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250901.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 Monday, September 1, 2025, Vol. 28, No. 174 Headlines A U S T R A L I A ARROTEX AUSTRALIA: FS KKR Marks $10.8MM 1st Lien Loan at 35% Off AUSSTRADE PTY: Second Creditors' Meeting Set for Sept. 4 B.A.M PLUMBING: First Creditors' Meeting Set for Sept. 4 CITRUS GROUP: First Creditors' Meeting Set for Sept. 4 INOVA PHARMACEUTICALS: FS KKR Marks AU$3.9MM Loan at 26% Off PANORAMA AUTO 2025-3: Fitch Assigns BB(EXP)sf Rating on Cl. E Notes PHASEGEN7 PTY: First Creditors' Meeting Set for Sept. 9 REVOLUTION BY DG: First Creditors' Meeting Set for Sept. 5 STAR ENTERTAINMENT: Posts Net Loss of AUD471.5MM for FY2025 WMG FOOTBALL: Court Orders Wind-Up of Indebted A-League Club C H I N A CHINA VANKE: Fitch Lowers LongTerm IDRs to 'CCC-' MERCURITY FINTECH: Completes $6M Institutional Private Placement SEAZEN GROUP: Says It Will Explore Real-World Asset Tokenization [] CHINA: Two Airlines Stay in Red in H1 on Oversupply, Low Fares H O N G K O N G [] HK Judge Urges Wider Insolvency Process Recognition in China I N D I A ALAMELUBALAJI SPINNING: CRISIL Keeps B Ratings in Not Cooperating ANIL KUMAR: CRISIL Keeps D Debt Ratings in Not Cooperating AUDIO DESIGN: CRISIL Keeps D Debt Ratings in Not Cooperating AVIRAT SHILAJ: CRISIL Keeps B Debt Rating in Not Cooperating BAJAJ BASMATI: CRISIL Keeps D Debt Ratings in Not Cooperating BALANAGU INDUSTRIES: CRISIL Keeps B Ratings in Not Cooperating BATANAGAR EDUCATION: CRISIL Keeps D Ratings in Not Cooperating BE BE RUBBER: CRISIL Reaffirms B- Rating on INR5.35cr Cash Loan BENIT AND CO: CRISIL Keeps B Debt Rating in Not Cooperating BHASKAR SILK: CRISIL Keeps B Debt Ratings in Not Cooperating BPL TECHNO: CRISIL Keeps D Debt Rating in Not Cooperating BRIJLAX AUTO: CRISIL Keeps B Debt Ratings in Not Cooperating DREAM WEAVER: CRISIL Lowers Rating on INR3cr Loan to D FUTURE CONSUMER: Resurgent India Files Insolvency Plea Against Co. JERAI FITNESS: Salman Khan Moves NCLAT; Challenges NCLT Order KESHREE METALURGIES: CRISIL Moves B+ Rating to Not Cooperating MONARCH HATCHERIES: CRISIL Keeps B Ratings in Not Cooperating R.R. DISTRIBUTORS: CRISIL Cuts Long/Short Term Debt Ratings to D SAIRAM PRINTING: CRISIL Keeps B Debt Ratings in Not Cooperating SOLO METALS: CRISIL Keeps D Debt Ratings in Not Cooperating SOVIKA AVIATION: CRISIL Keeps D Debt Ratings in Not Cooperating SPARK ENGINEERING: CRISIL Keeps B Debt Ratings in Not Cooperating T.A. SAMBANDAM: CRISIL Keeps B- Debt Ratings in Not Cooperating THAKKARSONS ROLL: CRISIL Keeps D Debt Ratings in Not Cooperating UMIYA NAGAR: CRISIL Keeps B Debt Rating in Not Cooperating URVARAK ABHIKARAN: CRISIL Keeps D Debt Ratings in Not Cooperating V. S. MATRIX: CRISIL Lowers Long/Short Term Debt Ratings to D I N D O N E S I A SORIK MARAPI: Fitch Affirms BB+ Rating on $350MM 7.75% Sec. Notes N E W Z E A L A N D GREAT RENTALS: Court to Hear Wind-Up Petition on Sept. 18 INITIAL POWER: Creditors' Proofs of Debt Due on Oct. 17 KILBIRNIE MOTORS: Creditors' Proofs of Debt Due on Sept. 20 KITCHEN THINGS: Grant Thornton Appointed as Receivers SANTA HELENA: Court to Hear Wind-Up Petition on Sept. 29 [] NEW ZEALAND: More Than 2,500 Hospitality Businesses Shut Down S I N G A P O R E KONG HWEE: Court to Hear Wind-Up Petition on Sept. 5 MICDAL PTE: Court to Hear Wind-Up Petition on Sept. 5 STHREE PTE: Creditors' Proofs of Debt Due on Sept. 22 VISUAL INVENTIVES: Court Enters Wind-Up Order YANG KEE: Creditors' Proofs of Debt Due on Sept. 22 V I E T N A M VIETNAM ASIA: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable VIETNAM ELECTRICITY: Fitch Affirms 'BB+' LT Foreign Currency IDR - - - - - ================= A U S T R A L I A ================= ARROTEX AUSTRALIA: FS KKR Marks $10.8MM 1st Lien Loan at 35% Off ---------------------------------------------------------------- FS KKR Capital Corp. has marked its Australian $10,800,000 loan extended to Arrotex Australia Group Pty. Ltd. to market at Australian $7,100,000 or 65% of the outstanding amount, according to FS KKR's Form 10-Q for the fiscal year ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. FS KKR is a participant in a Senior Secured First Lien Loan to Arrotex Australia Group Pty. Ltd. The loan accrues interest at a rate of 6% per annum. The loan matures on June 2028. FS KKR was incorporated under the general corporation laws of the State of Maryland on December 21, 2007 and formally commenced investment operations on January 2, 2009. The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company, under the Investment Company Act of 1940. The Company's investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. The Company's portfolio is comprised primarily of investments in senior secured loans and second lien secured loans of private middle-market U.S. companies and, to a lesser extent, subordinated loans and certain asset-based financing loans of private U.S. companies. FS KKR is led by Michael C. Forman as Chief Executive Officer, Steven Lilly as Chief Financial Officer, and William Goebel as Chief Accounting Officer. The Company can be reach through: Michael C. Forman FS KKR Capital Corp. 201 Rouse Boulevard Philadelphia, Pennsylvania 19112 Telephone: (215) 495-1150 About Arrotex Australia Group Pty. Ltd. Arrotex Australia Group Pty. Ltd. is one of Australia's largest and most diversified pharmaceutical providers, offering the most extensive range of prescription products across the spectrum of therapeutic areas. AUSSTRADE PTY: Second Creditors' Meeting Set for Sept. 4 -------------------------------------------------------- A second meeting of creditors in the proceedings of Ausstrade Pty Ltd has been set for Sept. 4, 2025, at 10:00 a.m. at the offices of SV Partners Brisbane, at 22 Market Street, in Brisbane, QLD, and via electronic means. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Sept. 3, 2025 at 4:00 p.m. Terrence John Rose and Matthew Charles Hudson of SV Partners were appointed as administrator of the company on July 31, 2025. B.A.M PLUMBING: First Creditors' Meeting Set for Sept. 4 -------------------------------------------------------- A first meeting of the creditors in the proceedings of B.A.M Plumbing & Gasfitting Pty Ltd and CBL Plumbing Pty Ltd will be held on Sept. 4, 2025 at 11:00 a.m. via Microsoft Teams. Joshua Philip Taylor of Taylor Insolvency was appointed as administrator of the company on Aug. 25, 2025. CITRUS GROUP: First Creditors' Meeting Set for Sept. 4 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Citrus Group Pty Ltd (trading as Citrus Group and Citrus Agentic) will be held on Sept. 4, 2025 at 10:00 a.m. via teleconference only. Kathleen Vouris and John Vouris of Hall Chadwick were appointed as administrators of the company on Aug. 25, 2025. INOVA PHARMACEUTICALS: FS KKR Marks AU$3.9MM Loan at 26% Off ------------------------------------------------------------ FS KKR Capital Corp. has marked its AU$3,900,000 loan extended to iNova Pharmaceuticals (Australia) Pty Limited to market at AU$2,900,000 or 74% of the outstanding amount, according to FS KKR's Form 10-Q for the fiscal year ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. FS KKR is a participant in a Senior Secured First Lien Loan to iNova Pharmaceuticals (Australia) Pty Limited. The loan accrues interest at a rate of 4.8% per annum. The loan matures on November 2031. FS KKR was incorporated under the general corporation laws of the State of Maryland on December 21, 2007 and formally commenced investment operations on January 2, 2009. The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company, under the Investment Company Act of 1940. The Company's investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. The Company's portfolio is comprised primarily of investments in senior secured loans and second lien secured loans of private middle-market U.S. companies and, to a lesser extent, subordinated loans and certain asset-based financing loans of private U.S. companies. FS KKR is led by Michael C. Forman as Chief Executive Officer, Steven Lilly as Chief Financial Officer, and William Goebel as Chief Accounting Officer. The Company can be reach through: Michael C. Forman FS KKR Capital Corp. 201 Rouse Boulevard Philadelphia, PA 19112 Telephone: (215) 495-1150 About iNova Pharmaceuticals iNova Pharmaceuticals is an international healthcare company that develops, markets, and sells a wide range of prescription and non-prescription consumer health products in over 75 markets across Asia, Africa, and Australasia. PANORAMA AUTO 2025-3: Fitch Assigns BB(EXP)sf Rating on Cl. E Notes ------------------------------------------------------------------- Fitch Ratings has assigned expected ratings to Panorama Auto Trust 2025-3's pass-through floating-rate notes. The notes are backed by a pool of first-ranking Australian automotive lease and loan receivables originated by Angle Auto Finance Pty Ltd (AAF). The notes will be issued by Perpetual Corporate Trust Limited as trustee for Panorama Auto Trust 2025-3. AAF was formed in June 2021 through a joint venture between Cerberus Capital Management, L.P. (80%) and Deutsche Bank AG, Sydney Branch (20%). In March 2022, AAF completed the acquisition of Westpac Banking Corporation's (WBC, AA-/Stable/F1+) motor-vehicle dealer finance and novated leasing business. The acquisition included front book origination relationships with dealer groups and novated leasing introducers, as well as the majority of the business's employees in the areas of sales and distribution, credit, underwriting and risk. Origination processes, underwriting policies and procedures, and collections processes are consistent with those that were in place at WBC. Entity/Debt Rating ----------- ------ Panorama Auto Trust 2025-3 Commission Note LT AAA(EXP)sf Expected Rating A 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. The pool consisted of 15,666 receivables with weighted-average (WA) seasoning of 2.2 months, WA remaining maturity of 56.5 months and an average contract balance of AUD47,874. KEY RATING DRIVERS Stress Commensurate with Ratings: Its base-case gross-loss expectations and 'AAAsf' default multiples are as follows: Novated leases: 1.0% (7.5x) Consumer loans: 3.5% (5.25x) Commercial loans: 4.0% (5.25x) The recovery base case for electric vehicles (EVs) is 24.0%, with a 'AAAsf' recovery haircut of 60.0%, and for non-EVs 35.0%, with a 'AAAsf' recovery haircut of 50.0%. The WA base-case default assumption is 2.5% and the 'AAAsf' default multiple is 5.64x. Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 1.3% for the year to March 2025 and unemployment was 4.2% in July 2025. Fitch forecasts GDP growth of 1.8% in 2025 and 2.1% in 2026, with unemployment at 4.3% and 4.2%, respectively. Excess Spread Limited by Commission Note Repayment: The transaction includes a commission note to fund the purchase-price component of the unamortised commission paid to introducers for the origination of receivables. The note will not be collateralised and will amortise in line with an amortisation schedule. Its repayment reduces the availability of excess spread to cover losses, as it ranks senior in the interest waterfall, above the class B to E notes. Structural Risks Addressed: Counterparty risk is mitigated by documented structural mechanisms that ensure remedial action takes place should the ratings of the swap, liquidity facility or transaction account bank providers fall below a certain level. The class A to E notes will receive principal repayments pro rata upon satisfaction of stepdown criteria. The percentage of credit enhancement provided by the G notes will increase as the A to E notes amortise. Fitch's cash flow analysis incorporates the transaction's structural features and tests each note's robustness by stressing default and recovery rates, prepayments, interest-rate movements and default timing. All notes have passed their relevant rating stresses. Low Operational and Servicing Risk: All receivables were originated by AAF, which demonstrated adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by standby servicing arrangements. The nominated standby servicer is Perpetual Corporate Trust. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with those of other auto lenders. No Residual Value Risk: There is no residual value exposure in this transaction. However, 52.7% of the portfolio by receivable value 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 credit enhancement available to the notes. Unanticipated increases in the frequency of defaults and loss severity 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. Downgrade Sensitivities Note: Commission / A / B / C / D / E Expected Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf 10% defaults increase: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BB-sf 25% defaults increase: AAAsf / AA+sf / A+sf / BBB+sf / BB+sf / B+sf 50% defaults increase: AAAsf / AA-sf / A-sf / BBBsf / BBsf / Bsf 10% recoveries decrease: AAAsf / AAAsf / AA-sf / Asf / BBB-sf / BBsf 25% recoveries decrease: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BB-sf 50% recoveries decrease: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / B+sf 10% defaults increase / 10% recoveries decrease: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BB-sf 25% defaults increase / 25% recoveries decrease: AAAsf / AAsf / Asf / BBBsf / BB+sf / Bsf 50% defaults increase / 50% recoveries decrease: AAAsf / A+sf / BBB+sf / BB+sf / BB-sf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than its baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivities The commission and class A notes are at the highest level on Fitch's scale and cannot be upgraded. Note: B / C / D / E Expected Ratings: AAsf / Asf / BBBsf / BBsf Reduce defaults by 10% and increase recoveries by 10%: AA+sf / A+sf / BBB+sf / BB+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 reviewed the results of a third-party assessment conducted on the asset portfolio information, and concluded that there were no findings that affected the rating analysis. 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. REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS A description of the transaction's representations, warranties and enforcement mechanisms (RW&Es) that are disclosed in the offering document and which relate to the underlying asset pool is available by clicking the link to the Appendix. The appendix also contains a comparison of these RW&Es to those Fitch considers typical for the asset class as detailed in the Special Report titled 'Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions'. ESG Considerations Panorama Auto Trust 2025-3, in which EVs form 18.0% of the pool, has an ESG Relevance Score (RS) of '4' for Energy Management, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The ESG RS is higher than the baseline RS of '2' for this general issue in the Australian auto sector. There is limited credit performance data for EVs, and available market data show notable differences in recoveries between EVs and non-EVs. Fitch's analytical approach for the transaction was not adjusted, due purely to the "green" nature of the underlying collateral, but Fitch referenced available market data for EVs in determining its recovery assumptions. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. PHASEGEN7 PTY: First Creditors' Meeting Set for Sept. 9 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Phasegen7 Pty Ltd will be held on Sept. 9, 2025 at 10:00 a.m. at the offices of DVT Mcleods, at Level 5, 145 Eagle Street, in Brisbane, QLD, and online. Bill Karageozis of DVT Mcleods was appointed as administrator of the company on Aug. 28, 2025. REVOLUTION BY DG: First Creditors' Meeting Set for Sept. 5 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Revolution By Dg Pty Ltd will be held on Sept. 5, 2025 at 10:30 a.m. via electronic means. Paul Anthony Allen and Glenn Jeffrey Franklin of PKF Melbourne were appointed as administrators of the company on Aug. 26, 2025. STAR ENTERTAINMENT: Posts Net Loss of AUD471.5MM for FY2025 ----------------------------------------------------------- Reuters reports that Star Entertainment reported a narrower full-year loss on Aug. 29, but high remediation costs and weak patron spending kept the cash-strapped casino operator dependent on lenders, regulators and the government to fend off any "challenges". The casino operator posted a statutory net loss after tax of AUD471.5 million ($306.4 million) for the year ended June 30, compared with a loss of AUD1.69 billion a year earlier, Reuters discloses. The result, however, fell short of analysts' estimate of a AUD244.5 million loss, according to data from Visible Alpha. "Group continues to require significant support from a range of its stakeholders, including governments, regulators, lenders and investors," Reuters quotes group CEO and managing director, Steve McCann as saying. "Without that support, it will be difficult to navigate the various challenges facing the Group." According to Reuters, the company's lackluster performance underscores the regulatory challenges facing the group since 2021, when authorities launched probes into potential breaches of anti-money laundering and counter-terrorism financing laws. "Star Entertainment's long-delayed FY25 results confirmed the dire picture already painted by analysts . . . Star remains pinned under debt disputes and regulatory headwinds, leaving investors staring at dilution risks or worse," Reuters quotes Mark Gardner, founder & CEO of MPC markets, as saying. According to the company, soft trading conditions persisted through July, particularly at its suspended Star Sydney property, the firm's flagship property, which logged an annual operating loss of AUD86.3 million, Reuters relays. Reuters relates that the cash-strapped firm said it had AUD234 million in capital as of June 30, up from AUD98 million in available cash reported during interim results on April 11. It has been exploring asset sales to shore up its dwindling cash reserves, with the latest move being a partial selldown of its stake in the Brisbane resort. However, its efforts to stay afloat have faced setbacks, as refinancing proposals from U.S.-based Oaktree Capital Management and Melbourne-based investment firm Salter Brothers failed to materialize, Reuters notes. About Star Entertainment The Star Entertainment Group Limited (ASX:SGR) -- https://www.starentertainmentgroup.com.au/ -- is an Australia-based company that provides gaming, entertainment and hospitality services. The Company operates The Star Sydney (Sydney), The Star Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The Company operates through three segments: Sydney, Gold Coast and Brisbane. Sydney segment consists of The Star Sydney's casino operations, including hotels, restaurants, bars and other entertainment facilities. Gold Coast segment consists of The Star Gold Coast's casino operations, including hotels, theatre, restaurants, bars and other entertainment facilities. Brisbane segment includes Treasury's casino operations, including hotel, restaurants and bars. The Company also manages the Gold Coast Convention and Exhibition Centre on behalf of the Queensland Government. The Company also owns Broadbeach Island on which the Gold Coast casino is located. The Star Entertainment Group posted three consecutive annual net losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for the years ended June 30, 2022, 2023, and 2024, respectively. As reported in the the Troubled Company Reporter-Asia Pacific on Jan. 21, 2025, Star Entertainment has warned that it faces "material uncertainty" over its ability to stay afloat unless it finds a solution to its worsening financial woes. In a quarterly update to investors on Jan. 20, ASX-listed Star said its revenue had fallen 15 per cent in the December quarter, citing ongoing weakness in its operating performance. It pointed to a "challenging" consumer environment, the impact of carded play in NSW, and expenses caused by a series of regulatory and compliance problems. WMG FOOTBALL: Court Orders Wind-Up of Indebted A-League Club ------------------------------------------------------------ The Australian Financial Review reports that companies underpinning A-League soccer club Western United will be wound up after the Federal Court refused to provide more time for a group of five closely related firms to clear cumulative debts exceeding AUD17.96 million. The Financial Review relates that the Australian Taxation Office asked the court in March to liquidate WMG Football Club, which holds the licence to field a team in Australia's elite soccer league, over unpaid debts, as well as its parent WMG Holdings Co. According to the report, Federal Court judicial registrar Robyn Curnow finally granted that wish at a hearing on Aug. 29, effectively ending the group's plan to make Western United the centrepiece of a multibillion-dollar property development in Melbourne's west. Three other companies linked to WMG director Jason Sourasis were also wound up at the same hearing. The wind-up order came two days after The Australian Financial Review revealed a AUD100 million investment by an American property developer - which would have created the first privately owned sports stadium in Australia - would not go ahead. The Financial Review says the wind-up order and restructure of the club may provide a way for a future deal to take place. KAM Sports, which pulled its promised AUD100 million funding deal, told the Financial Review last week it would consider investing in the club if it did not have to pay off debts the club had incurred. "It would be a different use of the AUD100 million," the Financial Review quotes KAM Sports chief executive Mikhail Kaminski as saying. "I think some of the money [was to pay off] legacy debts at the club . . . I would like to see those funds go directly to help this development in the stadium." But even if KAM comes back, the property development intended to underpin its investment in the club - a 15,000-seat stadium as well as about 900 homes and commercial retail space on a 62-hectare site that was to have been donated by the local Wyndham City Council - is under a cloud. The Financial Review relates that KAM last week said it would want to renegotiate terms of the development deal, saying the council had imposed conditions that were too onerous for it. "The protections that they had also really limited the ability for somebody to do a good job and proceed with the development of that land," Mr. Kaminski said. The Financial Review relates that the council responded that nothing had changed since KAM signed the original deal and the company had failed to meet its own commitments, accusing KAM of an "expensive and time-consuming tyre-kicking exercise". Western United was stripped of its A-League licence on August 8 and the club that finished third on this year's A-League ladder appears unlikely to play in the season that will start in October. WMG is expected to appeal Aug. 29's decision based on a pledge by US lender Johnson Controls to offer a fresh funding injection, the Financial Review adds. ========= C H I N A ========= CHINA VANKE: Fitch Lowers LongTerm IDRs to 'CCC-' ------------------------------------------------- Fitch Ratings has downgraded Chinese homebuilder China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'CCC-', from 'CCC+'. Fitch has also downgraded the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), to 'CCC-' from 'CCC', and its senior unsecured rating and the rating on its outstanding senior notes to 'CCC-', with a Recovery Rating of 'RR4', from 'CCC'. The downgrade reflects further weakening in China Vanke's liquidity. Fitch believes timely and continued support from Shenzhen Metro Group Co. Ltd (SZMC), the homebuilder's largest shareholder, is essential for China Vanke to address its financial obligations, as Fitch forecasts its free cash flow (FCF) to remain negative in the near term. Key Rating Drivers Shareholder's Support Key: Fitch believes continued shareholder support will be vital for China Vanke to address its CNY14 billion of capital market debt maturing in the rest of 2025 and CNY12 billion due in 2026. China Vanke's available cash fell to CNY69 billion by end-June 2025 from CNY84 billion at end-2024, and Fitch believes most of the cash are presale deposits. SZMC has provided CNY24 billion in shareholder loans to China Vanke, supporting its repayment of CNY22 billion of capital market debt so far in 2025. Sales Decline Accelerates: China Vanke's 1H25 sales fell by 46% yoy to CNY69 billion, below its previous expectation of a 40% decline for the full year. Sales in 2Q25 fell by a faster 51% than the 40% drop in 1Q25. Vanke's sales underperformed the 12% fall in 1H25 by the top 100 developers in China, according to CREIS data. Fitch now expects China Vanke's sales to drop by 45% in 2025 and by 30% in 2026 (previous expectations: declines of 40% and 25%, respectively). Fitch believes Vanke's sales decline has squeezed its FCF and liquidity position. Timing Uncertainties in Asset Revitalisation: Fitch believes China Vanke's