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250806.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 Wednesday, August 6, 2025, Vol. 28, No. 156 Headlines A U S T R A L I A 1800 LASAGNE: Enters Voluntary Administration 1800 LASAGNE: First Creditors' Meeting Set for Aug. 11 AUSSTRADE PTY: First Creditors' Meeting Set for Aug. 12 CYPRUS COMMUNITY: Members Clash With EY Over AUD55MM Property Sale DELBAKE PTY: First Creditors' Meeting Set for Aug. 13 EZYMED PACKING: Second Creditors' Meeting Set for Aug. 11 FLEET REPAIRS: Second Creditors' Meeting Set for Aug. 11 INTERNATIONAL FASHION: Owes AUD10.3MM, Administrators' Report Show PEPPER ASSET NO. 1: Fitch Affirms 'BB-sf' Rating on Class F Notes [] AUSTRALIA: Manufacturing Collapse Threatens Thousands of Jobs C H I N A COUNTRY GARDEN: Seeks Delay of Wind-Up Case to Later This Year I N D I A BHUSHAN POWER: SC Recalls Order Rejecting JSW's Sale Deal CHINSURAH COLD: CRISIL Lowers Long/Short Term Ratings to D DWARKADHISH UDYOG: CRISIL Keeps D Debt Rating in Not Cooperating GALAXY MACHINERY: CRISIL Keeps D Debt Ratings in Not Cooperating GARHWAL VENTURES: CRISIL Keeps B- Debt Ratings in Not Cooperating GAURAV BHARTI: CRISIL Keeps D Debt Rating in Not Cooperating GEMUS ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating GENXT MOBILE: CRISIL Keeps B Debt Ratings in Not Cooperating GEO CONNECT: CRISIL Keeps B- Debt Ratings in Not Cooperating GLOBAL MERCANTILE: CRISIL Keeps B- Debt Rating in Not Cooperating GOLDENYELLOW PAPER: CRISIL Keeps B Ratings in Not Cooperating GOLDSTAR POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating GOPINATH DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating GREESHMAM RESORTS: CRISIL Keeps D Debt Rating in Not Cooperating H.S. RAMESH: CRISIL Keeps D Debt Ratings in Not Cooperating HAJI SHEIK: CRISIL Keeps D Debt Ratings in Not Cooperating INTEGRATED ELECTRIC: CRISIL Keeps C Ratings in Not Cooperating KERALA TRANSPORT: CRISIL Keeps D Debt Ratings in Not Cooperating LAVASA CORP: Yogayatan Group Raises Bid to INR795cr PARAMESHWARI PROJECTS: CRISIL Keeps D Ratings in Not Cooperating SAISREE ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating SANKAR COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating SATELLITE CABLES: CRISIL Keeps D Debt Ratings in Not Cooperating SHANKER COTGIN: CRISIL Keeps D Debt Ratings in Not Cooperating SHATABDI SHIKSHA: CRISIL Keeps D Debt Rating in Not Cooperating SKYHIGH HOSPITALITY: CRISIL Keeps D Rating in Not Cooperating STAR AQUA: CRISIL Keeps D Debt Ratings in Not Cooperating SUPER INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating SUPRIYA COTEX: CRISIL Keeps D Debt Ratings in Not Cooperating SWADESHI ALUMINIUM: CRISIL Keeps D Debt Rating in Not Cooperating M A L A Y S I A SAPURA ENERGY: Rebrands as Vantris Energy Amid PN17 Recovery Push N E W Z E A L A N D BHAVISHYA SUNKARA: Creditors' Proofs of Debt Due on Aug. 31 NORTH CONSTRUCTION: Court to Hear Wind-Up Petition on Aug. 11 UNIVERSAL REALTY: Creditors' Proofs of Debt Due on Aug. 27 YASA LIMITED: Creditors' Proofs of Debt Due on Aug. 25 ZICO LIMITED: Court to Hear Wind-Up Petition on Aug. 11 [] NEW ZEALAND: Consumer Debt Issues Down, But Liquidations Up S I N G A P O R E AVIATION PLC: Fitch Assigns 'B' Long-Term IDR, Outlook Stable CCL PRECAST: Commences Wind-Up Proceedings DISNEY FTC: Creditors' Proofs of Debt Due on Aug. 30 LPS CONSTRUCTION: Court Enters Wind-Up Order PERFECT DAY: Creditors' Proofs of Debt Due on Aug. 31 PROOF & COMPANY: Creditors' Meetings Set for Aug. 14 - - - - - ================= A U S T R A L I A ================= 1800 LASAGNE: Enters Voluntary Administration --------------------------------------------- Tegan Jones at SmartCompany reports that Melbourne restaurant 1800 Lasagne has entered voluntary administration, with external administrators appointed on July 30. SmartCompany says the business was founded by Joey Kellock during Melbourne's 2020 COVID-19 lockdowns as a pasta and wine delivery service. Initially operating from his home kitchen, Mr. Kellock delivered lasagne trays across the city's inner north, gaining attention through the brand's retro design and hotline-style phone number. Later that year, 1800 Lasagne opened a bricks-and-mortar venue on High Street in Thornbury. SmartCompany relates that the restaurant offers a small-format menu focused on lasagne, wine, and cocktails, and developed a strong local following. In 2023, the restaurant received a chef's hat in The Age Good Food Guide. In in the same year, Mr. Kellock announced plans to expand the business, signing leases for two additional venues on High Street in Northcote: 1800 La‑Sanga (later renamed Cinque!), a sandwich shop, and Dopolavoro, a music‑focused wine bar. Both venues were originally slated to open in 2023. While their opening dates appeared to be pushed back to 2024, there is no public evidence either venue ever commenced trading, according to SmartCompany. On July 30, Todd Gammel and Matthew Levesque-Hocking of HLB Mann Judd were appointed as administrators for 1800 Lasagne, SmartCompany discloses. The administrators told SmartCompany on August 5 that difficult trading conditions weighed on the restaurant. Under-capitalisation combined with cost-of-living pressures "led to trading losses, failed expansion plans, historical tax liabilities and an inability to fund the costs of restructure," they said. The administrators also stated that suppliers have been supportive of the business. According to SmartCompany, the administrators confirmed that 1800 Lasagne continues to trade under an operating licence with an entity related to the director and shareholders. A campaign to sell the business's assets is being prepared, and expressions of interest have already been received. "[We] understand the Director and shareholders have a restructure plan that they are also exploring," the administrators said. A first meeting of creditors will be held on August 11 at 11:30 a.m. in Melbourne, adds SmartCompany. 1800 LASAGNE: First Creditors' Meeting Set for Aug. 11 ------------------------------------------------------ A first meeting of the creditors in the proceedings of 1800 Lasagne Bar Pty Ltd will be held on Aug. 11, 2025 at 11:30 a.m. at the offices of GPT Space&Co, at 181 William Street, in Melbourne, VIC, and via virtual meeting technology. Todd Gammel and Matthew Levesque-Hocking of HLB Mann Judd were appointed as administrators of the company on July 30, 2025. AUSSTRADE PTY: First Creditors' Meeting Set for Aug. 12 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Ausstrade Pty. Ltd. will be held on Aug. 12, 2025 at 10:00 a.m. via virtual meeting technology. Terrence John Rose and Matthew Charles Hudson of SV Partners were appointed as administrators of the company on July 31, 2025. CYPRUS COMMUNITY: Members Clash With EY Over AUD55MM Property Sale ------------------------------------------------------------------ Jennifer Shahin at SkyNews.com.au reports that a heated meeting on July 29 saw Cyprus Community of NSW members accuse administrators of selling the club "from under them" after confirming the AUD55 million deal with developer Conquest. SkyNews.com.au relates that the nearly one-hectare Stanmore property was sold without a member vote, with administrators claiming the Corporations Act gives them power to proceed during voluntary administration. Members protested outside with signs reading "Our heritage not for sale" and "We built this not you", demanding EY stop interfering in community decisions. According to SkyNews.com.au, administrator Morgan Kelly said the sale was essential to pay off over AUD20 million in debt, arguing the deal was the best commercial option after assessing seven offers. The full AUD55 million will be paid by mid-2026, with proceeds to be placed in a trust for a future club purchase, while temporary venues are being arranged for community activities. Members questioned why redevelopment proposals like a 99-year lease were not pursued, and criticised the lack of transparency around bidders and the property steering committee. Tensions also flared over the absence of board elections, which EY blamed on past court injunctions. "I already have the right (to sell the property as an administrator). That's already there. The court process is orders confirming that administrator order," SkyNews.com.au quotes Mr. Kelly as saying. SkyNews.com.au says the Stanmore clubhouse is also set to close by August 30 due to a fire safety order by the Inner West Council, with Kelly saying the site is no longer legally fit to operate without costly upgrades. Overall, Mr. Kelly revealed that financially the community's debt rose from AUD12 million to over AUD20 million in one year, worsened by legal battles and delays caused by internal disputes, making the administrators take this decision, SkyNews.com.au relays. David A Kennedy and Morgan Kelly of Ernst & Young were appointed as administrators of Cyprus Community of N.S.W. Limited on Sept. 24, 2024. DELBAKE PTY: First Creditors' Meeting Set for Aug. 13 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Delbake Pty. Ltd. will be held on Aug. 13, 2025 at 3:00 p.m. at the offices of Worrells, at Level 14, 570 Bourke Street, in Melbourne, Vic, and via virtual meeting technology. Con Kokkinos of Worrells was appointed as administrators of the company on Aug. 1, 2025. EZYMED PACKING: Second Creditors' Meeting Set for Aug. 11 --------------------------------------------------------- A second meeting of creditors in the proceedings of Ezymed Packing Systems Pty Ltd has been set for Aug. 11, 2025, at 11:00 a.m. via virtual facilities. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 8, 2025 at 5:00 p.m. Kathryn Warwick and David McGrath of FTI Consulting were appointed as administrators of the company on July 7, 2025. FLEET REPAIRS: Second Creditors' Meeting Set for Aug. 11 -------------------------------------------------------- A second meeting of creditors in the proceedings of Fleet Repairs & Maintenance Pty Ltd has been set for Aug. 11, 2025, at 12:00 p.m. at the offices of HM Advisory, at Level 12, 503 Kent Street, in Sydney, NSW, and via virtual meeting technology. 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. 8, 2025 at 5:00 p.m. Cameron Hamish Gray and Adam Shepard of HM Advisory were appointed as administrators of the company on July 7, 2025. INTERNATIONAL FASHION: Owes AUD10.3MM, Administrators' Report Show ------------------------------------------------------------------ Ragtrader reports that a multi-brand fashion house headquartered in South Australia has collapsed owing AUD10 million in liabilities. This comes a month after Brent Kijurina and David Trim from Hall Chadwick were appointed as administrators of International Fashion Labels Pty Ltd (IFL), the local parent company of fashion brands such as Keepsake, Finders Keepers, The Fifth, C/MEO Collective and online retailer BNKR. This is not the first time these brands have faced administration, having collapsed in early 2021. According to the administrators' report, obtained by Ragtrader through ASIC, the business collapsed owing AUD10.3 million in total liabilities, including AUD9.73 million to secured creditors and just over AUD600,000 to unsecured creditors. The report added that no entitlements are owing to staff. The highest secured creditor – being International Fashion Group Pty Ltd, IFL's parent company – is owed AUD4.9 million, Ragtrader relays. This is followed by AUD4.8 million in total liabilities owed across five other related parties. Of the unsecured creditors, the Australian Taxation Office is owed the most at AUD460,742.43. Other unsecured debts include AUD8,500 to its BNKR subsidiary and around AUD20,000 to global forecasting firm WGSN. According to the report, IFL director Toby Yap cited several reasons why the company faltered, Ragtrader relays. This includes claims of significant supplier issues impacting the sourcing of stock, an increase in operating costs, poor management of supplier relationships, and an industry downturn due to geopolitical tensions between Australia and China, where suppliers are based. Yap also alleged there was mismanagement of the company's assets by a former CEO. The administrator added that his preliminary investigations into the affairs of the company also indicate that the failure may be attributed to poor strategic management of business, cancellation of wholesale orders due to supplier issues, trading losses resulting in insufficient working capital and liquidity constraints, and deteriorating working capital. The latest accounts listed in the report show IFL went from earning AUD4.39 million in FY23 to just AUD221,057 in FY24, and reporting negative revenue of AUD118 in FY25. FY23 saw the largest operating loss of AUD3.54 million, Ragtrader discloses. Ragtrader relates that the reason for the drop in revenue is because the company paused its operations sometime in 2023 and has been inactive since. Following their preliminary investigation, administrators also indicated possible breaches by IFL under the Corporations Act. This includes allegations of insolvent trading, which the administrators have tabled to the corporate watchdog ASIC. According to Ragtrader, a meeting was held on August 5, with IFL director Yap tabling a deed of company arrangement (DOCA), in which unsecured creditors are expected to get 12.73 cents on the dollar. The administrators are recommending that creditors accept the DOCA proposal by Yap, as it gives a better return compared to a liquidation scenario, in which unsecured creditors would likely get nil. IFL is also facing a winding-up application at the Federal Court of Australia, brought by the Deputy Commissioner of Taxation, with a hearing scheduled for August 6. Ragtrader has reached out to the administrators to learn of the creditors meeting outcome. David Trim and Brent Kijurina of Hall Chadwick were appointed as administrators of the company on July 9, 2025. PEPPER ASSET NO. 1: Fitch Affirms 'BB-sf' Rating on Class F Notes ----------------------------------------------------------------- Fitch Ratings has affirmed Pepper Asset Finance Novated Lease Warehouse Trust No. 1's ratings. The Outlook is Stable. The notes are backed by a pool of first-ranking Australian novated automotive loan receivables originated by Pepper Asset Finance Pty Limited (PAF), a subsidiary of Pepper Money Limited (Pepper). The notes were issued by Pepper Finance Corporation Limited as trustee for Pepper Asset Finance Novated Lease Warehouse Trust No.1. Entity/Debt Rating Prior ----------- ------ ----- Pepper Asset Finance Novated Lease Warehouse Trust No.1 A1-a LT AAAsf Affirmed AAAsf A1-x LT AAAsf Affirmed AAAsf B LT AAsf Affirmed AAsf C LT Asf Affirmed Asf D LT BBBsf Affirmed BBBsf E LT BBsf Affirmed BBsf F LT BB-sf Affirmed BB-sf KEY RATING DRIVERS Stable Historical Performance, Collateral Characteristics: The underlying assets' performance has been in line with Fitch's base-case expectations. The transaction's 30+ and 60+ day arrears at end-June 2025 were 0.58% and 0.17%, respectively, below Fitch's 1Q25 Auto ABS Performance Monitor index 30+ and 60+ day arrears of 1.64% and 0.81%. Losses represent 0.03% of the combined balance of the collateral pool at closing and the balance of additional assets subsequently acquired by the trust. Portfolio-specific default and recovery base-case expectations were based primarily on originator-specific data, but also consider the economic outlook and the availability period of the transaction. As the transaction is still in its availability period, base-case default and recovery expectations reflect PAF's auto ABS origination portfolio. Default and recovery expectations have not changed since the closing of this transaction. The base-case default expectation is 1.10%, with a 'AAAsf' default multiple of 8.0x for both novated electric vehicles (EV) and non-EVs. The recovery base case is 24.0%, with a 'AAAsf' recovery haircut of 60.0%, for EVs and 35.0%, with a 'AAAsf' recovery haircut of 50.0%, for non-EVs. Tight Labour Market Supports Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 1.3% for the year to March 2025 and unemployment was 4.3% in June 2025. Fitch forecasts GDP growth of 1.8% in 2025, rising to 2.1% in 2026, with unemployment at 4.3% in 2025 and decreasing to 4.2% in 2026. Credit Enhancement Supports Ratings: Structural features include a liquidity facility sized at 1.5% of the invested amount of the notes (other than the class G notes), which is sufficient to mitigate Fitch's payment interruption risk. Updated cash flow analysis was not performed as none of the variables affecting transaction performance have materially changed subsequent to closing. The transaction's availability period ends in February 2026, with an option to extend. The transaction is bound during this period by stop origination event triggers to mitigate risk from potential losses. Included, among other triggers, is a pool parameter trigger that ensures the availability of sufficient asset yield. During amortisation, principal is initially paid sequentially from class A to G notes. Class A to F notes will receive principal repayments pro rata upon the satisfaction of the step-down criteria. The non-amortising G notes will ensure credit enhancement as a percentage increases over the pro rata period for the rated notes. The step-up margin of the class A1-a and A1-x notes is subordinated below losses if a stop origination event is subsisting and is excluded from the notes' rating assessment. Non-payment of the step-up