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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

          Thursday, August 21, 2025, Vol. 28, No. 167

                           Headlines



A U S T R A L I A

BLACKWATTLE RMBS 6: S&P Assigns Prelim. Bsf Rating on F Notes
CORAL SEA: First Creditors' Meeting Set for Aug. 26
CREDABL ABS 2023-1: Moody's Raises Rating on Class F Notes to Ba1
GMNC PTY: First Creditors' Meeting Set for Aug. 26
GREENSILL CAPITAL: Gupta Sues Administrators to Reopen NSW Mine

HARVEY TRUST 2025-1: S&P Assigns Prelim. BBsf Rating on Cl. E Debt
LIBERTY SERIES 2022-2: Moody's Ups Rating on Cl. F Notes From Ba2
NAMASTE CLEANING: First Creditors' Meeting Set for Aug. 26
ONE HUNDREDTH GOBLIN: First Creditors' Meeting Set for Aug. 26
ORDE TRUST 2024-1: Moody's Upgrades Rating on Class F Notes to B1

PHEONEX PTY: First Creditors' Meeting Set for Aug. 27
PRYSM INDUSTRIES: First Creditors' Meeting Set for Aug. 26
ROBUSTA TRUST 2024-1: Fitch Hikes 'B+sf' Rating on Class F Notes


C H I N A

PANDORA: Speeds Up Closure of Chinese Stores


I N D I A

ALCHEMIST CAPITAL: Insolvency Resolution Process Case Summary
CA MAGNUM: Moody's Affirms 'B1' CFR & Alters Outlook to Stable
GB ENGINEERING: ICRA Keeps D Debt Rating in Not Cooperating
GREENKO ENERGY: Moody's Affirms Ba2 CFR, Outlook Remains Negative
HARIKRUSHNA COTTON: ICRA Keeps B Debt Ratings in Not Cooperating

HCK CAPITAL: Voluntary Liquidation Process Case Summary
HINDUSTHAN MALLEABLES: ICRA Keeps B+ Rating in Not Cooperating
INDIAN YARN: Insolvency Resolution Process Case Summary
JKM VENTURES: CRISIL Reaffirms B+ Rating on INR6cr Cash Loan
KONVERGE HEALTHCARE: Liquidation Process Case Summary

M.D. FROZEN: ICRA Keeps D Debt Ratings in Not Cooperating
MAGADH PRECISION: ICRA Keeps D Debt Ratings in Not Cooperating
MAGPPIE EXPORTS: ICRA Keeps D Debt Rating in Not Cooperating
MAGPPIE GLOBAL: Liquidation Process Case Summary
MARUDHARA CONSTRUCTION: ICRA Keeps D Ratings in Not Cooperating

MERLIN CREATIONS: CRISIL Reaffirms B Rating on INR10cr Loan
MRC MILLS: CRISIL Withdraws B Rating on INR32.28cr Term Loan
MULTISTONE GRANITO: ICRA Keeps D Debt Ratings in Not Cooperating
MVR GAS: ICRA Lowers Rating on INR7.25cr LT Loan to D
PATWARI STEELS: ICRA Keeps D Debt Ratings in Not Cooperating

PAVAN POPLAR : Voluntary Liquidation Process Case Summary
PRAG AGRO: Voluntary Liquidation Process Case Summary
PUR ENERGY: ICRA Downgrades Issuer Rating to D
RANINGA PAPER: Insolvency Resolution Process Case Summary
RELIANCE COMMUNICATIONS: Alleges Ericsson Misused Insolvency Code

SAYA AUTOMOBILES: ICRA Keeps D Debt Ratings in Not Cooperating
SIDDHI INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
SINGLA RICE: ICRA Keeps B Debt Rating in Not Cooperating Category
SKIL INFRASTRUCTURE: NCLT Rejects IRP Bid to End Insolvency Process
SOMATHEERAM AYURVEDIC: ICRA Keeps B+ Ratings in Not Cooperating

SUNWAY INFRA: ICRA Keeps D Debt Rating in Not Cooperating
VEDANTA RESOURCES: Fitch Affirms 'B+' LongTerm Foreign Currency IDR
YAMUNA GINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating


M A L A Y S I A

SAPURA HOLDINGS: CEO Seeks to Use Other Pleadings in Wind-Up Trial


N E W   Z E A L A N D

BRILLIANT BUILDING: Creditors' Proofs of Debt Due on Sept. 23
D & L DECORATORS: Court to Hear Wind-Up Petition on Sept. 4
DKBY PROPERTY: Court to Hear Wind-Up Petition on Aug. 28
KITCHEN THINGS: Placed Into Receivership
ORMISTON CIVIL: Creditors' Proofs of Debt Due on Sept. 18

PIPE VISION: Creditors' Proofs of Debt Due on Aug. 29


P A K I S T A N

PAKISTAN: Moody's Ups Issuer Rating to 'Caa1', Outlook Stable


S I N G A P O R E

DELTA CORP: Court to Hear Wind-Up Petition on Aug. 29
KHURRAM TRADING: Court Enters Wind-Up Order
M-TECHX ASIA: Court to Hear Wind-Up Petition on Aug. 29
POCKET CINEMA: Owes SGD1.2 Million to Creditors
STUDIO21 PTE: Court to Hear Wind-Up Petition on Aug. 29

U G PTE: Court Enters Wind-Up Order


S R I   L A N K A

HDFC BANK: Fitch Alters Outlook on BB+(lka) National Rating to Neg.


T A I W A N

MERCURIES LIFE: Said to Weigh Options Including Sale


X X X X X X X X

ARJUN CHEMICALS: Liquidation Process Case Summary
HOEGH LNG INDIA: Voluntary Liquidation Process Case Summary

                           - - - - -


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

BLACKWATTLE RMBS 6: S&P Assigns Prelim. Bsf Rating on F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of residential mortgage-backed securities (RMBS) to be
issued by Permanent Custodians Ltd. as trustee for Blackwattle
Series RMBS Trust No.6. Blackwattle Series RMBS Trust No.6 is a
securitization of prime residential mortgage loans originated by
Sintex Consolidated Pty Ltd.

The preliminary ratings assigned reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support is provided by
subordination, lenders' mortgage insurance (LMI), and excess
spread. S&P's assessment of credit risk takes into account Sintex's
underwriting standards and approval process, the servicing quality
of Sintex, and the support provided by the LMI policies on 0.7% of
the loan portfolio.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the interest-rate swap,
the loss reserve, the liquidity facility, the principal draw
function, and the provision of an extraordinary expense reserve.
S&P's analysis is on the basis that the notes are fully redeemed by
their legal final maturity date, and it assumes the notes are not
called at or beyond the call-option date.

S&P said, "Our ratings also consider the counterparty exposure to
Westpac Banking Corp. as interest-rate swap provider, bank account
provider, and liquidity facility provider. An interest-rate swap
will be provided to hedge the mismatch between the fixed-rate
mortgage loans and the floating-rate obligations on the notes. The
transaction documents for the swap and facilities include downgrade
language consistent with S&P Global Ratings' counterparty
criteria.

"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Preliminary Ratings Assigned

  Blackwattle Series RMBS Trust No.6

  Class A1-S, A$200.00 million: AAA (sf)
  Class A1-L, A$225.00 million: AAA (sf)
  Class A2, A$43.50 million: AAA (sf)
  Class B, A$11.00 million: AA (sf)
  Class C, A$10.25 million: A (sf)
  Class D, A$5.00 million: BBB (sf)
  Class E, A$2.50 million: BB (sf)
  Class F, A$0.85 million: B (sf)
  Class G1, A$0.90 million: Not rated
  Class G2, A$1.00 million: Not rated


CORAL SEA: First Creditors' Meeting Set for Aug. 26
---------------------------------------------------
A first meeting of the creditors in the proceedings of Coral Sea
Roofing Pty Ltd will be held on Aug. 26, 2025 at 10:00 a.m. via
virtual meeting technology only (Microsoft Teams).

Marcus Watters and Richard Albarran of Hall Chadwick were appointed
as administrators of the company on Aug. 14, 2025.


CREDABL ABS 2023-1: Moody's Raises Rating on Class F Notes to Ba1
-----------------------------------------------------------------
Moody's Ratings has upgraded ratings on four classes of notes
issued by BNY Trust Company of Australia Limited as Trustee of the
Credabl ABS 2023-1 Trust.

The affected ratings are as follows:

Issuer: Credabl ABS 2023-1 Trust

Class C Notes, Upgraded to Aa2 (sf); previously on Sep 23, 2024
Upgraded to Aa3 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Sep 23, 2024
Upgraded to A3 (sf)

Class E Notes, Upgraded to Baa2 (sf); previously on Sep 23, 2024
Upgraded to Baa3 (sf)

Class F Notes, Upgraded to Ba1 (sf); previously on Sep 23, 2024
Upgraded to Ba3 (sf)

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

RATINGS RATIONALE

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

No action was taken on the remaining rated classes in the deal as
credit enhancements remain commensurate with the current ratings
for the notes.

Following the July 2025 payment date, credit enhancement available
for the Class C, Class D, Class E, and Class F Notes has increased
to 13.9%, 11.6%, 6.3%, and 5.1% respectively, from 11.4%, 9.3%,
4.1%, and 3.0% at the time of the last rating action in September
2024.

Principal collections have been distributed on a pro-rata basis
among the rated notes since December 2024 payment date. Current
total outstanding notes as a percentage of the total closing
balance is 41.4%.

As of end-June 2025, 1.7% of the outstanding pool was 30-plus day
delinquent, and no loans were 90-plus day delinquent. The deal has
incurred 0.4% of gross losses (as a percentage of the original pool
balance) to date, all of which have been covered by a combination
of excess spread and Liquidity Notes proceeds.

Based on the observed performance to date and loan attributes
(including a shorter weighted average life of 1.8 years compared to
1.9 years at the time of the last rating action in September 2024),
Moody's have updated its expected default assumption to 2.0% of the
current pool balance (which remains equivalent to a Ba1 proxy
rating and is equivalent to 1.2% of the original pool balance) from
1.9% of the outstanding pool balance (equivalent to 1.3% of the
original pool balance).

Moody's have also updated its mean recovery rate assumption to
50.6% from 51.6% at the time of last rating action in September
2024. Moody's SME stressed loss for the collateral pool is 18.4%.

Moody's analysis has also considered various scenarios involving
different mean default rate and SME stressed loss to evaluate the
resiliency of the note ratings.

The transaction is a securitisation of a portfolio of practice
premise (commercial real estate), equipment, goodwill, fixture and
fitting, and auto loans to Australian medical and healthcare
professionals. Practice premise loans represent 50% of the
portfolio and benefit from security over commercial real estate.
Balloon loans constitute a significant proportion of the portfolio
and the proportion of balloon payments has slightly decreased to
65.6% of the current pool from 66.9% of the outstanding pool at the
time of the last action in September 2024.

The principal methodology used in these ratings was "SME
Asset-backed Securitizations" 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.


GMNC PTY: First Creditors' Meeting Set for Aug. 26
--------------------------------------------------
A first meeting of the creditors in the proceedings of GMNC Pty Ltd
will be held on Aug. 26, 2025 at 2:00 p.m. at the offices of Beacon
Advisory, at Level 6, AMP 1 Hobart Place, in Canberra, ACT and via
ZOOM.

Anthony Lane of Beacon Advisory was appointed as administrator of
the company on Aug. 15, 2025.


GREENSILL CAPITAL: Gupta Sues Administrators to Reopen NSW Mine
---------------------------------------------------------------
The Australian Financial Review reports that British industrialist
Sanjeev Gupta is suing the administrators of the collapsed
Greensill Capital in a bid to restart the Tahmoor coal mine south
of Sydney, which he says is suffering losses of AUD4 million a
week.

According to the Financial Review, Gupta's Liberty Primary Metals
Australia launched the new legal action in the Federal Court on
Aug. 18 to remove security related to debts it said were repaid
more than two years ago.

"GFG Alliance has already secured the support of new investors and
[is] willing to provide further capital for Tahmoor Colliery. The
only impediment to closing these transactions is a legacy Greensill
security for an LPMA-specific debt paid off in full on June 30,
2023," a spokeswoman for LPMA parent company GFG said.

"Despite universal acknowledgement that no debt remains
outstanding, negotiations with Greensill Capital UK and OneSteel
Manufacturing's administrators, KordaMentha, to simply deregister
the security by consent have been protracted and unproductive."

OneSteel was the GFG company that owned the Whyalla steelworks in
South Australia and the nearby iron ore mines. KordaMentha and
Greensill Capital's administrators, Grant Thornton, were contacted
for comment.

The Financial Review says Gupta has been fighting to save his
global steel empire following the 2021 collapse of its main
financier Greensill Capital, the London-based supply chain finance
firm started by Australian Lex Greensill, which advanced GFG
companies billions of dollars.

Liberty is seeking court orders to have a Greensill Capital
personal property security registration over the mine removed.

Gupta's Tahmoor Coal has more than 50 payment defaults lodged
against it by suppliers, according to CreditorWatch.

Gupta has been under intense financial pressure, the Financial
Review notes. The South Australian government appointed insolvency
firm KordaMentha to Gupta's Whyalla steelworks in February after it
racked up debts of more than AUD1.5 billion.

LPMA is the parent entity of the steelworks. It, and two other
Gupta companies, are being pursued by the Australian Securities and
Investments Commission for failing to lodge annual reports.

Gupta was virtually unknown in Australia until he bought the
Whyalla steelworks and other businesses in 2017 for about AUD700
million, following the collapse of Arrium.

According to the Financial Review, the GFG spokeswoman said GFG
Alliance was funding the Tahmoor mine, which was losing AUD4
million per week covering operations, salaries and utilities, and
creditors were "rapidly losing patience".

The Tahmoor mine has not mined coal for more than six months and
GFG has been trying to refinance it to get it running again.

"In order to protect jobs, maintain operations, and enable new
investment, GFG Alliance is left with no option but to seek urgent
relief from the courts to deregister this security and we are
hopeful the court will take swift action," the spokeswoman, as
cited by the Financial Review, said.

The Financial Review relates that GFG said it was still open for
Greensill Capital's administrators, Grant Thornton, to deregister
the security and nullify the need for a court case.

Gupta's companies have a web of complex related-party transactions
and loans, the Financial Review states. The Whyalla steelworks and
iron ore mines entity collapsed owing AUD1.35 billion, with Gupta
claiming his companies are owed more than AUD500 million.

The Financial Review says Australian legal battles related to the
collapse of Greensill Capital are racking up millions of dollars in
legal fees as creditors try to recover billions of dollars in
alleged losses from insurers.