underperformance reflects the difficulty in revitalising some of its existing inventory and saleable resources. Asset revitalisation involves negotiation with various stakeholders, including local governments, which is subject to execution risks and timing uncertainties. The company said it has revitalised a total of 64 projects that had CNY79 billion of saleable resources since 2023. This amount represents 32% of its contracted sales in 2024. Negative FCF Persists: Fitch expects China Vanke's FCF to remain negative in 2025 and 2026, even after including asset sales proceeds. Fitch expects FCF outflow of CNY9 billion-10 billion and CNY5 billion in 2025 and 2026, respectively, against a CNY10 billion outflow in 2024, with these estimates including potential proceeds from asset disposals. China Vanke had FCF outflow CNY9 billion in 1H25 (1H24: outflow of CNY11 billion), including asset sales proceeds, which was weaker than its previous expectation of achieving nearly breakeven cash flow in 2025-2026. Asset Disposal Proceeds Vital: China Vanke contracted CNY6.4 billion in asset disposals in 1H25 and realised cash of CNY4 billion-5 billion from asset disposals. Fitch believes timely execution and cash collection from asset disposals is vital to support the company's liquidity. Fitch expects the company to receive about CNY10 billion in asset sales proceeds in 2025 (CNY10 billion in 2024) to supplement its cash flow, which may be subject to timing uncertainty and execution risks. Rated on Standalone Basis: SZMC, wholly owned by the Shenzhen municipality's State-owned Assets Supervision and Administration Commission, is China Vanke's largest shareholder with a 27.18% stake. Fitch rates China Vanke on a standalone basis as SZMC has a minority stake in China Vanke, does not control the board of China Vanke and does not consolidate China Vanke. Fitch also rates Vanke HK, China Vanke's sole offshore financing platform, on a standalone basis, as Fitch assesses the standalone credit profile of Vanke HK at 'ccc-', same as China Vanke. Fitch believes shareholder support from SZMC will be channelled to Vanke HK to address its liquidity needs. Peer Analysis China Vanke's ratings are constrained by its liability and cash flow profile amid substantial capital-market debt maturities in 2025 and 2026. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Sales to drop by 45% in 2025 and 30% in 2026 (1H25: 46% drop). - FCF outflow after asset disposal proceeds of CNY5 billion-10 billion in 2025-2027 (outflow of CNY9 billion in 1H25). - Trade and bills payables to drop by CNY45 billion in 2025, and by CNY35 billion in 2026 (CNY24 billion drop in 1H25). Recovery Analysis The recovery analysis assumes that Vanke HK would be liquidated in a bankruptcy. The liquidation value approach usually results in a higher value than the going-concern approach, given the nature of homebuilding. Fitch assumes a 10% administrative claim. Liquidation Approach The liquidation estimate reflects its view of the value of balance-sheet assets that can be realised in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors. - 50% advance rate applied to net inventory, net of margin-adjusted customer deposits. Fitch generally applies higher rates to completed properties than properties under development. No inventory breakdown was provided for Vanke HK and Fitch follows the 50% rate Fitch generally uses for properties under development. - 50% advance rate applied to net joint-venture assets, largely comprising Vanke HK's equity stake in GLP Holdings, L.P. at a book value of CNY15 billion. - 50% advance rate applied to property, plant and equipment, which mainly consist of land and buildings of insignificant value. - 0% advance rate applied to excess cash. China's homebuilding regulatory environment means that available cash, including regulated presales deposits, is typically prioritised for project completion, including payment of trade payables. Net payables (trade payables - available cash) are included in the debt waterfall ahead of secured debt. However, Fitch does not assume that available cash in excess of outstanding trade payables is available for other debt-servicing purposes and therefore apply an advance rate of 0%. - Vanke HK's bank loans are offshore unsecured bank loans that rank pari passu with its offshore bonds. The allocation of value in the liability waterfall results in a Recovery Rating of 'RR4' for the offshore senior unsecured debt. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade For both China Vanke and Vanke HK: - Failure to refinance or repay the near-term borrowings Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade For both China Vanke and Vanke HK: - Sustained recovery in liquidity position Liquidity and Debt Structure China Vanke reported CNY69.3 billion of cash at end-June 2025, including regulated pre-sales funds. The company repaid CNY22 billion of capital market debt with funds from shareholder loans. Fitch believes continued shareholder loans will be vital for China Vanke to address its CNY14 billion of capital market debt maturing in the rest of 2025 and CNY12 billion in 2026. Issuer Profile China Vanke is one of China's 10 largest developers by contracted sales in 2024 and year-to-date 2025, with a nationwide footprint. Its main businesses are real-estate development and property services. Vanke HK is China Vanke's main offshore fundraising entity. 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 ----------- ------ -------- ----- Vanke Real Estate (Hong Kong) Company Ltd LT IDR CCC- Downgrade CCC senior unsecured LT CCC- Downgrade RR4 CCC China Vanke Co., Ltd. LT IDR CCC- Downgrade CCC+ LC LT IDR CCC- Downgrade CCC+ MERCURITY FINTECH: Completes $6M Institutional Private Placement ---------------------------------------------------------------- Mercurity Fintech Holding Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 4, 2025, it entered into securities purchase agreements with institutional investors for the sale of its ordinary shares, and the offering resulted in total gross proceeds of approximately US$6 million, before deducting offering expenses payable by the Company. On August 19, 2025, the Company announced in a press release the successful closing of the private placement financing. The Company intends to use the net proceeds from this private placement to further advance the Company's Digital Asset Treasury strategy. The financing strengthens the Company's balance sheet and provides additional financial flexibility to pursue growth opportunities in the rapidly evolving digital asset landscape. Shi Qiu, CEO of MFH, commented on this significant development, stating, "We are pleased to have successfully completed this private placement with strong institutional investors who recognize the value proposition of our company. This funding provides the capital we need to continue executing our Digital Asset Treasury initiatives and driving long-term value for our shareholders." The securities described above were sold in a private placement pursuant to Regulation S under the Securities Act of 1933, as amended, and have not been registered under the Securities Act. The securities may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from such registration requirements. About Mercurity Fintech Holding Inc. Mercurity Fintech Holding Inc. is a digital fintech company with subsidiaries engaged in distributed computing and financial brokerage. Beyond its core fintech operations, the Company contributes to the advancement of AI hardware technology by delivering secure and innovative solutions in intelligent manufacturing and advanced liquid cooling systems. Its focus on compliance, innovation, and operational efficiency supports its position as a trusted player in both the evolving digital finance space and the AI technology sector. For more information, please visit the Company's website at https://mercurityfintech.com. In an audit report dated April 30, 2025, the Company's auditor, Onestop Assurance PAC, issued a "going concern" qualification, citing that at Dec. 31, 2024, the Company has incurred recurring net losses of $4.5 million and negative cash flows from operating activities of $3.6 million and has an accumulated deficit of $680 million, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Mercurity Fintech Holding had $35.69 million in total assets against $11.60 million in total liabilities. SEAZEN GROUP: Says It Will Explore Real-World Asset Tokenization ---------------------------------------------------------------- Reuters reports that Seazen Group is setting up an institute in Hong Kong to push forward real-world asset (RWA) tokenization, it said on Aug. 29, a process that converts assets into digital tokens that can be traded on a blockchain. A move to raise funds with tokens would be the first by a major Chinese developer, Reuters notes. Property companies have been scrambling for liquidity since the sector slipped into a debt crisis in 2021, leading to many defaults. Seazen, which is deemed to be financially sound, said in a stock exchange filing earlier on Aug. 29 it has created the Seazen Digital Assets Institute to explore the feasibility of tokenizing its intellectual property resources and asset income. Bloomberg News reported on Aug. 29 that Seazen was expected to establish a digital asset management unit and launch non-fungible token products related to its Wuyue Plaza investment properties by the end of the year. Seazen sold $300 million in dollar bonds earlier this year, the first deal from a private Chinese developer since 2023. About Seazen Group Seazen Group operates primarily in residential development in China. The company was founded in 1996 by its former chairman, Wang Zhenhua, who is its key shareholder. As reported in the Troubled Company Reporter-Asia Pacific in late June 2025, Moody's Ratings has revised to positive from negative the outlook on Seazen Group Limited. At the same time, Moody's have affirmed Seazen Group's Caa1 corporate family rating, as well as Caa2 backed senior unsecured rating on the bonds issued by New Metro Global Limited and guaranteed by either Seazen Group or Seazen Holdings Co., Ltd. The TCR-AP reported in mid-June 2025, S&P Global Ratings assigned its 'B-' long-term issue rating to the U.S. dollar-denominated senior unsecured notes that Seazen Group Ltd. proposes to issue. The issue rating is subject to our review of the final issuance documentation. Seazen Group intends to use the proceeds to fund a concurrent offer to purchase its senior notes due July and October 2025. [] CHINA: Two Airlines Stay in Red in H1 on Oversupply, Low Fares ----------------------------------------------------------------- Reuters reports that China's two largest airlines narrowed their first-half losses but remained firmly in the red as a capacity surplus kept fares low, earnings reports released on Aug. 28 showed, underscoring the fragility of the sector's post-pandemic recovery. Flagship carrier Air China reported a net loss of CNY1.8 billion (US$252 million) for the six months to June, 35% lower than the loss of CNY2.78 billion a year earlier, Reuters discloses. Guangzhou-based China Southern Airlines recorded a loss of CNY1.5 billion, 64% less than the CNY4.21 billion loss in the same period in 2024, Reuters relays. According to Reuters, the carriers have blamed losses on imbalanced supply and demand, more price-sensitive travellers and competition from China's ever-expanding high-speed rail network. Geopolitical uncertainty and a slow rebound in premium international traffic have also hurt revenues. Summer usually offers relief for airlines, Reuters states. Schools start holidays in early July, kicking off a peak season that often delivers two months of bumper sales. Yet as of August 24, the average fare for domestic tickets with departure dates in July and August is CNY788, or about $110, down 3.7% from last year and 10.6% below 2019 levels, according to aviation data provider Flight Master. International capacity has returned to 93% of pre-COVID levels, but analysts say yields remain low. Reuters relates that Li Hanming, a U.S.