250902.mbx

250902.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 Tuesday, September 2, 2025, Vol. 28, No. 175 Headlines A U S T R A L I A HAMILTON ELEVATORS: First Creditors' Meeting Set for Sept. 5 NPMD PROPERTY: First Creditors' Meeting Set for Sept. 8 OPTIMISED ENGINEERING: First Creditors' Meeting Set for Sept. 8 OZB GROUP: First Creditors' Meeting Set for Sept. 5 PUBLIC HOSPITALITY: Adgemis Taps Waterhouse to Deal with ATO TEMPUS CIVIL: First Creditors' Meeting Set for Sept. 8 UNITED GLOBAL: ASIC Bans Former Financial Adviser for 6 Years C H I N A AIXIN LIFE: Reports $352K Net Loss for Fiscal Q2, Revenue Falls 65% YUZHOU GROUP: Narrows First-Half Loss to CNY5.63 Billion I N D I A AAREY DRUGS: ICRA Keeps B+ Debt Ratings in Not Cooperating ABHYUDAYA GREEN: ICRA Withdraws B+ Rating on INR7.35cr Term Loan ADITYA CONSTRUCTIONS: ICRA Keeps D Ratings in Not Cooperating AGS TRANSACT: NCLT Admits Company Into Insolvency Proceedings AKS ALLOYS: ICRA Keeps D Debt Ratings in Not Cooperating Category BARANI FERROCAST: ICRA Keeps B- Debt Ratings in Not Cooperating CHEEMA SPINTEX: ICRA Keeps D Debt Ratings in Not Cooperating CHHEDA ELECTRICALS: ICRA Keeps B+ Debt Ratings in Not Cooperating DAFTARI AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating DARYA SHIPPING: ICRA Downgrades Issuer Rating to B+ DHANDU MARIAMMAN: ICRA Keeps B Debt Ratings in Not Cooperating GNI INFRASTRUCTURE: ICRA Keeps B+ Debt Rating in Not Cooperating H.K. AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category K.K. LEISURES: ICRA Keeps B- Debt Ratings in Not Cooperating KARIMNAGAR MUNICIPAL: ICRA Keeps B+ Long-Term Issuer Rating KAVERI COTEX: ICRA Lowers Rating on INR14cr LT Loan to D KESHAV HOLIDAY: ICRA Keeps B+ Debt Rating in Not Cooperating KISH EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating LAMPEX ELECTRONICS: ICRA Keeps D Debt Ratings in Not Cooperating NIRWANA HOTELS: ICRA Keeps D Debt Ratings in Not Cooperating P N RAO: ICRA Keeps B+ Debt Ratings in Not Cooperating Category RAM RICE: ICRA Lowers Rating on INR65cr LT Loan to D SHAKUMBHRI PULP: ICRA Lowers Rating on INR4.90cr LT Loan to C SICAL CONNECT: ICRA Keeps D Debt Rating in Not Cooperating SICAL LOGIXPRESS: ICRA Keeps D Debt Ratings in Not Cooperating SUPERFINE ALUMINIUM: ICRA Keeps D Debt Rating in Not Cooperating SUPERTECH REALTORS: SC Asks Former IB Officer's View in IBC Case VERSATILE ENGINEERS: ICRA Reaffirms B+ Rating on INR11cr Loan ZENICA CARS: ICRA Keeps D Debt Rating in Not Cooperating Category I N D O N E S I A MEDCO ENERGI: Moody's Raises CFR to Ba3 & Alters Outlook to Stable M A L A Y S I A MCOM HOLDINGS: Auditors Flag Going Concern Uncertainty PESTEC INTERNATIONAL: Granted Waiver From PN17 Classification N E W Z E A L A N D BSM CARTAGE: BDO Christchurch Appointed as Receivers DYNAMIC FLUID: Court to Hear Wind-Up Petition on Oct. 24 GOGI KITCHEN: Court to Hear Wind-Up Petition on Oct. 3 HB MOBILE: BDO Christchurch Appointed as Receivers MLS GROUP: BDO Christchurch Appointed as Receivers MULCHING CRUSHING: BDO Christchurch Appointed as Receivers P A P U A N E W G U I N E A PNG POWER: Is Insolvent, Owes AUD1.5 Billion S I N G A P O R E ARIS STUDIO: Court to Hear Wind-Up Petition on Sept. 12 DGM PTE: Court Enters Wind-Up Order EDLUTION PTE: Court Enters Wind-Up Order FLAGSHIP CAPITAL: Creditors' Proofs of Debt Due on Sept. 25 JGEC PTE: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= HAMILTON ELEVATORS: First Creditors' Meeting Set for Sept. 5 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Hamilton Elevators (Vic) Pty Ltd will be held on Sept. 5, 2025 at 10:00 a.m. via Videoconference Only. Roberto Crispino and Richard Albarran of Hall Chadwick were appointed as administrators of the company on Aug. 26, 2025. NPMD PROPERTY: First Creditors' Meeting Set for Sept. 8 ------------------------------------------------------- A first meeting of the creditors in the proceedings of NPMD Property Investments Pty Limited will be held on Sept. 8, 2025 at 12:00 p.m. via Microsoft Teams. David Henry Sampson of BPS Recovery was appointed as administrator of the company on Aug. 27, 2025. OPTIMISED ENGINEERING: First Creditors' Meeting Set for Sept. 8 --------------------------------------------------------------- A first meeting of the creditors in the proceedings of Optimised Engineering Solutions Pty Ltd will be held on Sept. 8, 2025 at 10:00 a.m. via virtual meeting facilities. Abdul Chambal and Matthew Hudson of SV Partners were appointed as administrators of the company on Aug. 27, 2025. OZB GROUP: First Creditors' Meeting Set for Sept. 5 --------------------------------------------------- A first meeting of the creditors in the proceedings of OZB Group Pty Limited will be held on Sept. 5, 2025 at 10:00 a.m. at the offices at Bernardi Martin, at Ground Floor 195, Victoria Square, in Adelaide, SA. Michael Dirk Hawker van Dissel of Bernardi Martin was appointed as administrator of the company on Aug. 26, 2025. PUBLIC HOSPITALITY: Adgemis Taps Waterhouse to Deal with ATO ------------------------------------------------------------ The Australian Financial Review reports that embattled hospitality entrepreneur Jon Adgemis is calling in tax dispute specialist Tania Waterhouse to help manage his looming battle with the Australian Taxation Office (ATO). According to the Financial Review, Mr. Adgemis is fighting to avoid bankruptcy over AUD1.8 billion of debts owed to creditors, largely personal guarantees on money he borrowed in his attempts to build a pub and hotel empire. The Financial Review relates that the former KPMG dealmaker is disputing debts the ATO claims many of his companies owe. Tax authorities claim they are owed AUD162 million by Mr. Adgemis. Much of the debt is made up of director penalty notices. Documents seen by The Australian Financial Review show potential ATO debts of just under AUD300 million across 27 companies. Mr. Adgemis denies any tax fraud. A trustee's report to creditors noted Mr. Adgemis has "advised that he intends to lodge objections in respect to the tax assessments". The Financial Review relates that sources said Mr. Adgemis is in discussions with Ms. Waterhouse to deal with his fight with the ATO. Ms. Waterhouse is a former director at the ATO, having worked there for a decade until 2012. She started her own firm Waterhouse Lawyers in 2014. The firm also hired former ATO deputy commissioner Michael Cranston in 2019. Mr. Cranston spent 40 years at the tax office but resigned in 2017 after he was formally charged for using his position to help his son Adam Cranston, who was being investigated and was subsequently found guilty of his role in a AUD105 million tax fraud. Michael Cranston was found not guilty in 2019. The Financial Review notes that Mr. Adgemis founded Public Hospitality in 2021, accumulating a large portfolio of pubs and development projects across Sydney and Melbourne. Financing difficulties left it on the brink of collapse last year, only for part of his business to be rescued in a refinancing agreement led by Deutsche Bank. But the unwinding of Public Hospitality left Mr. Adgemis on the verge of bankruptcy, which he has tried to avoid by proposing a personal insolvency deal under which creditors would be paid 0.15¢ in the dollar, the Financial Review states. His investors are chasing him for AUD1.8 billion, on top of the liabilities of his businesses. On Aug. 29, a vote to decide on a personal insolvency agreement was adjourned for the second time after the bankruptcy regulator forced Mr. Adgemis's trustee WLP Restructuring to delay the decision until October 9. The Financial Review says the delay places an ever-darker cloud over a refinancing of Deutsche Bank's debt as well as a rescue plan Mr. Adgemis has been trying to pull off for several venues that fell into administration last year. This includes Oxford House, The Exchange, The Norfolk, The Strand Hotel and Camelia Grove Hotel, all hotels in Sydney. Last September, New York lender Muzinich & Co called in insolvency specialists FTI Consulting as receivers for the five pubs, and BDO as administrator of Public Lifestyle Management, the operating company behind the assets, recalls the Financial Review. Mr. Adgemis paid two cash instalments, around AUD1 million, as part of a deed of company arrangement earlier this year. The final component was AUD6.7 million in convertible notes, arranged by Ben Madsen's Archibald Capital, which were handed in to administrators BDO in July. The money has been earmarked by administrators to pay staff who are owed entitlements, including superannuation. According to a report by BDO in December, staff were owed around AUD4.5 million, the Financial Review discloses. In June, BDO signalled it was beginning to verify outstanding superannuation payments via the ATO with money it had received up to that point from Mr. Adgemis. However, the future of the convertible notes is unclear, the Financial Review states. They were supposed to convert to cash by September 30. The supplementary report to Mr. Adgemis' creditors said "the primary contribution under the DOCA relates to convertible notes, which, based on our investigations, appear to hold little value". Archibald has significant exposure to Public after lending to Mr. Adgemis to help renovate venues. Mr. Madsen told the creditors meeting on Aug. 29 he was significantly impacted by the vote delay. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 19, 2024, pub baron Jon Adgemis' embattled Public Hospitality Group has taken another hit with receivers and external managers appointed at five of his Sydney hotels, including Oxford House and The Strand Hotel. Insolvency specialist FTI Consulting has stepped in as receivers and managers to operate Public's hip Redfern pub The Norfolk, Oxford House in Paddington and Darlinghurst's The Strand Hotel, as well as Alexandria's Camelia Grove Hotel and The Exchange Hotel, also in Darlinghurst, Good Food said. The pubs will be sold as soon as possible. Duncan Club and Andrew Sallway of BDO advisory firm have also been appointed voluntary administrators at affiliated companies including Public Lifestyle Management Pty Ltd, Good Food added. TEMPUS CIVIL: First Creditors' Meeting Set for Sept. 8 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Tempus Civil Consulting Pty Ltd will be held on Sept. 8, 2025 at 10:30 a.m. via teleconference only. John Vouris, Richard Albarran and Brent Kijurina of Hall Chadwick were appointed as administrators of the company on Aug. 27, 2025. UNITED GLOBAL: ASIC Bans Former Financial Adviser for 6 Years ------------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has banned Milutin Petrovic for six years from providing financial services, controlling (whether alone or in concert with one or more other entities) an entity that carries on a financial services business and performing any function involved in the carrying on of a financial services business. ASIC found that Mr. Petrovic failed key advice obligations when recommending clients to invest their retirement savings into financial products related to his licensee, United Global Capital Pty Ltd (UGC). Mr. Petrovic provided advice to his clients which involved setting up a self-managed superannuation fund (SMSF) and then investing a significant portion of their retirement savings in the Global Capital Property Fund Limited (GCPF), a related property investment company now in liquidation. ASIC found that Mr. Petrovic asserted to clients that he was only providing limited advice as they sought ‘execution only advice', despite telling clients he was required to act in their best interests and providing comparisons to the client regarding their individual existing superannuation fund/s and the recommended SMSF and GCPF investment. The comparison included demonstrating to clients that they would be so many dollars better off by switching superannuation investment. Mr. Petrovic was found to have: * not acted in his clients' best interests * not provided advice that was appropriate * not prioritised his clients' interests ahead of UGC, his licensee's, interests * made statements that were likely to be misleading, and * gave defective Statements of Advice. ASIC also found that by purporting to limit the advice in the manner he did, Mr. Petrovic provided clients with Statements of Advice that were defective and therefore engaged in misleading and deceptive conduct regarding acting in clients' best interests and estimates of future return representations of GCPF. Mr. Petrovic has applied to the Administrative Review Tribunal for a review of ASIC's decision. Mr. Petrovic had also applied for stay and confidentiality orders and that application has been withdrawn. The substantive review application was heard on June 30 and July 1 and July 2, 2025. The decision has been reserved. The banning took effect from January 15, 2025, was stayed on an interim basis on February 28, 2025, and resumed on March 26, 2025 when that stay was dissolved. UGC clients should consider seeking independent advice (with no connection to UGC) in relation to their own circumstances. ASIC has issued warnings to consumers to be wary of high pressure sales tactics and online advertisements to lure consumers into receiving inappropriate superannuation switching advice. On June 3, 2024, ASIC banned UGC's director and key person/responsible manager Joel Hewish for ten years and cancelled UGC's Australian financial services licence. Mr. Hewish sought a review of ASIC's decision to ban him in the Administrative Review Tribunal. On August 4, 2025, the Administrative Review Tribunal upheld ASIC's decision to ban Mr. Hewish for ten years. Mr. Hewish may seek to appeal that decision. On June 20, 2024, ASIC obtained interim orders from the Federal Court freezing the assets of UGC and GCPF. On July 5, 2024, UGC entered into voluntary administration and on August 9, 2024 UGC's creditors resolved to wind-up the company and appoint David Stimpson of SV Partners as liquidator. The United Global Capital Pty Ltd (in liquidation) page contains information on this matter. On September 9, 2024, ASIC applied to appoint provisional liquidators and to wind-up GCPF. On October 3, 2024, the Federal Court made orders to wind-up GCPF and appoint Ross Blakely and Kelly-Anne Trenfield of FTI Consulting as liquidators. UGC operated as an Australian financial services business based in Melbourne which has held AFS licence no. 496179 since August 18, 2017. Mr. Hewish became a director of UGC on November 8, 2011 and had been the key person on the licence since August 18, 2017. Mr. Hewish was an authorised representative of UGC from August 21, 2017 to July 26, 2024. ASIC made interim stop orders on July 5 and July 21, 2022, (respectively), preventing the offer of shares under GCPF's prospectus as well as further interim stop orders on August 29 and September 13, 2022 (respectively) preventing the issue of shares due to a deficient target market determination. ========= C H I N A ========= AIXIN LIFE: Reports $352K Net Loss for Fiscal Q2, Revenue Falls 65% ------------------------------------------------------------------- AiXin Life International, Inc., filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $351,505 for the three months ended June 30, 2025, compared to a net loss of $176,783 for the three months ended June 30, 2024. Total revenue for the three months ended June 30, 2025, was $460,929, compared to a revenue of $1.33 million for the same period in 2024. For the six months ended June 30, 2025, the Company reported a net loss of $1.07 million, compared to a net loss of $780,383 for the same period in 2024. Revenue for the six months ended June 30, 2025, was $859,760 compared to a revenue of $2.18 million for the same period in 2024. As of June 30, 2025, the Company had $3.35 million in total assets, $8.80 million in total liabilities, and $5.45 million in total stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3w7dfrzr About AiXin Life International Sichuan Province, China-based AiXin Life International, Inc. is a Colorado holding company and conducts substantially all of its operations through its operating companies established in the People's Republic of China, or the PRC. The Company focuses on providing health and wellness products to the growing middle class in China. It currently develops, manufactures, markets, and sells premium-quality healthcare, nutritional products, and wellness supplements, including herbs and greens, traditional Chinese remedies, functional products such as weight management products, probiotics, foods, and drinks. The Company also provides advertising and marketing services to clients who engage us to market and distribute their products. Irvine, California-based YCM CPA INC., the Company's auditor, issued a "going concern" qualification in its report dated May 6, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company had a working capital deficit as of December 31, 2024 and a net loss and negative cash flows from operations for the year ended December 31, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $4,406,360 in total assets against $8,688,763 in total liabilities. YUZHOU GROUP: Narrows First-Half Loss to CNY5.63 Billion -------------------------------------------------------- The Standard reports that Yuzhou Group Holdings Co. narrowed its net loss by 10 percent to CNY5.63 billion (HK$6.1 billion) in the six months through June. Revenue plunged 62.4 percent to CNY6.4 billion in the six months compared to the same period last year, The Standard discloses. Contracted sales also slid 14.2 percent to CNY3.73 billion. About Yuzhou Group Yuzhou Group Holdings Co. (HKG:1628) -- https://www.yuzhou-group.com/ -- engages in the property development and investment business in the People's Republic of China and Hong Kong. The Chinese builder failed to pay $2.9 billion of dollar notes with interest as of the end of 2023 and is undergoing restructuring in Hong Kong and Cayman Islands, Bloomberg reported. Yuzhou Group sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 4-11441) on Aug. 22, 2024. The Honorable Bankruptcy Judge Lisa G Beckerman oversees the case. Yuzhou Group filed for Chapter 15 bankruptcy to seek U.S. court recognition for debt restructuring in Hong Kong and ward off litigation. ========= I N D I A ========= AAREY DRUGS: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Aarey Drugs & Pharmaceuticals Limited (ADPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 30.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 15.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with ADPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. ADPL was incorporated in the year 1990 as a private limited company in the name of Niharika Textiles & Chemicals Private Limited.In1993, the Aarey Group, owned by Ghatalia Family, took over the company and renamed it to Aarey Drugs& Pharmaceuticals Limited. During the same year, the company was converted into a public limited company with the shares being listed on the BSE. The company was engaged in the business of manufacturing and trading of chemical products, solvents and drug intermediaries till 2009. From 2009, the company's plant at Tarapur had remained shut for upgradation-cum expansion; the company has been focusing only on trading of chemical products, solvents and drug intermediaries since then. However, the company has obtained all the requisite approvals for the upgraded plant and has resumed operations from September 2016. ABHYUDAYA GREEN: ICRA Withdraws B+ Rating on INR7.35cr Term Loan ---------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Abhyudaya Green Economic Zones Private Limited, at the request of the company and based on the No Due Certificate/Closure Certificate received from its lenders. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.35 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Term Loan Incorporated in 2013, Abhyudaya Green Economic Zones Private Limited is setting up a 4.00 MW (AC) grid connected solar PV power plant in Chevella Village, Ranga Reddy District, Telangana. The operations are being managed by Dr. Vijay Kolaventy, who has more than 25 years of experience in Information Technology, Information Technology Enabled Services, Renewable Energy and Energy Efficiency services. AGEZPL has signed PPA with TSSPDCL at a tariff rate of INR6.49/- valid for 20 years. The total cost of solar power plant is INR29.37 crore which is funded by INR7.34 crore of equity, INR7.35 crore of term loan and INR14.68 crore by IFCI in the form of Optionally Convertible Debentures (OCD). The expected COD of the plant was March 2016. ADITYA CONSTRUCTIONS: ICRA Keeps D Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the long-term and Short-term ratings of Aditya Constructions in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/ 10.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term- COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Aditya Constructions, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Aditya Constructions was established in 2012 as a proprietorship concern and is engaged in trading of Steel, Granite processing and trading and execution of minor construction projects under the capacity of subcontractor. Mr. Ramesh Reddy is the Proprietor of the firm. Mr. Reddy is a B. Tech graduate and has prior experience of 15 years in the same field. AGS TRANSACT: NCLT Admits Company Into Insolvency Proceedings ------------------------------------------------------------- The Economic Times of India reports that the bankruptcy court in Mumbai has admitted AGS Transact Technologies for corporate insolvency resolution process (CIRP) on an application filed by the listed payment solution company's operational creditor Securitrans India Pvt Ltd. The National Company Law Tribunal (NCLT) has also appointed Brijendra Kumar Mishra as the interim resolution professional of the company, ET discloses. The company's vendor, Securitrans India, approached the tribunal in December last after the company failed to pay its dues of about INR2.37 crore, ET recalls. As per the stock exchange filing, the company had reported revenue of INR1,043 crore and a loss of INR70 crore in FY24. In 2022, AGS Transact was listed on the bourses by raising about INR680 crore from investors, ET discloses. AGS Transact is a provider of an integrated omnichannel payment solution across diverse sectors in India and in the manufacturing and supply of ATMs. AKS ALLOYS: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the long-term and short-term rating of AKS Alloys Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING /[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 14.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 10.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Short Term- (5.00) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with AKS Alloys Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2000, AKS Alloys Private Limited is engaged in manufacturing steel ingots and trading steel scrap/ingots. The Company operates a steel ingot manufacturing facility with a capacity of 18,000 tonnes per annum (TPA), at Pondicherry. BARANI FERROCAST: ICRA Keeps B- Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the long-term rating of Barani Ferrocast Private Limited (BFPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B-(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 3.65 [ICRA]B- (Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Fund based- 5.72 [ICRA]B- (Stable) ISSUER NOT Term Loan COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Unallocated 4.63 [ICRA]B-(Stable);ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with BFPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. BFPL is involved in the business of manufacturing ferrous castings using green sand molding and no bake molding process, based on the customer requirements. The company was incorporated in FY2011 and started commercial operations from FY2014. The company is led by Mr. T K Karuppannasamy and Mr. K Devaraj whose experience in the metal industry spans over two decades. The company has a production shop floor area of 2020 sq. mt. and services floor area of 210 sq. mt. to carry out the molding process. The company focuses on manufacturing intricate engineering parts that caters to various sectors like automobiles, power, general machinery etc. CHEEMA SPINTEX: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term and Short-Term ratings of Cheema Spintex Limited (CSL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 33.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 15.70 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 15.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with CSL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1994, CSL was set up as a 100% export-oriented unit by Mr. Harbhajan Singh Cheema and Mr. Hardyal Singh Cheema, in association with Punjab State Industrial Development Corporation (PSIDC). The company manufactures combed and carded cotton yarn in counts ranging from 20s to 30s; and has an installed capacity of 30,240 spindles. CSL exports its products mainly to Hong Kong, Taiwan, Bangladesh, China, South Korea, Singapore, Thailand, Malaysia, and Canada. In 2009-10, due to erosion of 100% of its net worth, the company had filed an application with the Board for Industrial and Financial Reconstruction (BIFR) for declaration of the company as sick under the Sick Industrial Companies Act (SICA). CHHEDA ELECTRICALS: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-Term ratings of Chheda Electricals And Electronics Pvt. Ltd. (CEPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 16.98 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 18.02 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with CEPL. ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 1995, CEPL is engaged in manufacturing products like flywheel magneto, electronic ignition unit (CDI+ ignition coil), regulator-rectifier, solid state flasher, ignition module, ignition coils, and ultracapacitor-based battery for two-wheeler automotive applications. The company was founded by Mr. Vijay Chheda and primarily provides electronic components to major two-wheeler manufacturers in India, such as TVS Motors, Bajaj Auto Limited and Hero Motocorp Limited, among others. CEPL's two manufacturing plants are located at Palshi near Pune, Maharashtra, and at Roorkee in Uttarakhand. DAFTARI AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term rating for the Bank facilities of Daftari Agro Private Limited (DAPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable);ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 1.75 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 7.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with DAPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1994, Daftari Agro Private Limited (DAPL) promoted by the Daftari family is engaged in cultivation, breeding, processing, cleaning, grading and preservation of certified seeds like oil seeds, soya bean seeds, pulses seeds, paddy seeds, hybrid cotton seeds, wheat seeds, vegetable seeds, maize seeds, fodder seeds, etc. which is then supplied to distributors under the brand 'Daftari' across the country and more particularly in Maharashtra. DARYA SHIPPING: ICRA Downgrades Issuer Rating to B+ --------------------------------------------------- ICRA has downgraded and moved the ratings of Darya Shipping Private Limited (DSPL) to the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Issuer Rating 0.00 [ICRA]B+ (Stable) ISSUER NOT COOPERATING; Rating downgraded from [ICRA]BB- (Stable) and moved to Issuer Not Cooperating category The rating is based on limited cooperation from the entity since the time it was last rated in May 2024. As a part of its process and in accordance with its rating agreement with DSPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Darya Shipping Private Limited (DSPL), incorporated in 2017, is a shipping solutions company. DSPL has experience in outsourced management of maritime assets, as well as, technical, workforce and commercial support services. DSPL provides various of customized solutions to ship owners and operators, across the world. DHANDU MARIAMMAN: ICRA Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term of Dhandu Mariamman Steels in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.50 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term 0.50 [ICRA]B (Stable); ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Dhandu Mariamman Steels, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Dhandu Mariamman Steels is a trader in ferrous and nonferrous scrap which is widely used in foundries; the firm supplies metal scrap to some of the leading foundries located in and around Coimbatore, Tamilnadu. The firm mainly deals in trading of cast iron scrap that is suited for foundries catering to manufacturing of pumps, automotive parts and general machineries. The firm commenced operations in the year 2007 and is managed by M. P. Mohanraj who is the sole proprietor. GNI INFRASTRUCTURE: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------------- ICRA has kept the long-term ratings of GNI Infrastructure Private Limited (GIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 17.00 [ICRA]B+(Stable); ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with GIPL, ICRA has been trying to seek information from the entity to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of the requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in August 2007 as private limited company, GIPL is registered as Class 1-A contractors with PWD, Maharashtra. It is involved in infrastructure development activities viz. construction, repair and maintenance of roads, bridges, highways, railways and other public infrastructures for Government, semi-Government and autonomous bodies. H.K. AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-term and Short-term rating for the bank facilities of H.K. Agro Impex in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 3.