Ten lawsuits claiming a combined AUD7 billion have been filed
against Greensill Capital's former insurer, ASX-listed IAG, in the
Federal Court, according to the Financial Review. Another lawsuit
has been filed against Greensill Capital's former insurance broker,
NYSE-listed Marsh McLennan. A trial is scheduled for August 2026.

                          About Greensill

Greensill was an independent financial services firm and principal
investor group based in the United Kingdom and Australia.  It
offered structures trade finance, working capital optimization,
specialty financing and contract monetization.  Greensill Capital
Pty was the parent company for the Greensill Group.

Greensill Capital (UK) Limited and Greensill Capital Management
Company (UK) Limited both entered into administration on March 8,
2021.  Greensill Limited entered into Creditors' Voluntary
Liquidation on July 30, 2021. Greensill Capital Securities Limited
entered into Creditors' Voluntary Liquidation on June 24, 2022.

Greensill Capital Pty Limited was the parent company to the
Greensill Group of which Greensill Capital (UK) Limited and
Greensill Limited formed a part.  It entered into administration in
Australia on March 9, 2021 and then subsequently into liquidation
in Australia on April 22, 2021.


HARVEY TRUST 2025-1: S&P Assigns Prelim. BBsf Rating on Cl. E Debt
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six of the
seven classes of prime residential mortgage-backed securities
(RMBS) to be issued by Perpetual Trustee Co. Ltd. as trustee for
Series 2025-1 Harvey Trust. Series 2025-1 Harvey Trust is a
securitization of prime residential mortgage loans originated by
Great Southern Bank (GSB; a business name of Credit Union Australia
Ltd.).

The preliminary ratings reflect the following factors.

The credit risk of the underlying collateral portfolio at
transaction close, including the fact that this is a closed
portfolio, means that no further loans will be assigned to the
trust after the closing date.

The credit support is sufficient to withstand the stresses S&P
applies. The credit support for the rated notes comprises note
subordination and lenders' mortgage insurance on 20.3% of the
portfolio.

The various mechanisms to support liquidity within the transaction,
including an excess revenue reserve funded by available excess
spread, principal draws, and a liquidity facility equal to 1.0% of
the aggregate invested amount of the notes are sufficient under
S&P's stress assumptions to ensure timely payment of interest.

There is a fixed- to floating-rate interest-rate swap provided by
GSB to hedge the mismatch between receipts from any fixed-rate
mortgage loans and the floating-rate notes. National Australia Bank
Ltd. will act as standby swap provider.

  Preliminary Ratings Assigned

  Series 2025-1 Harvey Trust

  Class A1, A$460.00 million: AAA (sf)
  Class A2, A$20.00 million: AAA (sf)
  Class B, A$10.00 million: AA (sf)
  Class C, A$5.00 million: A (sf)
  Class D, A$2.15 million: BBB (sf)
  Class E, A$1.45 million: BB (sf)
  Class F, A$1.40 million: Not rated


LIBERTY SERIES 2022-2: Moody's Ups Rating on Cl. F Notes From Ba2
-----------------------------------------------------------------
Moody's Ratings has upgraded ratings on six classes of notes issued
by two Liberty Series RMBS.

The affected ratings are as follows:

Issuer: Liberty Series 2022-2

Class D Notes, Upgraded to Aa1 (sf); previously on Nov 5, 2024
Upgraded to Aa3 (sf)

Class E Notes, Upgraded to Aa3 (sf); previously on Nov 5, 2024
Upgraded to Baa2 (sf)

Class F Notes, Upgraded to A3 (sf); previously on Nov 5, 2024
Upgraded to Ba2 (sf)

Issuer: Liberty Series 2023-1

Class D Notes, Upgraded to Aaa (sf); previously on Jan 28, 2025
Upgraded to Aa1 (sf)

Class E Notes, Upgraded to Aa1 (sf); previously on Jan 28, 2025
Upgraded to A1 (sf)

Class F Notes, Upgraded to A1 (sf); previously on Jan 28, 2025
Upgraded to Baa1 (sf)

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

RATINGS RATIONALE

The upgrades were prompted by (1) an increase in credit
enhancements (via notes subordination and the Guarantee Fee
Reserve) available to the affected notes and (2) the collateral
performance to date.

The non-amortising Guarantee Fee Reserve Account can be used to
cover charge-offs against the notes and liquidity shortfalls that
remain uncovered after drawing on the liquidity facility and
principal.

No actions were taken on the remaining rated classes in the deals
as credit enhancements remain commensurate with the current ratings
for the respective notes.

Liberty Series 2022-2

Following the July 2025 payment date, notes subordination available
for the Class D, Class E and Class F Notes has increased to 5.4%,
2.5% and 2.0%, respectively, from 4.8%, 1.9% and 1.4% at the time
of the last rating action for these notes in November 2024. The
Guarantee Fee Reserve Account provides credit support of 1.2% of
the outstanding notes balance.

Principal collections have been distributed on a pro-rata basis
among the rated notes since deal closing. Current outstanding notes
balance as a percentage of the closing notes balance was 25.3%.

As of July 2025, 3.2% of the outstanding pool was 30-plus day
delinquent and 0.8% was 90-plus day delinquent. The deal has not
incurred any losses to date.

Based on the observed performance to date and the loan attributes,
Moody's have updated Moody's expected loss assumption to 1.26% of
the outstanding pool balance (equivalent to 0.3% of the original
pool balance) from 1.25% of the outstanding pool balance
(equivalent to 0.5% of the original pool balance) at the time of
the last rating action in November 2024. Moody's have maintained
Moody's MILAN CE assumption at 4.7%.

Liberty Series 2023-1

Following the July 2025 payment date, notes subordination available
for the Class D, Class E and Class F Notes has increased to 7.2%,
5.3% and 3.6%, respectively, from 6.4%, 4.6% and 3.0% at the time
of the last rating action for these notes in January 2025. The
Guarantee Fee Reserve Account provides credit support of 0.8% of
the outstanding notes balance.

Principal collections have been distributed on a pro-rata basis
among the rated notes starting from Class A1b Notes since March
2025 payment date. Current outstanding notes balance as a
percentage of the closing notes balance was 36.2%.

As of July 2025, 4.3% of the outstanding pool was 30-plus day
delinquent and 2.1% was 90-plus day delinquent. The pool has
incurred 0.001% (as a percentage of the original pool) of losses to
date, which have been covered by excess spread.

Based on the observed performance to date and the loan attributes,
Moody's have updated Moody's expected loss assumption to 1.6% of
the outstanding pool balance (equivalent to 0.6% of the original
pool balance), from 1.7% of the outstanding pool balance
(equivalent to 0.7% of the original pool balance) at the time of
the last rating action in January 2025. Moody's have also updated
Moody's MILAN CE to 5.3%, down from 6.0% at the time of the last
rating action.

The transactions are Australian RMBS originated and serviced by
Liberty Financial Pty Ltd, an Australian non-bank lender. A portion
of the portfolio consists of loans extended on an alternative
documentation basis, and a small portion to borrowers with impaired
credit histories.

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.

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

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 credit enhancement
available for the notes.

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 credit enhancement available
for the notes and (3) a deterioration in the credit quality of the
transaction counterparties.


NAMASTE CLEANING: First Creditors' Meeting Set for Aug. 26
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Namaste
Cleaning Services Pty Ltd will be held on Aug. 26, 2025 at 10:00
a.m. via teleconference only.

Desmond Byron of Business Reset was appointed as administrator of
the company on Aug. 14, 2025.


ONE HUNDREDTH GOBLIN: First Creditors' Meeting Set for Aug. 26
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of One
Hundredth Goblin Pty Ltd ATF Badawy Family Trust will be held on
Aug. 26, 2025 at 11:30 a.m. via videoconference only.

Matthew Sweeny and Barry Wight of Cor Cordis were appointed as
administrators of the company on Aug. 14, 2025.


ORDE TRUST 2024-1: Moody's Upgrades Rating on Class F Notes to B1
-----------------------------------------------------------------
Moody's Ratings has upgraded the rating on Class F notes issued by
BNY Trust Company of Australia Limited as trustee of ORDE Series
2024-1 Trust.

The affected rating is as follows:

Issuer: ORDE Series 2024-1 Trust

Class F Notes, Upgraded to B1 (sf); previously on Mar 7, 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 upgrade was prompted by (1) an increase in credit enhancement
available to the affected notes and (2) the collateral performance
to date.

No actions were taken on the remaining rated classes in the deal as
credit enhancement remains commensurate with the current rating for
the respective notes.

Following the July 2025 payment date, credit enhancement available
for the Class F notes has increased to 2.2% from 0.9% at closing.
Principal collections have been distributed on a sequential basis
starting from Class A1 and Class A2 notes. Current outstanding note
balance as a percentage of the closing note balance is 48.7%.

As of end-June 2025, 4.0% of the outstanding pool was 30-plus day
delinquent and 1.1% was 90-plus day delinquent. The deal has not
incurred any losses to date.

Based on the observed performance to date and loan attributes,
Moody's have updated its expected loss assumption to 2.0% of the
outstanding pool balance (equivalent to 1.0% of the original pool
balance) from 1.7% of the outstanding pool balance (equivalent to
1.1% of the original pool balance) at the time of the last rating
action for the transaction in December 2024. Moody's have
maintained its MILAN CE assumption at 9.0%.

The transaction is a securitisation of first-ranking mortgages
loans made to prime and near prime borrowers secured over
residential properties located in Australia. The loans were
originated by ORDE Mortgage Custodian Pty Ltd and are serviced by
ORDE Financial Pty Ltd.

The principal methodology used in this rating was "Residential
Mortgage-Backed Securitizations" published in October 2024.

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

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

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


PHEONEX PTY: First Creditors' Meeting Set for Aug. 27
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Pheonex Pty
Ltd will be held on Aug. 27, 2025 at 11:00 a.m. via Zoom.

Andrew Michael Smith and Robert Allan Jacobs of Auxilium Partners
were appointed as administrators of the company on Aug. 15, 2025.


PRYSM INDUSTRIES: First Creditors' Meeting Set for Aug. 26
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Prysm
Industries Pty Ltd will be held on Aug. 26, 2025 at 11:00 a.m. via
Microsoft Teams Videoconferencing Facility.

Liam Bellamy and Shaun Fernando of Mackay Goodwin were appointed as
administrators of the company on Aug. 14, 2025.


ROBUSTA TRUST 2024-1: Fitch Hikes 'B+sf' Rating on Class F Notes
----------------------------------------------------------------
Fitch Ratings has upgraded two note classes and affirmed five from
Robusta 2024-1 Trust. Fitch has also revised the Outlook on the
class B, C and D notes to Positive from Stable. The Outlook on the
transaction's other note classes is Stable.

The notes were upgraded and the Outlooks revised due to a
combination of the continued deleveraging of the portfolio and
Fitch's expectation of continued build-up of credit enhancement
through sequential pay.

Robusta 2024-1 is a RMBS term transaction backed by a pool of
first-ranking Australian conforming and non-conforming residential
full- and low-documentation mortgage loans. The loans were
originated by BNK Bank Corporation Limited and the notes were
issued by Perpetual Corporate Trust Limited in its capacity as
trustee.

   Entity/Debt             Rating            Prior
   -----------             ------            -----
Robusta 2024-1 Trust

   A-L AU3FN0093324     LT AAAsf  Affirmed   AAAsf
   A2 AU3FN0093332      LT AAAsf  Affirmed   AAAsf
   B AU3FN0093340       LT AAsf   Affirmed   AAsf
   C AU3FN0093357       LT Asf    Affirmed   Asf
   D AU3FN0093365       LT BBBsf  Affirmed   BBBsf
   E AU3FN0093373       LT BBBsf  Upgrade    BBB-sf
   F AU3FN0093381       LT B+sf   Upgrade    Bsf

KEY RATING DRIVERS

Credit Enhancement Buffers Expected 'AAAsf' Losses: The 'AAAsf'
weighted-average foreclosure frequency (WAFF) of 19.0% is driven by
the weighted-average (WA) unindexed current loan/value ratio (LVR)
of 60.1%, low documentation loans forming 94.5% of the pool,
self-employed borrowers making up 96.1% and, under Fitch's
methodology, non-conforming and investment loans comprising 15.8%
and 37.9%, respectively. The 'AAAsf' WA recovery rate (WARR) of
59.2% is driven by the portfolio's WA indexed scheduled LVR of
61.1%.

Liquidity Risk Mitigated: Fitch's payment interruption risk is
mitigated by a liquidity facility sized at the lesser of AUD3.4
million and 1.0% of the invested note balance (excluding class G
notes), with a floor of AUD520,650. Other structural features
include a post-call amortisation amount that diverts excess
available income net of tax to repay note principal in sequential
order.

Originator Adjustment: BNK Bank, established as Goldfields Credit
Union in 1982, is an Australian authorised deposit-taking
institution. Fitch undertook an operational review and found that
the operations of the originator and servicer were mostly
comparable with market standards. BNK Bank began originating its
near-prime resident loan portfolio in August 2021, which results in
limited originator-specific performance data.

In addition, the rate used to assess mortgages from other lenders
in the serviceability calculation differs from standard market
practice. Any resulting impact on credit risk may not be captured
due to the limited performance history, leading Fitch to apply an
originator adjustment of 1.15x that increases foreclosure
frequency. Fitch may amend the adjustment if additional information
received over time indicates that the effect may be higher or lower
than assumed.

Tight Labour Market Supports Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market. GDP growth was 1.3% for the year to March 2025 and
unemployment was 4.2% in July 2025. Fitch forecasts GDP growth of
1.8% in 2025 and 2.1% in 2026, with unemployment at 4.3% and 4.2%,
respectively.

RATING SENSITIVITIES

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

Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing delinquencies
and defaults, which could reduce credit enhancement available to
the notes.

Downgrade Sensitivities

Unanticipated increases in the frequency of defaults could produce
loss levels higher than Fitch's base case and are likely to result
in a decline in credit enhancement and remaining loss-coverage
levels available to the notes. Decreased credit enhancement may
make certain note ratings susceptible to negative rating action,
depending on the extent of the coverage decline. Hence, Fitch
conducts sensitivity analysis by stressing a transaction's initial
base-case assumptions. Fitch applies the recovery rate stress to
the recovery rate to isolate the effect of a change in recovery
proceeds at the borrower level.

