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250904.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 Thursday, September 4, 2025, Vol. 28, No. 177 Headlines A U S T R A L I A AFG TRUST 2025-1: S&P Assigns Prelim. B(sf) Rating on Class F Notes COUNTRY ROAD: Full-Year Loss Widens to AUD164 Million INNOVA GROUP: First Creditors' Meeting Set for Sept. 10 MARV PAKENHAM: First Creditors' Meeting Set for Sept. 9 ONESTEEL MANUFACTURING: KordaMentha Wins Whyalla Port Case ORION TRUST 2025-1: S&P Assigns Prelim. B(sf) Rating on Cl. F Notes PRYSM INDUSTRIES: Second Creditors' Meeting Set for Sept. 9 VENTURE SPIRITS: First Creditors' Meeting Set for Sept. 10 WORKFORCE SOLUTIONS: First Creditors' Meeting Set for Sept. 8 C H I N A FOSUN INT'L: S&P Rates Proposed USD Sr. Unsecured Notes 'BB-' H O N G K O N G NEW WORLD: Clarifies No Shareholder Injection Plan [] HK: Small and Medium-Sized Developers to Face Default Risks I N D I A ANDAL AND COMPANY: CARE Keeps B- Debt Rating in Not Cooperating ANI TECHNOLOGIES: Moody's Puts 'B3' CFR Under Review for Downgrade ASWINS HOME: CARE Keeps B- Debt Rating in Not Cooperating Category BARDHAMAN RICE: CARE Lowers Rating on INR6.69cr LT Loan to B- CHAUDHARY AGRO: CARE Keeps B- Debt Rating in Not Cooperating GOURANGA COLD: CARE Keeps B- Debt Rating in Not Cooperating GURUKRUPA CONSTRUCTION: CARE Keeps B- Rating in Not Cooperating KITTURU CHENNAMMA: ICRA Keeps B+ Debt Ratings in Not Cooperating M S RAMAIAH: ICRA Withdraws D Rating on INR20cr Term Loan MAADHAV AUTOMOTIVE: CARE Lowers Rating on INR5.30cr LT Loan to B- MADHUR ENGINEERS: ICRA Keeps B+ Debt Rating in Not Cooperating MAHALAXMI HIMGHAR: CARE Keeps B- Debt Rating in Not Cooperating MANJUNATHA SPINNING: ICRA Keeps B+ Ratings in Not Cooperating MOHANBIR HI-TECH: Insolvency Resolution Process Case Summary NAGAKRISHNA CHEMICALS: Insolvency Resolution Process Case Summary NATIONAL RICE: CARE Keeps D Debt Rating in Not Cooperating NATURAL SELECTIONS: CARE Keeps B- Debt Rating in Not Cooperating P.C. THOMAS: CARE Keeps B- Debt Rating in Not Cooperating Category PATELNAGAR REFRACTORIES: ICRA Keeps D Ratings in Not Cooperating PRECON TECHNOLOGY: ICRA Keeps D Debt Ratings in Not Cooperating RAM AABHOSHAN: CARE Keeps B- Debt Rating in Not Cooperating REGENCY ISPAT: ICRA Keeps B+ Debt Rating in Not Cooperating SAANVI ASSOCIATES: CARE Keeps D Debt Rating in Not Cooperating SAI VYSHNAVI: CARE Keeps B- Debt Rating in Not Cooperating SALIM'S PAPER: CARE Keeps D Debt Rating in Not Cooperating SHOMUK CONSULTANCY: Liquidation Process Case Summary SICAL SAUMYA: ICRA Keeps D Debt Ratings in Not Cooperating SND LIMITED: CARE Keeps D Debt Ratings in Not Cooperating Category SONIC CERAMIC: CARE Keeps D Debt Ratings in Not Cooperating SUPREME BEST: NCLT Admits Canara Bank's Insolvency Plea SURYA SHAKTI: Liquidation Process Case Summary SWANI MOTORS: Liquidation Process Case Summary ZUSAK EXIM: Insolvency Resolution Process Case Summary N E W Z E A L A N D BIOBJECT LIMITED: Creditors' Proofs of Debt Due on Sept. 16 GMR TYRES: Creditors' Proofs of Debt Due on Oct. 13 ONILCO OIL: Court to Hear Wind-Up Petition on Sept. 11 PALMERSTON NORTH: Creditors' Proofs of Debt Due on Sept. 30 SAM'S MOTORS: Court to Hear Wind-Up Petition on Sept. 11 SMITHS CITY: Placed in Voluntary Administration S I N G A P O R E BEAUX MONDE: Court Enters Wind-Up Order CLEARWIND PTE: Court Enters Wind-Up Order ENDEAVOR DESIGN: Court Enters Wind-Up Order JBF GLOBAL: Court to Hear Wind-Up Petition on Sept. 5 MECH MARINE: Court to Hear Wind-Up Petition on Sept. 12 SINGAPORE PAINCARE: Receives Letters of Claim Worth Up to SGD450K T H A I L A N D GC TREASURY: Fitch Assigns 'BB' Rating on New USD Sub. Debentures GC TREASURY: Moody's Rates 2 New USD Sub. Unsecured Securities Ba2 - - - - - ================= A U S T R A L I A ================= AFG TRUST 2025-1: S&P Assigns Prelim. B(sf) Rating on Class F Notes ------------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to eight of the nine classes of prime residential mortgage-backed securities (RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee for AFG 2025-1 Trust in respect of Series 2025-1. The preliminary ratings reflect the following factors. S&P said, "We have assessed the credit risk of the underlying collateral portfolio and we believe the credit support is sufficient to withstand the stresses we apply." The credit support for the rated notes comprises note subordination and lenders' mortgage insurance on 14.1% of the portfolio. The rated notes can meet timely payment of interest and ultimate repayment of principal under the rating stresses. Key rating factors are the level of subordination provided, the LMI cover, the principal draw function, the provision of a liquidity facility, and the provision of an extraordinary expense reserve. S&P has assessed the counterparty exposure to National Australia Bank Ltd. as bank account provider and liquidity facility provider. The transaction documents for the bank account and liquidity facility include downgrade language consistent with S&P Global Ratings' counterparty criteria. S&P has also factored into its ratings the legal structure of the trust, which is established as a special-purpose entity and meets its criteria for insolvency remoteness. Ratings Assigned AFG 2025-1 Trust in respect of Series 2025-1 Class A1-S, A$155,000,000: AAA (sf) Class A1-L, A$295,000,000: AAA (sf) Class A2, A$29,500,000: AAA (sf) Class B, A$9,400,000: AA (sf) Class C, A$5,850,000: A (sf) Class D, A$2,050,000: BBB (sf) Class E, A$1,700,000: BB (sf) Class F, A$500,000: B (sf) Class G, A$1,000,000: Not rated COUNTRY ROAD: Full-Year Loss Widens to AUD164 Million ----------------------------------------------------- The Australian Financial Review reports that fashion chain Country Road Group, which has been besieged by workplace scandals and turnover among its top executives, reported that its full-year losses had blown out to AUD164 million. The Financial Review relates that the group, which is also closing a number of its flagship stores such as its site at the Queen Victoria Building in Sydney, said that in the year to June 29, before-tax losses had almost quadrupled to AUD164 million from AUD46 million in the previous year. In 2023, Country Road group, which is owned by South Africa's Woolworths Holdings, had reported a before tax profit of AUD131 million. According to the the Financial Review, Woolworths wrote down the goodwill and value of the Country Road group, which also includes Witchery, Mimco and Politix, by AUD75 million in the past financial year. Steven Cook, the former chief executive of UK department store Debenhams, joined Country Road on July 1 and succeeded outgoing chief executive Raju Vuppalapati in August, the Financial Review says. The Financial Review says Vuppalapati left after four tumultuous years in the top job. Under his tenure, many long-serving staff departed the retailer amid complaints about the handling of sexual harassment allegations. Vuppalapati, who was not implicated in any wrongdoing, helped in restructuring the group and oversaw the re-entry of the Country Road label into department store Myer. Sales for the Country Road group in the year to June 29, fell by 5.6 per cent, or 6.8 per cent on a same store basis, the Financial Review discloses. In a statement, Woolworths said the Country Road and Trenery brands had continued to trade ahead of the other labels within the broader Country Road group. Online sales accounted for almost one-third of the Country Road group's overall sales, rising marginally from the year before. The Financial Review relates that the parent Woolworths group said that conditions across its geographies of South Africa and Australia had seen inflation ease and interest rates moderate, but still business and consumer confidence remained subdued. It said discretionary spending was likely to remain constrained for the foreseeable future while higher US tariffs also presented additional headwinds. Despite the challenging outlook Woolworths chief executive Roy Bagattini was hopeful that with much "heavy lifting" completed, the overall business can deliver to its "true and full potential," the Financial Review relays. Mr. Bagattini earlier this year said the business transformation at the Country Road division was one of "the most pivotal strategic initiatives undertaken by the group," and he aimed to return it to profitability, adds the Financial Review. INNOVA GROUP: First Creditors' Meeting Set for Sept. 10 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Innova Group Australasia Pty Ltd, Innova Design Australasia Pty Ltd, and Innova Group International Pty Ltd will be held on Sept. 10, 2025 at 11:00 a.m. via videoconference only. Rajiv Goyal of Aston Chace Group was appointed as administrator of the company on Aug. 31, 2025. MARV PAKENHAM: First Creditors' Meeting Set for Sept. 9 ------------------------------------------------------- A first meeting of the creditors in the proceedings of MARV Pakenham Group Pty Limited ATF MARV Property Trust will be held on Sept. 9, 2025 at 10:30 a.m. via virtual facilities only. Graeme Robert Beattie of Worrells was appointed as administrator of the company on Aug. 28, 2025. ONESTEEL MANUFACTURING: KordaMentha Wins Whyalla Port Case ---------------------------------------------------------- The Australian Financial Review reports that KordaMentha, the administrator of the failed Whyalla steelworks, has secured clear control of the port next to the facility, smoothing the sale process of the business seized from British industrialist Sanjeev Gupta in February. According to the Financial Review, Justice David O'Callaghan ruled in the Federal Court in Melbourne on Aug. 3 that KordaMentha had full control of the port and its infrastructure, and that a purported lease over the port claimed by Gupta was unenforceable and void. Mining contractor Golding, owned by ASX-listed NRW Holdings, was also part of the court action, claiming it had security over the port, but that was thrown out. Golding