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250804.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 Monday, August 4, 2025, Vol. 28, No. 154 Headlines A U S T R A L I A BAKER COOK: First Creditors' Meeting Set for Aug. 7 BIBERE AUSTRALIAN: Second Creditors' Meeting Set for Aug. 7 BOWEN COKING: First Creditors' Meeting Set for Aug. 8 JK AIR: First Creditors' Meeting Set for Aug. 8 RESOURCE DEVELOPMENT: First Creditors' Meeting Set for Aug. 7 REX AIRLINES: Virgin Australia Rejects Rex Bid Over Fleet Costs STAR ENTERTAINMENT: Brisbane Queen's Wharf Deal Collapses WITTNER GROUP: Sale to TSG Completed; More Than 170 Staff Retained C H I N A ZHAOJIN MINING: Fitch Affirms 'BB+' LongTerm IDR, Outlook Negative I N D I A ACR MACHINING: ICRA Keeps B+ Debt Ratings in Not Cooperating ANANT PROMOTERS: ICRA Keeps D Debt Rating in Not Cooperating BABA AKHILA: ICRA Keeps D Debt Ratings in Not Cooperating BRISK FACILITIES: ICRA Keeps B Debt Rating in Not Cooperating COLOSSUS TRADE: ICRA Keeps B+ Debt Rating in Not Cooperating DS TOLL: ICRA Keeps B Debt Rating in Not Cooperating Category EAST COAST: ICRA Keeps D Debt Ratings in Not Cooperating Category FLOURISH PAPER: ICRA Keeps D Debt Ratings in Not Cooperating GANGA DIAGNOSTIC: ICRA Keeps B+ Debt Rating in Not Cooperating K.R.K. EDUCATIONAL: ICRA Keeps D Debt Rating in Not Cooperating KALTHIA INFRA: ICRA Keeps B+ Debt Rating in Not Cooperating MAHESH AGRI: ICRA Keeps D Debt Ratings in Not Cooperating MBC INFRA-SPACE: ICRA Keeps D Debt Ratings in Not Cooperating MRN CANEPOWER: ICRA Withdraws B Rating on INR100cr LT Loan NAVKAR TEX: ICRA Keeps B+ Debt Ratings in Not Cooperating NITESH FASHION: ICRA Keeps B Debt Ratings in Not Cooperating PALAK FERRO: ICRA Keeps D Debt Ratings in Not Cooperating SARVODAYA POLYMERS: ICRA Keeps B+ Debt Ratings in Not Cooperating SHARDA TIMBERS: ICRA Keeps D Debt Ratings in Not Cooperating SHRIRAMKRUPA FIBERS: ICRA Keeps B+ Ratings in Not Cooperating SRINIDHI REAL: ICRA Keeps B Debt Rating in Not Cooperating SYNCO INDUSTRIES: ICRA Keeps C+ Rating in Not Cooperating TI STEELS: ICRA Keeps D Debt Ratings in Not Cooperating Category TIRUPATI COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating VENKATESWARA WAREHOUSING: ICRA Keeps B Ratings in Not Cooperating XRBIA DEVELOPERS: ICRA Keeps D Debt Ratings in Not Cooperating J A P A N JS FOUNDRY: Goes Bankrupt by Misjudging Market, China Rivals UNIVERSAL ENTERTAINMENT: Fitch Alters Outlook on B- IDR to Negative M A L A Y S I A PESTEC INT'L: Auditor Raises Going Concern Doubt PHARMANIAGA BHD: Completes Private Placement and Rights Issue N E W Z E A L A N D AURORA DEVELOPMENTS: Court to Hear Wind-Up Petition on Sept. 19 KERVIL DEVELOPMENT: Court to Hear Wind-Up Petition on Sept. 19 LITTLE AND FRIDAY: Had NZD640K Tax Bill Before Liquidation NEW ZEALAND AND AUCKLAND: Creditors' Proofs of Debt Due on Sept. 1 SPHERE 12: Creditors' Proofs of Debt Due on Aug. 25 XIAO PROJECT: Placed in Liquidation S I N G A P O R E ECONILI BATTERY: Court Enters Wind-Up Order ENERGY SOURCES: Court to Hear Wind-Up Petition on Aug. 15 JGEC PTE: Court to Hear Wind-Up Petition on Aug. 15 LNG EASY : Court Enters Wind-Up Order TBEAUTY SERANGOON: Court Enters Wind-Up Order [] SINGAPORE: Liquidations Hit 5-Year High in First Half of 2025 - - - - - ================= A U S T R A L I A ================= BAKER COOK: First Creditors' Meeting Set for Aug. 7 --------------------------------------------------- A first meeting of the creditors in the proceedings of Baker, Cook & Associates Pty Ltd will be held on Aug. 7, 2025 at 11:00 a.m. via virtual facilities only. Graeme Beattie of Worrells was appointed as administrator of the company on July 28, 2025. BIBERE AUSTRALIAN: Second Creditors' Meeting Set for Aug. 7 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Bibere Australian Beverages Pty Ltd and Opportuna Investments Pty Ltd has been set for Aug. 7, 2025, at 11:00 a.m. via Microsoft Teams The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 6, 2025 at 4:00 p.m. Timothy Mableson at KPMG was appointed as administrator of the company on June 18, 2025. BOWEN COKING: First Creditors' Meeting Set for Aug. 8 ----------------------------------------------------- A first meeting of the creditors in the proceedings of: - Bowen Coking Coal Limited; - Bowen Coking Coal Marketing Pty Ltd; - Coking Coal One Pty Ltd; - Bowen PCI Pty Ltd; - New Lenton Coal Pty Ltd; and - Lenton Management and Marketing Pty Ltd will be held on Aug. 8, 2025 at 10:30 a.m. via virtual technology only. Shaun Robert Fraser and Mark Holland of McGrathNicol were appointed as administrators of the company on July 29, 2025. JK AIR: First Creditors' Meeting Set for Aug. 8 ----------------------------------------------- A first meeting of the creditors in the proceedings of JK Air Conditioning and Metal Works Pty Limited will be held on Aug. 8, 2025 at 10:00 a.m. via videoconference only. Bradd William Morelli of Jirsch Sutherland was appointed as administrator of the company on July 29, 2025. RESOURCE DEVELOPMENT: First Creditors' Meeting Set for Aug. 7 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of: - Resource Development Group Limited; - Central Systems Pty Ltd; - Concrete Construction (W.A.) Pty Ltd; - Australian Garnet Pty Ltd; - Mn Battery Minerals Pty Ltd; - RDG Technologies Pty Ltd; and - Peloton Resources Pty Ltd will be held on Aug. 7, 2025 at 1:00 p.m. via virtual facilities only. Robert Brauer, Jason Ireland, and Linda Smith of McGrathNicol were appointed as administrators of the company on July 28, 2025. REX AIRLINES: Virgin Australia Rejects Rex Bid Over Fleet Costs --------------------------------------------------------------- Dominik Sipinski at ch-aviation reports that Virgin Australia is not interested in acquiring Rex - Regional Express (ZL, Wagga Wagga) due to the steep costs of the necessary renewal of the regional carrier's fleet, chief financial officer Race Strauss said at a CAPA event in Cairns. "They've got a significant capital cliff that whoever takes that business needs to address. Now, looking at the numbers of that, that's going to give an airline like us that applies a very disciplined framework an economic issue that's not going to hit the hurdles," ch-aviation quotes Mr. Strauss as saying. He opined that Rex's general business model was very robust, and Virgin Australia would be interested in buying the carrier without the looming burden of the necessary fleet investment. Rex's fleet tracked by ch-aviation comprises twenty-two Saab 340Bs (34.1 years old on average), thirty-five Saab 340B(Plus) (29.2 years old), and three Westwind 1,124 business jets (44.6 years old). According to its website, the airline, including subsidiaries Pel-Air Aviation and Australian Airline Pilot Academy, also operates ten King Airs, sixteen Piper (single piston) Warriors, nine Piper (twin piston) Seminoles, and fifteen Cessna (single piston) aircraft. Parent company Regional Express Holdings has been in administration for a year now, having buckled under the costs of an ill-fated attempt to enter the narrowbody market with a fleet of B737-800s, ch-aviation notes. While the Australian government pledged to rescue the carrier as a last-resort buyer, should there be no other candidates, the administrators recently secured more time to find an investor, says ch-aviation. About Rex Airlines Regional Express Pty. Ltd., trading as Rex Airlines (and as Regional Express Airlines on regional routes), is an Australian airline based in Mascot, New South Wales. It operates scheduled regional and domestic services. It is Australia's largest regional airline outside the Qantas group of companies and serves all 6 states across Australia. It is the primary subsidiary of Regional Express Holdings. On July 30, 2024, Samuel Freeman, Justin Walsh, and Adam Nikitins of Ernst & Young Australia (EY Australia) were appointed Joint and Several Voluntary Administrators by the Rex Group's respective Boards of Directors. The companies in administration are: * Regional Express Holdings Limited; * Regional Express Pty Limited; * Rex Airlines Pty Ltd; * Rex Investment Holdings Pty Limited; and * Air Partners Pty Ltd. STAR ENTERTAINMENT: Brisbane Queen's Wharf Deal Collapses --------------------------------------------------------- Blair Jackson at news.com.au reports that a major property deal involving casino operator Star Entertainment has officially failed, leaving the struggling company on the hook for AUD40 million of repayments. Star flagged the likely failure of the deal on July 30, and on Friday morning [August 1] share trading was paused as negotiations over the newly opened Queen's Wharf casino in Brisbane fell apart. "As of this morning, the parties have been unable to reach agreement on a number of outstanding commercial issues which in turn prevent the finalisation of long form documents," an announcement to the ASX said. News.com.au relates that Star proposed to extend the deadline – again – for another week, but Chow Tai Fook Enterprises and Far East Consortium International declined, the announcement read. Star had been trying to sell its majority stake in the Queen's Wharf precinct to the Hong Kong-based business partners. As a consequence of the deal falling through, Star Entertainment must repay the partners about AUD41 million, the ASX announcement said - AUD10 million by August 6, and AUD31 million by September 5, according to news.com.au. The fallout also leaves Star liable for about AUD1 billion of debt. Star said it would look for alternative options for the 50 per cent stake it was trying to offload, news.com.au realys. Chow Tai Fook and Far East own 25 per cent each. If the Star cannot pay the AUD41 million in the next five weeks, the partners will take ownership of Star's one-third share of the Gold Coast tower that hosts the Dorsett Hotel. An interim deal announced in March gave Star a AUD53 million lifeline as the business was running dangerously low on cash, news.com.au recalls. This deal gave Star control of two towers on the Gold Coast. As talks between Star, Chow Tai Fook and Far East hit speed bumps, the Hong Kong-based partners held talks with alternative casino operators, including Crown and SkyCity. The Queen's Wharf opened in August 2024, two years late. Debt on the project has ballooned to AUD1.4 billion. In June, Star shareholders approved a AUD300 million company buyout from US-based Bally's Corp that fended off administrators, news.com.au notes. 