to cash flow mismatches and poor liquidity. Analytical approach: Standalone Detailed description of key rating drivers: At the time of last rating on July 23, 2024, the following were the rating strengths and weaknesses (updated for the information available from Registrar of Companies). Key weaknesses * Delay in Debt servicing and poor liquidity: There are delays in servicing of debt obligations owing to delayed execution of projects, delays in recoveries from customers and heavy debt burden leading to strained liquidity. Established in 1922, GIL serves as the flagship entity of the Gammon group and provides a comprehensive range of civil and construction services. Their expertise encompasses the construction of various projects such as roads, bridges, flyovers, power plants, chimneys, cooling towers, cross-country pipelines, hydro-electric power structures, buildings, and factories. Additionally, GIL has been involved in infrastructure project development since 2001, facilitated by its subsidiary, Gammon Infrastructure Projects Limited (GIPL), which holds a significant 74.98% stake. GIPL focuses on executing public-private partnership projects in the road, port, and power sectors through dedicated special purpose vehicles. GATIK TEA: CARE Keeps C Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Gatik Tea Co Private Limited (GTCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.75 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.25 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 2, 2024, placed the rating(s) of GTCPL under the 'issuer non-cooperating' category as GTCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GTCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 18, 2025, May 28, 2025, June 7, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable GTCPL was set up as a private limited company in 2013, by Mr. Swapan Das and Mr. Ashok Kumar Agarwal of Siliguri, West Bengal. The company is engaged in the business of processing of black CTC tea in Siliguri, West Bengal. The company is setting up a manufacturing unit in Jalpaiguri, West Bengal. The company is planning to sell its tea in auction and through brokers. The company has started its operations from December 2017, with FY18 being the first year of operation. This apart, the company has two associate companies namely Mahamaya Agro Industries Ltd and Sovarani Tea Company Private Ltd. Further, the company was acquired by Mr. Prasant R Khimkaa, Chairman, and Mr. Harsh Vardhan Khemka, Managing Director in February 2020, along with the previous directors. GLOBAL DENT: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating of Global Dent Aids Pvt. Ltd. (GDAPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.23 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term 0.77 [ICRA]B+ (Stable); ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with GDAPL, 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. GDAPL was incorporated in 2009 by the Khuller family and trades in and manufactures oral care and oral hygiene products. The company mainly focuses on inter dental brushes which contribute to around 70% of its total revenue. Exports account for over 80% of the company's revenue, and the company's sales in the domestic market are under its own brand names like 'STIM', 'Sentim', 'Periex', 'Lidayn', 'Ultigel' 'Clanden' & 'Denofit. GREENLAND AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Greenland Automobiles Private Limited (GAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 10, 2024, placed the rating(s) of GAPL under the 'issuer non-cooperating' category as GAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 26, 2025, June 5, 2025 and June 15, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Greater Noida (Uttar Pradesh) based GAPL is a private limited company incorporated in March, 2012 and started its commercial operations from July, 2013. GAPL is an authorized dealer of "Mahindra & Mahindra Limited" vehicles. HEMADRI CEMENTS: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Hemadri Cements Limited Vedadri Village, Jaggaiahpet, Mandal Krishna, Andhra Pradesh - 521175 Liquidation Commencement Date: July 14, 2025 Court: National Company Law Tribunal New Chennai Bench Liquidator: S. Rajendran 2nd Floor, Hari Krupа, 71/1, Mc Nicholas Road, (Off Poonamallee High Road) Chetpet, Chennai - 600031 Email: vlphemadricements@gmail.com Tel No: 044-28361636 Last date for submission of claims: August 13, 2025 HOTEL PARMESHWARI: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Hotel Parmeshwari (HP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 