was one of the biggest creditors to the failed parent company of the steelworks, OneSteel Manufacturing, and was owed AUD131 million among total debts of AUD1.5 billion. Golding had been the main mining contractor for Gupta at the iron ore mines since 2019. The ruling gives any new buyer control over the crucial port infrastructure from which steel products are shipped. The sale package for the Whyalla steelworks also includes large iron ore mines and deposits in the nearby Middleback Ranges, about 380 kilometres north of Adelaide. Those magnetite ore deposits have attracted large international players including South Korea's POSCO, which is part of a high-powered consortium led by Australia's largest steel maker, BlueScope. The consortium also includes Japan's Nippon Steel and Indian conglomerate JSW. The Financial Review relates that South Australian Premier Peter Malinauskas said on Aug. 3 the judgment was positive for the sale process. "More than 15 national and international parties have now formally submitted their interest in the sale of the Whyalla steelworks," the Financial Review quotes Mr. Malinauskas as saying. "The decision from the Federal Court confirms that the assets at the port of Whyalla are indeed the property of OneSteel Manufacturing, therefore removing legal encumbrances and creating greater certainty in relation to the port and its role in the sale process," he said. According to the Financial Review, NRW on Aug. 2 announced the AUD200 million acquisition of electrical and mechanical services business Fredon, sending its shares to a 13-year high. But the Federal Court ruling is a blow for the Perth-headquartered construction and mining contractor. "Each piece of equipment or structure . . . was interconnected for the better enjoyment of the land upon which it was affixed," the judgment stated. "I also accept OneSteel's submission that the assets erected or constructed at the port were erected or constructed for the purpose of furthering the Arrium group's commercial objectives," Mr. O'Callaghan said. ASX-listed Arrium owned the Whyalla steelworks and the other assets until it went bust in 2016. KordaMentha was the administrator for 16 months before selling the operations for AUD700 million to Gupta, who arrived on the scene in mid-2017 as a saviour, adding the Australian business to a growing portfolio of ageing steelworks in the United Kingdom and Europe. But the Gupta empire, which had 35,000 staff, has come under serious financial pressure following the collapse in 2021 of his main financier, Greensill Capital. About OneSteel Manufacturing OneSteel Manufacturing Pty Limited manufactures steel products. The Company offers a variety of products including steel pipes, valves, and sheets. OneSteel is part of the GFG corporate group and is the legal entity that owns and operates the Whyalla steelworks and the iron ore mining operations in the Middlebank Range in South Australia. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. ORION TRUST 2025-1: S&P Assigns Prelim. B(sf) Rating on Cl. F Notes ------------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to eight classes of residential mortgage-backed securities (RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee of Orion Trust 2025-1. Orion Trust 2025-1 is a securitization of residential mortgage loans originated by Brighten Financial Pty Ltd. The preliminary ratings reflect the following factors. The credit risk of the underlying collateral portfolio, which comprises low-documentation residential mortgage loans to Australian resident borrowers, and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination and excess spread, if any. S&P's assessment of credit risk considers Brighten Financial's underwriting standards and approval process, and its servicing quality. The rated notes can meet timely payment of interest and ultimate repayment of principal under the rating stresses. Key rating factors are the level of subordination provided, principal draw function, provision of a liquidity facility, and provision of an extraordinary expense reserve. S&P said, "Our analysis is on the basis that the notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and we assume the notes are not called at or beyond the call-option date." S&P said, "Our ratings also take into account the counterparty exposure to Westpac Banking Corp. as bank account provider and by Commonwealth Bank of Australia as liquidity facility provider. We also have factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness. "We have assessed the servicing and standby servicing arrangements in this transaction under our "Global Framework For Assessing Operational Risk In Structured Finance Transactions" criteria, published Oct. 9, 2014, and concluded that there are no constraints on the maximum rating that can be assigned to the notes." Preliminary Ratings Assigned Orion Trust 2025-1 Class A-S, A$160.00 million: AAA (sf) Class A-L, A$250.00 million: AAA (sf) Class A2, A$42.50 million: AAA (sf) Class B, A$20.25 million: AA (sf) Class C, A$14.00 million: A (sf) Class D, A$6.80 million: BBB (sf) Class E, A$2.95 million: BB (sf) Class F, A$1.70 million: B (sf) Class G, A$1.80 million: Not rated PRYSM INDUSTRIES: Second Creditors' Meeting Set for Sept. 9 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Prysm Industries Pty Ltd has been set for Sept. 9, 2025, at 11:00 a.m. via Microsoft Teams Videoconferencing Facility. 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. 8, 2025 at 4:00 p.m. Liam Bellamy and Shaun Fernando of Mackay Goodwin were appointed as administrators of the company on Aug. 14, 2025. VENTURE SPIRITS: First Creditors' Meeting Set for Sept. 10 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Venture Spirits Pty Ltd will be held on Sept. 10, 2025 at 10:30 a.m. via virtual facilities. Clifford Rocke and Glenn Anthony Crisp of WA Insolvency Solutions were appointed as administrators of the company on Aug. 29, 2025. WORKFORCE SOLUTIONS: First Creditors' Meeting Set for Sept. 8 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Workforce Solutions C2C Pty Ltd will be held on Sept. 8, 2025 at 11:00 a.m. via virtual meeting only. Mervyn Jonathan Kitay of Worrells WA was appointed as administrator of the company on Aug. 29, 2025. ========= C H I N A ========= FOSUN INT'L: S&P Rates Proposed USD Sr. Unsecured Notes 'BB-' ------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' long-term issue rating to the U.S. dollar-denominated senior unsecured notes that Fortune Star (BVI) Ltd. proposes to issue. The company is a special purpose vehicle of Fosun International Ltd., which will unconditionally and irrevocably guarantee the notes. The issue rating is subject to S&P's review of the final terms and conditions. S&P rates the notes the same as the issuer credit rating on Fosun (BB-/Stable/--). This is because of credit substitution under the guarantee. China-based Fosun is an investment holding company with a secured debt ratio of about 21% at the holding company level as of end-2024. This was below our 50% threshold. S&P therefore does not notch down the issue rating for structural subordination risk. Fosun will use the issuance proceeds to refinance offshore debt, including any payment in connection with its concurrent tender offer of U.S. dollar-denominated notes due in May 2026, and for working capital and general corporate purposes. S&P said, "The stable rating outlook on Fosun reflects our view of the company's improving refinancing capabilities. We expect the company to recycle assets further over the next 12-18 months to reduce debt at the holding company level and increase financial buffer." ================= H O N G K O N G ================= NEW WORLD: Clarifies No Shareholder Injection Plan -------------------------------------------------- The Standard reports that New World Development issued a clarification statement following Bloomberg reports that controlling shareholder the Cheng family was considering injecting approximately HK$10 billion into the company by year-end alongside seeking equity partners for a similar amount. According to The Standard, the group confirmed it had not received any such capital injection proposals beyond routine financing activities, including ongoing negotiations for loan facilities led by Deutsche Bank. The Standard relates that the developer stated it had made all reasonable inquiries, including consulting controlling shareholders, and was unaware of any information requiring disclosure to prevent false markets. Earlier reports had suggested discussions involved establishing a joint venture to provide liquidity, with Blackstone Inc. and CapitaLand Group reportedly participating in talks about potential asset acquisitions, The Standard relays. The Standard adds that the company recently completed Hong Kong's largest refinancing deal in June, covering approximately HK$88.2 billion in existing unsecured offshore financial debts with the earliest maturity date in June 2028. 