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250908.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, September 8, 2025, Vol. 28, No. 179 Headlines A U S T R A L I A 1 SOLAR: First Creditors' Meeting Set for Sept. 15 1800 LASAGNE: Creditors Vote to Wind-Up Restaurant BARON ESTATE: First Creditors' Meeting Set for Sept. 10 BONDI TRUST 2025-1: Moody's Assigns (P)B2 Rating to Class F Notes ERIC INSURANCE: Exit From Insurance Market Monitored by APRA PORT HUNTER: First Creditors' Meeting Set for Sept. 11 QUANTEK MECHANICAL: First Creditors' Meeting Set for Sept. 11 STARLEATON: Peter Eaton Confirmed as Purchaser of Firm's Assets WISR FREEDOM 2025-1: Moody's Assigns (P)B2 Rating to Class F Notes C H I N A SUNAC CHINA: Receives Winding-Up Petition from China Cinda H O N G K O N G CITIC RESOURCES: Moody's Alters Outlook on 'Ba2' CFR to Negative MELCO RESORTS: Moody's Affirms 'Ba3' CFR, Outlook Stable I N D I A ADITYA AUTO: CARE Keeps B- Debt Rating in Not Cooperating Category BOKAHOLA TEA: CARE Lowers Rating on INR26cr LT Loan to B DQ ENTERTAINMENT: CARE Keeps D Debt Rating in Not Cooperating FATEHPURIA VIDYUT: CARE Keeps B- Debt Rating in Not Cooperating G V AUDIO: CARE Keeps D Debt Rating in Not Cooperating Category G.K. SALES: CARE Keeps D Debt Rating in Not Cooperating Category JAIPRAKASH ASSOCIATES: Vedanta Group Wins Bid With INR17Kcr offer JBF INDUSTRIES: To Hold 43rd Annual General Meeting on Sept. 30 LAVASA CORP: Valor Estate May Also Move NCLT to Revise Offer MAA SARBAMANGALA: CARE Keeps D Debt Rating in Not Cooperating MAYUR INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating MICRO INFOSOLUTIONS: CARE Cuts Rating on INR8.64cr LT Loan to B NEW TURKI: CARE Keeps B- Debt Rating in Not Cooperating Category PILANIA INDUSTRIES: CARE Lowers Rating on INR11cr LT Loan to B R. K. STEEL: CARE Keeps B- Debt Rating in Not Cooperating RAGHAV INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating RAM RAGHU: CARE Keeps D Debt Rating in Not Cooperating Category RMG DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating SIGMA-C INFRASTRUCTURE: CARE Keeps D Rating in Not Cooperating SIMPLEX CASTINGS: CARE Lowers Rating on INR50cr LT Loan to C SUDARSHAN STEEL: CARE Keeps B- Debt Rating in Not Cooperating TAYAL POLYPLAST: CARE Keeps B- Debt Rating in Not Cooperating Z.H. INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating J A P A N MITSUBISHI UFJ: Fitch Rates USD1-Bil. Subordinated Debt 'BB+' M O N G O L I A KHAN BANK: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable XACBANK JSC: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable N E W Z E A L A N D 8 HOMES: Creditors' Proofs of Debt Due on Sept. 30 EDGE OF THE ALPS: Court to Hear Wind-Up Petition on Sept. 22 NEW TRENDS: Creditors' Proofs of Debt Due on Sept. 30 PR TWINS: Court to Hear Wind-Up Petition on Oct. 28 SHERGILL TRANSPORT: Creditors' Proofs of Debt Due on Oct. 10 S I N G A P O R E CLEARWIND PTE: Court Enters Wind-Up Order DINO EXPRESS: Court Enters Wind-Up Order SENIOR MARKETING: Creditors' Proofs of Debt Due on Oct. 1 VILMA OIL: Creditors' Proofs of Debt Due on Sept. 29 YELLOW ROAD: Court to Hear Wind-Up Petition on Sept. 19 V I E T N A M VINFAST AUTO: Net Loss Widens to US$815MM in Qtr Ended June 30 - - - - - ================= A U S T R A L I A ================= 1 SOLAR: First Creditors' Meeting Set for Sept. 15 -------------------------------------------------- A first meeting of the creditors in the proceedings of 1 Solar LED Energy Systems Pty. Ltd. will be held on Sept. 15, 2025 at 9:30 a.m. via MS Teams meeting only. Lee Crosthwaite of Worrells was appointed as administrator of the company on Sept. 3, 2025. 1800 LASAGNE: Creditors Vote to Wind-Up Restaurant -------------------------------------------------- SmartCompany reports that cult Melbourne restaurant 1800 Lasagne is being wound up, following its entry into voluntary administration last month. Creditors have now voted to place the company into liquidation, with administrators warning staff and suppliers not to expect a return. But the business is publicly insisting it is not closing. The business, founded during Melbourne's 2020 COVID lockdowns, began as a home-delivered pasta service. It then expanded into a dine-in restaurant with ambitious plans to become part of a larger hospitality empire. But according to a report from The Age, administrators claimed 1800 Lasagne may have been insolvent for more than four years and owed millions in unpaid debts, including to the Australian Taxation Office (ATO), SmartCompany relays. According to SmartCompany, a notice filed with ASIC on September 4 confirms that creditors passed a special resolution earlier last week to wind up the company. This followed the administrators' recommendation that the business be liquidated and its assets sold after no buyer emerged to keep it going. Despite the wind-up order, the official 1800 Lasagne Instagram account last week denied it was closing, calling recent coverage "wildly inaccurate misinformation," according to SmartCompany. "We are NOT closing!" the post read. "We are not going anywhere and are VERY much looking forward to serving you with love and warmth long into the future." The post ended with an upbeat sign-off: "The future is bright! Onwards and upwards!". The business's website also remains live and is still taking bookings, SmartCompany notes. SmartCompany says administrators are preparing a campaign to sell the brand and assets, with final approval subject to secured creditor Bizcap's consent. Updates to creditors are expected in the coming weeks. At its peak, 1800 Lasagne generated AUD3.8 million in revenue during the 2024 financial year and drew praise from Good Food, which also awarded the venue a chef's hat in 2023, SmartCompany states. In the same year, founder Joey Kellock announced two new venues on High Street, Northcote: a sandwich shop called 1800 La-Sanga (later renamed Cinque!) and a music-focused wine bar called Dopolavoro. Both were originally slated to open in 2023, but neither venue commenced trading. By July 2025, the business had been placed into voluntary administration, with Todd Gammel and Matthew Levesque-Hocking of HLB Mann Judd appointed to review its finances. In their report, the administrators concluded the business had been insolvent since March 2021 and could no longer meet its obligations. This included rent, wages, subcontractor fees and tax, SmartCompany relates. The company owes a total of AUD2.9 million to unsecured creditors, including more than AUD2 million to the ATO and AUD391,000 to employees. Of that, around AUD382,000 is attributed to related-party loans, SmartCompany discloses. BARON ESTATE: First Creditors' Meeting Set for Sept. 10 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Baron Estate Pty. Ltd. will be held on Sept. 10, 2025 at 10:00 a.m. at the offices of WLP Restructuring, at Suite 19.02, in Level 19, 1 Castlereagh Street, in Sydney, NSW. Alan Walker and Glenn Livingstone of WLP Restructuring were appointed as administrators of the company on Sept. 2, 2025. BONDI TRUST 2025-1: Moody's Assigns (P)B2 Rating to Class F Notes ----------------------------------------------------------------- Moody's Ratings has assigned the following provisional ratings to the notes to be issued by AMAL Trustees Pty Limited as trustee of Bondi 2025-1 Trust. This is Wave Money Pty Ltd's (Wave Money) first term RMBS transaction. Issuer: AMAL Trustees Pty Limited in respect of Bondi 2025-1 Trust AUD240.0 million Class A1 Notes, Assigned (P)Aaa (sf) AUD114.0 million Class A2 Notes, Assigned (P)Aaa (sf) AUD24.0 million Class B Notes, Assigned (P)Aa2 (sf) AUD4.8 million Class C Notes, Assigned (P)A2 (sf) AUD6.0 million Class D Notes, Assigned (P)Baa2 (sf) AUD4.0 million Class E Notes, Assigned (P)Ba2 (sf) AUD2.4 million Class F Notes, Assigned (P)B2 (sf) The AUD2.8 million Class G1 Notes and AUD2.0 million Class G2 Notes are not rated by us. Class A1 Notes and Class A2 Notes are collectively referred to as Class A Notes; and Class G1 Notes and Class G2 Notes are collectively referred to as Class G Notes. The transaction is a securitisation of first-ranking mortgage loans secured over residential properties located in Australia. The loans were originated and are serviced by Wave Money. Wave Money is a privately held non-bank residential mortgage lender in Australia. It was established in partnership with the Balmain Group in 2021 and began lending in 2022. RATINGS RATIONALE The provisional ratings take into account, among other factors, evaluation of the underlying receivables and their expected performance; evaluation of the capital structure and credit enhancement provided to the notes; the availability of excess spread over the life of the transaction; the liquidity facility in the amount of 1.5% of the rated notes balance subject to a floor of AUD600,000; the legal structure; and the presence of AMAL Asset Management Limited as the sub-servicer and standby servicer. According to Moody's analysis, credit strengths of the transaction include 40.0% subordination available to the Class A1 Notes, compared with 9.2% Moody's Individual Loan Analysis (MILAN) Stressed Loss, and a relatively low weighted average scheduled loan-to-value (LTV) of 65.1%. However, Moody's