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       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 13, 2025, Vol. 28, No. 161

                           Headlines



A U S T R A L I A

IC TRUST 2023-1: Moody's Upgrades Rating on Class D Notes from Ba1
LION RIBBON: Seeks to Hire Latham & Watkins as Bankruptcy Counsel
LION RIBBON: Taps Huron as Financial Advisor and Investment Banker
METRO FINANCE 2024-1: Moody's Hikes Rating on Class F Notes to B1
RAF ABS 2025-1: S&P Assigns Prelim. B(sf) Rating on Class F Notes

STAR ENTERTAINMENT: Revives 50% Asset Sale to HK Investors
THINK TANK 2025-3: S&P Assigns B+(sf) Rating on Class F Notes
UNITED GLOBAL: ART Upholds ASIC's 10-Year Ban on Director


H O N G   K O N G

WORFU MALL: Faces Bank Seizure After US$190 Million Loan Default


I N D I A

AARCOT CERAMIC: ICRA Keeps D Debt Ratings in Not Cooperating
AGARWAL REALITY: Liquidation Process Case Summary
ASHISH IMPEX: CARE Keeps B- Debt Rating in Not Cooperating
ASHUTOSH CONTAINER: ICRA Lowers Rating on INR15cr LT Loan to B+
BETTER VALUE: CARE Keeps C Debt Rating in Not Cooperating

BLU-SMART MOBILITY: Insolvency Resolution Process Case Summary
BLUE CROSS: CARE Keeps D Debt Ratings in Not Cooperating Category
CHANDRAWATI EDUCATION: CARE Keeps B- Rating in Not Cooperating
CMJ BREWERIES: CARE Assigns B- Rating to INR40cr LT Loan
DHAWAN TRADING: CARE Keeps B- Debt Rating in Not Cooperating

DIVA RAVI: CARE Keeps B- Debt Rating in Not Cooperating Category
ERODE SRI: CARE Keeps D Debt Ratings in Not Cooperating Category
FRANCO LEONE: ICRA Lowers Rating on INR40cr LT Loan to C
GENSOL ENGINEERING: NCLAT Stops IRP From Leasing Out 152 EVs
HILTON INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating

KAY VEE: CARE Keeps C Debt Rating in Not Cooperating Category
KINARA CAPITAL: ICRA Lowers Rating on INR69.52cr NCD to D
KIRPA RICE: ICRA Keeps B+ Debt Rating in Not Cooperating Category
M. C. ROLLER: CARE Keeps B- Debt Rating in Not Cooperating
MKM DIAMONDS: CARE Keeps D Debt Ratings in Not Cooperating

MOHAN RAO: ICRA Keeps B Debt Ratings in Not Cooperating Category
NEELKANTH FARMS: CARE Keeps D Debt Rating in Not Cooperating
PRAMUKH COPPER: ICRA Keeps D Debt Ratings in Not Cooperating
R. K. FROZEN: CARE Keeps B- Debt Rating in Not Cooperating
RAJ SNEH: CARE Keeps D Debt Rating in Not Cooperating Category

RELIABLE AGENCIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
S. K. FOODS: CARE Keeps D Debt Rating in Not Cooperating Category
SELVE CASHEWS: CARE Keeps B- Debt Rating in Not Cooperating
SHARANAMMA DIGGAVI: ICRA Keeps D Debt Ratings in Not Cooperating
SHILLONG ISPAT: CARE Keeps B- Debt Rating in Not Cooperating

SHRADDHA ENERGY: ICRA Withdraws D Rating on INR185.40cr LT Loan
SUSTAINABLE AGRO-COMM: CARE Keeps D Rating in Not Cooperating
VAISHNAVI BIOTECH: ICRA Keeps B+ Debt Ratings in Not Cooperating


M A C A U

WYNN MACAU: Fitch Assigns BB- Rating on $500MM Sr. Unsecured Notes
WYNN MACAU: S&P Rates New $500MM Senior Unsecured Notes 'BB-'


M A L A Y S I A

IREKA CORP: Unit Withdraws Scheme of Arrangement


N E W   Z E A L A N D

CAYA BEAUTY: Court to Hear Wind-Up Petition on Aug. 22
FORWARD INVESTMENTS: Faces Liquidation Over Estate Money
FREELANCER PA: Creditors' Proofs of Debt Due on Sept. 4
GFY LIMITED: Owes IRD More Than NZD900K, Liquidator's Report Shows
MY FRESH: Court to Hear Wind-Up Petition on Sept. 12

PRICE CONTRACTING: Creditors' Proofs of Debt Due on Sept. 15
SUREFIRE FOODS: Creditors' Proofs of Debt Due on Sept. 1
ZENSCAPE LIMITED: Court to Hear Wind-Up Petition on Sept. 4


S I N G A P O R E

BROOKLYNZ STAINLESS: Court Enters Wind-Up Order
DELTA CORP: Court to Hear Wind-Up Petition on Aug. 15
EDLUTION PTE: Court to Hear Wind-Up Petition on Aug. 15
PRIME VAL: Court to Hear Wind-Up Petition on Aug. 22
TERRAFORM LABS: Do Kwon May Plead Guilty in US Case Over Collapse

THALASSA MANA: Creditors' Proofs of Debt Due on Sept. 6
TWFSG PTE: Court Enters Wind-Up Order


S O U T H   K O R E A

YEOCHUN NCC: Avoids Bankruptcy; Faces Bond Maturity in 2026


V I E T N A M

VIETNAM: S&P Affirms 'BB+/B' Sovereign Credit Ratings

                           - - - - -


=================
A U S T R A L I A
=================

IC TRUST 2023-1: Moody's Upgrades Rating on Class D Notes from Ba1
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on three classes of notes
and affirmed rating on one class of notes issued by IC Trust
2023-1.

The affected ratings are as follows:

Issuer: IC Trust 2023-1

Class A Notes, Affirmed A1 (sf); previously on Sep 30, 2024
Upgraded to A1 (sf)

Class B Notes, Upgraded to A1 (sf); previously on Sep 30, 2024
Upgraded to A3 (sf)

Class C Notes, Upgraded to A1 (sf); previously on Sep 30, 2024
Upgraded to Baa2 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Sep 30, 2024
Upgraded to Ba1 (sf)

RATINGS RATIONALE

The upgrades were prompted by a significant increase in note
subordination available for the affected notes and the collateral
performance to date. Class A rating affirmation and the upgrades of
Class B and Class C Notes, all at A1 (sf), have considered that
these classes of notes are at the highest achievable level within
Moody's rating scale after taking into account operational risks.
The servicer is relatively small and has low durability, posing
higher risk of servicing transfer and volatility in pool losses, in
particular if the substitute servicer does not have the same
specialised approach to servicing as the current servicer.

Following the July 2025 payment date, the credit enhancement
available for the Class A, Class B, Class C and Class D Notes has
increased to 61.4%, 55.8%, 49.2% and 41.5%, respectively, from
50.4%, 43.4%, 34.9% and 25.0% at the time of the last rating action
for these notes in September 2024.

Principal collections have been distributed on a pro-rata basis
among the rated notes since the March 2024 payment date. Current
outstanding notes as a percentage of the total closing balance is
28.9%.

As of end-June 2025, 17.2% of the outstanding pool was 30-plus day
delinquent, and 7.3% was 90-plus day delinquent. The portfolio has
incurred 1.4% of gross losses to date, which have been covered by
excess spread. In addition, the seller has repurchased 6.1% of
delinquent loans at par since closing. Moody's have incorporated
these repurchases in Moody's observed cumulative gross loss
assessment which adds up to 7.5% (as a percentage of original
portfolio balance).

Based on the observed performance to date and loan attributes,
Moody's have maintained Moody's expected default assumption at 17%
as a percentage of the current portfolio balance (equivalent to
12.1% of the original portfolio balance). Moody's have also
maintained the Aaa PCE at 50%.

Moody's analysis has also considered various scenarios involving
higher mean default rates, higher index rate on the notes, and
back-loaded losses to evaluate the resiliency of the note ratings.

The transaction is a cash securitisations of consumer and
commercial auto loan receivables extended to non-conforming
borrowers in Australia originated by Fin One Pty Ltd and Finance
One Commercial Pty Ltd (collectively, Fin One).

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
June 2025.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, (2) an increase in the notes' available
credit enhancement, and (3) a decrease in operational risk of Fin
One.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, (3) an increase in operational risk of Fin One, and
(4) a deterioration in the credit quality of the transaction
counterparties.


LION RIBBON: Seeks to Hire Latham & Watkins as Bankruptcy Counsel
-----------------------------------------------------------------
Lion Ribbon Texas Corp. and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
Latham & Watkins LLP as counsel.

The firm will render these services:

(a) advise the Debtors with respect to their powers and duties in
    the continued management and operation of their businesses
    and properties;

(b) advise and consult on the conduct of the Chapter 11 cases;

(c) advise the Debtors and take all necessary action to protect
    and preserve their estates;

(d) analyze proofs of claim filed against the Debtors and object
    to such claims as necessary;

(e) represent the Debtors in connection with obtaining authority
    to continue using cash collateral and to procure postpetition
    financing;

(f) attend meetings and negotiate with representatives of
    creditors, interest holders, and other parties in interest;

(g) analyze executory contracts and unexpired leases and potential
    assumptions, assignments, or rejections of such contracts and
    leases;

(h) prepare pleadings in connection with the Chapter 11 cases;

(i) advise the Debtors in connection with any potential sale of
    assets;

(j) take necessary action on behalf of the Debtors to obtain
    approval of a disclosure statement and confirmation of a
    Chapter 11 plan;

(k) appear before this court or any appellate courts to protect
    the interests of the Debtors' estates before those courts;

(l) advise on corporate, litigation, finance, tax, employee
    benefits, and other legal matters;

(m) advise the Debtors with respect to issues related to the
    wind down of certain entities; and

(n) perform all other necessary legal services for the Debtors
    in connection with the Chapter 11 cases.

The firm will be paid at these hourly rates:

     Partners                    $1,680 - $2,650
     Counsel                     $1,595 - $2,070
     Associates                    $835 - $1,635
     Professional Staff              $255 - $980
     Paraprofessionals               $355 - $755

In addition, the firm will seek reimbursement for expenses
incurred.

The 90-day period prior to the petition date, the firm received
advances in the aggregate amount of $4,250,000 for services to be
performed and expenses to be incurred.

Caroline Reckler, Esq., a partner at Latham & Watkins, also
provided the following in response to the request for additional
information set forth in Section D of the Revised U.S. Trustee
Guidelines:

     Question: Did the firm agree to any variations from, or
alternatives to, its standard billing arrangements for this
engagement?

     Answer: No.

     Question: Do any of the firm professionals in this engagement
vary their rate based on the geographic location of the Debtors'
Chapter 11 cases?

     Answer: No.

     Question: If the firm has represented the Debtors in the 12
months prepetition, disclose its billing rates and material
financial terms for the prepetition engagement, including any
adjustments during the 12 months prepetition. If its billing rates
and material financial terms have changed postpetition, explain the
difference and the reasons for the difference.

     Answer: The firm's current hourly rates for services rendered
on behalf of the Debtors are set forth above. All material
financial terms have remained unchanged since the prepetition
period, except (i) the rates for certain lawyers advising the
Debtors in these Chapter 11 cases will be limited by the
applicable
rate ranges set forth in paragraph 12 above and (ii) for a
postpetition 50 percent discount for non-working travel time.

     Question: Have the Debtors approved the firm's budget and
staffing plan and, if so, for what budget period?

     Answer: The Debtors have approved the budgeted expenses of the
firm reflected in the approved (13-week) budget appended to the
Interim DIP Order as Schedule 1 thereto. In connection with the
Final DIP Order (as defined in the Interim DIP Order) certain
modifications may be made to the budget, including with respect to
professional fees and as of the date hereof, such budget has not
yet been finalized. The Debtors' approval will be sought and
obtained with respect to any such revised budget, including the
professional fees contained therein. The Debtors understand and
agree that the budgeted amounts set forth therein reflect a
good-faith estimate of, rather than a cap on, the firm's fees and
expenses.

Ms. Reckler disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Caroline Reckler, Esq.
     Latham & Watkins LLP
     1271 6th Ave.
     Albany County, NY 10020
     Telephone: (212) 906-1200

                  About Lion Ribbon Texas Corp.

Lion Ribbon Texas Corp. and affiliates design, manufacture, and
distribute consumer crafting, gifting, and stationery products for
celebrations, hobbies and creative play. They operate globally,
with facilities across North America and supporting operations in
India, Hong Kong, China, the United Kingdom, and Australia. They
supply both branded and private-label products to consumers and
major corporate clients.

The Debtors sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Tex. Lead Case No. 25-90164) on July 3, 2025. In
their petitions, the Debtors reported $100 million to $500 million
in assets and liabilities on a consolidated basis.

Judge Christopher M. Lopez handles the cases.

The Debtors are represented by Caroline A. Reckler, Esq., Ray C.
Schrock, Esq., Adam S. Ravin, Esq., Randall Carl Weber-Levine,
Esq., and Meghana Vunnamadala, Esq., at Latham & Watkins, LLP. The
Debtors tapped Huron Consulting Services, LLC as investment banker
and financial advisor; Deloitte Tax, LLP as tax services provider;
Liskow & Lewis, APLC as conflicts counsel; C Street Advisory Group,
LLC as communications advisor; and Kroll Restructuring
Administration, LLC as claims, noticing and solicitation agent.


LION RIBBON: Taps Huron as Financial Advisor and Investment Banker
------------------------------------------------------------------
Lion Ribbon Texas Corp. and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
Huron Consulting Services LLC as financial advisor and Huron
Transaction Advisory LLC as investment banker.