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. New World is still facing challenges even after it pulled off one of Hong Kong's biggest refinancing deals worth US$11 billion earlier this year. It has also been trying to secure a loan of as much as HK$15.6 billion led by Deutsche Bank, though it recently missed a self-imposed target for that effort, Bloomberg News. Controlled by Hong Kong's Cheng family, New World carries the heaviest debt burden among major developers in the city, amid a prolonged real estate downturn in the financial hub and mainland China. Its net debt reached 95.5 per cent of shareholders' equity as at December, according to Bloomberg Intelligence. [] HK: Small and Medium-Sized Developers to Face Default Risks -------------------------------------------------------------- South China Morning Post reports that more of Hong Kong's small and medium-sized property developers will face default risks, market experts said, adding that they hoped the government would provide more capital support as banks remained cautious about issuing new loans. "There is no white knight in the market, so investors and companies that are in financial distress have to self-rescue," the Post quotes Glen Ho, national turnaround and restructuring leader at consulting firm Deloitte, as saying. "The market is very rigid, lacking new capital, as banks are reluctant to grant new loans," he said. According to the Post, the multi-year price slump in the city's commercial real estate sector, which has caused considerable financial strain for developers, has raised concerns among banks over growing non-performing loan (NPL) ratios. Hang Seng Bank saw its NPL ratio rise to 6.69 per cent in the first half from 6.12 per cent at the end of December, according to its latest financial results, the Post relays. Expected credit losses rose by 48.5 per cent to HK$4.9 billion during the period due to "higher charges for Hong Kong commercial real estate exposures". The Post relates that Joseph Tsang, the chairman of JLL Hong Kong, said banks that are cautious about lending create problems for the real estate market. "Even if someone is willing to purchase the distressed assets, no one is willing to lend new money," the Post quotes Mr. Tsang as saying. "Potential buyers need to buy with cash or at high rates." "We hope that the government can pay attention to this issue by lowering the loan-to-deposit ratio and reducing the reserve requirement ratio to allow banks to release more liquidity." The Post adds that experts said in the short term, lower interest rates will not solve all developers' problems because declines in commercial capital values cannot be resolved quickly. "For small and medium-sized developers, I can't say if the worst has come but we haven't seen any substantial improvement, [so] the situation will persist and we will see more of them facing loan default risks," said Deloitte's Ho. Hong Kong property developers had more than US$18.8 billion in club and syndicated loans due by the end of 2026, the Post discloses citing data compiled by the London Stock Exchange Group. Earlier in August, Road King Infrastructure suspended US$22.6 million in interest payments and said it would defer distributions of US$56.5 million in perpetual securities, making it the first Hong Kong-based developer to default on bond payments since China's property crisis began in 2021. In July, Hong Kong developer Grand Ming Group avoided risking default by obtaining waivers from its lenders for outstanding loans totalling HK$4.8 billion (US$611.5 million), the Post recalls. Emperor International Holdings, the conglomerate's listed property business, said in June that it had more than HK$16.6 billion in overdue loans as of March 31. ========= I N D I A ========= ANDAL AND COMPANY: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sree Andal and Company (SAC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 22.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 16, 2024, placed the rating(s) of SAC under the ‘issuer non-cooperating’ category as SAC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SAC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 1, 2025, June 11, 2025, June 23, 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 Chennai based, Sree Andal and Company (SAC) was established in April 1991 by Mr. M. Subbiah, Mr. G.N. Suresh along with family members. The firm is currently engaged in the trading of iron and steel products such as TMT bars, Beams, Angles, Channel, etc., in and across Chennai, Tamil Nadu ANI TECHNOLOGIES: Moody's Puts 'B3' CFR Under Review for Downgrade ------------------------------------------------------------------ Moody's Ratings has placed ANI Technologies Pvt Ltd's (Ola) B3 corporate family rating and the B3 rating on the guaranteed senior secured term loan borrowed by OLA Netherlands B.V., on review for downgrade. The loan is guaranteed by Ola. Previously, the outlook was stable. "The review for downgrade reflects the increased refinancing risks for Ola's December 2026 loan maturity, due to the prolonged weakness in the company's operating performance that have eroded its liquidity buffers", says Sweta Patodia, a Moody's Ratings Assistant Vice President and Analyst. The rating action also considers the impact of the company's governance practices on its credit profile, which Moody's views as credit negative. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS After two consecutive years of positive EBITDA in the fiscal years ending March 31, 2023 (FY22–23) and FY23–24, Ola's EBITDA losses are estimated to be around $45 million in FY24–25. The earnings reversal was driven by intensifying competition in India's ride-hailing market, prompting Ola to lower fares, offer deeper discounts, and reduce its take rates to defend market share. Additionally, earnings from its financial services and commerce segments declined due to weaker transaction volumes and increased customer incentives. Competition within India's ride hailing sector will remain high over the next 1-2 years, even as industry incumbents adopt a more rational pricing behavior relative to levels prevailing in the last fiscal year. As a result, Moody's expects Ola's operating performance will remain weak, with a narrowing EBITDA loss in FY25–26 and a modest return to positive EBITDA in the following year. Free cash flows will likely stay negative, ranging between $20 million - $50 million annually over the next two years. This continued cash burn will further deplete liquidity and reduce headroom under the company's term loan maintenance covenant. Ola is required to maintain minimum cash equal to 40% of its outstanding term loan. A covenant breach is considered as an event of default and will lead to acceleration of loan repayment. As such, Ola will have to rely on external funding sources, including a potential stake sale in Ola Electric Mobility Limited, to refinance its upcoming loan maturity in December 2026. Moody's expects to conclude the review within 60-90 days. The review will focus on Ola's: (1) progress on refinancing plans; and (2) deployment of creditor friendly policies including the potential sale of its stake in Ola Electric that shore up liquidity and address its loan maturity. ESG CONSIDERATIONS Ola's governance issuer profile score (G-IPS) is revised to G-5 from G-4, reflecting weak management credibility and track record given the company's under performance relative to Moody's previous expectations, high management turnover and limited transparency around its financial and operating performance. Ola's Credit Impact Score (CIS) was also changed to CIS-5 from CIS-4, indicating Moody's views that governance related risks could result in a downgrade of its existing ratings. LIQUIDITY Moody's assess Ola's liquidity as weak. As of March 31, 2025, Ola had around $90 million of unrestricted cash and cash equivalents. Moody's expects that the company will continue to burn cash which will further strain its liquidity such that internal resources will be insufficient to address its $65 million loan maturity in December 2026. Ola could monetize its 3.64% stake in Ola Electric, currently valued at around $90 million, to shore up liquidity. Moody's could confirm Ola's ratings if the company successfully addresses its refinancing risk and improves its liquidity. Ola's ratings will be downgraded unless the company addresses its liquidity and debt refinancing. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. There is a difference of two notches between Ola's rating and its scorecard-indicated outcome for FY24-25 based on provisional financials. The difference is explained by the inherent volatility in the company's operating performance due to EBITDA losses in the year. The ratings are currently on review for downgrade due to the sustained weakness in its operating performance, weak liquidity and high refinancing risks relating to its upcoming debt maturity in December 2026. COMPANY PROFILE ANI Technologies Pvt Ltd (Ola) is a ride-hailing company based in India (Baa3 stable). The company also has a small but growing financial services business through which it sells third party insurance and lending products. The company was co-founded by Bhavish Aggarwal in December 2010. Its top shareholders include SIMI Pacific Pte Ltd, a subsidiary of Softbank; Tencent, Warburg Pincus and Lazarus Holdings Pte Ltd. The remaining shareholding is also held by reputed venture capital and private equity firms. ASWINS HOME: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Aswins Home Special (AHS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.40 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 16, 2024, placed the rating(s) of AHS under the 'issuer non-cooperating' category as AHS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AHS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 1, 2025, June 11, 2025, June 23, 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 Tamil Nadu based, Aswins Home Special (AHS) was established in the year 2013 as partnership firm promoted by Mr. K.R.V. Ganeshan (Managing Partner) and his family members. The firm is engaged in packaged snacks and sweets under the brand name of 'Aswins Home Special'. BARDHAMAN RICE: CARE Lowers Rating on INR6.69cr LT Loan to B- ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Bardhaman Rice Udyog Private Limited (BRUPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.39 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Short Term Bank 0.30 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 21, 2024, placed the rating(s) of BRUPL under the 'issuer non-cooperating' category as BRUPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BRUPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 7, 2025, July 17, 2025, July 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of BRUPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Bardhaman Rice Udyog Private Limited (BRUPL), incorporated in 2012, commenced operation from April, 2018. The company is