margin will not constitute an event of default, as outlined in the transaction documents. Low Operational and Servicing Risk: All receivables were originated by PAF, which demonstrates adequate capability as originator and underwriter. Pepper exhibits appropriate competence as servicer. Pepper is not rated by Fitch. Servicer disruption risk is mitigated by back-up servicing arrangements. The nominated backup servicer is BNY Trust Company of Australia Limited. Fitch undertook an operational and file review and found that the operations of the originator and servicer were comparable with those of other auto and equipment lenders. The key rating drivers listed in the applicable sector criteria, but not mentioned above, are not material to this rating action. Energy Management: There is limited credit performance data for EVs and available market data show notable differences in recoveries between EVs and non-EVs. The transaction's portfolio parameters do not include a cap on the concentration in EVs. EVs form 38.2% of the collateral pool; however, Fitch has stressed the EV concentration to 100% due to the absence of a specific pool parameter and the transaction being a novated lease warehouse. The stressed concentration has a negative impact on the assessed credit profile of the transaction and results in a rating impact. This leads to Fitch's Energy Management ESG Relevance Score of '5' for this transaction. Fitch's analytical approach for this transaction was not adjusted purely due to the green nature of the underlying collateral, but Fitch references available market data for EVs to determine its recovery assumptions. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce the credit enhancement available to the notes. Unanticipated increases in the frequency of defaults could produce loss levels higher than Fitch's base case and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. Fitch stresses the recovery rate to isolate the effect of a change in recovery proceeds at the borrower level. Fitch's previous downgrade rating sensitivities for this transaction were discussed in Fitch Assigns Ratings to Pepper Asset Finance Novated Lease Warehouse Trust No.1, published 5 September 2024. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Fitch's previous upgrade rating sensitivities for this transaction were discussed in Fitch Assigns Ratings to Pepper Asset Finance Novated Lease Warehouse Trust No.1, published 5 September 2024. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Prior to the transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch for this transaction. As part of its ongoing monitoring, Fitch reviewed a small targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Pepper Asset Finance Novated Lease Warehouse Trust No.1 has an ESG Relevance Score of '5' for Energy Management, which has a negative impact on the credit profile, and is highly relevant to the rating, resulting in a rating impact. The score is higher than the baseline ESG Relevance Score of '2' (no impact) for this general issue in the Australian auto sector. There is limited credit performance data for EVs, and available market data show notable differences in recoveries between EVs and non-EVs. Fitch's analytical approach for the transaction, in which EVs form 38.2% of the pool but the EV concentration was stressed to 100% in Fitch's modelling in the absence of a specific pool parameter, was not adjusted purely due to the green nature of the underlying collateral, but Fitch references available market data for EVs to determine its recovery assumptions. 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. [] AUSTRALIA: Manufacturing Collapse Threatens Thousands of Jobs ---------------------------------------------------------------- Amelia Swan at news.com.au reports that thousands of Australian manufacturing jobs, particularly in regional areas, face significant risk as China intensifies investments to bolster its own manufacturing industries, a new report warned. According to news.com.au, the research by the McKell Institute reveals approximately 73,000 jobs in Australian regions reliant on refining and smelting metals are vulnerable. The report highlights the town of Port Pirie in South Australia, where state ministers have called for a federal bailout to save its lead smelter, a crucial local employer. If the smelter closes, the report estimates the town's population could drop by around 2,000 people, roughly 11 per cent, as economically productive residents and their families relocate, news.com.au relates. "South Australia simply cannot afford to lose industrial anchors such as the Port Pirie smelter – anchors that have sustained regional communities for generations," news.com.au quotes McKell Institute chief executive Ed Cavanough as saying. "Our analysis shows that if the Port Pirie smelter were to close, the town's population could drop by around 2,000 people - that's 11 per cent – in the first year alone." The report claims China's "aggressive" industrial subsidisation, now likely exceeding its defence spending, is a major driver behind the mounting pressure on Australia's refined metals sector. In 2019, China invested an estimated AUD407 billion in industrial subsidies, enabling it to produce refined metals at significantly lower costs and flood global markets with cheap products, the report said, news.com.au relays. "In the short-term, China's geoeconomic strategy is designed to onshore as much global heavy industrial capacity as possible," Mr. Cavanough said. "In the longer-term the strategic goal is limiting the viability of critical manufacturing in competitor economies, including Australia. "This would create a huge long-term economic advantage for China, and hobble Australia's industrial capacity." News.com.au adds that Mr. Cavanough said other nations are actively responding to these challenges while Australia's current approach of reacting plant by plant is unsustainable. "Currently, the government is playing industrial whack-a-mole – working with individual refiners to preserve individual plants as they come under threat," he said. The report urges the Albanese Government to develop a cohesive national strategy to safeguard communities reliant on the industry. ========= C H I N A ========= COUNTRY GARDEN: Seeks Delay of Wind-Up Case to Later This Year -------------------------------------------------------------- Bloomberg News reports that Country Garden Holdings plans to ask Hong Kong's High Court to delay its liquidation case until later this year, people familiar with the matter said, a move that would give the Chinese developer more time to work on its restructuring. Bloomberg relates that the company intends to apply for the adjournment this week and will need its creditors to provide a letter of support for the schedule change, according to the people. The next hearing in the case was originally set to be held on Aug. 11, according to Bloomberg. It will be up to the court to decide whether to grant an adjournment and for how long. Once China's largest developer by contracted sales, Country Garden has been in talks with creditors to restructure US$14.1 billion of offshore debt since it defaulted in 2023. The pressure to reach a deal has been mounting as the liquidation proceedings progress, and as China's years-long property crisis drags on. Last month, Country Garden agreed to some restructuring terms that key bank creditors had demanded, Bloomberg News reported, potentially resolving issues the group had said could be a "deal breaker." Bloomberg says the next step would be for banks to sign on to the broader restructuring deal. To get its restructuring deal approved, Country Garden needs support from three-quarters of debt holders in two individual groups – bank lenders and bondholders, Bloomberg notes. It has said that it has backing from holders of 70 per cent of bonds, but even if it gets more from that class, it still needs bank creditors to get on board to pass the plan through a "scheme of arrangement" procedure. The builder said previously that it is aiming to complete the offshore restructuring in December, Bloomberg adds. About Country Garden Holdings Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. The developer defaulted on US$11 billion of offshore bonds last year and is in the process of an offshore debt restructuring. ========= I N D I A ========= BHUSHAN POWER: SC Recalls Order Rejecting JSW's Sale Deal --------------------------------------------------------- Bloomberg News reports that India's top court on July 31 recalled its previous verdict that rejected the sale of Bhushan Power and Steel Ltd. to JSW Steel Ltd. through a debt-resolution process and ordered its liquidation. A two-judge bench headed by the Chief Justice of India