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 2.38 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term- 1.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term/ 3.62 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with H.K. Agro Impex, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 2014, H.K Agro Impex is a proprietorship firm managed by Mr. Mohammed Ansari. The firm is engaged in processing cashew kernels from raw cashew nuts. The firm has its processing unit in Mangalore, Karnataka with an installed capacity of processing 60 bags of raw cashew nuts per day as on August 2016. K.K. LEISURES: ICRA Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-term rating for the bank facilities of K.K. Leisures & Tourism International Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B-(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 14.27 [ICRA]B- (Stable) ISSUER NOT Fund Based/CC COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 0.73 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with K.K. Leisures & Tourism International Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. K.K. Leisures & Tourism International Private Limited, incorporated in 2007, owns and operates hotels across Kerala. The Company has three hotels under the name –Broad Bean; of which two hotels are located in Kannur district and a resort in Munnar district. During September 2013, the promoters of the company acquired a 3-star property in Kochi –Broad Bean, Vytilla (erstwhile Nyle Plaza), which was later upgraded to a 4-star hotel and operates as a subsidiary of KKLT. The group enjoys moderate brand equity due to its operational history of over a decade of the 'Broad Bean' chain. KARIMNAGAR MUNICIPAL: ICRA Keeps B+ Long-Term Issuer Rating ----------------------------------------------------------- ICRA has kept the Long-term rating of Karimnagar Municipal Corporation (KMC) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". As part of its process and in accordance with its rating agreement with Karimnagar Municipal Corporation, ICRA has been trying to seek information from the entity so as to monitor its performance. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. The KMC, an urban local body, was upgraded to a Municipal Corporation in 2005 from a selection-grade municipality. The ULB provides municipal services to the city of Karimnagar, situated in the Karimnagar district of Telangana and is governed by the Telangana Municipalities Act 2019. It covers an area of 65.83 sq. km. and serves a population of 3.5 lakh (projected for FY2021). The limits of the ULB have been expanded in 2019 as eight nearby villages were merged with the ULB. Its major functions include water supply, solid waste management and construction, repair and maintenance of roads and streetlights in its area. The ULB is divided into 60 municipal wards and is governed by an elected body (Council), headed by a Mayor, while the Commissioner acts as the chief executive, overseeing its everyday functioning. KAVERI COTEX: ICRA Lowers Rating on INR14cr LT Loan to D -------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Kaveri Cotex Private Limited (KCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 14.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating downgraded from Cash Credit [ICRA]B (Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Long-term- 0.28 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating downgraded from Term Loan [ICRA]B (Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Unallocated 0.47 [ICRA]D; ISSUER NOT COOPERATING; Limits Rating downgraded from [ICRA]B (Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Rationale Material Event The rating of KCPL is downgrade reflects Delay in Debt Repayment as mentioned in the Publicly available sources. Impact of material event The rating is based on limited information on the entity's performance since the time it was last rated in May 2024. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Kaveri Cotex Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2006, Kaveri Cotex Private Limited (KCPL) is engaged in the cotton ginning and pressing business. The company is currently managed by the two directors, Mr. Hasmukhbhai Patel and Mr. Vinodbhai Ranipa. The company's manufacturing facility is located at Moti Banugar in Jamnagar, Gujarat. It currently has 38 ginning machines and one pressing machine (automatic) with an installed production capacity of 400 cotton bales per day (24-hour operation). KESHAV HOLIDAY: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the long-term rating of Keshav Holiday Resort Private Limited (KHRPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 50.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with KHRPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1992, KHRPL was founded by Mr. Shankar Chaudhary. The company opened India's first water park in 1993by name of Shanku's in Mehsana, Gujarat. The water park has a capacity to accommodate 11,000 visitors per day and offers39 rides. The company concluded a capex of ~Rs. 180 crore in FY2020 to install new rides and modernise the water park. KHRPL also has a 3-star hotel named The Retreat, which has 71 rooms, 2-restaurant along with liquor store, natural healthcare centre, catering services, Shanku's Entertainment etc. KHRPL is a part of the Shanku's Group, which also has interest in hospital/medical, pharma, fertilizers, education and agricultural products businesses. In FY2020 (provisional financials), the firm reported a profit (profit before tax) of INR8.9 crore on an operating income of INR34.4 crore, as compared to a net profit of INR2.8 crore on an operating income of INR25.6 crore in FY2019. KISH EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Kish Exports Limited (KEL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 1.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with KEL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. KEL was incorporated in 1993. The company, promoted by Mr. M.K. Lakhwani and Ms. Sanjana Samtani, manufactures and exports all types of woven garments for ladies and kids segments. KEL derives 90% of its revenues from sales of ladies garments, 5% from kids garments and the remaining 5% from accessories. The company deals in garments made of different fabrics like cotton, linen, silk, mosscrepe, georgette, Y/D plaids etc., which are procured from Surat and South India and some from Delhi NCR. The designing of garments is done in-house based on the instructions/designs approved by customers. Most of the garment manufacturing for KEL is done by Ishvar International, which is a Group company (proprietorship firm with Mrs. Lakhwani as proprietor). The entire cutting, finishing and packing of garments is done in-house. The company mainly exports to the US, the UK and South Africa. LAMPEX ELECTRONICS: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Lampex Electronics Limited (LEL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 22.50 [ICRA]D/[ICRA]D; ISSUER NOT Short Term- COOPERATING; continues to remain Non-Fund Based- under 'Issuer Not Cooperating' Others Category Long Term/ 2.50 [ICRA]D/[ICRA]D; ISSUER NOT Short Term- COOPERATING; continues to remain Unallocated under 'Issuer Not Cooperating' Category Short-term 10.00 [ICRA]D; ISSUER NOT COOPERATING; Non Fund based COOPERATING; continues to remain Others under 'Issuer Not Cooperating' Category Long-term- 50.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based COOPERATING; continues to remain Cash Credit under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with LEL, ICRA has been trying to seek information from the entity to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained noncooperative. In the absence of the requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Lampex Electronics Limited (LEL) was incorporated on 01.04.1991 as a private limited company. In 2002, the constitution of the company was changed to limited company. LEL is engaged in manufacturing of LCD and LCD modules, handheld terminals like spot billing machines, products like cash registers. The company is also involved in providing Electronic Manufacturing Services (EMS) on job work basis. LEL operates through its owned facility located in Kukatpally, Hyderabad. The company has diversified into manufacturing of Set Top Boxes (STBs) in FY2017. NIRWANA HOTELS: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-term rating for the bank facilities of Nirwana Hotels and Resorts Private Limited (NHRPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 2.