250827.mbx

250827.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, August 27, 2025, Vol. 28, No. 171 Headlines A U S T R A L I A EQUITY TRUSTEES: ASIC Sues Over Due Diligence Failures on Shield IAN RITCHIE: First Creditors' Meeting Set for Aug. 29 LIBERTY FUNDING 2023-3: Moody's Ups Rating on Cl. F Notes from Ba2 NEWLEAF CAPITAL: First Creditors' Meeting Set for Sept. 1 OCEAN & LAKE: First Creditors' Meeting Set for Sept. 2 PEDDLE THORP: First Creditors' Meeting Set for Sept. 1 RESOURCE DEVELOPMENT: MinRes Proposes Buyout of Failed Miner TITAN STEELFIXING: First Creditors' Meeting Set for Sept. 2 I N D I A AL-AMAL DIAGNOSTICS: CRISIL Keeps D Ratings in Not Cooperating ANNAPURNA SUGAR: CRISIL Keeps C Debt Ratings in Not Cooperating ATITHI PAPER: CRISIL Reaffirms B+ Rating on INR51cr Term Loan BALA BALAJI: CRISIL Keeps D Debt Ratings in Not Cooperating BALDVA TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating FCOM'S TEX: CRISIL Keeps B Debt Ratings in Not Cooperating FORTPOINT AUTOMOTIVE: CRISIL Keeps 'B-' Rating in Not Cooperating GEETA REFINERY: CRISIL Keeps D Debt Ratings in Not Cooperating GOLDEN DEVELOPERS: CRISIL Keeps B+ Debt Rating in Not Cooperating HOTEL SEARS: CRISIL Keeps B Debt Rating in Not Cooperating J. J. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating JINAAM'S DRESS: CRISIL Keeps D Debt Ratings in Not Cooperating OVERSEAS LEATHER: CRISIL Lowers Long/Short Term Debt Ratings to D RELIANCE COMMUNICATIONS: BoI Declares Loan Accounts Fraudulent RELIANCE COMMUNICATIONS: Probe No Impact on Reliance Infra & Power SHIRAJ TIMBER: CRISIL Keeps D Debt Ratings in Not Cooperating SHREEGEN PHARMA: CRISIL Keeps D Debt Ratings in Not Cooperating SILVER JUBILEE: CRISIL Keeps D Debt Ratings in Not Cooperating SKS BLUE: CRISIL Keeps B+ Debt Ratings in Not Cooperating Category STARWOOD TECHNO: CRISIL Keeps D Debt Ratings in Not Cooperating TIRUPATI BASMATI: CRISIL Keeps D Debt Ratings in Not Cooperating VADRAJ CEMENT: NCLAT Sets Aside Plea Against Nuvoco Vistas Bid VENKATESWARA GRANITES: CRISIL Keeps D Ratings in Not Cooperating VISHAL INFRAGLOBAL: CRISIL Keeps D Ratings in Not Cooperating VPR CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating VST SPINTEX: CRISIL Keeps B Debt Ratings in Not Cooperating J A P A N NISSAN MOTOR: Mercedes-Benz Sells Stake for US$325 Million M A L A Y S I A IVORY PROPERTIES: Unit Placed Under Receivership N E W Z E A L A N D BORDER ROAD: Creditors' Proofs of Debt Due on Sept. 12 CPROPAINTERPLASTER: Owes Inland Revenue More Than NZD1 Million DREAMBIG LIMITED: Grant Reynolds Appointed as Liquidator HAWKES BAY: Creditors' Proofs of Debt Due on Sept. 11 NZSL EMPLOYMENT: Court to Hear Wind-Up Petition on Aug. 28 SKYWALKER ROOFING: Court to Hear Wind-Up Petition on Oct. 2 P A K I S T A N [] Moody's Upgrades Deposit Ratings on 5 Pakistani Banks to Caa1 S I N G A P O R E ARROWMETALS ASIA: Court to Hear Wind-Up Petition on Aug. 29 ENDOMASTER PTE: Commences Wind-Up Proceedings NEW PUNGGOL: Court Enters Wind-Up Order SOPL SCHEME: Creditors' Proofs of Debt Due on Sept. 20 VISAR COMPONENTS: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= EQUITY TRUSTEES: ASIC Sues Over Due Diligence Failures on Shield ---------------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has commenced civil penalty proceedings in the Federal Court against Equity Trustees Superannuation Limited, alleging failures in due diligence concerning the Shield Master Fund. As superannuation trustee, Equity Trustees oversaw the investment of around AUD160 million of retirement savings into Shield over 2023 and 2024 through its fund. ASIC Deputy Chair Sarah Court said ASIC was taking action against Equity Trustees as part of its ongoing work to protect members' superannuation savings. 'Instead of acting as an effective gatekeeper for its members' retirement savings, ASIC alleges Equity Trustees allowed thousands of members invest to in Shield which had no track record. Those members ultimately saw their super balances eroded. 'Superannuation trustees play a critical role helping people save for their retirement. We expect them to do so with care and skill and put the interests of their members first. 'This action should send a clear message to superannuation trustees: proper due diligence is needed when offering investment options for members,' the Deputy Chair said. ASIC alleges Equity Trustees failed in relation to Shield: - to exercise the same degree of care, skill and diligence as a prudent superannuation trustee would - to act in the best financial interests of its members - to do all things necessary to ensure the financial services covered by its Australian financial services licence were provided efficiently, honestly and fairly. 'This is the first action against a superannuation trustee in relation to this complex set of investigations and we expect more cases to come,' Deputy Chair Court said. 'Our first priority has been preserving assets for the benefit of investors, but the next phase will be holding key players to account.' ASIC is seeking declarations and civil penalties from the Court. ASIC alleges Equity Trustees contravened s52 and s54B of the Superannuation Industry (Supervision) Act 1993 (Cth) and s912A of the Corporations Act 2001 (Cth). Equity Trustees, as trustee for the AMG Superannuation Fund and Super Simplifier, approved the four classes of Shield as investment options on the NQ Super and Super Simplifier platforms. Equity Trustees is a subsidiary of EQT Holdings Limited, an entity listed on the ASX (ASX: EQT). Equity Trustees is an Australian Financial Services licensee, superannuation trustee and registrable superannuation entity licensee of fourteen APRA-registered superannuation funds with approximately AUD88 billion in funds under management and around 800,000 members. In February 2024, ASIC halted new offers of investments in Shield. ASIC made interim stop orders on four product disclosure statements for Shield. In June 2024, ASIC took action to secure the assets held within Shield. ASIC sought orders to preserve the assets of the scheme so that they may be recovered, to the extent available, for the benefit of investors while the investigation is continuing. ASIC understands that, since February 2022, funds totalling more than AUD480 million have been invested in Shield by at least 5,800 consumers, who accessed Shield primarily through superannuation platforms, the trustees for which were Macquarie Investment Management Limited and Equity Trustees. The investigation to date suggests that potential investors were typically called by lead generators and referred to personal financial advice providers who advised investors to roll their superannuation assets into a retail superannuation fund available on a choice platform and then to invest part or all of their superannuation into Shield. ASIC is investigating the circumstances surrounding Shield. ASIC is investigating Keystone Asset Management Ltd (in liquidation) (the responsible entity for Shield), its directors and officers, the role of the superannuation trustees, certain financial advisers who recommended investors invest in Shield, the lead generators, and the research house. ASIC also has on ongoing investigation into Equity Trustees in relation to the onboarding and ongoing monitoring of the First Guardian Master Fund. IAN RITCHIE: First Creditors' Meeting Set for Aug. 29 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Ian Ritchie Real Estate Pty Ltd (trading as Ian Ritchie Real Estate Albury Wodonga) will be held on Aug. 29, 2025 at 11:00 a.m. via Teams Meeting. Anthony Phillip Wright and Neil Robert Cussen of Olvera Advisors were appointed as administrators of the company on Aug. 19, 2025. LIBERTY FUNDING 2023-3: Moody's Ups Rating on Cl. F Notes from Ba2 ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings on four classes of notes issued by Liberty Funding Pty