24, 2024, placed the rating(s) of HP under the 'issuer non-cooperating' category as HP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 9, 2025, June 19, 2025, June 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable HP was incorporated in August 2016 as a partnership firm by Mr. Laxmi Narayan Pujari, Mr Ram Bihari Pujari and Mr. Vishnu Dutt Pujari with an objective to establish a hotel at Salasar (Rajasthan) and agrees to share profit and loss in the ratio of 40:30:30. HP had started construction of the hotel from the month of August 2017 which envisaged to be completed by March 2019. The project consists total 52 rooms and other amenities like restaurant, banquet hall, swimming pool, gym, spa etc. KRUSHIRAJ SUGAR: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Krushiraj Sugar Limited (KSL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.79 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 2, 2024, placed the rating(s) of KSL under the 'issuer non-cooperating' category as KSL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KSL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 18, 2025, June 28, 2025, July 8, 2025 and July 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of KSL have been revised on account of non-availability of requisite information. The revision also considers the ongoing delays in debt servicing recognized from publicly available information i.e., CIBIL filings. Analytical approach: Standalone Outlook: Not Applicable KSL was incorporated in March 2012 to undertake manufacturing of Khandsari (unrefined sugar) at village Bhose, District. Solapur, Maharashtra. KSL is promoted by Mr. Mahesh Yashwantrao Patil, Chairman & Managing Director (CMD), and his brother Mr. Baliram Yashwantrao Patil. LRD FOODS: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of LRD Foods Private Limited (LFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.25 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 23, 2024, placed the rating(s) of LFPL under the 'issuer non-cooperating' category as LFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 8, 2025, June 18, 2025, June 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Narela (Delhi) based L.R.D. Foods Private Limited is a company which commenced its operations in October, 2008. LRD is engaged into manufacturing rice and trading paddy, in its manufacturing unit located in Narela, Haryana. MARGDARSHEE HOSPITALITY: CARE Keeps C Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Margdarshee Hospitality and Retails Private Limited (MHRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.78 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 8, 2024, placed the rating(s) of MHRPL under the 'issuer non-cooperating' category as MHRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MHRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 24, 2025, June 3, 2025, June 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in August 2014, Margdarshee Hospitality and Retails Private Limited (MHRPL) was promoted by Mr. Manas Ranjan Swain, Ms. Margdarshee Manas and Mrs. Madhujyotsna Swain based out of Odisha. Since its inception, the company is into trading of home appliances, crockery, utensils, fast moving consumer goods and readymade garments through its three shops located at Paradeep and Rahama, Odisha. For diversify its business profile, MHRPL has come out with a hotel business during FY18. The company has already set up a hotel 'Hotel Shakti Residency' which became operational from April 2017. The hotel of the company is a premium category hotel located in prime location at Paradeep, in Odisha. The hotel consists of 24 rooms, multi cuisine restaurant, banquet and conference halls. MURLI ELECTRODE: CARE Lowers Rating on INR4.0cr LT Loan to D ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Murli Electrode Private Limited (MEPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE C; Stable Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 18, 2024, placed the rating(s) of MEPL under the 'issuer non-cooperating' category as MEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 3, 2025, June 13, 2025 and June 23, 2025 among others. In line with the extant SEBI guidelines, (CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in (CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Nagpur based, Murli Electrode Private Limited (MEPL) was incorporated on June 23, 1998, by Mr. Murli Maloo, Mr. Mahesh Maloo, Mr. Dinesh Maloo and Mr. Harish Maloo. MEPL is engaged in the manufacturing of various types of welding