The firm will provide these services:

(a) assist the Debtors in reviewing and analyzing their results
    of operations, financial condition and business plan;

(b) assist the Debtors in reviewing and analyzing any potential
    capital transaction, sale transaction or restructuring;

(c) assist the Debtors in structuring and negotiating any capital
    transaction, sale transaction or restructuring;

(d) advise the Debtors on the terms of securities it offers in
    any potential capital transaction;

(e) advise the Debtors on its preparation of an information
    memorandum for a potential capital transaction and/or
    sale transaction;

(f) assist the Debtors in contacting potential providers of
    a capital transaction that Huron and the Debtors agree
    are appropriate, and meet with and provide them with
    the information memo and such additional information
    about their assets, properties or businesses that
    is acceptable to them, subject to customary business
    confidentiality agreements;

(g) assist the Debtors in contacting potential counterparties
    for a sale transaction that they and the Huron Investment
    Banker Team agree as appropriate, and meet with and provide
    them with such additional information about their assets,
    properties or businesses that is acceptable to them,
    subject to customary business confidentiality agreements;

(h) assist the Debtors in coordinating their due diligence
    investigation by counterparties as appropriate and acceptable
to
    them;

(i) meet with the Debtors and their board of directors to discuss
    any proposed transaction and their financial implications;

(j) assist the Debtors in developing a strategy to effectuate
    any transaction;

(k) provide such other investment banking services in connection
    with a capital transaction, sale transaction or restructuring
    as the Huron IB Team and the Debtors may mutually agree upon;
    and

(l) to the extent requested, make use of additional Huron
resources
    specifically regarding preparing for, navigating, and
    effectuating court-supervised proceedings available through
    an amended engagement letter with economics and terms to be
    mutually agreed upon between the Huron IB Team and the
Debtors.

Huron Financial Advisor (FA) Team will be paid at these hourly
rates:

     Managing Director         $1,075 - $1,400
     Senior Director                      $985
     Director                             $825
     Manager                              $675
     Associate                            $550
     Analyst                              $475

Huron IB Team will be compensated at the following fee structure:

(a) Monthly Fee - $150,000;

(b) Transaction Fee:

    (i) Capital Transaction Fee:

        (1) 3.0 percent of the aggregate gross amount or face
            value of capital raised, plus 2.0 percent of the
            aggregate gross amount of any new money junior
            secured or unsecured debt obligations raised in
            the capital transaction; plus 1.5 percent of the
            aggregate gross amount of any new-money senior
            secured debt obligations and other interests raised
            in the capital transaction. In all circumstances,
            such fees will not total less than $375,000, without
            offsetting monthly fees earned; provided that there
            will be no fees earned with respect to any "rolled up"
            debt included in a Chapter 11 financing.

        (2) 2.0 percent of the aggregate gross amount or face
            value of capital raised in the capital transaction as
            equity, equity-linked interests, options, warrants or
            other rights to acquire equity interests, plus 1.0
            percent of the aggregate gross amount of any new-money
            junior secured, unsecured debt obligations, senior
            secured debt obligations and other interests raised in
            the capital transaction. In all circumstances, such
            fees will not total less than $375,000, without
            offsetting monthly fees earned; provided that there
            will be no fees earned with respect to any "rolled up"
            debt included in a Chapter 11 financing.

   (ii) Restructuring Fee of $1,500,000;

  (iii) IGDG Sale Transaction Fee of $1,500,000 and 2.5 percent of
        aggregate gross cash consideration plus assumed
        liabilities;

   (iv) Discrete Asset Sale Transaction Fee equal to 2.0 percent
        of the aggregate gross consideration received in such
        discrete asset sale transaction, but not less than
        $1,250,000 for aggregate gross consideration above
        $20,000,000, and 5 percent of aggregate gross
        consideration received for discrete asset sale
        transactions less than $20,000,000.

(c) Tail Period - If, at any time prior to the 12 months following

    termination of the IB engagement the Debtors consummate any
    transaction or enter into an agreement or a plan of
    reorganization is filed regarding any transaction, and a
    Transaction is subsequently consummated, then it shall pay
    the Huron IB Team the applicable transaction fee(s)
    specified above immediately upon the closing of any such
    transaction(s).
    
In addition, the firm will seek reimbursement for expenses
incurred.

During the 90-day period prior to the petition date, the Huron FA
team was paid $1,774,210 and the Huron IB Team was paid $306,160.

Brett Anderson, a managing director at Huron Consulting Services,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     Brett M. Anderson
     Huron Consulting Services LLC
     550 West Van Buren Street
     Chicago, IL 60607

                  About Lion Ribbon Texas Corp.

Lion Ribbon Texas Corp. and affiliates design, manufacture, and
distribute consumer crafting, gifting, and stationery products for
celebrations, hobbies and creative play. They operate globally,
with facilities across North America and supporting operations in
India, Hong Kong, China, the United Kingdom, and Australia. They
supply both branded and private-label products to consumers and
major corporate clients.

The Debtors sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Tex. Lead Case No. 25-90164) on July 3, 2025. In
their petitions, the Debtors reported $100 million to $500 million
in assets and liabilities on a consolidated basis.

Judge Christopher M. Lopez handles the cases.

The Debtors are represented by Caroline A. Reckler, Esq., Ray C.
Schrock, Esq., Adam S. Ravin, Esq., Randall Carl Weber-Levine,
Esq., and Meghana Vunnamadala, Esq., at Latham & Watkins, LLP. The
Debtors tapped Huron Consulting Services, LLC as investment banker
and financial advisor; Deloitte Tax, LLP as tax services provider;
Liskow & Lewis, APLC as conflicts counsel; C Street Advisory Group,
LLC as communications advisor; and Kroll Restructuring
Administration, LLC as claims, noticing and solicitation agent.


METRO FINANCE 2024-1: Moody's Hikes Rating on Class F Notes to B1
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on five classes of notes
issued by Metro Finance 2024-1 Trust:

Issuer: Metro Finance 2024-1 Trust

Class B Notes, Upgraded to Aa1 (sf); previously on Sep 26, 2024
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to A1 (sf); previously on Sep 26, 2024
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to A3 (sf); previously on Sep 26, 2024
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Sep 26, 2024
Definitive Rating Assigned Ba2 (sf)

Class F Notes, Upgraded to B1 (sf); previously on Sep 26, 2024
Definitive Rating Assigned B2 (sf)

A comprehensive review of all credit ratings for the transaction
has been conducted during a rating committee.

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available for the affected notes and the good collateral
performance to date.

No action was taken on the remaining rated class in the deal as
credit enhancement for this class remains commensurate with the
current rating.

Following the July 2025 payment date, the note subordination
available for the Class B, Class C, Class D, Class E and Class F
Notes has increased to 10.4%, 6.6%, 5.0%, 1.7% and 1.5%
respectively, from 7.9%, 5.0%, 3.8%, 1.3% and 1.1% at closing.

Principal collections have been distributed on a sequential basis
starting from the Class A Notes. Current total outstanding notes as
a percentage of the total closing balance is 75.7%.

As of end-June 2025, 0.6% of the outstanding pool was 30-plus day
delinquent and 0.3% was 90-plus day delinquent. The portfolio has
incurred 0.07% (as a percentage of the original portfolio balance)
of gross losses to date, all of which have been covered by excess
spread.

Based on the observed performance to date and loan attributes,
Moody's have lowered Moody's expected default assumption to 2.1% of
the current pool balance (equivalent to 1.7% of the original pool
balance) from 2.15% of the pool balance at closing. Moody's have
also updated Moody's PCE assumption to 13.5% from 14.0%, and
recovery rate assumption to 40.0% from 35.0%.

Moody's analysis has also considered various scenarios involving
different mean default rates and PCE to evaluate the resiliency of
the note ratings.

The transaction is a cash securitisation of auto loans and leases
originated by Metro Finance Pty Limited and extended to prime
commercial obligors located in Australia.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
June 2025.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in the notes' available
credit enhancement.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.


RAF ABS 2025-1: S&P Assigns Prelim. B(sf) Rating on Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six classes
of asset-backed securities (ABS) to be issued by RMC Fiduciary
Services Pty Ltd. as trustee of RAF Trust in respect of RAF ABS
Series 2025-1. The notes are backed by a pool of commercial chattel
mortgage agreements secured by motor vehicles and wheeled and
nonwheeled equipment originated by Resimac Asset Finance Pty Ltd.
(RAF).

This is the second securitization of auto and equipment assets
originated by RAF. The preliminary ratings reflect the following
factors.

The credit risk of the underlying collateral portfolio and the
credit support available are commensurate with the preliminary
ratings assigned. Credit support for the rated notes is provided in
the form of subordination and excess spread (if any).

All contract payments, including balloon payments, are an
obligation of the borrower. As a result, the trust is not exposed
to any market-value risk associated with the sale of the underlying
assets financed (on performing receivables), which is a risk that
can be associated with other products, such as operating leases.

The issuer can meet timely payment of interest and ultimate
repayment of principal under rating stresses commensurate with the
preliminary ratings assigned. Key rating factors are the level of
subordination provided to the rated notes and liquidity support in
the form of principal collections and a liquidity facility.

The legal structure of the issuer, which is established as a
special-purpose entity, meets S&P's criteria for insolvency
remoteness.

The counterparty exposure is to Westpac Banking Corp. as bank
account provider and interest rate swap provider and National
Australia Bank Ltd. as liquidity facility provider and interest
rate swap provider. The transaction documents include downgrade
language consistent with S&P's counterparty criteria.

  Preliminary Ratings Assigned

  RAF Trust - RAF ABS Series 2025-1

  Class A, A$377.0 million: AAA (sf)
  Class B, A$25.5 million: AA (sf)
  Class C, A$25.0 million: A (sf)
  Class D, A$24.5 million: BBB (sf)
  Class E, A$10.0 million: BB (sf)
  Class F, A$7.0 million: B (sf)
  Class G, A$31.0 million: Not rated


STAR ENTERTAINMENT: Revives 50% Asset Sale to HK Investors
----------------------------------------------------------
Reuters reports that Star Entertainment said on Aug. 12 it had
revived a sidelined deal with its Hong Kong-based partners to sell
a half stake of its AUD3.6 billion ($2.35 billion) Brisbane resort,
sending its shares soaring.

Star is selling its interest for AUD53 million, of which AUD45
million was paid in March.

According to Reuters, the company had cautioned that it risks
collapse owing to a perfect storm of heightened regulation, lack of
tourists and elevated living costs.

The cash helps Star service substantial debt that it racked up
converting its Brisbane property to much fanfare.

Talks broke down on August 1 after investors Far East Consortium
and Chow Tai Fook Enterprises - both seeking to exit the joint
venture - refused Star's request to extend negotiations, Reuters
says.

On Aug. 12, Star said the investors had now agreed to a sale on
terms broadly similar to the original proposal, Reuters relates. It
did not say why the Asian companies agreed to resurrect the talks.

Shares of Star were up 32% by midsession, against a flat overall
market, bouncing from a near-record low after the company announced
the reprieve, Reuters notes.

After the talks fell apart, Star began returning the AUD45 million
which the investors had already paid, Reuters relays. The money
Star paid back would now be returned, the casino operator said.

Star will also take two-thirds of two Gold Coast hotels under
construction from the Hong Kong shareholders, and will retain its
rights to any future development at the Gold Coast operations, it
said.

The company is expected to report annual financial results on
August 28, Reuters adds.

                     About Star Entertainment

The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.

The Star Entertainment Group posted three consecutive annual net
losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for
the years ended June 30, 2022, 2023, and 2024, respectively.

As reported in the the Troubled Company Reporter-Asia Pacific on
Jan. 21, 2025, Star Entertainment has warned that it faces
"material uncertainty" over its ability to stay afloat unless it
finds a solution to its worsening financial woes.

In a quarterly update to investors on Jan. 20, ASX-listed Star said
its revenue had fallen 15 per cent in the December quarter, citing
ongoing weakness in its operating performance. It pointed to a
"challenging" consumer environment, the impact of carded play in
NSW, and expenses caused by a series of regulatory and compliance
problems.


THINK TANK 2025-3: S&P Assigns B+(sf) Rating on Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to seven of the eight
classes of small-ticket commercial mortgage-backed, floating rate,
pass-through notes issued by BNY Trust Co. of Australia Ltd. as
trustee of Think Tank Commercial Series 2025-3 Trust.

Think Tank Commercial Series 2025-3 Trust is a securitization of
loans to commercial borrowers, secured by first-registered
mortgages over Australian commercial and residential properties
originated by Think Tank Group Pty Ltd.

The ratings reflect the following factors.

S&P said, "We have assessed the credit risk of the underlying
collateral portfolio, including the fact that this is a closed
portfolio, which means no further loans will be assigned to the
trust after the closing date.

"Our analysis of credit risk for the small-ticket commercial
mortgage loans is based on our "Principles Of Credit Ratings"
criteria; however, where factors that affect borrower performance
are similar to those for residential mortgage loans, we have
applied similar assumptions.

"The credit support is sufficient to withstand the stresses we
apply. This credit support comprises note subordination for each
class of rated note.

The transaction's cash flows can meet timely payment of interest
and ultimate payment of principal to the noteholders under the
rating stresses. Key factors are the level of subordination
provided, the condition that a minimum margin will be maintained on
the assets, an amortizing liquidity facility sized at 1.5% of the
outstanding balance of the rated notes, and the principal draw
function.

An extraordinary expense reserve of A$250,000, funded from day one
by Think Tank Group, is available to meet extraordinary expenses.
The reserve will be topped up via excess spread if drawn.

S&P's ratings also reflect the legal structure of the trust, which
has been established as a special-purpose entity and meets its
criteria for insolvency remoteness.

  Ratings Assigned

  Think Tank Commercial Series 2025-3 Trust

  Class A1, A$487.50 million: AAA (sf)
  Class A2, A$104.62 million: AAA (sf)
  Class B, A$58.13 million: AA (sf)
  Class C, A$41.25 million: A+ (sf)
  Class D, A$28.50 million: BBB+ (sf)
  Class E, A$16.87 million: BB+ (sf)
  Class F, A$7.88 million: B+ (sf)
  Class G, A$5.25 million: Not rated


UNITED GLOBAL: ART Upholds ASIC's 10-Year Ban on Director
---------------------------------------------------------
The Administrative Review Tribunal has upheld ASIC's decision to
ban United Global Capital (UGC) (in liquidation) director Joel
James Hewish for 10 years from providing financial services,
performing any function involved in carrying on of a financial
services business and controlling an entity that carries on a
financial services business.

In June 2024, Mr. Hewish sought a review of a decision made by a
delegate of ASIC on May 31, 2024.  The hearing took place in the
Administrative Review Tribunal in March and June 2025, with the
outcome handed down on August 4, 2025.