B. R. Gavai pondered if the top court should have interfered in the revival plan which had secured seals of approval from bankruptcy tribunals as well as a committee of creditors. Liquidating Bhushan Power at a time when it has been revived into a healthy company will also be an injustice to the thousand of its workers, the judges observed during the hearing on July 31, Bloomberg relates. According to Bloomberg, the court said that this was a fit case where the judgment needs to be recalled and will hear the case afresh on Aug. 7. Under Indian legal system, a review of the top court's ruling can only be sought on grounds of apparent errors. Bloomberg says the decision came after the Supreme Court heard review petitions filed by JSW as well as the lenders of Bhushan Power who sought a reconsideration of the May 2 ruling that had dealt a blow to the steelmaker that counts Bhushan Power as its unit. Bloomberg relates that the recall is a major relief to Sajjan Jindal-owned JSW Steel, which bought Bhushan Power in March 2021 for 197 billion rupees ($2.2 billion). Bhushan Power produced about 1 million tons of crude steel during the December quarter, about 14% of JSW's total output. The unit also accounted for almost 10% of the parent's operating earnings before interest, tax, depreciation and amortization. Taking note of the implications of the judgment in question, the court said that the ruling "does not correctly consider the legal position as has been laid down" in several precedents. "This is a positive outcome for the Insolvency and Bankruptcy Code and the broader framework for stressed asset resolution in India," Bloomberg quotes Pooja Mahajan, head of insolvency and restructuring at law firm Chandhiok & Mahajan, as saying. "The recalled judgment had shaken global investor confidence and dealt a serious blow to legal certainty, unsettling a resolution plan that had been duly approved and successfully implemented, and after the company had been turned around to a profitable and healthy going concern." About Bhushan Power Bhushan Power and Steel Limited manufactures and markets steel products. It offers flat products, such as coated products, galvanized/galvalume, color coated products, cable tapes, and cold rolled products; and long products, including iron making and sponge iron products. The company also provides steel pipes, hollow steel sections, grooved pipes, and carbon steel tubes. Mahendra Kumar Khandelwal was appointed as the IRP in the case under an order passed by the National Company Law Tribunal (NCLT) on July 26, 2017. Bhushan Power, which owes over INR37,000 crore to a consortium of lenders led by Punjab National Bank, was among 12 large companies identified by the Reserve Bank of India against which banks were directed to initiate insolvency proceedings. Barring Era Infra Engineering Ltd, petitions have been admitted in all other cases. As reported in the Troubled Company Reporter-Asia Pacific on March 29, 2021, JSW Steel group on March 26, 2021, closed the INR19,350-crore transaction with lenders to acquire Bhushan Power, bringing down the curtain on a corporate insolvency resolution process (CIRP) that has stretched over three-and-a-half years. Business Standard said the transaction was funded through a mix of equity and debt. As part of the payment, a sum of INR8,614 crore in Piombino Steel (PSL) was arranged through a mix of equity, optionally convertible instruments and debt. Of this, INR8,550 crore was invested in a special purpose vehicle (SPV), Makler, the bidding company. The remaining INR10,800 crore was funded through debt. JSW informed the stock exchanges that following the implementation of the resolution plan, which included payment of INR19,350 crore to financial creditors of BPSL and the merger of the SPV, PSL holds 100 per cent equity shares in BPSL. Seshagiri Rao, joint managing director and chief financial officer, JSW Steel, said the company took charge of the asset on March 26, according to Business Standard. In early May 2025, the Supreme Court initially nullified JSW Steel's acquisition and directed the liquidation of the debt-laden company, but later put the liquidation process on hold. CHINSURAH COLD: CRISIL Lowers Long/Short Term Ratings to D ---------------------------------------------------------- CRISIL Ratings has downgraded its ratings on bank facilities of Chinsurah Cold Storage - Prop Bansidhar Agarwalla & Company Pvt Ltd (CCS; part of Somnath group) to 'Crisil D/Crisil D Issuer Not Cooperating' from 'Crisil B+/Stable/Crisil A4 Issuer Not Cooperating' Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with CCS for obtaining information through letter and email dated August 12, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of CCS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on CCS is consistent with 'Assessing Information Adequacy Risk'. Based on the best available information, CRISIL Ratings has downgraded its ratings to 'Crisil D/Crisil D Issuer Not Cooperating' from 'Crisil B+/Stable/Crisil A4 Issuer Not Cooperating' as CCS has defaulted in the repayment of loans to banks or other borrowings from any lender as per information on the public domain The company is engaged in providing cold storage facility to traders and farmers in Burdwan (West Bengal). DWARKADHISH UDYOG: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Shree Dwarkadhish Udyog Private Limited (SDUPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SDUPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SDUPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SDUPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SDUPL continues to be 'Crisil D Issuer not cooperating'. SDUPL is based in Ranchi (Jharkand) and was incorporated in 2012. The company trades in steel, cement, and other construction materials such as electrical items and sanitary ware. It started operations in July 2012. The company is promoted by Mr Amit Sarawgi and Mr Gyan Prakash Sarawgi, who have experience of more than 15 years in trading of steel and cement products. GALAXY MACHINERY: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Galaxy Machinery Private Limited (GMPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (Issuer Not Cooperating) Cash Credit 7 CRISIL D (Issuer Not Cooperating) Letter of Credit 3 CRISIL D (Issuer Not Cooperating) Long Term Loan 1.7 CRISIL D (Issuer Not Cooperating) Proposed Working 7.3 CRISIL D (Issuer Not Capital Facility Cooperating) Crisil Ratings has been consistently following up with GMPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1991 and promoted by Mr S Elango and Mr R Selvaraj, GMPL manufactures CNC machines. GARHWAL VENTURES: CRISIL Keeps B- Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Garhwal Ventures Private Limited (GJJPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL B-/Stable (ISSUER NOT COOPERATING) Long Term Loan 5 CRISIL B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with GJJPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GJJPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GJJPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GJJPL continues to be 'Crisil B-/Stable Issuer not cooperating'. GJJPL was set up by Mr. Jitendra Panwar and Mrs. Jyoti Panwar in April'17 at Rishikesh (Uttarakhand). The company is setting up a gold jewellery manufacturing plant, and will undertake wholesaling and retailing of gold and diamond-studded ornaments. The product portfolio will include rings, necklaces, bangles, bracelets, and earrings. GAURAV BHARTI: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Gaurav Bharti Shiksha Sansthan (GBSS) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GBSS for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GBSS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GBSS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GBSS continues to be 'Crisil D Issuer not cooperating'. GBSS was established in 1994 by Mr. S Gurcharan Singh. The trust runs the Sardar Bhagwan Singh (PG) Institute of Biomedical Sciences & Research. The institute, recognized by the All India Council of Technical Education, is located at Balawala, Dehradun (Uttarakhand). The trust has also opened an engineering college in FY16. GEMUS ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Gemus Engineering Limited (GEL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 Crisil D (Issuer Not Cooperating) Cash Credit 2 Crisil D (Issuer Not Cooperating) Letter Of Guarantee 3 Crisil D (Issuer Not Cooperating) Letter Of Guarantee 1 Crisil D (Issuer Not Cooperating) Term Loan 3.6 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GEL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GEL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GEL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GEL