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250829.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 Friday, August 29, 2025, Vol. 28, No. 173 Headlines A U S T R A L I A ALL CIVIL: First Creditors' Meeting Set for Sept. 2 ALLIED CREDIT 2025-2: Fitch Assigns 'BB+(EXP)sf' Rating on E Notes BDS ACCOUNTING: ASIC Cancels AFS Licence for Failure to Pay Levies CARL PROPERTY: First Creditors' Meeting Set for Sept. 3 CDNI CARE: First Creditors' Meeting Set for Sept. 4 LEGAL SEARCH: S&P Withdraws 'B-' LongTerm Issuer Credit Rating MINERAL RESOURCES: Mulls Asset Sales After Falling to AUD900M Loss MOSAIC BRANDS: Fined AUD25.05 Million for Breaking Consumer Law MOSEL WILLIAMS: First Creditors' Meeting Set for Sept. 4 MY NEW AUSTRALIAN: First Creditors' Meeting Set for Sept. 3 OLYMPUS TRUST 2025-2: S&P Assigns B(sf) Rating on Class F Notes PUBLIC HOSPITALITY: Jon Adgemis Bankruptcy Hearing Set Aug. 29 C H I N A CHAMPION REAL: Moody's Assigns Ba1 CFR & Alters Outlook to Stable H O N G K O N G SING TAO: Narrows First-Half Loss to HK$45.5MM on Cost Cuts I N D I A A.P. INTERNATIONAL: CARE Keeps B- Debt Rating in Not Cooperating AGGARWAL COAL: CARE Keeps B- Debt Rating in Not Cooperating ASIAN AEROSOL: CARE Keeps B- Debt Rating in Not Cooperating B. N. CIVITECH: CARE Keeps C Debt Rating in Not Cooperating BHAI GURDAS: CARE Keeps B- Debt Rating in Not Cooperating Category BIG HEALTHCARE: CARE Lowers Rating on INR11cr LT Loan to B BIMLA RICE: CARE Keeps D Debt Rating in Not Cooperating Category DIVYASHAKTI FOODS: CARE Keeps B- Debt Rating in Not Cooperating HAWARE PROPERTIES: CARE Keeps B- Debt Rating in Not Cooperating HELLA INFRA: Moody's Withdraws 'B1' Corporate Family Rating JAIPRAKASH ASSOCIATES: CCI Approves Adani Group Acquisition Bid JSW INFRASTRUCTURE: Moody's Alters Outlook on Ba1 CFR to Positive K K POLYCOLOR: CARE Keeps D Debt Ratings in Not Cooperating KARTICK CHANDRA: CARE Keeps C Debt Rating in Not Cooperating MANGALA ELECTRICALS: CARE Keeps D Debt Ratings in Not Cooperating MUTHOOT FINANCE: Fitch Hikes LongTerm IDRs to 'BB+', Outlook Stable MUTHOOT FINANCE: Moody's Gives (P)Ba1 Rating to USD2BB GMTN Program NURSINGSAHAY MUDUNGOPAL: CARE Keeps C Rating in Not Cooperating OM TRADING: ICRA Keeps B- Debt Rating in Not Cooperating Category PIANO PRESITEL: CARE Keeps B- Debt Rating in Not Cooperating PV KNIT: CARE Keeps C Debt Ratings in Not Cooperating Category RAM AGRO: CARE Keeps B+ Debt Rating in Not Cooperating Category RAM INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating RAMEN DEKA: CARE Keeps D Debt Rating in Not Cooperating Category RUBAN PATLIPUTRA: CARE Lowers Rating on INR8.56cr LT Loan to B SHIRIDI SAIRAM: CRISIL Keeps D Debt Ratings in Not Cooperating SHIVA DALL: CRISIL Keeps D Debt Ratings in Not Cooperating SHYAM COTTON: CARE Keeps B- Debt Rating in Not Cooperating SK OVERSEAS: CARE Keeps B- Debt Rating in Not Cooperating Category SPL MOTORS: CARE Keeps B- Debt Rating in Not Cooperating Category TIRUAL BORTIMON: CARE Keeps D Debt Rating in Not Cooperating VIBRANT LAMINATE: CARE Keeps D Debt Rating in Not Cooperating M O N G O L I A MONGOLIAN MINING: Fitch Affirms 'B+' LongTerm Foreign Currency IDR N E W Z E A L A N D ADVANCED ENVIRONMENTAL: Court to Hear Wind-Up Petition on Sept. 19 DENHEATH CORPORATION: Dessert Company Placed Into Liquidation FORTUNE FAVOURS: Closes Pub Due to Cost of Living Crisis MERIVALE GCO: Creditors' Proofs of Debt Due on Sept. 19 OBERS BROTHERS: Creditors' Proofs of Debt Due on Sept. 19 PEREIRA BUILD: Creditors' Proofs of Debt Due on Sept. 8 URBAN HOMES: Court to Hear Wind-Up Petition on Sept. 18 S I N G A P O R E AMETHYST ASSETS: Creditors' Proofs of Debt Due on Sept. 22 MC ALSOK: Creditors' Proofs of Debt Due on Sept. 21 POH HENG: Creditors' Proofs of Debt Due on Sept. 22 XIN HO: Court to Hear Wind-Up Petition on Sept. 5 YONG TENG: Court to Hear Wind-Up Petition on Sept. 5 V I E T N A M BINH SON: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable VIETNAM EXIMBANK: S&P Hikes LongTerm ICR to 'BB-', Outlook Stable X X X X X X X X VEON LTD: Kyivstar Completes Business Combination with Cohen Circle - - - - - ================= A U S T R A L I A ================= ALL CIVIL: First Creditors' Meeting Set for Sept. 2 --------------------------------------------------- A first meeting of the creditors in the proceedings of All Civil Plant Hire Pty Ltd will be held on Sept. 2, 2025 at 10:00 a.m. via virtual facilities. David Coyne and David Coyne & Peter Krejci of BRI Ferrier were appointed as administrators of the company on Aug. 4, 2025. ALLIED CREDIT 2025-2: Fitch Assigns 'BB+(EXP)sf' Rating on E Notes ------------------------------------------------------------------ Fitch Ratings has assigned expected ratings to Allied Credit ABS Trust 2025-2 - Series 1's pass-through floating-rate notes. The notes are backed by a pool of first-ranking Australian automotive loan receivables originated by entities related to Allied Credit Pty Ltd (Allied Credit). The notes will be issued by AMAL Trustees Pty Limited as trustee for Allied Credit ABS Trust 2025-2 - Series 1. Entity/Debt Rating ----------- ------ Allied Credit ABS Trust 2025-2 - Series 1 A LT AAA(EXP)sf Expected Rating A-X LT AAA(EXP)sf Expected Rating B LT AA(EXP)sf Expected Rating C LT A(EXP)sf Expected Rating D LT BBB(EXP)sf Expected Rating E LT BB+(EXP)sf Expected Rating G LT NR(EXP)sf Expected Rating Transaction Summary The total collateral pool at the 30 June 2025 cut-off date was AUD750 million and consisted of 19,032 receivables with a weighted-average (WA) seasoning of 5.6 months, WA remaining maturity of 57.9 months and an average contract balance of AUD39,407. KEY RATING DRIVERS Stress Commensurate with Ratings: Fitch has assigned base-case default expectations and 'AAAsf' default multiples as follows: Platinum: 1.0% (7.50x) Titanium: 3.0% (5.50x) Gold: 5.0% (5.00x) Silver: 8.0% (4.50x) The recovery base case for electric vehicles (EVs) is 24.0% with a 'AAAsf' recovery haircut of 60.0% and 35.0% for non-EVs with a 'AAAsf' recovery haircut of 50.0%. The WA base-case default assumption is 2.3% and the 'AAAsf' default multiple is 5.7x. Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 1.3% for the year to March 2025 and unemployment was 4.3% in June 2025. Fitch forecasts GDP growth of 1.8% in 2025, rising to 2.1% in 2026, with unemployment at 4.3% in 2025 and decreasing to 4.2% in 2026. Excess Spread Limited by Commission Note Repayment: The transaction includes a class A-X note to fund the purchase-price component related to the unamortised commission paid to introducers for the origination of the receivables. The note will not be collateralised, but will amortise in line with an amortisation schedule. The note's repayment limits the availability of excess spread to cover losses, as it ranks senior in the interest waterfall, above the class B to E notes. The class A to E notes will receive principal repayments pro rata upon satisfaction of the stepdown criteria. Fitch's cash flow analysis incorporates the transaction's structural features and tests the robustness of the rated notes by stressing default and recovery rates, prepayments, interest-rate movements and default timing. Counterparty Risks Addressed: Counterparty risk is mitigated by documented structural mechanisms that ensure remedial action takes place should the ratings of the swap providers or transaction account bank fall below a certain level. The transaction includes interest-rate swaps with a fixed schedule, which Fitch expects to be rebalanced, depending on the level of prepayments and defaults. Hence, the transaction is modelled as fully hedged at all times. Low Operational and Servicing Risk: All receivables were originated by related entities of Allied Credit - Allied Retail Finance Pty Ltd, Allcredit Automotive Finance Pty Ltd, IFSA Pty Ltd, KMAF Pty Ltd, MotorCycle Finance Pty Ltd and Mercury Finance Pty Ltd - and serviced by Allied Retail Finance Pty Ltd. Fitch undertook an operational review and found that the operations of the originator and servicer were consistent with market standards for auto lenders. Allied Credit is not rated by Fitch. Servicer disruption risk is mitigated by back-up servicing arrangements. The nominated backup servicer is AMAL Asset Management Limited. Fitch undertook an operational and file review and found that the operations of the originator and servicer were comparable with those of other auto and equipment lenders. No Residual Value Risk: There is no residual value exposure in this transaction. However, 21.7% of the portfolio by loan value (including guaranteed future value loans) has balloon amounts payable at maturity. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce the credit enhancement available to the notes. Downgrade Sensitivities Unanticipated increases in the frequency of defaults and decreases in recoveries on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - defaults or recoveries - are modified, while holding others equal. The modelling process uses the modification of default and loss assumptions to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Notes: A-X / A / B / C / D / E Expected rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BB+sf 10% defaults increase: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BBsf 25% defaults increase: AAAsf / AAAsf / A+sf / BBB+sf / BB+sf / BB-sf 50% defaults increase: AAAsf / AA+sf / A-sf / BBBsf / BBsf / B+sf 10% recoveries decrease: AAAsf / AAAsf / AAsf / Asf / BBBsf / BB+sf 25% recoveries decrease: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BBsf 50% recoveries decrease: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BBsf 10% defaults increase / 10% recoveries decrease: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BBsf 25% defaults increase / 25% recoveries decrease: AAAsf / AAAsf / Asf / BBBsf / BB+sf / BB-sf 50% defaults increase / 50% recoveries decrease: AAAsf / AAsf / BBB+sf / BB+sf / BB-sf / Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. The class A-X and A notes are at the highest level on Fitch's scale and cannot be upgraded. As such, upgrade sensitivities are not relevant. Notes: B / C / D / E Expected rating: AAsf / Asf / BBBsf / BB+sf 10% defaults decrease / 10% recoveries increase: AA+sf / A+sf / BBB+sf / BBB-sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch for this transaction. As part of its ongoing monitoring, Fitch reviewed a small targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. BDS ACCOUNTING: ASIC Cancels AFS Licence for Failure to Pay Levies ------------------------------------------------------------------ The Australian Securities & Investments Commission (ASIC) cancelled the Australian financial services (AFS) licence of BDS Accounting Pty Ltd effective from July 28, 2025. The AFS licence was cancelled after the financial services provider failed to pay industry funding levies which were outstanding for over 12 months. Under s915B(3)(e) of the Corporations Act 2001 (Cth), ASIC may suspend or cancel an AFS licence held by a body if the body is liable to pay a levy imposed by the ASIC Supervisory Cost Recovery Levy Act 2017 and has not paid that amount (consisting of the levy, any late payment penalty and any shortfall penalty) in full at least 12 months after the due date for payment. BDS Accounting Pty Ltd held AFS Licence number 489230 since December 5, 2017. It was authorised to carry on a financial services business to deal in and provide financial product advice in relation to superannuation limited to self-managed superannuation funds. BDS Accounting Pty Ltd have the right to appeal to the Administrative Review Tribunal for a review of ASIC's decision. CARL PROPERTY: First Creditors' Meeting Set for Sept. 3 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Carl Property Investments Pty Ltd will be held on Sept. 3, 2025 at 10:30 a.m. via Teams videoconferencing facility. Liam William Paul Bellamy and John Kukulovski of Mackay Goodwin were appointed as administrators of the company on Aug. 22, 2025. CDNI CARE: First Creditors' Meeting Set for Sept. 4 --------------------------------------------------- A first meeting of the creditors in the proceedings of CDNI Care Pty Ltd will be held on Sept. 4, 2025 at 9:30 a.m. via Virtual Meeting. Rajiv Ghedia of Westburn Advisory was appointed as administrator of the company on Aug. 25, 2025. LEGAL SEARCH: S&P Withdraws 'B-' LongTerm Issuer Credit Rating -------------------------------------------------------------- S&P Global Ratings withdrew its 'B-' long-term issuer credit rating on Legal Search Holdings Pty Ltd. at the issuer's request. At the same time, S&P withdrew its 'B' and 'CCC' issue ratings on the company's guaranteed senior secured first-lien and second-lien term loan facilities, respectively. The stable outlook on the issuer credit rating at the time of the withdrawal reflected S&P's view that the Australian integrated search platform provider is a core subsidiary of the ATI Global Ltd. group. MINERAL RESOURCES: Mulls Asset Sales After Falling to AUD900M Loss ------------------------------------------------------------------ The Australian Financial Review reports that Mineral Resources is considering further asset sales to ease pressure on its debt-laden balance sheet, as the crisis-plagued miner's new chairman seeks to calm investors over its governance problems and a AUD896 million annual loss. The miner has ranked its assets in order of saleability from those highly valued to "ones that might have been of strategic importance historically, but no longer fall in that category", said Malcolm Bundey, MinRes chair, the Financial Review relays. "We've been going through the assets on our balance sheet, alighting on ones that I've been terming As, Bs and Cs," Mr. Bundey said, refusing to confirm which were on the block. Analysts suggested that Mr. Bundey, who took over as non-executive chair in July, was referring to the miner's struggling lithium assets that have borne the brunt of a global downturn for the key battery metal. According to the Financial Review, MinRes has already sold a raft of assets over the past year, including a AUD1.1 billion stake in its troubled haul road in the Pilbara, and the AUD800 million sale of its Western Australian gas holdings to mining magnate Gina Rinehart. The Financial Review notes that the Perth-headquartered miner has stumbled between crises over the past year, and is being probed by Australia's corporate watchdog for a litany of corporate governance failings and the behaviour of its founder and managing director, Chris Ellison. Mr. Ellison admitted to engaging in an offshore tax evasion scheme that enriched him at the expense of the company and has pledged to quit. Mr. Bundey attempted to placate shareholders in an ASX letter that acknowledged the "negative headlines, regulatory scrutiny and the erosion of confidence" in MinRes. The Financial Review says five directors have quit over the past few months, including the en-masse resignations of all three members of the MinRes ethics and governance committee - a body established to oversee the conduct of Mr. Ellison. Mr. Bundey reiterated that, despite recent rumours to the contrary, under-fire Mr. Ellison would leave the company he founded, although he refused to confirm MinRes' previous timeline of mid-2026. "Chris and I are aligned on the succession process. Chris is a big part of making sure that's done well, and we find the right successor," the Financial Review quotes Mr. Bundey as saying. "Setting a date is one thing, but ensuring we've got a robust and carefully planned process is another." Mr. Bundey also declined to explain why Denise McComish, Jacqueline McGill and Susie Corlett, members of the ethics and governance