electrodes, welding consumables and wires. NAGA SINDHU: CARE Keeps B Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Naga Sindhu Spinning and Ginning Mills Private Limited (NSSGMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 1, 2024, placed the rating(s) of NSSGMPL under the 'issuer non-cooperating' category as NSSGMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NSSGMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 17, 2025, May 27, 2025, June 6, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Andhra based, Naga Sindhu Spinning and Ginning Mills Private Limited (NSSGMPL) was incorporated in the year 2006 and is promoted by Mr. Satyanarayana and his family members. Company's registered office located in Managalagiri, Andhra Pradesh. Factory premise of the company is situated at Konduru Mandal, Krishna District covering an area of 15 acres. The company is engaged in manufacturing of cotton Yarn, polyester yarn and blended yarn with an installed capacity of 19200 spindles per month. NSSM purchases raw cotton from ginning companies and traders located in Guntur and from other districts in the state of Telangana. The company sells (75%) to the customers located in Maharashtra, Gujarat and remaining exports to turkey through merchant exporters. R. J. TRADELINKS: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of R. J. Tradelinks (RJT) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.40 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.10 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 19, 2024, placed the rating(s) of RJT under the 'issuer non-cooperating' category as RJT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RJT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 4, 2025, June 14, 2025 and June 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Established in the year 1999, RJT is a partnership firm promoted by Mr. Ramshankar Mehadia, Mr. Pradeep Mehadia, Mr. Kamal Motilal Agrawal, Mr. Vimal Motilal Agrawal and Mrs Kalawati Motilal Agrawal. RJT belongs to Mehadia Group, which has three entities including R.J Tradelinks, Mehadia and Sons (MS, established in 1997) and Mehadia and Sons C and F Division (MCF, established in 1981). The entity is engaged in diverse trading business (distributor for Madura garments and traders for pharmaceutical medicines and fabrics) whereby it serves wholesalers and dealers based in Maharashtra. RJT is distributor for Madura Garments, and trades the garments of brand name "Peter England" from Aditya Birla Nuvo Limited and supplies it to various retailers in and around Nagpur. VENTURE SUPPLY: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Venture Supply Chain Private Limited H. No. 176, Kh. No. 1126, G F, Block-B, Pocket-4, Street No. 8, Rangpuri, Mahipalpur, Southwest Delhi - 110037 Insolvency Commencement Date: June 30, 2025 Estimated date of closure of insolvency resolution process: December 27, 2025 (180 Days) Court: National Company Law Tribunal, New Delhi Bench (Court-III) Insolvency Professional: Santanu Kumar Samanta C-170, Golf View Apartments, Saket Delhi - 110017 Email: santanukumar@yahoo.com Immaculate Resolutions LLP Unit No. 112, First Floor, Tower-A, Spazedge Commercial Complex, Sector-47, Sohna Road, Gurgaon - 122018 Email: ibc.venturesupplychain@gmail.com Last date for submission of claims: July 14, 2025 ================= I N D O N E S I A ================= STAR ENERGY: Moody's Alters Outlook on Ba3 Secured Rating to Pos. ----------------------------------------------------------------- Moody's Ratings has affirmed the Ba3 senior secured rating on the US dollar notes due 2033 issued by Star Energy Geothermal (Wayang Windu) Limited (SEGWW) and revised the outlook to positive from stable. SEGWW's rating was earlier constrained due to uncertainties related to its proposed capacity addition and the renewal of Unit 1's production period and tariff level beyond 2030. The outlook revision reflects the project's consistent operational outperformance, effective cost control, and more importantly greater visibility on its capacity expansion, including funding plan and resource sufficiency, and Unit 1's tariff and production period. "The positive outlook signals the potential for an upgrade should the company successfully execute its capacity expansion project as it planned and continue to maintain its financial metrics," says Zi Zhu, a Moody's Ratings Analyst. RATINGS RATIONALE SEGWW's operational performance has consistently met or exceeded expectations in recent years, with higher availability level, higher net capacity factor and