Notes: A-L / A2 / B / C / D / E / F

Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBBsf / B+sf

Increase defaults by 15%: AA+sf / AA+sf / AA-sf / Asf / BBBsf /
BBB-sf / Bsf

Increase defaults by 30%: AA+sf / AA+sf / A+sf / A-sf / BBB-sf /
BB+sf / Bsf

Reduce recoveries by 15%: AA+sf / AA+sf / A+sf / BBB+sf / BBsf /
Bsf / Less than Bsf

Reduce recoveries by 30%: AA+sf / AA+sf / Asf / BBB-sf / BB-sf /
Bsf / Less than Bsf

Increase defaults by 15% and reduce recoveries by 15%: AA+sf /
AA+sf / A+sf / BBBsf / BB-sf / B+sf / Less than Bsf

Increase defaults by 30% and reduce recoveries by 30%: AA-sf /
AA-sf / BBB+sf / BBsf / B-sf / Less than Bsf / Less than Bsf

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

An upgrade could result from macroeconomic conditions, loan
performance and credit losses that are better than Fitch's baseline
scenario, or sufficient build-up of credit enhancement that would
fully compensate for credit losses and cash flow stresses
commensurate with higher rating scenarios, all else being equal.

Upgrade sensitivities are not relevant for the 'AAAsf' rated notes
as they are the highest level on Fitch's scale and cannot be
upgraded. Prepayments to the loans with the largest obligor
exposure, which result in the notes passing Fitch's concentration
test, could lead to positive rating action for the notes, all else
being equal.

Upgrade Sensitivities

Notes: B / C / D / E / F

Rating: AAsf / Asf / BBBsf / BBBsf / B+sf

Reduce defaults by 15% and increase recoveries by 15%: AA+sf / AAsf
/ Asf / Asf / BBBsf

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information as part
of its ongoing monitoring. Prior to the transaction closing, Fitch
sought to receive a third-party assessment conducted on the asset
portfolio information, but none was made available to Fitch for
this transaction.

Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The issuer has informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.

ESG Considerations

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




=========
C H I N A
=========

PANDORA: Speeds Up Closure of Chinese Stores
--------------------------------------------
Yicai Global reports that Danish jewelry brand Pandora has doubled
the number of Chinese stores it plans to shut down this year, as it
is gradually losing its appeal in the local market.

Pandora is intensifying efforts to optimize its store network in
China, now anticipating closures of up to 100 concept stores, up
from at least 50 previously, the Copenhagen-based company said in
its second-quarter financial statement on Aug. 15, Yicai relates.
It has closed 22 stores so far this year.

According to Yicai, Pandora forayed into the Chinese market over a
decade ago, attracting customers fascinated by the possibility of
customizing their bracelets with charms of different styles and
designs. In 2017, sales of its signature 'bracelet + charm'
products accounted for over half of its total revenue.

After several consecutive years of decline, the contribution of the
Chinese market to Pandora's total revenue fell to just 1 percent
last year from 9 percent in 2019.

When Pandora first entered the Chinese market, few brands offered
clients the chance to customize their jewelry pieces, which made it
very popular among youngsters very quickly, a marketing executive
at a listed Chinese gold company told Yicai.

However, in the following years, many low-price imitations flooded
the market, and the concept of 'bracelet + charm' became common,
with many gold jewelry stores, such as Chow Sang Sang, Lukfook
Jewellery, and Lao Miao, launching their own customizable gold
charm bracelets, the executive noted, Yicai relays.

Value retention is another factor affecting Pandora's downfall. A
few years ago, a gold charm bracelet cost more or less the same as
a Pandora one made of copper-silver alloy and zirconia. But now,
the gold one has proven to have retained much more value.

"The growing number of young consumers opting for gold jewelry has
eroded the market share of brands selling jewels made of other
metals," the executive noted.

Moreover, China's jewelry retail market is becoming increasingly
complex, Yicai says. High-end jewelry brands are facing
difficulties. The jewelry division of Swiss luxury goods giant
Richemont Group saw its revenue from the Chinese market plunge 23
percent in the fiscal year 2025 ended March 31 from the year
before, mainly because of weak sales of its Cartier and Van Cleef &
Arpels brands, adds Yicai.




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

ALCHEMIST CAPITAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Alchemist Capital Limited
        Plot No. F-5, First Floor, Rajiv Gandhi
        IT Park Chandigarh,
        India, 160101

Insolvency Commencement Date: August 1, 2025

Estimated date of closure of
insolvency resolution process: January 28, 2026

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Manoj Kumar Jain
       B-7/45 Second Floor, Safdarjung Enclave Extension,
              New Delhi-110029
              Email: mkjain365@gmail.com
              Email: cirp.alchemistcapital@gamil.com

Last date for
submission of claims: August 15, 2025


CA MAGNUM: Moody's Affirms 'B1' CFR & Alters Outlook to Stable
--------------------------------------------------------------
Moody's Ratings has affirmed the B1 corporate family rating of CA
Magnum Holdings (CAMH) -- the special-purpose investment holding
company of The Carlyle Group Inc. CAMH owns 74.6% of IT solutions
provider, Hexaware Technologies Limited.

Moody's have also affirmed the B1 rating on CAMH's $1,010 million
senior secured notes due 2026.

At the same time, Moody's have changed the outlook on all ratings
to stable from negative.

"The rating affirmation and change in outlook to stable follows
CAMH's announcement that it has secured long-term financing to
refinance its $1,010 million bond maturing in October 2026,
alleviating the liquidity risk that had been weighing on its credit
quality," says Sweta Patodia, a Moody's Ratings Assistant Vice
President and Analyst.

"CAMH's B1 ratings continue to reflect Hexaware's longstanding
customer relationships, which provide a degree of revenue
visibility and stability, and its strong EBITDA-to-cash flow
conversion," adds Patodia, who is also Moody's Ratings Lead Analyst
for CAMH.

RATINGS RATIONALE

CAMH has arranged a $1.12 billion senior secured loan to refinance
its October 2026 bond, which constitutes most of the debt in its
capital structure. Moody's expects the company to drawn down on
this loan, which is available until January 2026, to redeem the
bonds. CAMH has also secured a five year $75 million revolving
credit facility (RCF) further supporting its liquidity.

Moody's expects Hexaware's organic revenue growth to moderate to
around 7%-8.5% over the next two years, as macroeconomic
uncertainty continues to constrain client spending on new IT
projects. Profitability should remain stable, with adjusted EBITA
margins of around 14.5%.

Hexaware's recent acquisition of SMC Squared—a leading player in
building global capability centers—is likely to support both
revenue and margin expansion, given its higher-margin profile.

Meanwhile, Hexaware's operating performance remains in line with
expectations. For the last 12 months ended June 30, 2025 (LTM June
2025), revenues grew by 13% (USD terms), supported by robust
double-digit growth across most business verticals. Concurrently,
EBITA margins improved to 14.6% from 13.8% over the same period.

Moody's expects annual free cash flows will reduce to around $55
million-$60 million from historical levels of around $90 million.
This reduction reflects: (1) a higher coupon on the term loan that
will replace the 5.375% bond; and (2) increased leakage to minority
shareholders following Hexaware's listing earlier this year, as
funds are moved from Hexaware to CAMH.

Nonetheless, consolidated leverage, as measured by adjusted
debt/EBITDA, will reduce towards 4.0x by December 2026, from 4.5x
as of June 2025 and 5.4x in December 2023.

CAMH has very good liquidity. As of June 30, 2025, the company had
consolidated cash and cash equivalents of around $220 million.
This, combined with annual operating cash flows of $120
million-$130 million will be more than sufficient to meet the
company's capital spending and dividend leakage to minority
shareholders over the next one to two years. Following the
refinancing of its $1,010 million bond due October 2026, CAMH will
have no debt maturities until at least 2028.  CAMH's liquidity is
further supported by $75 million multi-year RCF.        

CAMH's bonds are rated in line with its B1 CFR. While structurally
subordinated to the creditors and cash flows of Hexaware, the bonds
represent almost all the debt within the consolidated capital
structure. Also, Moody's do not expect any significant debt
incurrence at Hexaware.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Upward rating momentum could develop over time if Hexaware's
operating scale and profitability increase. An upgrade would also
require that CAMH adheres to prudent financial management and
maintains very good liquidity. Specific metrics that Moody's would
require for an upgrade include EBITA margins improving to 15%-16%
and consolidated leverage, as measured by debt/EBITDA, reducing to
below 3.5x-4.0x on a sustained basis.

Downgrade ratings pressure will build if 1) CAMH engages in
debt-funded dividend recapitalization or its liquidity weakens; 2)
Hexaware's operating performance deteriorates or large debt
financed acquisitions delay deleveraging. Leading financial metrics
Moody's will watch out for include leverage staying above
4.5x-5.0x.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

CAMH is The Carlyle Group Inc.'s investment holding company that
holds its 74.57% stake in Hexaware Technologies Limited. CAMH does
not have any other operations, employees, or real investments.

Headquartered in Mumbai, Hexaware is an IT and business
transformation service provider. The company provides technology
solutions through several diversified service lines, including
digital product engineering, cloud transformation, digital core
transformation, enterprise and next generation services, business
process service and digital IT operations.

Hexaware's $1.5 billion revenues for LTM June 2025 were generated
across the Americas (around 75%); (Europe (19%) the balance 6% from
Asia-Pacific.


GB ENGINEERING: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-term rating for the Bank
facilities of GB Engineering Enterprises Private Limited 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
   ----------     -----------    -------
   Long Term/          3.26      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' category

   Long-Term-         24.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based-                   Rating continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term         19.28      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund Based                Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term         (5.00)     [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable               Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

G B Engineering Enterprises Private Limited is engaged in the
fabrication of high pressure application parts for heavy boilers,
pressure vessels, heat exchangers, etc. The company commenced
operations in 1980 as a fabricator of structural engineering parts
to Bharat Heavy Electricals Limited (BHEL), Trichy, and had
diversified into pressure parts for boilers over a period of time.
GBEEPL has an established customer base that includes various
established domestic and overseas boiler manufacturers.


GREENKO ENERGY: Moody's Affirms Ba2 CFR, Outlook Remains Negative
-----------------------------------------------------------------
Moody's Ratings has affirmed Greenko Energy Holdings (GEH)'s Ba2
corporate family rating and the Ba2 backed senior unsecured ratings
for Greenko Dutch B.V. (GDBV), Greenko Power II Limited (GPII) and
Greenko Wind Projects (Mauritius) Ltd (GWPM). The outlook on all
ratings remains negative.

The rating affirmation reflects Moody's expectations that GEH's
financial metrics will remain negative for fiscal year (FY) 2026,
but would recover meaningfully by FY2027 if key milestones are
achieved. Moody's believes it is appropriate to focus on FY2027,
despite the expected weakness in FY2026, given the long-term
economics of pumped hydro storage assets backed by India's
substantial need for energy storage to support its renewable
transition, as well as GEH's early-mover advantage.

The negative outlook continues to capture execution risks of
several large scale capital expenditure projects that GEH is
undertaking concurrently and uncertainties around commissioning
timings.

RATINGS RATIONALE

Moody's expects GEH's financial metrics will remain negative for
FY2026, as debt level continues to rise with the progression of its
capital spending programs. At the same time, there are
uncertainties around the timing and scale of incremental revenue
from two key projects— GEH's first pumped hydro storage project
in Andhra Pradesh, India (AP PHSP), and Teesta III.

While five of eight units at AP PHSP have been commissioned and are
generating initial revenue, the commencement of the underlying
storage service contracts and the 900 MW long-term Power Purchase
Agreements (PPAs) with the Solar Energy Corporation of India (SECI)
remains pending. For Teesta III, GEH's management has guided for
commissioning of the cofferdam and revenue generation between
end-2025 and early 2026. Even if restoration proceeds as scheduled,
its revenue contribution to FY2026 will be limited. As a result,
Moody's expects FFO/debt to remain below the downgrade trigger of
1% in FY2026.

That said, GEH's financial metrics would improve meaningfully by
FY2027 if key milestones are achieved. These include the full
operationalization of the storage service contracts and SECI PPAs
by December 2025, and the commissioning of the Teesta III cofferdam
between December 2025 and January 2026. Moody's believes it is
appropriate to focus on FY2027, despite the expected weakness in
FY2026, given the long-term economics of pumped hydro storage
assets backed by India's substantial need for energy storage to
support its renewable transition, as well as GEH's early-mover
advantage.

GEH's Ba2 rating continues to incorporate a two-notch uplift,
reflecting expected support from its majority shareholder, GIC
Private Limited (GIC), which is a sovereign wealth fund of
Singapore (Aaa stable). The uplift is underpinned by Moody's
expectations that GIC has strong willingness and capacity to
support GEH in case of need.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The negative outlook reflects Moody's expectations that GEH's
financial metrics will remain weak in the near term. It also
captures the execution risks of several large scale capital
expenditure projects that GEH is undertaking concurrently and
uncertainties around commissioning timings.

Moody's could downgrade the ratings if: (1) the development
timelines for AP PHSP and Teesta III deviate materially from
current expectations—for example, if the restoration of Teesta
III's cofferdam is further delayed or if AP PHSP faces difficulties
in operationalizing its storage contracts and PPAs in the near
term; or (2) shareholder support weakens, as reflected by any
meaningful reduction in GIC's shareholding or GIC's failure to
provide timely equity support in a stress scenario.

Conversely, Moody's could revise the outlook to stable if further
progress is made in GEH's pipeline development such that FFO/debt
is expected to recover to above 1% from FY2027. Stabilization of
the outlook will also depend on the restoration of Teesta III and
the operationalization of contracts for AP PHSP.

LIST OF AFFECTED RATINGS

Issuer: Greenko Energy Holdings

Affirmations:

LT Corporate Family Rating, Affirmed Ba2

Outlook Actions:

Outlook, Remains Negative

Issuer: Greenko Dutch B.V.

Affirmations:

Backed Senior Unsecured (Foreign Currency), Affirmed Ba2

Outlook Actions:

Outlook, Remains Negative

Issuer: Greenko Power II Limited

Affirmations:

Backed Senior Unsecured (Foreign Currency), Affirmed Ba2

Outlook Actions:

Outlook, Remains Negative

Issuer: Greenko Wind Projects (Mauritius) Ltd

Affirmations:

Backed Senior Unsecured (Foreign Currency), Affirmed Ba2

Outlook Actions:

Outlook, Remains Negative

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in December
2023.

There is a difference between the indicated outcome produced by the
scorecard and the rating assigned of two notches or more.

GEH, a Mauritius-based company focused on renewable energy
generation in India, is a major energy company that owns and
operates a diversified portfolio of hydro, wind, solar and biomass
power plants. As of March 31, 2025, GEH's total consolidated
capacity is 6,660 megawatts (MW), including 3,172 MW of wind, 1,951
MW of hydro and 1,538 MW of solar. As of July 31, 2025, GEH's
ultimate shareholders are GIC (58%), Abu Dhabi Investment Authority
(14.5%), ORIX Corporation (2.5%), and the founders (25%).

Greenko Dutch B.V. (GDBV, Ba2 negative), Greenko Power II Limited
(GPII, Ba2 negative) and Greenko Wind Projects (Mauritius) Ltd
(GWPM, Ba2 negative) are issuing entities for their own restricted
groups. The backed senior unsecured ratings of GDBV, GPII and GWPM
are underpinned by the credit profile of GEH due to the
unconditional and irrevocable guarantees from GEH.