committee, had quit. MinRes' revenue fell 15 per cent to AUD4.47 billion in the 12 months to June 30, and its AUD896 million statutory loss was down from a profit of AUD114 million the previous year, the Financial Review discloses. Net debt ballooned by AUD922 million over the year to AUD5.35 billion. Still, Barrenjoey analyst Glyn Lawcock said the results beat market expectations, and suggested MinRes had "provided conservative guidance" for 2026. About MinRes Based in Osborne Park, Australia, Mineral Resources Limited (ASX:MIN) -- https://www.mineralresources.com.au/ -- is an ASX-listed company operating across mining services, as well as mining of iron ore and lithium minerals. As reported in the Troubled Company Reporter-Asia Pacific in November 2024, Moody's Ratings has affirmed the Ba3 corporate family rating of Mineral Resources Limited (MinRes). At the same time, Moody's have affirmed the Ba3 senior unsecured bond ratings and changed the outlook to negative from stable. The TCR-AP reported in March 2025, Fitch Ratings downgraded Mineral Resources Limited's (MinRes) Issuer Default Rating (IDR) to 'BB-' from 'BB'. The Outlook is Negative. Fitch has also downgraded MinRes' US dollar senior unsecured notes to 'BB-' from 'BB'. The rating downgrade reflects MinRes' high leverage and increased deleveraging risks over the medium term. Fitch expects EBITDA net leverage to worsen to 7.3x in the financial year ending June 2025 (FY25), from 4.9x in FY24, and remain above 3.0x in FY26-FY28, considering Fitch's mid-cycle price assumptions. Reported net debt increased by AUD656 million to AUD5.1 billion at end-December 2024, despite AUD1.9 billion in cash proceeds from the sale of a 49% stake in the Onslow Iron haul road and gas assets. Around AUD320 million of the increase in the company's debt was related to the revaluation of its USD3.1 billion in bonds. The Negative Outlook reflects the execution risks associated with its planned cost improvements, capex discipline and production ramp-up at its Onslow iron ore project that may keep leverage above its expectations, which could lead to negative rating action. MOSAIC BRANDS: Fined AUD25.05 Million for Breaking Consumer Law --------------------------------------------------------------- News.com.au reports that former Australian retailer Mosaic Brands has been ordered to pay millions after failing to deliver hundreds of thousands of items. According to the report, the Federal Court has ordered Mosaic Brands to pay AUD25.05 million in penalties due to failing to deliver items to customers within a reasonable time frame. News.com.au relates that the Court found that Mosaic Brands breached the Australian Consumer Law over a six-month period when it failed to deliver nearly 740,000 items across its nine brands in what would be considered a fair time frame, while 4,213 items were never delivered. According to the court, Mosaic Brands' wrongfully accepted payments made up almost a quarter of total online sales for the struggling retailer. ACCC deputy chair Catriona Lowe said by not sending these items out, Mosaic Brands was found to have wrongfully accepted payments from consumers and engaged in misleading or deceptive conduct, news.com.au relays. "Delivery times matter and it is unacceptable to mislead consumers about this aspect of a sale," news.com.au quotes Ms. Lowe as saying. "A large number of Australians – and close to a quarter of online goods ordered from the Mosaic Group were affected by it." According to the ACCC, more than half of the questioned items were shipped from Mosaic Brands warehouse 30 days or more after ordering, while around a third weren't shipped for 40 days or more. "One person who reported to us experienced the dual disappointment of never receiving the goods they'd paid for and then having to wait six months for a refund," Ms. Lowe said. About Mosaic Brands Mosaic Brands Limited was engaged in the retail of women's apparel and accessories in Australia and New Zealand. The company sold its products under the Millers, Rockmans, Noni B, Rivers, Katies, Autograph, W. Lane, Crossroads, beme, and Ezibuy brand names. It operated through a network of 804 stores and online digital department platforms. On Oct. 28, 2024, David Hardy, Gayle Dickerson, Ryan Eagle and Amanda Coneyworth of KPMG were appointed Receivers and Managers to the assets and undertakings of the Mosaic Brands Group entities. Mosaic Brands entities are: - Mosaic Brands Limited - Noni B Holdings Pty Limited - W.Lane Pty Ltd - Pretty Girl Fashion Group Pty. Ltd. - Pretty Girl Fashion Group Holdings Pty Ltd - Noni B Holdings 2 Pty Ltd - Rivers Retail Holdings Pty Ltd - Crossroads Retail Pty Ltd - Katies Retail Pty Ltd - Autograph Retail Pty Ltd - Millers Retail Pty Ltd - Noni B HoldCo Pty Ltd - Ezibuy Pty. Limited The Receivers' appointment follows the appointment of Vaughan Strawbridge, Kate Warwick, Kathryn Evans and David McGrath of FTI Consulting as Voluntary Administrators to the Mosaic Brands Group on Oct. 28, 2024. On July 1, 2025, creditors voted to liquidate the company after the administrators failed to receive a deed of company arrangement (DOCA) or find another proposal for the group. Mosaic has appointed its existing administrators, Vaughan Strawbridge and David McGrath, along with Kathryn Evans, Kate Warwick of FTI Consulting, as liquidators. MOSEL WILLIAMS: First Creditors' Meeting Set for Sept. 4 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Mosel Williams Care Pty Ltd will be held on Sept. 4, 2025 at 4:00 p.m. at the offices of Rodgers Reidy (TAS) Pty Ltd, at Cnr Bathurst & Argyle St, in Hobart, TAS and via virtual meeting technology. Shelley-Maree Brooks of Rodgers Reidt (TAS) was appointed as administrator of the company on Aug. 25, 2025. MY NEW AUSTRALIAN: First Creditors' Meeting Set for Sept. 3 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of My New Australian Life Pty Ltd will be held on Sept. 3, 2025 at 10:00 a.m. at the offices of Oracle Insolvency Services, Suite 1102, Level 11, 81 Flinders Street, in Adelaide, SA, and by Zoom and telephone. Nicholas David Cooper and Yulia Petrenko of Oracle Insolvency Services were appointed as administrators of the company on Aug. 22, 2025. OLYMPUS TRUST 2025-2: S&P Assigns B(sf) Rating on Class F Notes --------------------------------------------------------------- S&P Global Ratings assigned its ratings to eight classes of prime residential mortgage-backed securities (RMBS) issued by Perpetual Corporate Trust Ltd. as trustee of Olympus 2025-2 Trust. Olympus 2025-2 Trust is a securitization of prime residential mortgages originated by Athena Mortgage Pty Ltd. This is the fifth standalone RMBS transaction rated by S&P Global Ratings consisting entirely of loans originated by Athena. The ratings S&P has assigned to the floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Note subordination and excess spread provide credit support. S&P said, "Our assessment of credit risk considers Athena's underwriting standards and approval process. Our assessment also takes into account Athena's servicing and underwriting standards." The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the provision of a liquidity facility, the principal draw function, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the rated notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and it assumes the notes are not called at or beyond the call-option date. S&P said, "Our ratings also consider the counterparty exposure to National Australia Bank Ltd. as bank account provider and liquidity facility provider. The transaction documents for the facilities include downgrade language consistent with S&P Global Ratings' counterparty criteria. "We have also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Ratings Assigned Olympus 2025-2 Trust Class A1S, A$216.00 million: AAA (sf) Class A1L, A$684.00 million: AAA (sf) Class A2, A$57.00 million: AAA (sf) Class B, A$17.00 million: AA (sf) Class C, A$11.00 million: A (sf) Class D, A$5.00 million: BBB (sf) Class E, A$5.00 million: BB (sf) Class F, A$1.50 million: B (sf) Class G1, A$2.00 million: Not rated Class G2, A$1.50 million: Not rated PUBLIC HOSPITALITY: Jon Adgemis Bankruptcy Hearing Set Aug. 29 -------------------------------------------------------------- The Greek Herald reports that embattled pub baron Jon Adgemis is facing a AUD1.8 billion reckoning after bankruptcy trustees increased their estimate of his personal liabilities, alleging millions were wrongly funnelled into his accounts and luxury assets. In a supplementary report published on Aug. 21, WLP Restructuring trustees Scott Pascoe and Benjamin Ho recommended creditors accept Mr. Adgemis' personal insolvency agreement proposal, the report relates. He is offering 0.15c in the dollar – or 1.5c for every AUD10 owed – to avoid bankruptcy. If rejected, Mr. Adgemis would be barred from running a company or owning a car worth more than AUD9,600. According to The Greek Herald, trustees alleged Mr. Adgemis used AUD2.4 million from his companies over five years to repay the loan on his 95-foot yacht, once owned by Shirley Temple, and lent or withdrew nearly AUD15 million in cash from company accounts. Almost AUD10 million went to repay a AUD13 million loan from Richard Gazal, while AUD900,000 was used to pay his godfather George Confos. The trustees noted Mr. Adgemis acknowledged some payments were made "incorrectly." The Greek Herald says the report also confirmed his superannuation account contained just AUD8 and no transactions for seven years. His assets are valued at AUD14.3 million, including AUD13.75 million in property. The Australian Taxation Office has intervened, concerned about potentially fraudulent GST claims across at least 27 companies linked to Mr. Adgemis, The Greek Herald relays. Liquidators allege improper and unsubstantiated claims could leave tax debts exceeding AUD300 million. Mr. Adgemis denies any wrongdoing and intends to challenge his tax assessment. A decisive meeting on August 29 will see creditors vote on whether to accept his proposal, with 75 per cent by value required for approval, according to The Greek Herald. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 19, 2024, pub baron Jon Adgemis' embattled Public Hospitality Group has taken another hit with receivers and external managers appointed at five of his Sydney hotels, including Oxford House and The Strand Hotel. Insolvency specialist FTI Consulting has stepped in as receivers and managers to operate Public's hip Redfern pub The Norfolk, Oxford House in Paddington and Darlinghurst's The Strand Hotel, as well as Alexandria's Camelia Grove Hotel and The Exchange Hotel, also in Darlinghurst, Good Food said. The pubs will be sold as soon as possible. Duncan Club and Andrew Sallway of BDO advisory firm have also been appointed voluntary administrators at affiliated companies including Public Lifestyle Management Pty Ltd, Good Food added. ========= C H I N A ========= CHAMPION REAL: Moody's Assigns Ba1 CFR & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings has assigned a Ba1 corporate family rating to Champion Real Estate Investment Trust (Champion REIT) and has withdrawn the company's Baa3 issuer rating. Moody's have also downgraded the ratings of Champion MTN Limited, which is a subsidiary of Champion REIT, as follows: -- Backed senior unsecured ratings on its medium-term note (MTN) program downgraded to (P)Ba1 from (P)Baa3; -- Backed senior unsecured ratings on the notes issued under its MTN program downgraded to Ba1 from Baa3. Champion MTN Limited's securities and program are unconditionally and irrevocably guaranteed by Champion REIT. Moody's have also changed the outlooks to stable from negative. "The rating action reflects Moody's expectations that Champion REIT's earnings and financial leverage will continue to weaken over the next 1-2 years, driven by sustained difficulties in Hong Kong's overall office rental market and continued oversupply," says Stephanie Lau, Vice President and Senior Credit Officer at Moody's Ratings. RATINGS RATIONALE Moody's forecasts Champion REIT's adjusted EBITDA will decline to HKD1.4 billion in 2025 from HKD1.6 billion in 2024, and further down to HKD1.3 billion in 2026. This decline will be mainly driven by its sizable office lease expiries and projected negative rental reversions amid the continued office oversupply in Hong Kong SAR, China (Aa3 stable). In H1 2025, adjusted EBITDA declined 12% to HKD763 million and annual total office revenue decreased 6% to HKD787 million. Its net debt position stayed relatively stable at HKD13.7 billion as of end-H1 2025. Consequently and with the assumption of a largely stable net debt, Moody's expects Champion REIT's adjusted net debt/EBITDA will deteriorate to about 9.7x in 2025 and 10.4x in 2026, from 8.9x in the last 12 months ended June 30, 2025 (LTM June 2025). In addition, its adjusted EBITDA/interest will decrease to about 2.3x-2.4x in 2025-26 from 2.4x in LTM June 2025. These projected ratios more appropriately position the company in the Ba1 rating category. Champion REIT's Ba1 CFR reflects its good-quality assets in prime locations in Hong Kong. The rating also reflects the complementary nature of the trust's three assets, which have a high-quality tenant mix. In addition, the rating factors in the trust's ability to maintain a stable capital structure, illustrated by its track record of prudent financial management. On the other hand, the rating takes into consideration the difficult leasing environment for office real estate, asset concentration in Champion REIT's portfolio and challenging financial conditions for commercial real estate. The trust has adequate liquidity, as the company can meet maturing debt, dividend payments and capital spending over the next 12 months with its cash and undrawn committed facilities. However, the company still has material debt maturities in 2026 and 2027. While Moody's expects the company to retain its funding access and proactively manage such refinancing requirements, any deviation from this expectation would pressure the rating. Environmental, social and governance (ESG) considerations have an immaterial impact on the credit rating. The trust is exposed to physical climate and carbon transition risks. On the social front, it is exposed to demographic risks and changing societal trends. However, its good governance practices offset the effect of these risks on the credit rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's forecasts that the extent of deterioration in the trust's key credit metrics will slow from 2027 and the trust will maintain adequate liquidity by proactively addressing its refinancing needs. An upgrade of the rating is unlikely in the near term. Nevertheless, upward rating momentum could emerge over time if Champion REIT improves its earnings and operational performance, which would drive its adjusted net debt/EBITDA and EBITDA/interest expense trend toward and sustain below 9.5x-10.0x and above 2.25x-2.50x, respectively, on a sustained basis. Moody's could downgrade Champion REIT's rating if its business profile, operating performance or asset quality deteriorates beyond Moody's expectations, which would drive adjusted net debt/EBITDA toward or above 11.0x and EBITDA/interest expense remaining below 2.0x, on a sustained basis. A downgrade is also likely if the trust's liquidity or financial flexibility weakens materially. The principal methodology used in these ratings was REITs and Other Commercial Real Estate Firms published in May 2025. 