engaged in processing and milling of boiled rice. The milling unit of BRUPL is located at Cooch Bihar, West Bengal. BRUPL procure paddy from farmers & local agents and sells its products through the wholesalers and distributors across West Bengal. Mr. Shyamal Kumar Bose has more than three decades of experience in manufacturing of fertilizer and seed business. Apart from that, the other promoters Mr. Abdul Salam Mondal, Mr. Dinesh Ghosh, Mr. MukeshYadav, Mr.Shyamal Kumar Bose and Mr. RanjitShil all are having adequate experience in rice milling and rice trading industry. All the directors of them look after the overall management of the company, with adequate support from a team of experienced personnel. CHAUDHARY AGRO: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Chaudhary Agro Foods Industry (CAFI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.30 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 28, 2024, placed the rating(s) of CAFI under the 'issuer non-cooperating' category as CAFI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CAFI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 14, 2025, July 24, 2025, August 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Chaudhary Agro Foods Industry (CAFI) was established in August 2017 by Singh & Vij family to take over the business of Samridhi Frozen Foods Pvt. Ltd. which was engaged in the business of processing of frozen Peas and manufacturing of bakery products. Its processing unit located at Garinegi, Jaspur Tehsil, District Udham Singh Nagar in Uttarakhand. GOURANGA COLD: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Gouranga Cold Storage Private Limited (GCSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.55 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.40 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 22, 2024, placed the rating(s) of GCSPL under the 'issuer non-cooperating' category as GCSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GCSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 8, 2025, July 18, 2025 and July 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Gouranga Cold Storage Private Limited (GCSPL) was incorporated in March 1987 and currently it is being managed by Mr. Arup Dolui, Mr. Mohan Dolui, Mr. Madan Dolui and Mrs. Jharna Dolui. The company provides cold storage services for potatoes to farmers and traders. The cold storage facility of GCSPL is located at Hematpur, Paschim Medinipur with aggregated storage capacity of 429000 quintal. GURUKRUPA CONSTRUCTION: CARE Keeps B- Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shree Gurukrupa Construction Co (SGCC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.30 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 9, 2024, placed the rating(s) of SGCC under the 'issuer non-cooperating' category as SGCC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SGCC 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: Stable Rajkot-based (Gujarat) Shree Gurukrupa Construction Company (SGCC) was established in 1993 as a proprietorship firm by Mr. Narendrabhai Patel and subsequently got converted into partnership firm on June 20, 2009. Key promoters of SGCC are having an experience of more than 2 decades in the construction industry. GCC executes civil construction projects like different types of buildings i.e. school, colleges, office, police station, hospital, godowns etc. largely for the Government of Gujarat. SGCC is registered 'Class AA' (on a scale of "AA to E") and as 'Special Category I Building' contractor (on a scale of Special Category I to III) with Government of Gujarat's Roads and Building (R&B) department. It also lents work on subcontracting basis. KITTURU CHENNAMMA: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term ratings of Kitturu Chennamma Poultry Farm in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 12.60 [ICRA]B+ (Stable) ISSUER NOT Fund Based/CC COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 2.80 [ICRA]B+ (Stable) ISSUER NOT Fund Based COOPERATING; Rating continues Term Loans to remain under 'Issuer Not Cooperating' category Long Term- 5.60 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Kitturu Chennamma Poultry Farm, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Kitturu Chennamma Poultry Farm operates poultry farms with a total capacity of 600000 layer birds in Honnapur and Turamari Village, Belgaum district, Karnataka. The farm at Honnapur has capacity of 300000 layer birds and the farm at Turamari has capacity of 300000 layer birds. The firm is engaged in sale of table eggs of the Vencobb breed (Venkateswara Hatcheries) which have wide market acceptance. M S RAMAIAH: ICRA Withdraws D Rating on INR20cr Term Loan --------------------------------------------------------- ICRA has withdrawn the rating assigned to the bank facilities of M S Ramaiah Foundation at the request of the company and based on the No Objection Certificate, No Due Certificate/Closure certificate received from its bankers. The Key Rating Drivers and their description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 1.25 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term 20.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 3.75 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category M S Ramaiah Foundation was established as a charitable trust in 2007 to focus on the business education sector. The trust offers undergraduate and post-graduate courses in the fields of business management, commerce, arts and law. Dr. M R Pattabiram is the Managing Trustee of the foundation and the Founder Director of all the institutions under MSRF. 4.1 crore on an OI of INR29.2 crore in the previous year. MAADHAV AUTOMOTIVE: CARE Lowers Rating on INR5.30cr LT Loan to B- ----------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Maadhav Automotive Fastners Private Limited (MAFPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.30 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING and Downgraded from CARE B Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 28, 2024, placed the rating(s) of MAFPL under the 'issuer non-cooperating' category as MAFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MAFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 14, 2025, July 24, 2025, August 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of MAFPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Not Applicable Maadhav Automotive Fastners Private Limited (MAFPL) was established in 1993 as a partnership firm "Maadhav Automotive Fastners" by Mr. Ashok Mehta and Mr. Dhiraj Kumar. Subsequently in 2007, the firm was converted into a private limited company. The company is engaged in manufacturing of fasteners viz machine screw, self-tapping screw, special screw, bolts and control cable screw etc. with an installed capacity of 3 crore pieces per month at its manufacturing facilities located at Gurgaon, Haryana. The company manufacturing process is ISO 9001:2000 certified. The major raw materials for the company are alloy steel wire, stainless steel wire and steel rounds which are procured from traders based in Delhi NCR. The company caters only to domestic market in industries like automobile, infrastructure and others. MADHUR ENGINEERS: ICRA Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating for the Bank facilities of Madhur Engineers Private Limited (MEPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOTCOOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 60.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with MEPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Madhur Engineers Private Limited (MEPL) is a trader of special purpose carbon /alloy steel and bright bars. The company purchases steel from JSW Steel and supplies it to forging and machining companies located in the state of Maharashtra. The company also operates a dedicated warehouse for JSW to store steel inventory for all the steel to be sold at Alandi (Maharashtra) and Chennai. MAHALAXMI HIMGHAR: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shree Mahalaxmi Himghar Private Limited (SMHPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.55 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.40 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 21, 2024, placed the rating(s) of SMHPL under the 'issuer non-cooperating' category as SMHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 7, 2025, July 17, 2025, July 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Shree Mahalaxmi Himghar Private Limited (SMHPL) was incorporated in June 1994 and currently it is being managed by Mr. Arup Dolui, Mr. Anup Dolui, Mrs. Alpana Dolui and Mr. Madan Dolui. The company provides cold storage services for potatoes to farmers and traders. The cold storage facility of SMHPL is located at Nilganj, Paschim Medinipur. MANJUNATHA SPINNING: ICRA Keeps B+ Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank Facility of Sri Manjunatha Spinning Mills Private Limited (SMSML) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 0.40 [ICRA]B+ (Stable) ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 5.29 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 10.47 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SMSML, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Sri Manjunatha Spinning Mills Private Limited (SMSML) was incorporated as a private limited company on November 2, 2006. Later, SMSML was converted to public limited company in November 3, 2010. The company is based out of Guntur district in Andhra Pradesh; SMSML stated its operation from February 2011 with 12,000 spindles and is currently running at capacity of 17,856 spindles which was increased from 16,800 spindles in May'15. MOHANBIR HI-TECH: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Mohanbir Hi-Tech Build Private Limited Dev House, 260-261, Tribhuvan Complex, Ishwar Nagar, New Friends Colony, New Delhi, India – 110065 Insolvency Commencement Date: August 8, 2025 Court: National Company Law Tribunal, New