HARIKRUSHNA COTTON: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term ratings of Shree Harikrushna Cotton
Industries (SHCI) in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          8.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.76        [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 SHCI, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Shree Harikrushna Cotton Industries (SHCI) is engaged in cotton
ginning and pressing activity at its facility located at Kadi,
Mehsana in Gujarat. It commenced its commercial operations in month
of May 2013 at its plant is equipped with 30 ginning machines, 1
pressing machine and 6 crushing machines with production capacity
of 182 bales per day and 36 MT Oil per day. SHCI is a partnership
firm with the promoters having a reasonable experience in the
cotton industry.


HCK CAPITAL: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: HCK Capital Services Private Limited
Kothari Buildings No. 117
        Mahatma Gandhi Road,
        Nungambakkam, Chennai - 600034

Liquidation Commencement Date: July 30, 2025

Court: National Company Law Tribunal Chennai Bench

Liquidator: T V Suresh Kumar
            Temple Tower, 7th Floor, H-5, No.672, Anna Salai,
            Nandanam, Chennai - 600035
            Email: suresh@tsklegal.com 9566011211

Last date for
submission of claims: August 29, 2025


HINDUSTHAN MALLEABLES: ICRA Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Hindusthan Malleables &
Forgings Ltd. (HMFL) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         8.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with HMFL. 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 1959, Hindusthan Malleables & Forgings Limited
(HMFL) manufactures graded, malleable iron and steel castings,
catering mainly to the automobile, steel and power sectors. The
current management took over the operations of the company in 2003.
The manufacturing facility of the company is located at Bhuli, in
Dhanbad, Jharkhand and has an annual capacity of 7,560 metric
tonnes per annum (MTPA).


INDIAN YARN: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Indian Yarn Limited
        Village Himanyunpur, 14 Km,
        Lalru Handesra Road, Post office Lalru,
        Distt. SAS Nagar,
        Mohali, Punjab - 140501

Insolvency Commencement Date: July 17, 2025

Estimated date of closure of
insolvency resolution process: January 13, 2026

Court: National Company Law Tribunal, Punjab Bench

Insolvency
Professional: Sumit Sharma
       C-3/69 A, Keshav Puram, North West,
              National Capital Territory of Delhi 110035
              Email: mail@sumitsharma.in

              Osrik Resolution Private Limited
              109 (First Floor), Surya Kiran Building,
              19, Kasturba Gandhi Marg,
              New Delhi 110001
              Email: cirp.indianyarn@gmail.com

Last date for
submission of claims: August 14, 2025


JKM VENTURES: CRISIL Reaffirms B+ Rating on INR6cr Cash Loan
------------------------------------------------------------
Crisil Ratings has reaffirmed its 'Crisil B+/Stable' rating on the
long-term bank loan facilities of JKM Ventures Private Limited
(JVPL).             

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           6        Crisil B+/Stable (Reaffirmed)  

   Proposed Working
   Capital Facility      2.01     Crisil B+/Stable (Reaffirmed)

   Term Loan             2.65     Crisil B+/Stable (Reaffirmed)

   Term Loan             0.8      Crisil B+/Stable (Reaffirmed)

   Term Loan             1        Crisil B+/Stable (Reaffirmed)

   Term Loan             1.54     Crisil B+/Stable (Reaffirmed)

The rating continues to reflect the company's exposure to intense
competition in the packaging industry, susceptibility to volatility
in raw material prices, modest scale of operations and modest
financial risk profile. These weaknesses are partially offset by
the extensive industry experience of the promoters and the
company's moderate financial risk profile.

Analytical Approach

Crisil Ratings has evaluated the standalone business and financial
risk profile of JVPL. Out of INR4.1 crore, unsecured loan of
INR3.86 crore is treated as neither debt nor equity as on March 31,
2024, as it is subordinate to external debt and is expected to be
retained in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to intense competition and susceptibility to volatility
in raw material prices: Polypropylene granules comprise the key raw
material, accounting for the bulk of the production cost. Hence,
even a slight variation in their price can drastically impact the
profitability of JVPL. Moreover, intense competition continues to
constrain scalability, pricing power and profitability.

* Modest scale of operations: Revenue in FY25 was modest at around
INR21 crore against around INR19.5 crore in FY24. In the previous
fiscal capex was undertaken to increase the capacity of the plant.
With increased capacity utilization and efficient price
realization, operating income of the business is expected to
increase over the medium term.

* Modest financial risk profile: Capital structure is moderst,
reflected in adjusted net worth of INR2.2 crore; gearing ratio and
total outside liabilities to tangible net worth ratio of around 4
times and 2.05 times, respectively, as on March 31, 2025. Although,
debt protection metrics is stable marked by interest coverage ratio
of around 2.6 times in FY25. While the company does not plan any
large, debt-funded capex, sustained increase in scale of operations
and profitability is crucial for improvement in the financial risk
profile.

Strength:

* Extensive experience of the promoters: The promoters have
experience of over two decades in the packaging industry. This has
given them an understanding of market dynamics and helped establish
relationships with suppliers and customers. New product launch and
the management's industry expertise will support the business risk
profile over the medium term.

Liquidity: Stretched

Bank limit utilisation is at around 90% during the 12 months ending
May 2025. NCA of around INR2 crore and promoter infused funds of
around INR4.4 crore is expected to cover RO of around INR1.5
crore.

Current ratio is around 0.82 times as on March 31, 2025.

Outlook: Stable

Crisil Ratings believe JVPL will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating sensitivity factors

Upward Factors:

* Increase in revenue leading to net cash accrual more than INR3
crore.
* No major debt funded capex plans resulting in weakening of the
financial risk profile and capital structure of the business.

Downward Factors:

* Decline in revenue or profitability leading to net cash accrual
to repayment obligation ratio consistently below 1 time.
* Increase in working capital requirement or delay in funding
support from the promoters weakening financial flexibility.

Incorporated in 2017, JVPL manufactures commercial grade and
specialty/capacitor grade biaxially oriented polypropylene (BOPP)
films such as stretch films and cling wrap films. Its manufacturing
facility is in Pithampur, Madhya Pradesh. The company is owned and
managed by Mr. Kamal Kant Vashistha, Ms. Madhu Kant Vashistha, Ms.
Rita Vashistha and Ms. Shradha Vashistha.


KONVERGE HEALTHCARE: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Konverge Healthcare Private Limited
# 153, Sector-5, HSR Layout,
        Bangalore 5601102

Liquidation Commencement Date: July 25, 2025

Court: National Company Law Tribunal Bengaluru Bench

Liquidator: Kalpana Kamlesh Gandhi
     302, Emperor, L T Road,
            Borivali (West), Mumbai - 400092
            Email: kalpanagandhica@gmail.com
            Email: liquidation.konverge(@gmail.com

Last date for
submission of claims: August 23, 2025


M.D. FROZEN: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term rating of M.D. Frozen Food Exports
Private Limited (MDPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-        28.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term-        26.75       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term          0.25       [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 MDPL, 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 1996, M.D. Frozen Food Exports Private Limited
(MDPL) is engaged in processing and export of frozen meat to the
Commonwealth of Independent States (CIS) and countries in Africa,
Asia and the Middle East. MDPL purchases raw meat from various
local butchers and governmentrun slaughter houses. The meat is then
processed by associate concerns, Sushil Ice Factory & Cold Storage
Private Limited (SPL) and MDF (prior to FY15) on job work basis.
SPL has its processing plant and cold storage at Lawrence Road in
New Delhi.


MAGADH PRECISION: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Magadh
Precision Equipment Limited (MPEL) 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
   ----------     -----------    -------
   Long-term-        50.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short Term-       25.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund-                     Rating continues to remain under
   Based-Others                  'Issuer Not Cooperating'  
                                 Category

As part of its process and in accordance with its rating agreement
with MPEL, 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.

MPEL was incorporated in 1986 and is engaged in manufacturing and
export of capital equipment's to the metal processing industry. The
product portfolio of the company includes: Galvanizing lines, Hot
and Cold Rolling Mills and Slitting lines. The products find
application in the steel industry. The manufacturing unit of the
company is located in Dewas, Madhya Pradesh spread over 12,000
square meters area.


MAGPPIE EXPORTS: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Magppie Exports Private
Limited (MEPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        19.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with MEPL, 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.

MEPL, incorporated in 1994, is engaged in the business of trading
of stainless-steel coils/sheets. MEPL purchases stainless steel
coils/sheets and sells the same in the domestic market. The company
was initially catering to the requirement of stainless-steel coils
for the promoter group company Magppie International Limited (MIL),
however over the years the company has developed a diversified
client base.


MAGPPIE GLOBAL: Liquidation Process Case Summary
------------------------------------------------
Debtor: Magppie Global Houseware Private Limited
        Khasra No, 234, Block-J, Sarup Nagar,
        Northeast, Delhi - 110042

Liquidation Commencement Date: July 23, 2025

Court: National Company Law Tribunal New Delhi Bench-Court-II

Liquidator: Madan Mohan Dhupar
     Flat No 301, Gracious Tower,
            S P R Imperial Estate, Sector 82,
            Fadirabad, Haryana - 121004
            Email: dhumparmm@gmail.com

            8/28, 3rd floor, WEA, Abdul Aziz Road,
            Karol Bagh, New Delhi - 110005
            Email: cirp.mghpl@gmail.com

Last date for
submission of claims: August 25, 2025


MARUDHARA CONSTRUCTION: ICRA Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-term rating for the Bank
facilities of Marudhara Construction Private Limited 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-        (35.00)     [ICRA]D;ISSUER NOT COOPERATING;
   Interchangeable-               Rating continues to remain
   Others                         under 'Issuer Not Cooperating'
                                  Category

   Long  Term-        (10.00)     [ICRA]D;ISSUER NOT COOPERATING;
   Interchangeable-               Rating continues to remain
   Others                         under 'Issuer Not Cooperating'
                                  Category

   Short-term          50.00      [ICRA]D;ISSUER NOT COOPERATING;
   Non fund based-                Continues to remain under the
   Others                         'Issuer Not Cooperating'
                                  Category

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

Marudhara Construction Private Limited (erstwhile AB&Co Global
Private Limited) was initially incorporated in the name of Navib
Constrade Pvt. Ltd. in the year 1997. In 2001, its name was changed
to AB&Co Advisors Pvt. Ltd. In 2011, the company was renamed as
'AB&Co Global Private Limited'. AB&Co trades in various products
such as raw cotton, mild steel ingots, angles, plates, rounds,
chemicals, IT products and copper, depending upon the demand
scenario. The company sells its products primarily in the domestic
market. The major customers of MARUDHARA CONSTRUCTION PRIVATE
LIMITED are domestic textile, engineering and chemical companies.
From FY13 onwards, the company diversified into civil construction
business to reduce its dependence on trading operations.


MERLIN CREATIONS: CRISIL Reaffirms B Rating on INR10cr Loan
-----------------------------------------------------------
Crisil Ratings has reaffirmed its 'Crisil B/Stable' rating on the
long-term bank facilities of Merlin Creations Private Limited
(MCPL).

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Export Packing
   Credit               10          Crisil B/Stable (Reaffirmed)

   Foreign Bill
   Discounting           3          Crisil B/Stable (Reaffirmed)

The rating continues to reflect the company's presence in highly
fragmented textile industry with limited size, working
capital-intensive operations and below average financial risk
profile. These weaknesses are partially offset by the extensive
industry experience of MCPL promoters.

Analytical approach

Crisil Ratings has evaluated the standalone business and financial
risk profiles of MCPL.

Key rating drivers and detailed description

Weaknesses:

* Presence in a highly fragmented industry with limited size: The
industry is highly fragmented and competitive, which limits the
pricing flexibility and bargaining power of the players. The small
initial investment and low complexity of operations have resulted
in the existence of innumerable entities, much smaller in size,
leading to significant fragmentation. This is reflected in the
modest scale of operations of around INR80 crore in fiscal 2025 and
is expected at INR80-90 crore in fiscal 2026.

* Working capital-intensive operations: The company's operations
were highly working capital intensive with gross current assets of
235 days as on March 31, 2024, and of 160-200 days a year later.
This is primarily owing to the lengthy credit period of 60-100 days
offered to customers and high inventory of 90-110 days. The
company's working capital cycle is partially offset by credit
period of 45-60 days from suppliers. As the company's credit and
inventory policies are not expected to change, the working capital
cycle is likely to remain stretched.

Strength:

* Extensive experience of the promoters in the industry: The
company's promoters have over 30 years of experience in the
readymade garment industry, providing them with a deep
understanding of market dynamics. Through their associate company,
Kyra Kreations Inc, they have established strong relationships with
prominent fashion brands, including US Polo, Ralph Lauren and Karen
Kane. The company has shown revenue growth of around 35% from INR65
crore in fiscal 2024 to INR80 crore in fiscal 2025 as indicated by
increase in demand of the products in the US market. As majority of
the sales is from the US market, the implication of the tariff
imposed will remain monitorable. The operating margin is estimated
to have improved from 2.7% in fiscal 2024 to 5.4% in fiscal 2025
owing to moderation in the prices of raw material.

Liquidity: Stretched

Bank limit utilisation was high at 88.31% on average for the 12
months ended March 31, 2025. Annual cash accrual is expected above
INR3.26 crore against yearly term debt obligation of INR2-3 crore
over the medium term and will cushion liquidity. The current ratio
was healthy at 1.32 times as on March 31, 2025.

Outlook: Stable

Crisil Ratings believes MCPL will continue to benefit from the
extensive experience of its promoters.

Rating sensitivity factors

Upward factors

* Sustained increase in revenue and sustenance of the operating
margin, leading to high cash accrual above INR5 crore
* Improvement in the working capital cycle, leading better
financial risk profile

Downward factors

* Decline in revenue and operating margin, leading to cash accrual
below INR2 crore
* Further stretch in the working capital cycle, affecting
liquidity

Incorporated in 1998, MCPL is a Noida-based company manufacturing
woven and knitted garments for women. MCPL sells its entire produce
to its associate company, Kyra Kreations Inc., based in US, which
is focused on further selling its products to high-end fashion
brands. The company is promoted by Samir Kohli and Amita Naithani.