-based independent aviation analyst, said the second half of the year would remain challenging for China's three major airlines. "The underlying issues remain unresolved," Reuters quotes Li as saying. "Due to the absence of long-haul intercontinental flights, mostly to North America, China is facing significant oversupply and fierce competition on her domestic and short-haul, intra-APAC international flights." While global carriers have clawed back to profitability, China's big three are still bleeding red ink, leaving them the laggards of the post-COVID rebound, Reuters says. China Eastern Airlines was due to report on Aug. 29. The Shanghai-based carrier delivered a profit warning last month, forecasting a first-half deficit of CNY1.2 to CNY1.6 billion versus a loss of CNY2.77 billion last year. Adding to China Eastern's woes, the Communist Party's anti-graft watchdog announced in June that former chairman Liu Shaoyong was under investigation for "serious violations". It did not provide further details of the allegations, according to Reuters. Liu, who led the airline from 2009 until 2022, was in charge at the time of the crash of flight MU5735 that killed 132 people in March 2022. China's aviation regulator has still not released a final report into the cause of the crash, which revived scrutiny of corporate governance across the sector. ================= H O N G K O N G ================= [] HK Judge Urges Wider Insolvency Process Recognition in China --------------------------------------------------------------- Bloomberg News reportst that Hong Kong High Court Judge Linda Chan said that she would like to see more Chinese cities allowed to recognize the city's insolvency proceedings under a pilot program. In 2021, courts in Shanghai, Shenzhen and Xiamen were allowed to recognize insolvency proceedings in Hong Kong, Bloomberg recalls. In practice, the Hong Kong High Court has assisted insolvency administrators appointed by mainland China courts to collect assets and investigate related corporate affairs in Hong Kong, according to Chan. Chan made the comment at a seminar in Shanghai on Aug. 28, Bloomberg says. ========= I N D I A ========= ALAMELUBALAJI SPINNING: CRISIL Keeps B Ratings in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Alamelubalaji Spinning Mills Private Limited (ABSMPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14.45 Crisil B/Stable (Issuer Not Cooperating) Long Term Loan 3 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 1.68 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with ABSMPL 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 ABSMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ABSMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ABSMPL continues to be 'Crisil B/Stable Issuer not cooperating'. ABSMPL was set up in 1993 and the company manufactures cotton yarn. Operations are managed by Mr K Venkataswamy. ANIL KUMAR: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Anil Kumar Biswal (AKB) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.9 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 8.5 CRISIL D (ISSUER NOT COOPERATING) Letter of Credit 0.6 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with AKB 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 AKB, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AKB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AKB continues to be 'Crisil D/Crisil D Issuer not cooperating'. AKB was set up in 1995 in Balugaon, Odisha, as a proprietorship firm by Mr Anil Kumar Biswal. It constructs and develops roads and buildings; and also undertakes other civil and electrical repair works. The firm is classified as a Class 1A contractor under the Government of Odisha. AUDIO DESIGN: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Audio Design (AD) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.45 CRISIL D (Issuer Not Cooperating) Corporate Mortgage 0.95 CRISIL D (Issuer Not Loan Cooperating) Long Term Loan 4.14 CRISIL D (Issuer Not Cooperating) Proposed Fund- 4.46 CRISIL D (Issuer Not Based Bank Limits Cooperating) Rupee Term Loan 3.00 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AD 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 AD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AD continues to be 'Crisil D Issuer not cooperating'. AD was set up in 2005 by the proprietor, Mr Navneet Kumar Wadhwa. This Delhi based firm provides hire and rental services to event management companies related to audio and visual equipment. AVIRAT SHILAJ: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the rating on bank facilities of Avirat Shilaj Project (ASP) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 30 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ASP 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 ASP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ASP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ASP continues to be 'Crisil B/Stable Issuer not cooperating'. ASP, a partnership firm of Mr Kanubhai Maganlal Patel and Mr Hasmukhbhai Chaudhari and their families, is in to real estate development in Ahmedabad. BAJAJ BASMATI: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bajaj Basmati Private Limited (BBPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 38 CRISIL D (Issuer Not Cooperating) Term Loan 19 CRISIL D (Issuer Not Cooperating) Warehouse Financing 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BBPL 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 BBPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BBPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BBPL continues to be 'Crisil D Issuer not cooperating'. BBPL was incorporated in April 2010 by Mr. Krishan Bajaj and Mr. Sahil Bajaj. It mills and processes paddy into rice, rice bran, broken rice, and husk. Its two rice mills, in Jalalabad and Muktsar (both in Punjab), have combined installed paddy milling capacity of 17 tonnes per hour. BALANAGU INDUSTRIES: CRISIL Keeps B Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Balanagu Industries (BI) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 4.26 Crisil B/Stable (Issuer Not Cooperating) Open Cash Credit 1 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BI 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 BI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BI continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in May 2015, BI manufactures corrugated boxes, fibre drums, and poly bags. The plant is located at Visakhapatnam (Andhra Pradesh). The firm is promoted by the Mr. B V R Rao and his family. BATANAGAR EDUCATION: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Batanagar Education and Research Trust (BERT) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 11 CRISIL D (Issuer Not Cooperating) Term Loan 2 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BERT 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 BERT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BERT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BERT continues to be 'Crisil D Issuer not cooperating'. BERT was registered in February 2007 as a public, non-profit, charitable trust. It has set up an engineering college, Batanagar Institute of Engineering Management and Science, at Maheshtala in Kolkata. BE BE RUBBER: CRISIL Reaffirms B- Rating on INR5.35cr Cash Loan --------------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil B-/Stable' rating on the long-term bank loan facilities of The Be Be Rubber Estates Ltd (TBBREL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.35 Crisil B-/Stable (Reaffirmed) Long Term Loan 1.88 Crisil B-/Stable (Reaffirmed) The rating continues to reflect the company's small scale of operations, intense competition in the rubber industry and modest financial risk profile. However, these weaknesses are partially offset by the extensive experience of the promoters in the rubber plantation industry for over nine decades. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of TBBREL. Key Rating Drivers & Detailed Description Weaknesses: * Small scale of operations and intense competition: The scale of the operations has remained modest, as indicated by expected revenue of around INR6 crore in fiscal 2025. The scale is constrained by intense competition in the rubber plantation industry. The industry has low entry barriers due to minimal capital requirement, resulting in the presence of several unorganised players. Furthermore, climatic conditions also play a major role in production. * Modest financial risk profile: The company has modest networth of INR3.22 crore and gearing levels of 1.76 times as of March 2025l. The networth has deteriorated due to accumulated losses incurred during the past fiscals. Furthermore, the debt protection metrics were also weak due to negative interest coverage ratio in fiscal 2025. Strength: * Extensive experience of the promoter: TBBREL benefits from the extensive experience of the promoter of over nine decades in the rubber plantation business. This longstanding experience has helped the company sustain its operations, despite regular volatility in prices of rubber. Liquidity: Poor Bank limit utilisation was moderate at 80% on average for the 12 months ended July 31, 2024. Cash accrual from core operations is expected to be insufficient against term debt obligation of INR45-75 lakh over the medium term. The promoter is expected to support the company through infusion of unsecured loans or through sale of land to meet shortfall in debt obligation, if any. Outlook: Stable Crisil Ratings believes that TBBREL will benefit, over the medium term, from the extensive experience of the promoters and their established relationships with suppliers and customers in the trading business. Rating sensitivity factors Upward factors * Improvement in the revenue profile with an increase in operating margin to more than 5% leading to higher net cash accrual * Improvement in financial risk profile and liquidity Downward factors * Decline in operating margin or fall in revenue to below INR3 crore * Stretched working capital cycle or any large debt-funded capital expenditure deteriorating the company's financial risk profile Incorporated in 2007, TBBREL produces latex from rubber trees. The company owns 650 acres of land in Kollam, Kerala, where it carries out rubber tree plantation. Besides, it also has 121 acres of land in Palghar district of Kerala for plantation of cardamom and coffee. The company is promoted and managed by Mr. Prasad Oommen, Ms. A. Oommen and Ms. Mercy Oommen. BENIT AND CO: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Benit And Co Electronics Private Limited (BCEP) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Cash 10 CRISIL B/Stable (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with BCEP 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 BCEP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BCEP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BCEP continues to be 'Crisil B/Stable Issuer not cooperating'. BCEP trades in home appliances such as ACs, TVs and refrigerators in Madurai, Tamil Nadu. It operations are managed by Mr Prince and Mr Benit Karan. BHASKAR SILK: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the ratings on bank facilities of Bhaskar Silk Mills Private Limited (BSMPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.95 Crisil B/Stable (Issuer Not Cooperating) Term Loan 6.05 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BSMPL 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 BSMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BSMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BSMPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2004 in Surat and promoted by Mr Ashok Kumar Tibrewal and Mr Rakesh Aggarwal, BSMPL prints and dyes cloth. BPL TECHNO: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of BPL Techno Vision Private Limited (BTVPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BTVPL 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 BTVPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BTVPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BTVPL continues to be 'Crisil D Issuer not cooperating'. BTVPL, established in 1983 in Bengaluru (Karnataka), manufactures lanterns and home automation equipment. BRIJLAX AUTO: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the ratings on bank facilities of Brijlax Auto Private Limited (BAPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.5 Crisil B/Stable (Issuer Not Cooperating) Electronic Dealer 4.6 Crisil B/Stable (Issuer Not Financing Scheme Cooperating) (e-DFS) Long Term Loan 1.08 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BAPL 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 BAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BAPL continues to be 'Crisil B/Stable Issuer not cooperating'. BAPL was set up in 2014, by the promoter, Mr Bimal Kumar Agarwal. The Varanasi-based company deals in Honda's two-wheelers. DREAM WEAVER: CRISIL