continues to be 'Crisil D/Crisil D Issuer not cooperating'. GEL, set up in August 1996 by Kolkata-based Sharma family, manufactures products cast in ductile iron as per customers' specifications. Its products are primarily used in the railways and water works industries. It commenced commercial production in 2001 and operations are managed by director Mr. Rajeev Sharma. GENXT MOBILE: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Genxt Mobile (GM) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL B/Stable (ISSUER NOT COOPERATING) Channel Financing 10 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with GM for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GM continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2013, GM is a partnership concern, owned by members of the Agrawal family. The firm is the sole distributor of Samsung mobile handsets and accessories. GEO CONNECT: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of GEO Connect Limited (GEO) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11.4 CRISIL B-/Stable (ISSUER NOT COOPERATING) Long Term Loan 5.6 CRISIL B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with GEO for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GEO, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GEO is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GEO continues to be 'Crisil B-/Stable Issuer not cooperating'. Incorporated in August 1999, GEO is a wholly-owned subsidiary of AHCL. The company has three verticals: building maintenance services through Sunrise Estate Management Services, electricity supply through Moonlight Electric Company, and real estate through Geo Connect Ltd: land division. GLOBAL MERCANTILE: CRISIL Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Global Mercantile Private Limited (GMPL) continues to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 15 CRISIL B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with GMPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GMPL continues to be 'Crisil B-/Stable Issuer not cooperating'. GMPL, incorporated in October 1998 and promoted by Mr. Dinesh Kumar Agarwal and Mr. Dilip Kumar Agarwal, is primarily involved in real estate development. GOLDENYELLOW PAPER: CRISIL Keeps B Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Goldenyellow Paper LLP (GPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Bank 1 CRISIL B/Stable (ISSUER NOT Guarantee COOPERATING) Proposed Cash 8 CRISIL B/Stable (ISSUER NOT Credit Limit COOPERATING) Proposed Term Loan 7.28 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with GPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GPL continues to be 'Crisil B/Stable Issuer not cooperating'. GPL was established in 2018 as a limited liability partnership (LLP) by Mr Rajesh Manubhai Koringa, Mr Brijesh Ravindrabhai Patel, Mr Nathalal Andabhai Bhoraniya, and Mr Vallabhbhai Gopalbhai Naraniya. The firm is currently setting up a plant to manufacture kraft paper in Morbi. The plant is expected to be commissioned in October 2019. GOLDSTAR POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Goldstar Polymers Limited (GPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.25 CRISIL D (Issuer Not Cooperating) Cash Credit 7 CRISIL D (Issuer Not Cooperating) Proposed Bank 2 CRISIL D (Issuer Not Guarantee Cooperating) Proposed Cash 2 CRISIL D (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with GPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. GPL was incorporated in 1999 by Mr. Prem Saraogi and his family members. The company is engaged in manufacturing of high density polyethylene (HDPE) containers used in pharmaceutical, and petroleum industry. GPL's manufacturing facility is located in Daman. GOPINATH DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Gopinath Dairy Products Private Limited (GDPPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.9 CRISIL D (Issuer Not Cooperating) Proposed Cash 0.1 CRISIL D (Issuer Not Credit Limit Cooperating) Rupee Term Loan 30.0 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GDPPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GDPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GDPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GDPPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1994 as Glaze Polycoat Pvt Ltd, it was renamed Gopinath Dairy Products Pvt Ltd. The company is promoted by Mr Rajesh Chitalia, Mr Lallubhai Chitalia and Ms Sonal Chitalia. It has set up a plant for processing milk and milk products at Turbhe, Navi Mumbai. GREESHMAM RESORTS: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Greeshmam Resorts Private Limited (GRPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 18.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GRPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GRPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GRPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GRPL continues to be 'Crisil D Issuer not cooperating'. Started in 2010, GRPL is engaged in operation of a hotel & resort by name "Vythri Village" in the Wayanad District of Kerala. The promoter has an experience of more than two decades in similar line of business. The company has a tie up with 65 travel agents including Makemytrip. Vythri is among one of the 50 resorts in Club Mahindra's website. H.S. RAMESH: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of H.S. Ramesh (HSR) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 4 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with HSR for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HSR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HSR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HSR continues to be 'Crisil D/Crisil D Issuer not cooperating'. HSR, set up as a proprietorship firm in 2010 by Mr H S Ramesh. Is engaged in construction and maintenance of roads. The firm is based in Mysuru, Karnataka, and execute orders in the state, where it is registered as a first class contractor. HAJI SHEIK: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Haji Sheik Ismail Educational and Charitable Trust (HSIET) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 10.58 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.42 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with HSIET for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HSIET, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HSIET is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HSIET continues to be 'Crisil D Issuer not cooperating'. HSIET was set up by Mr. Mohamed Jahangeer in 2007. In 2008, the trust set up Haji Sheik Ismail Polytechnic College, which offers polytechnic courses. In 2013, Haji Sheik Ismail Engineering College was established to provide engineering courses. Both these colleges are located in Nagapattinam, Tamil Nadu. INTEGRATED ELECTRIC: CRISIL Keeps C Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Integrated Electric Company Private Limited (IECPL) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3 CRISIL A4 (Issuer Not Cooperating) Cash Credit 2.75 CRISIL C (Issuer Not Cooperating) Letter of Credit 3.5 CRISIL A4 (Issuer Not Cooperating) Proposed Long Term 0.92 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Supplier Line of Credit 5.20 CRISIL A4 (Issuer Not Cooperating) Term Loan 1.63 CRISIL C (Issuer Not Cooperating) Crisil Ratings has been consistently following up with IECPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of IECPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on IECPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of IECPL continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. IECPL, incorporated in 1982, manufactures electrical rotating machines for various industrial applications. The company is promoted by Mr. R Vijayaraghavan and his family. KERALA TRANSPORT: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kerala Transport Company (KTC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3 CRISIL D (Issuer Not Cooperating) Cash Credit 3 CRISIL D (Issuer Not Cooperating) Cash Credit 33 CRISIL D (Issuer Not Cooperating) Cash Credit 6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KTC for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KTC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KTC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KTC continues to be 'Crisil D/Crisil D Issuer not cooperating'. KTC, setup in 1958 and KTCPL setup in 1973, is promoted by Mr P V Chandran and family members. It provides freight transportation services to players in the fast- moving consumer goods, automobiles, paints, and tyres industries all over India. In addition to the logistics business, the firm also owns and operates two Indian Oil Corporation fuel bunks in