lower-than-expected capital spending (capex) to maintain steam supply. The project's historical five-year average net capacity factor stands at 96.1%, with availability factors above 99% for both Unit 1 and 2. The company is advancing its expansion plans, which include retrofitting Unit 1 and 2 with an additional 18.4 megawatts (MW) of capacity and constructing a new 30MW Unit 3. The project independent geothermal resources consultant has confirmed that the Wayang Windu field has sufficient reserves to support both existing and expanded capacity through 2055. SEGWW and its shareholder Star Energy Geothermal Pte Ltd (SEGPL) have secured financing arrangements totaling USD139.5 million, including a USD25 million senior secured loan at the project level. The remaining funding will be channeled from SEGPL to SEGWW through either subordinated shareholder loans or settlement of existing intercompany loans lent from SEGWW to SEGPL. Moody's views the funding from SEGPL has no immediate impact on the debt servicing of the issued notes until a potential refinancing on the project level post the completion of the capacity expansion. Under Moody's base case projection, Moody's assumes the refinancing of the funding from SEGPL at the SEGWW level after the completion of Unit 3 and project SEGWW's average debt service coverage ratio (DSCR) from 2025 until the maturity of the notes to be 1.30x, which is supportive of an upgrade. The projection incorporates conservative assumptions, including full amortization of the refinanced loan and a premium on expansion capex, drilling cost and operating expenses. Moody's expects the project to maintain sufficient liquidity to manage near-term obligations while keeping the required debt service reserve account fully funded, including a scheduled USD40.7 million debt service in October 2025. Moody's views that the fixed-price and fixed-term EPC contracts with experienced contractors, as well as SEGWW's expertise in managing geothermal power projects, mitigate construction risk. Moody's expects the expansion to enhance revenue and cash flow post-completion, targeted at end of 2025 for Unit 1 and 2 retrofit and end of 2026 for Unit 3, with minimal disruption to existing operations. Moody's understands from a legal opinion provided by SEGWW's counsel that the production period of Unit 1 is automatically extended until 2039 to coincide with the term of contracts with Pertamina Geothermal Energy Tbk (PT) (PGE, Baa3 stable) and PLN (Persero) (P.T.) (PLN, Baa2 stable). In addition, SEGWW, PGE and PLN have reached an agreement which confirms a flat tariff of USD10.589 cents per unit for Unit 1 from June 2022 until the end of production period. Moody's views the legal interpretation and the tripartite agreement have improved the cash flow visibility for Unit 1. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The rating could be upgraded if: -- SEGWW materially completes its expansion within the company's projected timeline. -- Moody's can confirm the subordinated nature and terms of the shareholder's funding to SEGWW. -- Average DSCR across the remaining tenor of the notes exceeds 1.30x upon completion of the expansion project, with or without refinancing for the funding from shareholder. The outlook could revert to stable if: -- There are significant delays in the completion of the expansion project, including the retrofitting of the existing two units. -- Average DSCR across the remaining tenor of the notes declines to below 1.30x after the completion of the project, potentially due to factors such as lower-than-expected operational performance or a potential refinancing for the funding from shareholder that negatively affects the DSCR. The principal methodology used in this rating was Power Generation Projects published in June 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Star Energy Geothermal (Wayang Windu) Limited (SEGWW) owns and operates one of the largest geothermal power stations in Indonesia (Baa2 stable) by generation capacity. The company is the exclusive contractor appointed by PGE, a subsidiary of Pertamina (Persero) (P.T.) (Pertamina, Baa2 stable), to generate electricity using geothermal resources within the contract area in Wayang Windu under a joint operations contract (JOC). In return, SEGWW pays an annual royalty fee of 4% of net operating income to PGE as long as it operates under the JOC. SEGWW's Java Island plant has a gross operational capacity of 230.5 MW, comprising 113.5 MW for Unit 1 and 117 MW for Unit 2. Unit 1 commenced operations in June 2000, followed by Unit 2 in