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. WITTNER GROUP: Sale to TSG Completed; More Than 170 Staff Retained ------------------------------------------------------------------ Ragtrader reports that the sale of Australian shoe brand Wittner to Spendless Shoes owner The Shoe Group has finally been completed, with over 170 employees moving under the new owners. TSG is the owner of footwear brands and retailers such as Jo Mercer, Spendless Shoes, Novo and Wild Rhino. According to Ragtrader, Deloitte Turnaround & Restructuring partners David Orr, Sal Algeri and Daniel Demir confirmed the latest news in a media release, noting the sale was completed through a deed of company arrangement (DOCA). Deloitte Turnaround & Restructuring partner and transaction lead Daniel Demir said completion of the sale and recapitalisation process represents a new chapter for the iconic Australian brand and its employees, Ragtrader relates. "We are pleased that this much-loved heritage brand has found a new home in TSG," Ragtrader quotes Mr. Demir as saying. "The success of the sale, which occurred in the context of a challenging retail environment, will allow for the continuation of the majority of the Wittner business including retail stores and concessions, as well as the retention of over 170 employees." Ragtrader says the Deloitte Turnaround & Restructuring team were assisted in the transaction by Gilbert + Tobin, working closely with restructuring and insolvency co-head and partner Peter Bowden, with support from partner Anna Schwartz and lawyers Andrew Fay, Meg Parry and Katerina Kovalenko. Mr. Orr added that the sale delivered a positive outcome for creditors, landlords and concession partners and thanked them for their support throughout the administration period. "We also extend our thanks to the Wittner team, our Deloitte team and to the Gilbert + Tobin team for their invaluable hard work over the last three months in securing a future for Wittner." Amid its administration, ASIC filings confirmed the brand had owed AUD25 million in liabilities upon its collapse, Ragtrader discloses. The brand had over 20 standalone stores in its portfolio, alongside 28 concessions across Myer and David Jones upon its collapse. Following the sale, 11 retail stores and all 28 concession stores have gone across to TSG. About Wittner Wittner is an Australian fashion footwear brand offering a wide range of leather boots, heels, wedges, and flats for women. It has more than 20 stores in Australia and New Zealand, and 25 concessions inside David Jones and Myer. It also sells online, including through The Iconic. On April 16, 2025, David Orr and Sal Algeri of Deloitte SRT were appointed as administrators of Wittner Group Holdings Pty Ltd, Wittner Retail Australia Pty Ltd, and Wittner Retail New Zealand Pty Ltd. Deloitte entered a period of exclusivity with The Shoe Group Pty Ltd (TSG) for the proposed sale of the majority of the Wittner business to TGS on June 13, 2025. The final transaction involved the transfer of the entire issued share capital in Wittner Group Holdings from its existing shareholders to TSG. ========= C H I N A ========= ZHAOJIN MINING: Fitch Affirms 'BB+' LongTerm IDR, Outlook Negative ------------------------------------------------------------------ Fitch Ratings has affirmed China-based Zhaojin Mining Industry Company Limited's Long-Term Issuer Default Rating (IDR) and senior unsecured rating at 'BB+'. The Outlook is Negative. Zhaojin Mining's ratings are derived from Fitch's internal assessment of the credit profile of its immediate parent, Zhaojin Group Company Limited, under its Parent and Subsidiary Linkage Rating Criteria based on high strategic and operational incentives for the parent to support the subsidiary. Zhaojin Group is effectively 100% owned by China's Zhaoyuan municipality and Fitch assesses its creditworthiness based on its Government-Related Entities (GRE) Rating Criteria. The Negative Outlook mirrors Fitch's internal credit assessment of Zhaoyuan municipality's outlook. Key Rating Drivers Parent's Strong State Linkage: Fitch assesses Zhaojin Group's decision-making and oversight as 'Strong' as the group is wholly owned by the Zhaoyuan government, which maintains a high level of control over its management appointment, strategy and operations. However, Fitch assesses support precedents as 'Not Strong Enough' as the group has received regular financial subsidies from the municipality, but its financial profile remains weak despite the regular government support. 'Strong' Support Incentive, Contagion Risk: Fitch assesses the government's incentive to provide support as 'Strong'. The group is Zhaoyuan's largest state-owned entity. Zhaojin Group is the largest gold producer in a city where gold is a major economic contributor and accounts for over 60% of Zhaoyuan's gold processing capacity and its entire gold refining capacity. Fitch assesses the contagion risk following a default by the group as 'Very Strong' as Fitch believes Zhaojin Group is seen as a reference issuer of the government in the financing market. The group accounts for around 60% of total assets, 80% of total debt and contributes close to 60% of the total revenue of the municipality's enterprises. Zhaojin Group is also the city's major debt issuer with publicly listed subsidiaries, which means a default could significantly disrupt the ability of other regional GREs to raise funds in the capital market. 'Strong' Parent-Subsidiary Linkage: Zhaojin Mining is 34% owned by Zhaojin Group and holds most of the group's core mining assets. Zhaojin Mining accounted for over 90% of Zhaojin Group's EBITDA. Fitch believes Zhaojin Group has a 'High' operational and strategic incentive to support Zhaojin Mining, despite a 'Low' legal incentive due to the lack of debt guarantees from the parent, as a group guarantee has so far not been required for Zhaojin Mining's financing activity. Acquisitions Drive Growth: Acquisitions in 2024 helped Zhaojin Mining expand outside China, in line with its long-term strategy of allocating half its resources in China and the other half outside the country. Fitch expects the acquisitions to raise annual gold output by around 5 tonnes. Fitch does not expect aggressive M&A in 2025-2027 as management has indicated a cautious attitude. However, Fitch will monitor any larger-than-expected debt-funded investment as an event-driven risk that could pressure its financial flexibility and weigh on its credit profile. Strong Profitability: Fitch expects Zhaojin Mining to maintain its EBITDA margin at over 40% in 2025-2027 on high gold prices. The company's strong profitability also stems from its high-quality assets, which are in the lower quartiles on the global cost curve. Zhaojin Mining has maintained an EBITDA margin of over 30% in the past few years despite cycles of high electricity and mining costs. Improved Leverage, Comfortable Coverage: Zhaojin Mining's Standalone Credit Profile is assessed at 'bb-', which is mostly constrained by its leverage. EBITDA net leverage dropped to 5.8x in 2024, from 7.5x in 2023, and Fitch expects it to fall below 4.0x in the medium term given strong gold prices and increasing volume. EBITDA interest coverage was higher at 4.7x in 2024 (2023: 3.2x) and Fitch expects it to further improve to above 7.0x in the forecast period to 2027, supported by high profitability and low funding costs. Peer Analysis Zhaojin Mining's rating is derived from the credit profile of Zhaojin Group, based on a strong linkage between the two entities under Fitch's Parent and Subsidiary Linkage Rating Criteria. Zhaojin Group's profile is notched from Fitch's internal assessment of the Zhaoyuan municipality's credit profile under its Government-Related Entities Rating Criteria due to the high likelihood of support from the local government. Zhaojin Group's relationship with its parent is similar to that of steel producer HBIS Group Co., Ltd. (BBB+/Stable) with the Hebei State-owned Assets Supervision and Administration Commission (SASAC). HBIS is the largest state-owned enterprise under the Hebei SASAC, accounting for 30%-40% of total assets. Steel is a major economic driver for Hebei province, similar to gold's importance to Zhaoyuan, where Zhaojin Group is the largest gold miner. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer - Revenue to increase from CNY16 billion in 2025 to CNY17 billion in 2027; - EBITDA margin of over 40% in 2025-2027; - Capex to average about CNY2.2 billion a year from 2025 to 2027. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - A downward revision in Fitch's internal assessment of the creditworthiness of Zhaoyuan - Weakening likelihood of support from the Zhaoyuan government - Weakening linkages between Zhaojin Mining and Zhaojin Group Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - The Outlook will be revised to Stable if Fitch's internal assessment of the outlook on the creditworthiness of Zhaoyuan is revised to stable - Increase in the likelihood of support from the Zhaoyuan government Liquidity and Debt Structure Zhaojin Mining had around CNY26 billion in unused credit facilities and CNY2.3 billion in cash as of end-2024, against CNY10 billion in short-term debt. The credit facilities are uncommitted, but Fitch believes they are adequate, as committed facilities are uncommon in China. Zhaojin Mining's cash to short-term debt ratio has been low for the past four years. However, the company was able to continuously refinance its short-term debt and had sufficient unused credit facilities. Chinese state-owned enterprises generally rely heavily on short-term financing due to the cheaper funding costs. Therefore, Fitch believes the company's liquidity is adequate. Zhaojin Mining also has access to offshore equity markets and domestic and offshore bond markets, and maintains satisfactory relationships with major domestic financial institutions. Issuer Profile Zhaojin Mining is the largest gold miner in the city of Zhaoyuan in the east of Shandong province. It is mainly engaged in the exploration, mining, processing, smelting and sale of gold. Public Ratings with Credit Linkage to other ratings Zhaojin Mining's ratings are derived from its internal assessment of the credit profile of its immediate parent, Zhaojin Group, under its Parent and Subsidiary Linkage Rating Criteria. 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 ----------- ------ ----- Zhaojin Mining Industry Company Limited LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ ========= I N D I A ========= ACR MACHINING: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the long-term ratings of ACR Machining Pvt. Ltd. (ACR) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 1.50 [ICRA]B+(Stable)ISSUER NOT Fund Based COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.00 [ICRA]B+(Stable)ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with ACR, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2007, ACR Machining Pvt. Ltd. (ACR) is promoted and managed by Mr. Mahendra Rathod, Mr. Prakash Rathod and Mr. Vijay Rathod. The company is engaged in supplying machined components primarily to industries such as the ractor/automotive, air compressor and the railway, among others. Its manufacturing facility is located at Kolhapur, Maharashtra. ACR has a Group company, Caspro (rated ICRA]BB+(Stable)/[ICRA]A4+ ISSUER NOT COOPERATING), which manufactures grey iron castings. Earlier the Group had another machining firm, Rathod Industries, whose assets were transferred to ACR. ACR undertakes machining work/job work for Caspro, although its share in ACR's revenue pie is minimal as the latter's major revenue comes from outright sales to other reputed customers. ANANT PROMOTERS: ICRA Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Short-Term rating of Anant Promoters & Fincon Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term 7.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Anant Promoters, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2011, Anant Promoters & Fincon Pvt. Ltd. has been engaged in trading of timber logs, veneers and plywood. The directors of the company are Mr. Rajiv Agarwal & Mr. Yash Agrawal who have extensive experience of two decades in manufacturing plywood, block board and trading of timber. The company is part of the Deccan Group, which has a history of about two decades in the plywood business. All the group companies are involved in plywood and Veneer related business. BABA AKHILA: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Baba Akhila Saijyothi Industries Private Limited (BASJIPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 18.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 12.35 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 8.45 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Continues to remain under the Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with BASJIPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in May 2005, Baba AkhilaSai Jyothi Industries Private Limited (BASJIPL) is into manufacturing of sponge iron. The sponge iron plant is located at village Chikka Bagnal in Koppal district of Karnataka and the plant commenced operations fromApril 2009. The installed capacity of the plant was 100TPD which was increased to 200 TPD from April 2011. The company is managed by Mr. V Krishna Murthy who has more than 15 years of prior experience in the sponge iron industry. BRISK FACILITIES: ICRA Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the long-term rating of Brisk Facilities (Sugar Division) Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable);ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 105.00 [ICRA]B (Stable)ISSUER NOT Fund Based COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Brisk Facilities (Sugar Division) Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Brisk Facilities (Sugar Division) Private Limited was incorporated in June 2013 as Gadhlinglaj Sugars Private Limited. The company currently conducts the operations of Appasaheb Nalawade Sahakari Sakhar Karkhana Limited based out of Gadhinglaj, Kolhapur (Maharashtra). Appasaheb Nalawade Sahakari Sakhar Karkhana Limited which was established in 1979. The operations of the sugar cooperative were taken over by Brisk India Private Limited (BIPL), Pune in FY2014 following a collaborative agreement of 10 years starting from SY2014 onwards. In June 2017, BIPL demerged its sugar business effective April 01, 2016 to a separate company called Gadhlinglaj Sugars Private Limited which immediately changed its name to Brisk Facilities (Sugar Division) Private Limited. The cooperative has 24,744 members who supply cane to the company. Under the collaborative arrangement between Brisk Sugar and Appasaheb Nalawade Sahakari Sakhar Karkhana Limited, the company pays a royalty to the cooperative. The current installed crushing capacity of the 2 company is 2000 TCD while the distillery has installed capacity of 25 KLPD. The company currently does not have the power generation operations. COLOSSUS TRADE: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-term rating for the bank facilities of Colossus Trade Links Ltd. (CTLL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 25.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with CTLL, 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. Colossus Trade Links Limited (CTLL) was incorporated in 2004 by Mr. Namit Gulati and his family. The company is engaged in trading of scrap metal procured from the domestic automobile sector. It derives its revenues from supply of scrap metal to foundries, steel plants, traders and electronic original equipment manufacturers (OEMs). CTLL, which is headquartered in Delhi, has seven warehouses (three owned and four rented) across northern India, with a combined area of over 15,000 square yards and combined storage capacity of over 8,000 tonnes. DS TOLL: ICRA Keeps B Debt Rating in Not Cooperating Category ------------------------------------------------------------- ICRA has kept the Long-Term rating of DS Toll Road Limited (DSTRL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 332.00 [ICRA]B (Stable)ISSUER NOT Fund Based COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with DSTRL, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated on June 29, 2005, DSTRL, a 100% subsidiary of Reliance Infrastructure Limited (R Infra), has been set up for the purpose of widening and up -gradation of the stretch between Dindigul Bypass - Samyanallore from existing 2-lanes to 4-lanes. The total length of the road under the project is 53.025 kilometers (km). The project has been awarded to the company under a competitive bidding process on a Build, Operate and Transfer (BOT) basis. The key bid variable was the grant receivable from the National Highway Authority of India (NHAI) which was bid at INR31 crore by R Infra. The concession period is for 20 years from the appointed date (i.e., July 29, 2006). The project was issued a provisional completion certificate on September 29, 2009. EAST COAST: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-term and Short-term ratings for the bank facilities of East Coast Engineering Company (EEC) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 12.0 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating continues to remain Cash Credit under 'Issuer Not Cooperating' category Short term- 4.0 [ICRA]D; ISSUER NOT COOPERATING; Non fund based Rating continues to remain Others under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with EEC, 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. EEC was established in 1986 as a partnership firm. It provides preliminary seismic survey services such as land and transition zone surveys, shallow water services and acquisition of 2D and 3D data through shot hole drilling process to oil exploration and production (E&P) companies, primarily ONGC. The firm is based in Guntur, Andhra Pradesh, and the operations are, at present, managed by its partner, Mr. B. V. Sivarama Raju, who has nearly 30 years of experience in seismic services. FLOURISH PAPER: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the long-term and short-term ratings of Flourish Paper and Chemicals Limited (FPCL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING." Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based- 7.00 [ICRA]D ISSUER NOT COOPERATING; Cash Credit Rating continues to remain under 'Issuer Not Cooperating' Category Fund Based- 1.30 [ICRA]D ISSUER NOT COOPERATING; Term Loan Rating continues to remain under 'Issuer Not Cooperating' Category Short term- 8.00 [ICRA]D; ISSUER NOT COOPERATING; Non fund based Rating Continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with FPCL, 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. FPCL was incorporated in 1995 and is engaged in manufacturing and trading of chemicals used in paper industry. The company also trades kraft papers as well as writing and printing paper. The company has its manufacturing facility located in Derabassi, Punjab. GANGA DIAGNOSTIC: ICRA Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the long-term rating of Ganga Diagnostic & Medical Research Centre Pvt. Ltd. (GDMRCPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 13.99 [ICRA]B+ (Stable) ISSUER NOT Fund Based COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with GDMRCPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2010, Ganga Diagnostic and Medical Research Centre Private Limited (GDMRCPL) provide radiology and pathology diagnostic services in Raipur. The diagnostic service centre started its commercial operations in 2012. Mr. Subhash Agarwal and Mr. Ashok Agarwal, Raipur-based promoters of the company, are also part of the Vandana Group of Companies, which is involved in the steel-manufacturing business. K.R.K. EDUCATIONAL: ICRA Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- ICRA has kept the long-term ratings of K.R.K. Educational Trust in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]C; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 30 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with K.R.K. Educational Trust, ICRA has been trying to seek information from the entity to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of the requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. K.R.K Educational Trust is an educational and charitable trust established in 2007 to impart professional education to students in Tamil Nadu. The trust owns and manages 'OAS Institute of Technology and Management', situated in Pulivalam Village near Tiruchirapalli, Tamil Nadu. The trust is promoted by Dr. K.R. Ilanghovan, Mrs. I. Rajalakshmi and Mr. K. Ramajayam. The trustees have more than 30 years of professional experience. Mr. K.R. Ilanghovan is also the founder of two technology companies - Omne Agate Systems Private Limited and OAS Digital Infrastructure Private Limited, which are mainly engaged in providing solutions to the energy sector. KALTHIA INFRA: ICRA Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term ratings of Kalthia Infra Projects Private Limited (KIPPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 147.86 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with KIPPL, 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. Kalthia Infra Projects Private Limited (KIPPL) is a wholly owned subsidiary of KECL. KIPPL is an SPV formed to undertake the four/two-laning (with paved shoulders) of the Gadu–Porbandar section of NH-8E in Gujarat through a private public partnership (PPP) model on a hybrid annuity model (HAM). The construction of the project started in September 2017 and was completed in July 2020. model on a hybrid annuity model (HAM). The construction of the project started in September 2017 and was completed in July 2020. MAHESH AGRI: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term rating of Mahesh Agri Exim Private Limited (MAEPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 22.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term 2.05 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Continues to remain under the 'Issuer Not Cooperating' Category Long Term- (9.00) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with MAEPL, 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. Mahesh Agri Exim Private limited (MAEPL) was incorporated in 1997 by Mr. Hirji Thakker and Mr. Mahesh Thakker to carry out agri commodity trading. MAEPL is primarily engaged in the trading of oilseeds, chick peas, pulses, beans, cereals, oilseeds, spices, grains, animal feed and bird feed. MBC INFRA-SPACE: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of MBC Infra-Space Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 3.05 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 0.95 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Short Term- 2.81 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Short Term-Non 4.19 [ICRA]D ISSUER NOT COOPERATING; Fund Based Rating continues to remain in Others the 'Issuer Not Cooperating' As part of its process and in accordance with its rating agreement with MBC, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Based in Vapi, Gujarat, MBC was initially constituted as M.B. Corporation, a proprietorship concern by Mr. Manoj Baruah in 1999. The entity executed projects in and out of Gujarat and was subsequently converted into a private limited company, MBC, on April13, 2012. MBC is engaged in industrial civil construction as well as residential construction. Over the years, MBC has successfully commissioned projects in the field of industrial civil construction for aluminium foil and 2 extrusion plants and steel rolling mills. The company's client base includes public sector undertakings (PSUs) as well as private sector players. MRN CANEPOWER: ICRA Withdraws B Rating on INR100cr LT Loan ---------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of MRN Canepower and Biorefineries Pvt. Ltd. at the request of the company and in accordance with ICRA's policy on withdrawal of credit ratings. No Objection Certificates from lenders are not required in this instance, as the sanctioned limits are unallocated. However, ICRA does not have information to suggest that the company's credit risk has changed since the time the ratings were last reviewed. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 100.00 [ICRA]B (Stable); Withdrawn Unallocated Limits MRNCBPL operates of a sugar plant, which it acquired in FY2021 for a period of 40 years on operating lease from Pandavapura Sahakara Sakkhare Karkhane Ltd (PSSK). The plant is located in South Karnataka in Pandavpura, Mandya district, near Mysore. The plant had been shut down since 2013 due to operational and financial challenges. Hence, the Government of Karnataka (GoK) facilitated invitation of tenders for operating the factory on lease. Subsequently, Nirani Sugars Ltd bagged the tender. As of now, it is one of the two plants the MRN Group has in South Karnataka, with rest of the units being in North Karnataka. Established in 1995 by Mr. Murugesh Rudrappa Nirani (born 18 August 1965), MRN group is a business conglomerate based out of Mudhol, Karnataka. He is an Indian entrepreneur and politician serving as the Minister of Large and Medium Industries of Karnataka from 4 August 2021. He is a third-term Member of the Legislative Assembly (MLA) of Bilgi, Bagalkot and is a minister in the Government of Karnataka. MRN is the biggest sugar group in Karnataka and one of the largest sugar producers in the country. The MRN Group operates nine sugar mills under MRNCBPL, Nirani Sugars Ltd., Shri Sai Priya Sugars Ltd., MRN Cane Power India Ltd., Kedarnath Sugars Ltd., Badami Sugars Ltd. and MRN Sreerama Sugar and Power Pvt Ltd, with a consolidated capacity of over 70,000 TCD. NAVKAR TEX: ICRA Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term rating for the Bank facilities of Shree Navkar Tex Creations (erstwhile Navkar Tex Creations) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Shree Navkar Tex Creations (erstwhile Navkar Tex Creations), 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. Shree Navkar Tex Creations is a proprietorship firm based in Pali, Rajasthan which is engaged in processing and trading of grey cloth into woven fabric. The firm deals in 'Rubia' fabric which is mainly used in lady's saree blouses. The firm procures grey fabric from nearby mandis and mandis in Maharashtra and gets its processed