MRC MILLS: CRISIL Withdraws B Rating on INR32.28cr Term Loan
------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, Crisil Ratings had migrated the
ratings of MRC Mills Pvt Ltd (MRCMPL) to 'Crisil B/Stable Issuer
Not Cooperating'. However, the management has subsequently started
sharing requisite information necessary for carrying out a
comprehensive review of the ratings.  Consequently, MRCMPL ratings
were migrated to 'Crisil B/Stable' and subsequently withdrawn the
rating at the request of the company and on receipt of no-objection
certificate from banker. The withdrawal is in line with Crisil
Ratings policy on withdrawal of bank loan ratings.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Term         7.22       Crisil B/Stable (Rating
   Loan                             Migrated and Withdrawn)

   Secured Overdraft    10.50       Crisil B/Stable (Rating
   Facility                         Migrated and Withdrawn)

   Term Loan            32.28       Crisil B/Stable (Rating
                                    Migrated and Withdrawn)

Analytical approach

Crisil Ratings has treated an unsecured loan of INR17.06 crore,
extended by the promoters, as on March 31, 2025, as 75% equity and
25% debt, as the loan is subordinate to bank debt and expected to
remain in the business over the long term.

Key rating drivers and detailed description

Weaknesses:

* Weak financial risk profile: Networth stood at a modest INR8
crore as on March 31, 2025, due to limited accretion to reserve in
2024. The capital structure is highly leveraged, with a gearing
ratio of 5.2 times and total outside liabilities to tangible
networth ratio of 7.6 times, as on March 31, 2025. This high level
of indebtedness is expected to keep the financial risk profile at
similar levels over the medium term.

* Modest scale of operations in a competitive industry: The textile
processing business is characterized by intense competition from a
multitude of small and large organised players, leading to limited
pricing flexibility and reduced profitability, as evident from the
modest scale of operations of the company, with revenue of INR91
crore in fiscal 2025.

Strength:

* Extensive industry experience of the promoters: The promoters'
extensive experience of over four decades in the textile processing
industry, combined with their in-depth understanding of market
trends and established connections with suppliers and customers, is
expected to continue to mitigate business risks and support the
company's operations.

Liquidity: Stretched

Bank limit utilisation averaged a high 90% for the 12 months
through June 2025. Cash accrual, estimated at INR6-8 crore, is
sufficient against term debt obligation of INR5.28 crore in fiscal
2025. The current ratio was modest at 1.1 times as on March 31,
2025.

Outlook: Stable

Crisil Ratings believes MRCMPL will continue to benefit from the
extensive experience of its promoters and their established
relationships with clients.

Rating sensitivity factors

Upward factors

* Growth in revenue and sustenance of operating margin above 10%,
leading to higher net cash accrual

* Improvement in the financial risk profile and liquidity

Downward factors

* Decline in revenue, along with a fall in operating margin below
8%, leading to lower net cash accrual
* Further deterioration in the financial risk profile and
liquidity

Incorporated in 2010, MRCMPL undertakes textile printing and
processing at its facilities in Karur and Cuddalore (both in Tamil
Nadu). Operations are managed by the promoter, Mr K Chinnasamy and
his family members.


MULTISTONE GRANITO: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Multistone
Granito (P) Limited (MGPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        12.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-        32.40      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term         4.42      [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 MGPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Incorporated in May 2016, Multistone Granito (P) Limited (MGPL)
commenced commercial production from April 2018 with its product
profile comprising double charged vitrified tiles of 600X600 mm and
800X800 mm. MGPL's manufacturing unit is located at Wankaner,
Morbi, the ceramic tile manufacturing hub of Gujarat. MGPL is
equipped to manufacture 73,800 metric tonnes (MT) of tiles per
annum. In FY2018 (eight months of operations), on a provisional
basis, it reported a net loss before depreciation and taxation of
INR6.64 crore on an operating income of INR14.23 crore.


MVR GAS: ICRA Lowers Rating on INR7.25cr LT Loan to D
-----------------------------------------------------
ICRA has revised the ratings on certain bank facilities of MVR Gas,
as:

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         7.25      [ICRA]D; 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

   Long-term-         3.24      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating downgraded from
   Term Loan                    [ICRA]B+(Stable); ISSUER NOT
                                COOPERATING and continues to
                                remain under 'Issuer Not
                                Cooperating' category

   Long Term/         1.34      [ICRA]D/[ICRA]D ISSUER NOT
   Short Term-                  COOPERATING; Rating downgraded
   Unallocated                  from [ICRA]B+(Stable) ISSUER NOT
                                COOPERATING/[ICRA]D; ISSUER NOT
                                COOPERATING; Rating downgraded
                                from [ICRA]A4; ISSUER NOT
                                COOPERATING and continues to
                                remain under 'Issuer Not
                                Cooperating' category

   Short Term-Non     2.67      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                   Rating downgraded from
                                [ICRA]A4; ISSUER NOT COOPERATING
                                and continues to remain under
                                'Issuer Not Cooperating'
                                category

Rationale

Material event

The rating of MVR Gas is downgrade reflects past Delays in Debt
Repayment as informed by the Auditor.

Impact of material event

The rating is based on limited information on the entity's
performance since the time it was last rated June, 2024. 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 MVR Gas, ICRA has been trying to seek information from the
entity to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite repeated requests by ICRA, the entity's
management has remained noncooperative. In the absence of the
requisite information and in line with the aforesaid policy of
ICRA, the rating has been moved to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

MVR Gas is a proprietorship concern, established in the year 1999
by Mr. B.V. Sadanand. The proprietor has an experience of 28 years
in the oil and gas industry and looks after the entire operations.
The concern is engaged in the business of bottling and marketing of
LPG for domestic use as well for use in commercial establishments
such as hotels, restaurants and industries. The concern purchases
LPG from domestic suppliers, does bottling in its own center near
Bangalore and supplies them to end users through distributors.


PATWARI STEELS: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Patwari
Steels Private Limited (PSPL) 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-        11.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         0.81      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term/         1.17      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

   Short-term-        0.72      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with PSPL, 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 1981, PSPL manufactures MS ingots and TMT bars with
annual installed capacity of 16,000 metric tonnes and 33,000 metric
tonnes, respectively. The manufacturing units are in Patna, Bihar.


PAVAN POPLAR : Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Pavan Poplar Limited
        Indian Mercantile Chambers,
        Ramjibhai Kamani Marg,
        Ballard Estate, Mumbai,
        Maharashtra, India, 400001

Liquidation Commencement Date: August 1, 2025

Court: National Company Law Tribunal Chennai Bench

Liquidator: Mr. Dilipkumar Natvarlal Jagad
     803/804, Ashok Heights,
            Opposite Saraswati Apartment,
            Nikalas Wadi Road,
            Near Bhuta School, Old Nagardas X Road,
            Gundavali, Andheri East
            Mumbai - 400096
            Email: dilipjagad@hotmail.com,
            Mobile No: +91-9821142587
            Email: pragvolliq@gmail.com

Last date for
submission of claims: August 31, 2025


PRAG AGRO: Voluntary Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Prag Agro Farm Limited
Indian Mercantile Chambers,
        Ramjibhai Kamani Marg,
        Ballard Estate, Mumbai,
        Maharashtra, India 400001

Liquidation Commencement Date: August 1, 2025

Court: National Company Law Tribunal Chennai Bench

Liquidator: Mr. Dilipkumar Natvarlal Jagad
     803/804, Ashok Heights,
            Opposite Saraswati Apartment,
            Nikalas Wadi Road,
            Near Bhuta School,
            Old Nagardas X Road,
            Gundavali, Andheri East
            Mumbai - 400096
            Email: dilipjagad@hotmail.com,
            Email: pragvolliq@gmail.com
            Mobile: +91-9821142587

Last date for
submission of claims: August 31, 2025


PUR ENERGY: ICRA Downgrades Issuer Rating to D
----------------------------------------------
ICRA has revised the ratings on certain bank facilities of Pur
Energy Limited (PEL), as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Issuer Rating          -         [ICRA]D downgraded from
                                    [ICRA]BB (Stable)

Rationale

The downgrade of PEL issuer rating to [ICRA]D considers delays in
debt servicing by the company during February 2025 to May 2025 on
an unrated short-term loan of INR5.0 crore. On August 12, 2025,
ICRA received feedback from one of the company's lenders that while
interest payments have been timely, there has been a delay in
principal repayments of the said facility, which were due in
February 2025 and May 2025. ICRA understands that the company has
repaid these instalments in June 2025 and there have been no delays
on this facility since then. PEL had been sharing no-default
statements with ICRA at the beginning of every month, suggesting
timely debt servicing. The rating also remains constrained because
of PEL's stretched liquidity position owing to elevated working
capital requirement primarily due to higher inventory holding
amidst growing scale of operations.

The company is a manufacturer of electric two-wheelers and
lithium-ion batteries.

Key rating drivers and their description

Credit strengths

* Favourable outlook for EV vehicles provides revenue visibility
over the medium term: While India is the largest conventional
two-wheeler (2W) market in terms of volumes sold, the electric
two-wheeler (e2W) industry is still at a nascent stage. The growth
prospects of the e2W industry are supported by factors such as
improving battery technology, attractive total cost of ownership
compared to conventional vehicles, and increasing customer
acceptance. Additionally, policy support from Central and state
governments aimed at accelerating investments in the EV ecosystem,
along with narrowing pricing gap with conventional 2Ws, is expected
to drive volume increase in the medium term, offering healthy
revenue growth potential for industry players. PEL's revenues, at
INR134.9 crore in FY2025, have growth at a CAGR of around 68% over
the past five years.

Credit challenges

* Delays in debt servicing: The company has delayed its principal
repayments on short-term working capital demand loan, which had a
defined due date, as per feedback received from one of its lenders.
PEL has, however, been sharing no-default statements with ICRA at
the beginning of every month, suggesting timely debt servicing.

* Stretched liquidity owing to higher working capital requirements:
The company's working capital intensity has been high at 60.1% in
FY2025 due to elevated inventory level and elongation of
receivables cycle in the past two years. However, equity infusion
of around INR52.0 crore helped support its liquidity position in
FY2025.

* Exposed to geo-political developments, impacting supply of
critical components like battery cells: PEL is dependent on imports
for procuring battery cells. Hence, its operations are vulnerable
to geopolitical developments between India and cell exporting
nations. Any change in regulations related to import of components
or supply chain disruptions could impact PEL's
growth prospects. ICRA notes that the company has multiple vendors
for most of the components, which mitigate the risk to some
extent.

Liquidity Position: Stretched

PEL's liquidity is Stretched owing to high working capital
intensity, given the high inventory holding, which is resulting in
increasing working capital requirements amidst growing scale of
operations. However, ICRA notes that equity infusion in FY2025
supported its liquidity requirements to an extent.

Rating sensitivities

Positive factors – ICRA could upgrade PEL's rating if the company
is timely in its debt servicing on a sustained basis, and after the
passage of the minimum curing period as outlined in ICRA's Policy
on Default Recognition. Further, the upgrade would take into
account the earnings, cash flows, and liquidity profile of the
company.

Negative factors – Not Applicable

PUR Energy is an IIT Hyderabad-incubated company, founded by Dr.
Nishanth Dongari and headed by CEO Mr. Rohit Vadera. The firm has
executed hybrid solar storage projects for many prestigious
business groups, universities, hospitals, residential communities,
NGOs, and schools. The company's management team brings significant
experience from academia and energy industries (both the founders
are alma mater of IIT). The company forayed into manufacturing of
electric two-wheeler under the brand, PURE EV and lithium batteries
under the brand, PURE Lithium.

PEL has a facilities agreement signed with IIT Hyderabad, with the
institute being one of the stakeholders in the company. Thus, the
company has access to all the laboratories, test facilities and
strong support from the institute for all R&D projects. Apart from
manufacturing electric vehicles, which include bicycles, mopeds,
scooter and bikes, PURE Lithium is a segment where the company
manufactures battery packs.


RANINGA PAPER: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Raninga Papers Mills Private Limited
        GF 38, Neel Kanth Paradise,
        Near Galaxy Cinema,
        Naroda, Ahmedabad - 382440,
        Gujarat, India

Insolvency Commencement Date: July 29, 2025

Estimated date of closure of
insolvency resolution process: January 25, 2026

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Mr. Jigar Tarunkumar Bhatt
       1010, Shilip-Zaveri, Shyamal Crossroads,
              Satellite, Ahmedabad - 380015, Gujarat
              Email: jigarb.jigarb@gmail.com
              Email: cirp.raninga@gmail.com

Last date for
submission of claims: August 13, 2025


RELIANCE COMMUNICATIONS: Alleges Ericsson Misused Insolvency Code
-----------------------------------------------------------------
ElectronicsforYou.biz reports that Reliance Communications (RCom)
has accused Swedish telecom giant Ericsson of misusing India's
Insolvency and Bankruptcy Code (IBC) as a coercive tool for debt
recovery. The allegation was made before the National Company Law
Tribunal (NCLT) in Mumbai, where RCom is seeking a refund of INR550
crore paid to Ericsson under a 2018 settlement.

ElectronicsforYou.biz relates that senior counsel Gaurav Joshi,
appearing for RCom, argued that the IBC was being misapplied by
Ericsson as a substitute for debt enforcement. He claimed the
company attempted to secure preferential payments by coercing the
debtor into settlement through insolvency proceedings.

According to ElectronicsforYou.biz, the matter relates to a
condition imposed by the National Company Law Appellate Tribunal
(NCLAT) in 2018, when it allowed RCom to settle dues by paying
Ericsson INR550 crore. The NCLAT had specified that if RCom's
insolvency appeals were dismissed, Ericsson would have to refund
the settlement amount with interest. While Ericsson challenged this
condition before the Supreme Court, it later withdrew its
petition.

In response, senior advocate Anil Kher, representing Ericsson,
contended that RCom's refund claim amounted to an "abuse of
process," citing the Supreme Court's directive under Article 142 of
the Constitution, which enabled the settlement to ensure complete
justice, ElectronicsforYou.biz relays.

ElectronicsforYou.biz notes that the dispute traces back to
September 2017, when Ericsson initiated insolvency proceedings
against RCom and its subsidiaries Reliance Infratel and Reliance
Telecom over unpaid dues exceeding INR1,500 crore. The NCLT
admitted Ericsson's plea in May 2018, but the NCLAT later paused
proceedings to enable settlement.

In 2019, the appellate tribunal vacated the stay and directed
lenders to revive insolvency proceedings against RCom, which
remains under bankruptcy resolution.

                    About Reliance Communications

Based in Mumbai, India, Reliance Communications Ltd is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile communication
(GSM) technology-based networks across India; voice, long distance
services and broadband access to enterprise customers; managed
Internet data center services, and direct-to-home (DTH) business.
Global operations comprise Carrier, Enterprise and Consumer
Business units. It provides carrier's carrier voice, carrier's
carrier bandwidth, enterprise data and consumer voice services. The
Company owns and operates Internet protocol (IP) enabled
connectivity infrastructure, comprising over 280,000 kilometers of
fiber optic cable systems in India, the United States, Europe,
Middle East and the Asia Pacific region.  