March 2009. Each unit has an initial 30-year production period under the ESC, starting from the beginning of commercial operations. All of the electricity produced by the facility will be sold to PLN under the ESC. In September 2024, SEGWW announced it capacity expansion plan, which, if executed as announced, will increase capacity to 278.9MW from 230.5MW (including a 30MW new generation unit and 18.4MW capacity increase on existing units). ===================== N E W Z E A L A N D ===================== BLACK SHEEP: Court to Hear Wind-Up Petition on Aug. 11 ------------------------------------------------------ A petition to wind up the operations of Black Sheep Restaurant and Bar Limited will be heard before the High Court at Tauranga on Aug. 11, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 23, 2025. The Petitioner's solicitor is: Timothy Saunders Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton DEF MFG: Creditors' Proofs of Debt Due on Sept. 2 ------------------------------------------------- Creditors of Def Mfg Co Limited, Process Operations Limited and Operational Processing Services 2012 Limited are required to file their proofs of debt by Sept. 2, 2025, to be included in the company's dividend distribution. Def Mfg Co commenced wind-up proceedings on July 21, 2025. Process Operations and Operational Processing Services 2012 commenced wind-up proceedings on July 22, 2025. The company's liquidators are: Steve Farquhar Daniel Zhang Boris Van Delden McDonald Vague Limited PO Box 6092 Victoria Street West Auckland, 1142 FLIPPIN' FUN: Creditors' Proofs of Debt Due on Aug. 21 ------------------------------------------------------ Creditors of Flippin' Fun Limited are required to file their proofs of debt by Aug. 21, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 24, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 NORTH SHORE: Court to Hear Wind-Up Petition on Aug. 21 ------------------------------------------------------ A petition to wind up the operations of North Shore Construction & Services Limited will be heard before the High Court at Auckland on Aug. 21, 2025, at 10:00 a.m. Danny's Transport Limited filed the petition against the company on May 28, 2025. The Petitioner's solicitor is: Oscar Joseph Ward Urlich Milne Lawyers Limited 3 Owens Road Epsom Auckland 1023 TREAT US: Creditors' Proofs of Debt Due on Sept. 2 -------------------------------------------------- Creditors of Treat Us Limited, Malwa Motors Limited and Seasons Development Limited are required to file their proofs of debt by Sept. 2, 2025, to be included in the company's dividend distribution. Treat Us Limited commenced wind-up proceedings on July 18, 2025. Malwa Motors Limited commenced wind-up proceedings on July 22, 2025. Seasons Development Limited commenced wind-up proceedings on July 23, 2025. The company's liquidators are: Daran Nair Heiko Draht Nair Draht Limited 97 Great South Road Epsom Auckland 1051 ================= S I N G A P O R E ================= ASI JAPAN: Creditors' Proofs of Debt Due on Aug. 22 --------------------------------------------------- Creditors of ASI Japan Pte. Ltd. are required to file their proofs of debt by Aug. 22, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 14, 2025. The company's liquidator is: Lim Loo Khoon 6 Shenton Way OUE Downtown 2, #33-00 Singapore 068809 G20 BANANA: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on July 11, 2025, to wind up the operations of G20 Banana 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 MM2 ASIA: Announces Several Boardroom Changes --------------------------------------------- ChannelNews Asia reports that the owner and operator of Cathay Cineplexes, mm2 Asia, announced late on July 29 several boardroom changes, including the departure of CEO Chang Long Jong. In a bourse filing on the Singapore Exchange at July 29, mm2 said Mr. Chang will be retiring on September 1 and that company founder Melvin Ang will assume interim CEO responsibilities during the search for a permanent CEO, CNA relates. Mr. Chang has been the CEO of mm2 since April 2017. He was "instrumental in expanding mm2's footprint in the regional entertainment industry", said the company in a press release, while thanking him for his leadership. It also announced that Mr. Ang Chiang Meng will be joining as Chief Restructuring Officer from August 1, CNA relays. He is the co-founder and managing partner of Argile Partners, a regional consultancy firm, and executive director of R&O Company, specialising in corporate and debt restructuring. This move was taken "in view of the