in Pali where it is based. Pali is known for its textile industry mainly fabric processing. It is also home of Maharaja Shree Umaid Mills, one of the large composite cotton mills of the country. The water and environment in this area is conducive for such fabric processing. This has led to the presence of many processors and traders of this cotton fabric. Navkar Tex Creation was incorporated around 2008 and it first full year of operations was FY2009. The firm is managed by Mr. Kalpesh Bhandari who is a second-generation entrepreneur in fabric processing and trading. He is supported in the business by his father Mr. Sampath Bhandari. Earlier, Mr. Sampath Bhandari was carrying out similar business through other entities. The family also has interests in real estate development. They are carrying out their businesses under the name of ISON group. The other entities in the group include ISON Infra P Ltd which is into real estate development in Pali, Rajasthan. NITESH FASHION: ICRA Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term ratings of Nitesh Fashion Private Limited (NFPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 13.50 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 0.25 [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 NFPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2011, Nitesh Fashion Pvt. Ltd. (NFPL) is engaged in the business of trading and third party processing of fabrics. The company has also started its own warping and weaving operations in Bhiwandi from February 2015 onwards.The company is promoted by Mr. Arvind Kothari and his four sons –Mr. Sanjay Kothari, Mr. Pradeep Kothari, Mr. Nitesh Kothari and Mr. Ankeet Kothari. PALAK FERRO: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Palak Ferro Alloys (PFA) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 6.10 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 0.10 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term/ 13.80 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with PFA, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 2008 as a proprietorship firm by Mr. Rahul Parwani, PFA is engaged in the manufacturing of ferro alloys and manganese oxides. The firm has its manufacturing facility located at Nagpur, Maharashtra. PFA has an installed capacity of 1500 MTPA for manufacturing ferro alloys such as medium carbon (MC)– ferro manganese, low carbon (LC)– 2 ferro manganese and silico manganese, and 1500 MT for manufacturing manganese oxides. Ferro alloys find application in the steel industry where as manganese oxides are used in the fertilizer industry. SARVODAYA POLYMERS: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-Term rating for the Bank facilities of Sarvodaya Polymers Pvt Ltd (SPPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based 8.00 [ICRA]B+(Stable); ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' Category Fund Based 5.00 [ICRA]B+(Stable); ISSUER NOT Term Loan COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with SPPL, 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. Sarvodaya Polymers Pvt. Ltd. (SPPL) was incorporated in 2011 by members of the Anjana family. The company is engaged in the business of manufacturing polypropylene (PP) woven sacks and the manufacturing facility of the company is located in RIICO Industrial Area in Nimbahera, District (Rajasthan). The company commenced its manufacturing operations during FY13 The promoter group of SPPL has been involved in various businesses such as construction, real estate, edible oil extraction and limestone mining. The promoters do not have any previous experience in manufacturing of PP woven bags and entered into this business owing to the large number of cement manufacturers (which are the end consumers of PP woven bags) located in this region. SHARDA TIMBERS: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term and Short-term rating for the Bank facilities of Sharda Timbers (ST) in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]D ISSUER NOT COOPERATING/[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term- 0.15 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Short-term 19.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term- 5.85 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with ST, 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. Sharda Timbers (ST) is a proprietorship entity owned by Mr. Raj Kumar Bansal, is engaged in the timber trading business. It has its sales offices located in Nangloi (Delhi) and branch office at Gandhidham (Gujarat). The company procures timber mainly from Malaysia, Singapore, and New Zealand. The variety of timber imported comprises mainly 'Meranti', 'pine', and 'arau' which are mainly used in furniture making and light construction work. The imported timber logs after reaching Kandla port are transported to ATPL's factory in Gandhidham (Gujarat) located at 17 Kms away from the port. At the factory, the logs are cleaned and sawed to make clean squared timber blocks as well as different shapes of moulding and beading as per customers' requirements and specifications. All the sawn timber produced at Gandhidham (Gujarat) is sold locally to traders and builder located mainly in Punjab, Haryana, Uttar Pradesh, Gujarat, and Maharashtra. The nature of the work is low value additive, and the company faces high competition from numerous other players operating in the industry, which results in modest profitability for the company. However, robust demand potential on the face of real estate development. SHRIRAMKRUPA FIBERS: ICRA Keeps B+ Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating for the Bank facilities of Shriramkrupa Fibers (SF) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 2.75 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SF, 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. Shriramkrupa Fibers (SF) was established in June 2013 as a proprietorship concern of Mr. Sachin Sharma. The firm has recently set up a new cotton ginning and pressing unit in Wardha district of Maharashtra. The plant is equipped with 24 ginning machines and 1 fully automatic pressing machine with total production capacity of 200 bales1 per day or 34 MTPD (Metric Tons Per Day). The firm commenced operations from January 21, 2015. The product mix of the firm consists of cotton bales and cotton seeds. The proprietor, Mr. Sachin Sharma has been associated with the cotton business for a decade and manages another firm namely M/S. Aditya Trading Co. (established in 2003-04) which is engaged in trading of raw cotton, cotton bales and other Agro commodities. SRINIDHI REAL: ICRA Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating of Srinidhi Real Estate and Constructions in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.00 [ICRA]B (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Srinidhi Real Estate and Constructions, 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. Srinidhi Real Estate and Constructions was incorporated as a partnership firm since 19 November2012 with 18 partners under Indian Partnership Act 1932 with Registrar of Firm, Adilabad. The firm is involved in development of real estate (acquiring land and developing by plotting and constructing structures, apartments, independent houses, etc). The promoters have earlier experience in real estate and have completed Manjunath Apartment (a G+3 floor apartment) in Mancherial in the past. SYNCO INDUSTRIES: ICRA Keeps C+ Rating in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term and Short-term rating for the Bank facilities of Synco Industries Limited (SIL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]C+; ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based 8.50 [ICRA]C+ ISSUER NOT COOPERATING; Cash Credit Rating continues to remain under 'Issuer Not Cooperating' Category Non-fund 1.50 [ICRA]A4 ISSUER NOT COOPERATING; based Bank Rating continues to remain under Guarantee 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with SIL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1982, SIL was originally incorporated as private limited company Synco Textiles Private Limited for carrying out dyes and chemical manufacturing activity. However, with discontinuation of the dyes and chemical manufacturing business and commencement of oil extraction business in 1995, the name was changed to Synco Industries Limited and presently the company is involved in Processing of Mustard seed and Groundnut and selling of oil and de-oiled cake having installed plant capacity of 75,000 Metric tonnes per annum located in Sumerpur which is approx 150 km from Jodhpur. The company is also engaged in the manufacturing of blasting machines used in foundries for cleaning, grading and powder coating and pollution control equipment. TI STEELS: ICRA Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term rating for the Bank facilities of TI Steels Private Limited (TISPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 39.