Lowers Rating on INR3cr Loan to D ------------------------------------------------------ Crisil Ratings has downgraded the rating of Dream Weaver Private Limited (DWPL) to 'Crisil D Issuer not cooperating' from 'Crisil A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Bill 3 Crisil D (ISSUER NOT Discounting COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Packing Credit 3 Crisil D (Issuer Not COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with DWPL for obtaining information through letter and email dated April 19, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DWPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. The company has remained non-cooperative since July, 2019. Crisil believes that rating action on DWPL, is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation coupled with adverse information in the public domain, Crisil Ratings has downgraded the rating to 'Crisil D Issuer not cooperating' from 'Crisil A4 Issuer not cooperating'. The downgrade reflects delay in servicing of debt obligations by DWPL. Analytical Approach: Crisil Ratings has evaluated the standalone business and financial risk profile of DWPL. DWPL is a Kolkata based leather goods manufacturer and exporter, incorporated in February 2006. It deals in a diverse range of leather products such as purses, wallets, handbags, and belts. It has its own manufacturing unit in Kolkata. FUTURE CONSUMER: Resurgent India Files Insolvency Plea Against Co. ------------------------------------------------------------------ The Economic Times of India reports that Future Consumer Ltd, the FMCG company owned by debt-ridden Future Group, faces an insolvency plea filed before the National Company Law Tribunal (NCLT). According to ET, Resurgent India Special Situations Fund had moved the Mumbai bench of the NCLT, filing an application to initiate insolvency proceedings against Future Consumer, claiming defaults. Confirming the development, Future Consumer in a regulatory filing earlier last week said: "The company would be making appropriate representation in the matter". ET, citing details available on the NCLT portal, discloses that the insolvency plea was filed on August 20, 2025, and is yet to be listed before any bench for hearing. Resurgent India Special Situations Fund was launched by Resurgent India, a Sebi-registered Category I merchant banker and investment bank. In the June quarter results, FCL had informed that it is facing a "significant liquidity crunch", which has impacted the company's operations. Moreover, it had defaulted on payment of interest/repayment of principal amount on loans from banks, financial institutions, and unlisted debt securities, according to ET. As of June 2025, the total debt servicing obligations due, including interest, were INR558.73 crore, ET discloses. It was part of the 19 group companies operating in retail, wholesale, logistics and warehousing segments, which were supposed to be transferred to Reliance Retail under a INR24,713 crore deal announced in August 2020. Future Consumer Ltd, part of the Kishore Biyani-led Future Group, is in the business of manufacturing, branding, and distributing FMCG food and processed food products. JERAI FITNESS: Salman Khan Moves NCLAT; Challenges NCLT Order ------------------------------------------------------------- The Economic Times of India reports that Bollywood actor Salman Khan has approached appellate tribunal NCLAT, challenging an NCLT order which had dismissed his plea to initiate insolvency proceedings against Jerai Fitness towards an unpaid amount of INR7.24 crore. This dispute is related to 'BEING STRONG', a fitness equipment brand founded by Salman Khan, in collaboration with Jerai Fitness. According to ET, the appeal filed by Khan was listed before a two-member bench of the National Company Law Appellate Tribunal (NCLAT) last week. However, it was adjourned on the request of his counsel. A two member-bench comprising Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra has directed to list Khan's petition on September 15 for the next hearing. "Counsel for the appellant prays for an adjournment, adjourned to 15.09.2025," said NCLAT in its order dated August 22, 2025. In May this year, the Mumbai bench of the National Company Law Tribunal (NCLT) had dismissed Khan's insolvency plea against Jerai Fitness, in which the Bollywood star had claimed an unpaid amount of INR7.24 crore, ET recalls. However, the tribunal had said the claim was disputed in nature and was "in domain of recovery proceedings". "There exists an undisputed debt amounting to INR1,63,76,682 along with GST due from Corporate Debtor and the said amount is in default and the remaining debt claimed in this Petition can not said to be undisputed debt," said NCLT in its 22-page order passed on May 30, 2025, ET relays. Khan, who owns trademark "BEING STRONG" and has the exclusive right to grant a licence and the right to use the same, had entered into a trade licence agreement in October 2018, according to ET. Jerai Fitness was granted a licence for the usage of trademark "BEING STRONG" on the products manufactured by it. Thereafter, due to interruptions in business and the onset of the COVID-19 pandemic, at the request of the Corporate Debtor, the Bollywood actor agreed to revise the royalty payable to him from the period of commencement of the first agreement till March 31, 2023, ET notes. However, according to Khan, after the Corporate Debtor failed to make the payments, he sent a demand notice on September 14, 2024, demanding payment of INR7.24 crore along with interest at 24 per cent per annum and later moved NCLT claiming default. While Jerai Fitness contended that there was a pre-existing dispute between the parties and that it invested significant money towards making necessary components to launch a category of products known as the "X-tend" series and "Proton series," ET relates. According to ET, NCLT observed that Jerai Fitness has right to "manufacture, market, distribute, sell" the products under the trademark "BEING STRONG" and to create promotional material using the trademark. However, as per the clauses there had to be prior intimation of all major and substantial decisions with respect to the manufacture, promotion, marketing and distribution of the products to the petitioner and such decisions were to be taken by Alvira Agnihotri or her authorised person on behalf of petitioner. NCLT observed Jerai Fitness was restricted from distributing any products under the trademark which were not specifically pre-approved, adds ET. KESHREE METALURGIES: CRISIL Moves B+ Rating to Not Cooperating -------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Keshree Metalurgies Private Limited (KMPL) to 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Fund- 5 Crisil B+/Stable (ISSUER NOT Based Bank Limits COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with KMPL for obtaining information through letter and email dated August 7, 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 KMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KMPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of KMPL to 'Crisil B+/Stable Issuer not cooperating'. KMPL, incorporated in 1989, manufactures TMT bars, mild steel rounds, billets and rods at its facility in Hyderabad, Telangana. Mr Nemichand Jain, Mr Harsh Choradia and Mr Rajender Kumar Jain are the promoters. MONARCH HATCHERIES: CRISIL Keeps B Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Monarch Hatcheries Private Limited (MOHAPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.00 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 2.84 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 4.16 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with MOHAPL 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 MOHAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MOHAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MOHAPL continues to be 'Crisil B/Stable Issuer not cooperating'. MOHAPL is a private limited company set up in 1996 by the Karnataka based Mr. Reddy. MOHAPL is engaged in the business of poultry breeding and hatching. The firm has day old chick breeder farms with a capacity of 86000 parent birds and 1 lakh Commercial Birds at Bangalore, Karnataka. The company has also installed about 1MW of solar plants, Located in Bangalore. R.R. DISTRIBUTORS: CRISIL Cuts Long/Short Term Debt Ratings to D ---------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of R.R. Distributors Private Limited (RRDPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING) Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with RRDPL for obtaining information through letter and email January 8, 2025 apart from telephonic communication. However, the issuer has remained non-cooperative. Investors, lenders and all other market participants should exercise due caution with reference to the ratings assigned/reviewed with the suffix 'issuer not cooperating' as the ratings have been arrived at without any interaction with the management and are based on best-available, limited or dated information regarding the company. Such non-cooperation by a rated entity may be a result of weakening of its credit risk profile. Ratings with the 'issuer not cooperating' suffix lack a forward-looking component. Detailed rationale Despite repeated attempts to engage with the management of RRDPL, Crisil Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the company. The rating action on RRDPL is consistent with the criteria detailed in 'Assessing information adequacy risk'. Based on the last-available information, Crisil Ratings has downgraded its ratings on the bank facilities of RRDPL to Crisil D/Crisil D Issuer not cooperating' from 'Crisil B+/Stable/Crisil A4 Issuer not cooperating'. As per information available in the public domain, there has been delinquency in the entity's accounts and clarity about the same from the management and bankers is awaited. Established in 1980's as a partnership firm, R RTrading Co, by the Delhi-based proprietor Mr. Gupta and his family members, the firm was reconstituted into RRDPL in 1987. RRDPL trades in writing and printing paper and paperboard. SAIRAM PRINTING: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Sree Sairam Printing Mills (SSPM) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL B-/Stable (ISSUER NOT COOPERATING) Proposed Fund- 6.01 CRISIL B-/Stable (ISSUER NOT Based Bank Limits COOPERATING) Term Loan 12.99 CRISIL B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SSPM 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 SSPM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSPM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSPM continues to be 'Crisil B-/Stable Issuer not cooperating'. SSPM was establish in 2008, SSPM is involved in dyeing, processing & finishing of fabric. SPPM has two manufacturing facility one in Erode, Tamil Nadu and other recently started in Perineuria, Tamil Nadu. SSPM is owned & managed by Mr. K V Easwaran & Mr V E Krishna Kumaresh (Son of K V Easwaran). SOLO METALS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Solo Metals Private Limited (SMPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.5 CRISIL D (Issuer Not Cooperating) Cash Credit 3 CRISIL D (Issuer Not Cooperating) Cash Credit 1 CRISIL D (Issuer Not Cooperating) Cash Credit 14.5 CRISIL D (Issuer Not Cooperating) Cash Credit 4.75 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SMPL 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 SMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SMPL was incorporated in 2005, by the promoter, Mr Jawahar Singh Saroha and his son, Mr Saket Saroha. The company manufactures steel billets at its facility in Wada, Maharashtra. SOVIKA AVIATION: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sovika Aviation Services Private Limited (SASPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 15 CRISIL D (Issuer Not Cooperating) Cash Credit 15 CRISIL D (Issuer Not Cooperating) Proposed Long Term 30 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 30 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SASPL 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 SASPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SASPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SASPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SASPL, incorporated in 2007, is a part of the Sovika group based in Mumbai and promoted by Mr Soham Mehta and his family members. SASPL undertakes cargo forwarding business and underwrites the belly capacity for cargo of