The National Company Law Tribunal on May 9, 2019, allowed Reliance
Communications (RCom) to exclude the 357 days spent in litigation
and admitted it for insolvency.  With this, RCom, which owes over
INR50,000 crore to banks, has become the first Anil Ambani group
company to be officially declared bankrupt after the NCLT on May 9
superseded its board and appointed a new resolution professional to
run it and also allowed the SBI-led consortium of 31 banks to form
a committee of creditors.


SAYA AUTOMOBILES: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings of Saya Automobiles Limited
(SAL) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Issuer rating        -        [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Long-term-        55.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 category

As part of its process and in accordance with its rating agreement
with SAL, 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.

Saya Automobiles Limited (SAL) is an authorized dealer of Maruti
Suzuki India Limited, the largest passenger vehicles manufacturing
company in India. SAL was established in 1984 and started its MSIL
dealership operations in 1989. It has one showroom each of Maruti
and Nexa cars and spare parts along one additional body hop and
service centre of Maruti. Mr. Ramesh Handa, 73, is the managing
director of the company. He has intense experience of more than
three decades in the car dealership business and C.N.G fitment in
all types of buses and cars for the last thirty years. The company
has dedicated showroom for Maruti and Nexa cars. Its showroom and
work shop for Maruti cars situated at GT Karnal Road, New Delhi and
work shop cum bodyshop at Sirsapur Badli, New Delhi. SAL's nexa
showroom is located at Janakpuri district centre, New Delhi.


SIDDHI INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Siddhi Industries (SI) in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D ISSUER
NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         6.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         0.26      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

   Long Term/         0.74      [ICRA]D/[ICRA]D ISSUER NOT
   Short Term-                  COOPERATING; Rating continues
   Unallocated                  to remain in the 'Issuer Not
                                Cooperating' category

As part of its process and in accordance with its rating agreement
with SI, 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.

Siddhi Industries (SI) was established as a proprietorship concern
in 2007. Later, in 2011, the firm was reconstituted as a
partnership firm. The firm gins raw cotton and crushes cottonseeds
to produce cotton bales, cottonseeds oil, and cottonseeds oil
cakes. It also trades in raw cotton and castor seeds. The firm
commenced operations in 2008. Its manufacturing facility is located
at Harij in the Patan district of Gujarat.


SINGLA RICE: ICRA Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term ratings of Singla Rice Oil & General
Mills (SGRM) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]B (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          7.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with SGRM, 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.

SGRM was established in the year 1985 as a partnership firm with
Mr. Manoj Kumar, Mr. Dharmpal, Ms. Vimla Devi and Ms. Anita Rani as
partners in equal ratio. Company is having its manufacturing unit
at Karnal Road, Nissing, Haryana. Milling capacity of the plant is
3 tonnes per hour of paddy. SRGM is engaged in the business of
processing and trading of rice (Basmati and Non- Basmati) in
domestic market. No export sales are made by the firm. As per the
management they also perform custom milling operations for "HAFED"
and "DFSC".


SKIL INFRASTRUCTURE: NCLT Rejects IRP Bid to End Insolvency Process
-------------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has dismissed an application filed by the interim resolution
professional (IRP) of SKIL Infrastructure seeking withdrawal of the
corporate insolvency resolution process (CIRP) against the
company.

The listed infrastructure firm, promoted by brothers Bhavesh and
Nikhil Gandhi, was admitted under the CIRP on an application filed
by its financial creditor, Amluckie Investment Company.

According to ET, NCLT dismissed SKIL Infrastructure's plea to
withdraw from insolvency proceedings after settling with Amluckie
Investment. Other financial creditors, including Bank of India, UCO
Bank, and Edelweiss ARC, opposed the withdrawal.

ET says the lenders have submitted claims of INR13,715.15 crore,
with INR12,504.74 crore admitted.

The tribunal directed the IRP to form a CoC and proceed according
to the law, ET adds.

Based in Mumbai, India, SKIL Infrastructure Limited (BSE: SKIL) --
https://www.skilgroup.co.in/ -- together with its subsidiaries,
engages in the infrastructure development business in India. It
develops various projects, including seaports, logistics, railways,
defense shipyards, offshore asset construction yards, and special
economic zones in the private sector. The company was formerly
known as Horizon Infrastructure Limited and changed its name to
SKIL Infrastructure Limited in January 2014.


SOMATHEERAM AYURVEDIC: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term ratings of Somatheeram Ayurvedic
Hospital and Yoga Centre Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]B+(Stable);
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.80        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          7.95        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.25        [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 Somatheeram, 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 1994, Somatheeram is a strong brand in the
Ayurvedic tourism segment and runs an Ayurvedic resort in Chowara,
South of Kovalam, Trivandrum. The resort has 80 cottages, including
10 rooms in the nearby property 'Samana' and has other amenities
like a private beach, swimming pool, yoga centres, etc in its
property. The company offers several Ayurvedic treatment packages
such as those for slimming, rejuvenation, anti - ageing, skin
diseases and body purification to name a few. It has about 16
doctors for Ayurvedic treatments, 51 therapists and three yoga
masters, apart from 200 administrative staff. Bookings are made
online on the company's website and through the marketing arm in
Germany or through agents. Almost the entire clientele is from
overseas, with over 60% of them from Germany, primarily from the
high-income category. Apart from Somatheeram, the promoters have
interest in four other entities - two private limited companies and
two partnership firms. Two of these entities are shell entities
without any operations, one operates an Ayurvedic shop inside the
Somatheeram campus, and the other owns cardamom plantations in
Munnar.


SUNWAY INFRA: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term ratings of Sunway Infrastructure
Services Limited (SISL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         8.50       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with SISL, 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.

Sunway Infrastructure Services Limited (SISL) was incorporated in
July 2012 and is part of the Cygnus Group. The company is engaged
in construction equipment rentals to major construction players
like L&T in the NCR region. Company currently owns various
categories of boom trucks, Pumps and Lifts.


VEDANTA RESOURCES: Fitch Affirms 'B+' LongTerm Foreign Currency IDR
-------------------------------------------------------------------
Fitch Ratings has affirmed UK-based Vedanta Resources Limited's
(VRL) Long-Term Foreign-Currency Issuer Default Rating (IDR) at
'B+' with a Stable Outlook. Fitch has also affirmed VRL's senior
unsecured rating at 'B+', as well as the ratings on the USD300
million June 2028 bonds and USD500 million December 2031 bonds
issued by VRL's subsidiary, Vedanta Resources Finance II Plc, at
'B+' with a Recovery Rating of 'RR4'. The bonds are unconditionally
and irrevocably guaranteed by VRL.

Fitch believes VRL's rating remains unaffected by a series of
short-seller reports that started on 9 July 2025, as it already
reflects most of the risks highlighted. Nonetheless, Fitch will
continue to monitor the impact, if any, of the allegations by the
short-seller and the group's governance and group structure risks.
Fitch assigns an ESG Relevance Score of '4' for governance and
group structure, and a higher importance to VRL's management and
corporate governance assessment.

VRL's refinancing risk and liquidity has improved significantly in
the last two years and its next bond maturity is three years away
in June 2028. Fitch treats adverse regulatory actions, if any,
following these allegations as event risks that may weaken VRL's
credit profile. VRL says it has not faced any adverse action due to
the short-seller reports.

Key Rating Drivers

Governance Structure Risks Factored In: Its governance assessment
incorporates the risk that VRL's small board of directors and lack
of majority independent directors could lead to inadequate checks
to prevent cash leakage outside VRL and to protect creditors'
interests. The board of three includes two from the founding
family. The eight-member board of VRL's main operating subsidiary
(opco), Vedanta Limited (VLTD), includes three from the founding
family, while two out of four independent directors were senior
executives in the VRL group.

Complex Structure; Structural Subordination: The group structure is
complex with structurally subordinated cash flow, as operating
companies are held via indirectly owned intermediate subsidiaries
incorporated in different jurisdictions. The presence of upstream
debt guarantees at intermediate holding companies (holdcos) adds to
the complexity. Fitch assesses VRL's key credit metrics based on
its effective stake in key opcos VLTD (56.4%), Hindustan Zinc
Limited (HZL, 34.9%) and Bharat Aluminium Corporation Limited
(BALCO, 28.8%).

The higher importance of management and corporate governance on the
company's rating navigator weighs down VRL's rating. The rating
could have been higher otherwise, considering VRL's business
profile strengths from a large scale, strong market and cost
position in some segments, and product and geographic
diversification. Fitch rates the senior unsecured bonds at the same
level as its IDR, given its estimates of average recovery prospects
under the assumption that VRL's stake in VLTD is liquidated under
bankruptcy.

Cash Upstreaming Supports Rating: Fitch believes that cash
upstreaming from the key opcos supports VRL's liquidity and credit
profile. VRL received around USD1 billion from subsidiaries in the
form of dividends and brand fees in the financial year ended March
2025 (FY25), which Fitch expects to continue. VRL's significant
control over subsidiary dividends also supports its use of
proportionately consolidated net leverage as a key credit metric.
However, reduced cash upstreaming could affect VRL's liquidity
ratios negatively and lead to negative rating action.

Risk from Regulatory Action, Financial Restatements: Fitch treats
adverse rulings by regulatory bodies against the VRL group and
materialisation of contingent liabilities as event risks.
Regulatory action against companies in the group, if any, could
affect VRL's financial profile due to fines and other penalties,
and impair funding access.

Fitch has relied on the group's audited financial statements for
its analysis, and material restatements could prompt us to adjust
its estimates lower and incorporate higher financial transparency
risk in its credit assessment. The group has not materially
restated financial statements in at least the last five years.

VRL Rejects Allegations: The short seller has alleged various
malpractices at VRL and its opcos, and that they are in violation
of Indian rules and regulations. VRL has rejected the allegations,
saying that its actions are compliant with applicable laws and that
lenders have not reacted adversely to the allegations. The disputed
statutory dues at HZL and BALCO disclosed in financial statements
pertain to periods going back decades in some cases, and VRL and
auditors estimate their likelihood is remote, leading to their
exclusion from Fitch's liability estimate.

Lower Consolidated Leverage, Holdco Debt: Fitch estimates VRL's
proportionately consolidated EBITDA net leverage improved to below
4.0x in FY25 (FY24: 5.1x) on higher EBITDA. Fitch forecasts
leverage to remain broadly flat in the next two years. Holdco debt
fell to around USD5 billion as of FYE25, from USD9 billion as of
FYE22, as VRL focused on debt repayment instead of shareholder
returns. Fitch expects holdco debt to shrink by another USD1
billion by FYE27. Fitch does not expect the US tariffs to have a
material impact due to VRL's low direct revenue exposure.

Improved Financial Discipline and Access: VRL has undertaken
proactive liability management exercises over the last two years
that indicate an improvement in financial discipline. A longer
record of prudent financial management could result in a higher
rating. Funding access has also improved, as evident from the
USD1.1 billion of syndicated loan facilities it has raised so far
in FY26 to refinance debt and boost liquidity at the holdco. These
loans have an interest cost of less than 10%, significantly lower
than rates incurred on several past loans.

Diversified Operations; Cyclical Industry: VRL's rating reflects
its commodity diversification, with zinc, aluminium, and oil and
gas contributing around 40%, 40% and 10%, respectively, to its
estimate of FY25 operating EBITDA. However, the prices of most of
these minerals tend to move sharply and in the same direction,
partly offsetting the diversification benefit. The rating also
reflects benefits from the generally low-cost position of VRL's
zinc mining assets in India. The assets have a modest
weighted-average reserve mine life of around 10 years, shorter than
that at many higher-rated peers.

Peer Analysis

VRL is rated at the same level as gold producer Eldorado Gold
Corporation (B+/Stable) and Indonesia-based conglomerate PT Indika
Energy Tbk (Indika, B+/Stable), whose main asset is a large thermal
coal mine in Indonesia. VRL has larger EBITDA scale and greater
commodity diversification than the two peers. A majority of VRL's
mining assets owned through VLTD have an attractive cost position
that is generally in the first half of their respective cost
curves. However, VRL's rating is weakened by its governance and
group structure.

Key Assumptions

Fitch's Key Assumptions Within Its Rating Case for VRL

- London Metal Exchange prices at around USD2,700/tonne (t) and
USD2,625/t for zinc over FY26 and FY27, respectively; and
USD2,500/t and USD2,450/t for aluminium.

- Brent crude oil prices at USD69/barrel (bbl) and USD65/bbl over
FY26 and FY27.

- Consolidated total capex of USD4.3 billion during FY26-FY27.

- Volume growth across various segments based on capex-led new
capacities ramping up.

- Average annual dividend received by VRL from operating companies
at around USD750 million during FY26-FY27.

Recovery Analysis

The recovery analysis assumes that VRL's stake in its main listed
subsidiary, VLTD, would be liquidated in a bankruptcy. To calculate
the liquidation value of VRL's 56% stake in VLTD, Fitch refers to
the 25th percentile of VLTD's market capitalisation during
2015-2024 to incorporate the risk of a weaker valuation at the time
of liquidation. Fitch takes 10% of administrative claims off the
enterprise value to account for bankruptcy and associated costs.

Fitch includes the inter-company loan of around USD417 million from
subsidiary Cairn India Holdings Limited and the USD5.1 billion of
Holdco debt at VRL as of FYE25 to estimate recoveries.

The assumptions result in a recovery rate corresponding to a
Recovery Rating of 'RR3'. However, VLTD is listed in and mainly
operates in India, which Fitch classifies as under Group D of
jurisdictions, capping the Recovery Rating for VRL's senior
unsecured notes at 'RR4'.

RATING SENSITIVITIES

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

- VRL's proportionately consolidated EBITDA net leverage increases
above 4.5x for a sustained period.

- VRL's holdco coverage (sustainable dividend + brand fees/gross
interest) reduces below 2.0x for a sustained period.

- Adverse regulatory action, materialisation of contingent
liabilities, and signs of weakening liquidity, funding access or
financial discipline.

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

- A sustained record of disciplined and predictable financial
policies.

- VRL's proportionately consolidated EBITDA net leverage decreases
below 3.2x for a sustained period.

Liquidity and Debt Structure

VRL had USD2.3 billion of debt due in FY26-FY27 as of FYE25,
including a USD417 million loan from Cairn India. Fitch thinks VRL
would need USD200 million-300 million of additional funding beyond
the USD1.1 billion of facilities it has signed so far in FY26, to
supplement dividends and brand fees from subsidiaries for adequate
liquidity.

VRL's financial access has not been affected so far due to the
allegations but could weaken in case of regulatory action. In that
case, Fitch thinks VRL could delay the repayment of the
intercompany loan or raise cash through asset sales to support
liquidity.