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 7.77 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term 0.02 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with NHRPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1993, NHRPL is engaged in hospitality services through a single, 59-room resort, "Hoysala Village Resort" ("the resort") located in Hassan, Karnataka, about 200 km from Bangalore. The resort is spread over seven acres completely owned by the promoters, with about 30 cottages, 10 suites, nine villas and 10 palace rooms. Apart from lodging, Hoysala Village Resort offers a variety of other facilities to its guests like a swimming pool, indoor sports, massage and trekking options. The resort also has multi-cuisine restaurant, a spa, a souvenir shop and a café to cater to varied preferences of its domestic and foreign guests. The company is promoted by Mr. K. R Alwa and his family. The promoters have a presence across real estate and agricultural businesses through their other companies, such as Civic India Housing Private Limited and Civic India Mphar Private Limited. P N RAO: ICRA Keeps B+ Debt Ratings in Not Cooperating Category --------------------------------------------------------------- ICRA has kept the Long-term rating for the bank facilities of P N Rao in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 2.70 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with P N Rao, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. P N Rao was incorporated in the year 1923 by Shri P.N. Rao. The company retails in branded suits, shirts and accessories. It is one of the largest suit selling stores in south India. P N Rao group is a leading dealer in textiles, readymade garments and tailor in suits and other accessories. With years of experience and expertise, it is one of the largest stores in Bangalore for purchase or tailoring of suits. Having started its flagship store on MG Road in Bangalore, the group has grown consistently over the last decade with 5 stores in Bangalore and two in Chennai. With consistent growth, the management plans to incorporate more stores in the country and expand its reach to the customers. RAM RICE: ICRA Lowers Rating on INR65cr LT Loan to D ---------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Shri Ram Rice Mills, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 65.00 [ICRA]D; ISSUER NOT Fund Based- COOPERATING; Rating downgraded Cash Credit from [ICRA]B+(Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Rationale Material event The rating downgrade reflects Delay in Debt Repayment as mentioned in publicly available sources. Impact of material event The rating is based on limited information on the entity's performance since the time it was last rated on May 10, 2024. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Shri Ram Rice Mills, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Shri Ram Rice Mills is a partnership firm established in 2004. The firm is involved in milling and sorting of Basmati rice. SRRM's milling unit is in Karnal, Haryana, close to the local grain market. It sells rice in the domestic market under its two registered brands –Shripati Ji and Tauba Tauba. The firm has an installed capacity of 1000 quintal per day for paddy milling and sorting. SHAKUMBHRI PULP: ICRA Lowers Rating on INR4.90cr LT Loan to C ------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Shakumbhri Pulp & Paper Mills Limited (SPPML), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 4.90 [ICRA]C; ISSUER NOT COOPERATING; Fund based Rating downgraded from Cash Credit [ICRA]B+(Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Long-term- 1.20 [ICRA]C; ISSUER NOT COOPERATING; Fund based Rating downgraded from Term Loan [ICRA]B+(Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Short Term- 2.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Rationale Material event SPPML announced its quarterly results for Q1FY2026 on August 13, 2025 wherein, it reported a considerable decline in Interest coverage rate which is 0.96 resulting the lower interest coverage ratio during the quarter. Impact of material event The rating is based on limited information on the entity's performance since the time it was last rated November, 2024. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Shakumbhri Pulp & Paper Mills Limited, ICRA has been trying to seek information from the entity to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained noncooperative. In the absence of the requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. SPPML was incorporated in 1986 and is engaged in the manufacturing of kraft paper at Muzaffarnagar, Uttar Pradesh. Presently, SPPML has an installed capacity of 10,000 Metric Tonnes Per Annum (MTPA); it manufactures kraft paper of 16 burst factors with 80-120 grams per square meter (GSM). The present promoters of the company acquired control of SPPML in 2009 from its erstwhile promoters. Presently, the overall management of the company is with Mr. Arjun Agarwal and family who are also managing the affairs of another paper manufacturing company. The company is undertaking capex in FY16, to expand its capacity to 13,200 MTPA and produce higher quality paper. SICAL CONNECT: ICRA Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term ratings of Sical Connect Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 24.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Sical Connect Limited, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Sical Connect Limited erstwhile known as Norsea Offshore India Limited (Norsea) is a step-down subsidiary of Sical Logistics Limited and is engaged in the business of dredging. The company owned a dredger (total gross block of INR136 crore as on 31stMarch 2018) which it leasesed to its parent, Sical, for the execution of dredging contracts across ports in India. On April 2018, Sical Connect Limited's dredging business was hived off with the entire assets transferred to Sical Logistics Limited. On July 25, 2019 the company's name was changed from Norsea Offshore India Limited to Sical Connect Limited. SICAL LOGIXPRESS: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Sical Logixpress Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 14.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 10.92 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 8.08 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Long-term/ (24.00) [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Interchangeable remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Sical Logixpress Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Sical Logixpress Private Limited (formerly PNX Logistics Private Limited (PNX)) traces its origins to a courier company which started as a proprietary firm in January 2000 with an objective to provide courier/document services. Incorporated in January 2007, Sical Logixpress Private Limited eventually became a private limited company in 2012. Sical Logixpress Private Limited subsequently exited the courier business and currently offers express cargo services pan-India catering to customers majorly in textile, automobile and pharmaceutical industries. Sical Logixpress Private Limited Limited owns a mix of LCV, MCV and HCV vehicles and additionally operates vehicles under lease. The company has a team of 400+ employees working out of various offices across India. Sical Logistics Ltd acquired 60% stake in Sical Logixpress Private Limited in July 2017. The remaining 40% stake is currently held by the founder Mr. Ananthashesha Naganna Hanagal. SUPERFINE ALUMINIUM: ICRA Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- ICRA has kept the long-term rating of Superfine Aluminium Technologies Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 98.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Superfine Aluminium Technologies Pvt. Ltd., ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the afore said policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2015, Superfine Aluminium Technologies Pvt. Ltd is in the process of installing India's first double action aluminium extrusion press with a force of 5,500 meganewton. Through the planned extrusion line, SATPL intends to manufacture specialised aluminium seamless tube products of 15-inch diameter and 20-inch width suited for defence, high rise civil structures, metro rail among others. SATPL is part of the Ahmednagar (Maharashtra) based Superfine group promoted by CA. Ravindra Katariya & CA. Siddharth Katariya. SUPERTECH REALTORS: SC Asks Former IB Officer's View in IBC Case ---------------------------------------------------------------- Informist reports that the Supreme Court on Aug. 29 sought the opinion of former Intelligence Bureau director Rajiv Jain in the insolvency proceedings of Supertech Realtors Pvt. Ltd. as there were allegations of siphoning of homebuyers' money by the real estate company's suspended director Ram Kishore Arora. The top court was hearing Arora's appeal against a National Company Law Appellate Tribunal's Aug. 13 order to uphold insolvency proceedings against Supertech Realtors. On Aug. 29, the apex court remarked that there was not a single project of Arora which was not being investigated by probe agencies, Informist relates. The court observed that Arora has "siphoned crores and crores" of money and not one project has been completed by Supertech Ltd. and its related companies. According to Informist, the top court's remark came after it had in April ordered the Central Bureau of Investigation