the airline's entire fleet of aircraft. SPARK ENGINEERING: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Spark Engineering Private Limited-(Strike Off) (SEPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 3.75 Crisil B/Stable (Issuer Not Cooperating) Export Packing 4 Crisil B/Stable (Issuer Not Credit Cooperating) Secured Overdraft 0.25 Crisil B/Stable (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with SEPL 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 SEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SEPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 1989 and promoted by Mr Brij K Aggarwal and his son, Mr Pradeep Aggarwal, SEPL manufactures multi-speed gears for bicycles at its facility in Ghaziabad, Uttar Pradesh, primarily for export. Mr Pradeep Aggarwal manages the operations. T.A. SAMBANDAM: CRISIL Keeps B- Debt Ratings in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of T.A. Sambandam and Mr. T.S. Shanmugasundaram (TAS) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 5.22 Crisil B-/Stable (Issuer Not Cooperating) Proposed Long Term 0.78 Crisil B-/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with TAS 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 TAS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TAS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TAS continues to be 'Crisil B-/Stable Issuer not cooperating'. TAS is a proprietorship concern. It is constructing a 45,000-square-feet warehouse and 10,500-square-feet commercial office space at Thirumazhisai in Chennai. THAKKARSONS ROLL: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Thakkarsons Roll Forming Private Limited (TRFPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.5 CRISIL D (Issuer Not Cooperating) Letter of credit 6.5 CRISIL D (Issuer Not & Bank Guarantee Cooperating) Crisil Ratings has been consistently following up with TRFPL 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 TRFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TRFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TRFPL continues to be 'Crisil D Issuer not cooperating'. TRFPL was set up in 1990 by Mr. Devang Thakkar, his brother, Mr. Bhavin Thakar, and his wife, Mrs. Mansi Thakkar. The company manufactures metal crash barriers (guard rails), mounting panels, and floor decking sheets. It has an ISO 9001:2000- certified manufacturing facility at Palghar (Maharashtra) and a sales office in Mumbai. UMIYA NAGAR: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Umiya Nagar continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 25 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with Umiya Nagar 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 Umiya Nagar, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Umiya Nagar is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Umiya Nagar continues to be 'Crisil B/Stable Issuer not cooperating'. Umiya Nagar is a partnership firm engaged in residential real estate development in and around Surat. The firm was set up in April 2013 and is developing a residential project at Dindoli in Surat. URVARAK ABHIKARAN: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Urvarak Abhikaran Neemuch Private Limited (UANPL; part of the Patwa group) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.5 CRISIL D (Issuer Not Cooperating) Cash Credit 6.0 CRISIL D (Issuer Not Cooperating) Proposed Long Term 6.75 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with UANPL 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 UANPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on UANPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of UANPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. UANPL and PMPL were incorporated in 1989 and 1995, respectively, and are promoted by Mr. Surendra Patwa. The companies are del credere agent (DCAs) for RIL's polymer products. PMPL is also a carry and forwarding agent for TPL. Registered office is in Indore. The promoter is also engaged in automobile dealership through other entities. V. S. MATRIX: CRISIL Lowers Long/Short Term Debt Ratings to D ------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of V. S. Matrix Private Limited (VSMPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING) Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with VSMPL for obtaining information through letters and emails dated October 10, 2024 and August 26, 2025, among others, apart from telephonic communication. However, the issuer has remained non-cooperative. 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 has been arrived at without any interaction with the management and is based on best available, limited or dated information regarding the company. Such non-cooperation by a rated entity may be a result of weakening of its credit risk profile. Ratings with the 'issuer not cooperating' suffix lack a forward-looking component. Detailed Rationale Despite repeated attempts to engage with the management of VSMPL, Crisil Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the company. The rating action on VSMPL is consistent with the criteria detailed in 'Assessing information adequacy risk'. Crisil Ratings has downgraded its ratings on the bank facilities of VSMPL to 'Crisil D/Crisil D Issuer not cooperating' from 'Crisil B/Stable/Crisil A4 Issuer not cooperating' as the entity has delayed servicing its debt obligation, as per publicly available information. VSMPL was taken over by its present owner - Mr. Amit Gupta in 2012 and the company acquired its group entities Krishna Insulation and Jyoti Infracon Private Limited in November 2015. The company is engaged in manufacturing of copper and aluminium cables and wires, which find application in the electrical components and equipment industry. Presently, the company has three manufacturing facilities in NCR region, with an installed capacity of nearly 2900 tonnes per annum. ================= I N D O N E S I A ================= SORIK MARAPI: Fitch Affirms BB+ Rating on $350MM 7.75% Sec. Notes ----------------------------------------------------------------- Fitch Ratings has affirmed PT Sorik Marapi Geothermal Power's (SMGP) USD350 million 7.75% senior secured notes due 2031 at 'BB+'. The Outlook is Stable. RATING RATIONALE The rating reflects the credit profile of SMGP, which is 95% owned by OTP Geothermal and ultimately controlled by Kaishan Group Co., Ltd. SMGP benefits from long-term fixed-price power purchase agreements (PPAs) with escalation clauses. These secure the sale of electricity from its geothermal power plant, which uses proven innovative geothermal generation technology, to Indonesian state-owned utility PT Perusahaan Listrik Negara (Persero) (BBB/Stable). The PPA's take-or-pay (TOP) structure, which covers 90% of the latest unit rated capacity (URC), is tested annually or as required. These features insulate the project from merchant revenue risk. Fitch assesses SMGP's financial profile using the debt service coverage ratio (DSCR) over the life of the notes and the refinancing period, which ends in 2041. Fitch assumes that outstanding principal will be refinanced at maturity with fully amortising debt, aligned to a 20-year capacity-weighted economic life from each unit's commercial operation date. Its rating case forecasts the average DSCR at 3.1x over the remaining note tenor and 3.0x during the refinancing period. The DSCR is commensurate with a stronger financial profile than implied by the note rating, as the rating is constrained by the plant's limited operating record, uncertainty around the timing, scope and success of SMGP's drilling programme, as well as the impact on revenue from a potential production decline and the cost-plus nature of SMGP's operations and maintenance (O&M) contracts. The note's partially amortising structure introduces refinancing risk, but this is mitigated by the presence of mandatory cash sweeps (MCS). KEY RATING DRIVERS Operation Risk - Weaker Innovative Technology, Cost-Plus O&M SMGP's geothermal generation technology differs from the conventional centralised power plant designs used at other Indonesian geothermal sites. This technology has demonstrated commercial viability since 2014 at a comparable project in Alaska, US. The plant is operated by an experienced in-house team, supported by technical consultancy services provided by shareholders that include personnel training and the supply of spare parts for the Organic Rankine Cycle and steam expanders. However, the cost-plus nature of the O&M arrangement exposes the plant to potential cost overruns and the risk of operational underperformance. A possible decline in geothermal reservoir productivity necessitates ongoing capital expenditure, introducing uncertainty to plant operations. This risk is mitigated by a major maintenance reserve account, which will be credited annually with 25% of total make-up well capex for 2027-2029 over 2025-2028 and 33% of total make-up well capex for 2032 over 2029-2031. The plant is also subject to geological risk, including earthquakes and landslides, which are common in Indonesia. These factors further constrain its assessment of operational risk to 'Weaker'. Revenue Risk - Volume - Midrange Inherent Volatility in Resource Supply, Limited Curtailment Risk The geological complexity of geothermal reservoirs results in only estimated geographic output, leading to long-term supply risk. Simulations conducted by an independent technical advisor indicate that, with appropriate reservoir maintenance, the project can maintain power output at 173 megawatts electric (MWe) until 2035 and 135MWe until 2051. However, over-extraction, drought, earthquakes or inadequate maintenance could accelerate decline rates and shorten the economic life of the resource. The actual decline observed after the commissioning of Unit 5 remains within 2.5% a year, although the operating record is limited. The historical decline rate was 6%-7% a year before the wellfield programme was implemented in 2024. SMGP forecasts a long-term decline rate of 2.5%, based on its capex plan, but this is subject to successful drilling in undrilled reservoir margins, resulting in ongoing uncertainty. The PPA allows for TOP obligation adjustments based on URC rather than installed capacity. The URC can be revised without penalty, but a lower URC reduces generation and revenue. The risk of generation curtailment is mitigated by the TOP structure. Revenue Risk - Price - Stronger Supportive Long-Term PPA, Indexed Price All power generated is eligible for dispatch under a fixed-price PPA with an investment-grade offtaker, insulating the project from merchant price volatility. Twenty-five percent of the power tariff is indexed to the US Producer Price Index, enabling adjustment in line with inflation. The indexed portion closely tracks operating costs, providing protection against inflation risk. In addition, the tariff is denominated in US dollars, mitigating foreign-currency risk. Debt Structure - Midrange Partially Amortising Debt, Manageable Refinance Risk The security package comprises the issuer's capital stock, security interests over project accounts, assignment of shareholder loans and fiduciary security over SMGP's insurance proceeds, movable assets and 110 plots of land. However, regulatory restrictions prevent the inclusion of project contracts, such as the PPA, in the security package. Noteholders benefit from a lock-up test based on a backward-looking graded DSCR. Additional debt is permitted only if the projected DSCR exceeds 1.6x, with a loan basket cap of USD15 million. The notes also feature partial amortisation of 6% over the tenor, while a 54.3% MCS mitigates refinancing risk. Financial Profile Fitch assesses SMGP's financial profile using the DSCR during the note tenor and refinancing period. Its DSCR forecast assumes that outstanding note principal will be refinanced at maturity with long-term amortising debt over the remaining project economic life, which extends to 2041. Its base case incorporates a steady decline rate of 3.0% from 2H25, compared with SMGP's estimate of 2.5%; an O&M contract with Kaishan at 5.0% of revenue, rather than the current contracted rate of 3.5%; and a 1.5% stress on the refinancing interest rate before withholding tax, as assumed by the issuer. The interest income rate is set at 4.5% per annum, against 5.0% in the management case. This results in an average DSCR of 3.5x over the remaining note tenor and 3.6x after the refinancing period. Its rating case assumes a higher steady decline rate of 4.5% from 2H25 and a 15% increase in operating and capital expenditure. Fitch further stresses the interest income rate to 3.5% per annum. This results in an average DSCR of 3.1x over the remaining note tenor and 3.0x after the refinancing period. PEER GROUP Fitch regards Star Energy Geothermal (Salak-Darajat) Restricted Group (SEGSD RG, senior secured rating: BBB-/Stable) as a comparable peer. Both entities operate geothermal power plants in Indonesia under long-term PPAs with a TOP structure. However, the higher rating on SEGSD RG's notes reflects the group's longer operating record, larger economic scale, greater predictability of energy production underpinned by a robust capital expenditure plan and the absence of refinancing risk due to a fully amortising debt structure. SMGP's DSCR of 3.00x during the refinancing period under its rating case is significantly stronger than SEGSD RG's 1.67x. However, SMGP's credit profile is constrained by long-term production uncertainty and refinancing risk associated with its partially amortising structure with a MCS. SEGSD RG also benefits from economies of scale and diversification across nine generation units at two sites, with a total capacity of 648MW. By comparison, Fitch expects SMGP to maintain operations of five units at a single site, with total net installed generation capacity of around 190MW. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The average annual DSCR in its rating case dropping below 1.45x for a sustained period. An adverse environmental, social or governance issue would trigger a negative event review or action. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Fitch does not expect an upgrade in the near term, due to the limited record of stable operation and the sustainable capacity decline rate. ESG Considerations PT Sorik Marapi Geothermal Power has an ESG Relevance Score of '4' for Management Strategy and Human Rights, Community Relations, Access & Affordability due to gas leakage issues in 2021 that sparked opposition among the local community. The company has implemented countermeasures, including enhanced occupational health and safety policies, installation of a hydrogen sulfide abatement system, gas control training, community compensation, improved evacuation procedures and better risk management, but the issue still has a negative impact on the credit profile and is relevant to the note rating in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- PT Sorik Marapi Geothermal Power PT Sorik Marapi Geothermal Power/ Senior Secured Debt/1 LT LT BB+ Affirmed BB+ ===================== N E W Z E A L A N D ===================== GREAT RENTALS: Court to Hear Wind-Up Petition on Sept. 18 --------------------------------------------------------- A petition to wind up the operations of Great Rentals Limited will be heard before the High Court at Auckland on Sept. 18, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 26, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 INITIAL POWER: Creditors' Proofs of Debt Due on Oct. 17 ------------------------------------------------------- Creditors of Initial Power Trade Limited are required to file their proofs of debt by Oct. 17, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 21, 2025. The company's liquidator is: Benjamin Francis Blacklock Rose Limited PO Box 6709 Victoria Street West Auckland 1142 KILBIRNIE MOTORS: Creditors' Proofs of Debt Due on Sept. 20 ----------------------------------------------------------- Creditors of Kilbirnie Motors Limited are required to file their proofs of debt by Sept. 20, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 20, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 KITCHEN THINGS: Grant Thornton Appointed as Receivers ----------------------------------------------------- Malcolm Russell Moore, Stephen Speers Keen and Adele Irene Hicks of Grant Thornton New Zealand Limited on Aug. 20, 2025, were appointed as receivers and managers of: - Kitchen Things IP Limited - Kitchen Things Holdings Limited; - Jones Family Investments Limited; - Kitchen Things NZ Limited; - Appliance Works (2015) Limited; - Applico Limited; and - Baumatic Appliances Limited George Bannerman and Rees Logan of BDO were also appointed as administrators of the company on Aug. 20, 2025. SANTA HELENA: Court to Hear Wind-Up Petition on Sept. 29 -------------------------------------------------------- A petition to wind up the operations of Santa Helena Enterprises Limited will be heard before the High Court at Tauranga on Sept. 29, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 9, 2025. The Petitioner's solicitor is: Timothy Saunders Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton [] NEW ZEALAND: More Than 2,500 Hospitality Businesses Shut Down ---------------------------------------------------------------- Radio New Zealand reports that whether it's award-winning Napier restaurant Pacifica closing its doors, or Wellington brewery Fortune Favours shutting down, it seems barely a week goes by where there isn't a high-profile hospitality business closing. RNZ, citing data supplied by Centrix, discloses that there have been 297 hospitality businesses liquidated in the past 12 months, compared to 199 in the prior year. In the past 12 months, 2,564 hospitality businesses have shut, 19 percent more than the 2,158 a year earlier. According to RNZ, Chris Wilkinson, of First Retail Group, said some businesses were reaching a tipping point that they could not get past. Costs were rising and there was only so much that retail prices could increase. "It gets to a tipping point where people can't and won't pay. That's the biggest challenge that we're finding everywhere. So you've got really good businesses that are struggling or going under. They've reached that tipping point." He said the craft brewing market had been hard hit as people pulled back on spending on "premium" products, which would have affected Fortune Favours, RNZ relays. ================= S I N G A P O R E ================= KONG HWEE: Court to Hear Wind-Up Petition on Sept. 5 ---------------------------------------------------- A petition to wind up the operations of Kong Hwee Iron Works & Construction Pte. Ltd. will be heard before the High Court of Singapore on Sept. 5, 2025, at 10:00 a.m. Topzone E&C filed the petition against the company on Aug. 15, 2025. The Petitioner's solicitors are: WhiteFern LLC 9 Raffles Place #18-06 Republic Plaza 1 Singapore 048619 MICDAL PTE: Court to Hear Wind-Up Petition on Sept. 5 ----------------------------------------------------- A petition to wind up the operations of Micdal 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. 13, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 STHREE PTE: Creditors' Proofs of Debt Due on Sept. 22 ----------------------------------------------------- Creditors of Sthree 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. 19, 2025. The company's liquidators are: Gary Loh Weng Fatt Seah Roh Lin Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 VISUAL INVENTIVES: Court Enters Wind-Up Order --------------------------------------------- The High Court of Singapore entered an order on Aug. 15, 2025, to wind up the operations of Visual Inventives Pte. Ltd. United Overseas Bank Limited filed the petition against the company. The company's liquidator is: Oon Su Sun c/o Finova Advisory 182 Cecil Street #30-01 Frasers Tower Singapore 069547 YANG KEE: Creditors' Proofs of Debt Due on Sept. 22 --------------------------------------------------- Creditors of Yang Kee Logistics (Singapore) 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. 13, 2025. The company's liquidator is: Karnjote Singh S/O Jarmal Singh c/o Kroll Pte. Limited 10 Collyer Quay #05-04/05 Ocean Financial Centre Singapore 049315 ============= V I E T N A M ============= VIETNAM ASIA: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has assigned Vietnam Asia Commercial Joint Stock Bank (VietABank) a first-time Long-Term Issuer Default Rating (IDR) of 'B+'. The Outlook is Stable. At the same time, the agency has assigned VietABank a Viability Rating (VR) of 'b+' and Government Support Rating (GSR) of 'b+'. Key Rating Drivers IDR Driven by VR: VietABank's Long-Term IDRs are driven by its intrinsic credit profile, as indicated by its VR, which is at the same level as its GSR, and are backstopped by the GSR. This takes into account VietABank's small market share in Vietnam's crowded banking sector, with less than 1% of system assets and deposits. Fitch believes the modest market position gives it weaker pricing power and exposes it to small business borrowers that tend to have higher credit risks. That said, VietABank's asset quality and cost structure have notably improved in recent years, and it is in the process of raising external capital to invest in the growth of its business franchise. The Short-Term IDR of 'B' is mapped from the Long-Term IDR according to Fitch's Bank Rating Criteria. Robust Economic Performance: Vietnam's GDP grew by 7.5% in 1H25 and 7.1% in 2024. Fitch believes some of the outperformance was driven by frontloading of manufacturing and merchandise exports amid global trade tensions and that activities will moderate in 2H25. Nevertheless, US tariff rates on Vietnamese exports have been reduced to 20% from an initial 46%, lowering the risks of a much larger trade disruption. Fitch believes Vietnam's medium-term economic prospects remain promising and provide a favourable backdrop for banking system growth. Modest Banking Franchise: VietABank's small retail banking franchise has resulted in a higher reliance on rate-sensitive term deposits that increases funding costs and compresses the net interest margin. These structural pricing power disadvantages in Vietnam's competitive banking market weigh on its assessment of the bank's business profile. Business Model Shapes Risk Profile: The bank's small balance sheet and business model result in a focus on smaller SME borrowers that Fitch views as having above-average credit risks. Credit costs have been kept in check by a high degree of secured lending and non-performing loan (NPL) ratios have also improved in recent years, but Fitch believes latent asset-quality risks are likely to remain above that of peers. Improved Asset Quality: The NPL ratio continued to decline to 1.1% at end-June 2025 from 2.3% at end-2020, giving VietABank one of the stronger asset-quality metrics among Vietnam banks. The improvement was partly driven by significantly higher write-offs over the past two years, while steady recoveries from written-off debt have kept credit costs in check. Fitch has assessed the asset quality below its implied score in the 'bb' category as Fitch believes high loan growth flatters the NPL ratio. Fitch has applied this negative adjustment to most local banks in Vietnam. Pricing Power Constrains Profitability: Nearly 95% of VietABank's deposits at end-1H25 were term deposits, resulting in average deposit costs being consistently higher than those of larger peers. This puts pressure on the net interest margin and pre-provision profitability. Non-interest income constituted only 12% of operating income in 2024, reflecting past challenges in revenue diversification. Nevertheless, Fitch expects profitability to improve modestly over the next one to two years as asset yields improve and the bank maintains operating cost discipline. Rights Issue to Bolster Capitalisation: VietABank's Fitch Core Capital (FCC) ratio declined to 7.9% at end-1H25 (2024: 8.3%) as loan growth accelerated. Internal capital generation has been below risk-weighted asset growth in recent years, leading to a gradual but persistent decline in capitalisation. The bank has obtained shareholder approval to conduct a rights issue by end-2025 that Fitch estimates could raise its FCC ratio by about 2.5pp. The positive outlook on capitalisation reflects the pending capital raise. Narrow Deposit Base: VietABank's loan/deposit ratio rose to 91% by end-1H25 (2024: 87%). Fitch forecasts that this core metric will continue rising moderately in the next one to two years as loan growth accelerates. Heavy reliance on term deposits makes the bank more sensitive to interest-rate movements than its peers. Fitch believes the pace of balance-sheet growth is also likely to be constrained by its ability to raise funding at competitive rates. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade VietABank's Long-Term IDRs would only be downgraded if both the VR and the GSR were downgraded at the same time. The VR may be downgraded if Fitch perceives a significant deterioration in the bank's risk profile and asset quality, such as if there is a sharp increase in credit growth, especially in higher-risk customer segments and products, or if the NPL ratio rises to and stays around 5%. The VR may also be downgraded if reported capital ratios are at risk of breaching the regulatory minimum and if the bank is unsuccessful in raising external capital. The GSR may be downgraded if the sovereign rating was downgraded, or if Fitch believes that the State Bank of Vietnam's propensity to provide support to VietABank has diminished materially. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Fitch may upgrade the IDR if the VR or the GSR was upgraded. The VR may be upgraded if the bank demonstrates its ability to grow its business franchise while maintaining a moderate risk appetite and enhancing its financial performance. Fitch could take a more positive view of the VR if, for example, the operating profit/risk-weighted asset ratio improves to more than 1.5% sustainably, the FCC ratio rises and stays above 10%, and Fitch does not observe a material increase in the bank's risk appetite. The GSR may be upgraded if the sovereign rating was upgraded or if VietABank's systemic importance grows, as reflected in a deposit market share that is 3% or higher. Such a large increase in market share is unlikely to occur in the near term. Government Support Backstop Fitch believes there is a modest likelihood of state support for VietABank, if needed. This factors in the authorities' high propensity to support the banking sector generally, but is offset by the large size of Vietnam's banking system relative to GDP and VietABank's limited systemic importance with less than 1% share of system deposits. VR ADJUSTMENTS The operating environment score has been assigned above the implied score due to the following adjustment reason: economic performance (positive). The asset-quality score has been assigned below the implied score due to the following adjustment reason: underwriting standards and growth (negative). The funding and liquidity score has been assigned below the implied score due to the following adjustment reason: deposit structure (negative). Date of Relevant Committee 20 August 2025 ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Vietnam Asia Commercial Joint Stock Bank LT IDR B+ New Rating ST IDR B New Rating LC LT IDR B+ New Rating LC ST IDR B New Rating Viability b+ New Rating Government Support b+ New Rating VIETNAM ELECTRICITY: Fitch Affirms 'BB+' LT Foreign Currency IDR ---------------------------------------------------------------- Fitch Ratings has affirmed Vietnam Electricity's (EVN) Long-Term Foreign-Currency Issuer Default Rating at 'BB+'. The Outlook is Stable. EVN's rating is equalised with the Vietnamese sovereign rating (BB+/Stable) under Fitch's Government-Related Entities (GRE) Rating Criteria, reflecting a very high likelihood that EVN, as an integrated state utility, would receive government support, if needed. EVN's 'bb' Standalone Credit Profile (SCP) reflects its position as the owner and operator of Vietnam's electricity transmission and distribution network, and its 38% share of Vietnam's power generation capacity at end-2024. Fitch expects EVN's financial profile to be stronger relative to its SCP assessment. The SCP is constrained by the uncertainty associated with timely review of tariffs and cost pass-through mechanism under the regulatory framework. Key Rating Drivers 'Very Strong' Decision-Making and Oversight: Fitch evaluates the sovereign's involvement in EVN's decision-making and oversight as 'Very Strong'. The state fully owns EVN, appoints its board and senior management, directs its investments and approves electricity tariff hikes in excess of 5%. 'Strong' Precedents of Support: The government's precedents of support to EVN are 'Strong' and includes guarantees, step-down loans, loans from state-owned banks at preferential rates, project subsidies and tax incentives. 'Strong' Preservation of Government Policy Role: Fitch views EVN's role in preservation of government policy as 'Strong'. A default by EVN would affect power supply across the country, thereby severely disrupting continued provision of a key public service. 'Very Strong' Contagion Risk: Fitch assesses the contagion risk of an EVN default to be ' Very Strong'. A default would significantly affect the availability and cost of domestic and foreign financing options for the state and other GREs because EVN is one of Vietnam's key borrowers. Loans from multilateral funding agencies form more than 45% of EVN's debt, and Fitch believes a default by the issuer would materially disrupt this important funding avenue to the government and other GREs. Tariff Control Constrains SCP: An upward revision of EVN's SCP is contingent on consistent application of electricity regulatory reforms, including a record of timely tariff adjustments that reflect cost changes, while EBITDA net leverage remains below 5.0x. Fitch believes that the government's socio-political considerations will continue to influence tariff adjustments. EVN's financial profile can deteriorate faster than its peers' without timely tariff revisions, as it relies on volatile hydropower and high foreign-currency debt, which it does not hedge. Sufficient Headroom in SCP: Fitch expects EVN's SCP headroom to remain healthy, with EBITDA net leverage to remain around 2.5x in the medium term. Fitch expects the company to generate around VND75 trillion-80 trillion in operational cash flow a year over 2025-2027. However, free cash flow (FCF) is likely to remain marginally negative due to high capex. The company will fund the capex through a mix of internal accruals and additional borrowings. Softer Power Demand: Fitch forecasts electricity demand to grow by 4.5% in 2025, slower than the 9% in 2024 due to expectations of milder weather. Fitch expects electricity demand to remain high at about 7% in the medium term, underpinned by the country' strong economic growth. Fitch forecasts GDP growth of 5.6% in 2025 and 5.3% in 2026. Satisfactory Leverage: Fitch expects EVN's EBITDA net leverage to remain at around 2.5x (2024: 2.5x) due to the impact of the two tariff hikes of 4.8% each in October 2024 and May 2025, along with the relatively lower cost of fuels of which coal forms the majority. Steady leverage is supported by an increase in EVN's EBITDA to nearly VND100 trillion by 2026 by its estimates, balancing its large investment plans. Energy Transition Drives Higher Capex: Fitch expects EVN's capex to rise to an average of around VND80 trillion a year over 2025-2027 (2024: VND76 trillion). The government's Power Development Plan 8, which was revised in early 2025, requires EVN to prioritise enhancing its transmission and distribution infrastructure to accommodate additional renewable capacity in the next few years. Fitch expects independent power producers to drive the renewable capacity additions. Fitch believes EVN has flexibility to adjust investments if demand growth is softer than it expected. Peer Analysis EVN's ratings are equalised with those of its parent, the Vietnamese sovereign, and will remain equalised even if its SCP falls by multiple notches, below the sovereign rating, or if Fitch's 'Very Strong' assessment for both decision-making and oversight and contagion risk factors changes to 'Strong'. Fitch sees the likelihood of these changes as a remote prospect in the medium term. EVN's assessment is similar to PT Perusahaan Listrik Negara (Persero) (PLN, BBB/Stable) and Korea Electric Power Corporation (KEPCO, AA-/Stable), which have comparable state linkages. EVN and PLN have 'Very Strong' assessments for decision-making and oversight, as they are wholly state-owned entities and their strategies, operations and investment are subject to a very high degree of government control and influence. KEPCO is assessed as 'Strong', reflecting sovereign ownership of around 51% and less involvement in business and policy decisions. EVN is assessed as 'Strong' on precedents of support as it has received guarantees, step-down loans, loans from state-owned banks at preferential rates, project subsidies and tax incentives. In comparison, PLN is assessed as 'Very Strong', as the Indonesian government supports PLN through various mechanisms, including subsidy reimbursements for electricity sold under the state's public-service obligation mandate. The 'Strong' assessment of EVN's preservation of government policy role takes into consideration a default that could disrupt continued provision of electricity availability in the country, a key public service. PLN's and KEPCO's 'Very Strong' assessment reflect their significant majority in electricity generation in their respective countries, in addition to owning the entire transmission and distribution network, hence any default would severely disrupt the entire energy value chain in their respective countries. The 'Very Strong' assessment of contagion risks, for all three entities, reflects its expectation that a default would affect the availability and cost of financing for the state and other GREs, as all three companies are key borrowers in their respective countries. Key Assumptions Fitch's Key Assumptions Within the Rating Case for the Issuer: - Installed generation capacity of EVN to increase to 33GW by end-2026, from 30GW in 2024; - System losses of around 7% (2024: 7%); - Electricity sales volume to increase by 4.5% in 2025, and by 7% from 2026; - Average electricity tariffs to increase by 4% to VND2,117/kWh in 2025 and by 2% a year in 2026 and 2027; - Capex to increase to around VND76 trillion-80 trillion a year during 2025-2027 (2024: VND76 trillion). RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Positive rating action on the sovereign. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Negative rating action on the sovereign. For the sovereign rating of Vietnam, the following sensitivities were outlined by Fitch in its Rating Action Commentary of 20 June 2025: Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - External Finances: A sharp reduction in FX reserves associated with pressure on the exchange rate, contributing to a weaker net external creditor position. - Public Finances: Expectation of significantly higher fiscal deficits, crystallisation of contingent liabilities on the sovereign's balance sheet, or reduced confidence in medium-term growth prospects, which would lead to a significant rise in government debt/GDP. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Macroeconomic Policy and Performance: Sustained high growth, without the creation of economic vulnerabilities, that reduces the GDP per capita gap with rating peers, and strengthening of the economic policy framework and improving transparency of policy decisions and data. - Public Finances: Significant reduction in fiscal risks, particularly those associated with contingent liabilities, stemming from the large SOE sector and the broader high leverage of the economy. Liquidity and Debt Structure EVN had VND91 trillion of cash at end-2024, against current debt maturities of VND48 trillion. Fitch estimates EVN will generate an average of VND75 trillion-80 trillion of operational cash flow a year during 2025-2027 (2024: VND77 trillion). Fitch expects EVN's cash generation to be sufficient to manage its debt maturities, which will not exceed VND50 trillion a year over the next three years. However, Fitch expects FCF to be marginally negative due to high capex plans over the next three years. EVN is likely to use a mix of internal funds and external borrowings to fund its capex. Fitch believes the company can secure adequate funding, because of its close linkages with the sovereign. Issuer Profile EVN is a monopoly in the electricity transmission, distribution and supply sectors. It owns 38% of Vietnam's electricity generating capacity as of end-2024. Its electricity transmission business is via fully owned subsidiary National Power Transmission Corporation (BB+/Stable, SCP: bb+). It distributes power via five wholly owned, distributions companies rated 'BB+'/Stable and 'bb' SCP. Public Ratings with Credit Linkage to other ratings The ratings of EVN are directly linked to the credit quality of its parent, the sovereign. A change in Fitch's assessment of the credit quality of the parent will result in a change in the rating on EVN. 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 ----------- ------ ----- Vietnam Electricity LT IDR BB+ Affirmed BB+ ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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