Issuer Profile

UK-based VRL acts as a group financing vehicle and a holding
company for diversified metal and mining businesses held under its
56.4% stake in VLTD. Fitch estimates that the zinc, aluminium, and
oil and gas segments contributed almost 90% of VRL's Fitch-adjusted
consolidated EBITDA of around USD5.5 billion in FY25.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

VRL's 66% parent, Vedanta Inc, is a private company for which Fitch
does not have financial information. Therefore, Fitch is unable to
assess risk of support from VRL for Vedanta Inc, in case of
financial difficulty.

VRL has not paid any substantial dividends to Vedanta Inc and
instead focused on debt reduction. Nonetheless, Fitch assumes
higher dividends, which Fitch thinks reasonably incorporates the
risk of higher payouts. This has enabled us to rate VRL despite the
lack of detailed information on the parent.

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

VRL has an ESG Relevance Score of '4' for Group Structure due to
its complex group organisation, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

VRL has an ESG Relevance Score of '4' for Governance Structure due
to its smaller board of directors than peers, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

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

   Entity/Debt                Rating         Recovery   Prior
   -----------                ------         --------   -----
Vedanta Resources
Limited                 LT IDR B+  Affirmed             B+

   senior unsecured     LT     B+  Affirmed             B+

Vedanta Resources
Finance II Plc

   senior unsecured     LT     B+  Affirmed    RR4      B+


YAMUNA GINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings of Shree Yamuna Ginning and
Pressing Factory in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term           1.40       [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 Shree Yamuna Ginning and Pressing Factory, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Established in 2012 as a partnership firm, Shree Yamuna Ginning and
Pressing Factory is engaged in ginning and pressing of raw cotton
(Kapas) to manufacture cotton bales and cotton seeds. The
manufacturing facility of the firm is located at Jamnagar (Gujarat)
and is equipped with 18 ginning machines, having manufacturing
capacity of 200 bales per day. The firm is currently managed by six
partners, who have extensive experience in the cotton industry vide
their association with other entities engaged in cotton and
Agri-commodities business.





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

SAPURA HOLDINGS: CEO Seeks to Use Other Pleadings in Wind-Up Trial
------------------------------------------------------------------
Free Malaysia Today reports that Sapura Holdings Sdn Bhd (SHSB)
group CEO Shahril Shamsuddin has applied to the High Court for
leave to include pleadings from a separate lawsuit in an affidavit
as part of his bid to oppose his brother's petition to wind up the
company.

FMT relates that the cause papers in question relate to a MYR3.22
million suit filed by Sapura Resources Bhd (SRB) against Shahril's
brother, Shahriman, the former managing director of SRB, in April
this year.

In that lawsuit, SRB's wholly-owned subsidiaries, Sapura Aero Sdn
Bhd and DNest Aviation Sdn Bhd, sued Shahriman for breaching
fiduciary, statutory, common law, equitable and contractual duties,
FMT says.

The claims include allegations of mismanagement and conspiracy that
caused significant financial losses to SRB and its subsidiaries.

FMT notes that the suit also named former employees and consultants
Syed Haroon Omar Alshatrie and Syed Muhammad Hasan Alsagoff, as
well as Explorer Group Sdn Bhd, as defendants.

According to the report, Shahril's lawyer S Rabindra told the court
that the issues pleaded in the other suit were similar to those
raised in the current proceedings and that the documents could be
filed as Aug. 20.

Justice Leong Wai Hong then directed Shahril to file his
application by Aug. 20, with the other party to respond by Aug. 27,
and Shahril's further reply to be submitted by Sept. 2, according
to FMT.

Shahriman is seeking to wind up SHSB, the parent entity of over 40
subsidiaries, valued at MYR832 million, including the publicly
listed SRB, FMT notes.

Both Shahril and Shahriman hold a 48% stake in SHSB, with the
remaining 4% owned by Rameli Musa.

The petition names SHSB, Shahril and Rameli, who is also a
director, as respondents.

In the petition, Shahriman claims that an irreparable breakdown in
mutual trust and confidence between Shahril and him, particularly
over Project Apex, necessitated SHSB's dissolution, FMT relays.

The respondents oppose the petition, contending that SHSB was never
intended as a family business and that dissolution would be neither
just nor equitable.

Sapura Holdings Sdn. Bhd. operates as a holding company. The
Company, through its subsidiaries, provides oil and gas, secured
technologies, industrial manufacturing, aviation, education, and
property development services. Sapura Holdings serves customers
worldwide.




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

BRILLIANT BUILDING: Creditors' Proofs of Debt Due on Sept. 23
-------------------------------------------------------------
Creditors of Brilliant Building Investment Limited are required to
file their proofs of debt by Sept. 23, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 6, 2025.

The company's liquidators are:

          Daran Nair
          Heiko Draht
          Nair Draht Limited
          97 Great South Road
          Epsom
          Auckland 1051


D & L DECORATORS: Court to Hear Wind-Up Petition on Sept. 4
-----------------------------------------------------------
A petition to wind up the operations of D & L Decorators (2021)
Limited will be heard before the High Court at Napier on Sept. 4,
2025, at 2:15 p.m.

Stevensons Doors Limited filed the petition against the company on
July 3, 2025.

The Petitioner's solicitor is:

          Jeffrey Gray Ussher
          Level 19
          191 Queen Street
          Auckland


DKBY PROPERTY: Court to Hear Wind-Up Petition on Aug. 28
--------------------------------------------------------
A petition to wind up the operations of DKBY Property Limited will
be heard before the High Court at Auckland on Aug. 28, 2025, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 3, 2025.

The Petitioner's solicitor is:

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


KITCHEN THINGS: Placed Into Receivership
----------------------------------------
Stuff.co.nz reports that Kitchen Things and a group of related
companies have been placed into receivership, with all 12 of the
appliance retailer's stores closing while receivers assess the
business.

Kitchen Things IP Limited, Kitchen Things Holdings Limited, Jones
Family Investments Limited, Kitchen Things NZ Limited, Appliance
Works (2015) Limited, Baumatic Appliances Limited and Applico
Limited were all placed into receivership on Aug. 20, Stuff
discloses.

At the request of directors, Russell Moore, Stephen Keen and Adele
Hicks of Grant Thornton New Zealand were appointed as receivers and
managers.

The group includes Kitchen Things, a nationwide retailer of premium
cooking appliances, Jones Services, an appliance servicing
business, and Applico, its distribution arm.

Over the past two years, the group faced weaker consumer demand and
intense price competition, leading to trading losses. Despite
restructuring and cost-cutting efforts, sales and margins continued
to decline, prompting directors to ask the bank to appoint
receivers, according to Stuff.

"We have temporarily closed all stores while we assess stock and
establish next steps for the group. Our priority is to identify
buyers for the business and/or assets of the group, ideally on a
going concern basis. Key staff have been retained as we look to
manage costs and re-open stores. We are calling for urgent
expressions of interest from parties interested in acquiring all or
part of the group," Stuff quotes receiver Stephen Keen as saying.

Established in 1986, Kitchen Things is a supplier of premium
appliances to New Zealand households and has partnerships with
international brands including Smeg, Asko, Miele, Bosch, Samsung
and LG.

The Hamilton Kitchen Things business is run by a separate franchise
entity and is not subject to the receivership and administration.


ORMISTON CIVIL: Creditors' Proofs of Debt Due on Sept. 18
---------------------------------------------------------
Creditors of Ormiston Civil Contracting Limited, Naiker Enterprises
NZ Limited and Deep Transport Limited are required to file their
proofs of debt by Sept. 18, 2025, to be included in the company's
dividend distribution.

Ormiston Civil Contracting and Naiker Enterprises commenced wind-up
proceedings on Aug. 11, 2025.

Deep Transport commenced wind-up proceedings on Aug. 12, 2025.

The company's liquidator is:

          Pritesh Patel
          PO Box 23296
          Manukau City
          Auckland 2241


PIPE VISION: Creditors' Proofs of Debt Due on Aug. 29
-----------------------------------------------------
Creditors of Pipe Vision NZ Limited and Pipe Vision Holdings
Limited are required to file their proofs of debt by Aug. 29, 2025,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 11, 2025.

The company's liquidators are:

          Daniel Stoneman
          Neale Jackson
          Calibre Partners
          Level 21
          88 Shortland Street
          Auckland 1010




===============
P A K I S T A N
===============

PAKISTAN: Moody's Ups Issuer Rating to 'Caa1', Outlook Stable
-------------------------------------------------------------
Moody's Ratings has upgraded the Government of Pakistan's local and
foreign currency issuer and senior unsecured debt ratings to Caa1
from Caa2. Moody's have also upgraded the rating for the senior
unsecured MTN programme to (P)Caa1 from (P)Caa2. Concurrently,
Moody's changed the outlook for the Government of Pakistan to
stable from positive.

The upgrade to Caa1 reflects Pakistan's improving external
position, supported by its progress in reform implementation under
the IMF Extended Fund Facility (EFF) program. Foreign exchange
reserves are likely to continue to improve, although Pakistan will
remain dependent on timely financing from official partners.
Meanwhile, the sovereign's fiscal position is also strengthening
from very weak levels, supported by an expanding tax base. Its debt
affordability has improved, but remains one of the weakest among
rated sovereigns. The Caa1 rating also incorporates the country's
weak governance and high political uncertainty.

The stable outlook reflects balanced risks to Pakistan's credit
profile. On the upside, improvements in the debt service burden and
external profile could be more rapid than Moody's currently expect.
On the downside, there remains risks of delays in reform
implementation required to secure timely official financing, which
would in turn weaken Pakistan's external position again.

The upgrade to Caa1 from Caa2 rating also applies to the backed
foreign currency senior unsecured ratings for The Pakistan Global
Sukuk Programme Co Ltd. The associated payment obligations are, in
Moody's views, direct obligations of the Government of Pakistan.
Concurrently, Moody's changed the outlook for The Pakistan Global
Sukuk Programme Co Ltd to stable from positive, mirroring the
stable outlook on the Government of Pakistan.

Concurrent to the action, Moody's have also raised Pakistan's local
and foreign currency country ceilings to B2 and Caa1 from B3 and
Caa2, respectively. The two-notch gap between the local currency
ceiling and sovereign rating is driven by the government's
relatively large footprint in the economy, weak institutions, and
high political and external vulnerability risk. The two-notch gap
between the foreign currency ceiling and the local currency ceiling
reflects incomplete capital account convertibility and relatively
weak policy effectiveness. It also takes into account risks of
transfer and convertibility restrictions being imposed.

A List of Affected Credit Ratings is available at
https://urlcurt.com/u?l=RsKK62

RATINGS RATIONALE

RATIONALE FOR THE UPGRADE TO Caa1

EXTERNAL POSITION CONTINUES TO STRENGTHEN, ALTHOUGH STILL FRAGILE

Pakistan's external position has continued to strengthen over the
past year. Moody's expects further gradual improvements as progress
in reform implementation under the IMF program supports financing
from bilateral and multilateral partners. In turn, this contributes
to continued increases in the sovereign's foreign exchange
reserves, albeit from still fragile levels.

Pakistan fully met its external debt obligations and added to its
foreign exchange reserves in FY2025 (ending June 2025). Reserves
rose to $14.3 billion as of July 25, 2025, equivalent to about ten
weeks of imports. This compares with $9.4 billion at the time of
Moody's last rating action in August 2024, and is about triple the
level compared to end-June 2023.  Notably, Pakistan successfully
completed the first review of the IMF programme on schedule,
unlocking a $1 billion disbursement from the IMF in May 2025. It
also secured a $1 billion commercial loan in June 2025, with a $500
million policy-based guarantee by the Asian Development Bank
(ADB).

Moody's expects Pakistan to fully meet its external debt
obligations for the next few years, contingent on steady progress
on reform implementation and timely completion of IMF reviews. The
sovereign has unlocked new sources of financing with a 28-month
arrangement under the IMF Resilience and Sustainability Facility
(RSF) worth about $1.4 billion and a ten-year country partnership
framework with the World Bank for FY2026-2035, with an indicative
financing envelope of $20 billion.

Nonetheless, Pakistan's external position remains fragile. Its
foreign exchange reserves remain well below what is required to
meet is external debt obligations, underscoring the importance of
steady progress with the IMF programme to continually unlock
financing. Moody's estimates Pakistan's external financing needs
are about $24-25 billion in FY2026, and similar amounts again in
FY2027.

FISCAL POSITION IS ALSO IMPROVING, BUT DEBT AFFORDABILITY REMAINS
WEAK

Pakistan's fiscal position has improved from very weak levels,
reflecting progress in implementing revenue-raising measures. The
budget deficits are narrowing and primary surpluses are widening.
The government debt affordability is also improving, although it
remains one of the weakest among Moody's rated sovereigns.

The government has strengthened its revenue collection through a
combination of better enforcement and new tax measures. Government
revenues rose to about 16% of GDP in FY2025 from 12.6% in FY2024,
led by a large increase in tax revenues, amounting to about 2
percentage points of GDP. The government's non-tax revenues also
rose sharply due to a one-off extraordinary dividend from the State
Bank of Pakistan (SBP), the central bank.

Moody's expects the government to continue enhancing revenue
administration and compliance, alongside the introduction of new
tax measures. For example, higher agriculture taxes took effect on
January 01, 2025, with the tax liability to be collected from
September 2025. In addition, for the FY2026 budget, the government
has announced new tax measures, such as sales taxes on small
vehicles, solar panels and e-commerce businesses. Moody's estimates
tax revenues to pick up by another 0.5 percentage points of GDP in
FY2026. However, a decline in SBP dividends will lead to an overall
narrowing of government revenue to about 15-15.5% of GDP.

Meanwhile, Moody's expects government expenditure to remain
contained, even as budgeted defense spending has increased. The
government has gradually cut subsidies to the power sector
alongside progress with energy sector reforms. Debt servicing costs
are also reduced due to declining domestic interest rates in tandem
with lower policy rates.

Overall, Moody's expects the fiscal deficit to narrow further to
4.5-5% of GDP in FY2026 (FY2025: 5.4%). At the same time, Moody's
expects government interest payments to absorb about 40-45% of
revenue in FY2026-2027, which is a marked decline from about 60% in
FY2024, but remains very high internationally and a key credit
constraint.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects balanced risks to Pakistan's credit
profile.

On the upside, improvements in the debt service burden and external
profile could be more significant than Moody's currently expect. A
building track-record of reforms, including revenue-raising
measures, that effectively safeguard macroeconomic stability could
unlock more financing. In turn, this would further strengthen
foreign exchange reserves and the sovereign's external position.
Pakistan's debt affordability may also improve more significantly
than Moody's currently forecast. This could come from the
government implementing additional revenue measures that broaden
the tax base more than Moody's currently assume.