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 1.10 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with TISPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2003, TISPL began commercial production in 2007 and was engaged in the manufacture of mild steel products. At present, the company's product portfolio comprises SS ingots, billets, flats, and hexagons, in addition to certain high-end alloys. TIRUPATI COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating for the Bank facilities of Tirupati Cotton (Ghatanji) (TC) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable);ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with TC, 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. Tirupati Cotton (TC) was established in 2008 in Maharashtra as partnership firm. The firm is engaged in ginning and pressing of raw cotton into cotton lint/bales. The firm runs under the leadership of partners Mr. Chetan Agrawal and Mr. Shivshankar Agrawal, having equal profit-sharing ratio. The firm has a 48 cotton ginning machines and one pressing machines with a production capacity of 288 cotton bales per day. The firm's manufacturing facility is in Ghatanji, Yawatmal district of Maharashtra. Ghatanji is also known as 'Cotton City', because in this area farmer produces fine quality of cottons. VENKATESWARA WAREHOUSING: ICRA Keeps B Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-Term ratings of Sri Venkateswara Warehousing in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.73 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 0.27 [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 Sri Venkateswara Warehousing, 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. Sri Venkateswara Warehousing a partnership concern was established on 10th of October 2015 and is mainly engaged in the activity of construction of go-downs and leasing out to FCI/CCI. The firm has availed a term loan from Corporation Bank to build and lease grain storage godowns which is being built at Gajalpuram village, Thripuraram Mandal of Nalgonda district. The present capacity of the godowns being constructed the firm is 24,000 MT. XRBIA DEVELOPERS: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating for the Bank facilities of Xrbia Developers Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D;ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 15.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term- 12.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 323.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Xrbia Developers Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. The promoters of Xrbia group started real estate operations in the year 1995 and have so far executed projects with over 17 million square feet (MSF) of saleable area and over 10 MSF of area under various stages of development spread across affordable housing, plotting schemes and mid-luxury residences. Xrbia Developers Limited, incorporated in 2004, is involved in the development and sale of real estate projects and is part of Pune based Xrbia Group. The firm is currently executing two residential and one plotting schemes. The residential project Eiffel Khopoli Woods is located at Mhadap, Khalapur and has sold 60% of the total 0.85 msf of saleable area. The other residential project Xrbia Vangani is located at Karjat and enjoys good connectivity with suburbs of Mumbai. The company has sold 67% of the total 2.8 msf of saleable area in Vangani. The company's plotting scheme is at Kharpudi, Pune. All the necessary approvals required for the project such as land approvals, environmental. ========= J A P A N ========= JS FOUNDRY: Goes Bankrupt by Misjudging Market, China Rivals ------------------------------------------------------------ Nikkei Asia reports that miscalculations over sales, market conditions and Chinese rivals paved the way for the July 14 bankruptcy filing by JS Foundry, a government-backed contract manufacturer once positioned as a model for aging Japanese semiconductor plants. Nikkei Asia says the writing was on the wall in late June, when some employees at the company's sole plant -- in central Japan's Niigata prefecture -- reported that their pay had not been deposited. As reported in the Troubled Company Reporter-Asia Pacific on July 24, 2025, JS Foundry has filed for bankruptcy protection with the Tokyo District Court on July 14. The Tokyo-based company is a producer of power semiconductors that are typically used for regulating electric power flows and installed in large electric equipment such as electric vehicles, home appliances and trains. JS Foundry is backed by a fund run by the government-affiliated Development Bank of Japan (DBJ), among others. The company will leave an outstanding debt of JPY16.1 billion ($110 million), Nikkei Asia disclosed. UNIVERSAL ENTERTAINMENT: Fitch Alters Outlook on B- IDR to Negative ------------------------------------------------------------------- Fitch Ratings has revised the Outlook on Japan-based Universal Entertainment Corporation's (UE) Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative from Stable, and affirmed the IDR and the company's outstanding US dollar senior secured notes at 'B-' with a Recovery Rating of 'RR4'. The Negative Outlook reflects UE's unexpectedly weak financial results in 2024 and the absence of a clear near-term recovery path in its integrated resort (IR) segment. Fitch expects subdued EBITDAR, higher adjusted leverage, and reduced coverage metrics to weigh on UE's credit profile. Nevertheless, UE's near-term financial flexibility is supported by limited capex and minimal working capital requirements, with no significant refinancing needs until August 2029. Key Rating Drivers IR Growth to Soften: Fitch has lowered its financial forecast for UE's IR operations in the Philippines following a review of 1Q25 results. Casino visitation remains subdued and both VIP and mass-market segments' performance has stagnated. Intensifying local competition has created additional challenges, raising the risk of further setbacks in earnings growth for UE's IR operations. Fitch sees no clear trajectory for a near-term recovery in the IR segment, which is a key driver of the Negative Outlook. Volatile Amusement Equipment Segment: UE's amusement equipment (AE) business in Japan continues to provide consistent earnings, though challenges remain from delays in new product launches due to regulatory and inspection hurdles, and a shrinking player base amid Japan's ageing population. AE sales volumes in 2024 fell to 92,150 units from 180,632 units a year earlier on certification delays. Nevertheless, Fitch expects a modest near-term recovery as UE accelerates the launch of new pachislot and pachinko products, although the structural decline in the end-market poses longer-term risks. Limited Operating Scale; Concentration Risks: UE's operating scale remains limited, with 2024 revenue of JPY126 billion, significantly below that of larger rated gaming peers. EBITDA concentration is high, with the IR segment in the Philippines representing more than half of group EBITDA, heightening exposure to single-asset and market risks. The domestic AE business faces bleak long-term prospects as the pachinko and pachislot market continues to shrink. Weak Results, Financial Profile Deterioration: UE's 2024 results were weaker than Fitch anticipated, with lower EBITDAR reflecting delayed AE launches, intensified cost pressure and a significant drop in VIP demand at the Okada Manila. The company's adjusted leverage has increased and coverage metrics have weakened, although mitigated by cost containment and limited capex. Modest Growth Appetite; Acquisition Risks: The completion of major construction at the Okada Manila has reduced capex requirements, supporting its forecast of positive free cash flow, albeit at lower levels than Fitch previously anticipated. Fitch expects UE to manage shareholder returns in line with business performance. However, Fitch believes a renewed appetite for acquisitions would have an adverse impact on the company's financial profile if funded by a mix of debt and cash. Debt Structure Supports Financial Flexibility: UE faces no significant refinancing requirements until August 2029, following the successful refinancing of its December 2024 maturities with USD800 million in new financing. Peer Analysis Macao-based gaming operator SJM Holdings Limited (BB-/Stable) and UE are both geographically concentrated, but SJM Holdings is rated at a higher level as it is much larger in terms of revenue. US regional gaming operator Bally's Corporation (B-/Rating Watch Negative) is comparable with UE in terms of revenue and profitability, but UE has lower leverage than Bally's. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer - Revenue to grow by an average of 2.5% from 2025 to 2028. - EBITDA margin to average 17.5% in 2025-2028. - Annual capex of JPY8 billion from 2025 to 2028. - Annual cash dividends of JPY2.4 billion from 2025 to 2028. Recovery Analysis Key Recovery Rating Assumptions Fitch believes it is more appropriate to derive the recovery rating for UE's senior notes based on the post-restructuring cash flow from its Japan-based operations only. This is due to the challenges offshore bondholders may face in accessing the residual value of UE's Philippine casino assets in the event of bankruptcy, when local banks hold senior claims. The approach also accounts for the Philippines' classification as a Category D country in Fitch's Country-Specific Treatment of Recovery Ratings Criteria and that the security for noteholders is merely a pledge related to UE's interest in a Hong Kong-based intermediary holding company, rather than the tangible assets of the Philippine casino business. Under this approach, Fitch assumes the issuer would be restructured as a going-concern (GC) with 10% administrative expenses. Its conservative estimate of GC EBITDA for UE's Japanese operations is JPY8 billion, incorporating a substantial discount to its pro forma EBITDA (excluding IR operations) under its base-case scenario due to regulatory risks and transient consumer preferences driving product demand. Fitch believes an enterprise value (EV) multiple of 4x, applied to GC EBITDA to derive a post-reorganisation EV, is appropriate for UE, reflecting the weak long-term growth prospects of the pachinko or pachislot markets. These assumptions result in a recovery rate within the 'RR4' range for the senior secured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Inability to stabilise the IR operations and increase consolidated EBITDA generation - EBITDAR fixed-charge coverage sustained below 1.5x Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The Outlook will be revised to Stable if the negative sensitivities are not met. Liquidity and Debt Structure UE reduced liquidity by end-2024 due to debt refinancing in August 2024, the commencement of dividend payments and lower business volume and revenue in 2024. Liquidity remained low at JPY21.2 billion at end-1Q25. UE's core businesses, including AE and IR, in principle do not require working capital. The company does not have any significant investment plans or capex commitments. The company also does not need significant cash on hand, but financing costs are high relative to its tight free cash flow generation. EBITDAR fixed-charge coverage fell below 2x, a mid-point for its 'b' financial flexibility score, at end-2024. Fitch expects a gradual recovery, but coverage is likely to remain low unless the company turns its business operations around. Issuer Profile UE is a Japanese gaming equipment manufacturer listed on the Tokyo Stock Exchange. The company's two segments are AE, which develops, manufactures and sells pachislot and pachinko machines, and IR, which operates the Manila Okada, a casino resort in Entertainment City in Manila, the Philippines. 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 UE has an ESG Relevance Score of '4' for Governance Structure due to ownership being concentrated in the hands of the founding family and disputes with its founder and former chairman Kazuo Okada. These have a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Universal Entertainment Corporation LT IDR B- Affirmed B- senior secured LT B- Affirmed RR4 B- =============== M A L A Y S I A =============== PESTEC INT'L: Auditor Raises Going Concern Doubt ------------------------------------------------ The Edge Malaysia reports that Pestec International Bhd said its external auditor has expressed its unqualified audit opinion with a material uncertainty related to the group's ability to continue as a going concern. Messrs Grant Thornton Malaysia PLT's opinion is related to the group's audited consolidated financial statements for the financial period ended March 31, 2025 (AFS 2025), highlighting that the group incurred a net loss of MYR341.5 million and the company a net loss of MYR257.3 million during the period, the engineering company said in a bourse on August 1, The Edge relates. Grant Thornton Malaysia also highlighted that Pestech's total current liabilities exceeded its current assets by MYR26.49 million, while the company's total current liabilities exceeded current assets by MYR114.36 million. These conditions have raised significant doubt about the group and the company's ability to continue as going concerns, the auditor said. The auditor added that the ability of the group and of the company to continue as a going concern are highly dependent on their ability to generate sufficient cash flows to meet their obligations; the continuous financial support provided by the financial institutions, creditors and holding company; and continuous effort in tendering and securing profitable projects. "If these are not forthcoming, the group and the company may be unable to realise their assets and discharge their liabilities in the normal course of business," it noted. Nonetheless, the board of Pestec believes the group and the company will be able to continue operating, saying that "the holding company has agreed to provide continuing financial support for them to meet its liabilities as and when they fall due." Pestec's largest shareholder is Dhaya Maju Infrastructure (Asia) Sdn Bhd, who holds a 61.39% stake in the listed company. It also indicated the steps taken to address key audit matters related to the material uncertainty related to a going concern. During the financial period, Pestec had raised MYR160 million via a restricted issue of 1.33 billion new shares to support its funding requirement. This was followed by another MYR27.81 million raised from an additional restricted issue of 231.79 million shares after the financial period. The proceeds were used to repay bank borrowings, operational requirements and working capital management, it noted. Additionally, Pestec also implemented a court-approved scheme of arrangement to waive debts, which was completed on May 26, 2025, according to The Edge. It added that the management is in active discussions with financial institutions to secure credit facilities, and has implemented a working capital strategy aligning project cash inflows with operational outflows, The Edge relates. This includes proactive engagement with its principals and customers to expedite the finalisation of progress payments without unnecessary delays. Furthermore, the group continues to receive financial support from other creditors and institutions, including structured payment plans with key creditors to distribute near-term obligations over an extended period. Pestech International Berhad -- https://pestech-international.com/ -- is a Malaysia-based electrical power technology company. The Company is principally engaged in the business of investment holding, general trading and provision of management service. The Company operates in two business segments: Investment and Engineering, Procurement and Construction and Commissioning (EPMCC). The Investment segment includes investment and property holding. PHARMANIAGA BHD: Completes Private Placement and Rights Issue ------------------------------------------------------------- The Star reports that Pharmaniaga Bhd has completed a rights issue and a regularisation plan, allowing the company to remain on track to exit its PN17 status by the first quarter of 2026. In a statement, the company said a total of 3.46 billion renounceable rights shares were fully subscribed, with an oversubscription rate of 26.14%, reflecting strong support and confidence from existing shareholders, The Star relates. "Meanwhile, the private placement exercise attracted 19 new investors, involving 1.66 billion placement shares at a total value of MYR223.7mil." Despite this new equity injection, Pharmaniaga said Lembaga Tabung Angkatan Tentera and Boustead Holdings Bhd remain the group's major shareholders at an aggregate shareholding of 43.9%, each holding 8.7% and 35.2% equity stake respectively, The Star relays. "Pharmaniaga remains a government-linked company, with continued emphasis on national interest and the well-being of the Malaysian Armed Forces." According to The Star, Pharmaniaga managing director Datuk Zulkifli Jafar said the oversubscription of the rights issue reflects "deep market recognition of our business fundamentals, recovery plan and leadership." "The group also views the participation of the 19 new institutional and reputable investors in the private placement exercise as a clear endorsement, that aligns with our broader objective of contributing to Malaysia's healthcare resilience and pharmaceutical self-sufficiency, a shared national aspiration," the report quotes Mr. Zulkifli as saying. As both fundraising exercises have been completed, the group is set to conclude the final phase of its regularisation plan, the capital reduction exercise which is targeted for completion by mid-August 2025, The Star notes. "This marks a major step forward in Pharmaniaga's recovery and efforts to exit PN17 status by the first quarter of 2026," said Mr. Zulkifli. He added that this strengthened balance sheet enables the group to reduce borrowings and scale up our operations, especially in high-impact areas such as development of human insulin, vaccines and other generic drugs. "We are currently advancing the development of Malaysia's first locally owned insulin and vaccine production facilities." About Pharmaniaga Pharmaniaga Berhad is an investment holding company. The Company is principally engaged in the research and development, manufacturing of generic drugs and medical devices, logistics and distribution, sales, and marketing, as well as community pharmacy. It was reported in February 2023 that Pharmaniaga had been classified as an