Ltd in respect of Liberty Series 2023-3. The affected ratings are as follows: Issuer: Liberty Series 2023-3 Class C Notes, Upgraded to Aaa (sf); previously on Jan 20, 2025 Upgraded to Aa1 (sf) Class D Notes, Upgraded to Aa2 (sf); previously on Jan 20, 2025 Upgraded to A1 (sf) Class E Notes, Upgraded to Baa2 (sf); previously on May 1, 2024 Upgraded to Baa3 (sf) Class F Notes, Upgraded to Baa3 (sf); previously on Jan 20, 2025 Upgraded to Ba2 (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 (1) an increase in credit enhancement (via note subordination and the Guarantee Fee Reserve) 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. The now fully-funded and non-amortising Guarantee Fee Reserve Account provides credit support of 0.3% of the original balance of the notes (or 0.7% of the current balance). The 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. Following the July 2025 payment date, note subordination available for the Class C, Class D, and Class F Notes has increased to 8.8%, 5.4%, and 3.0%, respectively, from 7.5%, 4.7%, and 2.3% at the time of the last rating action for these notes in January 2025. Note subordination available for the Class E Notes has increased to 4.2% from 2.6% at the time of the last rating action for these notes in May 2024. Principal collections have been distributed on a pro-rata basis among the rated notes since the June 2025 payment date. The current total outstanding balance of the notes represents 43.4% of the total closing balance. As of July 2025, 3.5% of the outstanding pool was 30-plus days delinquent and 2.2% was 90-plus days delinquent. The deal has not incurred any losses to date. Based on the observed performance to date and loan attributes, Moody's have updated Moody's expected loss assumption to 1.5% of the outstanding pool balance (equivalent to 0.7% of the original pool balance) from 1.8% of the outstanding pool balance (equivalent to 1.0% of the original pool balance) at the time of the last rating action in January 2025. Moody's have maintained Moody's MILAN CE assumption at 5.5%. The transaction is an 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. NEWLEAF CAPITAL: First Creditors' Meeting Set for Sept. 1 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Newleaf Capital Pty Ltd (formerly known as Nuvant Group Pty Ltd) will be held on Sept. 1, 2025 at 3:30 p.m. via virtual meeting. Frank Farrugia and Bruce Gleeson of Jones Partners were appointed as administrators of the company on Aug. 20, 2025. OCEAN & LAKE: First Creditors' Meeting Set for Sept. 2 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Ocean & Lake All Trade Services Pty Ltd will be held on Sept. 2, 2025 at 12:00 p.m. via Teams Videoconferencing. Bradd William Morelli and Emma Marie Mos of Jirsch Sutherland were appointed as administrators of the company on Aug. 22, 2025. PEDDLE THORP: First Creditors' Meeting Set for Sept. 1 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Peddle Thorp & Harvey Pty. Ltd. will be held on Sept. 1, 2025 at 3:30 p.m. via Teams Meeting. Adam Peter Kersey and Terry Grant van der Velde of SV Partners were appointed as administrators of the company on Aug. 20, 2025. RESOURCE DEVELOPMENT: MinRes Proposes Buyout of Failed Miner ------------------------------------------------------------ Kylar Loussikian at The Australian Financial Review reports that the collapsed garnet miner run by the younger brother of West Australian resources sector stalwart Chris Ellison will be bought by Mineral Resources under a deal recommended by its administrator. Mr. Ellison founded and is the managing director of MinRes, an iron ore and lithium miner that had been the biggest shareholder in Resource Development Group before it went broke in July. RDG operates the Lucky Bay Garnet mine and was run by Mr. Ellison's brother, Andrew Ellison. According to the Financial Review, MinRes is already facing regulatory and investor scrutiny over other related party transactions, and a board investigation found Mr. Ellison had tried to conceal a tax scheme that enriched him at a cost to shareholders. In a note to creditors, RDG's administrators at McGrathNicol said there was "insufficient independent due diligence undertaken . . . at the time of its acquisition of the Manganese tenements and development of the Lucky Bay project" and both required far more funding than first expected, the Financial Review relays. That led MinRes to increase its loans to AUD146 million and "for an extended period of time, RDG was wholly reliant on [MinRes] to maintain solvency". The Financial Review relates that McGrathNicol said that while it had received seven non-binding buyout proposals for RDG, a proposal from MinRes would "result in a return to creditors higher than" others and the alternative, liquidation. Figures to the end of December showed RDG had burnt through almost all the AUD135 million loan, and had less than AUD6 million remaining in cash. The company sold AUD15.6 million worth of garnets in the last six months of the year, but the mine remained cash-flow negative, the Financial Review discloses. About Resource Development Based in Osborne Park, Australia, Resource Development Group Limited (ASX:RDG) -- https://resdevgroup.com.au/ -- provides contracting and construction services to the resources, infrastructure, and energy sectors in Australia. The company undertakes multi-disciplinary construction and remedial works, such as detailed earthworks, civil and structural works, mechanical works, bridges, overpasses, piping works, non-process infrastructure building works, plant upgrade/modifications, procurement works, and project management solutions. It also holds Lucky Bay Garnet mine and wind turbines; owns and operates pilot plants; owns several patents; and holds Ant Hill and Sunday Hill manganese project. Resource Development Group Limited operates as a subsidiary of Mineral Resources Limited. Robert Brauer, Jason Ireland, and Linda Smith of McGrathNicol were appointed as administrators of the company on July 28, 2025. TITAN STEELFIXING: First Creditors' Meeting Set for Sept. 2 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Titan Steelfixing Enterprises Pty Ltd will be held on Sept. 2, 2025 at 11:00 a.m. at the offices of Clifton Hall, at Level 3, 431 King William Street, in Adelaide, SA, and via virtual meeting facilities. Daniel Lopresti and Simon Richard Miller of Clifton Hall were appointed as administrators of the company on Aug. 21, 2025. ========= I N D I A ========= AL-AMAL DIAGNOSTICS: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Al-Amal Diagnostics (AAD) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Drop Line 6.4 CRISIL D (Issuer Not Overdraft Facility Cooperating) Term Loan 2.