Delhi Bench VI Estimated date of closure of insolvency resolution process: February 4, 2025 Insolvency professional: Atul Tandon Interim Resolution Professional: Atul Tandon H-35, 1st Floor Jangpura Extension Jungpura, South Delhi, New Delhi - 110014 Email: ipe@npvca.in -- and -- 10th Floor, 1003, Zion Z1 Near Avalon Hotel, Sindhu Bhavan Road Thaltej, Ahmedabad - 380054 Email: cirp.mohanbir@npvinsolvency.in Last date for submission of claims: August 28, 2025 NAGAKRISHNA CHEMICALS: Insolvency Resolution Process Case Summary ----------------------------------------------------------------- Debtor: Sri Nagakrishna Chemicals Limited H. No.8-2-1/4, PUNJAGUTTA, Opposite SBI, Yellareddyguda Branch Hyderabad 500802 Telangana Insolvency Commencement Date: August 5, 2025 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: February 1, 2026 Insolvency professional: Medi Yadaiah Interim Resolution Professional: Medi Yadaiah H.No.8-16-30/2 Sowbhagya Nagar Colony SBH Venture III, LB Nagar Hyderabad, 500074 Email: yadmedi@gmail.com Last date for submission of claims: August 19, 2025 NATIONAL RICE: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of National Rice Mill (NRM) continues 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 Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 23, 2024, placed the rating(s) of NRM under the 'issuer non-cooperating' category as NRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 9, 2025, July 19, 2025 and July 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Established in January 2009, National Rice Mill (NRM) is engaged in the rice milling and processing activities at its plant located at Hooghly, West Bengal. Mr. Bansi Badan Dey, having around two decades of experience in the rice milling industry, looks after the day to day operations of the entity. He is supported by other partner Mrs. Lekha Dey and a team of experienced professionals. NATURAL SELECTIONS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Natural Selections (NS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.84 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 28, 2024, placed the rating(s) of NS under the 'issuer non-cooperating' category as NS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 14, 2025, July 24, 2025 and August 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Natural Selections (NS) was established in March 2012 as a partnership firm and is currently being managed by Mr. Bhagwan Saini and Ms. Gurmeet Kaur sharing profit and loss equally. NS is engaged in manufacturing of injection moulded plastic products like electric meter parts, electric switches, machine parts and home appliances parts at its manufacturing facility in Baddi, Himachal Pradesh. P.C. THOMAS: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of P.C. Thomas and Company (PC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 14.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 16, 2024, placed the rating(s) of PC under the 'issuer non-cooperating' category as PC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 1, 2025, June 11, 2025, June 23, 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 Kerala based, P.C. Thomas & Company (PC) was established as a Partnership firm in 1997 by Mr. Paul Thomas along with family members. PC is engaged in construction of buildings like Commercial, institutional, residential and hospital. Apart from this, the firm also undertakes civil works for power projects and laying of roads within Kerala. The firm started its business operations 60 years ago, as Engineering Contractor under the proprietorship of Mr. P.C. Thomas and executed many large contracts works for various government departments such as Indian Railways, state as well as central Public Works Departments (PWDs), Kerala Water Authority, Military Engineering Services, Cochin University of Science and Technology and Indian Institute of Management under various agencies. PATELNAGAR REFRACTORIES: ICRA Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the long-term and short-term rating of Patelnagar Refractories Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 1.10 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 12.91 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 0.25 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term/ 0.74 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category As partof its process and in accordance with its rating agreement with Patelnagar Refractories Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Patelnagar Refractories Private Limited was incorporated in 2012. The company manufactures calcined clay, which is required to manufacture refractories, with a production capacity of 28,800 metric tonnes per annum (MTPA). PRPL's calcination unit is located in Patelnagar, West Bengal. The day-to-day operations of the company are looked after by Mr. Swapan Kanti Ghosh, the Promoter of the company, along with a team of experienced professionals. PRECON TECHNOLOGY: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Precon Technology and Castings Ltd in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 8.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 2.50 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Precon Technology and Castings Ltd, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Precon Technology and Castings Ltd manufactures steel and alloy steel castings. The company commenced commercial operations in May 2013 and has a manufacturing unit in Bhiwadi (Rajasthan), with an installed capacity of 3,600 tonnes per annum (TPA). The plant is capable of producing castings, with individual weight of 50 Kgs to 2500 Kgs. At present, the plant supplies castings mainly for OEMs of heavy construction equipment, earth moving equipment, mining equipment, power equipment etc. RAM AABHOSHAN: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ram Aabhoshan (RA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 28, 2024, placed the rating(s) of RA under the 'issuer non-cooperating' category as RA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 14, 2025, July 24, 2025 and August 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Agra (Uttar Pradesh) based Ram Aabhoshan (RA) is a proprietorship firm established in May, 2009 by Mr. Avadh Bihari. RA is engaged into manufacturing and trading of gold and silver jewelleries. REGENCY ISPAT: ICRA Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term rating of Regency Ispat Private Limited (RIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 24.00 [ICRA]B+ (Stable) ISSUER NOT Fund-based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with RIPL, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Regency Ispat Private Limited (RIPL) is a part of the Regency Group, which has a strong presence in the real-estate sector with commercial and residential projects in Pune, Navi Mumbai, and Thane. RIPL is into manufacturing of thermos-mechanically treated (TMT) bars (sizes ranging from 8 mm to 32 mm) and has an installed capacity of 1,25,000 metric tons per annum (MTPA) as on March 31, 2022. It mainly finds application in the construction and infrastructure industry and are sold under the brand name of "Regency". In February, 2021, the company took over two companies, i.e. Great Western Plywood Private Limited and Konark Plywood Private Limited for INR1.72 crore. Under these companies there are land and shed which are adjacent to the plant of RIPL and has no other operations in these companies. However subsequently the same was sold to its group concern. SAANVI ASSOCIATES: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Saanvi Associates (SA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.04 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 15, 2024, placed the rating(s) of SA under the 'issuer non-cooperating' category as SA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 31, 2025, June 10, 2025, June 20, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Saanvi Associates is a partnership firm established in the year 2016. The partners of the firm are Mr. Mallikarjunappa and his brothers, Mr. B. Nageshappa and Mr. B. Umashankar. The firm purchased an existing hotel named Green View Boutique as on 20 October 2016 for a consideration of INR11 crore funded by INR10 crore of term loan and INR1 crore of partner's capital. The hotel is a 4 storied building located near Shimoga city railway station. Also, the firm has a long-term contract of 9 years with Clarks Inn for maintaining the operations. The hotel offers South Indian and North Indian vegetarian food. It has 30 rooms under different categories namely superior rooms, executive suite and master suite. It also has 1 Board room, 1 conference hall and 1 banquet hall. The firm also undertakes outdoor catering of food. SAI VYSHNAVI: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sai Vyshnavi Tradings (SVT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 15, 2024, placed the rating(s) of SVT under the 'issuer non-cooperating' category as SVT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SVT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 31, 2025, June 10, 2025, June 20, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sai Vyshnavi Tradings was established as a proprietorship firm on December 01, 2014 by Mr. Ashok Kumar Divyakolu. The firm is engaged into trading of used rails and steel products in the state of Telangana and Andhra Pradesh. Later, on November 11, 2017, the firm was converted into partnership firm. Mr. Bhavanam Chandrashekar Reddy and Mr. Ashok Kumar Divyakolu are the partners of the firm. Mr. Bhavanam Chandrashekar Reddy is the managing partner of the firm. He has more than 15 years of experience in trading business. Another partner Mr. Ashok Kumar Divyakolu has more than 8 years of experience in trading business. The firm purchases steel scraps from Indian railways on the tender basis and supplies directly to rolling mills and manufactures of Agro equipment's. SALIM'S PAPER: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Salim's Paper Private Limited (SPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.08 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 SPPL under the 'issuer non-cooperating' category as SPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 13, 2025, July 23, 2025, August 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Jaipur (Rajasthan)-based Salims Paper Private Limited (SPPL) was formed in May 2011 as a private limited company by Jaipur based Kagji family with an objective to set up greenfield project for the manufacturing of tissue papers. SHOMUK CONSULTANCY: Liquidation Process Case Summary ---------------------------------------------------- Debtor: Shomuk Consultancy Services Private Limited 5A, Palm Avenue, West Bengal, India, Kolkata-700019 Liquidation Commencement Date: August 8, 2025 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Mahesh Chand Gupta FE-202, Salt Lake City, Sector-III, 1st Floor, Kolkata-700106 Email: mcgupta90@gmail.com -- and -- 11 & 11/1, B B Ganguly Street 1st floor, Suit No-1, Kolkata-700012 Email: mcgupta90@gmail.com Last date for submission of claims: September 7, 2025 SICAL SAUMYA: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the long-term and short-term rating of Sical Saumya Mining Limited (SSML) in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]D; ISSUER NOT COOPERATING /[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term- 25.