note that the transaction features some credit weaknesses, including the originator/servicer's short operating history and relatively small loan book size compared to other lenders in term RMBS transactions. Additionally, there is a relatively high portion of the portfolio underwritten on an alternative documentation (alt doc) basis (75.7%), loans granted to self-employed individual borrowers (64.4%), and relatively high loan concentration risk (the largest, top 10, top 20 loan facilities account for 0.79%, 6.70%, and 12.20% of the pool respectively). MILAN Stressed Loss for the collateral pool — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 9.2%. Moody's expected loss for this transaction is 1.2%, which represents a stressed, through-the-cycle loss relative to Australian historical data. The key transactional features are as follows: -- Principal collections will be distributed on a sequential basis, starting with the Class A Notes, with Class A1 and Class A2 Notes receiving their pro-rata share of principal at first. Starting from the second anniversary from closing, and subject to other step-down conditions being satisfied, all classes of notes may participate in proportional principal collections distribution, with Class G Notes' share of principal allocated in reverse sequential order, starting from Class F Notes. Class G Notes do not receive any principal while any of the other notes are outstanding. -- The step-down conditions include, among others, Class A Note subordination is at least double of that at closing and no unreimbursed charge-offs on any notes. The key pool features are as follows: -- The pool has a weighted-average scheduled loan-to-value (LTV) ratio of 65.1%. None of the loans has scheduled LTV exceeding 85.0%. -- Around 75.7% of the loans were extended on an alternative documentation basis. -- Around 64.4% of loans are to self-employed individual borrowers. -- Around 22.0% of loans are to company or trust borrowers. -- Investment and interest-only (IO) loans represent 42.8% and 35.4% of the pool, respectively. -- The portfolio has a weighted average seasoning of 10.4 months. -- None of the borrowers in the pool have credit impairment history as of the credit assessment date conducted by Wave Money. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Levels of credit protection that are greater than necessary to protect investors against current expectations of loss could lead to an upgrade of the ratings. Moody's current expectations of loss could be better than its original expectations because of fewer defaults by underlying obligors or higher recoveries on defaulted loans. The Australian job and the housing markets are primary drivers of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Other reasons for worse performance than Moody's expects include poor servicing, error on the part of transaction parties, deterioration in credit quality of transaction counterparties, fraud and insufficient transactional governance. ERIC INSURANCE: Exit From Insurance Market Monitored by APRA ------------------------------------------------------------ The Australian Prudential Regulation Authority (APRA) notes that the voluntary administrators of Eric Insurance Limited will convene a meeting of Eric's creditors on Sept. 16, 2025. This is to allow creditors to vote on a deed of company arrangement (DOCA1) proposal as an alternative to Eric being placed into liquidation. Eric, a small general insurer that provided add-on motor vehicle-related products, made the commercial decision to exit the general insurance market in July 2023 and completely ceased writing new insurance policies in June 2024. To protect the interests of policyholders, APRA has maintained heightened supervision of Eric for some time and explored various exit options with the insurer and the administrators. APRA is closely monitoring Eric's withdrawal from the insurance industry to achieve the most favourable outcome for policyholders. The administrators can be contacted by email to ericinsurancelimited@mcgrathnicol.com and information about the administration is available from Eric Insurance - Car Insurance Australia. Eric Insurance Limited provides general insurance for the automotive insurance industry. Shaun Fraser & Kathy Sozou of McGrathNicol were appointed as voluntary administrators of Eric Insurance Limited on July 28, 2025. PORT HUNTER: First Creditors' Meeting Set for Sept. 11 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Port Hunter Cranes Pty Limited will be held on Sept. 11, 2025 at 10:30 a.m. via teleconference and video conference only. Hayden Gregory Asper of Worrells was appointed as administrator of the company on Sept. 1, 2025. QUANTEK MECHANICAL: First Creditors' Meeting Set for Sept. 11 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Quantek Mechanical Pty Ltd (trading as Quantek Mechanical Ductwork) will be held on Sept. 11, 2025 at 10:00 a.m. via virtual meeting technology. Abdul Chambal and Matthew Bookless of SV Partners were appointed as administrators of the company on Sept. 1, 2025. STARLEATON: Peter Eaton Confirmed as Purchaser of Firm's Assets --------------------------------------------------------------- Sprinter reports that Ben Eaton's father Peter Eaton has been identified as the purchaser of various assets following the liquidation of the Starleaton business. Information obtained by Sprinter show Peter Eaton purchased these assets at two separate auctions that took place on Monday 4 August and Aug. 11 to clear the remaining assets including consumables, equipment and furniture from the company's premises at St Leonards. Prior to the auctions, Starleaton held clearance sales that were heavily promoted to the industry. Information obtained by Sprinter has confirmed that Peter Eaton purchased a range of assets during the auctions through another company. Sprinter understands Peter Eaton was always the owner of the Starleaton business name and intellectual property and these were licensed to his children based on loan agreements when he sold the business to Ben, Melissa, and Josh Eaton in 2019. According to a statement published in April 2024 following the passing of a Deed of Company Arrangement (DOCA) that reinstalled Ben Eaton as CEO of Starleaton the company made this pledge: "While unsecured creditors may recover only a portion of their dues, the DOCA presents a more favorable outcome compared to liquidation. Despite initial skepticism, the acceptance of the DOCA was bolstered by an $800,000 contribution from company founders Peter and Leanne Eaton, as well as Starleaton Pty Ltd. Ben Eaton's commitment to allocate over $30,000/month for 24 months underscores a dedication to revitalising operations. "The proposed business restructuring, focusing on core consumable sales with a streamlined footprint and workforce reduction, positions us optimally to fulfill our obligations going forward," remarks Ben Eaton. "While liquidation might have seemed easier with the FEG scheme covering staff entitlements, it was not an acceptable outcome, as it would have yielded no returns for other creditors. The intent behind entering into the DOCA is to honour the company's past commitments, particularly in regards to staff entitlements, in their entirety. We are actively engaging with individual unsecured parties to achieve a mutually beneficial resolution." Ben Eaton highlights, "The DOCA grants us the opportunity to collaborate with customers and suppliers and make good where we can". In June this year, Starleaton failed to meet its promised repayments and was placed into liquidation. The payment records showed just AUD366,666.30 was paid of the promised AUD800,000 - or 11 of the 24 scheduled payments – with the last instalment paid on Feb. 28, 2025. "We suggest that all employees of the Companies lodge a claim with FEG for their unpaid entitlements," the liquidators said in June. A final report to creditors by the liquidators is expected to be released this month, Sprinter notes. About Starleaton Starleaton was established in 1978 and describes itself as one of the industry's leading suppliers of technology and consumables to the graphic imaging market including outdoor and indoor signage, display, point of purchase, window and floor-mounted graphics. Andrew Thomas Blundell and Simon John Cathro of Cathro & Partners were appointed as voluntary administrators of Starleaton Holdings Pty Ltd and SDS Bidco Pty Ltd on Jan. 18, 2024. On June 11, 2025, both companies were placed into liquidation after failing to meet the monthly repayments set out in the Deed of Company Arrangement (DOCA). WISR FREEDOM 2025-1: Moody's Assigns (P)B2 Rating to Class F Notes ------------------------------------------------------------------ Moody's Ratings has assigned provisional ratings to notes to be issued by AMAL Trustees Pty Limited as trustee of Wisr Freedom Trust 2025-1. Issuer: AMAL Trustees Pty Limited as trustee of Wisr Freedom Trust 2025-1 AUD166.50 million Class A Notes, Assigned (P)Aaa (sf) AUD17.78 million Class B Notes, Assigned (P)Aa2 (sf) AUD11.25 million Class C Notes, Assigned (P)A2 (sf) AUD6.30 million Class D Notes, Assigned (P)Baa2 (sf) AUD10.80 million Class E Notes, Assigned (P)Ba2 (sf) AUD4.05 million Class F Notes, Assigned (P)B2 (sf) The AUD4.95 million Class G1 Notes and AUD3.37 million Class G2 Notes are not rated by us. The transaction is a cash securitisation of a portfolio of Australian consumer personal loans originated by Wisr Finance Pty Ltd (Wisr). This is Wisr's first term asset-backed securitisation transaction for 2025 and its fifth overall. It has issued three previous consumer loan ABS deals, as well as one auto loan ABS. Wisr is an Australian non-bank lender providing consumer loans, including consumer personal loans and secured auto loans, to borrowers in Australia. As of June 2025, Wisr's total loan book, including consumer loan and auto loan portfolio, amounted to approximately AUD824 million. RATINGS RATIONALE The provisional ratings take into account, among other factors: -- Evaluation of the underlying receivables and their expected performance; -- Evaluation of the capital structure and credit enhancement provided to the rated notes; -- The availability of excess spread over the transaction's life; -- The liquidity facility provided by National Australia Bank Limited (NAB, Aa1/P-1/Aa1(cr)/P-1(cr)) in the amount of 2.0% of the rated notes balance; -- Wisr's experience as servicer and AMAL Asset Management Limited as the back-up servicer. According to Moody's analysis, the transaction benefits from the high level of excess spread available to cover losses arising from the portfolio. The portfolio is highly granular and well-diversified geographically. The key challenge in the transaction is the limited historical data available for the portfolio. Wisr is a relatively new originator, with relevant historical default data only available from the first quarter of 2018. As such, the pool's performance could be subject to greater variability than the currently available default data indicates. Moody's portfolio credit enhancement ("PCE") — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 31.0%. Moody's mean default rate for this transaction is 6.80% and Moody's recovery rate is 7.50%. The default rate, recovery rate and PCE are parameters used by us to calibrate Moody's lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in the cash flow model to rate consumer personal loan ABS. Key transactional features are as follows: -- The notes will be repaid on a sequential basis initially. Once step-down conditions are satisfied, all notes, excluding Class G1 and Class G2 Notes, will receive their pro-rata share of principal. Step-down conditions include, among others, a minimum 1.5x subordination to the Class A Notes and no unreimbursed charge-offs. The notes' principal repayment priority will revert to sequential on or after the first call option date. -- A swap provided by NAB will hedge the interest rate mismatch between the assets bearing a fixed rate of interest, and floating rate liabilities. The notional balance of the swap will follow a schedule based on amortisation of the assets assuming a certain prepayment rate. -- AMAL Asset Management Limited is the back-up servicer. If Wisr is terminated as servicer, AMAL will take over the servicing role in accordance with the standby servicing deed and its back-up servicing plan. Key pool features are as follows: -- As of the June 30, 2025 cut-off date, the securitised pool consisted of 8,707 consumer personal loans. The total outstanding balance of the receivables was AUD224,999,615.90. -- The weighted average interest rate of the portfolio is 12.20%, with interest rates ranging from around 4% to 24%. -- 77.95% of loans are to borrowers who are in full-time employment. -- The weighted average Equifax credit score of the portfolio is 813.47. -- The weighted average remaining term of the portfolio is 63.3 months. The weighted average seasoning of the portfolio is 13.4 months. Methodology Underlying the Rating Action The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include a rapid build-up of credit enhancement due to sequential amortization or a better-than-expected collateral performance. The Australian job market is a primary driver of performance. Factors that could lead to a downgrade of the notes is a worse-than-expected collateral performance, poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, a lack of transactional governance, or fraud. ========= C H I N A ========= SUNAC CHINA: Receives Winding-Up Petition from China Cinda ---------------------------------------------------------- The Standard reports that Sunac China received a winding-up petition in Hong Kong filed by China Cinda (HK) Asset Management, according to the Judiciary's website. Earlier last week, the developer was reported to have informed some of its dollar creditors it is unlikely to meet a September bond maturity deadline, as weak sales raise the prospects for a new round of offshore debt restructuring in the property sector, The Standard relates. Sunac, which used to be among the country's top developers by sales, was the first to complete a comprehensive overhaul of its US$9 billion (HK$70.2 billion) offshore debt in November 2023, after the sector was jolted by an unprecedented debt crisis in 2021. As part of the restructuring process, the company's first tranche of restructured notes will mature in September, with the option to extend maturity by one year. The extension provision also applies for the tranche due in September 2026, The Standard relays. In recent weeks Sunac indicated to some bondholders that it would explore alternatives for September 2025 tranche maturity due to uncertainties in the sector's sales recovery that could affect its ability to repay, the two sources said, according to The Standard. About Sunac China Sunac China Holdings Limited (SEHK:1918) -- http://www.sunac.com.cn/-- engages in the sales of properties in the People's Republic of China. The Company operates its business through two segments: Property Development and Property Management and Others. The Company's subsidiaries include Sunac Real Estate Investment Holdings Ltd., Qiwei Real Estate Investment Holdings Ltd. and Yingzi Real Estate Investment Holdings Ltd. Sunac is among a string of Chinese property developers that have defaulted on their offshore debt payment obligations since the sector was hit by a liquidity crisis in 2021, roiling global markets, according to Reuters. Creditors of Sunac China Ltd have approved its US$9 billion offshore debt restructuring plan, the company said on Sept. 18, 2023, marking the first approval of such debt overhaul by a major Chinese property developer. Sunac China Holdings Limited sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-11505) on Sept. 19, 2023. U.S. Bankruptcy Judge Philip Bentley presides over the Chapter 15 proceedings. Sidley Austin is the legal counsel to Sunac China. ================= H O N G K O N G ================= CITIC RESOURCES: Moody's Alters Outlook on 'Ba2' CFR to Negative ---------------------------------------------------------------- Moody's Ratings has affirmed the Ba2 corporate family rating of CITIC Resources Holdings Limited. At the same time, Moody's have changed the rating outlook to negative from stable. "The negative outlook reflects the substantial increase in the company's short-term borrowings, resulting in a weakened leverage profile. Additionally, uncertainties remain regarding future spending requirements and the company's debt reduction plans," says Ying Wang, Vice President and Senior Analyst at Moody's Ratings. "The rating affirmation considers the company's consistent cash flow generation from existing operations, the relatively low risk associated with its growing trading business, and an increase in cash holdings that has further bolstered its liquidity," Wang adds. RATINGS RATIONALE CITIC Resources' CFR incorporates its standalone credit profile and a two-notch uplift to reflect strong support from its parent CITIC Limited (A3 stable) in times of financial stress. The two notches of parental support consider (1) CITIC Resources' role within CITIC Limited as the overseas platform for natural resource acquisitions and development, and its close control and supervision by the parent group; (2) the high reputational risk for CITIC Group if CITIC Resources were to default; and (3) the track record of parental support, demonstrated by the US$1.03 billion standby shareholder facility and $500 million shareholder loan granted to the company during industry downturns in 2015-17. CITIC Resources' standalone credit profile reflects its (1) established production track record at its major oilfield and its moderately diversified asset portfolio, also including coal and aluminum; and (2) improved cash flow and leverage over the past two years, with a very good liquidity profile, and Moody's expectations that the company will be able to maintain its currently strong financial metrics under the agency's base-case oil price assumption. These strengths are counterbalanced by the company's (1) small scale in the oil exploration and production (E&P) sector; (2) heightened exposure to carbon transition risk and the inherent volatility in the commodity industry; and (3) execution risk from its expansionary plans. CITIC Resources' reported debt rose to HKD4.4 billion as of June 2025, up from HKD2.0 billion at the end of December 2024, primarily reflecting an