current cinema-related creditor negotiations and prolonged financial challenges stemming from the pandemic", mm2 said. "With decades of cross-border experience spanning Singapore, greater China, Southeast Asia, and offshore financial hubs, he is uniquely qualified to lead mm2's debt management and operational reorganisation," the company, as cited by CAN, said. "His credentials as a senior accredited director, chartered valuer, and restructuring expert will be pivotal in this transition." About mm2 Asia Based in Singapore, mm2 Asia Ltd. (SGX:1B0) -- https://www.mm2asia.com/ -- primarily engages in the media and entertainment industry, focusing on the production, distribution, and exhibition of films and television content. The company operates through its subsidiaries, including Cathay Cineplexes, which manages cinema operations. MM2 ASIA: Receives More Payment Demands --------------------------------------- The Business Times reports that Cathay Cineplexes has received additional letters concerning outstanding rent, its parent company mm2 Asia announced in bourse filings on July 29, alongside key changes to its board and leadership team. This follows an earlier update on July 17, when the entertainment group said it was evaluating all available options to address its financial challenges including the possible winding up of the cinema chain. In its latest statement, mm2 Asia informed shareholders that Cathay Cineplexes (CCPL) received a legal claim on July 28, BT says. The claim, dated July 25, was filed in the High Court of Singapore by Lendlease Retail Investments, the former real estate investment trust (Reit) manager for CCPL's cinema lease at JEM. That role has since been assumed by DBS Trustee acting in its capacity as trustee of Lendlease Global Commercial Reit. The claim relates to outstanding rental and other payments owed by CCPL under its lease at JEM, incurred before the change in Reit manager. According to the filing, the claimant is seeking payment of SGD1.98 million in rent up to March 31, 2022. In addition, the claimant is asking for interest on the overdue amounts at a contractual rate of 1 per cent per month, calculated daily, amounting to SGD1.66 million as at July 25. The claim also includes legal costs and any other relief the court deems appropriate. Additionally, CCPL has received a letter of demand dated Jul 29 from Resorts Concept, the licensor of its premises at E!Hub@Downtown East, BT reports. The letter demands payment of licence fees, service charges, utilities, interest and related charges totalling SGD580,000. According to BT, the board of CCPL said it is actively engaged in discussions with Resorts Concept to resolve the outstanding arrears. It is understood that CCPL is currently obtaining legal advice on both matters. mm2 said it is also seeking its own legal advice in relation to the matters and will make further announcements as and when there are material developments, BT adds. About mm2 Asia Based in Singapore, mm2 Asia Ltd. (SGX:1B0) -- https://www.mm2asia.com/ -- primarily engages in the media and entertainment industry, focusing on the production, distribution, and exhibition of films and television content. The company operates through its subsidiaries, including Cathay Cineplexes, which manages cinema operations. RW AISAI: Creditors' Proofs of Debt Due on Aug. 22 -------------------------------------------------- Creditors of RW Aisai Pte. Ltd. and RW Aisai Spe 1 Pte. LTD. are required to file their proofs of debt by Aug. 22, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 14, 2025. The company's liquidator is: Lim Loo Khoon 6 Shenton Way OUE Downtown 2, #33-00 Singapore 068809 TECHTRA SOLUTIONS: Court Enters Wind-Up Order --------------------------------------------- The High Court of Singapore entered an order on July 11, 2025, to wind up the operations of Techtra Solutions Pte. Ltd. The company's liquidators are: Cameron Lindsay Duncan Joshua Joseph Jeyaraj c/o KordaMentha Pte Ltd 50 Raffles Place #25-01 Singapore Land Tower Singapore 048623 TERAS OFFSHORE: Commences Wind-Up Proceedings --------------------------------------------- Members of Teras Offshore International Pte. Ltd. on July 9, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Ng Kian Kiat Goh Wee Teck 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 ============= V I E T N A M ============= VINHOMES JSC: Fitch Affirms & Withdraws 'BB-' IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed Vietnam-based Vinhomes Joint Stock Company's Long-Term Issuer Default Rating (IDR) and senior unsecured rating at 