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250903.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, September 3, 2025, Vol. 28, No. 176 Headlines A U S T R A L I A B A & K L CROKER: First Creditors' Meeting Set for Sept. 10 BUILD BY PAL: First Creditors' Meeting Set for Sept. 9 CRANEFORD CORP: Second Creditors' Meeting Set for Sept. 9 DR UMED COSMETICS: Clinics in Administration Amid 24 Legal Cases ERIC INSURANCE: Wind Up Hearing Date Moved to Sept. 25 FIRSTMAC ASSET NO. 1: Fitch Assigns BB(EXP)sf Rating on Cl. F Notes LEGAL SEARCH: Moody's Withdraws 'B2' Corporate Family Rating LIBERTY FUNDING 2025-2: Moody's Assigns (P)B2 Rating to Cl. F Notes OCEANIA GLASS: Unsec. Creditors to Get Nothing, Administrators Say QUEENSLAND DEVELOPMENTS: Bassili Faces Fresh Wave of Co. Collapses REED MINING: First Creditors' Meeting Set for Sept. 9 SPOTTED COW: Second Creditors' Meeting Set for Sept. 5 C H I N A CHINA EVERGRANDE: Liquidators Ask Court to Appoint Receivers H O N G K O N G NEW WORLD: Cheng Family Weighs Capital Injection in Developer I N D I A ABC INC: CRISIL Keeps B+ Debt Rating in Not Cooperating Category AGARWAL AUTO: CARE Lowers Rating on INR7cr LT Loan to B- AJITA SIL-CHEM: CRISIL Keeps B Debt Ratings in Not Cooperating ANUBHAV TRADING: CRISIL Keeps B Debt Ratings in Not Cooperating ASHOKA DEVELOPERS: CRISIL Keeps B Debt Rating in Not Cooperating BAJRANG STEEL CARE Lowers Rating on INR14cr LT Loan to B+ BHAVANI COTTON: CRISIL Keeps B+ Debt Ratings in Not Cooperating BHAVNA GEMS: CARE Keeps C Debt Ratings in Not Cooperating Category BINARY APPAREL: CRISIL Keeps B Debt Rating in Not Cooperating BISHWESHWAR LAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating BNR EGG: CRISIL Keeps B Debt Ratings in Not Cooperating Category JALALABAD SOLVEX: CARE Keeps B- Debt Rating in Not Cooperating LPF SYSTEMS: CRISIL Keeps B+ Debt Rating in Not Cooperating MAYAJUKTA TEA: CARE Keeps D Debt Ratings in Not Cooperating PARTHASARATHI HOTELS: CRISIL Keeps B Rating in Not Cooperating PERFECT DYNAMICS: CARE Keeps D Debt Rating in Not Cooperating RAJLUXMI ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating RUHATIYA COTTON: CRISIL Keeps B Debt Rating in Not Cooperating SAFFRON RESOURCES: CRISIL Keeps B+ Debt Rating in Not Cooperating SAI SRINIVASA: CRISIL Keeps B+ Debt Ratings in Not Cooperating SAMAR INFOTECH: CRISIL Keeps B Debt Rating in Not Cooperating SONAR BANGLA: CRISIL Keeps B+ Debt Ratings in Not Cooperating SYMBIOSIS PROPERTIES: CRISIL Keeps B+ Rating in Not Cooperating TARSUN STEELS: CRISIL Keeps B+ Debt Ratings in Not Cooperating VEE KAY: CARE Lowers Rating on INR10.55cr LT Loan to D VIKAS STAINLESS: CARE Keeps D Debt Rating in Not Cooperating M O N G O L I A MONGOLIA: Fitch Affirms 'B+' Foreign Currency IDR, Outlook Stable N E W Z E A L A N D 24 HAYES: Creditors' Proofs of Debt Due on Oct. 31 ENC CIVIL: Court to Hear Wind-Up Petition on Oct. 9 NONO MAGS: Court to Hear Wind-Up Petition on Sept. 9 ROOF REPAIR: Creditors' Proofs of Debt Due on Sept. 26 SELIG HOLDINGS: Creditors' Proofs of Debt Due on Sept. 26 S I N G A P O R E DIGITAL SERVICES: Commences Wind-Up Proceedings GH INTERIOR: Court to Hear Wind-Up Petition on Sept. 12 GLP PTE: Fitch Affirms BB Foreign Curr. IDR & Then Withdraws Rating MM2 ASIA: H2 Loss Widens to SGD101.3MM as Cinema Biz Written Off RIBBONSG PTE: Court Enters Wind-Up Order SUPERFOOD KITCHEN: Enters Voluntary Liquidation TOKEN FACTORY: Court to Hear Wind-Up Petition on Sept. 19 YMG TECH: Court to Hear Wind-Up Petition on Sept. 5 - - - - - ================= A U S T R A L I A ================= B A & K L CROKER: First Creditors' Meeting Set for Sept. 10 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of B A & K L Croker Pty Ltd will be held on Sept. 10, 2025 at 10:10 a.m. at the offices of Eddie Senatore Advisory, at Unit 2/16 Bougainville Street, in Griffith, ACT, and via virtual meeting technology. Ezio Senatore of Eddie Senatore Advisory was appointed as administrator of the company on Aug. 31, 2025. BUILD BY PAL: First Creditors' Meeting Set for Sept. 9 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Build By Pal Pty Ltd will be held on Sept. 9, 2025 at 10:30 a.m. at the offices of Worrells, at Level 15, 300 Queen Street, in Brisbane, Qld, and via Microsoft Teams upon request. Christopher Richard Cook of Worrells was appointed as administrator of the company on Sept. 1, 2025. CRANEFORD CORP: Second Creditors' Meeting Set for Sept. 9 --------------------------------------------------------- A second meeting of creditors in the proceedings of Craneford Corporation Pty Limited has been set for Sept. 9, 2025, at 10:00 a.m. at the offices of Bernardi Martin, at 195 Victoria Square, in Adelaide, SA. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Sept. 9, 2025 at 9:00 a.m. Hugh Sutcliffe Martin of Bernardi Martin was appointed as administrator of the company on Aug. 5, 2025. DR UMED COSMETICS: Clinics in Administration Amid 24 Legal Cases ---------------------------------------------------------------- The Courier Mail reports that a patient's legal claim has pushed Dr Umed Cosmetics, a Queensland cosmetic clinic chain into administration, with 24 more cases pending against the business. Dr Umed Cosmetics specialises in non-invasive cosmetic treatments like anti-wrinkle treatments, dermal filler, skin and anti-ageing. ERIC INSURANCE: Wind Up Hearing Date Moved to Sept. 25 ------------------------------------------------------ insuranceNEWS.com.au reports that the Federal Court has adjourned an application to wind up Eric Insurance to allow creditors time to consider an alternative pathway. According to insuranceNEWS.com.au, the Australian Prudential Regulation Authority filed the application a month ago, but on Aug. 29 Justice Ian Jackman agreed to its adjournment request, with a new hearing date set for September 25. A creditors' meeting later this month will vote on an administrators' proposal for a deed of company arrangement, which would include plans for managing policyholder claims, as an alternative to Eric entering liquidation, insuranceNEWS.com.au relates. Eric, a small general insurer that provided add-on motor vehicle-related products, decided to exit the market in July 2023 and ceased writing new policies in June last year. The company previously said it was well positioned to continue to manage the run-off, but Kathy Sozou and Shaun Fraser from McGrathNicol were appointed voluntary administrators on July 28 this year. According to insuranceNEWS.com.au, Justice Jackman said the administrators have engaged with APRA, the Australian Financial Complaints Authority and the Australian Securities and Investments Commission regarding the deed and the administration of Eric generally. "To protect the interests of policyholders, APRA has maintained heightened supervision of Eric for some time and explored various exit options with the insurer and the administrators," an APRA spokesperson told insuranceNEWS.com.au after the hearing. "APRA is closely monitoring Eric’s withdrawal from the insurance industry to achieve the most favourable outcome for policyholders." An ASIC report on company activities and property, dated August 4, shows Eric had assets of AUD7.58 million and was owed AUD1.96 million, insuranceNEWS.com.au discloses. The report shows Eric owed employees AUD919,042 and creditors AUD724,261. The creditors included AUD45,779 for AFCA, which has handled complaints - some upheld and some rejected – against companies selling add-on and consumer credit insurance, often dating back years. Eric provided comprehensive motor cover and products such as warranty, tyre and wheel, and guaranteed asset protection policies taken out when a vehicle is bought with financing. The business was rebranded as Eric in July 2016 by Avea Insurance, which acquired IAG-owned Swann Insurance’s distribution rights for franchise motor dealers. An August 14 administrator's notice to policyholders said unless an insured cancelled a policy, it remained valid and would be managed in accordance with its terms pending an assessment to determine the best course of action for policyholders and creditors, insuranceNEWS.com.au adds. Shaun Fraser & Kathy Sozou of McGrathNicol were appointed as voluntary administrators of Eric Insurance Limited on July 28, 2025. FIRSTMAC ASSET NO. 1: Fitch Assigns BB(EXP)sf Rating on Cl. F Notes ------------------------------------------------------------------- Fitch Ratings has assigned expected ratings to Firstmac Asset Funding Trust No. 1 Series Auto No. 3's pass-through floating-rate notes. The notes are backed by a pool of first-ranking Australian consumer automotive loan receivables originated by Firstmac Limited. The notes will be issued by Firstmac Fiduciary Services Pty Limited as trustee of Firstmac Asset Funding Trust No. 1 Series Auto No. 3. This is a separate and distinct series created under a master trust deed. Entity/Debt Rating ----------- ------ Firstmac Asset Funding Trust No. 1 Series Auto No. 3 A1 LT AAA(EXP)sf Expected Rating A2 LT AAA(EXP)sf Expected Rating B LT AA(EXP)sf Expected Rating C LT A(EXP)sf Expected Rating D LT BBB+(EXP)sf Expected Rating E LT BBB-(EXP)sf Expected Rating F LT BB(EXP)sf Expected Rating G LT NR(EXP)sf Expected Rating Transaction Summary The total collateral pool at the 31 July 2025 cut-off date was AUD300 million and consisted of 8,422 receivables with weighted-average (WA) seasoning of 15 months, WA remaining maturity of 55 months and an average contract balance of AUD45,449. KEY RATING DRIVERS Stress Commensurate with Ratings: Fitch has assigned base-case default expectations and 'AAAsf' default multiples for loans originated through the direct online and broker channels. Its gross-loss expectations are 1.0% and 3.0% for each channel, respectively, while the 'AAAsf' default multiples are 7.50x and 5.50x. The recovery base case is 50.0%, with a 'AAAsf' recovery haircut of 50.0% across both categories. The WA base-case default assumption was 2.6% and the 'AAAsf' default multiple was 5.6x. Portfolio performance is supported by Australia's continued growth and tight labour market. GDP growth was 1.3% for the year to March 2025 and unemployment was 4.2% in July 2025. Fitch forecasts GDP growth of 1.8% in 2025 and 2.1% in 2026, with unemployment at 4.3% and 4.2%, respectively. Structural Risks Addressed: Counterparty risk is mitigated by documented structural mechanisms that ensure remedial action takes place should the ratings of the swap providers or transaction account bank fall below a certain level. All notes will receive principal repayments pro rata upon satisfaction of pro rata conditions. Fitch's cash flow analysis incorporates the transaction's structural features and tests each note's robustness by stressing default and recovery rates, prepayments, interest-rate movements and default timing. Low Operational and Servicing Risk: All receivables were originated by Firstmac, which demonstrates adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by back-up arrangements. The nominated back-up servicer is Perpetual Trustee Company Limited. Fitch undertook an operational and file review and found that the operations of the originator and servicer were comparable with those of other auto lenders. No Residual Value Risk: There is no residual value exposure in this transaction. However, there is a small exposure to balloon-payment loans. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. Notes: Class A1 / A2 / B / C / D / E / F Expected rating: AAAsf / AAAsf / AAsf / Asf / BBB+sf / BBB-sf / BBsf Increase defaults by 10%: 'AAAsf'/'AA+sf'/'AA-sf'/'Asf'/'BBB+sf'/'BB+sf'/'BBsf' Increase defaults by 25%: 'AA+sf'/'AAsf'/'A+sf'/'A-sf'/'BBBsf'/'BBsf'/'BB-sf' Increase defaults by 50%: 'AA+sf'/'AA-sf'/'Asf'/'BBBsf'/'BB+sf'/'BB-sf'/'B+sf' Reduce recoveries by 10%: 'AAAsf'/'AA+sf'/'AAsf'/'Asf'/'BBB+sf'/'BB+sf'/'BBsf' Reduce recoveries by 25%: 'AAAsf'/'AA+sf'/'AA-sf'/'Asf'/'BBBsf'/'BBsf'/'BB-sf' Reduce recoveries by 50%: 'AAAsf'/'AA+sf'/'AA-sf'/'A-sf'/'BBB-sf'/'BB-sf'/'Bsf' Increased defaults by 10% and decrease recoveries by 10%: 'AAAsf'/'AA+sf'/'AA-sf'/'A-sf'/'BBBsf'/'BBsf'/'BB-sf' Increased defaults by 25% and decrease recoveries by 25%: 'AA+sf'/'AAsf'/'Asf'/'BBB+sf'/'BBB-sf'/'BB-sf'/'B+sf' Increased defaults by 50% and decrease recoveries by 50%: 'AA-sf'/'Asf'/'BBB+sf'/'BBB-sf'/'BBsf'/less than 'Bsf'/less than 'Bsf' Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from economic conditions, loan performance and credit losses that are better than Fitch 's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivities Notes: Class A1 / A2 / B / C / D / E / F Expected rating: AAAsf / AAAsf / AAsf / Asf / BBB+sf / BBB-sf / BBsf Reduce defaults by 10% and increase recoveries by 10%: AAAsf / AAAsf / AA+sf / AA-sf / Asf / BBBsf / BBB-sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Prior to the transaction closing, a third-party assessment of the asset portfolio information was performed. Fitch sought to receive it, but it was not made available for this transaction. As part of its ongoing monitoring, Fitch reviewed a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. LEGAL SEARCH: Moody's Withdraws 'B2' Corporate Family Rating ------------------------------------------------------------ Moody's Ratings has withdrawn the B2 corporate family rating of Legal Search Holdings Pty Ltd (Legal Search) and B2/Caa1 backed senior secured bank credit facility rating of ATI US Holdings Inc. Prior to the withdrawal, the rating outlook was stable. Legal Search's senior secured bank credit facility previously rated by us has been fully repaid with proceeds from a new debt package raised at the company's parent level in August 2025. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). COMPANY PROFILE Legal Search Holdings Pty Ltd (Legal Search) is a legal technology company. The company provides clients access to an integrated cloud-based platform with due diligence searching, e-conveyancing and litigation service solutions across Australia and New Zealand, the United Kingdom and North America. The company's proprietary InfoTrack platform has been integrated into 84 Practice Management Software (PMS) platforms and document management platforms and is exclusive search provider for the market-leading LEAP Practice Management Software, Practice Evolve and Smokeball. Legal Search has around a 18% market share in Australia and New Zealand, according to management. In the United Kingdom, Legal Search is the number one provider of residential environmental searches as well as number one property search provider in the UK with around 25% market share. Legal Search also has a growing presence in the fragmented North American market. Legal Search provides due Diligence searching and litigation workflow solutions in this market. The market is highly fragmented due to the differences in laws and licenses between states and Legal Search has around a 1% market share. LIBERTY FUNDING 2025-2: Moody's Assigns (P)B2 Rating to Cl. F Notes ------------------------------------------------------------------- Moody's Ratings has assigned the following provisional ratings to the notes to be issued by Liberty Funding Pty Ltd in respect of Liberty Series 2025-2. Issuer: Liberty Funding Pty Ltd in respect of Liberty Series 2025-2 AUD250.00 million Class A1a Notes, Assigned (P)Aaa (sf) AUD450.00 million Class A1b Notes, Assigned (P)Aaa (sf) JPY14,200.00 million Class A1c Notes, Assigned (P)Aaa (sf) AUD106.00 million Class A2 Notes, Assigned (P)Aaa (sf) AUD11.00 million Class B Notes, Assigned (P)Aa2 (sf) AUD14.00 million Class C Notes, Assigned (P)A2 (sf) AUD2.00 million Class D Notes, Assigned (P)Baa2 (sf) AUD11.00 million Class E Notes, Assigned (P)Ba2 (sf) AUD4.00 million Class F Notes, Assigned (P)B2 (sf) The AUD2.00 million Class G Notes are not rated by us. The transaction is a securitisation of first-ranking mortgage loans secured over residential properties located in Australia. The loans were originated and are serviced by Liberty Financial Pty Ltd (Liberty). Liberty is an Australian non-bank lender that started originating non-conforming residential mortgages in 1997. It subsequently expanded into prime residential mortgage origination, as well as auto loans, small commercial mortgage loans and personal loans. As of June 2025, Liberty had total receivables of AUD14.8 billion. RATINGS RATIONALE The provisional ratings take into account, among other factors: -- Evaluation of the underlying receivables and their expected performance; -- Evaluation of the capital structure and credit enhancement provided to the notes; -- The liquidity facility in the amount of 1.50% of the note balance subject to a floor of AUD1,000,000; -- The experience of Liberty as the servicer; and -- The presence of Perpetual Trustee Company Limited as the back-up servicer. According to Moody's analysis, the transaction benefits from credit strengths such as subordination to the Class A notes in excess of the Moody's individual loan analysis (MILAN) Stressed Loss. However, around 32.2% of the loans in the portfolio are to self-employed borrowers, which is a credit challenge. Moody's MILAN Stressed Loss for the collateral pool — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 3.8%. Moody's median expected loss for this transaction is 0.8%, which represents a stressed, through-the-cycle loss relative to Australian historical data. The key transactional features are as follows: -- The notes benefit from a guarantee fee reserve available to cover losses arising from the portfolio and shortfalls in interest payments on the notes. Unfunded at closing, the reserve will build up through the trapping of excess spread up to a maximum of AUD3,000,000, equivalent to 0.30% of the initial invested amount of the notes. -- The notes will be initially repaid sequentially. The Class A1 to Class F Notes will start receiving their pro-rata share of principal collections if certain step down conditions are satisfied on or after the payment date in March 2027. The step down conditions include, among others, no unreimbursed charge-offs and the subordination to the Class A2 Notes at least doubling since closing. While the Class G Notes do not receive principal payments until the other notes are fully repaid, once the step down conditions are satisfied, their pro-rata share of principal collections will be allocated in a reverse sequential order, starting from the Class F Notes. The principal paydown will revert to sequential pay once the aggregate invested amount of all notes is less than or equal to 10.0% of the aggregate initial invested amount of all notes on the issue date, or following the payment date in October 2029. Key pool features are as follows: -- The portfolio has a relatively low weighted average scheduled LTV ratio of 62.3%. -- The portfolio has a weighted-average seasoning of 23.9 months. -- Around 32.2% of the loans in the portfolio were extended to self-employed borrowers. -- Based on Moody's classifications, 18.8% of the loans in the portfolio were extended on an alternative documentation basis. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Levels of credit protection that are greater than necessary to protect investors against current expectations of loss could lead to an upgrade of the ratings. Moody's expectations of loss could improve from its original expectations because of fewer defaults by underlying obligors or higher recoveries on defaulted loans. The Australian job market and the housing market are primary drivers of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Other reasons that could lead to a downgrade include poor servicing, error on the part of transaction parties, a deterioration in credit quality of transaction counterparties, fraud or lack of transactional governance. OCEANIA GLASS: Unsec. Creditors to Get Nothing, Administrators Say ------------------------------------------------------------------ The Australian Financial Review reports that creditors and former workers at Oceania Glass owed a combined AUD120 million will take a big haircut after the administrator of Australia's last manufacturer of architectural glass locked the gates at the group's Melbourne factory six months after it went bust. A report by administrator Grant Thornton estimated a shortfall of up to AUD91 million on the debt pile. Unsecured creditors will receive nothing, while 260 employees owed a combined AUD57 million are likely to receive up to 49¢ in the dollar, the report said, the Financial Review relays. Oceania was acquired by private equity group Crescent Capital in 2018, but traces its history back to 1856. It serviced more than 60 per cent of the domestic glass market, making large panes used in renovations and new buildings. Its glass was even used in Parliament House in Canberra. The company made a profit of AUD12.9 million