Mr. Hewish may seek an appeal in the Federal Court or seek a
referral from the President of the Tribunal to the Tribunal's
Guidance and Appeals panel.

ASIC's investigation into the conduct of UGC, Mr Hewish and related
entities is continuing.

Mr. Hewish was banned from providing financial services, performing
any function involved in carrying on of a financial services
business and controlling an entity that carries on a financial
services business for ten years effective from June 2024.The
banning arose from his role as the sole director of UGC. He was
also UGC's responsible manager and key person on the licence.

UGC was based in Melbourne and held Australian financial services
(AFS) licence no. 496179 since August 18, 2017. It provided
financial services including financial advice to clients across
Australia.

Related property investment company, Global Capital Property Fund
Limited (GCPF) was an authorised representative of UGC from March
25, 2020.

ASIC made interim stop orders on July 5 and July 21, 2022
preventing the offer of shares to retail investors under GCPF's
prospectus as well as further interim stop orders on August 29 and
September 13, 2022 preventing the issue of shares due to a
deficient target market determination.

On June 20, 2024, ASIC obtained interim orders from the Federal
Court freezing the assets of UGC and GCPF.

On July 5, 2024, UGC entered voluntary administration and on August
9, 2024 UGC's creditors resolved to wind-up UGC and appoint David
Stimpson of SV Partners as liquidator.

In September 2024, ASIC applied to the Federal Court for orders to
appoint provisional liquidators to GCPF and to wind-up GCPF. On
October 3, 2024, the Federal Court made orders for Global Capital
Property Fund (GCPF) to be wound up on just and equitable grounds,
appointing Ross Blakely and Kelly-Anne Trenfield of FTI Consulting
as liquidators.

ASIC has issued warnings to consumers to be wary of high pressure
sales tactics and online advertisements to lure consumers into
receiving inappropriate superannuation switching advice.

It is an ASIC cross-sector priority to deter cold calling
superannuation switching business models. This priority has the
broader aim of protecting consumers from cold calling practices
that induce inappropriate superannuation switching and result in
the erosion of members' superannuation balances.




=================
H O N G   K O N G
=================

WORFU MALL: Faces Bank Seizure After US$190 Million Loan Default
----------------------------------------------------------------
Apple Ka Ying Li and Trista Xinyi Luo at Bloomberg News report that
bank creditors are considering seizing control of a Hong Kong
shopping centre after a venture backed by Schroders Capital and
Chelsfield's Asia fund defaulted on a loan tied to the property,
according to people familiar with the matter.

Bloomberg relates that the creditors are looking to appoint a
receiver for the Worfu mall, formerly known as Provident Square, in
Hong Kong's North Point district, said the people, asking not to be
identified for discussing private matters.

According to Bloomberg, the mall was used as collateral for the
about HK$1.5 billion (US$190 million) loan that a joint venture
owned by a consortium including Schroders Capital and Chelsfield
Asia Fund 1 defaulted on earlier this year, the people added.
United Overseas Bank was the majority lender of the facility.

Bloomberg notes that the joint venture's financial troubles
underscore the challenges global investors still face in Hong
Kong's beleaguered commercial real estate sector. Weak property
values mean that even global asset managers face pressures on
investments made during the market's previous highs.

A Schroders spokesperson said the firm was in discussions with
banks on managing the assets to deliver the best possible outcome,
Bloomberg relays. Chelsfield Asia declined to comment. UOB did not
respond to a request for comment.

Chelsfield Asia Fund 1 teamed up with real estate manager Pamfleet
in 2018 to buy the Worfu mall from Hong Kong tycoon Li
Ka-shing-backed Fortune Reit, recalls Bloomberg. The sale price was
HK$2 billion, 88 per cent above an appraised value of HK$1.061
billion at the time. Pamfleet was acquired by Schroders in 2020.

In January, the Schroders-Chelsfield consortium put the mall up for
sale by public tender, but no deal was reached.

Another investment property in Schroders Capital's portfolio - The
Nate, a serviced apartment tower in Tsim Sha Tsui, the city's
bustling tourist district – entered receivership last month,
Bloomberg discloses citing Land Registry records.




=========
I N D I A
=========

AARCOT CERAMIC: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Aarcot
Ceramic Private Limited (ACPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Short-term         1.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

   Long-term-         2.50       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term-         4.55       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with ACPL, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Incorporated in November 2013, Aarcot Ceramic Private Limited
(ACPL) is promoted by Mr. Lakhaman Zalariya, Mr. Ramesh Jain and
Mr. Nirmal Gami. It manufactures digital wall tiles in sizes 10"X
15", 10"X 12", 12"X 12" and 12"X 18". Its facility, located at
Morbi in Gujarat, has an installed capacity of producing ~5,500
boxes per day (~18,500 MTPA).


AGARWAL REALITY: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Agarwal Reality Developers Private Limited
H. No.3-6-687, Flat No, 303, Street No. 11,
        Himayat Nagar, Hyderabad-500029 Telangana

Liquidation Commencement Date: July 25, 2025

Court: National Company Law Tribunal Hyderabad Bench-II

Liquidator: Mr. Murali Mohan Chevuturi
     Plot No. 9, Flat No. 201, 2nd floor
            Vasista, Baraf Bagh Colony,
            Lower Tankbund, Hyderabad - 500029
            Email: liquidation.agarwal@gmail.com

Last date for
submission of claims: August 24, 2025


ASHISH IMPEX: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ashish
Impex (AI) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 8, 2024, placed the rating(s) of AI under the 'issuer
non-cooperating' category as AI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AI continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated June 24, 2025, July
4, 2025, July 14, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Ashish Impex (AI) was established in 2000 as a partnership firm by
Mr. Sanjay Bhai M Gabani, Mr. Vallabh Bhai M Gabani and Mr. Mukesh
Bhai R Gabani. The firm is engaged in processing and trading of cut
& polished diamonds.


ASHUTOSH CONTAINER: ICRA Lowers Rating on INR15cr LT Loan to B+
---------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Ashutosh Container Services Private Limited (ACSPL), as:

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term           15.00       [ICRA]B+ (Stable); ISSUER NOT
   Unallocated                     COOPERATING; Downgraded from
                                   [ICRA]BB+(Stable); ISSUER NOT
                                   COOPERATING and continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

Rationale

The rating is downgrade because of lack of adequate information
regarding ACSPL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in.

The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with ACSPL, ICRA has been trying to seek information from the
entity so as to monitor its performance Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

ACSPL was incorporated in 2003 and is a joint venture promoted by
Mr. Mahendra N Thacker and his family members who hold 74% of the
share capital of the company. The remaining 26% shares are held by
the Ashapura Group. The company operates a container freight
station, spread over 20 acres and located 8 kms from Mundra Port,
Gujarat. The Thacker family owns Shubham Shipping Services Pvt. Ltd
(SSSPL), which is a custom house clearing, forwarding, stevedoring
and shipping agent at Mundra Port and owns a fleet of trailers,
dump trucks, forklifts, excavators and frontend loaders and
aworkshop facility. The Company started stevedoring activities in
November 1977 and obtained CHA License at Mundra Port in 1985 and
since then has been operating as a CHA at Mundra. A partnership in
name of Shubham Shipping Services was formed in 1981-82 and it was
converted into SSSPL in 1995.

Ashapura group of companies includes Ashapura Mine Chem Limited,
Ashapura Volclay Ltd and Ashapura International Ltd. The group has
mining & mineral processing facilities in Belgium, Nigeria, Oman
and Malaysia. In India it operates from Gujarat, Maharashtra,
Karnataka, Kerala, Andhra Pradesh and Orissa. Ashapura Minechem
Ltd., the group's flagship company is listed on the BSE and NSE.
Ashapura group is an exporter of traded bauxite and bentonite.
SSSPL acted as CHA to handle the exports of Ashapura Group.


BETTER VALUE: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Better
Value Leasing and Finance Limited (BVLFL) continue to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       27.00      CARE C; Negative; ISSUER NOT
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) has been seeking
information from BVLFL to monitor the rating(s) vide e-mail
communications/letters dated April 29, 2025, April 30, 2025, and
May 5, 2025, and numerous phone calls. However, despite repeated
requests, the company has not provided the requisite information
for monitoring the rating. Aligning with the extant SEBI
guidelines, CareEdge Ratings has reviewed the rating based on best
available information, which in CareEdge Ratings' opinion is not
sufficient to arrive at a fair rating. Further, BVLFL has not paid
the surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating for BVLFL instruments will now be
denoted as 'CARE C; Negative/Issuer not Cooperating'.

Analytical approach: Standalone

Outlook: Negative

Detailed description of key rating drivers:

At the time of last rating on May 30, 2024, following were rating
strengths and weaknesses (updated with information available).

Key weaknesses

* Reducing financial flexibility: BVLFL is promoted by the Gawande
family, holding 88.27% equity as on March 31, 2019. The Gawande
family has presence in businesses such as Talwalkar Better Value
Fitness Limited (chain of gymnasiums - rated 'CARE D'), S K
Restaurants Private Limited (chain of restaurants), Popular
Prakashan Private Limited (publisher of books), Vans Information
Limited (electronic database for research business), and Popular
Institute of Art (arranger of art exhibitions).

Talwalkars Better Value Fitness Limited rating has been downgraded
to 'CARE D' from 'CARE B' (Under Credit Watch with Negative
Implications) as on August 2, 2019, considering default on certain
interest payments. With default by the group's flagship company,
its financial flexibility deteriorated. This is expected to impact
BVLFL's financial flexibility and may find it difficult to raise
resources from the market. NCLT has approved initiation of
liquidation proceedings of corporate debtor on April 28, 2022, for
Talwalkars Better Value Fitness Limited.

* Deteriorating gearing levels: Being a NBFC-ND-Non-SI, BVLFL does
not fall under minimum regulatory capital adequacy ratio (CAR)
requirement of 15%. However, the regulatory limit of gearing is
applicable to NBFC, which is 7x. The company crossed regulatory
gearing level in FY18 with at 10.72x, which further increased to
21.73x on March 31, 2019, as the company's net worth is declining
with rising debt. The company had asked the Reserve Bank of India
(RBI) for extension in timeline for reducing gearing in FY19 and
per the discussion with management and information provided by the
company, promoters have infused quasi equity of INR8.07 crore
considering this. However, there was no equity infusion in FY19 per
the annual report.

Liquidity: Not applicable

BVLFL was established in 1983 by the Gawande family as 'Better
Value Leasing & Finance Private Limited'. In 1995, the company
changed its name to 'Better Value Leasing And Finance Limited.'
BVLFL is a NBFC registered with the RBI as a non-systemically
important non-deposit taking NBFC. It has been classified as an
'Asset Financing Company (AFC)' and engaged in hire purchase (HP).
The company offers equipment finance to small and medium enterprise
(SME) clients with majority loan portfolio constituting
financing of hotel industry/kitchen equipment and gym equipment.


BLU-SMART MOBILITY: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Blu-Smart Mobility Limited
15th Floor, A Block, Westgate Business Bay,
        S G Road, Jivraj Park,
        Ahmedabad, Gujarat, India 380051

Insolvency Commencement Date: July 28, 2025

Estimated date of closure of
insolvency resolution process: January 24, 2026

Court: National Company Law Tribunal, Ahmedabad Division Bench

Insolvency
Professional: Mr. Ritesh Prakash Adatiya
              NPV Invsolvency Professionals Private Limited
              H-35, 1st Floor Jangpura Extension, Jungpura,
              South Delhi, New Delhi - 110014
              Email: ipe@npvca.in

              10th Floor, 1003, Zion Z1,
              Near Avalon Hotel,
              Sindhu Bhavan Road, Thaltej,
              Ahmedabad - 380054
              Email: cirp.blusmart@npvinsolvency.in

Last date for
submission of claims: August 11, 2025


BLUE CROSS: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Blue Cross
Commodities Private Limited (BCCPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      32.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated July 23, 2024, placed the rating(s) of BCCPL under the
'issuer non-cooperating' category as BCCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BCCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated June
8, 2025, June 18, 2025, June 28, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

Incorporated in November 2009, Blue Cross Commodities Private
Limited (BCCPL), promoted by Mr. Prakash Bihani and his son Mr.
Siddharth Bihani (MD), is engaged in the manufacturing & trading of
bitumen & bitumen related products like cold bitumen, emulsion,
etc.


CHANDRAWATI EDUCATION: CARE Keeps B- Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Chandrawati
Education Society (CES) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.28       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 5, 2024, placed the rating(s) of CES under the 'issuer
non-cooperating' category as CES had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
CES continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated June 23, 2025, July
1, 2025 and July 11, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Rajasthan based Chandrawati Education Society (CES), formed by Mr.
Jitendra Singh (Chairman of CES), was registered as a society in
1999 for imparting education in the field of engineering. CES under
its umbrella manages four education institutes such as Rajasthan
Institute of Engineering and Technology (RIET), Jaipur, set up in
2001, Rajasthan College of Engineering for Women (RCEW), Jaipur,
set up in 2002, Rajasthan Pharmacy College (RPC), Jaipur, set up in
2006 and Rajasthan Institute of Engineering and Technology,
Chittorgarh (RIETC), set up in 2009.


CMJ BREWERIES: CARE Assigns B- Rating to INR40cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of CMJ
Breweries Private Limited (CMJ), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       40.00      CARE B-; Stable Assigned
   Facilities                       

   Long Term Bank       58.80      CARE B-; Stable Rating removed
   Facilities                      from ISSUER NOT COOPERATING
                                   category and Upgraded from
                                   CARE D; Stable outlook assigned

Rationale and key rating drivers

In the absence of minimum information required for the purpose of
rating, CARE Ratings Ltd. (CARE) was unable to express an opinion
on the rating of CMJ Breweries Private Limited and in line with the
extant SEBI guidelines, CARE had moved the rating of bank
facilities of the company to 'CARE D; ISSUER NOT COOPERATING'.
However, the company has now submitted the requisite information to
CARE. Accordingly, CARE has carried out a full review of the rating
and the rating is revised to 'CARE B-; Stable'.