Calicut, Kerala and provides clearing and shipping services at the Cochin Airport and the Cochin Port. LAVASA CORP: Yogayatan Group Raises Bid to INR795cr --------------------------------------------------- The Economic Times reports that Mumbai-based Yogayatan Group has emerged as the highest bidder for the debt laden Lavasa Corporation increasing its bid to INR795 crore on a net present value (NPV) basis from INR725 crore previously. Bidders had been given an opportunity to improve their bids after the first round of bidding earlier this month. ET relates that Yogayatan's sharp increase in bid means that it has surpassed Valor Estates' offer of INR771 crore. Valor, formerly DB Realty, did not increase its bid. Lavasa Corporation Limited develops and manages a hill city in India. Its portfolio includes R&D and training centers, IT and biotech industry, KPOs and those related to art, fashion, and animation companies; hospitality, tourism, health, education, and IT and ITES industries; lakeside apartments, villas, rental housing, and retiree housing; and studio apartments, starter homes, and workforce apartments. Lavasa is a subsidiary of construction major Hindustan Construction Company (HCC) and entered insolvency proceedings at the National Company Law Tribunal, Mumbai, in August 2018. As reported in the Troubled Company Reporter-Asia Pacific in late July 2023, the National Company Law Tribunal approved a INR1,814 crore resolution plan for the private hill station Lavasa, nearly five years after the initiation of the insolvency resolution process. PARAMESHWARI PROJECTS: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Parameshwari Projects Private Limited (SPPPL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 CRISIL D (ISSUER NOT COOPERATING) Long Term Loan .8 CRISIL D (ISSUER NOT COOPERATING) Overdraft .4 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 4.3 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with SPPPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SPPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SPPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in the Year 2003, SPPPL is involved in multiple business lines that include running a petroleum bunk, movie theatre, automobile showroom and function hall. The Company is promoted by Mr. K.Surapu Naidu. SAISREE ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Saisree Engineers Private Limited (SSEPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Long Term Loan 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSEPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SSEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2010, Hyderabad-based SSEPL undertakes coal mining works (digging and dumping) and civil construction works. The company is promoted by Mr. Suryanarayana Raju and his family. SANKAR COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sankar Cotton Traders- Guntur (SCT) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 3 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SCT for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SCT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCT continues to be 'Crisil D Issuer not cooperating'. SCT, established in 2014 as a partnership firm, is promoted by Mr Innamuri Bassavaiah and Ms. Innamuri Dhana Lakshmi. The firm, based in Guntur, Andhra Pradesh, trades in cotton. SATELLITE CABLES: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Satellite Cables Private Limited (SCPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil D (Issuer Not Cooperating) Letter of Credit 5 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SCPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SCPL is a private limited company engaged in the manufacturing of low as well as high tension power cables comprising polyvinyl chloride (PVC) cables and cross-linked polyethylene (XLPE) cables. The company was established in 1986 and was taken over by the current management in 2007. The company is managed by Mr. Vinay Gupta and his brother, Mr. Vikas Goel and has its manufacturing unit in Bhiwadi (Rajasthan). SHANKER COTGIN: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shanker Cotgin Industries (SCI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (Issuer Not Cooperating) Proposed Cash 2 CRISIL D (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with SCI for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SCI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCI continues to be 'Crisil D Issuer not cooperating'. SCI is a partnership firm set up in 2005. It gins and presses cotton, and extracts cotton oil at its unit in Sirsa (Haryana). The firm is owned and managed by Mr Ramesh Kumar and family. SHATABDI SHIKSHA: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Shatabdi Shiksha Prasar Sabha (SSPS) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSPS for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSPS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSPS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSPS continues to be 'Crisil D Issuer not cooperating'. SSPS was established in 1992 by Late Dr. Rampal Singh Nehra to set up educational institutes in Meerut, Uttar Pradesh. The society runs seven colleges and one school in Mohinidinpur, Meerut. The school is affiliated to the CBSE while the colleges are affiliated to Chaudhary Charan Singh University, Meerut. Presently, Mr. Amit Nehra is managing the affairs of the society. SKYHIGH HOSPITALITY: CRISIL Keeps D Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Skyhigh Hospitality Private Limited (SHPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SHPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SHPL continues to be 'Crisil D Issuer not cooperating'. SHPL was set up in 2008 by Gurugram-based Mr Ramesh Khurana and Mr S N Virmani. The company runs a boutique hotel, Treehouse Queens Pearl, in Gurugram. STAR AQUA: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Star Aqua International Private Limited (SAIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Long Term Loan 8.27 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SAIPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SAIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SAIPL continues to be 'Crisil D Issuer not cooperating'. Set up in 2006 by Mr.Shaik Abdul Aziz, involved in end-to-end activities for shrimp exports from Nellore (Andhra Pradesh) SUPER INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Super Infratech Private Limited (SIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 8.74 CRISIL D (Issuer Not Cooperating) Bill Discounting 4.9 CRISIL D (Issuer Not Cooperating) Cash Credit 1.9 CRISIL D (Issuer Not Cooperating) Term Loan 0.46 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SIPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2001, SIPL is promoted by Mr Sujit Bardole and his wife. It is engaged in civil construction for state and central governments. The company develops and maintains roads. SUPRIYA COTEX: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Supriya Cotex Private Limited (SCPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.00 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.25 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.75 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SCPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCPL continues to be 'Crisil D Issuer not cooperating'. SCPL, set up in 2011, processes cotton bales, and has capacity of 500 bales per day at its unit in Jalna, Maharashtra. Operations are managed by Mr Satish Patil Nagare. SWADESHI ALUMINIUM: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Swadeshi Aluminium Company Private Limited (SACPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 23 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SACPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SACPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SACPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SACPL continues to be 'Crisil D Issuer not cooperating'. SACPL, based in Sonipat (Haryana), was established by Mr Shyam Sunder Nagpal, Mr Satpal Nagpal, Mr Sanjay Nagpal, and Mr Som Bhutani in 2000. It manufactures aluminium profiles used in the real estate sector. =============== M A L A Y S I A =============== SAPURA ENERGY: Rebrands as Vantris Energy Amid PN17 Recovery Push ----------------------------------------------------------------- The Edge Malaysia reports that Sapura Energy Bhd has officially changed its name to Vantris Energy Bhd, a rebranding that takes effect on Aug. 1 following shareholder approval at an extraordinary general meeting on July 30. The Edge relates that the rebranding coincides with the financially troubled oil-and-gas services