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 41.83 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with SSML, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Sical Saumya Mining Limited (SSML) is a subsidiary of Sical Logistics Limited (SLL) and is engaged in the business of over burden extraction and transportation. The company was formed as a JV with Saumya Mining Limited (SML) for the purpose of securing over burden removal contracts in association with the coal removal contracts that Sical is undertaking in Mahanadi Coalfields Limited (MCL). Currently the company is executing two contracts–the operations are handled by SLL through a subcontract. SND LIMITED: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of SND Limited (SNDL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 271.20 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 100.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated July 31, 2019, placed the rating(s) of SNDL under the 'issuer noncooperating' category as SNDL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SNDL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 21, 2025, May 01, 2025 and May 11, 2025. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s 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 Detailed description of key rating drivers: At the time of last rating on March 8, 2023, the following were the rating strengths and weaknesses: Key weaknesses * Delays in debt servicing: There are continued delays in debt servicing obligation. The company has not serviced the interest and instalments on the debt as per Auditor's report of FY21. Liquidity: Poor Cash flow mismatches due to short credit period of 7 days from the date of invoice compared to billing cycle of around 80 days thus creating funding gaps for operational purpose and leading to additional working capital requirements. The same has resulted in delays in debt servicing. SNDL is a power distribution franchisee within three urban circles (Civil lines, Mahal and Gandhibag) of Nagpur. In September 2010, Maharashtra State Electricity Distribution Company Limited (MSEDCL) invited competitive bids to appoint the franchisee for the aforementioned three urban circles of Nagpur. The term of franchise is for 15 years, which is extendable by mutual consent. The bidding was based on 'Input-based franchisee model' and SNDL emerged as the successful bidder. The Distribution Franchisee Agreement (DFA) was signed by the company with MSEDCL on February 23, 2011, and it took over power distribution within these circles with effect from May 1, 2011. SNDL was promoted by the Spanco group (Spanco Limited), which was unable to achieve financial closure for the project, and this resulted in SNDL owing an overdue up to Rs.230 crore to MSEDCL as on August 31, 2012. Subsequently, Spanco group entered into a share subscription-cum-shareholders' agreement with Essel Utilities Distribution Company Limited (EUDCL) of the Essel group to sell majority stake in SND. In September 2012, EUDCL received the approval of MSEDCL to acquire up-to 99% of the stake in SND in consideration for settling of dues of MSEDCL. Consequently, EUDCL holds up-to 99% equity stake and balance is with Spanco group. The total cost incurred stood at INR340 crore funded through debt of Rs.195 crore, through MSEDCL capital grant of INR48 crore and balance through equity & internal accruals. The previous management (Spanco) had spent INR110 crore. SONIC CERAMIC: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sonic Ceramic Private Limited (SCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.84 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 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 SCPL under the 'issuer non-cooperating' category as SCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCPL 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 Morbi (Gujarat) based SCPL was incorporated in October 2007 as a private limited company by six promoters to undertake a green field project for manufacturing of wall tiles. SCPL recently completed its project in Morbi (Gujarat) with installed capacity of 52800 Metric Tonnes of wall tiles Per Annum (MTPA). The company has completed project and commenced operations from April 2018 onwards. The promoters of the company have long experience in the ceramic industry through their association with different established entities. These entities are engaged in manufacturing of vitrified tiles, wall tiles and floor tiles. These associate concerns of SCPL are Suzlon Ceramic, Shubham Ceramic, Mega Vitrified Private Limited and Armano Vitrified LLP. SUPREME BEST: NCLT Admits Canara Bank's Insolvency Plea ------------------------------------------------------- The Economic Times reports that the National Company Law Tribunal (NCLT) has admitted Canara Bank's insolvency plea against Supreme Best Value Kolhapur (Shiroli) Sangli Tollways Pvt Ltd, a special purpose vehicle promoted by BSE-listed Supreme Infrastructure India Ltd, over a default of INR347 crore. The tribunal also appointed Rajesh Jhunjhunwala as the interim resolution professional (IRP) to oversee the process, ET discloses. SURYA SHAKTI: Liquidation Process Case Summary ---------------------------------------------- Debtor: Surya Shakti Resources Private Limited 1198, Sector 7D, Faridabad, Haryana – 121006 Liquidation Commencement Date: August 9, 2025 Court: National Company Law Tribunal, Chandigarh Bench Liquidator: Sanjay Mehra B-11, Third Floor, Geetanjali Enclave, Opposite Aurbindo College, New Delhi - 110017 Email: sanjay.mehra64@gmail.com Email: cirp.suryashakti@gmail.com Last date for submission of claims: September 8, 2025 SWANI MOTORS: Liquidation Process Case Summary ---------------------------------------------- Debtor: Swani Motors Services Private Limited 698-Gurdev Nagar Pakhowal Road, Ludhiana, Punjab, India, 141001 -- and -- SCO-12 Feroze Gandhi Market, Ludhiana, Punjab, India, 141001 Liquidation Commencement Date: July 30, 2025 Court: National Company Law Tribunal, Chandigarh Bench Liquidator: Chand Ji Tiku 33-C, Om Nagar Udheywalla, Talab Tilloo, Bohri, Jammu J&K 180002 E-mail: chand11tiku@gmail.com Email: e-Mail: chand1011tiku@gmail.com Last date for submission of claims: August 28, 2025 ZUSAK EXIM: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Zusak Exim Private Limited 19, Orchard Complex, Above Hi-Tech Tyre, Near Panch Kutir Bus Stop, Powai, Mumbai, Maharashtra, India - 400076 Insolvency Commencement Date: August 13, 2025 Court: National Company Law Tribunal, Mumbai Bench Court IV Estimated date of closure of insolvency resolution process: February 9, 2026 Insolvency professional: Kamal Kumar Jain Interim Resolution Professional: Kamal Kumar Jain 315-A, Road No.2, Shanti Nagar, Gopalpura Byepass, Durgapura, Jaipur-302018 Email: cakamaljain07@gmail.com Email: ibc.zepl@gmail.com Last date for submission of claims: August 27, 2025 ===================== N E W Z E A L A N D ===================== BIOBJECT LIMITED: Creditors' Proofs of Debt Due on Sept. 16 ----------------------------------------------------------- Creditors of Biobject Limited are required to file their proofs of debt by Sept. 16, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 19, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 GMR TYRES: Creditors' Proofs of Debt Due on Oct. 13 --------------------------------------------------- Creditors of GMR Tyres Limited and Klova & Co Mount Maunganui Limited are required to file their proofs of debt by Oct. 13, 2025, to be included in the company's dividend distribution. GMR Tyres commenced wind-up proceedings on Aug. 23, 2025. Klova & Co commenced wind-up proceedings on Aug. 25, 2025. The company's liquidators are: Paul Thomas Manning Thomas Lee Rodewald Liquidation Management Limited PO Box 50683 Porirua 5240 ONILCO OIL: Court to Hear Wind-Up Petition on Sept. 11 ------------------------------------------------------ A petition to wind up the operations of Onilco Oil Limited will be heard before the High Court at Auckland on Sept. 11, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 11, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 PALMERSTON NORTH: Creditors' Proofs of Debt Due on Sept. 30 ----------------------------------------------------------- Creditors of Palmerston North Engineering Limited (formerly Gary Douglas Engineers Limited) are required to file their proofs of debt by Sept. 30, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 26, 2025. The company's liquidator is: Brent Thomas Dickins CS