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. Champion REIT is headquartered in Hong Kong SAR, China. It listed on the Hong Kong Stock Exchange in May 2006 and had a market capitalization of around HKD12.5 billion ($1.6 billion) as of August 20, 2025. The trust focuses on retail and office property investment in Hong Kong. Its revenue in 2024 was HKD2.5 billion ($320 million). ================= H O N G K O N G ================= SING TAO: Narrows First-Half Loss to HK$45.5MM on Cost Cuts ----------------------------------------------------------- The Standard reports that Sing Tao News Corporation saw its first-half net loss narrow by about 3 percent to HK$45.5 million from one year ago, thanks to the stringent cost-control measures amid the weak advertising demand. According to The Standard, the interim revenue decreased by 7.7 percent year-on-year to HK$350.4 million, as the advertising and retail-related businesses came under pressure due to the weak market conditions in the first half. But the costs of sales were trimmed by 5.3 percent to HK$255.8 million on the company's cost control moves, including ongoing optimisation of workforce allocation and cost structure and focusing on high-efficiency businesses, The Standard relates. Besides, Sing Tao facilitated the digital transformation steadily, which is expected to lay a solid foundation for future business growth. As over half of advertising budgets in Hong Kong were allocated to the online channels, Sing Tao kept enhancing the functionality of its website and mobile app and made use of artificial intelligence and big data to enhance the news production process, adds The Standard. The Standard, Hong Kong's only free English Newspaper, revamped its website and mobile app in April and is striving to expand into overseas markets with content tailored for international travellers and imported professionals. About Sing Tao News Headquartered in Tseung Kwan O, Hong Kong, Sing Tao News Corp Ltd., through its subsidiaries, publishes newspapers, magazines, books, recruitment media and multimedia contents, and provides print media distribution, media and content services. The Company also provides corporate training, broadband content and distribution, E-learning and operates trading. Sing Tao News reported three consecutive annual net losses of HK$139 million, HK$49 million and HK$84 million for the years ended Dec. 31, 2022, 2023 and 2024, respectively. ========= I N D I A ========= A.P. INTERNATIONAL: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of A.P. International (AI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.91 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 23, 2024, placed the rating(s) of AI under the 'issuer non-cooperating' category as AI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 9, 2025, July 19, 2025 and July 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable A.P. International (AI) was established in May 2015 as a partnership firm with Mr. Sunny Arora, Mr. Bal Krishna Ramdev, Mr. Harjinder Singh and Mrs. Mandeep Kaur as its partners sharing profit and loss equally. AI is engaged in the manufacturing of home furnishing products such as bed sheets, blankets and curtains at its manufacturing facility located in Panipat, Haryana. AGGARWAL COAL: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Aggarwal Coal Company (ACC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 28, 2024, placed the rating(s) of ACC under the 'issuer non-cooperating' category as ACC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ACC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 14, 2025, July 24, 2025 and August 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in 2002, Aggarwal Coal Company (ACC) is engaged in wholesale trading of coal. The firm was established in the year 2002 as a proprietorship concern, with Mr. Deepak Garg as its proprietor. In 2012, the firm was reconstituted as a partnership firm with Mr. Deepak Garg and his wife Mrs. Rachita Aggarwal as the two partners. The same was, however, dissolved in Mar-15, subsequent to which Mr. Deepak Garg remains the sole proprietor of the firm. ASIAN AEROSOL: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Asian Aerosol OAN Private Limited (AAOPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.30 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 27, 2024, placed the rating(s) of AAOPL under the 'issuer non-cooperating' category as AAOPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AAOPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 13, 2025, July 23, 2025, August 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in 2011, Asian Aerosol OAN Private Limited (AAOPL) was promoted by Mr Bhogilal Patel, is engaged in the manufacturing of aerosol-based products (viz, producing aerosol containers and filling of aerosol products like shaving creams, gels, after shave products, deodorants and antiperspirant) for the fast-moving consumer goods (FMGC) companies. The company has commenced commercial operations from July 2014 at Valsad (Gujarat). B. N. CIVITECH: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of B. N. Civitech (BNC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 12, 2024, placed the rating(s) of BNC under the 'issuer non-cooperating' category as BNC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BNC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 28, 2025, June 7, 2025, June 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable B. N. Civitech (BNC) was constituted as a partnership firm in the year 2007 by Mr. Jai Shankar Prasad, Mr. Uma Shankar, Mr. Binay Shankar and Mrs. Geeta Shankar based out of Jamshedpur, Jharkhand. Since its inception, the firm has been engaged in development of real estate projects in the state of Jharkhand. BHAI GURDAS: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Bhai Gurdas Technical Educational Trust (BGTET) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 2.50 CARE B-; Stable; Issuer Not Facilities Cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 23, 2024, placed the rating(s) of BGTET under the 'issuer non-cooperating' category as BGTET had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BGTET continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 9, 2025, July 19, 2025 and July 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Bhai Gurdas Technical Educational Trust (BGTET) got registered under the Society Registration Act- 1860 in 2001 and is currently being managed by Mr. Hakam Singh Jwandha, Mr. Guninderjit Singh and Mrs. Baljinder Kaur Jwandha. The trust was formed with an objective to provide higher education in the field of engineering, computer science, management etc. The different courses offered are duly approved by AICTE (All India Council of Technical Education). BGTET is also affiliated to Maharaja Ranjit Singh Punjab Technical University, Bathinda (MRSPTU). BIG HEALTHCARE: CARE Lowers Rating on INR11cr LT Loan to B ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of of Big Healthcare Private Limited (BHPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 21, 2024, placed the rating(s) of BHPL under the 'issuer non-cooperating' category as BHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 7, 2025, July 17, 2025 and July 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of BHPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Big Healthcare Private Limited (BHPL) was incorporated in February 2014 by Dr. Vijay Prakash Singh Dr. Rashmi Singh, Dr. Saket and Dr. Ritu. The company initially has started its Multi Super Specialty Hospital with 30 beds in 2014 and subsequently in July 2018; the company has increased its intake capacity to 75 beds. Further, 75 beds will be added with due course of time. The hospital is equipped with state of the art technology and well qualified & experienced doctors, surgeons and support staffs. The hospital has OPD, ICU, EVL, and APC, endoscopic ultrasound, breath test analysis, capsule endoscopy and rectal manometer unit. BIMLA RICE: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bimla Rice International (BRI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.12 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 20, 2024, placed the rating(s) of BRI under the 'issuer non-cooperating' category as BRI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BRI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 6, 2025, July 16, 2025, July 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Kaithal-based (Haryana) BRI was established as a partnership firm in 1998 and is currently being managed by Mr. Sushil Kumar, Mr Natish Gupta and Mr. Sahil Gupta. The firm is engaged in milling, processing and trading of basmati and non-basmati rice. The processing unit of the firm is located in Kaithal, Jind, Haryana. DIVYASHAKTI FOODS: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Divyashakti Foods Private Limited (DFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 7, 2024, placed the rating(s) of DFPL under the 'issuer non-cooperating' category as DFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 23, 2025, July 3, 2025, July 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of DFPL have been revised on account of non-availability of requisite information. Analytical approach: Consolidated Consolidated financials of the company include financials of subsidiary i.e. Divyajyoti Agritech Private Limited (DJAPL) and associate concern namely Chatak Agro India Private Limited (CAIPL). Outlook: Stable Indore (Madhya Pradesh) based Divya Shakti Fertilizer and Chemicals Private Limited (DSFCPL) was incorporated in March 19, 2008 by Mr. Alok Gupta and Mr. Mohit Airen to set up fertilizer manufacturing plant. Subsequently, it has changed its name from Divya Shakti Fertilizer and Chemicals Private Limited to Divyashakti Foods Private Limited from January 21, 2022. However, it changed the scope of the project and instead of fertilizer project, decided to set up food processing and preservation unit. The unit is proposed to be set up at Tillore Khurd district (Teh: Indore). The unit will be used for processing of vegetables like onion, garlic, spinach, carrots and others. For this, the company will carry out the dehydration process of these vegetables and will sale to the customers as per requirements. HAWARE PROPERTIES: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Haware Properties (HP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 23.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd (CareEdge Ratings) had, vide its press release dated August 23, 2024, placed the rating(s) of HP under the 'issuer non-cooperating' category as HP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 9, 2025, July 19, 2025 and July 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Established in 2012, Haware Properties (HP) is into developing of real estate properties. Haware properties is a part of Haware group and has group associates, namely Haware Engineers & Builders Pvt Ltd, Haware Housing, Haware Construction Private Limited and Haware Infrastructure Private Limited etc. HELLA INFRA: Moody's Withdraws 'B1' Corporate Family Rating ----------------------------------------------------------- Moody's Ratings has withdrawn Hella Infra Market Limited's (HIML) B1 long-term corporate family rating. Prior to the withdrawal, the outlook was stable. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). Headquartered in Mumbai, Hella Infra Market Limited (HIML) is an India based supplier of building materials including concrete, steel, aggregates, autoclaved aerated concrete (AAC) blocks, tiles, sanitary ware, chemicals, paints, and modular kitchen fittings. HIML was founded in 2016 by Souvik Sengupta and Aaditya Sharda who currently own 28.2% stake in the company. The remaining shareholding is held by various PE sponsors including Tiger Global (19.7%), Accel India (14.9%), Evolvence (5.1%), Nexus (7.5%) and others (24.6%). JAIPRAKASH ASSOCIATES: CCI Approves Adani Group Acquisition Bid --------------------------------------------------------------- The Economic Times reports that the Competition Commission of India (CCI) on Aug. 26 approved the acquisition of Jaiprakash Associates by Adani Entities. In an official statement, the CCI said that the deal proposes acquisition of up to 100 per cent shareholding of JAL by Adani Enterprises (AEL), Adani Infrastructure and Developers (AIDPL), or any other entity part of the Adani Group, ET relates. The announcement was also made on the social media platform, X. According to the press release, the the CCI noted that JAL is undergoing corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC), 2016, on the directions of the National Company Law Tribunal (NCLT), Allahabad Bench, ET relays. In June 2024, KAL was admitted into the CIRP through the NCLT's Allahabad Bench. It had taken to insolvency proceedings after the conglomerate defaulted on the payment of loans. Creditors are claiming INR57,185 crore, as per a PTI report, ET discloses. The top claimant is the National Asset Reconstruction Company (NARCL), after it acquired the stressed JAL loans from a consortium of lenders headed by the State Bank of India (SBI). On August 5, the CCI had cleared Dalmia Bharat's proposal to acquire 100 per cent of JAL, ET recalls. Besides the two companies, many others had also shown their interest to acquire the debt ridden company, which operates major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida and the Jaypee International Sports City, strategically located near the upcoming Jewar International Airport. It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra. JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. The cement plants, however, are non-operational. It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, and several other companies. Jaypee Group's Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group through an insolvency process, according to ET. ET says the companies that showed interest include Jindal Power, PNC Infratech, and Vedanta Group, who had each also submitted their own proposals to the CCI seek its nod for submission of their respective resolution plan to the lender's body Committee of Creditors (CoC). According to mandates by the Supreme Court, CCI's approval is required before the CoC can vote on any resolution plan that qualifies as a combination under the Competition Act. The CoC of Jaiprakash Associates Ltd (JAL) is still reviewing the resolution plans received, and the voting will happen in due course, ET states. About JAL Jaiprakash Associates Ltd (JAL) is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses. JAL was one of the leading cement manufacturers with an installed capacity of ~28 million tonnes per annum (mtpa) and under implementation capacity of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is also engaged in the construction business in the field of civil engineering, design and construction of hydro-power, river valley projects. JAL is also undertaking power generation, power transmission, real estate, road BOT, healthcare and fertilizer businesses through its various subsidiaries/SPVs. JAL featured in Reserve Bank of India's second list of at least 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC, claiming a default of more than INR16,000 crore. On June 3, 2024, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. Bhuvan Madan is the resolution professional (RP) for the JAL. SBI has also moved NCLT against JAL, claiming a total default of INR6,893.15 crore as of Sept. 15, 2022. JSW INFRASTRUCTURE: Moody's Alters Outlook on Ba1 CFR to Positive ----------------------------------------------------------------- Moody's Ratings has affirmed JSW Infrastructure Limited's (JSWIL) corporate family rating and senior secured bond rating at Ba1, and revised the outlook to positive from stable. "The positive outlook