to register preliminary enquiries into real estate projects launched by Supertech Ltd. and other builders to uncover nexus between banks or financial institutions and builders-cum-developers with respect to projects where homebuyers have paid substantial amounts and projects have not even been launched or construction has not begun. Consequently, the Central Bureau of Investigation had registered a first information report against Supertech Ltd. and other builders in the case in July. The probe in April was ordered in a case where the apex court was hearing a batch of petitions by homebuyers about the disbursement of funds by banks to builders-cum-developers through subvention schemes for various housing development projects in Noida, Greater Noida, Gurugram, and other nearby areas. Further, the Enforcement Directorate in 2023 had alleged that Arora was Supertech Ltd.'s main controlling person who decided to "divert" investors' and homebuyers' "worth crores of rupees to various shell companies," Informist recalls. The Enforcement Directorate had filed a money laundering case against Supertech Ltd. and Arora. The money laundering case arose from as many as 26 first information reports registered by Delhi, Haryana and Uttar Pradesh police against Supertech Ltd. and its group companies on allegations of cheating 670 homebuyers to the tune of INR 1.64 billion. On Aug. 13, the National Company Law Appellate Tribunal had upheld an order by the Delhi bench of the National Company Law Tribunal in 2024 to admit a petition by Bank of Maharashtra to start insolvency proceedings against Supertech Realtors Pvt. Ltd. for a debt of INR1.68 billion. The appellate tribunal dismissed a petition by Ram Kishore Arora, suspended director of Supertech Realtors, against the Delhi tribunal's order. The case pertains to Supertech Realtors approaching a consortium led by Union Bank of India seeking financial assistance to the tune of INR7.36 billion. Out of this, Supertech Realtors requested Bank of Maharashtra to grant credit facilities to the tune of INR1.50 billion for partial financing of development of residential apartments, office, retail and a luxury hotel by the name 'Supernova' in Noida, Uttar Pradesh. In 2012, Bank of Maharashtra had granted a term loan of INR1.50 billion to Supertech Realtors, Informist notes. The term loan was repayable in quarterly instalments in consolidated door-to-door tenor of 10 years and 4 months. Despite repeated reminders from the bank, Supertech Realtors failed to make good the defaults and breaches of the terms and conditions and the accounts were classified as non-performing assets with effect from Sep. 28, 2018. Supertech Realtors is a wholly owned subsidiary of Supertech Ltd., which was already admitted into insolvency on a petition by Union Bank of India in 2021. VERSATILE ENGINEERS: ICRA Reaffirms B+ Rating on INR11cr Loan ------------------------------------------------------------- ICRA has reaffirmed rating to the bank facilities of Versatile Engineers (VE), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 1.50 [ICRA]B+ (Stable); reaffirmed Fund-based- Term loan Long-term 11.00 [ICRA]B+ (Stable); reaffirmed Fund-based- Cash credit Rationale The rating reaffirmation for VE factors in the sustained fall in its revenues owing to declining realisations, amid softening input prices. The rating further remains constrained due to volatility in raw material prices and persistent input cost pressure, which are likely to continue weighing on the company's credit metrics. Additionally, VE faces intense competition within the auto component machining industry and is exposed to the cyclical nature of its end-user segments, particularly the tractor industry. Besides, VE is exposed to inherent risks related to a partnership firm, which include potential capital withdrawals and limited financial flexibility, affecting its capital structure. However, the rating is supported by VE's established operational history spanning over four decades in the auto component manufacturing industry, as well as the domain expertise of its promoters. This has enabled the firm to build a strong and reputed client base, which includes leading industry names such as Mahindra & Mahindra and CNH Industrial, among others. Meanwhile, ICRA notes that revenue from the top-5 customers stood at 87% in FY2025, resulting in high customer concentration risk. VE's capital structure is expected to strengthen, supported by repayment of existing debt and a gradual improvement in internal accruals in the coming years. The Stable outlook reflects ICRA's expectation that the firm will continue to benefit from the experience of the promoters in the auto component industry and its established relationship with reputed original equipment manufacturers (OEMs). Key rating drivers and their description Credit strengths * Established track record of partners in auto components industry: Established in 1969, VE is a part of the Kolhapur-based Versatile Group, offering machining services for automotive components to OEMs and tier-I suppliers. With over four decades of industry presence, VE has built a solid reputation. This long presence in the industry has helped the firm build enduring relationships with a distinguished clientele. * Reputed client profile: For over a decade, the firm has served reputed domestic and international OEMs, along with Tier I suppliers. Its clientele includes prominent names such as Mahindra & Mahindra, the Carraro Group, and Comer Industries. In response to market dynamics, the company shifted its focus towards the domestic segment, where demand has been relatively stable. Credit challenges * Modest financial risk profile: The company reported a 25% year-on-year (YoY) decline in revenue in FY2025, registering INR85.1 crore, compared to INR113.6 crore in FY2024. According to the management, the revenue drop was driven by lower sales volumes due to subdued demand and a decline in realisations owing to softening of raw material prices. The operating profit margin increased to 5% in FY2025 due to lower employee expenses and reduced freight cost. Going forward, VE's capital structure and coverage metrics are expected to improve with repayment of its long-term debt. This apart, VE's overall financial profile is likely to remain average with modest accrual generation and moderate debt levels. * Highly fragmented and competitive industry limits pricing flexibility: The company operates in a highly fragmented and competitive component machining industry in India. This, coupled with modest scale of operations, limits the pricing flexibility of the firm. * Exposed to high client concentration risk: VE's top five customers contributed 87% to its total revenues in FY2025, exposing it to high client concentration risk. However, the risk is mitigated by the healthy profile of the clients and strong relationships that the firm has built with them over the years. * Exposed to inherent cyclicality in agriculture and automotive industries: The firm derives 45-50% of its revenues from tractor components, exposing it to the inherent cyclicality in the agriculture (tractor segment) and automotive industries. * Risks associated with partnership constitution: Given VE's constitution as a partnership firm, it is exposed to inherent risks, including the possibility of capital withdrawal by the partners and the risk of dissolution of the firm upon death, retirement or insolvency of the partners. Liquidity position: Stretched VE's liquidity position continues to be stretched with modest cash and bank balances worth INR0.1 crore as on March 31, 2025. The overall average utilisation of working capital limits stood at 97% in the last twelve months ending in March 2025, resulting in negligible cushion in the working capital limits. Moreover, the firm has debt repayments of over INR2.5 crore in FY2026 amid nominal capex plans. Rating sensitivities Positive factors – ICRA could upgrade the rating if there is an increase in revenue and profitability, strengthening VE's liquidity profile and debt coverage metrics on a sustained basis. Total Debt/OPBDITA of less than 5.0 times on a sustained basis may also lead to a rating upgrade. Negative factors – Pressure on the rating could arise if there is a sustained decline in earnings of the firm or a significant capital withdrawal by the partners, materially affecting VE's liquidity and financial profiles. Versatile Engineers (VE) is a partnership firm established in 1969 in Kolhapur, Maharashtra, specialising in machining services for ferrous castings. Initially founded by Mr. Vitthal Janwadkar and his son, Late Prabhakar Janwadkar, the firm was reconstituted in April 2004 following Mr. Vitthal Janwadkar's retirement and induction of Mr. Yatin Janwadkar. On May 15, 2021, Ms. Beena Janwadkar and Ms. Amruta Janwadkar were also admitted as partners, further strengthening the family-led management. As on March 31, 2025, Ms. Beena Prabhakar Janwadkar holds a 60% stake, Mr. Yatin Prabhakar Janwadkar holds a 30% stake, and Ms. Amruta Yatin Janwadkar holds a 10% stake in Versatile Engineers. VE provides machining services for automotive components to OEMs and Tier-I suppliers. It primarily caters to the tractor industry, although it has some exposure to other auto segments as well. ZENICA CARS: ICRA Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-term rating for the bank facilities of Zenica Cars India Private Limited (ZCIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 150.