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AAD for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AAD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AAD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AAD continues to be 'Crisil D Issuer not cooperating'. AAD was setup in 1984 by Mr. Yousif Qabageh. It provides diagnostic facilities to the gulf panel. The diagnostic center, is one of the 20 diagnostic centers in Mumbai which provide services to gulf panel. It provides regular blood tests, eye test, X rays and physical checkups. It has one clinic in Kurla. ANNAPURNA SUGAR: CRISIL Keeps C Debt Ratings in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Shree Annapurna Sugar and Jaggery Works Limited (SASAJW) continue to be 'Crisil C Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 12 CRISIL C (ISSUER NOT Bank Loan Facility COOPERATING) Proposed Long Term 16 CRISIL C (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 36 CRISIL C (ISSUER NOT COOPERATING) Term Loan 18 CRISIL C (ISSUER NOT COOPERATING) Working Capital 20 CRISIL C (ISSUER NOT Facility COOPERATING) Crisil Ratings has been consistently following up with SASAJW for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SASAJW, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SASAJW is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SASAJW continues to be 'Crisil C Issuer not cooperating'. SASAJW was incorporated in 2005. The company has recently commissioned a plant to manufacture sulphur-less khandsari sugar and jaggery powder and has its plant at Kagal, Dist. Kolhapur, Maharashtra. Sanjay Anandrao Ghatge is the chairman, who manages the operations, along with other directors and professionals. ATITHI PAPER: CRISIL Reaffirms B+ Rating on INR51cr Term Loan ------------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil B+/Stable' rating on the long-term bank facilities of Atithi Paper LLP (APL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 CRISIL B+/Stable (Reaffirmed) Term Loan 51 CRISIL B+/Stable (Reaffirmed) The reaffirmation reflects moderate business risk profile, with revenue above INR94 crore in fiscal 2025 (the first fiscal of operations). The firm has already booked around INR70 crore till the end of July 2025 and is expected to close fiscal 2026 with operating income of INR135-140 crore. The operating margin was low at 7.15% in fiscal 2025, against previous expectations of above 12%, due to an increase in raw material prices and the inability of the firm to pass on the same to the end user. However, the margin is expected to improve and remain around 10% over the medium term. The liquidity risk profile has been stretched, with net cash accrual below INR1 crore in fiscal 2025 against repayment obligation of INR3.21 crore. Any cash flow mismatch may be managed by unsecured loans extended by the partners. Timely regularisation of the margin and adequate net cash accrual to repayment obligation (NCARO) ratio in the absence of any funding support from the partners for timely repayment will remain monitorable. The rating continues to reflect the initial stage of operations and the expected leveraged capital structure of APL. The firm commenced operations in April 2024, as against the initial schedule of July 2023; the delay was owing to deferral in the supply of machinery from China. These weaknesses are partially offset by the extensive experience of the partners in various businesses across different industries. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of APL. Key rating drivers and detailed description Weaknesses: * Initial stage of operations: The firm started commercial operations in April 2024, as against the initial schedule of July 2023, because of delay in the supply of machinery from China. Timely stabilisation of operations and quick ramp-up will remain key rating sensitivity factors over the medium term. Revenue is estimated at above INR94 crore in fiscal 2025 and expected at INR135-140 crore for fiscal 2026; any major deviation in the same will remain a key monitorable. * Leveraged capital structure: The capital structure is leveraged, with gearing of 2.93 times and total outside liabilities to tangible networth (TOL/TNW) ratio of 4.15 times as on March 31, 2025. Sustainable improvement in the capital structure will remain a key rating sensitivity factor. Strength: * Extensive experience of the partners: Presence of over a decade in diverse industries has enabled the partners to develop a strong understanding of the market dynamics and establish healthy relationships with suppliers and customers, which will help scale up the operations of APL. Liquidity: Stretched Bank limit utilisation was around 52.2% for the 12 months through April 2025. Cash accrual is expected at more than INR7 crore per annum, against yearly debt obligation of INR6.6-7.8 crore over the medium term; the cash flow mismatch will be met by unsecured loans extended by the partners and will remain a key monitorable. Current ratio stood at 1.16 times and cash and bank balance at INR4.55 crore as on March 31, 2025. Outlook: Stable APL will benefit from the extensive experience of its partners and their established relationship with clients. Rating sensitivity factors Upward factors * Steady revenue growth per fiscal and operating margin above 10%, leading to net cash accrual more than INR10 crore * Improvement in financial and working capital cycle Downward factors * NCARO ratio below 1 time and no support from the partners in the form of unsecured loans * Sizeable stretch in the working capital cycle Established on July 14, 2021, APL has set up a unit on National Highway 27 near Morbi (Gujarat) to manufacture kraft paper, which commenced operations in April 2024. The firm is promoted by Mr. Dhaval Prabhu Rajpara, Mr. Manish Manji Rajpara, Mr. Raj Nalin Amlani and 33 others. BALA BALAJI: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bala Balaji Srinivasa Poultries (BBSP) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Long Term Loan 0.20 CRISIL D (Issuer Not Cooperating) Long Term Loan 1.03 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.50 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with BBSP for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BBSP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BBSP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BBSP continues to be 'Crisil D Issuer not cooperating'. Set-up in 1989 by Mr. Gannamani Sree Ramarao, BBSP is engaged in hatchery business and has capacity to breed 2 lakh layering birds. BALDVA TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Baldva Textiles Private Limited (BTPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with BTPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BTPL continues to be 'Crisil D Issuer not cooperating'. BTPL, established in 1987 by Mr. Anil Baldva, is a Bhilwara (Rajasthan)-based company that manufactures trouser fabrics. FCOM'S TEX: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Fcom's Tex (FCT) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 4 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Proposed Long Term 6 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with FCT for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of FCT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on FCT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of FCT continues to be 'Crisil B/Stable Issuer not cooperating'. FCT is part of the Fcom's group. It has been set up as a partnership between Mr. Abdul Rahiman Firoz, his brother, Mr. Faizal T Z and their wives. The firm is currently setting up a showroom in Marker Road, Kochi for retailing textiles and readymade garments. FORTPOINT AUTOMOTIVE: CRISIL Keeps 'B-' Rating in Not Cooperating ----------------------------------------------------------------- CRISIL said the ratings on bank facilities of Fortpoint Automotive (Cars) Private Limited (FACPL) continues to be 'CRISIL B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL B-/Stable (ISSUER NOT COOPERATING) Cash Credit 10 CRISIL B-/Stable (ISSUER NOT COOPERATING) Cash Credit/ 5 CRISIL B-/Stable (ISSUER NOT Overdraft COOPERATING) facility Inventory Funding 17 CRISIL B-/Stable (ISSUER NOT Facility COOPERATING) Inventory Funding 13 CRISIL B-/Stable (ISSUER NOT Facility COOPERATING) Inventory Funding 10 CRISIL B-/Stable (ISSUER NOT Facility COOPERATING) Inventory Funding 9.25 CRISIL B-/Stable (ISSUER NOT Facility COOPERATING) Proposed Long Term 16.68 CRISIL B-/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 7.6 CRISIL B-/Stable (ISSUER NOT COOPERATING) Term Loan 1.48 CRISIL B-/Stable (ISSUER NOT COOPERATING) Term Loan 6.99 CRISIL B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with FACPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of FACPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on FACPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of FACPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Incorporated in 2001, FACPL is an authorised dealer for MSIL for sale