increase in short-term borrowings. Meanwhile, the company's cash holdings increased by a similar amount during the same period. The increase in the company's short-term debt was driven by plans to fund upcoming capital expenditure and meet upcoming debt repayments for the coming year. However, given the scale of the debt increase and uncertainties regarding spending plans, Moody's considers the company's current leverage level to be weak relative to its rating. The close oversight from its state-owned parent company and strong access to funding provide some mitigants. Operationally, the company performed largely in line with Moody's expectations. Total revenue surged to HKD9.4 billion in the first half of 2025, up from HKD3.9 billion a year earlier. This significant growth was mainly driven by the expanding oil trading segment, which, while generating thin profit margins, operates under a low-risk strategy focused primarily on back-to-back contracts. CITIC Resources' oil exploration and production activities in China, Indonesia, and Kazakhstan generated cash flow in line with Moody's projections, helping to offset losses in its aluminum smelting and coal segments caused by lower commodity prices and unexpected weather impacts during the first half of 2025. Adjusted EBITDA and cash flow generation were in line with Moody's forecasts. Adjusted EBITDA reached HKD1 billion for the 12 months ended June 2025, compared to Moody's previous expectation of HKD977 million for the year. However, the company's higher debt has weakened its financial profile. The adjusted debt/EBITDA ratio rose to around 4.1x for the 12 months ending June 2025, up from 1.5x in 2024. Moody's expects the RCF/debt ratio to deteriorate to 15% in 2025, down from 42% in 2024. CITIC Resources' liquidity remains very good. As of June 2025, the company had HKD4.4 billion in cash and cash equivalents, and with anticipated operating cash flow over the next 12 months, it should more than cover short-term debt, capital spending, and dividend payments during the period. The rating also considers the following environmental, social and governance (ESG) factors. The company has a high exposure to fossil fuels, and its production of other commodities involve energy-intensive processing. Demand for such products will come under pressure amid the transition toward renewable energy sources, reflecting the company's high carbon transition risk. In terms of social risk, the company is exposed to potential changes in policy that could affect the supply chain or market access to its commodity products, which could require cross-border transportation. China's aging population and stronger push for cleaner energy could also slow consumption of its products over time. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The negative outlook reflects the company's elevated leverage and the uncertainty around its path to deleverage. An upgrade is unlikely, given the negative outlook. The outlook will become stable if CITIC Resources demonstrates a clear deleveraging plan through reducing debt or improvement in earnings. Moody's could downgrade the rating if (1) the company's credit profile deteriorates with sustained high leverage, because of large debt-funded acquisitions or capital spending or a reduction in its production and reserve scale. or (2) CITIC Limited reduces its ownership or support for the company. Credit metrics indicative of downward pressure include RCF/debt falling below 25% or leveraged full-cycle ratio below 1.0x, both on a sustained basis. The principal methodology used in this rating was Independent Exploration and Production published in December 2022. CITIC Resources' Ba2 CFR is three notches higher than the B2 scorecard-indicated outcome, reflecting the company's track record of maintaining its steady operations with a very good liquidity profile, and a two-notch uplift from parental support. CITIC Resources Holdings Limited is an energy and natural resources investment holding company with interests in aluminum smelting, coal, the import and export of commodities, and bauxite mining and alumina refining. It also has interests in the exploration, development and production of oil. The company serves as the principal natural resources and energy arm of its parent, CITIC Limited. MELCO RESORTS: Moody's Affirms 'Ba3' CFR, Outlook Stable -------------------------------------------------------- Moody's Ratings has affirmed the ratings of Melco Resorts Finance Limited (MRF), Studio City Finance Limited (Studio City) and Studio City Company Limited (Studio City Company) -- collectively addressed as the Melco group. Specifically, Moody's have affirmed (1) MRF's Ba3 corporate family rating and senior unsecured ratings, (2) Studio City's B1 CFR and senior unsecured ratings; and (3) the Ba3 backed rating on the USD senior secured bonds issued by Studio City Company, which is wholly owned by Studio City through Studio City Investments Limited. The rating outlooks are stable. "The affirmation and stable outlooks of the Melco group companies reflect Moody's expectations that their financial leverage will gradually improve over the next 12-18 months, underpinned by continued growth in Macao's overall gaming revenues and their strengthening market position," says Stephanie Lau, a Moody's Ratings Vice President and Senior Credit Officer. RATINGS RATIONALE MRF's ratings reflect the consolidated credit quality of Melco Resorts & Entertainment Limited (MRE), because MRF is 100% owned by MRE, which relies heavily on MRF and its subsidiaries for profit generation and funding. Moody's expects MRE's revenue to increase by about 14% in 2025 compared to 2024, driven by steady increases in Macao SAR, China's (Aa3 negative) gross gaming revenues (GGR) and maintenance of solid market share. Notably, MRE achieved a robust year-over-year 13% revenue growth in the first half of 2025, while the overall market of Macao's GGR increased by 4% during the same period. Moody's also project its revenue will continue to rise in 2026, though the pace of growth will be more moderate compared to the prior year. Similarly, Studio City's revenue should grow by around 13% in 2025 over 2024, followed by a further 5% gain in 2026. Consequently, Moody's estimates that MRE's adjusted EBITDA will improve to around $1.3 billion in 2026 from $1.1 billion in 2024. Likewise, Studio City's adjusted EBITDA will improve to around $0.3 billion in 2026 from $0.2 billion in 2024. This will be largely driven by higher gaming volumes and revenues across its mass and premium mass segments, as well as steady profitability and market shares. With increased earnings and the completion of major capital spending projects, MRE and Studio City will generate free cash flow and gradually reduce their debt over the next 12-18 months. As a result, Moody's expects MRE's adjusted debt/EBITDA will improve to around 5.4x in 2026 from 6.7x in the last 12 months ended June 30, 2025. Based on Studio City International's financials as of H1 2025, Moody's estimates Studio City's ratio will also decrease to 6.2x from 8.1x during the same period. These ratios support MRF's Ba3 ratings and Studio City's B1 ratings. MRE's credit quality continues to benefit from its established operations and high-quality assets, as well as Macao's good growth prospects. These considerations mitigate the risk associated with the company's geographic concentration in Macao, where gaming GGR is subject to policy changes in Macao and China (A1 negative). The Ba3 ratings also consider MRE's very good liquidity, underpinned by its combined cash and unused revolving credit facility of $2.2 billion (excluding restricted cash) as of the end of June 2025. These resources and operating cash flows will be sufficient to cover the company's capital spending and debt repayments for the next 12-18 months. Studio City's B1 CFR incorporate the company's moderate standalone credit quality and a one-notch uplift to reflect the likelihood of extraordinary support from MRE, given the company's strategic importance to its parent. The company's standalone credit quality considers its established market position and mass market-focused operations, counterbalanced against its geographic concentration in Macao and high financial leverage. Studio City's cash holdings (excluding restricted cash and cash at Studio City casino) of $173 million, and its available revolving credit facility of around $200 million at the end of June 2025, will be more than sufficient to cover its cash needs over the next 12-18 months. The Ba3 rating on Studio City Company's senior secured notes is one notch above Studio City's B1 CFR, reflecting the benefit of a first lien on key assets. In terms of environmental, social and governance (ESG) factors, MRF and Studio City are exposed to the social risks inherent in the gaming industry. Both companies are also exposed to governance risks driven by their high ownership concentration, given the Melco group's ultimate ownership as a controlling shareholder; and the group's appetite for overseas expansion. These governance risks are mitigated by (1) MRE's listed status; (2) in the case of Studio City, the likelihood of support from its parent, evidenced by the significant equity financings in recent years. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade MRF's ratings if MRE further improves its earnings and reduces its debt such that its adjusted debt/EBITDA declines to below 4.5x-5.0x on a sustained basis, while maintaining good liquidity. Conversely, Moody's could downgrade MRF's ratings if MRE's adjusted debt/EBITDA exceeds 5.5x-6.0x on a sustained basis or if its liquidity weakens. This situation could result from a weaker-than-expected earnings recovery, a failure to reduce debt, or the company's more aggressive financial policy. In addition, the ratings on MRF's senior unsecured notes could be downgraded if the amount of priority claims at MRF's subsidiaries increases on a sustained basis compared with MRF's own senior unsecured debt at the holding company level. Moody's could upgrade Studio City's ratings if the company improves its earnings, reduces its debt and maintains a balanced financial policy, such that its adjusted debt/EBITDA falls below 5.0x-5.5x and its EBITDA/interest exceeds 3.0x on a sustained basis. On the other hand, Moody's could downgrade Studio City's ratings if the company's earnings recovery stalls, it fails to reduce its debt, or its liquidity weakens. Specifically, downward rating pressure will likely emerge if the company's adjusted debt/EBITDA exceeds 7.5x-8.0x and its EBITDA/interest remains below 1.8x on a sustained basis. A decline in the ability or willingness of its parent, MRE, to provide support would also lead to downward rating pressure. The principal methodology used in these ratings was Gaming published in June 2021. 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. Studio City's B1 CFR is two notches above the B3 scorecard-indicated outcome. This is reflective of the company's improved earnings expected in the forward years based on the current market recovery, as well as one-notch of parental uplift. Melco Resorts Finance Limited is a wholly-owned subsidiary of Melco Resorts & Entertainment Limited, which is listed on the NASDAQ exchange and majority-owned by the Hong Kong-listed Melco International Development Ltd. Through Melco Resorts (Macau) Limited, Melco Resorts Finance operates two wholly-owned casinos in Macao – City of Dreams and Altira Macau. Studio City Finance Limited develops and operates the Studio City property, an integrated gaming and entertainment resort in Macao, through its subsidiaries. The company's holding company, Studio City International Holdings Limited, is listed on the New York Stock Exchange and around 55% owned by Melco Resorts & Entertainment Limited. ========= I N D I A ========= ADITYA AUTO: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Aditya Auto Industries (AAI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.80 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 AAI under the 'issuer non-cooperating' category as AAI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AAI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 14, 2025, July 24, 2025, August 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Greater Noida-based (Uttar Pradesh) AAI, a proprietorship concern, was established in 2003 by Ms. Neetu Rajput. AAI is engaged in the manufacturing of sheet metal components and plastic moulding components. BOKAHOLA TEA: CARE Lowers Rating on INR26cr LT Loan to B -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Bokahola Tea Co Private Limited (BTCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 26.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 22, 2024, placed the rating(s) of BTCPL under the 'issuer non-cooperating' category as BTCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BTCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 8, 2025, July 18, 2025, July 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of BTCPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Bokahola Tea Company Private Limited (BTCPL) was incorporated in June 14, 1967 for cultivating and manufacturing black tea. At present, BTCPL presently owns one tea estate at Jorhat, Assam and a manufacturing facility located adjacent to the tea estate, which processes the leaf from the garden. The aggregate area available for cultivation is 800 hectares, of which area under cultivation is 630 hectares. Tea is sold through brokers (who sell it in auctions) and private sell. Mr. Prabhat Kamal Bezboruah having around three decades of experience in the tea industry, looks after the day to day operations of the company. He is supported by other directors Mr. Suresh Kartha and Mr. Kishore Kamal Bezboruah and a team of experienced professionals. DQ ENTERTAINMENT: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Dq Entertainment (International) Limited (DQE) continues to remain in the 'Issuer Not Cooperating ' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 155.58 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 June 27, 2024, placed the rating(s) of DEL under the 'issuer non-cooperating' category as DEL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DEL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 13, 2025, May 23, 2025, June 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 DEL (INE656K01010) was incorporated in April 2007 as Animation and Multimedia Private Limited in Hyderabad and is in the business of animation, gaming, live action content production, licensing and distribution. The company is based in Hyderabad and has 1,732 associates globally with facilities for content creation and production in 2D, CGI, 3D-Stereoscopic, visual effects (VFX), Game Art. DEL is publicly listed in BSE and NSE in India. The Company's three main products and services are animation production services, co-owned content development and intellectual property development & distribution. It also provides training services for the production of animated television series and movies as well as licenses programmed distribution rights to broadcasters, television channels, and home video distributors. FATEHPURIA VIDYUT: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Fatehpuria Vidyut Udyog Private Limited (FVUPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.31 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 29, 2024, placed the rating(s) of FVUPL under the 'issuer non-cooperating' category as FVUPL had failed to provide information for monitoring of the rating as greed to in its Rating Agreement. FVUPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 15, 2025, July 25, 2025, August 4, 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 Jaipur (Rajasthan) based Fatehpuria Vidyut Udyog Private Limited (FVUPL) was incorporated in 1988 by Mr. Pramod Fatehpuria along with other family members. Initially, FVUPL was mainly engaged in the business of manufacturing of CRGO based transformer core but in FY18, it undertook a project for manufacturing of amorphous transformer core and discontinue CRGO based transformer core. The company has entered into agreement with Hitachi Metals Limited for transfer of technology for manufacturing amorphous transformer core and has started commercial operations from March 2018. G V AUDIO: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of G V Audio Visionn Private Limited (GVAVPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 8, 2024, placed the rating(s) of GVAVPL under the 'issuer non-cooperating' category as GVAVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GVAVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 24, 2025, June 3, 2025, June 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Erode (Tamilnadu) based G V Audio Visionn Private Limited was established on November 05th 2008 by Mr. KKM Khatir (Director) and other promoter directors. The company retail outlet for consumer durable products such as Television, AC, Fridge, Washing Machine, etc pertaining to various brands. The promoter started the business in the name of partnership firm M/s G V Audio Vision, later on, the constitution of entity was changed to Private Limited during 2008. The company is head quartered at Erode with branch showrooms located at Coimbatore, Tiruppur, Gobi, Namakkal and Tiruchengode in Tamilnadu. Mr. KKM Khatir, Director of the company, has experience in the same line of business from past 3 decades. G.K. SALES: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of G.K. Sales Corporation (GSC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 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 29, 2024, placed the rating(s) of GSC under the 'issuer non-cooperating' category as GSC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GSC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 15, 2025, July 25, 2025 and August 4, 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 G.K. Sales Corporation (GSC) was established as a proprietorship firm in September, 2013 and is currently being managed by Mr. Gurvir Pal Singh. The firm is engaged in the distribution of Voltas and LG's electronic goods in Amritsar district of Punjab. The firm is the authorized distributor of Voltas Limited and Life's Good Electronics Inc. (LG). JAIPRAKASH ASSOCIATES: Vedanta Group Wins Bid With INR17Kcr offer ----------------------------------------------------------------- Livemint.com, citing