'BB-'. The Outlook on the Long-Term IDR is Stable. Fitch has simultaneously withdrawn all ratings on Vinhomes. Vinhomes' rating is constrained by the consolidated profile of its parent, Vingroup Joint Stock Company, which Fitch assesses to have a weaker credit profile than Vinhomes. Based on its view of the 'Porous' access and control, and 'Porous' legal ring-fencing under Fitch's Parent and Subsidiary Linkage (PSL) Rating Criteria, Vinhomes can be rated up to two notches above the parent's consolidated profile, subject to Vinhomes' own Standalone Credit Profile (SCP). Fitch assesses Vinhomes' SCP at 'bb', reflecting its leading market position in Vietnam, with large contracted sales and solid cash flows from residential property development and related activities. The SCP is also supported by Vinhomes' low leverage, with net debt/net property asset ratio likely to be maintained at well below 30% in the medium term. The affirmation reflects its expectations that the parent's consolidated leverage and liquidity will remain adequate over the next few years. On a consolidated basis, Fitch expects a sustained cash flow burn at its automotive manufacturing business, VinFast, which will be largely counterbalanced by Vinhomes' solid cashflows. Fitch expects VinFast to be funded independently and to raise its own capital for expansion. Following a request from the company, Fitch has chosen to withdraw the ratings on Vinhomes for commercial reasons. Key Rating Drivers Parent's Weaker Credit Profile: Vinhomes' rating is constrained by its parent's highly leveraged consolidated profile - Fitch expects consolidated net debt/net property assets of above 50% over the short term, mainly due to rising investments in the group's automaker, and its expectations of sustained operating cash burn. Vinhomes has maintained a strong financial profile even as the parent's manufacturing business sustained significant cash burn and heavy investments in the last few years. Links with Parent: Fitch believes there is 'Porous' ring-fencing between Vinhomes and its parent as there are some restrictions on Vinhomes' dividend payments via its US dollar bank debt. Fitch assesses the parent has 'Porous' access and control of Vinhomes, as Vinhomes is listed, with more than 26% of it held by minority shareholders and there is some separation in board composition and functional control. Vinhomes also has a largely independent funding policy, with total lending to related parties capped at 5% of its total assets and subject to board approval. Vinhomes has large investment and business cooperation contracts (BCC) with the parent and its subsidiaries for co-development of certain projects. These transactions require approval of independent directors and must be done at arms' length, the company says. The group amended its corporation deed in 2024 to move away from BCCs to project transfers, or joint ventures, to improve cashflow transparency. In the absence of confirmation of this transition, Fitch assumes BCCs will continue. This has no impact on the rating as Vinhomes has a strong financial profile for its rating. Unprofitable Auto-Making Segment: The group's automaker switched to making only electric vehicles (EVs) in 2022, supported by its domestic advantages, including a leading service and distribution network, and Vietnam's low EV penetration. However, it has ambitious growth plans internationally, where competition is intense. Fitch expects scaling up EV sales in the next few years, particularly internationally, to be challenging. The automaker expects to fund investments partly with equity, which carries execution risks. The group's chairman has committed USD2 billion in a grant to the automaker to cover funding shortfalls. Market Leadership Drives SCP: Vinhomes is a leader in Vietnam's housing market by contracted sales scale and land bank, allowing the company to generate robust cashflows. Vinhomes is also able to develop much larger projects with shorter construction time than competitors due to strong relationships with suppliers, contractors and lenders. It had contracted sales of VND87 trillion in 2023 despite a challenging market. Contracted Sales to Recover: Fitch forecasts Vinhomes' contracted sales to rise above VND140 trillion (2024: VND103 trillion) on the company's plan to launch mega projects, supported by improvement in homebuyer sentiment after regulatory support, including easing monetary policy and funding for social housing development. Fitch believes Vinhomes will benefit from a flight to quality among homebuyers and lenders amid sector