of its passenger cars in Mumbai. FCAPL operates through two showrooms and three service centres across Mumbai. The company is promoted and managed by Mr. Sundeep Bafna and family. GEETA REFINERY: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Geeta Refinery Private Limited (GRPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 CRISIL D (Issuer Not Cooperating) Proposed Letter 15 CRISIL D (Issuer Not of Credit Cooperating) Crisil Ratings has been consistently following up with GRPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GRPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GRPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GRPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. GRPL was incorporated in 1998 by the Mantri family of Jalna. The company is engaged in refining of edible oil, primarily soya and cotton oils. The company has its manufacturing unit in Jalna (Maharashtra). The day to day operations of GRPL are managed by Mr. Atul Mantri. GOLDEN DEVELOPERS: CRISIL Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Golden Developers (GD) continues to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 6 CRISIL B+/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with GD for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GD continues to be 'Crisil B+/Stable Issuer not cooperating'. GD, incorporated in 2013, is engaged into real estate development in Ankleshwar, Gujarat. The firm is promoted by Mr. Manish Kachchhi and Mr.Harshad Padsala. The firm is currently constructing one residential Project- Golden Point. HOTEL SEARS: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Hotel Sears Private Limited (HSPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 7.5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HSPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HSPL continues to be 'Crisil B/Stable Issuer not cooperating'. HSPL, incorporated in 1986 by Mr. Joy K Mani, operates a hotel - Hotel Ceaser Palace in Kottayam, Kerala which has 10 rooms and 3 restaurants. J. J. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of J. J. International (JJI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.5 CRISIL D (Issuer Not Cooperating) Term Loan 2.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JJI for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JJI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JJI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JJI continues to be 'Crisil D Issuer not cooperating'. Established in October 2017, JJI commenced rice milling operations in January 2018. The firm is based in Pehowa, Haryana, and is managed by Mrs Kamalpreet Kaur and Mrs Lakhwinder Kaur. JINAAM'S DRESS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Jinaam's Dress Limited (JDL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.24 Crisil D (Issuer Not Cooperating) Cash Credit 30 Crisil D (Issuer Not Cooperating) Proposed Fund- 6.76 Crisil D (Issuer Not Based Bank Limits Cooperating) Crisil Ratings has been consistently following up with JDL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JDL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JDL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JDL continues to be 'Crisil D/Crisil D Issuer not cooperating'. JDL was set up in 2002, in Surat, Gujarat, by Mr. Hemraj Oswal; it is currently being managed by Mr. Rahul Oswal and his brothers, Mr. Pritam Oswal and Mr. Vishal Oswal. The company manufactures readymade garments, primarily women's wear, which it sells under its own brands. OVERSEAS LEATHER: CRISIL Lowers Long/Short Term Debt Ratings to D ----------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Overseas Leather Goods Company Private Limited (OLGCPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B-/Stable ISSUER NOT COOPERATING') Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with OLGCPL for obtaining information through letter and email dated October 10, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of OLGCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on OLGCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the best available information, Crisil Ratings has downgraded its ratings to 'Crisil D/Crisil D Issuer not cooperating' from 'Crisil B-/Stable/Crisil A4 Issuer not cooperating' as OLGCPL has defaulted in the repayment of loans to banks or other borrowings from any lender as per information on the public domain. OLGCPL was incorporated in 1986, promoted by Mr. Anup Chattopadhyaya. It mainly manufactures and exports leather fashion accessories; it also manufactures industrial safety products. Its unit is in Kolkata. RELIANCE COMMUNICATIONS: BoI Declares Loan Accounts Fraudulent -------------------------------------------------------------- The Economic Times reports that Bank of India (BoI) has declared the loan accounts of Reliance Communications (RCom), its Reliance Telecom subsidiary, former promoter Anil Ambani and some directors fraudulent. ET relates that documents uploaded by RCom in stock exchange disclosures show that the total outstanding loans of INR725 crore had been declared fraudulent. According to the state-run bank, the company invested the money in mutual funds and fixed deposits instead of using it to buy spectrum, for which it was sanctioned, ET relays. Anil Ambani denies the allegations, claiming the bank violated natural justice principles and RBI regulations. Separately, The Economic Times reports that company's notice on the stock exchange comes a day after the Central Bureau of Investigation (CBI) searched premises linked to the Anil Dhirubhai Ambani Group (ADAG) on Aug. 23 in connection with an alleged bank loan fraud case in Mumbai. ET, citing a statement by CBI, relates that the agency conducted the searches at two locations in Mumbai, including the official premises of Reliance Communication Ltd., and residential premises of Anil Ambani. The agency alleged Ambani and RComm for committing offences of criminal conspiracy, cheating, criminal breach of trust, ET notes. 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. RELIANCE COMMUNICATIONS: Probe No Impact on Reliance Infra & Power ------------------------------------------------------------------ Reuters reports that a criminal investigation into Indian industrialist Anil Ambani and his company Reliance Communications has no impact on Reliance Power and Reliance Infrastructure, the two companies said in separate releases on Aug. 24. On Aug. 23, India's Central Bureau of Investigation (CBI) conducted search operations in Mumbai at Ambani's house and the offices of the now-insolvent Reliance Communications following complaints by the country's largest bank, State Bank of India about alleged fraud, the agency said. Ambani, through a spokesperson, said on Aug. 23 he strongly denies all allegations and would defend any charges. The action by CBI has no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of either Reliance Power or Reliance Infrastructure, the statements said. Reuters relates that Ambani has not been on the board of Reliance Infrastructure or Reliance Power for more than three-and-a-half years and therefore any action in relation to Reliance Communications has no bearing or impact on the governance, management, or operations of the other two companies, the releases said. Last month, India's Enforcement Directorate also searched 35 locations linked to Reliance Group as part of an investigation into alleged money laundering and siphoning of public funds, a government source told Reuters. Reliance Group did not respond to a request for comment at the time, but a source at the group denied the allegations, adds Reuters. 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. SHIRAJ TIMBER: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shiraj Timber Traders (STT) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15.5 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Letter of Credit 14.