provider's implementation of a long-awaited regularisation plan, which aims to secure an exit from its Practice Note 17 (PN17) status. The regularisation plan, which was approved by Bursa Malaysia in June, received shareholders' approval in a separate EGM, also on July 30. The Companies Commission of Malaysia issued the Certificate of Incorporation on Change of Name of Company on Aug. 1, formalising the new corporate identity, Vantris Energy said. According to The Edge, Group chief executive officer Muhammad Zamri Jusoh said the new name symbolises a fresh chapter for the company. "It marks a new chapter for our company, honours our journey, and represents the trust we aim to rebuild with stakeholders," he said in a statement. Under the regularisation plan, Vantris Energy will perform a 99.99% capital reduction to offset accumulated losses, along with a 20-to-one share consolidation. The company's debt restructuring will reduce its borrowings from MYR10.8 billion to about MYR5.6 billion, cutting annual interest expenses by more than MYR500 million, or approximately 60%. "This significant deleveraging positions the company to return to profitability and rebuilds confidence with clients and financiers," Vantris Energy stated. The Ministry of Finance, through Malaysia Development Holding Sdn Bhd (MDH), will subscribe up to MYR1.1 billion in redeemable convertible loan stocks (RCLS). Proceeds from this subscription have been earmarked to settle outstanding payments to Malaysian oil and gas vendors. Shareholders also approved an exemption, allowing MDH and its persons acting in concert to avoid triggering a mandatory general offer if the RCLS are fully converted, as it could give them a stake exceeding 33% and make them the new single largest shareholder, overtaking Permodalan Nasional Bhd, whose stake could be diluted to just over 5% from 40.43% currently. The group plans to prioritise the phased roll-out of its regularisation plan, with the goal of exiting PN17 status after two consecutive quarters of profitability. "We are deeply encouraged by the strong mandate from our shareholders. We are also glad that shareholders have actively exercised their rights and played a decisive role in shaping the company's future. With these approvals, Vantris Energy is now in a stronger position to move forward with renewed focus, financial strength, and purpose," Zamri added. Sapura Energy, once a leading oil and gas services provider in the region, has been classified as a PN17 company since 2022 due to financial distress. Its turnaround plan, with MIDF Amanah Investment Bank Bhd acting as principal adviser, has been closely watched by the market and key stakeholders. The restructuring is proceeding against the backdrop of an ongoing family dispute among Sapura Holdings shareholders - Datuk Shahriman Shamsuddin and his brother Tan Sri Shahril Shamsuddin - who together control the group's second-largest stake at 9.18%. On June 25, Shahriman resigned from his post as Sapura Energy's non-independent and non-executive director, citing other commitments. About Sapura Energy Sapura Energy Berhad, formerly SapuraKencana Petroleum Berhad, is engaged in investment holding and the provision of management services to its subsidiaries. The Company's segments include Engineering and Construction (E&C), Drilling, Energy and Corporate. Sapura Energy Bhd announced on May 31, 2022, that it has been classified as a PN17 listed issuer due to going concerns on its shareholders' equity position less than 50% of its share capital. Sapura Energy has become an affected listed issuer under PN17 on the basis that its shareholders' equity position of MYR85 million as at Jan. 31, 2022 was less than 50% of its share capital of MYR10.9 billion. ===================== N E W Z E A L A N D ===================== BHAVISHYA SUNKARA: Creditors' Proofs of Debt Due on Aug. 31 ----------------------------------------------------------- Creditors of Bhavishya Sunkara Engineering Limited, Dass Transport Limited and Sandhu Hospitality Limited are required to file their proofs of debt by Aug. 31, 2025, to be included in the company's dividend distribution. Bhavishya Sunkara Engineering Limited commenced wind-up proceedings on July 21, 2025. Dass Transport Limited and Sandhu Hospitality Limited commenced wind-up proceedings on July 29, 2025. The company's liquidator is: Kevin John Davies Principle Insolvency LP PO Box 1566 Hamilton 3240 NORTH CONSTRUCTION: Court to Hear Wind-Up Petition on Aug. 11 ------------------------------------------------------------- A petition to wind up the operations of North Construction Limited will be heard before the High Court at Auckland on Aug. 21, 2025, at 10:00 a.m. The River Trading Limited filed the petition against the company on May 23, 2025. The Petitioner's solicitor is: Yang Yang Level 1, Building 4 195 Main Highway Ellerslie Auckland 1051 UNIVERSAL REALTY: Creditors' Proofs of Debt Due on Aug. 27 ---------------------------------------------------------- Creditors of Universal Realty Limited are required to file their proofs of debt by Aug. 27, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 30, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 YASA LIMITED: Creditors' Proofs of Debt Due on Aug. 25 ------------------------------------------------------ Creditors of Yasa 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 liquidator is: Mohammed Tazleen Nasib Jan Liquidation Management Limited PO Box 50683 Porirua 5240 ZICO LIMITED: Court to Hear Wind-Up Petition on Aug. 11 ------------------------------------------------------- A petition to wind up the operations of Zico Limited will be heard before the High Court at Tauranga on Aug. 11, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 23, 2025. The Petitioner's solicitor is: Timothy Saunders Inland Revenue, Legal Services 21 Home Straight (PO Box 432) Hamilton [] NEW ZEALAND: Consumer Debt Issues Down, But Liquidations Up -------------------------------------------------------------- Radio New Zealand reports that consumers are getting on top of their debts, but it is a different story for small businesses, with liquidations on the rise. According to RNZ, credit reporting firm Centrix said June's data paints a complex picture, with a slight year-on-year improvement in arrears, while small businesses were experiencing elevated debt stress at more than double the rate of non-business owners. RNZ relates that the June report indicated the number of individuals behind on payments in June fell by 7000 to 478,000, representing 12 percent of the credit-active population. Mortgage arrears fell 1.4 percent with 21,600 home loans past due, while mortgage enquiries surged by nearly 17 percent, with 79 percent of mortgages due to be repriced over the next 12 months. On the business front, credit demand rose 8 percent year-on-year, with growth in retail and hospitality sectors (23 percent) and financial, insurance, arts, and recreation services (22 percent), RNZ discloses. However, company liquidations were up 26 percent year-on-year, with construction the leading contributor to liquidations, followed by hospitality which had overtaken property as the second-largest affected sector. "Small businesses continue to face significant challenges, particularly sole proprietors managing multiple ventures," RNZ quotes Centrix managing director Keith McLaughlin as saying. "This group is experiencing elevated debt stress - more than double that of non-business owners - often relying on home equity to sustain operations." He said the latest data indicates global economic uncertainty continued to slow New Zealand's economic recovery, with persistent inflationary pressures and the ripple effects of international tariffs. "In light of these trends, it's crucial for Kiwi households and businesses to maintain a clear understanding of their financial health and seek guidance from trusted advisors to navigate the economic uncertainties ahead," Mr. McLaughlin said. ================= S I N G A P O R E ================= AVIATION PLC: Fitch Assigns 'B' Long-Term IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has assigned a Long-Term Issuer Default Rating (IDR) of 'B' to Singapore-based Avation PLC. The Outlook is Stable. Key Rating Drivers Established Aircraft Lessor: Avation's Long-Term IDR reflects its modest franchise as an established global lessor of ATR turboprops, and current technology narrowbody and widebody aircraft, operating record through economic and market cycles, absence of material orderbook commitments, which reduces placement and funding risks compared with peers, and an experienced management team. Concentrated Portfolio: Rating constraints include the company's significant lessee concentration in emerging markets, a smaller and