headwinds, supported by its strong brand, record of project completions and healthy liquidity. Bulk Sales to Reduce: Fitch expects Vinhomes' bulk sales to institutional developers to reduce in the next few years, as domestic homebuyer sentiment improves. The company has shown flexibility in switching between contracted sales to individual homebuyers and land sales to institutional developers. Fitch forecasts bulk sales to gradually decrease to around 25% of total contracted sales from 2026 (2023: 51%, 2024: 31%). Strong Project Appeal: Bulk sales were mainly aimed at large international and domestic developers in the last few years, which underscores the appeal of Vinhomes' large projects and medium-term prospects of Vietnam's property sector. Fitch believes medium-term demand for housing will be supported by steady economic growth and increasing urbanisation. Appetite for real estate is also driven by its use as an inflation hedge and store of value amid limited domestic alternatives. Fitch forecasts GDP growth to stay strong at around 5% in 2025 and 2026. Strong Funding Access: Vinhomes' credit profile is also supported by demonstrated access to various funding avenues, including during the property sector's liquidity crunch. It has strong relationships with local banks, has raised international syndicated debt. In addition, Vinhomes' parent has a record of raising cross-border unsecured and convertible bonds. Unsecured Lenders Not Impacted: Fitch believes that Vinhomes' unsecured lenders will not be materially impacted by its mainly secured debt structure despite being legally subordinated. Vinhomes' encumbered assets were at 7% of total assets or 13% of net property assets on 30 September 2024. Evolving Domestic Property-Sector Risks: Fitch believes Vietnam's property market is at a nascent stage compared with regional peers, like Indonesia, due to Vietnam's lower per capita income and lower mortgage-loan penetration. Domestic property sales are more volatile than in more developed markets, with higher regulatory and governance risks, as seen in the last 12-24 months. Peer Analysis Vinhomes' ratings can be compared with Indonesian property developer, PT Pakuwon Jati Tbk (PWON, BB+/Stable). PWON has a stronger business and financial profile than Vinhomes due to its strong recurring cashflow and net cash position. It is one of Indonesia's leading shopping-mall owners and is also a mixed-use property developer. Most of its operating cash flow is from its portfolio of shopping malls, hotels and offices. PWON has substantial non-development cash flow, which supports its credit metrics during periods of weak property demand. This recurring income offsets risks stemming from PWON's smaller property development business, which is also prudently managed, with most of the construction funded by contracted sales rather than debt. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer - Contracted sales, including bulk sales, of around VND140 trillion a year in the next two years. - Average annual land acquisition spending of VND45 trillion in 2025-2026 - Average annual capex of VND13 trillion in 2025-2026. - Dividend payout of 10% of past year's net income RATING SENSITIVITIES Not relevant as the ratings have been withdrawn. Liquidity and Debt Structure As of end-March 2025, Vinhomes had around VND23 trillion of cash and cash equivalents against VND33.4 trillion of debt maturing in the next 12 months, including short-term working capital loans of VND23 trillion, which Fitch expects will be rolled over by lenders in the normal course of business. In 2024, Vinhomes issued VND22.5 trillion of domestic bonds in a stabilising bond market to refinance upcoming debt maturities and support capex. Vinhomes also has access to all major domestic banks. Issuer Profile Vinhomes is a leading Vietnamese homebuilder with a land bank of 18,800 hectares, which is sufficient for about 30 years of property development. The company also has investment properties, comprising offices, serviced apartments and industrial parks. Public Ratings with Credit Linkage to other ratings Vinhomes' IDR is linked to the credit strength of its parent, Vingroup. Any change to Vingroup's consolidated credit profile may affect Vinhomes' rating, provided their linkages are intact. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Vinhomes Joint Stock Company LT IDR BB- Affirmed BB- LT IDR WD Withdrawn senior unsecured LT BB- Affirmed BB- senior unsecured LT WD Withdrawn ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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