Insolvency 168 Broadway Avenue PO Box 788 Palmerston North SAM'S MOTORS: Court to Hear Wind-Up Petition on Sept. 11 -------------------------------------------------------- A petition to wind up the operations of Sam's Motors Limited will be heard before the High Court at Auckland on Sept. 11, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 19, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 SMITHS CITY: Placed in Voluntary Administration ----------------------------------------------- Radio New Zealand reports that well-known retailer Smiths City has been placed in voluntary administration. RNZ relates that administrators BDO, said the company had faced increasing financial pressures amid a challenging economic environment. Despite closing some stores and further cuts, falling sales led to company director Colin Neal making the decision to halt trading. According to RNZ, BDO said as of Sept. 2, all nine Smiths City stores and the online store had been temporarily closed for business to allow administrators to undertake an urgent review of the company's financial position and next steps. They said the aim was to reopen stores later this week. Customers who had paid deposits for purchases would be contacted by the administrators over the coming days, RNZ relays. Smiths City Group Limited -- https://www.smithscity.co.nz/ -- is a retail chain selling furniture and home appliances. Smiths City was founded in Christchurch in 1918 and was floated on the stock exchange in 1972. It has nine stores across New Zealand and an online store. ================= S I N G A P O R E ================= BEAUX MONDE: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on Aug. 22, 2025, to wind up the operations of Beaux Monde Pte. Ltd. DBS Bank Ltd. 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 CLEARWIND PTE: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on Aug. 22, 2025, to wind up the operations of Clearwind Pte. Ltd. Ecocarbon Capital Pte. Ltd. filed the petition against the company. The company's liquidators are: Don Ho Mun-Tuke and Ho Chjuen Meng, David Donald c/o DHA+ PAC, 9 Raffles Place #08-04, Republic Plaza Singapore 048619 ENDEAVOR DESIGN: Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on Aug. 22, 2025, to wind up the operations of Endeavor Design Pte. Ltd. DBS Bank Ltd. 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 JBF GLOBAL: Court to Hear Wind-Up Petition on Sept. 5 ----------------------------------------------------- A petition to wind up the operations of JBF Global Pte. Ltd. will be heard before the High Court of Singapore on Sept. 5, 2025, at 10:00 a.m. JBF Bahrain W.L.L. filed the petition against the company on Aug. 11, 2025. The Petitioner's solicitors are: Oon & Bazul LLP 36 Robinson Rd #08-01/06 City House Singapore 068877 MECH MARINE: Court to Hear Wind-Up Petition on Sept. 12 ------------------------------------------------------- A petition to wind up the operations of Mech Marine Engineering Pte. Ltd. will be heard before the High Court of Singapore on Sept. 12, 2025, at 10:00 a.m. Saliran Industrial Supplies Sdn Bhd filed the petition against the company on Aug. 22, 2025. The Petitioner's solicitors are: Hin Tat Augustine & Partners No. 20 Upper Circular Road #02-10/12 The Riverwalk Singapore 058416 SINGAPORE PAINCARE: Receives Letters of Claim Worth Up to SGD450K ----------------------------------------------------------------- The Business Times reports that Singapore Paincare has received letters of claim worth between SGD350,000 and SGD450,000, it said in a bourse filing on Sept. 2. According to BT, lawyers representing Lim Seow Yuen submitted two letters on Aug. 6 and 7, claiming that she provided services to the company in 2020 due to "promises and assurances" allegedly made by Singapore Paincare CEO Bernard Lee. BT relates that Mr. Lee informed his company about the letters on Aug. 11, denying the allegations. He said that the financial arrangements he made with Lim were in his "private capacity". He denied that the arrangements were made on behalf of the company for its listing on SGX Catalist. "Accordingly, there is no basis for Ms Lim's claim against the company," BT quotes Singapore Paincare lead independent director Wong Yee Kong as saying in the filing. "Dr Lee is confident that the company will succeed in its defence should Ms Lim bring proceedings." Singapore Paincare has also been indemnified for the claimed sums by Mr. Lee, subject to him taking charge of how the company defends the case and his provision of financial security to ensure he can pay. The company's board added that Mr. Lim's lawyers also issued a letter on Aug 26 to Novus Corporate Finance and the Singapore Exchange, asserting that Lee and Singapore Paincare owed Lim more than SGD1 million – well above the SGD350,000 to SGD450,000 claimed in the Aug 6 and 7 letters, BT relays. According to BT, Novus Corporate Finance served as the sponsor and issue manager for Singapore Paincare during its initial public offering in 2020 and other corporate activities. The Singapore Paincare board added that the receipt of the Aug 6 and 7 letters did not need to be disclosed as they were not material. However, it made the decision to disclose details of the claims following the Aug 26 letter. Singapore Paincare was recently criticised by the Securities Investors Association (Singapore) over two WhatsApp messages sent to shareholders ahead of a scheme meeting. The messages, sent by Lee and chief operating officer Jeffrey Loh, were a breach of rule 8.6 of the code on takeovers and mergers, said the association. =============== T H A I L A N D =============== GC TREASURY: Fitch Assigns 'BB' Rating on New USD Sub. Debentures ----------------------------------------------------------------- Fitch Ratings has assigned GC Treasury Center Company Limited's proposed US dollar subordinated perpetual debentures a rating of 'BB'. The debentures are guaranteed by Thailand-based PTT Global Chemical Public Company Limited (PTTGC, BBB-/AA-(tha)/Stable) on a subordinated basis. The issuance will be payable upon dissolution with the issuer's right to early redemption and unconditional interest deferral. The rating on the proposed perpetual debentures is two notches below PTTGC's Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BBB-', in accordance with Fitch's Corporate Hybrids Treatment and Notching Criteria. The rating includes two notches for loss severity, reflecting the debentures' subordination and heightened risk of non-performance relative to other obligations. Key Rating Drivers 50% Equity Credit: The proposed subordinated perpetual debentures qualify for 50% equity credit as they meet Fitch's criteria regarding deep subordination, the remaining effective maturity is at least five years, there is full discretion to defer coupons for at least five years and events of default are limited. These are key equity-like characteristics, affording PTTGC greater financial flexibility. Equity credit is limited to 50% and not higher, as deferral of interest coupon is cumulative. Effective Maturity Date: Fitch deems the proposed subordinated perpetual debentures as having no effective maturity date because the coupon step-up is within Fitch's aggregate threshold of 100bp, in accordance with the agency's criteria on hybrid securities. The cumulative coupon step-ups are limited to 25bp at the first coupon step-up date and 100bp at the second coupon step-up date. High Leverage: PTTGC's EBITDA net leverage increased to 7.6x by end-2024 (2023: 6.9x) due to weaker earnings than Fitch expected. Fitch expects PTTGC's rating headroom to remain low in 2025, despite a decline in EBITDA net leverage to 4x-6x in 2025-2026 through a gradual earnings recovery and lower capex. Fitch believes the upcoming perpetual debentures, once issued, will also help improve leverage by about 0.5x. Slow Earnings Recovery: Fitch expects PTTGC's EBITDA to improve moderately to THB35 billion-THB40 billion in 2026 (2024: THB26.5 billion) and reach its mid-cycle level at around THB50 billion in 2028-2029. However, a weaker demand or margin than Fitch expects could further delay the earnings recovery. Weak Petrochemical Spreads: Fitch expects a moderate recovery in the petrochemical industry in 2025 from the 2024 low on lower feedstock costs and crude oil prices. However, Fitch expects the petrochemical spread to remain under pressure amid uncertain Chinese demand, slowing global growth and persistent industry overcapacity. Consumer demand in APAC is likely to be sluggish, especially as Fitch expects China's GDP growth to remain below pre-pandemic levels until at least 2026. Escalating trade tensions could put further pressure on demand. Fitch expects the pace of new capacity additions to remain high through to 2026, although this will be partly offset by capacity rationalisation. Commitment to Deleveraging: The prolonged earnings recovery could have a negative impact on financial leverage. However, Fitch believes PTTGC is exploring other debt reduction strategies apart from the issuance of hybrid securities, including reduction of capex and operating expenditure, and sale of non-core assets. The measures should provide some flexibility to deleverage, should earnings recover more slowly than Fitch expects. Medium Support Linkages with Parent: The two-notch uplift from PTTGC's Standalone Credit Profile (SCP) reflects Fitch's view that its largest shareholder, PTT Public Company Limited (PTT, BBB+/AAA(tha)/Stable), has 'Medium' strategic and operational incentives to provide support, based on its Parent and Subsidiary Linkage Rating Criteria. Fitch believes the petrochemical and refinery businesses, of which PTTGC is a major component, are strategically important to PTT. PTTGC is also PTT's major feedstock offtaker. Fitch believes PTT will provide PTTGC with financial flexibility and liquidity support to help manage its leverage. PTT extended the crude payment terms on PTTGC's feedstock purchases in May 2025, which will ease working capital