CARE has factored in the debt restructuring which took place in the
past wherein the company has repaid all its restructured debt
except for Meghalaya Industrial Development Corporation (MIDC). No
Dues Certificates (NDCs) have been received from all the concerned
lenders. In case of MIDC, One Time Settlement (OTS) has been
approved on Dec 11, 2024 wherein full principal amount of INR61.94
crore has to be paid in 4 instalments with the last one being due
on March 31, 2026.

The ratings assigned to the bank facilities of CMJ Breweries Pvt
Ltd continue to remain constrained by debt restructuring in the
past, weak profitability and leveraged capital structure with low
net worth base on the back of losses in distillery unit, ongoing
debt funded capex, stretched liquidity position, changes in
government regulations impacting the spirit industry, volatility in
the raw material prices with limited pricing power and highly
regulated nature of alcohol industry.

The ratings, however, continue to derive strength from modest track
of operations, association with leading brands, improvement in
capacity utilization of brewery division since Feb 2025 post
modernization of existing infrastructure and high entry barriers in
liquor industry.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Equity infusion leading to shoring up of net worth and easing of
liquidity

* Ramp up in scale of operations beyond INR300 crores with PBILDT
margins above 10% on sustained basis

* Improved capital structure with overall gearing less than 1.50x
on a sustained basis

Negative factors

* Delay in timely infusion of funds from promoters in case of
requirement

* Degradation of capital structure with overall gearing going above
3x

Analytical approach: Standalone

Outlook: Stable

Stable Outlook is on expectation of steady ramp up of capacity
utilization leading to improved financial performance.

Detailed description of key rating drivers:

Key weaknesses

* Debt restructuring in the past: In FY17, the company applied for
Strategic Debt Restructuring (SDR) after its debt facilities turned
NPA due to losses incurred in distillery business. However, the
same was not approved and the company went for One Time Settlement
(OTS) in 2019. In FY22, CMJ's OTS for the outstanding debt with
Punjab National Bank, Indian Bank, Allahabad Bank, State Bank of
India and IFCI Ltd was approved. CMJ was required to pay the OTS
amount of INR113.67 crore within 18 months from the OTS sanction
date (20% within 1 month, 40% within 12 months and remaining 40%
within 18 months). As of now, all dues have been fully settled, and
No Dues Certificates (NDCs) have been received from all the
concerned banks. The facilities of Canara Bank was taken over by
Kotak Mahindra Bank in March 2023 and in case of Meghalaya
Industrial Development Corporation (MIDC) the facilities were
restructured with new repayment schedule with longer tenures. OTS
amount of SBI, PNB, Indian bank, Allahabad bank & IFCI had been
paid by March 2023 through infusion of unsecured loan of around
INR50 crore and INR65 crore from Kotak Mahindra Bank. No due
certificate has been received for all the lenders. In case of MIDC,
OTS has been approved on Dec 11, 2024 wherein full principal amount
of INR61.94 crore has to be paid in 4 instalments with last one
being due on March 31, 2026. The company is making payment of MIDC
OTS on a timely basis.

* Changes in government regulations impacting the spirit industry:
In the past few years, particularly since 2016, the industry faced
a string of issues ranging from alcohol ban, demonetisation,
highway ban and exclusion from GST. These factors had a telling
impact on alcohol production.

* Volatility in the raw material prices with limited pricing power:
The raw material constitutes more than 44% of total cost of sales
in FY25. CMJBPL procures the raw materials like malt, rice grains,
sugar, etc from the market at current rates, the prices of which
are volatile in nature. Any upward movement in the raw materials
may adversely affect the profitability of the group as the finished
goods prices are controlled by the government/market force.

* Highly regulated nature of alcohol industry: The organised
alcohol industry is dominated by very few large players. Further,
high taxation and heavy regulation also make the industry dynamics
complex. Government levies various duties like excise duty, sales
tax, license fee, state-level import and export duty, bottling fee,
welfare levy, assessment fee, franchise fee, turnover tax,
surcharge etc. which varies from state to state. There is a ban on
all forms of direct and indirect advertising for liquor in the
country, leading to market players resorting to surrogate
advertising. Also, once the liquor companies decide on the prices,
the same cannot be altered in the year in most of the States,
irrespective of changes in raw material prices, media inflation,
new launches, probable re-launches and competition. Moreover, the
complexity of the industry further lies in the different types of
distribution models followed in various states like government
controlled agencies, private distribution system and auction. The
regulations at State levels are prone to frequent changes and be
sudden and uncertain. The direction or timing of any regulatory
changes being difficult to predict, industry is vulnerable to such
unanticipated changes.

* Weak profitability on the back of losses in distillery unit:
Total Operating Income (TOI) has moderated from INR453.37 crore in
FY23 to INR252 crore in FY25 on account of sale of its distillery
unit in FY25 coupled with volume de-growth of 28% in beer segment
between FY23 and FY25. Capacity utilization of brewery unit (beer)
moderated from 61.8% in FY23 to 45.4% in FY25 due to aging
infrastructure, intermittent power supply issues, and systemic
inefficiencies. Apart from that, capacity utilization of distillery
unit remained low and below breakeven level before it was sold in
FY25. These factors led to moderation in operating margin from
5.22% in FY23 to 3.50% in FY25. In FY25, CMJ undertook a capital
expenditure program worth INR 28.21 crores aimed at overcoming
capacity limitations, improving operational efficiency, and
modernizing critical production infrastructure. Since the
implementation, results from February 2025 onwards demonstrate the
success of this initiative, with getting rid of production
bottlenecks leading to significant improvements in capacity
utilization, operational stability, and cost efficiency. Following
the stabilization of the upgraded systems, CMJ has operated at an
average capacity utilization of 70% except April 2025. The company
earned PAT of INR49.06 crores in FY25 due to booking of high
non-operating income (profit of INR 75.45 crore generated from sale
of ENA and IMFL segments). In Q1FY26, the company has achieved TOI
of INR57.15 crore with capacity utilization improving to 63%.

* Leveraged capital structure and weak debt coverage indicators:
Due to continuous losses till March 31, 2024, the entity's net
worth had remained negative. The company sold its distillery unit
and booked profit of INR 75.45 crore in FY25. As a result, the
entity's net worth turned positive as on March 31, 2025. Moreover,
the company utilized the sale proceed of the distillery unit to
repay a portion of its debt (unsecured loan and loan taken from
Kotak Mahindra Bank). This resulted in significant reduction in the
entity's debt levels and improvement in capital structure with
overall gearing improving to 2.89x as on March 31, 2025 (PY: -1.62x
as on Mar 31, 2024). However, the capital structure continues to
remain leveraged. As of March 31, 2025, the company had one term
loan from MIDCL amounting to INR 58.50 crores, which is scheduled
to be fully paid in FY26 under One-Time Settlement (OTS)
arrangement. The total outside liabilities to net worth stood high
at 7.01x as on March, 31, 2025 (improved from -3.16x as on March,
31, 2024). Debt coverage indicators stood weak, as marked by PBILDT
interest coverage of 0.78x in FY25 (0.49x in FY24). Total debt to
GCA (TD/GCA) stood satisfactory at 0.98x in FY25 (-19.47x in FY24)
on account of one time non-operating income and reduction in debt
levels. Debt coverage indicators are expected to improve going
ahead due to sale of loss making distillery unit and improvement in
capacity utilization of brewery unit post completion of the capex.

* Ongoing debt funded capex: The company is enhancing its brewery
capacity from 84 lakh cases to 108 lakh cases at an estimated cost
of INR 28.21 crore and has already incurred INR19 crore towards
this capex. The company plans to avail term loan of INR15 crore
financial closure of which is pending. Apart from that, the company
is also in process of availing INR10 crore working capital limits.
The capex is expected to be completed within current FY26.

Key strengths

* High entry barriers in liquor industry: Liquor policies governing
production and sale of liquor are entirely controlled by the
respective state governments. With all the alcohol consuming
states/union territories having their own regulations, tax
structures and entry-exit restrictions, it is very difficult
for new entrants to get licenses; thus, providing a competitive
advantage to the existing players.

* Modest track record of operations: Mr. Ronak Jain S/o Mr. Rohit
Jain, is a Commerce Graduate with MBA degree from Monash University
of Australia. He is Director of the company. After completing his
studies, he is actively involved in the family business of CMJ
Group. He has an experience of more than a decade in this company.

* Association with leading brands: The company is manufacturing
beer under bottling agreement/Job work and own brands such as Asia
72, Heman 9000, Kingfisher Strong & lager, Magpie, Savage, Red
Indian, Shimla, Simba, etc. The company has also entered into a
bottling agreement with Carlsberg India and the management expects
increased business volume from this agreement in FY26 after
completion of ongoing capex.

Liquidity: Stretched

Liquidity remains stretched, as indicated by a low current ratio,
moderate quick ratio and moderate cash accruals against high debt
repayments. In FY26, the company is having a debt repayment
obligation of INR61.09 crore (includes the repayable OTS amount of
MIDCL) which is expected to be met partly out of cash accruals and
rest through reliance on fresh term loan/equity infusion.

CMJ Breweries Private Limited (CMJ), incorporated in November 2007,
is promoted by Meghalaya-based Jain family. The company had a
brewery and distillery segment with having a production capacity of
84 lakhs cases for the brewery segment and a 100 KLPD state of art
grain based Extra Neutral Alcohol (ENA) Plant at Byrnihat,
Meghalaya. In FY25, CMJPL had sold off its distillery unit thereby
closing its ENA and IMFL production. Thus the company is only
operating the brewery unit with having a production capacity of 84
lakh cases. The company has initiated a capital expenditure of INR
28.21 crore to increase its production capacity to 108 lakh cases
and is expected to be completed in current FY.


DHAWAN TRADING: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dhawan
Trading Company (DTC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      22.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 2, 2024, placed the rating(s) of DTC under the 'issuer
non-cooperating' category as DTC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
DTC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated June 18, 2025, June
28, 2025, July 8, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Delhi-based Dhawan Trading Company (DTC), is a proprietorship
concern established in 1996 by Mr. Jaspal Malhotra. The firm is
primarily engaged in trading of rice and paddy.

DIVA RAVI: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Diva Ravi
Agro and Founders Private Limited (DRAFPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Downgraded from CARE B; Stable

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 1, 2024, placed the rating(s) of DRAFPL under the
'issuer non-cooperating' category as DRAFPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. DRAFPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated June
17, 2025, June 27, 2025, July 7, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of DRAFPL have been
revised on account of non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

Diva Ravi Agro and Founders Private Limited (DRAFPL) incorporated
in November 05, 2008 is currently being managed by Mr. Mohit
Beriwal, Mr. Ritesh Beriwal and Mrs. Shailja Beriwal based out of
Kolkata, West Bengal. The company has started its commercial
operation from December 12, 2018 and it been engaged in
manufacturing of ductile & cast iron. The manufacturing unit of the
company is located at Jamalpur, Burdwan, West Bengal. The company
has started exporting its products to USA from September 2019.

ERODE SRI: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Erode Sri
Palani Murugan Spinning Mills Private Limited (ESPMSMPL) continue
to remain in the 'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.67       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category  

   Short Term Bank      0.33       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 21, 2024, placed the rating(s) of ESPMSMPL under the
'issuer non-cooperating' category as ESPMSMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. ESPMSMPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails
dated May 7, 2025, May 17, 2025, May 27, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Erode Sri Palani Murugan Spinning Mills Private Limited (ESPMSMPL)
is a Tamil Nadu based company, which was incorporated in 2006 and
promoted by Mr. E. Palanisamy and others as a Private Limited
company. The company is engaged in manufacturing of cotton yarn
(30-46 counts) with a total installed capacity of 13,824 spindles
at its manufacturing unit located at Erode, Tamil Nadu. The
manufacturing process includes ginning of raw cotton, blending,
carding, combing, drawing out, twisting and spinning. The company
is also engaged in manufacturing of cloth at its weaving mill from
rayon yarn.

FRANCO LEONE: ICRA Lowers Rating on INR40cr LT Loan to C
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Franco
Leone Limited (FLS), as:

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        40.00      [ICRA]C; ISSUER NOT COOPERATING;
   Fund based                   Rating downgraded from
   Cash Credit                  [ICRA]B+(Stable); ISSUER NOT
                                COOPERATING and continues to
                                remain under 'Issuer Not
                                Cooperating' category

Rationale

The rating downgrade is attributable to the lack of adequate
information regarding FLS performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by a rated entity" available at www.icra.in. The lenders, investors
and other market participants are thus advised to exercise
appropriate caution while using this rating, as the rating may not
adequately reflect the credit risk profile of the entity, despite
the downgrade."

As part of its process and in accordance with its rating agreement
with FLS, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Incorporated in 1995, FLS is a manufacturer and retailer of leather
and non-leather footwear for men and sells its products under its
own brand Franco Leone. FLS has two manufacturing units in Baddi
(Himachal Pradesh), one in Greater Noida (Uttar Pradesh), and one
in Bahadurgarh (Haryana) and has a combined manufacturing capacity
of around 5,000 pairs per day.


GENSOL ENGINEERING: NCLAT Stops IRP From Leasing Out 152 EVs
------------------------------------------------------------
LiveMint.com reports that SMAS Auto Leasing India Pvt. Ltd
approached the National Company Law Appellate Tribunal (NCLAT) on
August 5, against Gensol Engineering Ltd's interim resolution
professional (IRP) for attempting to lease out its 164 electric
vehicles (EVs) through public advertisement.

SMAS had leased all 164 EVs to Gensol before it entered insolvency.
Of these, 152 are currently with court-appointed receivers, while
12 remain with the IRP.

According to LiveMint.com, a bench led by chairperson Justice Ashok
Bhushan took up the matter and directed both the IRP and the
committee of creditors (CoC) to file their responses.  The tribunal
will decide on August 28 whether the IRP can proceed with leasing
these EVs.

"The appeal may be disposed of on the next date with regard to the
vehicles that were in possession of the appellant prior to the
initiation of CIRP, as well as those with the IRP," the tribunal
said in its order.

SMAS, in its petition, argued that the leases had lapsed in April,
well before Gensol's insolvency proceedings were admitted in June,
LiveMint.com relays.  Therefore, the IRP had no legal authority to
re-lease the fleet.  The company also alleged that the IRP
attempted to take possession of the vehicles via court-appointed
receivers, originally named in an earlier Delhi high court case.