PTI, reports that Vedanta Group has won the bid for acquisition of troubled business Jaiprakash Associates (JAL), with an offer of INR17,000 crore, beating out the Adani Group. The mining conglomerate's INR17,000 crore comes as JAL is undergoing insolvency proceedings after it defaulted on payment of loans. The bid value translates into JAL's net present value of INR12,505 crore, the report added, Livemint.com relays. According to Livemint.com, Vedanta and Adani Groups' bids came as lenders of JAL conducted a challenge process for the sale of the company under the IBC; and saw participation from multiple bidders. The Committee of Creditors (CoC) meeting was held on September 5 to conduct the challenge process. In the end however, firm bids were placed only by the Adani and Vedanta Group; and Vedanta eventually made a winning bid of INR17,000 crore, which translated into a NPV (net present value) of INR12,505 crore, beating Adani Group, sources said. Financial creditors have claimed a staggering INR57,185 crore in unpaid dues, Livemint.com notes. The National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by the State Bank of India. In April this year, as many as 25 companies showed interest in acquiring JAL. However, in June, JAL announced that it has received five bids along with earnest money for the acquisition of the company through insolvency process. Adani Enterprises, Dalmia Bharat Cement, Vedanta Group, Jindal Power and PNC Infratech had submitted bids to acquire JAL. About JAL Jaiprakash Associates Ltd (JAL) is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses. JAL was one of the leading cement manufacturers with an installed capacity of ~28 million tonnes per annum (mtpa) and under implementation capacity of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is also engaged in the construction business in the field of civil engineering, design and construction of hydro-power, river valley projects. JAL is also undertaking power generation, power transmission, real estate, road BOT, healthcare and fertilizer businesses through its various subsidiaries/SPVs. JAL featured in Reserve Bank of India's second list of at least 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC, claiming a default of more than INR16,000 crore. On June 3, 2024, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. Bhuvan Madan is the resolution professional (RP) for the JAL. SBI has also moved NCLT against JAL, claiming a total default of INR6,893.15 crore as of Sept. 15, 2022. JBF INDUSTRIES: To Hold 43rd Annual General Meeting on Sept. 30 --------------------------------------------------------------- TipRanks reports that JBF Industries Limited has announced that its 43rd Annual General Meeting (AGM) will be held on September 30, 2025, via video conferencing in compliance with regulations from the Ministry of Corporate Affairs and SEBI. TipRanks relates that the company is currently under a Corporate Insolvency Resolution Process, and the AGM will include the adoption of financial statements and the declaration of dividends on preference shares. The Annual Report for the financial year 2024-2025, along with the AGM notice, has been sent electronically to registered members and is available on the company's website. This announcement signifies JBF Industries' adherence to regulatory requirements and its ongoing efforts to maintain transparency and communication with stakeholders amid its insolvency proceedings. JBF group produces polyester and other related products in the polyester value chain. Its production capacity is about 1.9mtpa, which would increase to 3.2mtpa once the purified terephthalic acid plant commences operations. The group operates out of three domestic facilities, one in Gujarat and two in Silvassa, and three international facilities, one each in the UAE, Belgium and Bahrain. JBF Industries Limited commenced insolvency proceedings on Jan. 25, 2024. LAVASA CORP: Valor Estate May Also Move NCLT to Revise Offer ------------------------------------------------------------ The Economic Times reports that Valor Estate is the latest bidder likely to file a plea in the Mumbai National Company Law Tribunal (NCLT) to be allowed to revise its resolution plan for Lavasa Corp after the tribunal allowed Welspun-Ashdan Developers consortium to modify its payment timeline earlier last week. According to ET, Valor petitioned the court following a week of fast-paced developments in which the Welspun-Ashdan consortium was allowed to change its payment timeline, making it frontrunner to take over project. All 3 resolution plans, including that of the Yogayatan Group, were put to vote by the committee of creditors late on Sept. 3. In the court hearing on another application filed by Anuj Goyal, lawyers for Valor also objected to the allegations of Welspun subsidiary Paschim Sagar Properties, which had sought disqualification of Valor's bid under Section 29A of the Insolvency and Bankruptcy Code (IBC), ET relates. Welspun had cited Valor's past defaults and alleged links to the company's promoters. "During the hearing Valor's lawyers have also submitted that the company is in the process of filing an interlocutory application (IA) to bring on record serious concerns arising during the CIRP. Earlier this week, the resolution professional (RP) allowed modifications to financial proposals submitted by Welspun-Ashdan, and unfairly declined Valor's request to update its resolution plan which is discriminatory and against a level playing field," said a person aware of the proceedings. ET says the Valor application, likely to be filed soon, is expected to highlight that the company must also be given an opportunity to revise its timeline. Valor did not reply to an email seeking comment. Replying to ET's email the RP said, "All documents, filings, and records pertaining to CIRP of corporate debtor are confidential in nature and cannot be disclosed, shared, or commented upon in the public domain." About Lavasa Corporation Lavasa Corporation Limited develops and manages a hill city in India. Its portfolio includes R&D and training centers, IT and biotech industry, KPOs and those related to art, fashion, and animation companies; hospitality, tourism, health, education, and IT and ITES industries; lakeside apartments, villas, rental housing, and retiree housing; and studio apartments, starter homes, and workforce apartments. Lavasa is a subsidiary of construction major Hindustan Construction Company (HCC) and entered insolvency proceedings at the National Company Law Tribunal, Mumbai, in August 2018. As reported in the Troubled Company Reporter-Asia Pacific in late July 2023, the National Company Law Tribunal approved a INR1,814 crore resolution plan for the private hill station Lavasa, nearly five years after the initiation of the insolvency resolution process. MAA SARBAMANGALA: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Maa Sarbamangala Udyog (MSU) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.13 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 22, 2024, placed the rating(s) of MSU under the 'issuer non-cooperating' category as MSU had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MSU continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 8, 2025, July 18, 2025, July 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Maa Sarbamangala Udyog (MSU) was established in May 2012 by Mr. Brajagopal Ghoshal based out of Medinipur, West Bengal. The firm has been engaged in processing of cashew nuts at its plant located at Medinipur, West Bengal which has a processing capacity of 20 metric tonnes raw cashew nuts per day. The plant was satisfactory operational till August 25, 2018; however, the plant of the firm completely destroyed due to devastating fire occurred on August 26, 2018. The entire plant & machinery and almost entire stock have been destroyed. The forensic inspection has been conducted by the National Insurance Company Limited and the same is reported to be satisfactory. The final and preliminary surveyor report has been done by the empanelle d surveyor of the insurance company and the same has been deposited to the insurance company. MAYUR INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mayur Industries (MI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.21 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 12, 2024, placed the rating(s) of MI under the 'issuer non-cooperating' category as MI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 28, 2025, July 8, 2025, July 18, 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 Khandwa (Madhya Pradesh) based, MI was initially formed by Mr. Madhusudan Tiwari along with other partners around 3.5 decades ago and set up processing plant of flour. Further, the firm has discontinued its operation in 2009 and again resumed its operation in June 2018. MI is engaged in the processing of grain mill products (wheat flour, maida, suji, rawa, chokar and bran). MICRO INFOSOLUTIONS: CARE Cuts Rating on INR8.64cr LT Loan to B --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Micro Infosolutions Private Limited (MIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.64 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 12, 2024, placed the rating(s) of MIPL under