reflects JSWIL's very strong financial performance, and Moody's expectations that financial metrics will continue to exceed the upgrade threshold, supported by cargo throughput from multiple new port developments," says Erman Zhang, a Moody's Ratings Assistant Vice President and Analyst. "While financial metrics will temporarily moderate from fiscal year (FY) 2025's level due to increased debt for greenfield capital spending, this will be offset by the long-term growth potential and the anticipated funding diversification, which positions the credit on a likely path toward upgrade over the next 12–18 months, other things being equal." RATINGS RATIONALE JSWIL continues to demonstrate strong cargo throughput growth, driven by incremental capacity additions and higher utilization at existing ports. From FY20 to FY25, the company's operational capacity increased from 103 MTPA to 177 MTPA, while throughput rose from 34 MTPA to 117 MTPA. This growth has translated into strong cash flow generation, with FFO/debt recorded at 34%, 37%, and 40% in FY23, FY24, and FY25 respectively—above the 20-25% upgrade threshold. Moody's expects JSWIL to maintain high single-digit growth over the next few years, supported by ongoing capital projects including capacity expansions at flagship Jaigarh and Dharamtar ports, several greenfield developments, as well as integration with its logistics business. These growth prospects support the company's potential to gradually evolve toward a credit profile that may align with a Baa3 credit quality over time, subject to sustained performance, prudent financial management and project delivery. Moody's expects FFO/debt will remain in the range of 23-30% over the next 2-3 years. JSWIL plans to undertake sizable capital spending over the next 2–3 years, including brownfield and greenfield port projects and logistics infrastructure, with average annual capex expected to range between INR40–45 billion during FY26–FY28. Since part of this spending will be debt-funded, Moody's expects financial metrics may temporarily weaken from FY2025 level during the capex deployment stage and recover as new capacity becomes operational and begins generating cash flow. Execution risk should be manageable, benefiting from JSWIL's solid track record of project delivery Maintaining clear financial policy—particularly regarding leverage and cash holdings—would support upward rating momentum over time. JSWIL's current financial policy includes maintaining a Net Debt/EBITDA ratio of 2.5 times or below, which the company has been well within the threshold. JSWIL is subject to stock exchange regulations requiring an increase in public shareholdings to 25% by September 2026. A potential fresh issuance from the follow-on dilution will enhance liquidity, increase funding diversity and reduce the need for debt drawdown to fund capital expenditure, which would be credit positive. JSWIL's cargo profile provides a degree of insulation from global trade fluctuations, with around half of its volumes linked to group entities, supported in part by take-or-pay arrangements, and cargo flows primarily driven by domestic demand, rather than export activity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The positive outlook reflects Moody's expectations that JSWIL's financial metrics have a higher likelihood of remaining above the upgrade threshold over the next 12–18 months, assuming continued financial discipline in capital spending and debt drawdown. Moody's will also be observing if the company provides greater clarity on its cash or leverage policies. Moody's could upgrade JSWIL's ratings if the company demonstrates an ability to maintain FFO/debt above 20-25% on a sustained basis. This ratio will be bolstered if and when JSWIL issues fresh equity as planned. Conversely, the outlook could be revised back to stable if (1) the company undertakes aggressive debt-funded capital spending that introduces substantially higher execution risks, or (2) operational performance weakens, resulting in lower-than-expected throughput growth and sustained FFO/debt below 25%. The principal methodology used in these ratings was Privately Managed Ports published in April 2023. 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. JSW Infrastructure Limited (JSWIL) is a leading port operator in India with nine operational port concessions around the country. As of June 30, 2025, the company's total port handling capacity was around 177 million tonnes per annum (MTPA), excluding an operation and maintenance concession for two terminals of 41 MTPA capacity in the United Arab Emirates (UAE). JSWIL is 84% owned by the promoter and promoter group, while the public and an employees' trust hold 15% and 1% respectively. Related JSW entities, such as JSW Steel Limited and JSW Energy Limited, are key off-takers for JSWIL. K K POLYCOLOR: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of K K Polycolor Asia Limited (KKPAL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.04 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 8, 2024, placed the rating(s) of KKPAL under the 'issuer non-cooperating' category as KKPAL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KKPAL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 24, 2025, July 4, 2025, July 14, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable K K Polycolor Asia Limited (KKPAL) was incorporated during May 2009 to be engaged in manufacturing of plastic based products like calcium compounds and color masterbatch. The company set up its manufacturing unit at Alampur in Howrah district of West Bengal. The manufactured products are used as major raw materials in plastic products manufacturing units for coloring and flexibility. The day-to-day affairs of the company are looked after by Mr. Kishore Kumar Ladha, Managing Director, with adequate support from the other two directors and a team of experienced personnel. KARTICK CHANDRA: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Kartick Chandra Agro Products Private Limited (KCAPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.14 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 8, 2024, placed the rating(s) of KCAPPL under the 'issuer non-cooperating' category as KCAPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KCAPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 24, 2025, July 4, 2025, July 14, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Kartick Chandra Agro Products Private Limited (KCAPPL), incorporated in the year 2015, is a West Bengal based company, promoted by Mr. Arun Ghosh and Mr. Tarun Kanti Ghosh. KCAPPL is engaged in the business of providing cold storage services to potato growing farmers and potato traders on a rental basis in Burdwan district of West Bengal. Mr. Arun Ghosh, having more than three decades of experience in the cold storage industry, looks after the overall management of the company along with the other directors Mr. Tarun Kanti Ghosh and supported by the team of experienced professionals. MANGALA ELECTRICALS: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Mangala Electricals (ME) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.34 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.23 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 15, 2024, placed the rating(s) of ME under the 'issuer non-cooperating' category as ME had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ME continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 31, 2025, June 10, 2025, June 20, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Mangalore based, Mangala Electricals (ME) was established in the year 1980 as proprietor firm promoted by Mr. Gajanthodi Bhaskar Bhat. ME is engaged in the work of electrical infrastructure for supply, erection, and installation of sub-station transmission network, maintenances and distribution substations on turnkey basis with single and double circuit lines, based on the requirement of customers. The firm has installed various types of transformers with capacity up to 11KV to 400KV. ME procures work orders through government majorly from MESCOM (Mangalore Electricity Supply Company Limited), KPTCL (Karnataka Power Transmission Corporation), UPCL (Udupi), Chaitanya Home Industries and Shree Polali Temple. The firm has current order book of INR7.35 crore to be completed by August 2019. MUTHOOT FINANCE: Fitch Hikes LongTerm IDRs to 'BB+', Outlook Stable ------------------------------------------------------------------- Fitch Ratings has upgraded India-based Muthoot Finance Ltd's (MFL) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'BB+', from 'BB'. The Outlook is Stable. Key Rating Drivers Improved Standalone Profile: The upgrade reflects sustained improvement in MFL's credit profile, particularly in its competitive advantages, business profile and risk management. The rating also reflects MFL's experienced management, greater regulatory clarity on gold-backed lending requirements, limited credit losses in its core business, healthy profitability, generally diversified funding and a liquidity profile supported by short-tenor loans. Supportive Economic Environment: India's robust medium-term growth potential and large, diversified economy should continue to support NBFIs' business prospects and profitability. Easing domestic interest rates, moderate inflation and improved system liquidity should help provide a buffer against global economic uncertainty and export-related risks, particularly as India's NBFIs are mostly domestically focused. The expanding market for gold backed loans in India - amid a shift in borrower preference towards gold loans - should benefit MFL, which is the market leader in this segment with long-standing operations. Market Leadership in Core Business: MFL has steadily gained market share in gold backed loans over the past two years among major banks and NBFIs that are active in the product. Fitch believes this increased share has been primarily due to tightened rules and regulatory actions on the sector, which have weighed on disbursements from other, smaller lenders. Sustained Competitive Advantages: Fitch believes MFL's well-established franchise and business practices result in better customer retention and pricing power, which reduces margin volatility over interest-rate cycles. Gold-backed lending, which is a lower risk business, is likely to dominate MFL's portfolio (86% of consolidated gross loans at financial year to March 2025) in the medium term. Additional loan products, such as microfinance, low-cost housing and vehicle loans, add diversity to MFL's portfolio, although Fitch does not expect aggressive growth in these products in the medium term. Strengthened Risk Profile: Fitch believes that MFL's loan management practices and risk controls have tightened, improving the company's ability to mitigate operations risks, maintain asset quality and navigate collateral price shocks. Enhanced risk management including infrastructure improvements in operations, real time collateral valuation and regular internal inspections have minimised losses in its branch-centric gold-backed lending business. MFL has generally navigated the regulatory updates over the past two years smoothly - indicating adequate management of regulatory and compliance risks. The recently enhanced gold loan regulatory framework also clarifies several compliance requirements, which should further ease management's execution burden. Sustained Asset Quality: MFL's primary focus on gold-backed loans keeps its credit costs considerably smaller than the reported non-performing loan (NPL) ratio (end-June 2025: 2.6%) due to loan recoveries from the gold collateral. The regulatory loan-to-value (LTV) ceiling on smaller-ticket gold loans was recently increased to 85%, from 75%, but Fitch expects MFL to maintain significantly lower aggregate LTV (FYE22-FYE25 range: 61%-65%) to mitigate collateral price risk. High Margin Supports Profitability: Gold loans remain among the widest-margin products within India's non-bank lending sector. Pretax profit/average assets of 6.3%-7.5% over FY22-FY25 remained close to the higher end of Fitch-rated Indian NBFIs, and MFL's net interest margins (FY25: 11.5%, FY24: 11.2%) are likely to remain healthy on stable yields and peaking borrowing costs. Fitch expects sustained credit demand, ongoing funding, plus operating and credit cost control to further support profitability in the medium term. Moderate Leverage: MFL's debt/tangible equity ratio increased to 3.3x at FYE25 (FYE24: 2.7x), due to high loan growth. Nonetheless, leverage remains moderate and provides an acceptable buffer against unforeseen losses. Fitch does not expect leverage to increase sharply in the medium term as internal capital generation should remain sufficient to support growth. Adequate Funding and Liquidity: MFL has diversified its funding channels with an expanded share of foreign borrowings at 12% at FYE25, and generally consistent access to domestic market instruments (30%) and bank loans (55%). Meanwhile, its borrowing rates have started to reduce in recent quarters with steeper decline in capital market rates. MFL's liquidity profile is supported by its short asset tenors, which help it maintain positive gaps between short-term asset and liability maturities. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade MFL's ratings may be downgraded in the event of a significant deterioration in the operating environment or sharply weakened asset quality and gold collateral values that diminish MFL's profitability and capitalisation. Aggressive expansion in new lending segments or loosened underwriting standards that weaken MFL's risk profile, or intense competition that impedes the company's gold loan franchise and business prospects would also be negative for the ratings. Excessive operational losses, weakened liquidity coverage or funding access, and debt/tangible equity approaching 4.5x could also exert downward pressure on the rating. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A positive rating action will be contingent on a significantly improved operating environment, alongside substantial enhancements in the business and risk profiles. This would include an improved impaired loan ratio, while maintaining adequate profitability, stable capitalisation, and a stronger funding and liquidity profile. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The ratings on MFL's medium-term note (MTN) programme and foreign-currency senior secured debt are at the same level as its Long-Term Foreign-Currency IDR. The borrowings of Indian NBFIs are typically secured and Fitch believes non-payment of senior secured debt would best reflect the uncured failure of an entity. NBFIs can issue unsecured debt in the overseas market, but such debt is likely to constitute a small portion of funding and thus cannot be viewed as their primary financial obligation. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The ratings on MFL's US-dollar MTN programme and senior secured debt are sensitive to its Long-Term Foreign-Currency IDR. Any action on the Long-Term Foreign-Currency IDR will drive a similar action on the MTN programme and senior secured debt ratings. ADJUSTMENTS The sector risk operating environment score is above the implied score due to the following adjustment reasons: size and structure of economy (positive), economic performance (positive). The funding, liquidity & coverage score is above the implied score due to the following adjustment reasons: funding flexibility (positive), cash flow generative business model (positive). All other factor scores are in line with their implied levels. ESG Considerations MFL has an ESG Relevance Score of '3' for Customer Welfare, compared with the standard score of '2' for the NBFI sector. This reflects its retail-focused operation, which exposes it to risks around fair lending practices, pricing transparency, repossession, foreclosure and collection practices, whereby aggressive practices in these areas may subject the company to legal or regulatory and reputational risk that may damage its credit profile. The score of '3' for this factor reflects its view that such risks are adequately managed and have a low impact on the company's credit profile. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision Entity/Debt Rating Prior ----------- ------ ----- Muthoot Finance Ltd LT IDR BB+ Upgrade BB LC LT IDR BB+ Upgrade BB senior secured LT BB+ Upgrade BB MUTHOOT FINANCE: Moody's Gives (P)Ba1 Rating to USD2BB GMTN Program ------------------------------------------------------------------- Moody's Ratings has assigned (P)Ba1 long-term foreign- and local-currency senior secured ratings to Muthoot Finance Limited's (Muthoot, Ba1 stable) USD2 billion Global Medium Term Note (GMTN) program. RATINGS RATIONALE Muthoot's (P)Ba1 senior secured GMTN program ratings are in line with the company's Ba1 corporate family rating (CFR) given that secured debt forms the predominant portion of the company's borrowings. The notes issued under the program constitute the issuer's direct, general and unconditional obligations and will be secured by, among other things, a first ranking pari passu charge (by way of hypothecation) over all current assets, book-debts, loans and advances, receivables, including gold loan receivables, both present and future of the issuer. Muthoot's Ba1 CFR reflects its solid credit profile supported by its leading franchise and solid track record in loans against gold jewelry. Muthoot is funded by confidence-sensitive market borrowings, but the associated risks are mitigated by the short duration and liquid nature of the company's loan assets, and its well-established access to banks and debt market investors in India and overseas for funding. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS WHAT COULD MOVE THE RATING UP Given Muthoot's strong credit profile, Moody's could upgrade the company's rating if the operating environment for gold financiers in India improves further and if Muthoot maintains its dominance in the gold financing industry, supported by strong operational controls and risk management. The rating upgrade will be subject to Muthoot maintaining stable credit fundamentals, consistent and predictable profitability, and debt-servicing ability. The rating upgrade will also be subject to Muthoot maintaining a large share of gold loans in its portfolio and not aggressively growing in riskier segments. WHAT COULD MOVE THE RATING DOWN Moody's will downgrade Muthoot's rating if its asset quality or capitalization deteriorates, such that its tangible common equity to tangible managed assets (TCE/TMA) ratio declines below 17.0% without clear visibility into a capital raising plan; or its access to funding worsens. A downgrade is also likely in the event of a significant regulatory change that affects the company's growth or profitability PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Finance Companies published in July 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. Muthoot Finance Limited is headquartered in Kochi and reported consolidated loan assets under management of INR1.34 trillion ($15.3 billion) as of June 30, 2025. NURSINGSAHAY MUDUNGOPAL: CARE Keeps C Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Nursingsahay Mudungopal (Engineers) Private Limited (SNMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 27, 2024, placed the rating(s) of SNMPL under the 'issuer non-cooperating' category as SNMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SNMPL continues to be noncooperative despite repeated requests for submission of information through e-mails dated July 13, 2025, July 23, 2025, August 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Delhi based, Shree Nursingsahay Mudungopal Engineers Private Limited was incorporated on January 26, 1949. The company is currently being managed by Mr. Anand Das Mundra and Shyam Das. The company is engaged in trading of electrical goods such as generators, wires & cables, transformers, circuit breakers, luminaries, etc. OM TRADING: ICRA Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating of OM Trading Company in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B-(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 4.95 [ICRA]B- (Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with OM Trading Company, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Om Trading Company was incorporated in 2012 by the Nagpur based Wadhwani family for trading of different commodities mainly betel nut. The product profile of the firm consists of betel nut, almond, turmeric powder, white poppy seeds, chilli powder etc. The Wadhwani group has been in the business of chilli trading & spice processing since 1942. Apart from this, it also provides services as chilli commission agent and operates cold storage units specifically for storing chillies at major chilli trading centres like Nagpur, Guntur and Warangal. PIANO PRESITEL: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Piano Presitel (PP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 21.14 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd (CareEdge Ratings) had, vide its press release dated August 16, 2024, placed the rating(s) of PP under the 'issuer non-cooperating' category as PP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 2, 2025, July 12, 2025 and July 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Piano Presitel was established in the year 1960 as a partnership firm by Mr. Narshi Mulji Shah, Mr. D. M. Shah under the name of Shah Engineering Company. In the year 1978, the name of the firm was changed to Piano Presitel. Piano Presitel is engaged in auto components manufacturing i.e. metal sheet components and fasteners such as brake assembly parts, clutch assembly parts, vehicle assembly parts, machine assembly parts, deep drawn stainless steel components and various other innumerable generic components such as washers, springs, plates, circlips, rings, etc. which finds its major application in the automobile and the automotive industry such as two-wheelers, four-wheelers and tractors, earth-moving machines, compressors, DG sets (Diesel Generators sets). It manufactures the said components at its manufacturing facility located at Bhayender, Maharashtra. PV KNIT: CARE Keeps C Debt Ratings in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of PV Knit Fashions (PKF) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.05 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.15 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 12, 2024, placed the rating(s) of PKF under the 'issuer non-cooperating' category as PKF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PKF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 28, 2025, June 7, 2025, June 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable PV Knit Fashion (PKF) was established in January, 1989 as a partnership firm by Mr. N. Ramasamy as a Managing partner and incoming partner, Ms. R. Vallinayaki. PKF is engaged in manufacturing and exporting of readymade garments and Knits for ladies, men's wear and kids wear. Their products range from T. shirts, Polo shirts for men, Sweat shirts, Night wears, and Knits for women and Men, Tracks, Shorts, Skirts, Trouser etc. PKF derives its strength from their in-house designing, knitting, dyeing, embroidering, printing, cutting, sewing and finishing and by being acquainted with latest manufacturing technology. PKF is engaged into order-based manufacturing and generates over 100% of its total income by exporting their products to traders based in Sweden, France, Belgium and Switzerland. RAM AGRO: CARE Keeps B+ Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Ram Agro India (SRAI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 5.18 CARE B+; Stable; Issuer not Facilities cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 28, 2024, placed the rating(s) of SRAI under the 'issuer non-cooperating' category as SRAI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRAI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 14, 2025, July 24, 2025 and August 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Shree Ram Agro India (SRAI) was established in September 2009 as a partnership firm having Mr. Satish Kumar and Mrs. Rita Gupta as its partners sharing profit and loss equally. SRAI is engaged in the manufacturing of pesticides and fertilizers for agricultural use and disinfectants for both agricultural and domestic use at its two manufacturing facilities located in Karnal, Haryana. RAM INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shri Ram Industries (SRI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 15.00 CARE C; Issuer not cooperating; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 21, 2024, placed the rating(s) of SRI under the 'issuer non-cooperating' category as SRI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 7, 2025, July 17, 2025, July 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Shri Ram Industries (SRI) was established as a partnership firm in 1983. SRI is engaged in trading and processing (milling) of agriculture products such as paddy (rice), wheat, rice bran etc. The manufacturing unit is located at Shahjahanpur, Uttar Pradesh. RAMEN DEKA: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ramen Deka (RD) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.28 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 11, 2024, placed the rating(s) of RD under the 'issuer non-cooperating' category as RD had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RD continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 27, 2025, June 6, 2025, June 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable M/s Ramen Deka (RD) was established in January 2017 as a proprietorship entity by one Mr. Ramen Deka of Guwahati in Assam. After initiation, the entity has participated in an E-tender floated by Indian Railway Catering and Tourism Corporation Ltd (IRCTC) for operation and management of Food Plaza at some important railway stations in India. The firm has achieved the license for running the food plaza at Old Howrah Station in West Bengal which is one of the busiest stations in India. According to the license, the firm will operate the plaza upto nine years from commencement which is subject to extension upto three years further. Mr. Ramen Deka, proprietor, looks after the day to day operations of the firm. RUBAN PATLIPUTRA: CARE Lowers Rating on INR8.56cr LT Loan to B -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Ruban Patliputra Hospital Private Limited (RPHPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.56 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and downgraded from CARE B+; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 20, 2024, placed the rating(s) of RPHPL under the 'issuer non-cooperating' category as RPHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RPHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 6, 2025, July 16, 2025, July 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of RPHPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Ruban Patliputra Hospital Private Ltd (RPHPL) was incorporated on February, 2011 by Dr Satyajit Kumar Singh along with his family members for setting up a 200 bed multi-specialty hospital with five modular operation theatres at Patliputra colony, Patna (Bihar). The hospital gradually starting a wide array of healthcare facilities, encompassing cardiology & cardiac surgery, neurology, neuro (brain) surgery, orthopaedic (joint replacement and spinal surgery) etc. Moreover, it proposed to have all kinds of trauma surgical emergencies, Cardiac Care Unit (CCU), Intensive Care Unit (ICU) and automated laboratory. It provides indoor and outdoor pharmacy. RHPL belongs to the Ruban group of hospitals built up by Dr. Satyajit Kumar Singh. Ruban group of hospitals is an established hospital brand in the city of Patna. Basudeo Health Foundation Pvt Ltd is the flagship company of the group engaged in medical treatment in critical diseases since 1996 in and around the city of Patna, Bihar. SHIRIDI SAIRAM: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Sri Shiridi Sairam Rice Mill (SSSRM) continues to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.5 CRISIL D (ISSUER NOT COOPERATING) Long Term Loan 0.36 CRISIL D (ISSUER NOT COOPERATING) Proposed Short Term 0.14 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with SSSRM 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 SSSRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSSRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SSSRM continues to be 'Crisil D/Crisil D Issuer not cooperating'. SSSRM was established in 2013 by Mr. Surya Rao & family. SSSRRM operates a rice mill. SSSRRM market it under brand name "SSS" and "Double bull" "Double Peacock "and new quality of rice Swarna 1061,1010,1001. It has its manufacturing facility is located in Vedurumudi, East Godavari District, & Andhra Pradesh. SHIVA DALL: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shiva Dall Industries (SDI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL D (Issuer Not Cooperating) Term Loan 0.95 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SDI 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 SDI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SDI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SDI continues to be 'Crisil D Issuer not cooperating'. Set up in 2009, by Mr. Ashok Kumar Lalwani, SDI processes pulses such as matar dal, chana dal and rahar dal. The manufacturing facility at Raipur has capacity to process 50 tonnes of pulses per day. SHYAM COTTON: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shyam Cotton Trading Co (SCTC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 12, 2024, placed the rating(s) of SCTC under the 'issuer non-cooperating' category as SCTC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCTC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 28, 2025, June 7, 2025, June 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Shyam Cotton Trading Company (SCTC) was established as a Proprietorship Firm in 2003 and promoted by Ms. Manju Khetan. The registered office of the firm is located at Sindhi Colony, Secunderabad. The firm was initially a del credere agent where it was an intermediary between the buyers and sellers for the trading of cotton bales on commission basis. SCTC has now diversified its business model in July 2016 and ventured into wholesale trading of cotton bales as well. The firm purchases cotton bales from the cotton millers and farmers located all over India and sells (70%) cotton bales to the customers (spinning mills) located all over India and 30% cotton bales exporting to outside countries like Bangladesh, Vietnam and Indonesia. SK OVERSEAS: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of SK Overseas (SO) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.56 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 23, 2024, placed the rating(s) of SO under the 'issuer non-cooperating' category as SO had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SO, continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 9, 2025, July 19, 2025 and July 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable SK Overseas (SO) was established as a partnership firm in 2013 by Mr Krishan Chand, Ms Santosh Kumari and Ms Poonam