affected listed issuer under PN17. The pharmaceutical company said it had triggered the PN17 criteria pursuant to its audited consolidated financial statements for the period ended Dec. 31, 2022. ===================== N E W Z E A L A N D ===================== AURORA DEVELOPMENTS: Court to Hear Wind-Up Petition on Sept. 19 --------------------------------------------------------------- A petition to wind up the operations of Aurora Developments Limited will be heard before the High Court at Auckland on Sept. 19, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on July 11, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 KERVIL DEVELOPMENT: Court to Hear Wind-Up Petition on Sept. 19 -------------------------------------------------------------- A petition to wind up the operations of Kervil Development Limited will be heard before the High Court at Auckland on Sept. 19, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on July 11, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 LITTLE AND FRIDAY: Had NZD640K Tax Bill Before Liquidation ---------------------------------------------------------- Sam Smith at Stuff.co.nz reports that the owner of a popular Auckland cafe had a NZD640,000 tax bill when she closed the doors for good earlier this year. The first liquidator's report into Little and Friday's closure shows that owner Kim Evans owed creditors NZD1.4 million, Stuff discloses. Documents seen by Stuff show that unsecured creditors, including ASB Bank, were owed NZD763,391.76, while the Inland Revenue Department was owed NZD639,389.19. In the report, the Official Assignee said attempts to contact Ms. Evans have been unsuccessful, and they had received no response to any correspondence, Stuff relays. They said they have made formal requests to the company's possible accounting providers for copies of their financial statements and other relevant records, while a request has also been sent to the company's bank to obtain account statements. According to Stuff, the liquidator will seek to interview the director and obtain the company's records, including a completed Statement of Affairs, to assess the company's assets and liabilities. A full investigation will be undertaken to determine whether there are any additional assets to realise, shareholder current accounts to recover, or irregular transactions that may be subject to clawback. Ms. Evans closed the last of her three Little and Friday stores in May after 20 years in hospitality in Auckland. At the time, she told Stuff she was "deeply saddened" at having to close after many years of "trying to soldier through". The closure of her Ponsonby store was foreshadowed by the closure of her Newmarket store in 2024 and her Takapuna store in early 2025. In March, Ms. Evans told The Post she had already had to let go of her Ponsonby staff and was working seven days a week, starting at 4:00 a.m., to keep the shop running, Stuff relays. "That's what I've been doing to save the business because the turnover has dropped so much in this last period, it's not sustainable any more. I'm done. I'm toast . . . it's kind of surreal," she said. Ms. Evans blamed tough trading conditions in hospitality for the closure of her business, but also pointed to a heavy-handed approach from her landlord at the Takapuna address, Stuff adds. NEW ZEALAND AND AUCKLAND: Creditors' Proofs of Debt Due on Sept. 1 ------------------------------------------------------------------ Creditors of New Zealand and Auckland Developments 2000 Limited (previously known as NZ Homes 2024 Limited) are required to file their proofs of debt by Sept. 1, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 23, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 SPHERE 12: Creditors' Proofs of Debt Due on Aug. 25 --------------------------------------------------- Creditors of Sphere 12 Limited are required to file their proofs of debt by Aug. 25, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 28, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 XIAO PROJECT: Placed in Liquidation ----------------------------------- Grant Reynolds of Reynolds & Associates on July 28, 2025, were appointed as liquidator of Xiao Project Management Limited and Yangsen Project Limited. The liquidator may be reached at: Grant Reynolds Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 ================= S I N G A P O R E ================= ECONILI BATTERY: Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on July 14, 2025, to wind up the operations of Econili Battery Pte. Ltd. United Forever Limited filed the petition against the company. The company's liquidators are: Mr. Abuthahir s/o Abdul Gafoor Ms. Yessica Budiman AAG Corporate Advisory 11 Collyer Quay #07-02 The Arcade Singapore 049317 ENERGY SOURCES: Court to Hear Wind-Up Petition on Aug. 15 --------------------------------------------------------- A petition to wind up the operations of Energy Sources Investment Pte. Ltd. will be heard before the High Court of Singapore on Aug. 15, 2025, at 10:00 a.m. PF Advisory (Sea) Pte. Ltd. filed the petition against the company on July 21, 2025. The Petitioner's solicitors are: Bayfront Law LLC 79 Robinson Road #14-01 Singapore 068897 JGEC PTE: Court to Hear Wind-Up Petition on Aug. 15 --------------------------------------------------- A petition to wind up the operations of JGEC Pte. Ltd. will be heard before the High Court of Singapore on Aug. 15, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on July 22 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 LNG EASY : Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on July 18, 2025, to wind up the operations of LNG Easy (S) Private Limited. Shanghai Hengda (Jituan) Youxian Gongsi filed the petition against the company. The company's liquidators are: Mr. Tan Wei Cheong Mr. Lim Loo Khoon c/o Deloitte & Touche LLP 6 Shenton Way, #33-00 OUE Downtown Singapore 068809 TBEAUTY SERANGOON: Court Enters Wind-Up Order --------------------------------------------- The High Court of Singapore entered an order on July 18, 2025, to wind up the operations of Tbeauty Serangoon Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 [] SINGAPORE: Liquidations Hit 5-Year High in First Half of 2025 ---------------------------------------------------------------- ChannelNews Asia reports that a growing number of businesses are going belly up in Singapore, with more companies being liquidated in the first half of 2025 than in the same period in the last five years. From January to June this year, 187 firms were forced by the courts to wind up. This is up from 146 in the same period last year and 95 the year before, CNA discloses citing the latest statistics from the Ministry of Law. Singapore also hit a 15-year high in the number of compulsory liquidations - 307 – last year. Licensed asset recovery firms told CNA they have seen a significant rise in businesses buckling under the weight of debt, unable to pay their lenders and clients. They said liquidation remains the last resort as it typically recovers only a fraction of the amount owed - sometimes as low as 10 per cent. The process involves a company's assets being seized and realised, with the resulting proceeds used to pay off its debts and liabilities. Cash flow problems are a key reason why companies go bust, said liquidators and analysts, CNA relays. This means they do not have enough money coming in to cover what they owe, even if they have assets on paper. Businesses also dealt with rising interest rates between 2022 and 2024, with rates beginning to ease only earlier this year. By then, however, many firms had already been hit hard by the withdrawal of COVID-19 government support at the end of 2023 as well as a weak economic year, CNA relays. One debt collector firm, JMS Rogers, said an extreme example it handled was a food supplier that worked with major restaurants in Singapore. "When he approached us, he gave us almost 120 debtors to go after, and the total size of collections was almost S$2.5 million (US$1.9 million) . . . His cash flow was quite badly affected," CNA quotes JMS Rogers' CEO Leroy Frank Ratnam as saying. Debts can range widely from hundreds of dollars to hundreds of thousands, he added. CNA adds that debt collectors and liquidators said the food and beverage industry has been the hardest hit, followed by the interior design and construction sectors. In some cases, employees band together to demand unpaid salaries and bonuses. Commercial landlords also approach Mr. Ratnam's firm to collect rental fees. "A lot of times, we see that the rental deficit has been about four to six months," said Mr. Ratnam, adding that he questions these landlords on why they took so long to take action. "Their belief is that the company will turn around and they'll catch up and improve their cash flow, and once that happens, they will be able to pay," he said. "However, having been in this industry for a very long time, we know that that rarely happens, so we are there to collect." This year, his firm has seen a 20 to 30 per cent increase in cases each month. Some clients constantly return to seek help in clawing back money owed to them by businesses, he added, CNA relays. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***