requirements by about THB40 billion in 2025. Peer Analysis PTTGC has a slightly weaker business profile than Alpek, S.A.B. de C.V. (BBB-/Negative). Alpek has a leading market position for purified terephthalic acid, polyethylene terephthalate, recycled polyethylene terephthalate and expandable polystyrene in the Americas, while PTTGC is the leading petrochemical company in ASEAN. Around 92% of Alpek's revenue is from consumer goods segments such as food and beverage, and consumer staples, which have resilient demand. Alpek is rated two notches higher than PTTGC's 'bb' SCP as Alpek's leverage profile is stronger than that of PTTGC. PTTGC's business profile is similar to that of Braskem S.A. (BB-/Rating Watch Negative). Braskem is larger than PTTGC in terms of operational scale but has high exposure to infrastructure and construction, leading to a more volatile earnings profile. Braskem has a weaker financial profile than PTTGC due to a higher leverage outlook. As a result, Braskem is rated one notch lower than PTTGC's 'bb' SCP. Synthos Spolka Akcyjna's (BB/Negative) business profile is weaker than that of PTTGC due to its smaller scale, lower diversification and weaker global product leadership, although its synthetic rubber segment is strengthening with the acquisition of assets from Trinseo. Synthos's better financial leverage, compared with PTTGC, offsets its weaker business profile, resulting in Synthos being rated the same as PTTGC's SCP. PTTGC has the strongest business profile among Thai downstream oil and gas peers, and its financial leverage is also lower. The company has a larger operating scale, greater integration in petrochemicals and higher profitability than Thai Oil Public Company Limited (A+(tha)/Negative). Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Benchmark Brent crude price at USD70/barrel in 2025 and USD65/barrel in 2026, with PTTGC's crude procurement costs adjusted for applicable premiums; - Profitability of petrochemicals to remain under pressure in 2025 as new supply and weak demand will pressure petrochemical spreads; - Gross refining margin, excluding inventory gains/losses, to recover starting 2025; - Extension of credit terms on crude supply from PTT to continue in 2025-2026; - Total capex and investments of around THB62 billion over 2025-2027; - Dividend payouts of 50% of consolidated net profit; - Proportionate consolidation of HMC Polymers Company Limited (BBB(tha)/Negative). RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - The company not being on track to reduce EBITDA net leverage to below 4x on a sustained basis - A perceived weakening of incentives for PTT to support PTTGC Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - EBITDA net leverage improving to below 3x on a sustained basis - Perceived stronger incentives for PTT to support PTTGC Liquidity and Debt Structure PTTGC had outstanding debt of THB225.9 billion at end-June 2025, of which THB11.0 billion will mature within 12 months. Liquidity was supported by THB27.9 billion of unrestricted cash and probable working capital inflow from the extension of crude payment terms with PTT in 2025. PTTGC has adequate access to the debt capital market as a result of its close links with PTT and leading market position in Thailand's petrochemical business. Issuer Profile PTTGC is the largest and fully integrated petrochemical and refining company in Thailand, with a combined petrochemical and chemical capacity of 14.2 million tonnes a year and crude oil and condensate distillation capacity of 280,000 barrels a day at end-2024. Public Ratings with Credit Linkage to other ratings PTTGC's ratings incorporate a two-notch uplift from its SCP due to the 'Medium' support incentive from its parent, PTT. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ GC Treasury Center Company Limited Subordinated LT BB New Rating GC TREASURY: Moody's Rates 2 New USD Sub. Unsecured Securities Ba2 ------------------------------------------------------------------ Moody's Ratings has assigned a Ba2 rating to the two proposed US dollar subordinated unsecured perpetual capital securities to be issued by GC Treasury Center Company Limited (GCTC), a wholly-owned subsidiary of PTT Global Chemical Public Company Limited (PTTGC, Baa3 negative). The perpetual securities will be unconditionally and irrevocably guaranteed by PTTGC on a subordinated basis. Moody's have also conducted a review of (1) PTTGC's ba2 baseline credit assessment (BCA) and Baa3 issuer rating; (2) the Baa3 backed senior unsecured notes issued by GCTC; (3) the (P)Baa3 senior unsecured medium-term note (MTN) program rating under PTTGC; and (4) the (P)Baa3 backed senior unsecured MTN program rating under GCTC through a rating committee. These ratings and the negative outlook remain unchanged. RATINGS RATIONALE "The Ba2 ratings assigned to the subordinated perpetual securities issued by GCTC is two notches below PTTGC's ba2 BCA, reflecting its subordinated nature. Moody's also incorporates two notches of uplift for the rating on the perpetual securities due to support that the government is likely to provide, through PTT, in a distressed situation," says Rachel Chua, a Moody's Ratings Vice President and Senior Analyst. The securities are senior only to common equity and rank behind PTTGC's senior debt obligations in terms of the priority of claims. The subordinated securities are perpetual in nature and PTTGC has the option to defer distributions on a cumulative basis. The hybrid securities also have a total of 100 basis points step-up in distribution rate over the life of the instruments. This marks PTTGC's first US dollar-denominated subordinated perpetual securities, following its successful THB17 billion offering of similar instruments in the local currency in December 2024. Moody's considers the perpetual securities as comprising debt and equity in equal proportions when assessing PTTGC's overall credit quality. The perpetual distributions are also equally split, and divided between interest charges and distributions. PTTGC will use the majority of proceeds towards debt repayment hence credit metrics will broadly remained unchanged. PTTGC's Baa3 issuer rating incorporates a two-notch uplift from its ba2 BCA. The uplift reflects Moody's assessments of a high likelihood of extraordinary support from the Government of Thailand (Baa1 negative) via PTT Public Company Limited (Baa1 negative) in times of stress. PTTGC's ratings continue to be underpinned by its position as Thailand's largest diversified petrochemical company, as well as by its long-term feedstock supply and product offtake agreements with its parent, PTT. At the same time, the ratings are constrained by PTTGC's high leverage and exposure to the inherent volatility in the refining and petrochemical sectors. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. OUTLOOOK The negative outlook reflects PTTGC's elevated leverage amid challenging petrochemical market conditions. Although the company has articulated its deleveraging plan, it will take time for these efforts to meaningfully improve its credit metrics. LIQUIDITY PTTGC has weak liquidity excluding the extended trade facility. Its cash balance of THB27.6 billion as of June 30, 2025 and Moody's operating cash flow expectation in 2025-26 will not sufficiently cover the company's cash requirements. However, Moody's expects the 150-day extended trade facility provided by PTT will stay in place. In addition, PTTGC has good access to capital markets. It has THB10 billion committed undrawn multi-year bank loan facilities. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of PTTGC's Baa3 ratings is unlikely over the next 12-18 months, given the negative rating outlook. Nevertheless, Moody's could return the outlook on the ratings to stable if PTTGC reduces its leverage faster than Moody's expectations. This could happen if (1) industry conditions improve such that the company generates stronger earnings and cash flow to pare down debt; and (2) PTTGC executes its deleveraging plans to reduce its borrowings. Specific credit metrics that Moody's would consider include adjusted debt/ EBITDA declining below 4.5x-5.0x and adjusted EBITDA/interest rising above 5.0x. PTTGC's ratings could be downgraded if the company's BCA deteriorates to ba3; or the company's strategic importance or links to the Thai government or PTT weaken, resulting in a reassessment of the level of support incorporated in the ratings. Downward rating pressure will arise on its BCA if (1) PTTGC does not execute its deleveraging plans over 2025–26; (2) it engages in substantial investments or significantly increases shareholder returns such that it materially weakens its credit profile; or (3) the linkages between PTTGC and its parent, PTT, weaken, resulting in a reduced level of rating uplift for extraordinary parental support. Quantitative metrics that could lead to a rating downgrade include (1) adjusted debt/EBITDA above 4.5x-5.0x; or (2) adjusted EBITDA/interest less than 5.0x, both on a sustained basis. The methodologies used in these ratings were Chemicals published in October 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. PTT Global Chemical Public Company Limited's (PTTGC) is a diversified petrochemical company and the chemical flagship of Thailand's national oil company, PTT. It is the largest chemical company in Thailand, primarily engaged in the production and distribution of refinery products, aromatics, olefins and polymer products. PTTGC has a crude oil distillation capacity (including condensate) of 280,000 barrels per day (bpd), and a combined chemical and petrochemical capacity of 14.2 million metric tons per annum (mmtpa) after its 2021 acquisition of Allnex Holding GmbH, an industrial coating resins producer. PTTGC was listed on the Stock Exchange of Thailand in 2011. As of June 2025, PTT was PTTGC's largest shareholder, with an effective ownership stake of 48%. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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