in 2022-23, but ran into difficulty after being hit with a AUD26 million bill to repair a float tank – a vital component in the production of high-quality glass – at a time when it was also under pressure from rising energy and wage costs, as well as cheap imports, according to the Financial Review. Unions are angry Oceania was allowed to fail at a time when the Albanese government's Future Made in Australia program aims to bolster sovereign manufacturing capability, the Financial Review says. The federal government has thrown big funding lifelines to loss-making metals smelters and bailed out the Whyalla steelworks in South Australia this year. According to the Financial Review, Australian Workers Union Victorian brand assistant state secretary Jimmy Mastrandonakis said it was disappointing the last glassmaker had been left to die. "It was just silence, like nothing. Maybe the government didn't want to bail out private equity," he said. "Maybe glass isn't as sexy as steel". He blamed cheap imports and high gas prices for the end of Oceania. Grant Thornton, appointed administrator in February, said the keys to Oceania's glassmaking plant at Dandenong South were handed back to the landlord on August 14, with AUD1.5 million of stock left behind, the Financial Review relays. A Charter Hall industrial fund became the owner of the Dandenong site five years ago after a AUD100 million sale and leaseback deal. The Financial Review relates that Grant Thornton administrators Lisa Gibb and Matt Byrnes said they were able to salvage 143 tonnes of tin from the bottom of a large float tank, selling it for AUD7 million. Still, recompense for those owed by Oceania will be scant. Employees face losing more than half the money due to them, although they will be able to access a federal government payout scheme. Rising cost pressures, particularly in energy and wages, made it difficult for the glass company to compete with cheap imported glass from China and Thailand, underlining the challenges facing Australian manufacturers. The Victorian government had signalled it would provide AUD3 million in grant funding to help pay for the float tank repairs, provided the federal government matched it, the administrator’s report, as cited by the Financial Review, said. But bureaucracy in the federal government moved slowly. "In mid-March the company received notification that it was successful in an application for funding from the federal government," the report stated. But it was too late. Lisa Gibb and Matthew Byrnes of Grant Thornton Australia were appointed as liquidators of the company on Aug. 7, 2025. QUEENSLAND DEVELOPMENTS: Bassili Faces Fresh Wave of Co. Collapses ------------------------------------------------------------------ The Greek Herald reports that Queensland developer Con Bassili is again under financial pressure, with multiple companies tied to him and long-time business partner George Cheihk now in administration or liquidation, carrying debts of more than AUD40 million. Mr. Bassili, 55, a former bankrupt, is a shareholder in Queensland Developments Payroll, which went into voluntary administration last year owing AUD5.4 million, according to The Greek Herald. The Greek Herald relates that the company was rescued through a deed of company arrangement requiring creditors to be paid around 52 cents in the dollar, with millions still due by September 19. Another venture, Budamba Property Holdings, collapsed in June owing more than AUD28 million after a NSW Supreme Court wind-up order. Liquidator Bruce Gleeson has since lodged caveats over three Ipswich subdivision properties, The Greek Herald says. A third firm, Queensland Developments Commissions, entered administration in July owing AUD1.9 million. The Greek Herald adds that Mr. Bassili previously directed Queensland Property Group (QPG), which has faced multiple collapses, including a 2018 liquidation, leaving nearly AUD6 million unpaid. Despite this, QPG has continued to operate under new structures. REED MINING: First Creditors' Meeting Set for Sept. 9 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Reed Mining Services Pty Ltd (Trading as Reed Engineering & Rugged Mountain Smokers) will be held on Sept. 9, 2025 at 10:30 a.m. via Teleconference and Video Conference Only. Hayden Gregory Asper of Worrells was appointed as administrator of the company on Aug. 28, 2025. SPOTTED COW: Second Creditors' Meeting Set for Sept. 5 ------------------------------------------------------ A second meeting of creditors in the proceedings of The Spotted Cow Cookie Co. Australia Pty Ltd (Trading name: The Spotted Cow Cookie Company) and Snowy Mountain Biscuits Pty Ltd has been set for Sept. 5, 2025, at 12:00 p.m. at the offices of SV Partners Sydney, at Level 7, 151 Castlereagh Street, in Sydney, NSW, and via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Sept. 4, 2025 at 5:00 p.m. Hugh Armenis and Michael Carrafa of SV Partners were appointed as administrators of the company on Aug. 4, 2025. ========= C H I N A ========= CHINA EVERGRANDE: Liquidators Ask Court to Appoint Receivers ------------------------------------------------------------ Reuters reports that liquidators of China Evergrande, once the country's largest property developer, have asked a Hong Kong court to appoint receivers to identify and preserve the assets of founder Hui Ka Yan, who has not disclosed his worldwide properties. Reuters relates that the move is the liquidators' latest effort to recover $6 billion in dividends and remuneration paid to Hui and other former executives, as they fight court battles to freeze offshore assets of the founder and his former spouse, among others. According to Reuters, Hong Kong High Court Judge Herbert Au-Yeung told a hearing on Sept. 2 that a judgement would be made on December 2, as Hui's lawyer opposed the application for receivers, saying the risk of asset dissipation is low given the founder's "circumstance", which the judge later described as "imprisonment". Hui, once one of China's richest people, has not been seen in public since he was detained by Chinese authorities in 2023. He had been ordered by a Hong Kong court to disclose his assets in Hong Kong and overseas but refused. Reuters relates that the lawyer for the liquidators said Hui had received $4.2 billion in dividends alone during 2017-2020, and his ex-wife, Ding Yumei, could potentially dispose of $1 billion of assets in her own name. Ding is among the seven defendants being sued by Evergrande's liquidators. Evergrande's liquidators said in August that they have recovered about $255 million from sales of the firm's offshore assets, which included school bonds, club memberships, artwork and motor vehicles. This compared to creditors' claims made to liquidators of $45 billion. Lawyers expect the liquidation process to take a decade and the recovery rate for creditors is likely to be very low, Reuters adds. About China Evergrande China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. China Evergrande Group, the second largest real estate developer in China, and certain of its affiliates sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023. Evergrande, widely known as the most leveraged company in the world, and its affiliates are asking the U.S. Bankruptcy Court for the Southern District of New York for recognition of foreign proceedings as "foreign main" proceeding under Chapter 15. Evergrande is in the midst of a highly complex restructuring of around $20 billion in offshore debt. In total, the Company has more than $300 billion in liabilities. Evergrande is incorporated in the Cayman Islands as an exempted company with limited liability, with its principal place of business located at 15th Floor, YF Life Centre, 38 Gloucester Road, Wanchai, Hong Kong. It is subject to a restructuring proceeding entitled In the Matter of China Evergrande Group, concerning a scheme of arrangement between Evergrande and certain Scheme Creditors pursuant to the relevant provisions of the Hong Kong Companies Ordinance (Chapter 622 of the Laws of Hong Kong), currently pending before the High Court of Hong Kong (Case Number HCMP 1091/2023. Affiliate Tianji Holding Limited is incorporated in Hong Kong as a limited liability company, with its principal place of business located at 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring proceeding entitled In the Matter of Tianji Holding Limited, concerning a scheme of arrangement between Tianji and certain Scheme Creditors, pursuant to the relevant provisions of the Hong Kong Companies Ordinance and currently pending before the Hong Kong Court (Case Number HCMP 1090/2023). Affiliate Scenery Journey Limited is incorporated in the British Virgin Islands as a limited liability company, with its principal place of business located at 2nd Floor Water's Edge Building, Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is subject to a restructuring proceeding entitled In the Matter of Scenery Journey Limited, concerning a scheme of arrangement between Scenery Journey and certain Scheme Creditors, pursuant to section 179A of the BVI Business Companies Act, 2004, and currently pending before the High Court of the Eastern Caribbean Supreme Court (Case Number BVIHCOM 2023/0076). U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15 proceedings. Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji. Maples BVI is the British Virgin Island Counsel to Scenery Journey. On Jan. 29, 2024, a Hong Kong court ordered the liquidation of China Evergrande Group. Edward Middleton and Tiffany Wong of Alvarez & Marsal were appointed as the liquidators. ================= H O N G K O N G ================= NEW WORLD: Cheng Family Weighs Capital Injection in Developer ------------------------------------------------------------- Bloomberg News reports that New World Development's controlling shareholder, the billionaire Cheng family, is considering injecting capital into the debt-laden Hong Kong developer as early as the end of the year, according to people familiar with the matter. Bloomberg relates that the family of Hong Kong tycoon Henry Cheng was willing to contribute about HK$10 billion (US$1.3 billion) and was seeking a partner that could provide a roughly similar amount for an equity stake, said the people, who asked not to be identified discussing private matters. The plan under discussion would establish a joint venture to provide liquidity to New World, the people said. The talks were ongoing and details about the deal's size and structure could change. Blackstone and CapitaLand Group were among the firms engaged in the discussions, the people said, Bloomberg relays. The two companies had also been in talks with New World to buy some of its assets, Bloomberg News reported earlier. Despite securing a record US$11 billion loan-refinancing deal earlier this year, New World still needs more funding to help it cut debt and sustain its operations, as Hong Kong's property sector remains in the doldrums, according to Bloomberg. The company has been in talks over a potential Deutsche Bank AG-led loan deal, but missed a self-imposed target to complete the financing in mid-July. As of late last month, no bank had committed to the deal and the parties involved expected the talks to drag on, the people said. Some potential investors involved in the talks had asked that the family offer its holdings in the Hong Kong-listed property firm as security to hedge against potential risks, or had demanded dividend returns for their equity investment, some of the sources said. It remained unclear whether the family would agree to any of the conditions, the people said. The potential investors were not willing to commit to a deal if the family would not provide capital, they added. Octus reported last month that Blackstone and the Cheng family were considering co-investing about US$2.5 billion into New World, Bloomberg recalls. While the Cheng family largely sat on the sidelines when New World was negotiating its loan refinancing with banks earlier this year, it did inject liquidity into the firm in 2023 when it bought out a subsidiary for HK$35.5 billion. The Chengs own about 45 per cent of the developer. Bloomberg notes that New World's debt crisis stems from an aggressive expansion that came just before Hong Kong was rocked by political turmoil, the Covid-19 pandemic and a prolonged real estate slump. The company's net debt reached about 96 per cent of shareholders' equity as of December, the highest among all major developers in the city, according to Bloomberg Intelligence. New World is also seeking to sell a range of assets, including projects in mainland China and a mall near Hong Kong's international airport, adds Bloomberg. New World Development Company Limited -- https://www.nwd.com.hk/ -- an investment holding company, operates in the property development and investment business in Hong Kong and Mainland China. Its property portfolio includes residential, retail, office, and industrial properties. The company is also involved in the loyalty program, fashion retailing and trading, and land development businesses; and development and operation of sports park. In addition, it operates club houses, golf and tennis academies, and shopping malls; constructs and operates Skycity complex; and operates department stores. ========= I N D I A ========= ABC INC: CRISIL Keeps B+ Debt Rating in Not Cooperating Category ---------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of ABC Inc (ABC) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 Crisil B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ABC for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ABC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ABC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ABC continues to be 'Crisil B+/Stable Issuer not cooperating'. Set up in 2009 and based in Ludhiana (Punjab), ABC trades and manufactures readymade garments. The firm was established as a proprietorship firm by Mr. Girish Kapoor and was reconstituted as a partnership firm in 2014. The firm is owned and managed by Mr. Girish Kapoor and his son Mr. Arjun Kapoor. AGARWAL AUTO: CARE Lowers Rating on INR7cr LT Loan to B- -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Agarwal Auto & Care Private Limited (AACPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 8, 2024, placed the rating(s) of AACPL under the 'issuer non-cooperating' category as AACPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AACPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 24, 2025, July 4, 2025, July 14, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of AACPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Satna (Madhya Pradesh) based Agarwal Auto & Care Private Limited (AACPL) was incorporated in February, 2007 by two directors namely Mr. Naval Agarwal and Ms. Vandana Bansal as an authorized dealer of ESCORTS Limited and Suzuki Motorcycle India Private Limited. AACPL has also other 15 distributorship for trading of spare parts as well as for trading of oil & lubricants and battery etc. Commercial operations of AACPL were commenced from February, 2007 onwards. AACPL is an authorized dealer for Tractors of ESCORTS Limited and two wheelers of Suzuki Motorcycle India Private Limited. The company is also engaged in sales of spare parts of Tractors, Motorcycle, oil & lubricants and battery etc. Mr. Naval Agarwal looks after the entire operations of the company. AJITA SIL-CHEM: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ajita Sil-Chem Private Limited (ASCPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 13.25 CRISIL B/Stable (Issuer Not Cooperating) Proposed Bank 3.75 CRISIL B/Stable (Issuer Not Guarantee Cooperating) Crisil Ratings has been consistently following up with ASCPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ASCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ASCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ASCPL continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 1987, ASCPL manufactures vitrified tiles at its plants in Paliyad and Mudarada (both in Gujarat). ANUBHAV TRADING: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Anubhav Trading (ANT) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Cash 8 CRISIL B/Stable (ISSUER NOT Credit Limit COOPERATING) Proposed Long Term 1 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with ANT for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ANT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ANT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ANT continues to be 'Crisil B/Stable Issuer not cooperating'. ANT was established in 2008 as a proprietorship firm of Mr. Dilip Kumar Jaiswal. It is an authorised distributor of electronic appliances of various companies, such as LG Electronics India Pvt Ltd (LG), Whirlpool of India Ltd (Whirlpool), Voltas Ltd (Voltas), Symphony Ltd (Symphony), and Hitachi, in North Bihar. ASHOKA DEVELOPERS: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Ashoka Developers (AD) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 10 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AD for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AD continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 2010, AB develops real estate in Mumbai. Mr Roshanlal Agarwal, Ms Kanta Agarwal, Mr Vaibhav Agarwal, and Mr Dinyar N Karanjia are partners in the firm. It is building a residential project, Swaroop Residency, at Ghatkopar in Mumbai. BAJRANG STEEL CARE Lowers Rating on INR14cr LT Loan to B+ --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Bajrang Steel and Alloys Limited (BSAPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING and Downgraded from CARE BB-; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 20, 2024, placed the rating(s) of BSAPL under the 'issuer non-cooperating' category as BSAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BSAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 6, 2025, July 16, 2025, July 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of BSAPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Bajrang Steel and Alloys Limited (BSAPL) incorporated on September 24, 1998. Currently the company is managed by Mr. Ashok Kumar Kansal, Mr. Ashok Agarwal and Mr. Arun Agarwal. Since its inception, the company has been engaged in manufacturing of M.S. ingots and M.S. structures products like angles, rounds, channels etc. at its manufacturing facility in Sundargarh, Odisha. The site has an installed capacity of 32000 MTPA of M.S. ingots and 25380 MTPA of M.S. structures products. Further the company also engaged in stock and commodity trading business. Moreover, the company has availed moratorium on interest on working capital from its lender. The company has changed its constitution from Public Limited to Private Limited company and has changed the name to Bajrang Steel and Alloys Private Limited since June 22, 2022. BHAVANI COTTON: CRISIL Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bhavani Cotton (BC; part of the Devdeep group) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.95 CRISIL B+/Stable (ISSUER NOT COOPERATING) Term Loan .56 CRISIL B+/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with BC for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BC continues to be 'Crisil B+/Stable Issuer not cooperating'. About the Group BC (previously known as Devdeep Cotex), is a Gondal, Gujarat based firm, involved in cotton ginning activity. The firm was set up in 2012. The company has manufacturing facility based in Gondal, Gujarat. NCF was incorporated in 2014 as partnership firm and is promoted by the Sakarvadiya family. It has capacity operating unit is in Gondal (Rajkot). DCI is engaged in cotton ginning in its plant in Gondal. The firm was set up in 2008. The Devdeep group is majorly promoted by the Sakarvadiya and Gami families. They are engaged in cotton ginning and pressing activities for around a decade. The group majorly trades in cotton bales and seeds. BHAVNA GEMS: CARE Keeps C Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Bhavna Gems (BG) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 8.00 CARE C/CARE A4; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 30, 2024, placed the rating(s) of BG under the 'issuer non-cooperating' category as BG had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BG continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 16, 2025, July 26, 2025, August 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Established in the year 2004, Bhavna Gems (BG) is engaged in processing and exporting of cut and polished diamonds up to size of from 0.10 carats to 10.0 carats. BG has its processing plant located at Surat (Gujarat). BINARY APPAREL: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Binary Apparel Park Private Limited (BAPPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 12 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BAPPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BAPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BAPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BAPPL continues to be 'Crisil B/Stable Issuer not cooperating'. BAPPL, initially started with trading sewing machines, dealing in industrial plots, and leasing land; however, it does not trade now. The Karnataka-based company now develops commercial real estate and plots, and rents out developed facilities to companies in the garment industry. Mr. Srinivas K is the promoter. BISHWESHWAR LAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bishweshwar Lal Steels (BLS) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Channel Financing 9.8 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BLS for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BLS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BLS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BLS continues to be 'Crisil B+/Stable Issuer not cooperating'. BLS was incorporated as a partnership in 1991 in Chennai and is an authorized distributor for JSW Steel and JSW Steel and Power limited's (JSPL) steel products in Southern India. The day to day operations are managed by the partners - Mr Arun Gupta and Mr. Deepak Gupta. BNR EGG: CRISIL Keeps B Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of BNR Egg Farms (BNR) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.72 CRISIL B/Stable (ISSUER NOT COOPERATING) Long Term Loan 5.40 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Cash .38 CRISIL B/Stable (ISSUER NOT Credit Limit COOPERATING) Crisil Ratings has been consistently following up with BNR for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BNR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BNR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BNR continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2005 as a partnership firm, BNR is engaged in production of commercial eggs. The firm is promoted by Mr.P. Seshagiri Rao and his associates. Based out of Vishakhapatnam in Andhra Pradesh. JALALABAD SOLVEX: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jalalabad Solvex Private Limited (JSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 23, 2024, placed the rating(s) of JSPL under the 'issuer non-cooperating' category as JSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 9, 2025, July 19, 2025, July 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Jalalabad Solvex Private Limited (JSPL) was incorporated in 2000 as a private limited company and is currently being managed by Mr. Raman Sidana, Mr. Ashwani Sidana, Mr. Ashok Aneja, Mr. Ram Lal Aneja, Mr. Brij Mohan, Mrs. Shashi Bala Aneja, Mrs. Vandana Sidana and Mrs. Ranju Sidana as its directors. The company is engaged in the extraction of rice bran oil from rice bran at its processing facility located in Fazilka, Punjab. LPF SYSTEMS: CRISIL Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL said the rating on bank facilities of LPF Systems Private Limited (LPF) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Channel Financing 8.5 CRISIL B+/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with LPF for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LPF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LPF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LPF continues to be 'Crisil B+/Stable Issuer not cooperating'. LPF was set up in 1997 as by Mr Venu Vinod and his family. The company, based in Hyderabad (Telangana) distributes welding alloys, passenger car spare parts, automotive components, and engine oil. It is the authorised distributor for Tata Motors Ltd, Greaves Cotton Ltd and Shell India Markets Pvt Ltd. LPF also services vehicles for Eicher Motors Ltd. Mr. Venu Vinod is also the promoter of Recon Technologies Pvt Ltd (rated 'CRISIL BB-/Stable/CRISIL A4+') and Cyber City Builders and Developers Pvt Ltd. These companies are in different line of business and are being managed independently. MAYAJUKTA TEA: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Mayajukta Tea Estate Private Limited (MTEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.88 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.20 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 20, 2024, placed the rating(s) of MTEPL under the 'issuer non-cooperating' category as MTEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MTEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 6, 2025, July 16, 2025 and July 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Mayajukta Tea Estate Private Limited (MTEPL) was incorporated in 2005 and later on it was taken over by Mr. Sambit Dutta and Mrs. Kakoli Dutta with effort from November 2015. The company has been engaged in tea leaves processing. The processing facility of the company is located in Jalpaiguri. PARTHASARATHI HOTELS: CRISIL Keeps B Rating in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Sre Parthasarathi Hotels Private Limited (SPHPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Term Loan 13 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SPHPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SPHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SPHPL continues to be 'Crisil B/Stable Issuer not cooperating'. Based in Chennai and set up in 2012, SPHPL is engaged in the hospitality industry. It is setting up a hotel Mowbrayen, on Bangalore Trunk Road, Chennai, which is to commence operations in 2015. PERFECT DYNAMICS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Perfect Dynamics Auto Private Limited (PDAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 27.70 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 27, 2024, placed the rating(s) of PDAPL under the 'issuer non-cooperating' category as PDAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PDAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 13, 2025, July 23, 2025 and August 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in September 2010, Perfect Dynamics Auto Private Limited (PDAPL) is promoted by Mr. Anil Kumar Srivastava & Mrs. Archana Srivastava. PDAPL is engaged in the manufacturing of automobile components which include spare parts and accessories for 2 wheelers, 3 wheelers and 4 wheelers, includes Sari Guard, Leg Guard, Chain Adjuster, Step Pillion, Bracket sensor, Center Shaft Stand, Frames, Fuel Tanks etc. It also provides Job Work service such as Wheel Assembly for all types of vehicles. The company operates through four units of which two units are located in Aurangabad (Maharashtra) and other two units are at Pantnagar (Uttarakhand). The company employs around 1000 works out of which 683 are skilled employees [280 on payroll basis and 403 on contractual basis]. RAJLUXMI ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Rajluxmi Enterprises Private Limited (REPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 9, 2024, placed the rating(s) of REPL under the 'issuer non-cooperating' category as REPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. REPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 25, 2025, July 5, 2025, July 15, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Madhya Pradesh based Rajluxmi Enterprises Private Limited (REPL) was initially incorporated in 2007 as Rajlaxmi Enterprises Private Limited by Mr Hariiom Choudhary along with other family members. It is engaged in the business of civil construction with major focus on construction of roads and buildings for government department and also executes works for private clients. It is registered as an 'A' class approved contractor with Public Works Department, Madhya Pradesh (PWD) and Madhya Pradesh Rural Road Development Authority (MPRRDA). RUHATIYA COTTON: CRISIL Keeps B Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Ruhatiya Cotton and Metal Private Limited (RCM: part of Ruhatiya group) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RCM for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RCM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RCM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RCM continues to be 'Crisil B/Stable Issuer not cooperating'. About the Group RCM was incorporated in 1984 and is engaged in ginning, pressing and trading of cotton. OS was set up in 1952 by Mr Kaluramji Ruhatiya and his family members. OS is into cotton yarn ginning & pressing along with trading of cotton and is also engaged in processing and trading of toor dal. The firm has a ginning and pressing unit in Adilabad, AP and dal processing unit in Akola, Maharashtra. RSPL was incorporated in 1996 and is engaged in manufacturing of cotton yarn. The company has a spinning capacity of 2 lac Kg per annum. SAFFRON RESOURCES: CRISIL Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Saffron Resources Private Limited (SRPL) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.75 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SRPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SRPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRPL continues to be 'Crisil B+/Stable Issuer not cooperating'. Incorporated in September 2014 and promoted by Mr. Sourav Agarwal and Mr. Amit Singhal, SRPL trades in coal and also provides transportation and liaising services. SAI SRINIVASA: CRISIL Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Sai Srinivasa Cotton Industries (SSCI) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.26 CRISIL B+/Stable (ISSUER NOT COOPERATING) Cash Credit 10 CRISIL B+/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SSCI for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSCI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSCI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSCI continues to be 'Crisil B+/Stable Issuer not cooperating'. Set up in 2010 in Mahabubabad, Andhra Pradesh, as a partnership firm by Jangala and Tallada families, SSCI gins and presses raw cotton into bales. SAMAR INFOTECH: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Samar Infotech Solutions (SIS) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Term 1 Crisil B/Stable (Issuer Not Loan Cooperating) Crisil Ratings has been consistently following up with SIS for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SIS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SIS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SIS