"Ownership of these vehicles rests with us. The lease was
terminated well before insolvency.  Now, by misusing part of a
prior order, they are trying to lease them again.  That is
completely illegal," LiveMint.com quotes SMAS's senior counsel Arun
Kathpalia as saying during the hearing.

In May, SMAS had moved the Delhi high court, which restrained
Gensol and its affiliated entity, BluSmart Mobility, from creating
any third-party rights over the leased vehicles, LiveMint.com
recalls.  The court also appointed receivers to take custody of the
fleet.

Gensol's insolvency was admitted on June 13 by the National Company
Law Tribunal (NCLT) in Ahmedabad, following a petition by the
Indian Renewable Energy Development Agency (Ireda), which alleged
loan defaults of INR510 crore.  Its EV leasing subsidiary, Gensol
EV Leasing Pvt. Ltd, was also brought under CIRP.

Subsequently, the IRP issued a public advertisement claiming that
around 4,000 pre-owned EVs were available for lease in Delhi-NCR
and Bengaluru. "The cars are available at a fixed monthly lease
rental and a nominal down payment," the notice stated.

These vehicles had originally been leased by Gensol to its group
company BluSmart Mobility, an EV-based ride-hailing firm founded in
2019.  However, BluSmart was also admitted into insolvency on 28
July by the NCLT, after defaulting on dues of over INR1.28 crore,
LiveMint.com notes.  It now joins a growing list of Gensol-linked
entities undergoing CIRP.

LiveMint.com notes that Gensol and BluSmart's troubles intensified
earlier this year after the Securities and Exchange Board of India
(Sebi) issued an interim order on April 15 against Gensol promoters
Anmol and Puneet Jaggi.  Sebi accused them of diverting investor
funds meant for EV purchases toward personal luxuries, including a
NZD5 million apartment and expensive golf equipment.

LiveMint.com relates that the regulator also flagged discrepancies
in vehicle procurement, while Gensol had raised funds for 6,400
EVs, only 4,704 were actually acquired.

Anmol and Puneet Jaggi resigned from Gensol's board on May 6. The
Securities Appellate Tribunal (SAT), in a hearing the next day,
refused to stay Sebi's order and directed the company to respond. A
final Sebi ruling is pending, LiveMint.com says.

Gensol Engineering is a part of the Gensol Group of companies,
which offers engineering, procurement, and construction (EPC)
services for the development of solar power plants.


HILTON INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hilton
Infrastructure (HI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.91       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 8, 2024, placed the rating(s) of HI under the 'issuer
non-cooperating' category as HI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
HI continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated June 24, 2025, July
4, 2025, July 14, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Established in 2009, Hilton Infrastructure (HI) is engaged into
development of residential and commercial projects in Mumbai.


KAY VEE: CARE Keeps C Debt Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kay Vee
Airjets (KVA) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.76       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.40       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 20, 2024, placed the rating(s) of KVA under the 'issuer
non-cooperating' category as KVA had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
KVA continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated May 6, 2025, May
16, 2025, May 26, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Kay Vee Airjets (KVA) was established by Mr. E. Venkatesan,
Managing Partner as a partnership firm along with the other
partners namely Mr. M. Kanishkan and Mr. Deepika Kanishkan. KVA is
engaged in in manufacturing of grey fabric with an installed
capacity to produce 3, 50,000 meters per month. KVA uses 40 Air Jet
looms to produce gray fabric. The firm commenced operations from
October 2018.



KINARA CAPITAL: ICRA Lowers Rating on INR69.52cr NCD to D
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Kinara
Capital Private Limited's (Kinara), as:

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   NCD programme          69.52      [ICRA]D; downgraded from
                                     [ICRA]C

   CP programme           60.00      [ICRA]D; downgraded from
                                     from [ICRA]A4 and withdrawn

   Long-term fund-         9.37      [ICRA]D; downgraded from
   based term loan                   [ICRA]C  

   Short-term             25.00      [ICRA]D; downgraded from
   fund-based                        from [ICRA]A4 and withdrawn
   term loan              

Rationale

Material event

ICRA has received feedback from the debenture trustee and some
lenders of Kinara about delays in debt servicing of loans due on
August 5, 2025.

Impact of material event

ICRA has downgraded the ratings of the company to [ICRA]D following
these delays in debt servicing by the company. Over the last few
days, the liquidity profile of Kinara underwent a sharp
deterioration triggered by some lenders setting off their loans
against bank balances of Kinara and by appropriating the lien
marked fixed deposits. This was in the backdrop of the company
being in breach of financial covenants for a sizeable portion of
its total debt over the past few quarters. Consequent to the
aforementioned appropriations by few lenders, other lenders too
issued loan recall notices by declaring event of default given the
continued covenant breaches. Incrementally, the company's liquidity
position is expected to remain under stress in the near term, which
would impact its debt servicing. As of June 2025, the company had a
total debt of INR1,853 crore from 46 lenders.

ICRA has downgraded and simultaneously withdrawn the rating
outstanding on the long/short term bank facilities (unallocated) of
INR130.23 crore, non-convertible debentures (unallocated) of
INR4.85 crore and commercial papers (unallocated) of INR60.00 crore
at the request of the company. The rating has been withdrawn as per
ICRA's policy on the withdrawal of credit ratings.

Liquidity position: Poor

A major portion of Kinara's cash and bank balance (INR296 crore as
on July 20, 2025) is encumbered to the lenders as it remains short
of eligible receivables to offer as collateral for these loans.
This constrains its ability to manage its loan book growth. Loan
set-off by some lenders, recall from a few others and invocation of
event of default clause has significantly impaired Kinara's
financial flexibility to continue its normal operations and
impacted its loan collections and debt servicing, as per existing
loan terms.

Rating sensitivities

Positive factors - The ratings may be upgraded on timely servicing
of debt obligations for a continuous period of at least 3 months.

Negative factors - NA

Kinara Capital Private Limited is a non-deposit taking NBFC,
incorporated in 1996. The current promoters acquired the company in
September 2011 and commenced lending operations in November 2011.
It provides secured (hypothecation of machinery) and unsecured term
loans as well as working capital facilities. Currently, the company
operates in six states, namely Karnataka, Maharashtra, Gujarat,
Tamil Nadu, Andhra Pradesh and Telangana, with its head office in
Bengaluru. As of March 2025, Kinara had 80 branches with AUM of
INR2,840 crore (INR3,223 crore as of December 2024).


KIRPA RICE: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of M/S Kirpa Rice Mills (KRM) in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          29.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with KRM, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Kirpa Rice Mills (KRM) established in 1998, processes and sells
basmati rice. Its facility in Ladhu Ka (district Firozpur), Punjab,
has milling and sorted capacity of 4 tons per hour.


M. C. ROLLER: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M. C.
Roller Flour Mills Private Limited (MCRFMPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      18.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 1, 2024, placed the rating(s) of MCRFMPL under the
'issuer non-cooperating' category as MCRFMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MCRFMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated June
17, 2025, June 27, 2025, July 7, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Uttar Pradesh based M. C. Roller Flour Mill Pvt Ltd (MCR) was
incorporated in 1987. The company is currently being managed by Mr
Suresh Chand Singhal, Ms. Pushpa Singhal, Mr Amit Kumar Singhal and
Mr. Rohit Kumar Singhal. The company is engaged in processing
(milling) of wheat grains into flour, maida, semolina and choker.
The manufacturing unit is located in Shahjahanpur, Uttar Pradesh.
Furthermore, MCR is also engaged in trading of wheat grain, white
flour and semolina.


MKM DIAMONDS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of MKM
Diamonds Private Limited (MDPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          120.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 5, 2024, placed the rating(s) of MDPL under the
'issuer non-cooperating' category as MDPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MDPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated June
23, 2025, July 1, 2025, July 11, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

With effect from 5th April 2019, Eurostar Diamonds India Private
Limited (EDIPL) changed the company name to M/s MKM Diamonds Pvt
Ltd (MDPL) and became a wholly owned subsidiary of Paresh K Mehta
Investment Pvt Ltd. The company focusses on business of trading and
manufacturing of rough and polished diamonds and jewellery.


MOHAN RAO: ICRA Keeps B Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term ratings of Mohan Rao and Company (MRC)
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          10.00      [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-           2.00      [ICRA]B (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with MRC, ICRA has been trying to seek information from the entity
so as to monitor its performance Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Mohan Rao & Co. (MRC) was established in 1972 as cotton merchant
and commission agent for cotton bales, seed, and cakes at Bhainsa
in Adilabad district of Andhra Pradesh promoted by Ms. Laxmi Bai,
Mr. Mohan Rao Patel and Mr. Akhilesh Bhosle. The firm only operates
for 6-7 months during the peak season for the cotton business, i.e,
during October to April of the year. The group entities have
established relationships of more than 20 years with suppliers and
customers.


NEELKANTH FARMS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Neelkanth
Farms (NF) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.20       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 2, 2024, placed the rating(s) of NF under the 'issuer
non-cooperating' category as NF had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
NF continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated June 18, 2025, June
28, 2025, July 8, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Neelkanth Farms (NF) was established in July, 2017 as a partnership
firm and is currently being managed by Mr. Anil Mor, Mr. Ram Kumar
and Mr. Madan Mohan. NKF is established with an aim to set up a
poultry farming business at its poultry farm located in Karnal,
Haryana with the proposed breeding capacity of about 20,000-layer
birds per batch.


PRAMUKH COPPER: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Pramukh
Copper Pvt. Ltd. (PCPL) in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         1.75      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term/         2.15      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

   Short-term         6.10      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with PCPL. ICRA has been trying to seek information from the entity
so as to monitor its performance Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Pramukh Copper Private Limited (PCPL) was incorporated in January
2011 by Mr. Ronak Chaudhary, Mr. Arvind Patel, Mr. Jayantbhai
Patel, Mr. Dashrath Chaudhary, and Mrs. Subhadhraben Chaudhari. The
commercial production of the company started in mid of FY2012. PCPL
is engaged in manufacturing of rectangular copper bus bar and
profiles, round copper rods, copper strips and copper coils from
copper cathodes and scrap of copper. PCPL also procures the copper
rods from outside and makes modification in terms of sizing and
length and then sale to end customers. The manufacturing unit of
the company is located at Silvassa, Dadra Nagar Haveli with an
installed capacity of around 1500 MT. PCPL's plant location at
Dadra enjoys various fiscal Benefits like–no sales tax, low cost
of power @ INR3.40/unit and proximity to the seaports. Mr. Ronak
has five years of experience in copper line of business. He is also
director in Shreejji Housing Projects Private Limited engaged in
real estate business located in Gandhinagar.


R. K. FROZEN: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R. K.
Frozen Foods (RKFF) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.95       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd (CareEdge Ratings) had, vide its press release
dated August 1, 2024, placed the rating(s) of RKFF under the
'issuer non-cooperating' category as RKFF had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RKFF continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated June
17, 2025, June 27, 2025 and July 7, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Kashipur based, R.K. Frozen Foods (RKFF) is a partnership concern
established in April 2009 by Mr. Ajay Kumar Agarwal and Ms. Priti
Agarwal. RKFF is engaged in processing fresh fruits & vegetables
into frozen form through individual quick freezing (IQF) technique.
RKFF has set up its manufacturing facility at Udham Singh Nagar,
Uttarakhand.

RAJ SNEH: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raj Sneh
Auto Wheels Private Limited (RSAWPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      15.00       CARE D; Issuer not cooperating;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 2, 2024, placed the rating(s) of RSAWPL under the
'issuer non-cooperating' category as RSAWPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RSAWPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated June
18, 2025, June 28, 2025 and July 8, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Meerut-based (Uttar Pradesh) RSAWPL was incorporated in October,
2015 as a private limited company by Mr. Priyank Jain, Mayank Gupta
and Ashish Jain. The company is an authorized dealer of Maruti
Suzuki India Private Limited (MSIPL) and deals in MSIPL's premium
car segment; i.e., NEXA showroom including cars like S-Cross,
Baleno, Ignis and Ciaz. Apart from sale of cars, RSAWPL also
provides accessories and spares of auto vehicles of MSIPL (NEXA).


RELIABLE AGENCIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Reliable
Agencies (India) Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term/          4.49        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

   Long Term-          5.21        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.30        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with Reliable Agencies, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Reliable Agencies was established in the year 1972 by Mr
Venkatraman with the objective ofengaging in the business of
distributing welding equipment and consumables. Over the years the
entity has expanded its business into distribution of all the
reputed brands of welding equipment and consumables. The firm
currently has exclusive distribution rights for the products of
Ador, D&H Secheron and Schutz Carbon in the Hyderabad region of
Telangana.


S. K. FOODS: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S. K. Foods
(SKF) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 7, 2024, placed the rating(s) of SKF under the 'issuer
non-cooperating' category as SKF had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SKF continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated June 23, 2025, July
3, 2025 and July 13, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

SKF is engaged in the business of milling and processing of basmati
rice. In addition to paddy processing, the firm is also engaged in
procurement of semi-processed rice from the market which is further
processed through color sorter and grading machines to remove the
impurities. The firm has an installed manufacturing capacity at
Nissing (Karnal, Haryana).

SELVE CASHEWS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Selve
Cashews (SC) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 20, 2024, placed the rating(s) of SC under the 'issuer
non-cooperating' category as SC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated May 6, 2025, May
16, 2025, May 26, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Cuddalore (Tamil Nadu) based Selve Cashews (SC) is a proprietorship
firm established by Ms. R. Kalai Selvi in March 2010. The promoter
has an experience of over a decade similar line of business. SC is
into Processing and trading of raw cashew nuts. The firm procures
its raw material, the raw nuts, from West Africa and export around
50% of its production to countries like Singapore, Malaysia and
Dubai and remaining are being sold in domestic market. The firm has
an installed capacity of 1.5 tons per day for the processing of
nuts. Presently, the day to day operations are managed by Ms. R.
Kalai Selvi.