less-liquid aircraft portfolio per Fitch's Global Aircraft Tiers compared with higher-rated peers, elevated refinancing risks, a weaker liquidity profile, high leverage on a debt-to-tangible equity basis, and modest net spread on a risk-adjusted basis. Sector Constraints: Rating constraints applicable to the aircraft leasing industry more broadly include the monoline nature of the business, vulnerability to exogenous shocks, sensitivity to higher oil prices, inflation and unemployment, which dampen travel demand, potential exposure to residual value risks, reliance on wholesale funding sources, and material competition. These constraints are intensified by Fitch's expectation of a less favourable operating environment, including moderating travel demand due to slowing global economic growth. Significant Lessee Concentration: Avation had a small and relatively concentrated portfolio at end-March 2025, with 33 owned aircraft leased to 16 airlines across 14 countries. The top-five lessees - VietJet, Air Baltic Corporation AS, Philippine Airlines (PAL), EVA Air and Mandarin Airlines - accounted for about 72% of net book value (NBV). The concentration may decline following the contracted sale of the Boeing B777-300ER currently leased to PAL, but Fitch expects it to remain high relative to peers given Avation's limited scale. Avation, similar to other aircraft lessors, collects security deposits and maintenance reserves to mitigate the risks for lessees with weaker credit profiles. Less-Liquid Fleet: Avation's portfolio had an NBV of USD810 million and an orderbook of 11 ATR 72-600s at end-March 2025 with a purchase right to acquire an additional 24 of the same type through June 2034. The portfolio comprised 14 narrowbody (56% of NBV), 17 regional (26%) and two widebody (18%) aircraft at end-March 2025, with an average age of 8.2 years. The portfolio consisted of a higher proportion of less-liquid tier 2 (46%) and tier 3 (20%) aircraft relative to peers, as categorised by Fitch. Avation recognised impairments of 0.6% to average aircraft in the financial year ended 30 June 2024 (FYE24), mainly related to aircraft valuation. This is similar to previous periods following the Covid-19 pandemic. The company recorded a reversal of impairment loss on aircraft and expected credit loss of 0.4% in 1HFY25. Fitch expects asset quality metrics to remain largely stable over the medium term, supported by improved lease yields and higher aircraft valuations following the end of the pandemic. Modest Net Spread: Net spread (lease yield - funding costs) widened to 6.1% in 1HFYE25, from an average of 3.7% from FYE21-FYE24. This is within the 'b' benchmark range of 1%-5% for aircraft lessors with a sector risk operating environment (SROE) score in the 'bb' category. Avation's net spread was modest on a risk-adjusted basis compared with that of peers, weighed down by its high funding costs. Management's plan to optimise the funding structure and lower funding costs should support profitability over the medium term. High Leverage: Fitch's calculated leverage (gross debt to tangible equity), which excludes aircraft purchase rights from tangible equity, was 4.5x at end-1HFY25. The company's leverage target on a net debt-to-equity basis is below 3.0x, equivalent to about 5.0x on Fitch's core leverage benchmark metric, which is the highest among Fitch-rated peers. Fitch expects leverage to remain below the company's target, given the modest expected growth from the ATR orderbook, and the opportunistic narrowbody fleet expansion. Elevated Refinancing Risk: Fitch believes the refinancing risk for Avation's senior unsecured bond is high given the upcoming maturity in October 2026. The bond accounted for about 50% of total debt at end-1HFY25. Fitch thinks a delay in refinancing beyond 2025 will increase liquidity and refinancing risk, and weaken Avation's credit profile, given its expectation interest rates will remain elevated for an extended period. Weak Liquidity: The company's liquidity coverage is generally weaker than peers' and it had no undrawn committed credit facilities at end-July 2025. Liquidity sources include USD32 million in unrestricted cash and its expectation of operating cash flow over the next 12 months. This results in Fitch's expected liquidity coverage for contracted aircraft purchases and upcoming debt maturities over the next 12 months of around 1.0x at end-1HFY25 compared with the average of 0.9x from FYE21-FYE24. This is consistent with the 'b' benchmark range for the funding, liquidity and coverage metric for finance and leasing companies with a 'bb' category SROE score. The liquidity coverage would increase to 1.3x after including the USD33 million in net proceeds the company expects from the announced sale of the B777-300ER in liquidity sources. Fitch believes its liquidity may decline if the company deploys the cash proceeds from the sale of the aircraft to repay debt or purchase new aircraft. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Delays in addressing the refinancing needs for the senior unsecured debt by end-2025 could lead to heightened refinancing and liquidity risks, leading to a rating downgrade. Negative rating actions could also arise from a reduction in liquidity sources relative to upcoming needs and/or the credit deterioration of underlying lessees, particularly those that represent a meaningful portion of Avation's portfolio. Other factors that could lead to negative rating action include leverage increasing to above 5.5x, rapid expansion that is not accompanied by consistent underwriting standards and commensurate growth in capital and staffing, deterioration in residual value realisation, and increased balance sheet encumbrance. The net margin falling below 3%, driven by elevated funding costs or weakening lease yields on a risk-adjusted basis, could also drive negative rating action. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Avation's ratings could be positively influenced by reduced concentration in the debt maturity schedule with the liquidity coverage ratio rising to above 1.0x and net spread improving to over 5% on a sustained basis. Enhanced scale efficiency with higher geographic and/or lessee diversification, provided such actions are undertaken at a moderate pace and do not adversely affect underwriting or pricing terms, would also be positive for the rating. A lower debt-to-tangible ratio approaching 3.0x could also result in positive rating action. ADJUSTMENTS The asset quality score has been assigned below the implied score due to the following reason: concentration; asset performance. The capitalization and leverage score has been assigned below the implied score due to the following reason: risk profile and business model. Date of Relevant Committee 03 July 2025 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 ----------- ------ ----- Avation PLC LT IDR B New Rating WD CCL PRECAST: Commences Wind-Up Proceedings ------------------------------------------ Members of CCL Precast Pte. Ltd. on July 1, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Tan Wei Cheong Lim Loo Khoon Deloitte & Touche LLP 6 Shenton Way OUE Downtown 2, #33-00 Singapore 068809 DISNEY FTC: Creditors' Proofs of Debt Due on Aug. 30 ---------------------------------------------------- Creditors of Disney FTC Services (Singapore) Pte. Ltd. are required to file their proofs of debt by Aug. 30, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 22, 2025. The company's liquidators are: Lim Loo Khoon Tan Wei Cheong 6 Shenton Way OUE Downtown 2, #33-00 Singapore 068809 LPS CONSTRUCTION: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on July 18, 2025, to wind up the operations of LPS Construction Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidator is: Gary Loh Weng Fatt c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 PERFECT DAY: Creditors' Proofs of Debt Due on Aug. 31 ----------------------------------------------------- Creditors of Perfect Day Singapore Private Limited are required to file their proofs of debt by Aug. 31, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 22, 2025. The company's liquidator is: Vera Setia Pratama c/o IQ EQ Consultants (Singapore) 8 Cross Street #20-01 Manulife Tower Singapore 048424 PROOF & COMPANY: Creditors' Meetings Set for Aug. 14 ---------------------------------------------------- Proof & Company Spirits Pte. Ltd. will hold a meeting for its creditors on Aug. 14, 2025, at 4:00 p.m., via audio-visual conference tool. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. Messrs Ng Kian Kiat and Goh Wee Teck were appointed as provisional liquidators of the Company on July 17, 2025. ********* 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. 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