continues to be 'Crisil B/Stable Issuer not cooperating'. SIS was established in 2014 as proprietorship firm. Firm undertakes sub-contracting work for other companies for the installation of smart meters in households. It is based in Noida and owned by Mr. Ravi Shankar. SONAR BANGLA: CRISIL Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Sonar Bangla Cold Storage Private Limited (SBCSPL) continues to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.4 Crisil B+/Stable (Issuer Not Cooperating) Working Capital 6.6 Crisil B+/Stable (Issuer Not Loan Cooperating) Crisil Ratings has been consistently following up with SBCSPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SBCSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SBCSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SBCSPL continues to be 'Crisil B+/Stable Issuer not cooperating'. SBCSPL was incorporated in 2005, by Mr Ranjit Kumar Dandapat and family. The company operates a cold storage unit for potatoes, with capacity of 179, 496 quintals per annum, in Bankura. SBCSPL occasionally trades in potatoes to ensure optimum capacity utilisation of its cold storage unit. It also extends loans to farmers against their produce stored, and gets these loans refinanced by banks. SYMBIOSIS PROPERTIES: CRISIL Keeps B+ Rating in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Symbiosis Properties And Infrastructures India Private Limited (SPIIPL) continues to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 50 CRISIL B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING Crisil Ratings has been consistently following up with SPIIPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SPIIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPIIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SPIIPL continues to be 'Crisil B+/Stable Issuer not cooperating'. SPIPL and GPIPL based out of Kozhikode, Kerala is into residential real-estate development since 2007. It has executed over 3 projects so far and does project under the brand name - "Good Earth". The group has one on-going project Good Earth - Barefoot on the Hills. TARSUN STEELS: CRISIL Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Tarsun Steels India Private Limited (TSIPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.50 CRISIL B+/Stable (Issuer Not Cooperating) Long Term Loan 0.85 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 1.65 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with TSIPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of TSIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TSIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TSIPL continues to be 'Crisil B+/Stable Issuer not cooperating'. Based in Coimbatore and established in 2010, TSIPL is promoted by Mr. S.P. Thangarajan. The company is engaged in manufacturing of mild steel (MS) ingots. VEE KAY: CARE Lowers Rating on INR10.55cr LT Loan to D ------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Vee Kay Enterprises (VKE), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.55 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B-; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 28, 2024, placed the rating(s) of VKE under the 'issuer non-cooperating' category as VKE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VKE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 14, 2025, July 24, 2025, August 3, 2025 and August 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of VKE have been revised on account of non-availability of requisite information. The rating revision also considers ongoing delays in debt servicing as recognized from publicly available information i.e. CIBIL filings made by the lender. Analytical approach: Standalone Outlook: Not Applicable Vee Kay Enterprises (VKE) was established in 1985 as a partnership firm and is currently being managed by Mr Vikas Behal and his brother Mr Vishal Behal sharing profit and loss equally. The entity is engaged in the manufacturing of acrylic yarn at its manufacturing facility located in Ludhiana, Punjab. VIKAS STAINLESS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Vikas Stainless Steel India Private Limited (VSSIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 49.31 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 20, 2024, placed the rating(s) of VSSIPL under the 'issuer non-cooperating' category as VSSIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VSSIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 6, 2025, July 16, 2025, July 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Vikas Stainless Steel India Private Limited (previously known as Vikas Steel Inc, established as a partnership firm in 2005) was incorporated on March 21, 2018 as a private company. The company is promoted by Mr. Vijendra Kumar Gupta who has more than 16 years of experience in the industry. VSSIPL is a supplier and service provider of high-quality stainless-steel sheet coil, plate, pipe, and strips of varied grades such as 305, 316l, 204 CU, J4, JT, 409M, 430. It is an authorized trading house and channel partner for Jindal Stainless Steel and Jindal Stainless (Hisar) Limited =============== M O N G O L I A =============== MONGOLIA: Fitch Affirms 'B+' Foreign Currency IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed Mongolia's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B+' with a Stable Outlook. Key Rating Drivers Strengths and Weaknesses: Mongolia's ratings are supported by strong medium-term growth, modest government debt and high per capita income relative to 'B' category peers. The ratings are constrained by the country's high reliance on external funding and commodity exports to China, making it vulnerable to external shocks. High external debt, modest foreign-exchange reserves, and a record of procyclical economic policy add to external vulnerabilities. Mongolia scores well on World Bank Governance Indicators (WBGIs) relative to 'B' category peers but has suffered from policy uncertainty. Resilient Growth: Fitch forecasts real GDP growth will pick up to 5.7% in 2025, from 5% in 2024, driven by an agricultural recovery after two harsh winters. Coal exports have fallen by 40% in the first seven months of 2025 due to a price shock, but strong copper exports have largely offset the impact. Fitch expects growth to remain robust at 5.3% in 2026 and 2027, underpinned by continued investment in the mining sector and solid non-mining activity. However, a potential shift in Chinese demand for Mongolia's mining exports remains a key downside risk. Mining and Infrastructure-Driven Expansion: Major mining and infrastructure projects continue to bolster medium-term growth. The underground phase of the Oyu Tolgoi copper mine continues to support gradual increases in production. Construction of a new cross-border railway linking Mongolia to China's ports began in June 2025 and Fitch expects it to boost transportation capacity by 30 million tonnes annually upon completion in 2027. Moderate Fiscal Deficits: Fitch projects a fiscal deficit of 1.8% of GDP in 2025, following a 1.3% surplus in 2024. The amended 2025 budget, passed in August, cut current and capital expenditure by MNT1.3 trillion and MNT500 billion, respectively, in response to a MNT3.3 trillion (about 3.5% of GDP) revenue shortfall. The revised budget projects a structural balance of 1.5% of GDP deficit, which excludes allocations to the Fiscal Stabilisation Fund (FSF) and the Sovereign Wealth Fund (SWF), implying an overall surplus of 1.1% of GDP. However, revenue assumptions may be difficult to meet, with collections at only 51% of the revised target through July. Expansionary Pro-Cyclical Policy: Fitch expects the non-mineral primary fiscal deficit to widen to 15% of non-mining gross value added in 2025 and 2026, from 12.9% in 2024. Fiscal rules have been strengthened in recent years, but the implementation record is still short, implying uncertainty about enforcement during external shocks. Some rules, such as the current expenditure cap at 30% of GDP, are inherently pro-cyclical and allow for higher spending during periods of strong economic growth. Government spending reached a record 38.2% of GDP in 2024 amid historically strong revenue from the commodity boom. Stable Debt; Contained Maturities: Fitch projects government debt to decline to below 40% of GDP in the medium term, from 41.8% of GDP at end-2024, following sharp declines since the pandemic. However, a substantial share of public debt is denominated in foreign exchange, highlighting exchange-rate risk. The government partially refinanced external debt securities maturing in 2026 and 2027 earlier this year, further smoothing the maturity profile. The government holds deposits exceeding 10% of GDP, including about 6% of GDP in the SWF and 2% of GDP in the FSF, mostly with the central bank and partly reflected in reserves. Elevated Inflationary Pressure: Headline inflation accelerated to 9.6% in February 2025 before easing slightly in recent months. Fitch forecasts inflation to average 8.5% in 2025-2026, driven by strong domestic demand, higher utility tariffs and rapid credit growth, which is above the Bank of Mongolia's (BoM) 4%-8% target. The BoM raised its policy rate by 2 percentage points to 12% in March 2025 after multiple cuts in 2024 and has tightened banks' reserve requirement three times since 4Q24. Persistent External Vulnerabilities: Fitch expects the current account deficit to widen to 12% of GDP in 2025, from 10.5% in 2024, and to remain elevated over the medium term. The deficit is largely financed by foreign direct investments, but structurally large service and primary income deficits constrain reserve accumulation from commodity exports. Gross FX reserves stood at USD5.4 billion as of July 2025 (just over three months of external payments), which is low given Mongolia's narrow economic base. Net foreign assets rose to USD4 billion after partial repayment of swap liabilities to the People's Bank of China. Net external debt, at about 120% of GDP at end-2024, is nearly 6x the 'B' median, although over 30% of this is FDI, and more than 20% are concessional loans, both of which Fitch expects to remain stable sources of funding. Mongolia is among the world's most commodity-dependent sovereigns, with mineral exports (almost entirely to China) accounting for 90% of external receipts and 30% of government revenue. ESG - Governance: Mongolia has an ESG Relevance Score of '5[+]' for Political Stability and Rights and '5' for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. These scores reflect the high weight that the WBGIs have in its proprietary Sovereign Rating Model. Mongolia has a medium WBGI ranking at the 47th percentile. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - External Finances: Materialisation of significant external stress, potentially undermining external financing flows and leading to a decline in foreign reserves, for example, as a result of a commodity shock amid expansionary domestic economic policies. - Public Finances: Significant increase in the government debt/GDP ratio, for example, from sustained budget deficits or weaker medium-term growth prospects. - Structural Features: Political instability or major policy shifts sufficient to significantly disrupt strategic mining projects or FDI inflows. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - External Finances: Reduction in external financing risks, for example, through significant accumulation of foreign-currency reserves and a fall in net external debt, accompanied by prudent external debt management. - Public Finances: Implementation of prudent fiscal policies, which reduce pro-cyclicality and are consistent with reductions in the government debt/GDP ratio and the build-up of fiscal buffers. - Macroeconomic and Structural: Sustained strong economic growth without the emergence of imbalances, supported by a business environment conducive to robust FDI inflows. Sovereign Rating Model (SRM) and Qualitative Overlay (QO) Fitch's proprietary SRM assigns Mongolia a score equivalent to a rating of 'BB-' on the Long-Term Foreign-Currency (LT FC) IDR scale. Fitch's sovereign rating committee adjusted the output from the SRM score to arrive at the final LT FC IDR by applying its QO, relative to SRM data and output, as follows: - External Finances: -1 notch, to reflect Mongolia's vulnerability to external shocks, given its dependence on commodity exports to China, particularly coal, as well its high external financing needs and debt in the context of modest FX reserves. Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three-year centred averages, including one year of forecasts, to produce a score equivalent to a LT FC IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within its criteria that are not fully quantifiable and/or not fully reflected in the SRM. Country Ceiling The Country Ceiling for Mongolia is 'BB-', one notch above the LT FC IDR. This reflects moderate constraints and incentives, relative to the IDR, against capital or exchange controls being imposed that would prevent or significantly impede the private sector from converting local currency into foreign currency and transferring the proceeds to non-resident creditors to service debt payments. Fitch's Country Ceiling Model produced a starting point uplift of +1 notch above the IDR. Fitch's rating committee did not apply a qualitative adjustment to the model result. ESG Considerations Mongolia has an ESG Relevance Score of '5[+]' for Political Stability and Rights, as WBGIs have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and a key rating driver with a high weight. As Mongolia has a percentile rank above 50 for the governance indicator, this has a positive impact on the credit profile. Mongolia has an ESG Relevance Score of '5' for Rule of Law, Institutional & Regulatory Quality and Control of Corruption, as WBGIs have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and are a key rating driver with a high weight. As Mongolia has a percentile rank below 50 for the respective governance indicators, this has a negative impact on the credit profile. Mongolia has an ESG Relevance Score of '4[+]' for Human Rights and Political Freedoms, as the Voice and Accountability pillar of the WBGIs is relevant to the rating and a rating driver. As Mongolia has a percentile rank above 50 for the governance indicator, this has a positive impact on the credit profile. Mongolia has an ESG Relevance Score of '4[+]' for Creditor Rights, as willingness to service and repay debt is relevant to the rating and is a rating driver for Mongolia, as for all sovereigns. As Mongolia has a record of more than 20 years without a restructuring of public debt and captured in its SRM variable, this has a positive impact on the credit profile. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Mongolia LT IDR B+ Affirmed B+ ST IDR B Affirmed B LC LT IDR B+ Affirmed B+ LC ST IDR B Affirmed B Country Ceiling BB- Affirmed BB- senior unsecured LT B+ Affirmed B+ ===================== N E W Z E A L A N D ===================== 24 HAYES: Creditors' Proofs of Debt Due on Oct. 31 -------------------------------------------------- Creditors of 24 Hayes Limited are required to file their proofs of debt by Oct. 31, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 25, 2025. The company's liquidators are: Rees Logan Andrew McKay BDO Auckland Level 4 BDO Centre 4 Graham Street Auckland 1010 ENC CIVIL: Court to Hear Wind-Up Petition on Oct. 9 --------------------------------------------------- A petition to wind up the operations of ENC Civil Limited will be heard before the High Court at Auckland on Oct. 9, 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 NONO MAGS: Court to Hear Wind-Up Petition on Sept. 9 ---------------------------------------------------- A petition to wind up the operations of Nono Mags N Tyres Limited will be heard before the High Court at Wellington on Sept. 9, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on July 8, 2025. The Petitioner's solicitor is: Ashley Ashika Singh Legal Services 55 Featherston Street (PO Box 895) Wellington 6011 ROOF REPAIR: Creditors' Proofs of Debt Due on Sept. 26 ------------------------------------------------------ Creditors of Roof Repair Auckland Limited are required to file their proofs of debt by Sept. 26, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 25, 2025. The company's liquidator is: R. Mason-Thomas Meltzer Mason, Chartered Accountants PO Box 6302 Victoria Street West Auckland 1141 SELIG HOLDINGS: Creditors' Proofs of Debt Due on Sept. 26 --------------------------------------------------------- Creditors of Selig Holdings Limited (formerly Giles & Associates Chartered Accountants Limited) are required to file their proofs of debt by Sept. 26, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 22, 2025. The company's liquidator is: R. Mason-Thomas Meltzer Mason, Chartered Accountants PO Box 6302 Victoria Street West Auckland 1141 ================= S I N G A P O R E ================= DIGITAL SERVICES: Commences Wind-Up Proceedings ----------------------------------------------- Members of Digital Services SG Four Pte. Ltd. on Aug. 22, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Mr. Abuthahir Abdul Gafoor Ms. Yessica Budiman AAG Corporate Advisory 11 Collyer Quay #07-02 The Arcade Singapore 049317 GH INTERIOR: Court to Hear Wind-Up Petition on Sept. 12 ------------------------------------------------------- A petition to wind up the operations of GH Interior Pte. Ltd. will be heard before the High Court of Singapore on Sept. 12, 2025, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on Aug. 18, 2025. The Petitioner's solicitors are: Messrs Harry Elias Partnership LLP SGX Centre 2, #17-01 4 Shenton Way Singapore 068807 GLP PTE: Fitch Affirms BB Foreign Curr. IDR & Then Withdraws Rating ------------------------------------------------------------------- Fitch Ratings has affirmed Singapore-based GLP Pte. Ltd.'s Long-Term Foreign-Currency Issuer Default Rating and senior unsecured rating at 'BB'. The Outlook is Stable. Fitch has also affirmed the ratings on its outstanding debt instruments. GLP has continued to deliver on debt reduction with its recently announced strategic transactions, despite slower asset disposals amid challenging market conditions. This, along with the resilient performance of its diversified asset portfolio, should drive GLP's deleveraging in the medium term. The transaction proceeds, together with stable banking relationships and a recent bond issuance, have also strengthened its liquidity buffer. Fitch is also withdrawing the ratings as GLP has chosen to stop participating in the rating process. Therefore, as GLP is privately held, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings for GLP. Key Rating Drivers Strategic Investments Bolster Liquidity: GLP has entered into an agreement with Abu Dhabi Investment Authority (ADIA) for a USD1.5 billion equity investment into the company, with an initial USD500 million already received and the remaining USD1 billion expected at a later date. GLP has also entered into an agreement with Quzhou Industrial Group, which is wholly owned by the Quzhou State-owned Assets Supervision and Administration Commission, for a CNY2.5 billion (USD350 million) equity investment into GLP China' s data-centre platform. These transactions and the USD300 million bond issuance earlier this year have provided a material lift to the company's liquidity buffer. Slower Asset Monetisation; High Leverage: The pace of GLP's asset monetisation has slowed over the past year amid challenging market conditions for logistics assets in China, mitigated by an increase in investor interest in data-centre assets. Recent fund formations include a CNY2.8 billion logistics fund, CIF XIII, in December 2024 and a CNY2.6 billion China internet data-centre income fund, GLP's first digital asset-focused fund, in April 2025. GLP reduced debt, excluding non-recourse debt at managed entities, by USD1.2 billion to USD11.9 billion by end-2024, although leverage, measured by Fitch's net debt to adjusted EBITDA, which excludes monetised fair value gains, remained elevated at 15x. Fitch believes continued timely execution of its asset monetisation strategy is key towards supporting its deleveraging trajectory and the introduction of the strategic investors shows GLP's commitment towards deleveraging. Logistics Remains Resilient: The underlying performance of the logistics business has remained relatively resilient, despite industry headwinds in China. It recorded same-store net operating income growth of 0.5% across the managed portfolio in 2024, as a 2.4% decline in China was offset by improvement overseas. The China logistics market continues to be affected by oversupply, but could gradually stabilise in the next one-two years, as new supply decreases and excess supply is absorbed. Data Centre Growth Continues: The data-centre business' revenue rose 43% yoy to USD193 million in 2024, with underlying EBITDA turning positive from a USD51 million contribution. The group's total in-service capacity (including joint ventures) reached about 400MW in 2024, with room for growth towards its 1.4GW of total secured IT capacity in China. The data-centre business's profitability should gradually improve in the medium term as its business scale continues to ramp up. Peer Analysis GLP's property portfolio is comparable with that of Singapore-based Mapletree Industrial Trust (MIT, BBB+/Stable) and Mapletree Logistics Trust (MLT, BBB+/Stable). However, a large portion of its assets is held under managed funds, where it earns fund management-related income, instead of direct rental income, with weaker access to secured financing. GLP also has greater concentration in China, where leases are shorter and the operating environment is currently more challenging. MIT has lower leverage than GLP, while both MIT and MLT have stronger coverage than GLP. These factors constrain GLP's ratings. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Revenue to decline by 21% in 2025 and rise by 13% in 2026; - 2025-2026 operating EBITDA margin of 25%-27% (2024: 32%); - 2025-2026 asset monetisation (after asset-level debt repayment) of USD2 billion annually; - Capex of USD1 billion per year in 2025-2026 (2024: USD0.9 billion). RATING SENSITIVITIES Not applicable as the ratings have been withdrawn. Liquidity and Debt Structure GLP had available liquidity of USD1.6 billion at end-2024. This, together with USD1.4 billion of cash proceeds for the GCP International disposal received in 1Q25, covered most of its USD3.2 billion of short-term debt, excluding revolving credit facilities that can be rolled over. The company has since bolstered its liquidity buffer with about USD1 billion in new bank lines and USD300 million in bond issuance. This is in addition to ADIA's USD1.5 billion equity investment and the Quzhou SASAC's USD350 million for GLP China's data-centre platform. Fitch believes these, together with continued asset disposals, will continue to support GLP's liquidity buffer and will be sufficient to address its debt maturity in the next 12-18 months, including about USD1.1 billion in bonds due 2026. Issuer Profile GLP is a global investor, developer and investment manager focused on the logistics, digital infrastructure, and renewable energy sectors. The group has 69 million square metres of completed gross floor area in its logistics portfolio, 2,400MW of secured IT capacity globally, and around USD80 billion of assets under management. Summary of Financial Adjustments Adjustments made to standard Fitch-defined EBITDA to derive GLP's adjusted EBITDA: - Add back eliminated management fee on consolidated managed fund. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations GLP has an ESG Relevance Score of '4' for Group Structure due to its complex group structure with various forms of operating entities. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. GLP has an ESG Relevance Score of '4' for Financial Transparency due to less frequent or detailed disclosures. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Following the withdrawal of ratings for GLP, Fitch will no longer be providing the associated ESG Relevance Scores. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- GLP Pte. Ltd. LT IDR BB Affirmed BB LT IDR WD Withdrawn senior unsecured LT BB Affirmed RR4 BB senior unsecured LT WD Withdrawn subordinated LT B+ Affirmed RR6 B+ subordinated LT WD Withdrawn MM2 ASIA: H2 Loss Widens to SGD101.3MM as Cinema Biz Written Off ---------------------------------------------------------------- The Business Times reports that Cathay Cineplexes owner mm2 Asia widened its net loss in the second half of its fiscal year ended March 31 by more than 10 times to SGD101.3 million, from SGD8.7 million in the previous corresponding period. This comes despite a 21 per cent increase in revenue for the six months to SGD79.7 million, from SGD65.9 million in the year-ago period. The declining financial performance was primarily driven by a lower number of completed projects in the concert and event and cinema business versus the previous financial year, said the media company in its financial statement released on Aug. 28, BT relays. BT relates that the biggest blow to mm2 Asia’s bottom line came from its share of losses of associated companies, which stood at SGD75 million for the half-year, up by more than nine times from SGD7.2 million the previous year. For the full year, its share of losses of associated companies stood at SGD82.8 million, up from SGD11.9 million the year before. According to BT, the group said that this was mainly due to the write-off of its cinema business mm Connect. Cost of sales for the six months also increased 60.9 per cent to SGD86 million from SGD53.5 million the year before. The increase was attributed to the concert and event business, which incurred higher show fees. This was coupled with a rise in operational costs, particularly in professional fees and labour expenses, partially driven by global inflationary trends, said mm2 Asia. Basic loss per share from continuing operations for the half-year came in at SGD0.0186, compared with SGD0.0028 in the previous corresponding period. No dividend was declared, BT notes. For the full year, mm2 Asia posted a net loss of SGD105.2 million, widening the SGD5.7 million loss it incurred in the year-ago period, BT discloses. Revenue came in at SGD165.1 million for the full year, down 13.9 per cent from SGD191.8 million in the prior year. Basic loss per share for the full year from continuing operations stood at SGD0.0193, compared with SGD0.0017 the year before. On its outlook, mm2 Asia said: "The cinema segment faces pronounced challenges: attendance has not fully rebounded following pandemic-driven disruptions, with competition from streaming platforms and tight operating margins placing pressure on profitability." It added: "This is compounded by rising operational costs and evolving audience behaviours, making sustained recovery in the cinema business an uphill battle and prompting consideration of restructuring, mergers or divestiture." Concert and live event operations also reflect cautious optimism, said the company, BT relays. "While live entertainment has returned to pre-pandemic levels in many markets, revenue in this segment fluctuates with event cycles, scheduling and consumer sentiment, suggesting that growth will remain uneven in the near term." That said, the group maintained that movie production remains buoyed by resilient demand for Asian content and a rebound in local titles, all of which position it to maintain growth despite volatility in international releases. "The group continues to observe optimistic momentum in movie production, underpinned by regional demand and a strong pipeline of new projects, even as global box office trends gradually recover." BT adds that the company said that its strategic direction for the fiscal year is built upon its three core pillars of embracing new tools such as generative artificial intelligence; expanding into high-potential adjacent areas, including interactive media; as well as spinning off non-core divisions to free up capital. About mm2 Asia Based in Singapore, mm2 Asia Ltd. (SGX:1B0) -- https://www.mm2asia.com/ -- primarily engages in the media and entertainment industry, focusing on the production, distribution, and exhibition of films and television content. The company operates through its subsidiaries, including Cathay Cineplexes, which manages cinema operations. RIBBONSG PTE: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on Aug. 15, 2025, to wind up the operations of Ribbonsg 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 SUPERFOOD KITCHEN: Enters Voluntary Liquidation ----------------------------------------------- The Business Times reports that Superfood Kitchen will enter voluntary liquidation with operations at its last outlet, in Raffles City, ceasing on Aug. 31. Superfood Kitchen faces mounting losses and was not able to agree on rental rates with the landlord, said its Singapore-listed parent, Autagco, in an Aug. 31 bourse filing, BT relays. The eatery is the latest in a series of retail operators to shut down in the face of tough business conditions. "Since its launch in 2022, Superfood Kitchen has been incurring accumulated losses amid rising operating costs and challenging business environment, with limited turnaround prospects," said Autagco. Superfood Kitchen had engaged its Raffles City landlord on renewal terms, but could not agree on rental rates, among other matters, BT says. Both parties agreed to terminate the lease, with the premises to be handed to the landlord by Sept 11. Autagco expects to incur a one-off SGD15,000 cost for the handover, according to BT. In the Aug. 31 filing, Autagco noted that it tried to explore alternatives to liquidation, BT says. For instance, it entered negotiations with a potential buyer for the Superfood Kitchen master franchise, but did not reach a binding arrangement. With the liquidation, Autagco plans to focus on its assisted living business and explore other viable business opportunities, as part of an ongoing strategic review. The company has appointed Mr. Keith Ng of Reliance 3P Advisory as the liquidator for Superfood Kitchen, BT discloses. TOKEN FACTORY: Court to Hear Wind-Up Petition on Sept. 19 --------------------------------------------------------- A petition to wind up the operations of Token Factory Private Limited will be heard before the High Court of Singapore on Sept. 19, 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 YMG TECH: Court to Hear Wind-Up Petition on Sept. 5 --------------------------------------------------- A petition to wind up the operations of YMG Tech Pte. Ltd. will be heard before the High Court of Singapore on Sept. 5, 2025, at 10:00 a.m. Yamaguchi Kikuo filed the petition against the company on Aug. 1, 2025. The Petitioner's solicitors are: Focus Law Asia LLC 16 Raffles Quay #21-01 Hong Leong Building Singapore 048581 ********* 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. 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