On the downside, there remains risks of slippage in reform
implementation or results, leading to delays in or withdrawing of
financing support from official partners. This could in turn lead
to renewed material deterioration in the sovereign's external
position. A number of previous IMF programs were not completed, in
part reflecting weak governance and institutional strength,
compounded by a challenging domestic political environment. The
current government formed after the February 2024 elections faces a
significant challenge to continually implement revenue-raising
measures without triggering social tensions.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Pakistan's CIS-5 credit impact score reflects its very high
exposure to social and environmental risks, as well as its weak
governance profile. Weak governance and institutions and very weak
fiscal strength constrain the government's capacity to address
environment and social risks.

Pakistan's E-5 issuer profile score for environmental risk reflects
the country's vulnerability to climate change and the limited
supply of clean, fresh and safe water. Pakistan drains a
significant proportion of its scarce fresh water resources every
year, and a large share of its population is exposed to unsafe
drinking water. Water utility services tend to be intermittent,
because of high leakage levels and limited supply. The inadequate
quality of drinking water has health and economic consequences,
such as contributing to stunting which undermines human capital.
With varied climates across the nation, Pakistan is significantly
exposed to extreme weather events, including tropical cyclones,
drought, floods and extreme temperatures. These events can create
significant economic, fiscal and social costs for the sovereign, as
demonstrated by the severe floods that occurred in 2022.

Pakistan has a S-5 issuer profile score for social risk. Very low
incomes as well as limited access to quality healthcare, basic
services, housing and education, especially in rural areas,
together with safety concerns, are important social issues. As a
significant share of revenue goes towards interest payments, the
government's capacity to service its debt while also meeting the
population's essential social spending needs remains challenging.

Pakistan has a G-4 issuer profile score for governance risk.
International surveys of various indicators of governance, while
showing some early signs of improvement, continue to point to weak
rule of law and control of corruption, as well as limited
government effectiveness. Fiscal policy effectiveness is
particularly low, resulting in a persistently narrow revenue base
that constrains the government's capacity to address the country's
needs, although measures are being taken to address the issue.

GDP per capita (PPP basis, US$): 6,724 (2024) (also known as Per
Capita Income)

Real GDP growth (% change): 2.5% (2024) (also known as GDP Growth)

Inflation Rate (CPI, % change June/June): 12.6% (2024)

Gen. Gov. Financial Balance/GDP: -6.9% (2024) (also known as Fiscal
Balance)

Current Account Balance/GDP: -0.6% (2024) (also known as External
Balance)

External debt/GDP: 33.5% (2024)

Economic resiliency: ba3

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On August 11, 2025, a rating committee was called to discuss the
rating of the Pakistan, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have not materially changed. The
issuer's institutions and governance strength, have not materially
changed. The issuer's governance and/or management, have not
materially changed. The issuer has become less susceptible to event
risks.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

FACTORS THAT COULD LEAD TO AN UPGRADE

The ratings would likely be upgraded if Pakistan's debt
affordability and external position improved significantly, beyond
Moody's current expectations. This would likely be linked to marked
progress in reform implementation which would accelerate external
financing from official and commercial sources. Continued fiscal
consolidation, including through implementing revenue-raising
measures, pointing to a meaningful improvement in debt
affordability beyond Moody's current expectations would also be
credit positive.

FACTORS THAT COULD LEAD TO A DOWNGRADE

The ratings would likely be downgraded if there were evidence of a
renewed material increase in government liquidity or external
vulnerability risks. This could come from financing strains due to
delays in or withdrawal of support from multilateral and bilateral
partners, leading to a rapid and significant decline in the foreign
exchange reserves. An increase in social and political risks that
disrupted policymaking and undermined Pakistan's ability to secure
financing would also be credit negative.

The principal methodology used in these ratings was Sovereigns
published in November 2022.

The weighting of all rating factors is described in the methodology
used in this credit rating action, if applicable.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.




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

DELTA CORP: Court to Hear Wind-Up Petition on Aug. 29
-----------------------------------------------------
A petition to wind up the operations of Delta Corp Shipping Pte.
Ltd. will be heard before the High Court of Singapore on Aug. 29,
2025, at 10:00 a.m.

NYK Bulk & Projects Carriers Ltd filed the petition against the
company on Aug. 7, 2025.

The Petitioner's solicitors are:

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


KHURRAM TRADING: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Aug. 8, 2025, to
wind up the operations of Khurram Trading Pte. Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidators are:

          Gary Loh Weng Fatt
          Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


M-TECHX ASIA: Court to Hear Wind-Up Petition on Aug. 29
-------------------------------------------------------
A petition to wind up the operations of M-Techx Asia Pte. Ltd. will
be heard before the High Court of Singapore on Aug. 29, 2025, at
10:00 a.m.

United Innovations Company Pte. Ltd filed the petition against the
company on Aug. 7, 2025.

The Petitioner's solicitors are:

          UniLegal LLC
          160 Robinson Road
          #08-03 SBF Center
          Singapore 068914


POCKET CINEMA: Owes SGD1.2 Million to Creditors
-----------------------------------------------
The Business Times reports that the company behind embattled cinema
chain The Projector owes creditors SGD1.2 million, including close
to SGD90,000 to almost 2,300 of its members, The Business Times has
learnt.

In an e-mail to creditors on Aug. 19, the company, Pocket Cinema,
said that a creditor meeting has been set for Aug. 29 at 2:30 p.m.
via video conference, BT relates.

Separately, a listing on property website CommercialGuru shows that
The Projector's former premises at Golden Mile Tower have been put
up for rent at SGD33,000 a month, BT adds.

According to BT, the developments come after The Projector abruptly
announced its shuttering earlier on Aug. 19, citing costs, changing
audience habits, and "the worst consumer market conditions in a
decade".

According to the e-mail, the largest creditor is a company called
Overseas Movie, which is owed about SGD382,888. OCBC is owed
SGD200,000, while UOB is owed around SGD106,818.

The Projector's co-founders Karen Tan and Blaise Trigg-Smith are
owed more than SGD100,000 each. Other creditors include unused
ticket holders, who are owed some SGD14,300, and the Composers &
Authors Society of Singapore, owed about SGD17,733.

Fellow cinema operators are also among the creditors. Over SGD9,000
is due to Golden Village Pictures, and more than SGD1,800 to Cathay
Cineplexes.

BT relates that other notable creditors include:

- LSI Software (SGD97,639.70)
- Gourmetz (SGD13,014.60)
- Forte Law (SGD9,000)
- The Walt Disney Company (Southeast Asia) (SGD8,308.96)
- Cineaste Production House (SGD3,283.53)
- First Printers (SGD1,378.85)

The debt figures are based on The Projector's books and records for
voting purposes, and are subject to the proof of debt form
submitted to the liquidator, BT says.

BT says the current financial status of The Projector's operator
Pocket Cinema is unclear. Regulatory filings of Pocket Cinema's
Singapore entity indicate that it made SGD64,122 in net profit in
2017, on the back of SGD1.3 million in revenue. Figures for more
recent years are not available.

Another Singapore-registered company owned by Pocket Cinema, called
Projector X, made a loss of SGD323,766 in 2023, regulatory filings
show. This was on the back of SGD2.2 million in revenue that year,
BT discloses.

The 2023 loss was a reversal from the SGD308,268 net profit that
Projector X made the prior year, with SGD2.5 million in revenue.  

The entity had over SGD856,000 in bank borrowings as at Dec 31,
2023, of which about SGD218,000 was secured.

BT has reached out to The Projector for comment.


STUDIO21 PTE: Court to Hear Wind-Up Petition on Aug. 29
-------------------------------------------------------
A petition to wind up the operations of Studio21 (Pte. Ltd.) will
be heard before the High Court of Singapore on Aug. 29, 2025, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Aug. 6, 2025.

The Petitioner's solicitor is:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542  


U G PTE: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on Aug. 1, 2025, to
wind up the operations of U G Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          Gary Loh Weng Fatt
          Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778




=================
S R I   L A N K A
=================

HDFC BANK: Fitch Alters Outlook on BB+(lka) National Rating to Neg.
-------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Housing Development
Finance Corporation Bank of Sri Lanka (HDFC) to Negative, from
Stable, and affirmed its National Long-Term Rating at 'BB+(lka)'.

Key Rating Drivers

Restrictions Weigh on Rating: The Outlook revision reflects the
potential for HDFC's credit profile to deteriorate relative to that
of similarly rated peers due to the restrictions on deposit
mobilisation and selected lending products imposed by the Central
Bank of Sri Lanka (CBSL), according to the bank's 2024 annual
report. The degree to which the trend is sustained will depend on
the duration of the restrictions and the bank's ability to pursue
business expansion in permitted areas. The bank is currently not in
breach of any prudential regulatory requirements.

HDFC's National Long-Term Rating reflects its weak standalone
credit profile. The rating also reflects the bank's limited
domestic franchise, high risk profile and its weaker-than-average
asset quality, which stems from its large exposure to low- and
middle-income customers, who are more susceptible to economic and
interest-rate cycles.

Risks to Business Profile: Fitch believes the regulatory
restrictions have dampened HDFC's competitive position in the
housing loan segment, which is predominantly driven by Employees'
Provident Fund (EPF)-backed loans, and its loan and deposit market
share. The bank took the interim measure of increasing its focus on
other retail products such as leases and pawning to mitigate the
effects of these lending restrictions. HDFC's ability to
meaningfully expand its business model will depend on its capacity
to raise deposits, which are the bank's main source of funding.

Considerably Weaker Loan Quality: HDFC's asset quality metrics are
among the system's weakest with an impaired-loan ratio of nearly
52% at end-1H25 (2024: 48.6%, 2023: 43.4%), of which around half
stemmed from its EPF-backed housing loans. Fitch expects this
product to weigh on the bank's loan quality metrics in the near to
medium term, exacerbated by the contracting loan book. Fitch
expects the CBSL to continue to settle the defaulted portion of
EPF-backed housing loans.

Funding Restrictions: Curbs on the bank's deposit mobilisation
limit its funding avenues given the reliance on deposits as the
primary source of funding and less diverse wholesale funding
profile. HDFC has resorted to bank borrowings to fund loan growth,
which is likely to drive up the loan-to-deposit ratio over the
medium term from current lows (1H25: 82.7%, 2024: 83%).

Liquidity currently remains reasonable with bank placements and
government securities together covering about 44% of total deposit
liabilities. Fitch believes prolonged deposit mobilisation
restrictions could challenge the bank's ability to raise term
funding, exacerbating its asset-liability mismatches.

Rating Sensitivities

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

HDFC's National Rating is sensitive to a change in the bank's
creditworthiness relative to other Sri Lankan issuers.

A sustained loss of HDFC's competitiveness in the housing loan
segment, particularly in EPF-backed loans, leading to a weakened
franchise could result in a downgrade of the bank's National
Rating. Negative rating action may also arise from a persistent
deterioration in HDFC's financial profile, particularly if capital
levels fall below the regulatory minimum requirement of LKR7.5
billion and remain uncured for an extended period. In addition,
widening asset liability mismatches due to the bank's inability to
access funding could also trigger a downgrade.

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

There is limited scope for upward rating action given the Negative
Outlook. Fitch may revise the Outlook to Stable if the risk of
credit profile deterioration diminishes after regulatory
restrictions are lifted.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

HDFC's outstanding senior unsecured debentures are rated at the
same level as its National Long-Term Rating in accordance with
Fitch's criteria. This is because the debentures rank equally with
the claims of the bank's other senior unsecured creditors.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The senior debt rating will move in tandem with the bank's National
Long-Term Rating.

   Entity/Debt                Rating                Prior
   -----------                ------                -----
Housing Development
Finance Corporation
Bank of Sri Lanka      Natl LT BB+(lka)  Affirmed   BB+(lka)

   senior unsecured    Natl LT BB+(lka)  Affirmed   BB+(lka)




===========
T A I W A N
===========

MERCURIES LIFE: Said to Weigh Options Including Sale
----------------------------------------------------
Manuel Baigorri at Bloomberg News reports that Mercuries Life
Insurance Co. is considering options including a sale of the
business, according to people familiar with the matter, in what
could mark further consolidation in Taiwan's financial services
industry.

Bloomberg relates that the firm is working with advisers to gauge
initial interest from prospective buyers, the people said, asking
not to be identified because the process is private. A sale could
attract local and international players, the people said.

Another option could be selling a stake rather than the whole
business, the people said, adding that considerations are
preliminary and may not lead to a transaction, Bloomberg relays.
The company has a market value of $1 billion.

According to Bloomberg, Mercuries Life has been in the crosshairs
of Taiwan's Financial Supervisory Commission, which says the firm
violated rules after failing to implement a plan to improve its
capital-adequacy ratio. It's been told to complete the process by
year-end and provide more details before the end of August.

In response to queries from Bloomberg News, Mercuries Life said it
aims to enhance capital and seek potential partnerships at home or
abroad, and takes all options into consideration.

While the company is open to proposals from overseas, Chinese
bidders are less likely as they'd need approval from multiple
government agencies, which could block deals in sensitive sectors
such as the financial industry on national security grounds,
Bloomberg notes.

Bloomberg says Taiwan has been trying to lift the financial
industry to make the economy less reliant on the technology sector.
For life insurers, the weaker US dollar has hurt as it's dragged
down the value of their foreign-currency assets, particularly in
the first half of the year, when Taiwan's life insurance industry
posted a NT$522 billion ($17.3 billion) foreign-exchange loss.

Other Taiwanese transactions include a merger between Taishin
Financial Holding Co. and Shin Kong Financial Holding Co.,
completed last month, while Fubon Financial Holding Co. acquired
Jih Sun Financial Holdings Co. in 2022.

Founded in 1993 and listed in 2012, Mercuries Life provides
products including life, health, accident and other types of
insurance, according to its website.




===============
X X X X X X X X
===============

ARJUN CHEMICALS: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Arjun Chemicals Private Limited
Plot No. 78-79, Phase-II Sipcot Industrial Complex,
        Vellore, Ranipet,
        Tamil Nadu, India 632403

Liquidation Commencement Date: June 12, 2025

Court: National Company Law Tribunal Division Bench-I

Liquidator: CA S. Kannan
            No. 27, "SKYLINE CASTLE" Abdul Razack Street,
            Saidapet, Chennai – 600015
            Email: charitarthkannan@gmail.com
            Mobile: 9381041949

Last date for
submission of claims: July 11, 2025


HOEGH LNG INDIA: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Hoegh LNG India Private Limited
Unit No. 802A, 8th Floor, B Wing, One BKC,
        Plot No-C-66, Block Bandra Kurla Complex,
        Bandra-East Mumbai, Maharashtra 400051

Liquidation Commencement Date: July 30, 2025

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Dinesh Kumar Deopra
     B-202, ABT Apartment,
            Rani Sati Marg, Malad (East)
            Near Navjivan School
            Mumbai - 400097
            Email: dinesh.deora@yahoo.com

Last date for
submission of claims: August 29, 2025



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.

Copyright 2025.  All rights reserved.  ISSN: 1520-9482.

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