SHARANAMMA DIGGAVI: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term ratings of Sharanamma Diggavi Memorial
Educational Trust (SDME) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         6.29       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term-         1.71       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with SDME, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Sharanamma Diggavi Memorial Education Trust (SDME) was formed and
registered as a Trust in the year October, 2006. SDME was
established by the educationist Mr. Basawaraj Diggavi Chairman of
SDME. For the Financial Year FY15, SDME operated three educational
institutions comprising of two schools (Primary School and High
School) and one PU College.


SHILLONG ISPAT: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shillong
Ispat and Rolling Mills (SIRM) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated July 19, 2024, placed the rating(s) of SIRM under the 'issuer
non-cooperating' category as SIRM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SIRM continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated June 4, 2025, June
14, 2025, June 24, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Established in February 2005, Shillong Ispat And Rolling Mills
(SIRM) was promoted by Mr. Raj Kr. Choudhury, Mr. Amit Kr.
Choudhury, Mr. Rohit Choudhury, Mrs. Bimla Devi Choudhury and Mr.
Donboklong War based out of Kamrup (M) Assam. Since its inception,
the firm has been engaged in manufacturing of MS ingots and TMT
bars, MS coil, Runner & Riser, End Cutting at its plant located at
13th Mile, Tamulkuchi, Byrnihat, Meghalaya.

SHRADDHA ENERGY: ICRA Withdraws D Rating on INR185.40cr LT Loan
---------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Shraddha Energy and Infraprojects Pvt. Ltd at the request of the
company and in accordance with ICRA's policy on withdrawal.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers and their description, Liquidity Position,
Rating Sensitivities, Key Financial Indicator have not been
captured as the rated instruments are being withdrawn.

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-       185.40      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Withdrawn
   Term Loan                     

   Long-term-       169.80      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Withdrawn
   Cash Credit                   

   Long Term-        54.80      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Withdrawn
                                
Based out of Maharashtra, Shraddha Energy and Infra projects
Private Limited (SEIPL) is involved in diverse activities viz
construction of infrastructure projects (mainly irrigation),
operating of sugar mill and windmill projects. The company has
class1 registration with multiple state public works departments
and state irrigation departments/ corporations. It has a sugar
factory in Partur, Maharashtra with a capacity of 2500 TCD. Apart
from this, SEIPL has installed wind turbine generators across
Maharashtra and Karnataka, with a total capacity of 52 MW.


SUSTAINABLE AGRO-COMM: CARE Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of
Sustainable Agro-Commercial Financial Limited (SAFL) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     333.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non Convertible     70.00       CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings), vide its press release
dated May 29, 2024, had placed rating(s) of SAFL under the 'issuer
non-cooperating' category, as it failed to provide information for
monitoring rating for the rating exercise as agreed to in its
Rating Agreement. SACFL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated April 24, 2025, April 28,
2025, and May 5, 2025.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating based on best available information, which in
CareEdge Ratings' opinion is not sufficient to arrive at a fair
rating.

CareEdge Ratings reaffirms the rating of facilities/Instruments of
SAFL at CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and public at
large) are hence requested to exercise caution while using above
rating(s).

Ratings consider SACFL's ongoing default in repaying its borrowings
from banks and financial institutions. As of March 31, 2024, the
total outstanding amount stands at INR9.05 crore. The company has
responded to a recall notice received from one of the lenders, and
no legal proceedings have been initiated against it to date.

Analytical approach: Standalone

Outlook: Not applicable

Detailed description of key rating drivers:

At the time of last rating on May 29, 2024, following were rating
strengths and weaknesses (updated for the information available
from company's website (FY24 annual report).

Key weaknesses

* Weak Financial Profile: Portfolio outstanding as on March 31,
2024, was INR83.86 crore (PY: INR193.09 crore). The company's total
income improved to INR8.85 crore in FY23 (PY: INR4.06 crore), which
increase in interest income. Return on total assets (ROTA) and
return on net worth (RONW) improved from FY23 to FY24, primarily
due to higher profit after taxes (PAT). In FY24, the company
reported PAT of INR1.17 crore against net loss of INR56 crore in
FY23 due to provision reversal.

Liquidity: Not applicable

SAFL is an NBFC promoted by Jain Irrigation Systems Limited (JISL),
Jalgaon with IFC Washington as an anchor investor in 2012. SAFL
obtained RBI approval on July 05, 2012. In March 2015, Mandala
Capital Limited (an agri-focused private equity fund) invested in
SAFL to the extent of 20% of the total equity holding of INR120
crore, while JISL holds 49.00%, individuals of the promoter group
holding 21.00%, and IFC – a member of the World Bank Group, holds
10.00% equity share capital. SAFL is engaged solely and exclusively
in financing agriculture and allied activities. SAFL is a
non-deposit taking NBFC. SAFL focuses on providing agri-loans with
a wide and diverse range of financing options for agricultural
activities. The main product is micro irrigation system financing,
being the captive financing arm of JISL. It also finances other
products including pipes, and pumps for lift irrigation among
others.



VAISHNAVI BIOTECH: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Vaishnavi Bio
Tech International Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term/         13.00        [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

   Long Term-          7.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          8.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with Vaishnavi Bio Tech, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Incorporated in 2000, Vaishnavi Bio Tech International Limited is
into manufacturing and marketing of ecofriendly products to cater
the need of agricultural and veterinary/ poultry sectors. The
company has a diversified product portfolio consisting of
nutritional fertilizers, bio-fertilizers other value-added products
which are being manufactured through fermentation process.
Manufacturing facility of the company is located at Sihor Taluk,
Bhavnagar, Gujarat with capacity to produce 10000 MT of nutritional
supplements, 33600 MT of nutritional agro inputs/ fertilizers &
1000 MT of bio fertilizers. Company is ISO 9001, 14001& OHSAS 18001
certified.




=========
M A C A U
=========

WYNN MACAU: Fitch Assigns BB- Rating on $500MM Sr. Unsecured Notes
------------------------------------------------------------------
Fitch Ratings has assigned Wynn Macau, Limited's (WML) anticipated
$500 million of new senior unsecured notes due 2034 a 'BB-' rating
with a Recovery Rating of 'RR4'. Fitch currently rates WML's
Long-Term Issuer Default Rating (IDR) at 'BB-' with a Stable Rating
Outlook. Proceeds will be used for general corporate purposes,
including to repay outstanding indebtedness on the WM Caymen II
revolver and/or one or more series of the existing notes.

Rating strengths include a high-quality portfolio of gaming assets,
ongoing improvements in Macau's market, and access to capital to
fund near-term capital projects and further debt reduction.

The Stable Outlook reflects strong growth prospects in the Macau
market and robust liquidity.

Key Rating Drivers

Transaction Is Leverage Neutral: Pro forma for the transaction,
leverage is expected to remain unchanged. Gross EBITDA leverage at
WML is 6.5x and net EBITDA leverage is 4.9x as of June 30, 2025.
Fitch expects leverage to decline over time primarily through
EBITDA growth. WML has a material maturity wall from 2026 to 2029,
although Fitch believes the company has good access to capital
markets. WML has $3.3 billion of liquidity as of June 30, 2025, pro
forma for the July 2025 $1 billion upsize of the EML revolver and
$500 million notes transaction.

Macau Recovery Builds Strength: WML's two Macau properties continue
to grow following the removal of travel restrictions in early 2023,
albeit slightly below Fitch's expectations. The Macau gaming market
grew 24% in 2024 but remains 22.5% below pre-pandemic levels. This
was due primarily to the crackdown on VIP gamblers to stem capital
outflow and, to a lesser extent, weaker economic conditions in
China.

Fitch expects WML's Macau operations to grow marginally in
2025-2028. Gaming revenues and visitation have accelerated since
May, but a weaker Chinese economy and the slow return of mass
market customers continues to have an impact. Over time, the market
should benefit from new amenities, expansion projects throughout
Macau and increased visas from certain Chinese provinces.

Competitive Market Position: WML focuses on the premium mass of the
Macau gaming market and is well positioned owing to its luxury
hotel facilities and high-end food and entertainment offerings. The
company generates very strong total revenue per gaming position
relative to its peers in the Macau market.

Strong Parent and Subsidiary Linkage: Fitch analyzes Wynn Resorts,
Limited (WYNN; BB-/Stable), the parent, on a consolidated basis
because of strong linkage between the parent and the operating
subsidiaries. Under its "Parent and Subsidiary Linkage Rating
Criteria," Fitch views the parent as stronger than its
subsidiaries. The linkage reflects the perceived high strategic and
operational incentives, as the subsidiaries share brands and
customers across the system. There are no material ring-fencing
mechanisms to block cash movement from the subsidiaries.

Peer Analysis

WYNN has historically maintained a 'BB' credit profile except
during large development spending or economic crises, such as the
pandemic or the global financial crisis. It has high-quality assets
and operates in attractive regulatory regimes, while typically
maintaining strong liquidity. Fitch expects Wynn to continue to
pursue development projects and expansions/renovations on existing
properties, but in a prudent manner that preserves liquidity.

MGM Resorts International (BB-/Stable) has greater diversification
and larger scale. MGM also has lower EBITDA leverage, although this
is offset by a lower EBITDAR fixed-charge coverage ratio, as MGM
has sale-leaseback agreements on most of its properties. Wynn and
MGM operate in the top tier of their respective markets, but MGM
also has properties that are marketed to low- to mid-tier
customers, which results in lower margins and are susceptible to
more downside risk in economically challenging periods.

Las Vegas Sands (LVS; BBB-/Stable) has a larger presence in Macau
with five gaming properties and is one of two operators in
Singapore. Both companies focus on premium gaming customers in
large gaming markets, although LVS has lower estimated 2024 EBITDAR
leverage at 3.1x compared with Wynn at 5.4x.

Key Assumptions

- Macau EBITDA to see flat to low-single-digit increases for
2025-2028. While visitation is expected to grow, concerns regarding
the Chinese economy are underlined in its more conservative
near-term forecasts;

- Las Vegas EBITDA to plateau in 2025 as a result of difficult
comparisons (Super Bowl in 2024), but should increase over
2026-2028;

- Encore Boston Harbor to remain stable throughout the forecast
period;

- Wynn Al Marjan Island is expected to open in 2027, but Fitch has
not factored it into EBITDA due to the uncertainty of the exact
timing of the opening and the expected minimal cash impact from
management fees. Fitch expects the project to be credit-accretive
only after 2027 given the unique aspects of the property's location
and brand;

- Capex and investment activity include Macau concession
agreements, the UAE resort development, and expected room
renovations in Las Vegas;

- Fitch assumes share repurchases up to its $1 billion share
repurchase authorization by the end of 2027;

- Base interest rate assumptions reflect the current SOFR and HIBOR
curves.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade for WYNN

- EBITDAR leverage exceeding 6.0x on a sustained basis;

- EBITDAR fixed charge coverage consistently below 2.5x;

- An increase in financial commitments due to new development
projects or increased capital allocations to shareholders, leading
to a breach of EBITDAR leverage or EBITDAR fixed-charge coverage
targets.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade for WYNN

- EBITDAR leverage declining below 5.0x;

- EBITDAR fixed-charge coverage above 3.0x;

- Maintaining strong liquidity to ensure capital spending and
working capital needs are sufficiently financed.

Liquidity and Debt Structure

WML has $3.3 billion of liquidity as June 30, 2025, including $1.5
billion in cash and $1.9 billion in revolver capacity pro forma for
the July 2025 $1 billion upsize of the WML revolver and $500
million notes transaction. The entity is expected to be FCF
positive over the forecast horizon, although Fitch expects lower
EBITDA leverage will likely be driven by EBITDA growth as opposed
to material debt reduction. WML does have a material maturity wall
from 2026 to 2029, but the entity has strong access to capital
markets.

Issuer Profile

Wynn Macau, Limited is a subsidiary of Wynn Resorts, Limited and
operates two hotel casinos resorts in Macau.

Date of Relevant Committee

16-Jan-2025

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt             Rating           Recovery   
   -----------             ------           --------   
Wynn Macau, Limited

   senior unsecured     LT BB-  New Rating    RR4


WYNN MACAU: S&P Rates New $500MM Senior Unsecured Notes 'BB-'
-------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating to Wynn
Macau Ltd.'s (WML's) proposed $500 million senior unsecured notes
due 2034. The company is a majority-owned subsidiary of Wynn
Resorts Ltd. S&P expects the company to use the proceeds for
general corporate purposes, including to repay outstanding
borrowings under its WM Cayman II revolver ($1.14 billion
outstanding at June 30, 2025) and/or existing unsecured notes. The
company has $1 billion of WML senior unsecured notes that mature
Jan. 15, 2026.

The transaction is leverage neutral and does not affect S&P's 'BB-'
issuer credit ratings on Wynn Resorts or WML.

Issue Ratings -- Subordination Risk Analysis

Capital structure

-- S&P said, "We apply our subordination risk criteria to rate
WML's notes because we do not assign recovery ratings to debt
issued in Macao. We have not published an insolvency report for the
jurisdiction and have not ranked it because there is limited
historical precedent for a large-scale bankruptcy filing of a
foreign-owned entity in the special administrative region of the
People's Republic of China. Furthermore, even if lenders have a
good claim with a registerable interest in the real estate, we
believe there is significant uncertainty surrounding the
application of the insolvency process and lenders' ability to
realize asset value."

-- WML's capital structure comprises a $2.5 billion unsecured
revolver issued by subsidiary WM Cayman Holdings Ltd. II
(approximately $650 million drawn as of June 30, 2025, pro forma
for our assumption that WML uses proceeds from the proposed notes
to repay revolver borrowings) and $5.2 billion of unsecured notes
and convertible bonds issued by WML (pro forma for this proposed
notes issuance).

Analytical conclusions

-- WML's unsecured notes are structurally subordinated and rank
behind the unsecured revolver issued by a subsidiary in its capital
structure. However, the company's ratio of priority debt to total
debt is below 50%. Therefore, S&P believes the subordination risk
is mitigated enough to support its 'BB-' issue-level rating on the
unsecured notes (the same as its issuer credit rating on WML).

-- S&P said, "We believe the company could use borrowings under
its revolver to repay its $1 billion of unsecured notes that mature
in January 2026. In this scenario, we estimate the company's
priority debt would total approximately $1.65 billion out of its
total debt of $5.8 billion." Although the ratio of priority debt to
total debt would increase, it would remain below 50% in this
scenario.