Bansal. The firm is engaged in milling, processing and trading of basmati and non-basmati rice. The processing unit of the firm is located in Karnal, Haryana. SPL MOTORS: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of SPL Motors Private Limited (SMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 28, 2024, placed the rating(s) of SMPL under the 'issuer non-cooperating' category as SMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 14, 2025, July 24, 2025, August 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable SMPL was incorporated in 2010 by Mr Sudesh Kumar Jain, Mr Gaurav Jain and Ms Mridula Jain. The company is appointed as an authorized dealer of Honda Siel Cars India Limited (HSIL) for its passenger vehicles in Rohtak, Haryana. During August 2014 the company started another showroom (3S facilities, i.e., Sales, Service and Spares) in Bhiwani, Haryana. TIRUAL BORTIMON: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Tirual Bortimon Tea Estates Private Limited (TBTEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 24.51 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 14, 2024, placed the rating(s) of TBTEPL under the 'issuer non-cooperating' category as TBTEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TBTEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 30, 2025, July 10, 2025 and July 20, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable TBTEPL was incorporated in 1973 by Mr. Laxminath Hanue. Mr Bhaskar Baruah acquired TBTEPL in 2006. TBTEPL was initially engaged in production of green leaf and manufacturing of black tea (CTC). TBTEPL is based out of Johrat, Assam, and currently has four tea garden and four plants for processing of green tea leaves to produce black tea (CTC) located at Nakachari, Sapekati, Borhulla and Dibrugarh. The company sells through auction, agent and private brokers of Assam. Mr. Bhaskar Baruah (Managing Director) who has more than two decades of experience looks after the day to day operation of the company. He is also supported by other directors Mr. Apurba Baruah, and Mrs. Angshumali Bruah along with a team of experience professional who are having long experience in similar line of business. VIBRANT LAMINATE: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vibrant Laminate Private Limited (VLPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 22, 2024, placed the rating(s) of VLPL under the 'issuer non-cooperating' category as VLPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VLPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 8, 2025, July 18, 2025, July 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Gorakhpur (Uttar Pradesh) based Vibrant Laminates Private limited (VLPL) was incorporated in April, 2016 by Mr Ashok Kumar Matanhelia, Mr Somil Matanhelia, Mr Shobhit Matanhelia and Mr Rajesh Agarwal with an aim to set up a manufacturing plant of paper based decorative laminate sheets. =============== M O N G O L I A =============== MONGOLIAN MINING: Fitch Affirms 'B+' LongTerm Foreign Currency IDR ------------------------------------------------------------------ Fitch Ratings has affirmed coal producer Mongolian Mining Corporation's (MMC) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B+'. The Outlook is Stable. Fitch has also affirmed MMC's senior unsecured notes due 2030 at 'B+' with a Recovery Rating of 'RR4'. The notes are jointly and severally issued by MMC and its wholly owned subsidiary, Energy Resources LLC. MMC's IDR is constrained by its concentrated end-customer base, small scale and the high country risk for mining operations in Mongolia. Fitch expects earnings to deteriorate substantially in 2025, largely due to lower coal prices. However, Fitch believes its rating headroom remains substantial with net leverage remaining below 0.5x over the next two to three years, well below the negative sensitivity of 3.0x. Fitch believes the rating is further supported by the company's ability to generate positive FCF despite challenging market conditions. Key Rating Drivers Limited by Scale and Concentration: MMC's small scale, and product and geographical concentration constrain its business profile. The company's EBITDA is low compared with Fitch-rated coal miners globally. Fitch expects annual EBITDA to remain below USD400 million over the next two to three years as Fitch forecasts lower coking coal selling prices. Washed coking coal products contributed to 97% of total revenue in 2024, in line with historical levels. Fitch believes that MMC's main end-customer base is in northern China, even though the share of the top 10 customers located there has decreased substantially in recent years. The heavy reliance on Chinese customers makes it vulnerable to economic conditions and regulatory changes in China. MMC's mine gate cash cost is in the first quartile of the global coking-coal cost curve, but its cost advantage is limited to northern China. Fitch believes additional transportation costs beyond the region would put MMC in the higher quartiles of the cost curve. Country Risk Remains High: Fitch believes MMC's financials are significantly affected by the volatility of Mongolia's mining regulations. The company's mining assets are all in Mongolia and subject to local regulations. The effective rate for the royalty reference price was raised to over 20% during the Covid-19 pandemic, from 5%-8%, increasing MMC's financial pressure. The reference price has fallen and stabilised and the mining product exchange established a more transparent reference price from October 2023, but the record of stable regulation is short. Lower Prices Affect Earnings: Fitch expects revenue and EBITDA to deteriorate substantially yoy in 2025, largely due to lower metallurgical coal prices, especially in 1H25, and sales volume. Earnings should improve in 2H25 with product mix improvements, slightly higher average selling prices and gold production targeted to start in late August. Overall, Fitch expects the EBITDA margin to fall to around 36% in 2025 (2024: 47%) and remain below 40% in 2026-2027 amid a limited recovery in coking coal prices, steady coal sales and ramped up gold mining operations. Financial Profile Remain Robust: Fitch forecasts EBITDA net leverage to increase slightly in 2025 to 0.4x (2024: 0.2x) on expectations of lower earnings in 2025, but to improve from 2026 with higher EBITDA and continued positive FCF generation. Fitch expects FCF to stay positive but reduce significantly in 2025 to close to neutral levels due to the EBITDA decline and higher capex, but Fitch believes FCF generation will improve from 2026 as capex normalises and earnings improve. Acquisitions Drive Diversification and Growth: MMC has started diversifying into other metals through its recent acquisitions of 50% of Erdene Mongol LLC, a gold and precious metals exploration company, and 50.5% of Universal Copper LLC, a copper and other non-ferrous metals exploration company. However, the coal segment will remain its dominant revenue contributor in the short to medium term. Fitch does not expect aggressive M&A in the next two to three years, as management has indicated a cautious approach to acquisitions. Still, Fitch will evaluate any debt-funded investment larger than Fitch expects as an event-driven risk and assess the effects on MMC's financial flexibility and credit profile. Peer Analysis MMC is a single-product coal miner, similar to Indonesia-based miner peers PT Indika Energy Tbk (B+/Stable), PT Golden Energy Mines Tbk (GEMS, BB-/Stable) and Golden Energy and Resources Pte. Ltd. (GEAR, B+/Negative) in Australia. Its operational profile in terms of mine life is over 20 years, similar to GEAR's 23 and higher than GEMS's around 20 years and Indika's around 14 years. Still, MMC's concentrated customer base and Mongolia's volatile mining regulations compare unfavourably with that of rated peers. MMC is slightly larger than Indika in terms of EBITDA despite its smaller scale, as MMC has a much higher EBITDA margin due to its low cost position in the first quartile of the global cost curve. MMC's EBITDA net leverage is also lower than that of Indika. GEAR, like MMC, is focused on metallurgical coal, but MMC has a stronger financial profile with higher margins and lower leverage. MMC is smaller than GEMS in terms of production scale but has a much higher EBITDA margin. However, GEMS also has a more conservative financial profile with a net cash position at end-December 2024. Key Assumptions - Total annual coal sales volume slightly below 8 million tonnes (mt) on average in 2025-2027 - Revenue to fall by 20% in 2025, grow by 21% in 2026 and decline by 3% in 2027 - EBITDA margin of 36% in 2025, 39% in 2026 and 38% in 2027 - Capex of USD236 million in 2025, USD225 million in 2026 and USD183 million in 2027 - No dividend payment in 2025-2027 Recovery Analysis - The recovery analysis assumes that Mongolian Mining would be reorganised as a going concern in bankruptcy rather than liquidated. - Fitch has assumed a 10% administrative claim. - An enterprise value/EBITDA multiple of 4x is applied to the going-concern EBITDA to calculate a post-reorganisation enterprise value - MMC's going-concern EBITDA is based on the average EBITDA Fitch expects between 2025-2028 - In the distribution waterfall, Fitch has assumed all secured debt to be prior ranking debt. - Using these assumptions in the recovery calculation, as specified in Fitch's Corporates Recovery Ratings and Instrument Ratings Criteria, Fitch estimates MMC's US dollar bonds will have a 100% recovery rate. The criteria also stipulates an 'RR3' cap on second lien and unsecured instruments for 'B+' rated instruments (except where these instruments are issued by structurally senior operating subsidiaries in a multitier corporate structure). The company's business location in Mongolia further caps MMC's recovery rating at 'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - EBITDA net leverage above 3.0x for a sustained period; - Adverse changes in mining regulations in Mongolia. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Positive rating action is not envisaged in light of MMC's limited diversification in end customers and high country risk. Liquidity and Debt Structure MMC's liquidity was adequate with readily available cash on hand of USD141 million at end-December 2024 and no short-term maturities within the next 12 months. Total debt was USD240 million, consisting of USD220 million of senior notes due 2026 and a USD20 million loan at Erdene Mongol. In March 2025, the company successfully refinanced its USD220 million bonds due 2026 by issuing a USD350 million bond due 2030, improving its liquidity and extending its debt maturity profile significantly. Issuer Profile MMC is the largest producer and exporter of high-quality hard coking coal in Mongolia. It owns and operates the Ukhaa Khudag and Baruun Naran open-pit coking coal mines in South Gobi province. MMC processed 15.4mt of run-of-mine coal in 2024, which yielded around 8.4mt of washed coking coal as a primary product and 0.7mt of middlings as a secondary product. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Mongolian Mining Corporation LT IDR B+ Affirmed B+ senior unsecured LT B+ Affirmed RR4 B+ Energy Resources LLC senior unsecured LT B+ Affirmed RR4 B+ ===================== N E W Z E A L A N D ===================== ADVANCED ENVIRONMENTAL: Court to Hear Wind-Up Petition on Sept. 19 ------------------------------------------------------------------ A petition to wind up the operations of Advanced Environmental Services Limited will be heard before the High Court at Auckland on Sept. 19, 2025, at 10:45 a.m. Beacon Safety Limited (trading as Beacon Are NZ) filed the petition against the company on July 22, 2025. The Petitioner's solicitor is: Jeffrey Gray Ussher Level 19 191 Queen Street Auckland DENHEATH CORPORATION: Dessert Company Placed Into Liquidation ------------------------------------------------------------- The Timaru Herald reports that the company behind the famous South Canterbury delicacy Denheath custard squares has been put into liquidation. Denheath Corporation was placed in liquidation on August 21 with the Official Assignee appointed to oversee the process, the report discloses. On March 5, the executors of the estate of Brian Kenton filed an application to put the company into liquidation in the High Court at Timaru. Mr. Kenton held a 12.5% share of the company. According to The Timaru Herald, the company's directors, Donald and Lisa Templeton, were the majority shareholders with 71.49% of Denheath Corporation, along with Geoff Cloake (5.6%), Vaughan Moloney (4%), Albert Gain and Raymond Gain (4%), Josephine Turnell and Mark Lawson and Sarah Lawson (1.6%) and Kevin Guthrie (0.8%). On Aug. 26, the company's website was no longer live and the premises Denheath Desserts traded from in Mill St, Timaru, was closed when The Timaru Herald visited. The Templetons declined to comment when approached but indicated they would make a statement at a later date. A public notice from the Official Assignee asked for any creditors or those with information which may assist to contact them via www.insolvency.govt.nz. The first liquidators report was expected in September, the report adds. FORTUNE FAVOURS: Closes Pub Due to Cost of Living Crisis -------------------------------------------------------- Rachel Moore at Stuff.co.nz reports that Wellington brewery Fortune Favours has announced the permanent closure of its brew bar. "With heavy hearts we must announce that Fortune Favours Leeds Street Brew Bar will be permanently closing on the 31st August 2025," a social media post said, Stuff relays. "Unfortunately, the cost of living crisis has proven too difficult for us to navigate." They said business was down 20% down on last year, which was already 25% down on the year before, and that wasn't sustainable. "We've loved our 8 years here and during this time we've poured our hearts in over 500 unique beers (including New Zealand's strongest one), sponsored some of our favourite teams and events and created and inclusive space we're proud to have shared with our community and customers," the post, as cited by Stuff, said. "Without your support, Fortune Favours would not be the brand that it is and we cannot thank you enough." Shannon Thorpe founded Fortune Favours in 2016 with brewer Dale Cooper. In 2017 they opened the brew pub on Wellington's Leeds St. MERIVALE GCO: Creditors' Proofs of Debt Due on Sept. 19 ------------------------------------------------------- Creditors of Merivale GCO Limited are required to file their proofs of debt by Sept. 19, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 12, 2025. The company's liquidator is: Simon Dalton Gerry Rea Partners PO Box 3015 Auckland OBERS BROTHERS: Creditors' Proofs of Debt Due on Sept. 19 --------------------------------------------------------- Creditors of Obers Brothers Construction Limited are required to file their proofs of debt by Sept. 19, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 19, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 PEREIRA BUILD: Creditors' Proofs of Debt Due on Sept. 8 ------------------------------------------------------- Creditors of Pereira Build Limited, Mackenzie Welding (2013) Limited and Allwest Facades Limited are required to file their proofs of debt by Sept. 8, 2025, to be included in the company's dividend distribution. Pereira Build commenced wind-up proceedings on July 28, 2025. Mackenzie Welding commenced wind-up proceedings on July 30, 2025. Allwest Facades commenced wind-up proceedings on Aug. 15, 2025. The company's liquidators are: Benjamin Francis Garry Whimp Blacklock Rose Limited PO Box 6709 Victoria Street West Auckland 1142 URBAN HOMES: Court to Hear Wind-Up Petition on Sept. 18 ------------------------------------------------------- A petition to wind up the operations of Urban Homes Construction Limited will be heard before the High Court at Auckland on Sept. 18, 2025, at 10:00 a.m. Access Limited filed the petition against the company on June 24, 2025. The Petitioner's solicitor is: James Nolen Nolen Walters Limited Level 6 70 Shortland Street PO Box 37 Auckland ================= S I N G A P O R E ================= AMETHYST ASSETS: Creditors' Proofs of Debt Due on Sept. 22 ---------------------------------------------------------- Creditors of Amethyst Assets Pte. Ltd. are required to file their proofs of debt by Sept. 22, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 15, 2025. The company's liquidator is: Lai Kuan Loong, Victor CitadelCorp 20 Collyer Quay, #11-07 Singapore 049319 MC ALSOK: Creditors' Proofs of Debt Due on Sept. 21 --------------------------------------------------- Creditors of MC Alsok Facility Solutions Pte. Ltd. are required to file their proofs of debt by Sept. 21, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 13, 2025. The company's liquidator is: Junichi Naganawa 18 Robinson Road #20-02 18 Robinson Singapore 048547 POH HENG: Creditors' Proofs of Debt Due on Sept. 22 --------------------------------------------------- Creditors of Poh Heng Realty Pte. Ltd. are required to file their proofs of debt by Sept. 22, 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: Lo Wei Min @Mrs Pearlyn Chong Luo Zhizhong c/o Lo Hock Ling & Co. 101A Upper Cross Street #11-22 People's Park Centre Singapore 058358 XIN HO: Court to Hear Wind-Up Petition on Sept. 5 ------------------------------------------------- A petition to wind up the operations of Xin Ho Pte. Ltd. will be heard before the High Court of Singapore on Sept. 5, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Aug. 14, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 YONG TENG: Court to Hear Wind-Up Petition on Sept. 5 ---------------------------------------------------- A petition to wind up the operations of Yong Teng Pte. Ltd. will be heard before the High Court of Singapore on Sept. 5, 2025, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on Aug. 15, 2025. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 ============= V I E T N A M ============= BINH SON: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable ---------------------------------------------------------- Fitch Ratings has affirmed Vietnam-based Binh Son Refining and Petrochemical Joint Stock Company's (BSR) Long-Term Issuer Default Rating (IDR) at 'BB+'. The Outlook is Stable. BSR's Long-Term IDR is equalised with that of its parent, Vietnam National Industry - Energy Group (PVN, BB+/Stable), which was previously known as Vietnam Oil and Gas Group. This is based on Fitch's Parent and Subsidiary Linkage Rating Criteria, reflecting its assessment of 'High' strategic and operational incentives for PVN to support BSR, while legal incentives are 'Low'. BSR's Standalone Credit Profile (SCP) of 'bb-' factors in its robust market position and strong financial profile that maintains a largely net cash position even during periods of high capex. These strengths are offset by the smaller scale and below-average complexity of its sole refinery, Dung Quat Oil Refinery (DQR), relative to regional refinery peers. Key Rating Drivers Energy Security Drives Strategic Incentive: PVN has 'High' strategic incentives to support BSR as the subsidiary plays a critical role in assisting PVN in maintaining Vietnam's energy security. BSR is the only refinery in Vietnam that is majority state-owned, albeit indirectly, supplying about 35% of the country's transportation fuel needs. Fitch expects 'Medium' growth potential, reflecting Vietnam's position as a net importer of refined petroleum products, with mid-single-digit demand growth per year while new domestic refining capacity is limited in the next three-four years. Fitch expects BSR to make a 'Medium' financial contribution to PVN, with EBITDA contribution of about 15% on a mid-cycle basis to PVN's total EBITDA. Its contribution can be volatile given the cyclicality of BSR's business, evident from the drop in EBITDA contribution to PVN to 3% in 2024 on weakness in regional gross refining margins (GRMs). 'High' Operational, 'Low' Legal Incentives: BSR is PVN's only majority-owned refinery, providing downstream integration. BSR off-takes around 45% of PVN's crude production and is a key supplier to PVN's fuel marketing company, PetroVietnam Oil. PVN, with its majority stake, exerts significant control over BSR, approving annual budgets and the appointment of its board and key executives, including the chairman and CEO. There is a new regulation in Vietnam that allows PVN to provide guarantees to subsidiaries that may be in need, but the absence of guaranteed debt at BSR and a cross-default provision in PVN's debt result in the 'Low' legal incentive assessment. Leading Market Position: BSR has a strong market position, accounting for 43% of installed refinery capacity domestically and nearly 35% of domestic fuel demand. Its output is used to fulfill demand in the central and southern Vietnam region. Fitch expects DQR's utilisation to stay high at around its name-plate capacity over the next three to four years on tight domestic supply, except for scheduled refinery turnaround. Small Scale, Below-Average NCI: BSR's SCP is constrained by below-average refinery complexity, with a Nelson Complexity Index (NCI) of 6.27, limited feedstock flexibility, lack of integration and small scale compared with similarly rated regional peers. Most of DQR's current feedstock (70%-80%) is from domestic crude, which is depleting. BSR expects DQR's NCI will improve to slightly over 8 after its expansion by end-2028 with better crude mix flexibility and product slate optimisation. Capacity will also rise by about 15% to 171,000 barrels per day. Cash Buffer Supports Expansion: BSR will be incurring negative free cash flow over the next two-three years on planned capex of USD1.49 billion (VND35 trillion) for a refinery upgrade. BSR will be tapping on its large cash buffer (end-June 2025: VNR37 trillion) to fund the capex, together with a mixture of borrowings, which helps to mitigate execution risk. Fitch expects BSR to stay net cash for the next two years during the construction phase with EBITDA net leverage peaking at around 0.5x in 2028. Fitch expects BSR to revert to close to a net cash position after the upgrade in 2029. Recovery in GRMs: BSR's EBITDA fell to VND1.5 trillion in 2024 (2023: VND11 trillion) on a sharp reduction in GRMs and lower production volume from a refinery turnaround. Fitch expects EBITDA to remain soft, but to gradually improve to around mid-cycle levels from 2027, supported by a recovery in regional fuel product demand-supply conditions. However, prolonged weakness in regional spreads would undermine BSR's recovery, putting downward pressure on its SCP, although this is not Fitch's base-case scenario. Peer Analysis BSR's rating equalisation with the credit profile of PVN can be compared with that of PT Kilang Pertamina Internasional (KPI, BBB/Stable) and Hindustan Petroleum Corporation Limited (HPCL, BBB-/Stable) and their parents, PT Pertamina (Persero) (BBB/Stable) and Oil and Natural Gas Corporation Limited (ONGC, BBB-/Stable), respectively, under Fitch's Parent and Subsidiary Linkage Rating Criteria. KPI's rating is equalised with that of its stronger parent due to 'High' strategic and operational incentives for support, like BSR. Energy security and KPI's potential for significant capacity and margin growth drive Fitch's assessment of a 'High' strategic incentive for Pertamina to support KPI. The 'High' operational incentive to support is because Pertamina also exerts significant control over KPI, approves its annual budgets, and appoints its board and key executives. The inclusion of 55%-owned HPCL makes ONGC India's third-largest refining and fuel marketing company. HPCL is a substantial EBITDA contributor to ONGC and enhances the parent's downstream integration. Operational synergy is 'High' because HPCL is a key customer for ONGC's crude oil production and the refinery throughput of ONGC's other refining subsidiary, bridging the gap between HPCL's refining and marketing volume. Key Assumptions Fitch's Key Assumptions Within the Rating Case for the Issuer: - Brent crude oil prices of USD70/barrel in 2025, USD65 in 2026-2027 and USD60 in 2028; - GRMs of USD1.8/barrel in 2025 and gradual recovery to around USD3.3/barrel by 2028; - Utilisation rate at around 100% between 2025 and 2027, and at around 90% in 2028 on scheduled maintenance shutdown; - Total capex of VND45 trillion during 2025 and 2028, with the majority spent on upgrade and expansion of its refinery and mild cost overrun; - Average dividend payout ratio of 5% of the previous financial year's net income. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - A downgrade of PVN's IDR. - Weakening of PVN's incentives to support BSR. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - An upgrade of PVN's IDR, provided PVN's incentives to support BSR remain intact. For PVN's rating, the following sensitivities were outlined by Fitch in a Rating Action Commentary on 16 October 2024: Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Positive rating action on the sovereign, provided the likelihood of sovereign support remains intact. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Negative rating action on the sovereign. Liquidity and Debt Structure BSR has stayed in a net cash position, with an end-June 2025 cash balance of around VND15 trillion and short-term financial assets of VND23 trillion, which exceeded total debt of about VND11 trillion, primarily short-term working-capital loans. BSR's substantial cash supports its upcoming refinery upgrade and expansion project. Its healthy balance sheet and strong linkage with its parent also provide good access to funding, particularly in the domestic market. Issuer Profile BSR's DQR is one of Vietnam's two refineries and the only refinery controlled by the government via PVN. DQR started commercial operations in 2009 and currently has refining capacity of 6.5 million tonnes per annum. PVN, a state-owned energy company in Vietnam, owns 92% of BSR, with the rest held by the public. Public Ratings with Credit Linkage to other ratings BSR's rating is directly linked to parent PVN's rating. A change in Fitch's assessment of the credit quality of the parent would automatically result in a change in BSR's rating. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Binh Son Refining and Petrochemical Joint Stock Company LT IDR BB+ Affirmed BB+ VIETNAM EXIMBANK: S&P Hikes LongTerm ICR to 'BB-', Outlook Stable ----------------------------------------------------------------- S&P Global Ratings raised its long-term issuer credit ratings on Bank for Foreign Trade of Vietnam (Vietcombank), Vietnam Technological And Commercial Joint Stock Bank (Techcombank), and Vietnam Export Import Commercial Joint Stock Bank (Vietnam Eximbank). Upgrades of Vietnamese Banks To From Vietcombank BB+/Stable/B BB/Stable/B Techcombank BB/Stable/B BB-/Stable/B Vietnam Eximbank BB-/Stable/B B+/Stable/B S&P said, "This reflects our view that Vietnam's financial institutions will be more resilient to future downturns, benefiting from the country's continued above-average GDP growth and resilient inflows of foreign direct investment (FDI). "We expect Vietnam's economy to maintain its above-average economic growth despite a potential slowdown in the global macroeconomic environment. We project Vietnam's economy will grow 5.9% in 2025 and 6.0% in 2026, outpacing our forecasted 4.1% growth rate for the Asia-Pacific region." Vietnam's manufacturing sector continues to grow, largely on the back of FDI. The country's young, increasingly educated, and competitive workforce continues to draw investment from Southeast Asia. This should help keep the country's long-term development on track, although prospects will depend on favorable external trade conditions. Vietnam's macroeconomic stability and well-developed logistics network for exports have made its manufacturing sector attractive to global firms in the electronics, mobile phone, and textile industries. These FDI-oriented segments continue to fuel domestic activities, with better employment opportunities and higher wages powering private consumption growth. While trade uncertainty will be a drag on Vietnam's export-dependent economy, S&P believes increased infrastructure investments and an accommodative monetary policy from the government will support growth. A strong recovery in tourism will also contribute. The direct impact of tariffs on the banking sector should be manageable, in our opinion. S&P estimates loans to the export sector accounted for 3%-5% of total banking sector loans. A reduced tariff rate of 20% for exports to the U.S. is significantly lower than the 46% announced in April 2025. Although discussions on transshipment classifications are ongoing, the current tariff rates for Vietnam, in comparison with peers', provide scope for Vietnam's export-dependent economy to maintain its competitive position in the global supply chain. Conducive economic conditions will support asset quality. The ratio of nonperforming loans (NPLs) for the banking industry improved to 4.1% in 2024, from 4.5% in 2023 (2.0% in 2022). S&P attributes this improvement to a combination of factors, including an ongoing recovery in the real estate sector, interest rate cuts which support borrowers' repayment ability, and a denominator effect of strong loan growth. S&P believes ongoing institutional reforms will also support asset quality. For example, new laws on collateral enforcement, which will come into effect in October 2025, will strengthen banks' ability to resolve NPLs. Vietnam's banking sector will continue to rely primarily on customer deposits for funding, with limited dependence on external funding sources. The deposit base in Vietnam has proven relatively sticky across economic cycles. The domestic savings rate, hovering between 35% and 37% of GDP over the past five years, provides a sufficient buffer. Households will remain a key source of deposits, accounting for 45%-50% of deposits on average in the banking sector. The State Bank of Vietnam implemented multiple rounds of interest rate cuts during 2023 and 2024 to bolster the economy and S&P expects it to maintain an accommodative monetary policy in 2025 and 2026. The state bank has reduced its policy rate to 3%, from its peak of 4.5% in 2023. This has translated to lower funding costs for banks and lending rates for customers. The Vietnamese government will continue to provide ongoing and, if needed, extraordinary support to the banking system, in S&P's view. The central bank plays a supportive role in managing liquidity through measures via open market operations and various monetary policies. In addition, it also has a history of providing support to the banking sector during periods of stress. For example, the central bank's swift actions contained the fallout from the failure of Saigon Commercial Bank in 2022. Authorities stemmed a run on the institution before it could escalate and undermine depositors' confidence in the banking sector. Rapid credit growth could heighten credit risk in the economy. Vietnam's ratio of private-sector credit to GDP of about 136% in 2024 is significantly higher than peers' at a similar income level. Elevated leverage could exacerbate borrower default risk, especially under a stress scenario such as a recession, although S&P does not