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with STT for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of STT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on STT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of STT continues to be 'Crisil D/Crisil D Issuer not cooperating'. STT was set up as a partnership firm in 1985 by Mr. Shirajul-Haque Mohammad and his brothers, Mr. Maroof Mohammad and Mr. Salim Mohammad. The firm trades in timber. It mainly imports teakwood and hardwood from countries across West Africa and South America. The administrative office is at Mumbai. SHREEGEN PHARMA: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shreegen Pharma Limited (SPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 4.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 13 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2012 as a closely held public limited company, SPL manufactures bulk drugs. Its manufacturing facility is in Bidar, Karnataka. Operations are managed by Mr. B R Mangeswar Reddy. SILVER JUBILEE: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Silver Jubilee Motors Limited (SJML) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL D (Issuer Not Cooperating) Cash Credit 19.73 CRISIL D (Issuer Not Cooperating) Cash Credit 34.02 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.25 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SJML for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SJML, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SJML is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SJML continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1935, SJML is a Pune (Maharashtra) based listed entity. The company has automobile dealership of Mahindra & Mahindra (for light commercial vehicles as well as passenger vehicles) and is operating a fuel station under IOCL dealership. SJML is promoted and managed by Mr. Sanjay Jagtap. SKS BLUE: CRISIL Keeps B+ Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of SKS Blue Metal (SKS) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 3 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 2 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SKS for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SKS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SKS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SKS continues to be 'Crisil B+/Stable Issuer not cooperating'. Set up in December, 2017 as a proprietorship firm, SKS Blue Metals (SKS) is involved in manufacturing of M-Sand and Blue metal. The firm is based out of Namakkal, Tamil Nadu and is promoted by Mr. K Sekar and Mr. I Selvakumar. STARWOOD TECHNO: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Starwood Techno Industries Private Limited (STIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.7 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.3 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with STIPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of STIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on STIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of STIPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2016, STIPL has set up a project in Nanded (Maharashtra) to manufacture LED (light emitting diode) and CRT (cathode ray tube) televisions (TV). The project will start commercial operations in December 2016. The promoters Mr. Kanhaiyalal Rangani, Mr. Dilip Rangani, Mrs Vimla Devi Rangani and Mrs Komal Rangani'had two other proprietorship firms, Parisons Electronics (PE) and Kings Electronics (KE) which were importing LED and CRT TVs from China and selling it under its own brand 'Starwood'. Both firms ceased operations in March 2016 and the business was taken over by STIPL. STIPL plans to stop trading operations once its manufacturing operations stabilises. TIRUPATI BASMATI: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings for the bank facilities of Tirupati Basmati Exports Private Limited (TBEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Short Term Rating - CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with TBEPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of TBEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TBEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TBEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2009, TBEPL is a Karnal, Haryana based company engaged in milling, processing, and sorting of PUSA 1121 basmati rice. The company's operations are being looked after by Mr. Lalit Kumar and his two brothers, Mr. Vijendra Kumar and Mr. Ravinder Kumar. VADRAJ CEMENT: NCLAT Sets Aside Plea Against Nuvoco Vistas Bid -------------------------------------------------------------- The Economic Times reports that the National Company Law Appellate Tribunal (NCLAT) has dismissed the plea against the acquisition of Vadraj Cement by Nirma group cement business Nuvoco Vistas Corporation during an insolvency resolution process. According to ET, the Delhi-based principal bench of NCLAT has upheld the previous order passed by the Mumbai bench of the National Company Law Tribunal (NCLT), which on April 1, 2025, approved Nuvoco Vistas's plan for Vadraj Cement that includes an upfront payment of INR1,800 crore. A two-member NCLAT bench comprising Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra rejected an appeal filed by an employee and authorised representative of employees of Vadraj Cement against the approval of Nuvoco Vistas's bid over their payout regarding their gratuity dues, ET says. Gujarat-based Vadraj Cement, formerly owned by ABG Shipyard, which has a 3.5 MTPA (million tonnes per annum) clinker unit in Kutch and a 6 MMTPA grinding unit in Surat, along with a captive jetty in Kutch, has a total debt of over INR8,000 crore, according to reports. Moreover, NCLAT observed, "The average liquidation value being INR1,080 crore and fair value being INR1,668 crore, the plan value submitted by resolution applicant (Nuvoco Vistas) is more than the fair value of the corporate debtor (Vadraj Cement)," ET says. The bid of Nuvoco Vistas, which acquired Vadraj Cement through its subsidiary Vanya Corporation, was approved by the committee of creditors (CoC) with a 100 per cent majority. ET says the resolution plan provided for payout to operational creditors, which included employees of the corporate debtor. They had a claim of INR10.51 crore towards provident funds, pension fund and gratuity funds, in which INR6.30 crore was provided, and the balance amount was proposed to be paid on a pro-rata basis as per the resolution plan. ET relates that NCLAT observed that the resolution applicant, Nuvoco Vistas and the RP have also contended that as per the value of the resolution plan and payment to the secured financial creditors (SFC), the liquidation value of the employees is nil and the plan proposes to make payment to employees despite the liquidation value being nil. "We are of the view that there is no inconsistency or illegality in the impugned order dated 01.04.2025 approving the resolution plan. The payout to the employees is as per the approved resolution plan. We do not find any substance in the submissions of the appellant, so as to interfere with the order approving the resolution plan. There is no merit in the appeal," NCLAT said. They observed that the total amount of gratuity dues is INR2.86 crore, and that is well within the payout proposed for employees, ET relays. Moreover, the resolution professional has proposed a balance amount to be paid on a pro-rata basis is in accordance with the resolution plan. "We do not find any inconsistency or contradiction in the resolution plan as contended by the appellant," NCLAT said. About Vadraj Cement Vadraj Cement Limited was founded in 1996. The Company's line of business includes the manufacturing of hydraulic cement. As