===============
M A L A Y S I A
===============

IREKA CORP: Unit Withdraws Scheme of Arrangement
------------------------------------------------
The Malaysian Reserve reports that Ireka Corporation Bhd said its
wholly-owned subsidiary, United Time Development Sdn Bhd (UTDSB),
has withdrawn its proposed scheme of arrangement and adjourned a
court-convened meeting that was originally scheduled for August 11,
2025.

The Malaysian Reserve relates that the meeting, meant for scheme
creditors to attend and vote on the proposal, was called off due to
uncertainties over the availability of stakeholder funds held by
Messrs Haeme, the appointed stakeholder under the sale and purchase
agreement for the KaMi Development Project during the defect
liability period.

According to The Malaysian Reserve, one of the key agenda items in
the proposed scheme was for UTDSB to use the stakeholder sums to
rectify and repair defects in the project.

However, UTDSB said it has been unable to confirm if the funds are
still available, despite lodging two police reports on June 24, and
July 9, 2025 and issuing a letter of demand on May 16, 2025.

Ireka said the uncertainty has severely impacted the feasibility of
the proposed scheme, and UTDSB is now seeking legal advice to
initiate action against Messrs Haeme to recover the funds, as well
as any losses and damages suffered, The Malaysian Reserve relays.

The company said UTDSB is working closely with its solicitors to
address the matter and explore all available options, the report
adds.

                         About Ireka Corp.

Malaysia-based Ireka Corporation Berhad is an investment holding
company which provides civil, structural, and building
construction. The Company, through its subsidiaries, also provides
earthworks and leases construction plant and machinery. Ireka also
operates online international auction trade and provides venture
capital fund to internet, e-commerce, and related technology based
companies.

Ireka Corp Bhd has been classified as an affected listed issuer
under Practice Note 17 (PN17) of the Main Market Listing
Requirements.

In a filing with Bursa Malaysia on March 1, 2022, the construction
and property developer said it had triggered the prescribed
criteria under Paragraph 2.1(e) of the PN17 and that Bursa Malaysia
Securities Bhd had rejected its application to extend the relief
period, which ended on Feb. 26, 2022.

Ireka first triggered the criteria for PN17 under Bursa's Main
Market Listing Requirements in August 2020, after its auditor
highlighted a material uncertainty relating to its ability to
continue as a going concern based on its audited financial
statements for the financial year ended March 31, 2020 (FY2020).
Its shareholders' equity as of end-FY2020 had also fallen to
MYR77.51 million or 42.67% of its MYR181.29 million share capital,
which was below the required 50% threshold.




=====================
N E W   Z E A L A N D
=====================

CAYA BEAUTY: Court to Hear Wind-Up Petition on Aug. 22
------------------------------------------------------
A petition to wind up the operations of Caya Beauty Clinic Limited
will be heard before the High Court at Auckland on Aug. 22, 2025,
at 10:00 a.m.

Bronwyn Ann Page filed the petition against the company on May 27,
2025.

The Petitioner's solicitor is:

          Victoria Susan Tracy Haddon
          Evans Bailey Limited
          Level 3, 11 Garden Place
          Hamilton 3204


FORWARD INVESTMENTS: Faces Liquidation Over Estate Money
--------------------------------------------------------
The Press reports that a former mayoral candidate who campaigned on
tackling council debt is trying to stop his company from being
liquidated following claims the company owes money.

The Press relates that Richard Kay Ireland, the sole director and a
shareholder of Forward Investments Marlborough Limited (FIML),
appeared in the High Court at Blenheim on July 11 facing an
application to liquidate his company, filed on March 18.

The company was brought to court by the estate of Philippa Muir
Ireland, who died in April. The estate said that FIML owed the
estate money, although the amount was not specified in court.

According to The Press, Associate Judge Andrew Skelton said by
audiovisual link that the "guts" of the issue was whether money
given to FIML from the estate was a loan or a gift.

Lawyer for the estate Harrison Sutcliffe said a document circulated
by Mr. Ireland the day before the hearing appeared to be an effort
to prevent FIML from being liquidated, as opposed to a "legitimate
defence" to the estate's claim, The Press relates.

Mr. Ireland, who ran for mayor in 2019, stood behind a lawyer's
bench in the courtroom, saying he wanted to represent his company
himself, without a lawyer.

He said he couldn't afford a lawyer, but would get the odd legal
question answered for free by a lawyer he knew.

The Press relates that Judge Skelton said it had been explained to
Mr. Ireland before that he could not defend the company, it had to
be a lawyer representing the company. Mr. Ireland had filed
documents with the court titled Statement of Defence, but they were
not Statements of Defence under court rules, Judge Skelton said.

However he would accept Mr. Ireland's documents as submissions in
his capacity as a shareholder of FIML, he said.

"What you need to understand, Mr. Ireland, is that if we proceed on
that basis, you personally are going to be liable for any costs to
the plaintiff," The Press quotes Judge Skelton as saying.

"You really need to understand that if this goes ahead and the
company is liquidated, ultimately, not only will the company be
liquidated, but you'll also be personally liable for the costs of
the plaintiff.

"I understand this [amount] could be quite considerable by the time
we get to the end of this."

Mr. Ireland accepted he could be liable.

Judge Skelton said the case could proceed to a hearing.

"It would normally be required then for the shareholder to file a
statement in defence, but . . . I don't think Mr. Ireland is going
to be capable of filing a defence that is in accordance with the
rules."

The Press says Judge Skelton ordered that evidence from Mr.
Sutcliffe was to be filed by July 25 and then a hearing date would
be set. The hearing would likely take two hours.

Judge Skelton also made an order that submissions from both Mr.
Ireland and the estate could not be more than 10 pages long.

The Companies Register showed that FIML had been registered as a
company since February 2015, and had two other shareholders:
William Brian Parker of Blenheim, and Peter Mark Vining of Nelson.

The register also showed Mr. Ireland had been either a director or
shareholder of five other companies since 1975: Glen Briggan Ltd,
NZ Jetties Ltd, Spydacraft Ltd, Kimberg Ltd, and Roseneath Land Co
Ltd. All five companies no longer existed.


FREELANCER PA: Creditors' Proofs of Debt Due on Sept. 4
-------------------------------------------------------
Creditors of Freelancer PA Limited are required to file their
proofs of debt by Sept. 4, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 4, 2025.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


GFY LIMITED: Owes IRD More Than NZD900K, Liquidator's Report Shows
------------------------------------------------------------------
The Press reports that a Timaru plumbing and building company, one
of two linked companies put into liquidation in recent weeks, owes
Inland Revenue more than NZD900,000.

GFY Limited was put into liquidation on June 12, at the request of
Inland Revenue, with the official assignee appointed liquidator.

In the first liquidator's report, the reason given for the
liquidation of the plumbing and building contractor was a "failure
to provide for taxation," The Press relays.

GFY Ltd is linked to Nexus Services Ltd which was put into
liquidation on July 24 at the request of Auckland-based financial
services provider Buffer Premium Ltd, according to The Press.

Murray Bartlett was listed as the sole director and shareholder of
both companies.

The Press, citing the first report, discloses GFY Ltd had assets of
NZD18,860 (realised to date) from accounts receivable and cash on
hand. The value of the company's other assets, including vehicles,
plant and equipment, was yet to be determined.

The total owed to creditors was also yet to be determined, but
Inland Revenue was owed NZD915,122.

The list of known creditors of GFY Ltd included preferential
creditors IRD and employees, and potential and known creditors,
Bunnings, Humes Pipeline Systems, Firth Industries, Hireworx New
Zealand and Speirs Finance.

A list of known and potential unsecured creditors included
companies based across the country, including in Christchurch,
Dunedin, Gore, Motueka, Richmond, Wellington and Auckland.

The business ceased trading at the date of liquidation, The Press
notes.

The Press says the liquidator planned to review the disposal of any
assets prior to that date, including whether any vehicles or assets
had been sold or transferred prior to or post their appointment,
pursue outstanding accounts and issue payment demands "where
appropriate".

"The liquidator will complete a full investigation into the company
records to determine if there are further assets to be realised,
[a] shareholder's current account to be claimed or any irregular
transactions to be clawed back.

"It is expected that this investigation will be completed within 6
months."

The estimated completion date for the liquidation was December 12.

The trading address of GFY Ltd was listed as 197 Evans St, Timaru,
in the report.


MY FRESH: Court to Hear Wind-Up Petition on Sept. 12
----------------------------------------------------
A petition to wind up the operations of My Fresh Air Limited will
be heard before the High Court at Auckland on Sept. 12, 2025, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 4, 2025.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


PRICE CONTRACTING: Creditors' Proofs of Debt Due on Sept. 15
------------------------------------------------------------
Creditors of Price Contracting Limited and Fusion Passion Limited
are required to file their proofs of debt by Sept. 15, 2025, to be
included in the company's dividend distribution.

Price Contracting commenced wind-up proceedings on July 29, 2025.

Fusion Passion commenced wind-up proceedings on Aug. 1, 2025.

The company's liquidators are:

          Steve Farquhar
          Daniel Zhang
          Iain Mclennan
          McDonald Vague Limited
          PO Box 6092
          Victoria Street West
          Auckland 1142


SUREFIRE FOODS: Creditors' Proofs of Debt Due on Sept. 1
--------------------------------------------------------
Creditors of Surefire Foods Holdings Limited are required to file
their proofs of debt by Sept. 1, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 4, 2025.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


ZENSCAPE LIMITED: Court to Hear Wind-Up Petition on Sept. 4
-----------------------------------------------------------
A petition to wind up the operations of Zenscape Limited will be
heard before the High Court at Auckland on Sept. 4, 2025, at 10:45
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 30, 2025.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104




=================
S I N G A P O R E
=================

BROOKLYNZ STAINLESS: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Singapore entered an order on July 25, 2025, to
wind up the operations of BrooklyNZ Stainless Steel Pte. Ltd.

TSA Industries (SEA) Pte. Ltd. filed the petition against the
company.

The company's liquidators are:

          Don Ho Mun-Tuke
          Ho Chjuen Meng David Donald
          DHA+ pac, Chartered Accountants Singapore
          9 Raffles Place
          #08-04 Republic Plaza
          Singapore 048619


DELTA CORP: Court to Hear Wind-Up Petition on Aug. 15
-----------------------------------------------------
A petition to wind up the operations of Delta Corp Shipping Pte.
Ltd. will be heard before the High Court of Singapore on Aug. 15,
2025, at 10:00 a.m.

Lym Holdings Ltd filed the petition against the company on July 10,
2025.

The Petitioner's solicitors are:

          Allen & Gledhill LLP
          One Marina Boulevard #28-00
          Singapore 018989


EDLUTION PTE: Court to Hear Wind-Up Petition on Aug. 15
-------------------------------------------------------
A petition to wind up the operations of Edlution Pte. Ltd. will be
heard before the High Court of Singapore on Aug. 15, 2025, at 10:00
a.m.

Maybank Singapore Limited filed the petition against the company on
July 25, 2025.

The Petitioner's solicitors are:

          Tito Isaac & Co LLP
          1 North Bridge Road
          #30-00 High Street Centre
          Singapore 179094


PRIME VAL: Court to Hear Wind-Up Petition on Aug. 22
----------------------------------------------------
A petition to wind up the operations of Prime Val Pte. Ltd. will be
heard before the High Court of Singapore on Aug. 22, 2025, at 10:00
a.m.

Maybank Singapore Limited filed the petition against the company on
Aug. 1, 2025.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098


TERRAFORM LABS: Do Kwon May Plead Guilty in US Case Over Collapse
-----------------------------------------------------------------
Bob Van Voris at Bloomberg News reports that Terraform Labs
co-founder Do Kwon may plead guilty in a US criminal fraud case
tied to the US$40 billion collapse of the TerraUSD stablecoin in
2022.

According to Bloomberg, US District Judge Paul Engelmayer in New
York scheduled a change of plea hearing for Aug. 12. The judge said
in an order on Aug. 11 that Kwon should be ready to explain how he
violated the law if he pleads guilty.

Kwon, 33, pleaded not guilty in January following a two-year
extradition battle over whether he would first face prosecution in
the US or his native South Korea. A call to Kwon's lawyer was not
immediately returned.

According to Bloomberg, Kwon was charged in both countries in
connection with the implosion of Singapore-based Terraform's
TerraUSD, which shook the crypto world in the spring of 2022. The
downturn that followed played a role in the collapse of
cryptocurrency exchange FTX.

Bloomberg says Kwon had been a fugitive from the South Korean
charges for months when he and Terraform's former chief financial
officer were caught trying to board a Dubai-bound private jet at
the airport in Montenegro's capital, Podgorica, with fake passports
in March 2023.

Kwon, who owned 92 per cent of Terraform, was held in Montenegro
for months as officials in the Balkan nation spent most of two
years battling over whether he should be extradited to the US or
South Korea.

Meanwhile, Terraform and Kwon were found liable for civil fraud in
a 2024 suit by the US Securities and Exchange Commission, Bloomberg
notes. A jury in New York, at the end of a two-week trial,
determined that Kwon and Terraform misled investors.

According to Bloomberg, jurors found that Terraform and Kwon
falsely claimed that Chai, a popular Korean payment app, was using
Terraform's blockchain technology to make transactions. The jurors
also found investors were misled about the stability of the UST
stablecoin, which Kwon and Terraform claimed was algorithmically
pegged to the US dollar.

Bloomberg relates that Terraform and Kwon later agreed to pay the
US US$4.47 billion to resolve the case. The deal required Kwon to
wind down the business and use any remaining assets to pay off the
company's creditors.

                         About Terraform Labs

Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup
that created Terra, a blockchain protocol and payment platform used
for algorithmic stablecoins. It was co-founded by Do Kwon and
Daniel Shin in 2018 in Seoul, South Korea.

Terraform Labs introduced its first cryptocurrency token, TerraUSD,
in 2019. Investment firms like Arrington Capital, Coinbase
Ventures, Galaxy Digital, and Lightspeed Venture Partners helped
Terraform Labs raise more than $200 million.

The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022
caused the temporary suspension of the Terra network, wiping out
over $45 billion in market capitalization in a single week.