anticipate such a scenario in our base case. Transparency and disclosure standards in Vietnam continue to lag regional peers. There is also a lack of a clear road map to Basel III implementation in Vietnam. That said, regulators have in the past year stepped up efforts to tighten rules governing the financial sector in Vietnam. Changes include stricter control over related-party transactions and more rigorous disclosure of shareholdings within the banking sector with the introduction of the Amended Law of Credit Institutions in early 2024. Authorities also introduced more stringent disclosure requirements and standards for bond issuers. Overall, improvements to laws and regulations should improve transparency and oversight of financial institutions. Rating Actions on Individual Entities Bank for Foreign Trade of Vietnam (Vietcombank) Primary Credit Analyst: Sue Ong, Singapore S&P's upgrade of Vietcombank follows its revision of Vietnam's BICRA to group '8'. S&P said, "We revised upward our assessment of Vietcombank's stand-alone credit profile (SACP) to 'bb+' from 'bb-' to reflect our view that the bank will maintain strengthened capital levels over the next 24 months and sustain asset quality that is better than that of rated peers. We estimate the bank's risk-adjusted capital (RAC) ratio at 5.8%-6.3% over the next two years, compared with 5.9% as of end-2024. "Vietcombank's risk profile should be stable, in our view, despite macroeconomic uncertainty. While the bank's NPL ratio could increase moderately to 1.2% over the next 12-24 months, it will still be lower than the banking sector's 4.0%-5.0%. In addition, Vietcombank's high loan loss coverage ratio of more than 200% will provide a sufficient cushion against unexpected credit losses." Outlook The stable outlook on Vietcombank reflects S&P's expectation that the bank will maintain its financial profile over the next 24 months, along with high systemic importance in Vietnam. Downside scenario: S&P could downgrade Vietcombank if: -- Its RAC ratio declines below 5% on a sustained basis; or -- S&P no longer regard the bank's asset quality profile to be superior to that of its peers. This could be indicated by a deterioration in its NPL ratio such that it is no longer meaningfully better than the industry average. Upside scenario: S&P believes an upgrade of Vietcombank is unlikely over the next two years. This is because it would require an upward revision of Vietcombank's SACP and raising its sovereign credit ratings on Vietnam. Ratings Score Snapshot To From Issuer credit rating BB+/Stable/B BB/Stable/B SACP bb+ bb- Anchor bb- b+ Business position Strong (+1) Strong (+1) Capital and earnings Moderate (0) Constrained (0) Risk position Strong (+1) Adequate (0) Funding and liquidity Strong and Strong and Adequate (0) Adequate (0) Comparable ratings analysis 0 0 Support 0 +1 ALAC support 0 0 GRE support 0 0 Group support 0 0 Sovereign support 0 +1 Additional factors 0 0 SACP--Stand-alone credit profile. ALAC--Additional loss-absorbing capacity. GRE--Government-related entity. Vietnam Technological and Commercial Joint Stock Bank (Techcombank) Primary Credit Analyst: Sue Ong, Singapore S&P said, "Our upgrade of Techcombank follows our revision of Vietnam's BICRA to group '8'. We revised upward our assessment of Techcombank's SACP to 'bb' from 'bb-' to reflect our view that the bank will maintain strengthened capital levels over the next 24 months. We estimate Techcombank's RAC ratio will be 6.0%-6.7% over the next two years, compared with 7.1% as of end-2024. "We expect Techcombank's risk profile to be stable despite macroeconomic uncertainty. While we believe the bank's NPL ratio could increase moderately to 1.4% over the next 12-24 months, it will remain lower than the sector average. We also believe the direct impact of trade uncertainty on Techcombank will be manageable, given the bank's small exposure to the export sector." Outlook The stable outlook on the long-term rating reflects S&P's view that Techcombank will maintain its entrenched retail franchise and above-average profitability over the next 24 months. Downside scenario: S&P could downgrade Techcombank if its financial profile deteriorates significantly. This could take the form of: -- A significant deterioration in its asset quality beyond S&P's base-case assumptions. An indication of this would be its NPL ratio increasing significantly above the sector average; or -- A deteriorating funding ratio, as indicated by the loan-to-deposit ratio increasing to 130% or more, or a drop in the proportion of customer deposits to total funding to below 60%. Upside scenario: S&P could raise the ratings if Techcombank's RAC ratio improves above 10% on a sustainable basis while the bank maintains sound asset quality and underwriting standards. This could happen if the bank moderates its pace of loan growth and diversifies its loan book further, with lesser concentration in the riskier real estate and construction sectors. However, S&P views this as an unlikely scenario over the next 24 months. Ratings Score Snapshot To From Issuer credit rating BB/Stable/B BB-/Stable/B SACP bb bb- Anchor bb- b+ Business position Strong (+1) Strong (+1) Capital and earnings Moderate (0) Moderate (0) Risk position Adequate (0) Adequate (0) Funding and liquidity Adequate and Adequate and Adequate (0) Adequate (0) Comparable ratings analysis 0 0 Support 0 0 ALAC support 0 0 GRE support 0 0 Group support 0 0 Sovereign support 0 0 Additional factors 0 0 SACP--Stand-alone credit profile. ALAC--Additional loss-absorbing capacity. GRE--Government-related entity. Vietnam Export and Import Commercial Joint Stock Bank (Vietnam Eximbank) Primary Credit Analyst: Ivan Tan, Singapore S&P said, "Our upgrade of Vietnam Eximbank follows our revision of Vietnam's BICRA to group '8'. We revised upward our assessment of the bank's SACP to 'bb-' from 'b+' to reflect our view that it will benefit from the country's continued above-average GDP growth, with a positive flow-on effect on the bank's financial profile. "Vietnam Eximbank has a strategic focus on the underbanked retail segment (54% of loans as of Dec. 31, 2024) and small and midsize enterprises. The bank's revenues benefit from its exposure to these higher-yielding segments. We believe Vietnam Eximbank's profitability is sustainable. The bank's restructuring efforts in recent years and tightened underwriting standards have led to revenue improvements and reduced credit costs." Outlook The stable outlook on Eximbank reflects S&P's expectation that the bank will build on its business restructuring efforts and maintain its capitalization over the next 12-24 months. Downside scenario: S&P may lower the rating if Eximbank's franchise weakens, possibly due to any strategic misstep or sustained loss in market share (to less than 1%). The latter could be owing to weakness in internal capital accruals through earnings, deposit mobilization, and operational performance. S&P may also downgrade Eximbank if its RAC ratio falls below 5% on a sustained basis, or the bank's asset quality deteriorates substantially, possibly due to trade tensions and external headwinds. Upside scenario: S&P could raise the ratings if Eximbank's RAC ratio improves above 10% on a sustainable basis. This could happen through consistent and sustained capital strengthening from improved profitability, and/or slower loan growth. The bank could require several years to achieve this outcome. S&P views this as unlikely over the next 12-24 months. Ratings Score Snapshot To From Issuer credit rating BB+/Stable/B B+/Stable/B SACP bb- b+ Anchor bb- b+ Business position Adequate (0) Adequate (0) Capital and earnings Moderate (0) Constrained (0) Risk position Adequate (0) Adequate (0) Funding and liquidity Adequate and Adequate and Adequate (0) Adequate (0) Comparable ratings analysis 0 0 Support 0 0 ALAC support 0 0 GRE support 0 0 Group support 0 0 Sovereign support 0 0 Additional factors 0 0 SACP--Stand-alone credit profile. ALAC--Additional loss-absorbing capacity. GRE--Government-related entity. BICRA Snapshot To From BICRA Group 8 9 Economic risk 8 9 Economic resilience 4 5 Economic imbalances 4 4 Credit risk in the economy 6 6 Trend Stable Stable Industry risk 8 8 Institutional framework 6 6 Competitve dynamics 5 5 Systemwide funding 3 3 Trend Stable Stable Banking Industry Country Risk Assessment (BICRA) economic risk and industry risk scores are on a scale from 1 (lowest risk) to 10 (highest risk). =============== X X X X X X X X =============== VEON LTD: Kyivstar Completes Business Combination with Cohen Circle ------------------------------------------------------------------- VEON Ltd. (Nasdaq: VEON), a global digital operator and parent company of Ukraine's leading digital operator JSC Kyivstar, and Cohen Circle Acquisition Corp. I (Nasdaq: CCIR), a special purpose acquisition company, announced in a press release dated August 14, 2025, that it closed the previously announced business combination between Kyivstar Group Ltd. and Cohen Circle, which will make Kyivstar Group Ltd. a U.S.-listed company. The combined company will operate as Kyivstar Group Ltd., the common shares and warrants of which are expected to start trading on the Nasdaq Stock Market on or about August 15, 2025 under the ticker symbols "KYIV" and "KYIVW," respectively, making the Company the first and only pure-play Ukrainian investment opportunity in U.S. stock markets. As of the closing of the Business Combination, VEON holds an 89.6% stake in Kyivstar Group Ltd. Cohen Circle's shareholders approved the Business Combination at its extraordinary general meeting held on August 12, 2025. Prior to Cohen Circle's extraordinary general meeting, holders of only 25.4% of Cohen Circle's Class A ordinary shares held by its public shareholders had exercised their redemption rights, resulting in USD 178 million of transaction proceeds, including under the previously announced non-redemption agreements with institutional investors such as Helikon and Clearline. "We are making history with the listing of Kyivstar on Nasdaq, having completed the business combination" said Augie Fabela, Chairman and Founder of VEON." Kyivstar is a stellar example of how private sector can accelerate the resilience and rebuilding of a country. We look forward to making this impressive investment case accessible to investors on the world's leading stock exchange for technology companies – and to making Ukraine's success story and bright future visible and accessible to U.S. investors." "Today's milestone opens a new chapter in Kyivstar's brilliant track-record. Over the course of the past 5 months, we have seen many instances of investor confidence in Kyivstar, starting with Cohen Circle's own interest, and continuing with the trust of institutional and retail investors, as evidenced by the low redemption rates we saw," said Kaan Terzioglu, VEON Group CEO. "I would like to thank Cohen Circle and all VEON and Kyivstar investors for their confidence in Ukraine's and Kyivstar's investment case, and for supporting VEON in its decision to stand with Ukraine." "Kyivstar's story is a unique combination: visionary and future-looking strategy, robust execution, strong growth, prudent capital deployment and commitment to rebuilding our home country Ukraine. We are delighted to share this unique story with international investors seeking high-growth opportunities, and look forward to doing so on Nasdaq following our listing as the flagbearer of Ukrainian businesses on U.S. stock markets," said Oleksandr Komarov, President of Kyivstar. "We are proud to have accomplished our goal of bringing Kyivstar to the U.S. public markets and highlighting its compelling investment case. This is a business that has consistently demonstrated its ability to navigate challenging environments with focus, conviction, and purpose. The team behind Kyivstar is best-in-class, and we couldn't be more excited about this transaction," said Betsy Cohen, Chairman and CEO of Cohen Circle. Kyivstar is Ukraine's leading digital operator, serving nearly 23 million customers with mobile and 1.1 million customers with fixed connectivity services. Its portfolio of digital services includes the digital healthcare platform Helsi, with a registered user base of 29 million; the entertainment streaming platform Kyivstar TV; and Ukraine's leading ride-hailing and delivery platform, Uklon. Kyivstar is also a top provider of enterprise services in Ukraine, supporting businesses with cloud, cybersecurity, and AI solutions. Through Kyivstar Tech, it is a growing player in Ukraine's software development landscape and a preferred partner for international technology companies such as Starlink. Kyivstar recently announced the successful testing of Starlink Direct to Cell services, and plans to commercially launch satellite-powered Direct to Cell in Q4 2025, further enhancing its ability to deliver essential connectivity across Ukraine. Rothschild & Co acted as the lead financial advisor and capital markets advisor to VEON. BTIG, LLC acted as capital markets advisor to VEON. Cantor Fitzgerald & Co. and Oppenheimer & Co. Inc. acted as capital markets advisors to Cohen Circle. Latham & Watkins LLP and Sayenko Kharenko served as counsel to VEON Group and Kyivstar. Morgan, Lewis & Bockius LLP and INTEGRITES served as counsel to Cohen Circle. About Kyivstar Group Kyivstar Group operates Ukraine's leading digital operator, serving nearly 23 million mobile customers and over 1.1 million home internet fixed line customers as of June 30th, 2025. Kyivstar Group and its subsidiaries provide services across a wide range of mobile and fixed line technologies, including 4G, big data, cloud solutions, cybersecurity, digital TV, and more. VEON, together with Kyivstar Group, intends to invest USD 1 billion in Ukraine during 2023-2027, through social investments in infrastructure and technological development, charitable donations and strategic acquisitions. Kyivstar Group and its subsidiaries have been operating in Ukraine for more than 27 years. For more information, visit: www.kyivstar.ua. About Veon Ltd. VEON is a digital operator strategically positioned across six frontier markets: Bangladesh, Kazakhstan, Pakistan, Ukraine Uzbekistan and Kyrgyzstan (currently classified as held for sale). The Company delivers comprehensive telecommunications and digital services (including voice, fixed broadband, data and cloud services) through local brands that resonate with each market's unique digital landscape, including our "Kyivstar," "Banglalink," "Toffee" and "Jazz" brands. VEON operates across six countries that are home to more than 7% of the world's population. The company's digital operator strategy focuses on delivering services beyond traditional mobile and fixed connectivity, and expands into digital financial services, entertainment, healthcare, education and digital enterprise services. As of December 31, 2024, the Company had $8 billion in total assets, $6.8 billion in total liabilities, $28 million in liabilities associated with assets held for sale, and a total equity of $1.3 billion. Melville, New York-based UHY LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 25, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has been negatively impacted and will continue to be negatively impacted by the consequences of the war in Ukraine, and has stated that these events or conditions indicate that a material uncertainty exists that may cast significant doubt (or raise substantial doubt as contemplated by PCAOB standards) on the Company's ability to continue as a going concern. ********* 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. 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