reported in the Troubled Company Reporter-Asia Pacific in early February 2024, the Mumbai bench of the insolvency tribunal has ordered initiation of insolvency proceedings against Vadraj Cement, a group company of the bankrupt ABG Shipyard, after the cement manufacturer defaulted on dues of more than INR87 crore to state-run Punjab National Bank (PNB). The bench appointed Pulkit Gupta, a partner at EY (debt and special situations) as the interim resolution professional who will manage the day-to-day affairs of the company, Livemint.com discloses. In November 2023, the Economic Times reported that Adani Group, JSW Cement and ArcelorMittal were in running to buy the bankrupt Gujarat-based firm. In January 2025, Nirma Group promoted Nuvoco Vistas Corp emerged as the successful resolution applicant for Vadraj Cement. VENKATESWARA GRANITES: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Venkateswara Granites & Exports Limited (DGL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 7 CRISIL D (Issuer Not Credit Cooperating) Letter of Credit 2 CRISIL D (Issuer Not Cooperating) Long Term Loan 15 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DGL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DGL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DGL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DGL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2011, DGL is engaged in granite processing. DGL was promoted by Mr. Ramadugu Mahender Rao, Mr. M Ramadugu Manohar Rao and Mr. Gorukanti Naveen Kumar. DGL has commenced its commercial operations during November, 2013. VISHAL INFRAGLOBAL: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vishal Infraglobal Private Limited (VIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 47 CRISIL D (Issuer Not Cooperating) Cash Credit 12.5 CRISIL D (Issuer Not Cooperating) Cash Credit 12.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VIPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. VIPL was originally established as a proprietorship concern by Mr. Virsangbhai F Chaudhary in 1990. The firm was reconstituted as partnership firm in 2007 and subsequently as a private limited company in 2012. The company undertakes construction of roads and bridges and is recognized as an AA-class contractor by the Government of Gujarat for the execution of road projects. VPR CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of VPR Constructions (VPR) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.8 CRISIL D (Issuer Not Cooperating) Secured Overdraft 12 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with VPR for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VPR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VPR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VPR continues to be 'Crisil D/Crisil D Issuer not cooperating'. VPR, which was set up as a partnership firm in 1993, undertakes civil construction projects, primarily roads and bridges, for the Panchayat Raj departments of the state governments of Andhra Pradesh and Telangana. Operations are managed by Mr. Paramdhami Reddy. VST SPINTEX: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of VST Spintex India Private Limited (VST) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 13 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term Bank Loan Facility 0.33 Crisil B/Stable (Issuer Not Cooperating) Term Loan 1.67 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VST for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VST, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VST is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VST continues to be 'Crisil B/Stable Issuer not cooperating'. VST, incorporated in July 2009, is jointly managed by Mr. Amit Saigal and Mr. B Suresh. The company manufactures polyester yarn, primarily of 40s-60s count. ========= J A P A N ========= NISSAN MOTOR: Mercedes-Benz Sells Stake for US$325 Million ---------------------------------------------------------- Reuters reports that the pension trust of Mercedes-Benz has sold its stake in Nissan Motor for JPY47.83 billion ($324.65 million), a source with direct knowledge of the matter said on Aug. 26. Shares of the Japanese automaker held on to their losses of about 6% from earlier in the session, following Mercedes-Benz's announcement on Aug. 25 that it would sell its 3.8% stake. The stock was headed for its worst day since July. Reuters says the slide in Nissan shares since the news highlights investor scepticism over the company's turnaround prospects as it battles tariffs and falling sales in its key markets, the United States and China. The automaker booked a $535 million loss for the three months ended June. Mercedes-Benz sold its Nissan shares at JPY341.3 apiece, a 5.98% discount to Nissan's Aug. 36 close of JPY363, according to the source. The shares were offered at a price range of JPY337.5 to JPY341, a term sheet seen by Reuters showed. Demand outstripped the number of shares placed for sale, the source said on condition of anonymity as the information was confidential. The top ten investors in the deal were allocated about 70% of the shares sold, the source added. On Aug. 25, a spokesperson for the German automaker had said the Nissan stake, which was transferred to its pension assets in 2016, was not of strategic importance and described the sale as cleaning out its portfolio, Reuters relays. Nissan CEO Ivan Espinosa, who took over in April, has unveiled a turnaround plan to restore profitability, which includes measures such as cutting global production capacity to 2.5 million vehicles from 3.5 million and manufacturing sites to 10 from 17 by fiscal 2027. Late last month, Mr. Espinosa said Nissan was still in the early stages of recovery but that it was making progress on cost cuts, Reuters recalls. About Nissan Motor Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. As reported in the Troubled Company Reporter-Asia Pacific on July 10, 2025, Fitch Ratings has assigned a rating of 'BB' to Nissan Motor Co., Ltd.'s (BB/Negative) proposed senior unsecured US dollar and euro notes. The proposed notes are rated in line with Nissan's Long-Term Foreign-Currency Issuer Default Rating (IDR), as they represent the company's direct, unsecured and unsubordinated obligations, and rank pari passu with all its other unsecured and unsubordinated debt. The proceeds will be used for general corporate purposes. The company expects the proceeds from the new notes to be used to prefund the refinancing of maturing notes. Fitch does not expect the company's net debt balance after issuance to change materially, leaving the company's financial structure unchanged. Fitch Ratings, in April 2025, downgraded Nissan Motor Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) and senior unsecured rating to 'BB' from 'BB+'. The Outlook is Negative. Fitch has affirmed the Short-Term Foreign- and Local-Currency IDRs at 'B'. The TCR-AP reported on July 9, 2025, S&P Global Ratings assigned its 'BB' issue credit rating to Nissan Motor Co. Ltd.'s (BB/Negative/B) three proposed U.S.-dollar denominated senior unsecured notes and two proposed euro-denominated senior unsecured notes. The notes differ in maturities. In March 2025, S&P lowered its long-term issuer credit ratings on Nissan Motor and its overseas subsidiaries to 'BB' and affirmed its short-term issuer credit ratings on each company at 'B'. The negative outlook reflects S&P's view that the company's creditworthiness may continue to deteriorate as a challenging operating environment hampers profitability improvement and free cash flow losses continue. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. =============== M A L A Y S I A =============== IVORY PROPERTIES: Unit Placed Under Receivership ------------------------------------------------ The Malaysian Reserve reports that Ivory Properties Group Bhd said its wholly-owned unit Ivory Indah Sdn Bhd has been placed under receivership after defaulting on loans with CIMB Islamic Bank Bhd. According to the report, CIMB Islamic appointed EY Insolvency Services' Chin Yen Lee and Khoo Poh Poh as receivers and managers on Aug. 22 to take control of a vacant land in Penang owned by Ivory Indah, following a 2013 loan agreement. The Malaysian Reserve relates that Ivory Properties said Ivory Indah is not a major subsidiary, with assets making up 15% of group assets and a net book value of MYR20.57 million as of end-March. It added the receivership is not expected to have a significant impact on operations, with potential losses to be determined after a full report is submitted within 14 days, the report relays. The Malaysian Reserve notes that the development comes as CEO Datuk Low Eng Hock resigned on Aug. 22 amid reports linking him to an investigation into the MBI Group investment scheme. Ivory shares are set to be suspended on Aug. 29 and may be delisted on Sept. 3, unless the group appeals by Aug. 28. About Ivory Properties Ivory Properties Group Bhd. is a property development company. The Company's project portfolio includes medium to high-end apartments, luxury condominiums, semi-detached and bungalow homes, boutique gated communities, and retail and commercial lots. In August 2022, Ivory Properties slipped into Practice Note 17 (PN17) status after its external auditor Messrs KPMG PLT flagged material uncertainties about the company's ability to continue as a going concern. KPMG said Ivory Properties reported a net loss of MYR79.51 million during FY22, while the group's liabilities exceeded their current assets by MYR60.22 million. ===================== N E W Z E A L A N D ===================== BORDER ROAD: Creditors' Proofs of Debt Due on Sept. 12 ------------------------------------------------------ Creditors of Border Road Developments Limited are required to file their proofs of debt by Sept. 12, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 15, 2025. The company's liquidators are: Gareth Russel Hoole Raymond Paul Cox Ecovis KGA Limited, Chartered Accountants Level 2, 5–7 Kingdon Street Newmarket Auckland 1023 CPROPAINTERPLASTER: Owes Inland Revenue More Than NZD1 Million -------------------------------------------------------------- Otago Daily Times reports that CProPainterPlaster has collapsed owing Inland Revenue an estimated unpaid tax value of over NZD1 million. The business working in the house construction industry went into liquidation under an application filed by the IRD at the Christchurch High Court on July 10 with the New Zealand Insolvency and Trustee Service appointed as liquidator, ODT discloses. In the first liquidators report released on August 15, the cause was understood to be a failure to account for taxation. ODT says the liquidator was working to establish communication with sole director and shareholder, Christopher Pabaira, to obtain the company's financial statements and position. CProPainterPlaster is estimated to have just under NZD2,000 in available funds. According to ODT, the liquidator has received creditor claims of a total of just over NZD57,000 from UDC Finance, Oxford Finance and Bizcap NZ. The IRD is owed about NZD1.048 million, bringing total estimated claims to just over NZD1.1 million, ODT discloses. The New Zealand Insolvency and Trustee Service is investigating data bases and other services for further potential assets for creditors, adds ODT. DREAMBIG LIMITED: Grant Reynolds Appointed as Liquidator -------------------------------------------------------- Grant Bruce Reynolds of Grant Reynolds on Aug. 15, 2025, was appointed as liquidator of Dreambig Limited. The liquidator may be reached at: Grant Reynolds Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 HAWKES BAY: Creditors' Proofs of Debt Due on Sept. 11 ----------------------------------------------------- Creditors of Hawkes Bay Comfort Limited are required to file their proofs of debt by Sept. 11, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 14, 2025. The company's liquidator is: Mohammed Tazleen Nasib Jan Liquidation Management Limited PO Box 50683 Porirua 5240 NZSL EMPLOYMENT: Court to Hear Wind-Up Petition on Aug. 28 ---------------------------------------------------------- A petition to wind up the operations of NZSL Employment Limited will be heard before the High Court at Dunedin on Aug. 28, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on July 9, 2025. The Petitioner's solicitor is: David Tasker Inland Revenue, Legal Services PO Box 1782 Christchurch 8140 SKYWALKER ROOFING: Court to Hear Wind-Up Petition on Oct. 2 ----------------------------------------------------------- A petition to wind up the operations of Skywalker Roofing Limited will be heard before the High Court at Auckland on Oct. 2, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 26, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 =============== P A K I S T A N =============== [] Moody's Upgrades Deposit Ratings on 5 Pakistani Banks to Caa1 ---------------------------------------------------------------- Moody's Ratings has upgraded to Caa1 from Caa2 the local and foreign-currency long-term deposit ratings of five Pakistani banks: Allied Bank Limited (ABL), Habib Bank Ltd. (HBL), MCB Bank Limited (MCB), National Bank of Pakistan (NBP) and United Bank Ltd. (UBL). Moody's have also upgraded the Baseline Credit Assessments (BCAs) and Adjusted BCAs for ABL, HBL, MCB and UBL to caa1 from caa2, and of NBP to caa2 from caa3. The outlook on the long-term deposit ratings of all banks has been changed to stable from positive. The rating actions follow Moody's decision to upgrade the Government of Pakistan's local and foreign currency issuer and senior unsecured debt ratings to Caa1 from Caa2 ("Moody's Ratings upgrades Pakistan's ratings to Caa1; changes outlook to stable from positive", https://urlcurt.com/u?l=h1r5Lt, August 13, 2025), to reflect Pakistan's improving external position, supported by its progress in reform implementation under the IMF Extended Fund Facility (EFF) program. A List of Affected Credit Ratings is available at https://urlcurt.com/u?l=AJYYLq RATINGS RATIONALE Moody's decisions to upgrade Pakistani banks' ratings reflects (1) the country's improving operating environment, as captured by Moody's raising of its Macro Profile for Pakistan to "Very Weak+" from "Very Weak"; (2) the Government of Pakistan's improved capacity to support the banks in case of need, as indicated by the sovereign rating upgrade; and (3) banks' own resilient financial performance. The revised Macro Profile score for Pakistan is underpinned by Pakistan's improving external position, supported by its progress in reform implementation under the IMF Extended Fund Facility (EFF) program. Nonetheless, Pakistan's external position remains fragile. Its foreign exchange reserves remain well below what is required to meet its external debt obligations, underscoring the importance of steady progress with the IMF programme to continually unlock financing. Improvements to Pakistan's external position contribute to a stable macroeconomic environment, which has a positive impact on Pakistani banks that are significantly exposed to the sovereign through their large holdings of government securities – these account for around half of total banking assets – as well as through their local banking operations and exposure to Pakistani corporates, businesses and retail consumers. Pakistani banks are also displaying a resilient financial performance, as reflected by their stable, deposit based, funding profile; high liquidity buffers and generally good earnings generating capacity. The decline in inflation from 30.8% for 2023 to 12.6% for 2024 and State Bank of Pakistan's (SBP) series of rate cuts from the peak of 22% as of May 2024 to 11% as of May 2025 will also support a