Both of Terra Form Labs' founders have encountered legal problems
as a result of the devaluation of the company's currency. In
September 2022, South Korean prosecutors filed a warrant for Do
Kwon's arrest. He was also added to Interpol's Red Notice list,
which urges other law enforcement to find and detain him.

Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22,
2024. In the petition filed by Chris Amani, as chief executive
officer, the Debtor estimated assets and liabilities between $100
million and $500 million each.

The Debtor is represented by Zachary I Shapiro, Esq., at Richards,
Layton & Finger, P.A.


THALASSA MANA: Creditors' Proofs of Debt Due on Sept. 6
-------------------------------------------------------
Creditors of Thalassa Mana Pte. Ltd. are required to file their
proofs of debt by Sept. 6, 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:

          Juay Sze Sin
          Shirley Lim Guat Hua
          c/o Complete Corporate Services Pte Ltd
          10 Anson Road
          #29-07 International Plaza
          Singapore 079903


TWFSG PTE: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Aug. 1, 2025, to
wind up the operations of TWFSG Pte. Ltd. (formerly known as The
WatchFund Pte. Ltd. and TSGWF Pte. Ltd.).

TheWatchClub Private Limited filed the petition against the
company.

The company's liquidators are:

          Mr. Abuthahir s/o Abdul Gafoor
          Ms. Yessica Budiman
          AAG Corporate Advisory
          11 Collyer Quay
          #07-02 The Arcade
          Singapore 049317




=====================
S O U T H   K O R E A
=====================

YEOCHUN NCC: Avoids Bankruptcy; Faces Bond Maturity in 2026
-----------------------------------------------------------
Chosun Biz reports that the ethylene producer Yeochun NCC, jointly
owned by Hanwha Solutions and DL Group with 50% equity each, has
managed to avoid bankruptcy by injecting additional funds.
However, concerns are rising that the petrochemical industry's
recovery will be difficult in the short term, leading to ongoing
financial difficulties.  Next year, the company will face the
maturity of KRW200 billion in corporate bonds.

Chosun Biz, citing industry sources, relates that DL Chemical will
discuss a proposal to lend funds to its subsidiary Yeochun NCC at a
board meeting on Aug. 12.  The funds will utilize KRW177.8 billion
received from a capital increase from DL Group's holding company DL
Co. the previous day.  Previously, Hanwha Solutions also approved a
proposal to lend KRW150 billion to Yeochun NCC at a board meeting
at the end of last month.

Yeochun NCC was established in April 1999 as a joint venture
between Hanwha Group and DL Group. Hanwha Solutions (formerly
Hanwha Petrochemical) and DL Chemical (formerly Daelim
Construction) both hold 50% equity.  In March, Hanwha Solutions and
DL Chemical also increased their capital by KRW100 billion each at
the request of Yeochun NCC.

With support from Hanwha Solutions and DL Chemical, the borrowing
fund of KRW300 billion due on Aug. 21 has become repayable, Chosun
Biz relays.  However, four corporate bonds will mature next year,
continuing the need for funds.  In terms of issuance amount, these
include KRW60 billion due on March 9, KRW70 billion (two
installments of KRW35 billion each) due on May 30, and KRW70
billion due on October 16.

Yeochun NCC recorded its largest-ever operating profit of KRW1.1
trillion in 2017.  However, due to oversupply originating from
China, the company reported a net loss of KRW347.7 billion in 2022,
KRW240.2 billion in 2023, and KRW236 billion in 2024, Chosun Biz
discloses.  The liability ratio surged from 200.1% in 2002 to
331.4% last year.

Yeochun NCC Co., Ltd. manufactures and sells chemical products.
The Company produces ethylene, propylene, benzene, toluene, xylene,
styrene monomer, and other products. Yeochun NCC also provides
after sale services.




=============
V I E T N A M
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VIETNAM: S&P Affirms 'BB+/B' Sovereign Credit Ratings
-----------------------------------------------------
S&P Global Ratings, on Aug. 11, 2025, affirmed its 'BB+' long-term
and 'B' short-term sovereign credit ratings on Vietnam. The outlook
on the long-term rating is stable.

Outlook

S&P said, "The stable outlook reflects our expectation that Vietnam
will maintain solid economic growth over the next 12 months despite
external trade uncertainties. We expect net general government debt
to increase faster, by close to 3.6% of GDP annually over the next
three to four years."

Downside scenario

S&P may lower the ratings if economic conditions deteriorate
rapidly or considerable stress in Vietnam's banking system emerges
such that the government's fiscal position weakens.  An increase in
net general government debt by more than 5% of GDP per year, in
addition to either interest payments on government debt exceeding
10% of revenues, or the government's net debt stock surpassing 30%
of GDP, on a sustained basis, would indicate downward pressure on
the ratings.

Upside scenario

S&P said, "We may raise our ratings if Vietnam's institutional
settings improve considerably and augment policy predictability and
transparency, including in external data provision and reliability.
Such changes in the policy environment could further bolster
investor confidence in the country's economic and financial
stability.

"We could also raise the ratings if Vietnam becomes a net external
creditor, which could potentially be driven by higher current
account surpluses than we expect and a concomitant rise in external
assets."

Sustained accumulation of net general government debt of less than
3% of GDP per year, combined with a fall in the government's
interest burden to below 5% of revenues, could also put upward
pressure on the ratings.

Rationale

Institutional and economic profile: Vietnam's economy will continue
to perform better than peers', with further support from domestic
reforms

-- Vietnam's economy faces heightened trade policy uncertainties
this year.

-- Still, it will likely continue to grow faster than peer
economies at a similar level of income, amid trade turbulence.

-- Sweeping administrative and provincial reforms could produce
results over the next few years, including more efficient and
decisive policymaking.

S&P said, "We forecast Vietnam's economic growth will moderate to
5.9% in 2025, after rapid expansion of 7.1% last year. The
export-led economy relies on strong external demand, which is
highly uncertain owing to global trade policy developments. The
semiconductor upcycle will continue to provide support for
Vietnam's growth this year, in our view."

The U.S. has applied a 20% tariff on some imports from Vietnam
starting Aug. 7, 2025. This marks an increase from the temporary
10% rate in recent months, but remains far lower than the initial
46% level that the U.S. proposed on April 2.

Vietnam will also be subject to a 40% tariff on goods determined to
be "trans-shipped", although it is not entirely clear how this
mechanism will be implemented.

A 20% tariff is like the 19% rate of many regional peers, including
Malaysia, Thailand, Indonesia, and the Philippines. It is therefore
unlikely to materially affect Vietnam's trade competitiveness.

Nevertheless, Vietnam has very high export exposure to the U.S., at
about 30% of GDP. The new tariff regime could still dent final U.S.
demand for Vietnam exports. This could lead to slower export growth
for Vietnam over the next 12 months, following a very strong
performance in the first half of 2025.

Vietnam has a sound domestic economic outlook. S&P expects public
investments to gradually accelerate over the next few years, led by
the state budget. While delays in the execution of capital projects
hampered public spending in the past and reduced support for
growth, the government has indicated it is committed to resolving
these delays.

S&P expects Vietnam's real GDP to grow at 5.9%-6.6% per year over
the next three to four years. Vietnam's GDP per capita could come
in at about US$4,900 at end-2025. Trend growth (10-year
weighted-average increase in real GDP per capita) of about 5.1% is
significantly higher than the median of peers at a similar income
level.

Risks to Vietnam's economic outlook remain. They primarily relate
to trade and the economy's heavy external orientation.

Vietnam's banking sector is gradually recovering from the failure
of Sai Gon Joint Stock Commercial Bank in 2022. The property sector
has also stabilized following a moderate downturn. S&P believes the
associated risks to the economy have eased.

Vietnam is likely to maintain healthy economic prospects over the
next several years. Its manufacturing sector continues to boom,
largely on the back of foreign direct investments (FDIs). The
country's young, increasingly educated, and competitive workforce
continues to attract FDIs from Southeast Asia. This could help keep
its long-term development intact, although prospects will remain
dependent on favorable external trade conditions.

Vietnam's macroeconomic stability and well-developed logistics
network for exports have made its manufacturing sector attractive
to global firms in the electronics, mobile phone, and textile
industries. These FDI-oriented segments continue to fuel domestic
activities, with better employment opportunities and higher wages
powering private consumption growth.

Back in June 2023, power blackouts related to a surge in
consumption during a heatwave hit a few multinational operators.
The government has taken steps to avert similar events since. This
underscores Vietnam's efforts to keep pace with the strong demand
for investments in the country, especially through continued
upgrades to its physical infrastructure.

S&P expects improved capex execution. The government had
encountered challenges in the completion of its hefty capex
programs in recent years. Frequently cited difficulties included
land acquisition and collaboration between disparate local
government entities.

Major administrative and provincial reforms in 2025 could improve
policy implementation and execution if they are successful. A
recent merger of 63 provinces and cities into 34 should ease
coordination difficulties and quicken local investment plans.

The government also fast-tracked implementation of a new Land Law
in 2024. The law has introduced new mechanisms for more transparent
land sales and accelerated land acquisition practices, among
others.

Vietnam's government has generally delivered strong development
outcomes in the past decade. In our opinion, checks and balances
within the government are limited, but the social compact between
the government and citizens remains strong.

S&P said, "Nevertheless, decision-making in Vietnam remains highly
centralized, and transparency is relatively limited, in our
opinion. This could introduce inefficiencies in policymaking and
implementation and affect the success of countercyclical measures.
We factor these considerations into our broader assessment of the
country's institutional settings."

Flexibility and performance profile: Net debt stock will average
less than 30% of GDP, even as borrowing picks up over the next few
years

-- Vietnam will face challenges from the evolving tariff
environment over the next year or two.

-- S&P Global Ratings believes there is currently a very high
degree of uncertainty around these outcomes.

-- The country's debt accumulation could quicken over the next few
years as the government boosts capex spending.

S&P said, "We expect the government's fiscal deficit to average
about 3.7% of GDP over 2025-2028. Our forecast captures enhanced
implementation of budgetary plans and an overall more supportive
fiscal stance. We assume the change in net general government debt
will be slightly less at 3.6% a year, with a rising trend.

"The government's gross debt stock is well below its self-mandated
cap of 60% of GDP. The government has also been curtailing growth
in government guarantees, especially for nonfinancial companies.
Outstanding guarantees were about 2.3% of GDP at end-2024. We
estimate the general government's debt, net of liquid assets, will
average close to 29% of GDP for 2025-2028.

"Vietnam has stable external metrics, in our view. Its trade
performance improved markedly in 2024 and the first half of 2025.
Some U.S. demand for Vietnam exports may have been pulled forward
into April-July, in anticipation of higher tariffs from Aug. 7."

Normalizing demand, potentially lower margins across affected value
chains, and higher end consumer prices may dampen total export
growth and earnings over the next year or two.

S&P expects Vietnam to maintain its current account surplus.
However, the surplus may gradually decline over the next few years,
averaging about 2.2% of GDP over 2025-2028.

Meanwhile, competitive unit labor costs, improving educational
standards, and constructive demographics imply continued growth in
FDIs and goods exports once tariff turbulence recedes. The country
has also emerged as a top destination for diversification by global
firms operating in the region.

Vietnam has enhanced market access via bilateral and multilateral
free trade initiatives. These include the Comprehensive and
Progressive Agreement for Trans-Pacific Partnership, European
Union-Vietnam Free Trade Agreement, and Regional Comprehensive
Economic Partnership. This orientation will support the country's
export diversification on a longer-term basis.

Vietnam's external debt stock position -- as measured by narrow net
external debt (ratio of gross external debt less official reserves
and financial sector external assets) to current account receipts
-- is generally stable.  S&P said, "We expect the ratio to average
about 5.3% over 2025-2028.  We project external liquidity needs
(ratio of gross external financing needs to current account
receipts and usable reserves) at about 89% over the period."

Vietnam's proportion of government debt denominated in foreign
currency has been falling steadily in the past decade, to less than
25% in 2024. This tracked the government's shift toward domestic
funding. The drop will help to reduce foreign-exchange risk.

Despite these strengths, Vietnam's external data lacks some
consistency. Errors and omissions in the country's balance of
payments are consistently elevated. Vietnam releases foreign
exchange reserves after a lag. A lack of an official International
Investment Position series also limits a more comprehensive
assessment of the external position.

Vietnam's domestic banks have somewhat limited linkages to global
markets. However, thin capital buffers, elevated indebtedness in
the economy, cross-ownerships, and connected lending could affect
banks' asset quality.

Although special loans to Sai Gon Commercial Bank represent an
especially large quantum of liquidity provision from the central
bank, S&P does not anticipate that any related liabilities will
accrue to the government's balance sheet.

Vietnam's total banking system is large relative to GDP for a
sovereign at this development level. S&P said, "We classify
Vietnam's banking sector in group '9' under our Banking Industry
Country Risk Assessment (with '1' being the highest assessment and
'10' being the lowest). This assessment incorporates regulatory
weaknesses, in addition to weak transparency and disclosure
standards. For these reasons, we expect the sovereign to face
moderate contingent liability risk from the banking sector."

The State Bank of Vietnam (SBV) has responded to softer domestic
demand and lower inflation by maintaining its refinancing rate at
4.5% since mid-2023. This followed a rate cut cycle in the
preceding quarters.

Depreciation pressure on the Vietnamese dong has contributed to
falling foreign exchange reserves despite Vietnam's current account
and net FDI surpluses. The central bank has also allowed the
currency to trade in a wider 5% band.

S&P said, "In our view, SBV has strengthened its record of
maintaining low inflation in recent years. However, coordination
limitations remain with other parts of the government. This could
affect the central bank's ability to support sustainable economic
growth while attenuating economic or financial shocks.

"In accordance with our relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable." At the onset of the committee, the chair confirmed
that the information provided to the Rating Committee by the
primary analyst had been distributed in a timely manner and was
sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Rating Component Scores above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings list

  Ratings Affirmed

  Socialist Republic of Viet Nam

  Sovereign Credit Rating               BB+/Stable/B

  Transfer & Convertibility Assessment

   Local Currency                       BB+
   Senior Unsecured                     BB+



                           *********


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
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