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with ZCIPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2007, Zenica Cars India Private Limited (ZCIPL) was the first authorised dealership of Audi in Indian automotive market with its first sales showroom located in Gurgaon (Golf Course Road). Company opened its second sales showroom in Delhi's Connaught Place named Audi Delhi Central which commenced its operations in August 2013. The company further expanded by opening pre-owned car showroom (Audi Approved Plus) and service workshop in April 2014 and September 2014 respectively. The company is a part of the Zenica Group which also operates a Porsche dealership, Zenica Performance Cars Private Limited, comprising one Porsche centre in Gurgaon and one Porsche workshop in Chandigarh. Further, the group has diversified interest with presence of iZenica stores (Zenica Lifestyle Private Limited) across the country which are engaged in reselling of Apple, Inc. product. ================= I N D O N E S I A ================= MEDCO ENERGI: Moody's Raises CFR to Ba3 & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings has upgraded the corporate family rating of Medco Energi Internasional Tbk (P.T.) to Ba3 from B1. Moody's have also upgraded to Ba3 from B1 the ratings on the outstanding backed senior unsecured bonds issued by Medco's wholly-owned subsidiaries. These bonds are unconditionally and irrevocably guaranteed by Medco. Moody's also changed the outlook on all ratings to stable from positive. "The upgrade to Ba3 from B1 reflects Medco's improved capacity to absorb future acquisitions given its enhanced scale. It also incorporates Moody's expectations that the company will maintain its strong credit metrics with debt/EBITDA leverage below 3.5x and EBITDA/interest coverage exceeding 3.5x," says Rachel Chua, a Moody's Ratings Vice President and Senior Analyst. RATINGS RATIONALE The Ba3 CFR takes into account (1) Medco's consistent ability to deleverage swiftly following each acquisition; (2) its revenue visibility from fixed-price natural gas sales agreement, which accounts for around 50% of its production; (3) its relative moderate production scale when compared with some of the larger peers and very good liquidity. The CFR also considers the company's judicious deployment of financial policies while pursuing its acquisition strategy. Medco will generate an annual EBITDA of $1.1-$1.2 billion over the next two years, based on Moody's medium-term oil price assumption of $55-$75 per barrel. Given that fixed-price gas account for around 50% of Medco's production, oil price volatility will not affect Medco to the same degree as it will for its peers. Moody's ratings are based on Medco's consolidated financials which include its 100%-owned power subsidiary, Medco Power Indonesia (PT) (MPI). MPI has a growing importance in Medco's energy transition plan and is one of the pillars within the group. The company's proactive liability management with a focus on prepayment along with refinancing continue to support its credit metrics and lengthen its debt maturity profile. Since 2022, Medco has bought back around $1.7 billion of US dollar bonds through a tender offer and subsequent secondary market repurchases, using a mixture of cash and new borrowings. These strengths are counterbalanced by the company's growth appetite through acquisitions and capital investments, limited reserve life and exposure to cyclical commodity prices. The company has spent around $2.5 billion on acquisitions since 2020. This includes the 54% acquisition of Corridor block in South Sumatra in 2022 and Blocks 48 and 60 in Oman in 2023. Moody's note that despite these acquisitions, the company has a track record of acquiring oil and gas fields that are immediately EBITDA accretive. Medco's latest acquisition of Repsol's 24% stake in the Corridor block for $425 million in July 2025 was funded through a mix of debt and cash. Similar to previous acquisitions, the acquisition will immediately add to EBITDA. Moody's also note that Medco's growing scale enhances its financial capacity to absorb such transactions. As of June 30, 2025, the company has proved oil and gas reserve life of 6.9 years. Moody's expects it will likely continue to spend on acquisitions and investments. In line with historical transactions, Moody's expects future acquisitions to be at a reasonable scale and for the funding structure to be a mix of cash and borrowings. Most of the company's acquisitions were funded with a mix of 70% debt and 30% cash. Moody's also expects future acquisitions will be on producing or near-producing oil and gas fields, which will not require significant development cost. Large-scale, aggressively debt-funded acquisitions or acquisitions of oil and gas fields which require significant development cost will be credit negative and may weigh on the rating. Medco's liquidity is very good over the next 12-18 months. As of June 30, 2025, the company had cash and cash equivalents of $824 million, restricted cash of $58 million and undrawn multi-year credit facilities of $1.2 billion. Medco does not have any near-term liquidity issues and will generate sufficient operating cash flow to address its spending requirements. The stable rating outlook reflects Moody's expectations that Medco will maintain very good liquidity and that its credit metrics will remain strong over the next 12-18 months. Moody's also expects the company will continue to maintain financial discipline even as it pursues growth. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade would require greater clarity around the scale and pace of its longer-term growth plans. Despite its focus on inorganic growth, the company would also have to demonstrate a consistent track record of acquisitions that are modest in scale, immediately earnings accretive and prudently funded. Upward rating momentum would also require a consistent improvement in its credit metrics such that adjusted debt/EBITDA remains below 2.5x, adjusted EBITDA/interest above 4.5x-5.0x and retained cash flow/ net debt above 20%-25%. Moody's would also expect the company to be free cash flow positive, with good liquidity. Downward rating pressure would emerge if the company pursues aggressive debt-funded inorganic growth. Quantitative metrics indicative of downward pressure include adjusted debt/EBITDA rising above 3.5x or adjusted EBITDA/interest expense falling below 3.5x-4.0x. LIST OF AFFECTED RATINGS Issuer: Medco Energi Internasional Tbk (P.T.) Upgrades: LT Corporate Family Rating, Upgraded to Ba3 from B1 Outlook Action: Outlook, Changed To Stable From Positive Issuer: Medco Bell Pte. Ltd. Upgrades: Backed Senior Unsecured (Foreign Currency), Upgraded to Ba3 from B1 Outlook Action: Outlook, Changed To Stable From Positive Issuer: Medco Cypress Tree Pte. Ltd. Upgrades: Backed Senior Unsecured (Foreign Currency), Upgraded to Ba3 from B1 Outlook Action: Outlook, Changed To Stable From Positive Issuer: Medco Laurel Tree Pte. Ltd. Upgrades: Backed Senior Unsecured (Foreign Currency), Upgraded to Ba3 from B1 Outlook Action: Outlook, Changed To Stable From Positive Issuer: Medco Maple Tree Pte. Ltd. Upgrades: Backed Senior Unsecured (Foreign Currency), Upgraded to Ba3 from B1 Outlook Action: Outlook, Changed To Stable From Positive Issuer: Medco Oak Tree Pte. Ltd. Upgrades: Backed Senior Unsecured (Foreign Currency), Upgraded to Ba3 from B1 Outlook Action: Outlook, Changed To Stable From Positive The principal methodology used in these ratings was Independent Exploration and Production published in December 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Established in 1980, Medco Energi Internasional Tbk (P.T.) is a Southeast Asian integrated energy and natural resource company that is headquartered in Jakarta. It is listed in Indonesia with three key business segments -- oil and gas, power and mining. =============== M A L A Y S I A =============== MCOM HOLDINGS: Auditors Flag Going Concern Uncertainty ------------------------------------------------------ The Malaysian Reserve reports that MCOM Holdings Bhd (MCOM) said its external auditors, CAS Malaysia Plt, have issued a disclaimer of opinion with material uncertainty related to going concern on the company's audited financial statements for the financial period ended June 30, 2024. In a filing with Bursa Malaysia, MCOM said the auditors were unable to obtain sufficient appropriate audit evidence to provide a basis for an opinion, citing issues with opening balances, insufficient documentation for certain transactions, and uncertainties over loan defaults and liabilities, The Malaysian Reserve relates. Among others, CAS Malaysia said it could not verify the accuracy and existence of the group's trade payables of MYR1.55 million, contract assets of MYR39,500, borrowings of MYR579,593, as well as certain income and expense items, The Malaysian Reserve relays. The auditors also noted that both the group and the company had defaulted on loans, leading to reclassification of borrowings as current liabilities. For the financial period under review, the group and the company recorded net losses of MYR4.35 million and MYR1.79 million respectively, The Malaysian Reserve discloses. As at June 30, 2024, current liabilities exceeded current assets by MYR6.27 million at the group level, while shareholders' funds were in deficit by MYR859,212. According to The Malaysian Reserve, the auditors highlighted that the group's ability to continue as a going concern depends on the successful execution of future plans to restore its financial position. "In the event that the formalisation and implementation of the future plan do not materialise, the application of the going concern concept may be inappropriate," the report cautioned. To address these