drop in problem loans, reduce borrowing costs and stimulate credit demand, particularly in the SME and consumer segments. Nonetheless, profitability will face some downward pressure on the back of compressed net interest margins driven by the rate cuts, while asset risks remain elevated as – despite the improvements – operating conditions remain fragile given the government's high liquidity and external vulnerability risks. STABLE OUTLOOK The stable outlook on all banks' long-term deposit ratings is in line with the stable outlook on Pakistan's government and partly also reflecting solid loan loss provisions and capital buffers. The stable outlook also reflects continued improvements in the operating environment following a steady disinflation process with moderating profitability and adequate levels of liquidity, although encumbered government securities form significant part of this. BANK SPECIFIC CONSIDERATIONS --- National Bank of Pakistan (NBP) Moody's have upgraded NBP's BCA and Adjusted BCA to caa2 from caa3, as well as the bank's long-term deposit ratings to Caa1 from Caa2. NBP's BCA captures the improving operating conditions, and the bank's strong deposit-funded profile and enhanced earnings generation capacity with net income making 1.3% of tangible assets during the first quarter of 2025, despite previous challenges from one-off litigation expenses. However, the bank's adjusted capital buffers remain modest—particularly when Pakistani government securities are risk-weighted at 150%. Its significant exposure to the sovereign also underscores the bank's elevated asset risk, as reflected in its reported NPLs, which stood at 14.2% as of March 2025—significantly above the sector average. The bank's deposit ratings continue to incorporate one notch of government support uplift, based on Moody's assessments of a very high probability of government support, driven by the bank's systemic importance and large market share of deposits, 75% government ownership (through Pakistan Sovereign Wealth Fund) and track record of government support. --- Habib Bank Ltd. (HBL) Moody's have upgraded the BCA and Adjusted BCA of HBL to caa1 from caa2, as well as the bank's long-term deposit ratings to Caa1 from Caa2. HBL's BCA captures the improving operating conditions, the bank's good liquidity buffers, strong deposit-funded profile and solid asset quality position, reflected by its 5.3% reported NPLs as of March 2025; but also the high asset risks, given the bank's high exposure to government securities that links its credit profile to that of the government, as well as its modest adjusted capital buffers, with tangible common equity representing 5.7% of adjusted risk weighted assets as of March 2025. The upgrade of the long-term deposit ratings to Caa1 reflects the BCA upgrade and Moody's assessments of a very high probability of government support, which results in no uplift as the bank's caa1 BCA is at the same level as Pakistan's long-term issuer rating of Caa1. --- United Bank Ltd. (UBL) Moody's have upgraded UBL's BCA and Adjusted BCA to caa1 from caa2, and the long-term deposit ratings to Caa1 from Caa2. UBL's ratings capture the improving operating conditions, as well as the bank's stable deposit base, strong liquid buffers and moderate profitability. These strengths are balanced against the high nonperforming loans (14.7% of gross loans as of March 2025) following the acquisition of Silk Bank, but which remain fully covered by loan loss provisions; weak adjusted capitalisation levels; and its very high exposure to government securities that links its credit profile to that of the government. The upgrade of the long-term deposit ratings to Caa1 reflects the BCA upgrade and Moody's assessments of a very high probability of government support, which results in no uplift as the bank's caa1 BCA is at the same level as Pakistan's long-term issuer rating of Caa1. --- MCB Bank Limited (MCB) Moody's have upgraded the BCA and the Adjusted BCA of MCB to caa1 from caa2 and the long-term deposit ratings to Caa1 from Caa2. MCB's ratings capture the improving operating environment, the bank's strong profitability with a return on assets of 1.7% during the first quarter of 2025, stable deposit base and good liquidity buffers; but also its high asset risks, modest adjusted capitalisation metrics with tangible common equity representing 5.7% of the adjusted risk weighted assets as of March 2025, and its high exposure to government securities that links its credit profile to that of the government. The upgrade of the long-term deposit ratings to Caa1 reflects the BCA upgrade and Moody's assessments of a high probability of government support, which results in no uplift as the bank's caa1 BCA is at the same level as Pakistan's long-term issuer rating of Caa1. --- Allied Bank Limited (ABL) Moody's have upgraded the BCA and Adjusted BCA of ABL to caa1 from caa2 and the long-term deposit ratings to Caa1 from Caa2. ABL's ratings capture the improving operating environment, the bank's relatively low stock of problem loans reflected by the 1.6% reported NPLs as of March 2025, well below the system average, stable deposit-based funding and ample liquid buffers; but also its modest adjusted capital buffers, and its high exposure to government securities that links its credit profile to that of the government. The upgrade of the long-term deposit ratings to Caa1 reflects the BCA upgrade and Moody's assessments of a high probability of government support, which results in no uplift as the bank's caa1 BCA is at the same level as Pakistan's long-term issuer rating of Caa1. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Pakistani banks' ratings could be upgraded following a material strengthening of the operating environment and in the government's credit profile, and provided that the banks maintain their resilient financial performance. Pakistani banks' ratings could be downgraded if (1) Pakistan's sovereign rating of Caa1 is downgraded; and/or (2) there is a deterioration in the banks' financial performance, specifically asset quality, profitability and capital adequacy. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 2024. 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 ================= ARROWMETALS ASIA: Court to Hear Wind-Up Petition on Aug. 29 ----------------------------------------------------------- A petition to wind up the operations of Arrowmetals Asia Pte. Ltd. will be heard before the High Court of Singapore on Aug. 29, 2025, at 10:00 a.m. Xiamen C&D Nonferrous Metal Resources Co. Ltd. filed the petition against the company on July 8, 2025. The Petitioner's solicitors are: Helmsman LLC 21A Duxton Hill Singapore 089604 ENDOMASTER PTE: Commences Wind-Up Proceedings --------------------------------------------- Members of Endomaster Pte. Ltd. on Aug. 14, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Don M Ho David Ho Chjuen Meng DHA+ pac 9 Raffles Place #08-04 Republic Plaza Singapore 048619 NEW PUNGGOL: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on Aug. 8, 2025, to wind up the operations of New Punggol Seafood 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 SOPL SCHEME: Creditors' Proofs of Debt Due on Sept. 20 ------------------------------------------------------ Creditors of SOPL Scheme Management Co. Pte. Ltd. are required to file their proofs of debt by Sept. 20, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 20, 2025. The company's liquidators are: Mr. Aaron Loh Cheng Lee Ernst & Young Solutions LLP Ms. Ee Meng Yen Angela EY Corporate Advisors c/o One Raffles Quay North Tower, Level 18 Singapore 048583 VISAR COMPONENTS: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on Aug. 8, 2025, to wind up the operations of Visar Components Private Limited. 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 U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***