concerns, MCOM said it has begun winding up its loss-making foreign subsidiary M-Media Co Ltd and secured interest-free advances from a director to support daily operations. It is also exploring new business opportunities, fresh capital injections, and a potential group reorganisation to reduce future costs. The group added that it is in preliminary discussions with sophisticated investors for a capital injection, and is also seeking to appoint new directors and senior management to strengthen governance and support turnaround plans. MCOM Holdings Berhad operates as a holding company. The Company, through its subsidiaries, offers digital marketing, campaigning, mobile advertising, and payment platform development solutions. MCOM Holdings serves customers in Malaysia. PESTEC INTERNATIONAL: Granted Waiver From PN17 Classification ------------------------------------------------------------- The Malaysian Reserve reports that Bursa Malaysia Securities Bhd has approved Pestec International Bhd's application for a waiver from being classified as an "affected listed company." According to the report, Pestec said it will continue taking steps to strengthen its financial position while ensuring compliance with Bursa's listing requirements. The Malaysian Reserve relates that the company's shares were briefly halted on Aug. 19 after it triggered Practice Note 17 (PN17) due to shareholders' equity falling below 50% of issued share capital, based on audited results as at March 31, 2025. Pestec had applied for the waiver, citing measures such as the listing of 231.79 million restricted shares on the Main Market on June 13, 2025, at 12 sen per share, The Malaysian Reserve relays. The Malaysian Reserve says the company has also initiated a pre-packaged scheme of arrangement under Section 369C of the Companies Act 2016, allowing the court to approve the scheme without convening a meeting of creditors. Pestech International Berhad -- https://pestech-international.com/ -- is a Malaysia-based electrical power technology company. The Company is principally engaged in the business of investment holding, general trading and provision of management service. The Company operates in two business segments: Investment and Engineering, Procurement and Construction and Commissioning (EPMCC). The Investment segment includes investment and property holding. ===================== N E W Z E A L A N D ===================== BSM CARTAGE: BDO Christchurch Appointed as Receivers ---------------------------------------------------- Colin Gower and Diana Matchett of BDO Christchurch on Aug. 13, 2025, were appointed as receivers and managers of BSM Cartage Contractors Limited. The receivers and managers may be reached at: Colin Gower Diana Matchett BDO Christchurch Awly Building, Level 4 287–293 Durham Street Christchurch 8013 DYNAMIC FLUID: Court to Hear Wind-Up Petition on Oct. 24 -------------------------------------------------------- A petition to wind up the operations of Dynamic Fluid Systems International Limited will be heard before the High Court at Auckland on Oct. 24, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 19, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 GOGI KITCHEN: Court to Hear Wind-Up Petition on Oct. 3 ------------------------------------------------------ A petition to wind up the operations of Gogi Kitchen Limited will be heard before the High Court at Auckland on Oct. 3, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on July 25, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 HB MOBILE: BDO Christchurch Appointed as Receivers -------------------------------------------------- Colin Gower and Diana Matchett of BDO Christchurch on Aug. 13, 2025, were appointed as receivers and managers of HB Mobile Screening Services Limited. The receivers and managers may be reached at: Colin Gower Diana Matchett BDO Christchurch Awly Building, Level 4 287–293 Durham Street Christchurch 8013 MLS GROUP: BDO Christchurch Appointed as Receivers -------------------------------------------------- Colin Gower and Diana Matchett of BDO Christchurch on Aug. 13, 2025, were appointed as receivers and managers of MLS Group Investments Limited. The receivers and managers may be reached at: Colin Gower Diana Matchett BDO Christchurch Awly Building, Level 4 287–293 Durham Street Christchurch 8013 MULCHING CRUSHING: BDO Christchurch Appointed as Receivers ---------------------------------------------------------- Colin Gower and Diana Matchett of BDO Christchurch on Aug. 13, 2025, were appointed as receivers and managers of Mulching Crushing and Screening Limited. The receivers and managers may be reached at: Colin Gower Diana Matchett BDO Christchurch Awly Building, Level 4 287–293 Durham Street Christchurch 8013 =============================== P A P U A N E W G U I N E A =============================== PNG POWER: Is Insolvent, Owes AUD1.5 Billion -------------------------------------------- ABC News reports that Papua New Guinea's only electricity provider is insolvent and more than AUD1.5 billion in debt, as insiders describe the situation as "hopeless" and "untenable". PNG Power is the national electricity company in Papua New Guinea, a country where fewer than one in five people have access to mains power. The government-owned company was set up in 1963 to deliver electricity to the developing nation. But a six-month ABC investigation can reveal that in recent years the company has been grappling with extreme financial distress and severe debts. The ABC relates that company insiders, who spoke on condition of anonymity, said staff feared they would be fired if they spoke out. Across Papua New Guinea, many of the people who do have mains power complained it was unreliable and in some parts of the country, prone to daily blackouts and surges. One business owner said due to surges he had lost millions of dollars in equipment - as well as a house, which burnt down after a "power fluctuation," the ABC relays. Meanwhile, a group of companies that sell electricity to PNG Power said they were voluntarily "keeping the lights on" while the electricity provider was unable to pay its debts. "It is really sad to see [PNG Power] become what it is today," one employee told the ABC. "What used to be a thriving organisation, it's literally crumbled to its knees." Concerns about PNG Power's ability to continue operating were raised in 2022, when an Ernst and Young audit said the company had net liabilities of AUD78 million, the ABC recalls. The company's situation has worsened since then. In a letter sent to its shareholder company in June, PNG Power chair Mal Lewis said the electricity behemoth was insolvent and had been in "steady decline" for the past 15 years, according to the ABC. Separately, he told PNG's prime minister and deputy prime minister in an email that PNG Power was losing money rapidly, urging the government to declare a state of emergency, the ABC reports. A more recent independent analysis of PPL's debts shows the company currently owes more than AUD1.5 billion to its creditors, the ABC discloses. The largest debt is owed to the Asian Development Bank (ADB), a development financier to which Australia contributes hundreds of millions of dollars. According to the ABC, the ADB has loaned more than AUD360 million to the PNG government, which PNG Power ultimately must pay back. PNG Power also owes hundreds of millions of dollars to various companies that generate electricity and sell it to the provider. The ABC adds that Dave Burbidge, the chair of the Independent Power Producers PNG, said collectively they were owed nearly AUD600 million. He said those companies were voluntarily "keeping the lights on" while PNG Power is unable to pay its debts. But he thinks they cannot continue to bleed money. "Sooner or later their shareholders will say, 'Look - enough is enough' . . . that would mean blackouts . . . permanently," the ABC quotes Mr. Burbidge as saying. ================= S I N G A P O R E ================= ARIS STUDIO: Court to Hear Wind-Up Petition on Sept. 12 ------------------------------------------------------- A petition to wind up the operations of Aris Studio 23 Pte. Ltd. will be heard before the High Court of Singapore on Sept. 12, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Aug. 21, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 DGM PTE: Court Enters Wind-Up Order ----------------------------------- The High Court of Singapore entered an order on Aug. 15, 2025, to wind up the operations of DGM Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt and Dev Kumar Harish Nandwani BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 EDLUTION PTE: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on Aug. 15, 2025, to wind up the operations of Edlution Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt and Dev Kumar Harish Nandwani BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 FLAGSHIP CAPITAL: Creditors' Proofs of Debt Due on Sept. 25 ----------------------------------------------------------- Creditors of Flagship Capital Corporation (Singapore) Ltd. are required to file their proofs of debt by Sept. 25, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 15, 2025. The company's liquidator is: Jason Aleksander Kardachi c/o Kroll Pte. Limited 10 Collyer Quay #05-04/05 Ocean Financial Centre Singapore 049315 JGEC PTE: Court Enters Wind-Up Order ------------------------------------ The High Court of Singapore entered an order on Aug. 15, 2025, to wind up the operations of JGEC Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt and Dev Kumar Harish Nandwani BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***