the 'issuer non-cooperating' category as MIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 28, 2025, July 8, 2025, July 18, 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 MIPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Micro Infosolutions Private Limited was established in March 15, 2010 with an objective to trade in computer peripherals and laptops. The registered office of the entity is located at 3rd Floor, ELIXIR Building, Sethia Compound 5, Main Road Ranchi Jharkhand - 834001. The entity deals in various types of computer peripherals and laptops in wholesale and retail basis. The most of their revenue generated from wholesale business. They have regional distributorship of Hewlett-Packard (H.P). The day to day activities of the company are managed by Mr. Sushil Kumar (Director) along with some experienced persons. NEW TURKI: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of New Turki Cold Storage and General Mills (NTCSGM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.61 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 NTCSGM under the 'issuer non-cooperating' category as NTCSGM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NTCSGM 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 Sambhal, Uttar Pradesh based New Turki Cold Storage and General Mills (NTCGSM) is a partnership firm established in April, 2017 and started its commercial operations from February, 2018. NTCGSM is engaged in the business of renting of its cold storage facility for potatoes to the local farmers in Sambhal, Uttar Pradesh. PILANIA INDUSTRIES: CARE Lowers Rating on INR11cr LT Loan to B -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Pilania Industries India Private Limited (PIIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 12, 2024, placed the rating(s) of PIIPL under the 'issuer non-cooperating' category as PIIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PIIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 28, 2025, July 8, 2025, July 18, 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 PIIPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable PIIPL was incorporated in 2006 by Bhilai-based Mr. Kailash Agarwal to manufactures TMT bars and wire rods. PIIPL commenced its manufacturing operations from May 2010 onwards. The plant is located at Bhilai, Chhattisgarh. The company sells its product under the brand name of 'Ultra Care'. Mr. Kailash Agarwal looks after the day-to-day operation of the company with the help of experienced professionals. R. K. STEEL: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of R. K. Steel Industries (RKSI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 27.00 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 29, 2024, placed the rating(s) of RKSI under the 'issuer non-cooperating' category as RKSI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RKSI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 15, 2025, July 25, 2025 and August 4, 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 R.K. Steel Industries (RKSI) is a proprietorship firm established in 1990 by Mr. Rakesh Kumar (proprietor). The firm is engaged in the trading of iron and steel bars, flats, plates and sheets. The firm operates in the domestic market only and supplies majorly to auto parts manufacturers, machine tool manufacturers, steel re-rolling mills and oil expeller industries located majorly in Punjab, Jammu and Kashmir, Himachal Pradesh and Chandigarh. RAGHAV INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Raghav Industries Limited (RIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 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 July 4, 2024, placed the rating(s) of RIL under the 'issuer non-cooperating' category as RIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 20, 2025, May 30, 2025, June 9, 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 Tamil Nadu based Raghav Industries Limited (RIL) was incorporated in November 1987 by Mr. Rajendra Kumar Kanodia (Director). RIL is currently being managed by him and his family members who are also directors of the company. The company is engaged in the manufacture of textile yarn in polyester, viscose, cotton, and various blends, and trading in polyester staple fibre (PSF) and viscose staple fibre with branches located in Mumbai, Surat and Ludhiana and supplies the yarn to local weavers throughout the country. RAM RAGHU: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ram Raghu Healthcare Private Limited (RRHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.26 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 28, 2024, placed the rating(s) of RRHPL under the 'issuer non-cooperating' category as RRHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RRHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 14, 2025, July 24, 2025, August 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Agra Uttar Pradesh based RRHPL was incorporated in January 2012. The company was incorporated with an aim to run a hospital in the name of Ram Raghu Hospital. It is being managed by Mr. Manish Bansal, Mrs. Pooja Bansal and Dr. Parnita Bansal. RMG DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of RMG Developers Private Limited (RDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 50.00 CARE D; ISSUER NOT COOPERATING; Debentures Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) vide its press release dated January 30, 2020, had placed the rating of RDPL under the 'Issuer not cooperating' category, as RDPL had failed to provide information monitoring of the rating. RDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 21, 2025, July 31, 2025, and August 10, 2025. In line with the extant Securities and Exchange Board of India (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 public at large) are, hence, requested to exercise caution while using these rating(s). Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: At the time of the last rating on Sept. 4, 2024, rating strengths and weaknesses were as below. Key weaknesses * Delay in servicing of debt obligation: There have been delays in the servicing of interest obligation by the company due on Sept. 30, 2020, as informed by the debenture trustee. Incorporated in June 2006, RDPL is a real estate developer. It is part of the Ninex group, which is engaged in diverse sectors such as real estate, hospitality, manufacturing, and education. The group has successfully executed a number of projects, including residential buildings, malls, office complexes, hotels, etc, in Delhi-NCR with a total saleable area of 27.82 lakh sq ft (lsf). The ongoing projects of the group include four residential and two commercial projects and three hotels with a total saleable area of 26.91 lsf. RMG has developed and delivered an affordable housing residential project “RMG Residency” in Sector 37C, Gurgaon with a total saleable area of 4.09 lsf. The township comprises of 724 units of 1 BHK & 2 BHK apartments across three housing categories. SIGMA-C INFRASTRUCTURE: CARE Keeps D Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sigma-C Infrastructure Private Limited (SIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 32.00 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 28, 2024, placed the rating(s) of SIPL under the 'issuer non-cooperating' category as SIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SIPL 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: Not Applicable SIPL was established as a sole proprietorship firm, Sigma Construction, in 1993 by Mr A K Bhasin (Chairman) and the same was later reconstituted as a private limited company in September 2012, whereby its name was changed to its current name. SIPL is engaged in the execution of turnkey contracts for the power industry whereby it undertakes supply, erection, testing, and installation of equipment, auxiliaries, and motors for generating stations and switch yards and also undertakes the civil works. The company is also involved into underground cable laying and jointing works, installation of third rail and traction substations for the Metro Railways and diversified into water distribution and drainage projects in Assam since FY14. The company has been executing power projects across various locations in India and has been carrying out construction work primarily for various government entities. The power sector continued to remain the core area of operation for SIPL. SIMPLEX CASTINGS: CARE Lowers Rating on INR50cr LT Loan to C ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Simplex Castings Limited (SCL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 50.00 CARE C; Stable; Downgraded from Facilities CARE B; Stable Short Term Bank Facilities - Withdrawn Rationale and key rating drivers The revision in ratings assigned to bank facilities of SCL is on account of delay in servicing of debt obligation not rated by CARE Ratings Limited. The rating is constrained by volatility in raw material and finished goods, intense competition in steel industry, working capital intensive nature of operations and high working capital utilization. However, rating derives comfort from long experience of promoters, diversified product portfolio catering to varied industries, reputed clientele, strategic location of plant, improved financial performance in FY25 and Q1FY26 and improved capital structure and debt coverage indicators. CARE Ratings Limited has withdrawn the rating assigned to bank facilities (Cash Credit, Bank Guarantee and Letter of Credit) provided by Bank of Baroda, Union Bank of India and State Bank of India as the company has no amount outstanding as per NDC (No Due Certificate) received from lender dated March 27, 2025, March 19, 2025 and March 12, 2025 respectively. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Sizeable increase in scale of operations (Total operating income >INR250.00 crore) while maintaining current profitability on a sustained basis * Improvement in overall gearing to below unity Negative factors * Any sizeable de-growth in scale of operation from present level (Total operating income SUDARSHAN STEEL: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Sudarshan Steel (SSS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.21 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 27, 2024, placed the rating(s) of SSS under the 'issuer non-cooperating' category as SSS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 13, 2025, July 23, 2025, August 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Shree Sudarshan Steel (SSS) was incorporated during the year 2012 to initiate an iron and steel products manufacturing unit. The firm installed a manufacturing unit at Urla Industrial Area in Raipur. The firm manufactures iron and steel products like MS Angle, channel, round etc. The day -to-day affairs of the firm are looked after by Mr. Naresh Agrawal, Proprietor, along with a team of experienced personnel. TAYAL POLYPLAST: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Tayal Polyplast (TP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.97 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 TP under the 'issuer non-cooperating' category as TP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TP 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 Established in January 2018, Tayal Polyplast (TP) was promoted by Shrikishan Agrawal, Mr. Ashish Agrawal and Mr. P.K. Agrawal to set up a PVC pipes and fillings manufacturing unit at Sambalpur, Odisha. After successful setting of its manufacturing plant, the firm has started its commercial operation October 2018. Z.H. INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Z.H. Industries Private Limited (ZIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 20.00 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 ZIPL under the 'issuer non-cooperating' category as ZIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ZIPL 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 Ghaziabad, Uttar Pradesh based ZH Industries Private Limited (ZIPL) was incorporated in 2014. ZIPL succeeded an erstwhile proprietorship firm named M/s ZH Industries established in 2004 by Mr. Zakir Hussain. ZIPL is engaged in manufacturing of steel staircases, Steel Girder, Steel Shuttering, etc. Further the company is engaged in providing Bridge Fabrication Services, foot bridge fabrication services, etc. ========= J A P A N ========= MITSUBISHI UFJ: Fitch Rates USD1-Bil. Subordinated Debt 'BB+' ------------------------------------------------------------- Fitch Ratings has assigned Japan-based Mitsubishi UFJ Financial Group, Inc.'s (MUFG, A-/Stable) USD1 billion perpetual subordinated debt securities, which are classified as Additional Tier 1 (AT1) securities, a rating of 'BB+'. Key Rating Drivers The AT1 securities are rated four notches below MUFG's Viability Rating (VR) of 'a-', the baseline anchor rating for such instruments, comprising two notches for loss severity and two notches for non-performance risk. Non-performance risk arises from the optional interest payments that MUFG may cancel, at its discretion, in part or in full on an interest payment date. Expected recoveries upon non-performance is assessed as poor in light of the securities' deep subordination - they only rank ahead of ordinary equity. In addition, the securities are subject to full and irrevocable principal write-down at a point of non-viability to be applied when the Japanese prime minister confirms that the Specified Item 2 Measures pursuant to Article 126-2, Paragraph 1, Item 2 of the Deposit Insurance Act have to be taken or when the common equity Tier 1 ratio falls below 5.125%. The rating reflects that there are no relevant additional features that reduce or increase non-performance risk, such as a profit test on interest payments, or the presence of usually thin capital buffers or distributable reserves. For MUFG's key rating drivers and sensitivities, see Fitch Affirms MUFG at 'A-' and MUFG Bank and MUTB at 'A'; Outlook Stable, published 24 October 2024. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The rating on the perpetual subordinated debt securities will be downgraded if MUFG's VR is downgraded. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The rating on the perpetual subordinated debt securities will be upgraded if MUFG's VR is upgraded. Summary of Financial Adjustments Total assets and total liabilities exclude acceptances and guarantees from Japan's generally accepted accounting principles balance sheet to be globally comparable. 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 ----------- ------ Mitsubishi UFJ Financial Group, Inc. Subordinated LT BB+ New Rating =============== M O N G O L I A =============== KHAN BANK: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ---------------------------------------------------------- Fitch Ratings has affirmed Mongolia-based Khan Bank JSC's Long-Term Issuer Default Ratings (IDRs) at 'B+' and Viability Rating (VR) at 'b+'. The Outlook on the Long-Term IDRs is Stable. Fitch has also affirmed the Government Support Rating (GSR) at 'b+'. Key Rating Drivers IDRs Reflect VR and GSR: Khan Bank's Long-Term IDRs are driven by its VR. The IDRs are also backstopped by the GSR, which is in line with Mongolia's sovereign rating (B+/Stable). Sovereign risks have been factored into the bank's VR, through the 'b+' operating environment (OE) assessment, and the GSR. Fitch expects the bank to sustain its inherent creditworthiness and maintain a stable financial profile in parallel with Mongolia's economic expansion over the medium term. Favourable Operating Environment: Fitch anticipates favourable business prospects for the banking sector, driven by Mongolia's strong medium-term economic growth. Robust mining activities, faster construction of infrastructure projects and rising per capita income support prospects. Fitch also expects the authorities to remain committed to upholding banking sector stability, including the adoption of international prudential standards such as the Basel framework, to strengthen banks' capital management. Substantial Domestic Franchise: Khan Bank's business profile score captures its substantial franchise in Mongolia, with around 29% of market share by assets by end-1H25. The competitive market position enables it to maintain higher operating income and more stable performance than its peers. That said, Fitch expects the bank to continue facing some inherent challenges in the OE, such as changes in the economic environment and state policies. Consistent Underwriting Standards: Khan Bank's risk profile score is in line with the OE and reflects its consistent underwriting standards and risk management practices, which have led to more balanced growth across its key customer segments and stable asset quality over the years. Fitch expects the bank's appetite for business lending to high-risk sectors, such as construction, mining and agriculture, to remain limited. Its loan portfolio expanded by 14.9% in the six months to end-June 2025, consistent with system loan growth of 14.8%. Manageable Asset Quality: Fitch expects the bank's overall asset-quality risk to remain manageable. Rising risks in consumer lending are likely to put upward pressure on the impaired-loan ratio (end-2024: 4.7%), but Fitch expects the magnitude to be modest. Its loan-loss allowance remained high at 132% of impaired loans at end-2024, and Fitch expects it to stay higher than peers' at above 120% in the next 12-18 months. Sustained Profitability: Fitch expects the operating profit/risk-weighted assets ratio to remain high, supported by steady economic growth in the medium term. This is reflected in its earnings and profitability score of 'bb-', which is one notch above the OE score. Net interest income is likely to increase in line with strong loan growth, but Fitch expects pressure on the net interest margin to persist in the near term due to intensifying competition for deposits. Non-interest expense/gross revenue was 38% in 2024. Profitability Supports Capitalisation: Fitch expects Khan Bank's solid capacity for internal capital generation to reinforce its stable capital position. Its Fitch Core Capital (FCC) ratio was 18.2% at end-2024. This ratio was before dividends on 2024 income, which were declared in February 2025 and amounted to about 2.8% of risk-weighted assets. The Tier 1 capital ratio was 15.8% at end-1H25 (end-2024: 17.8%). Fitch believes there is some flexibility in the bank's dividend policy, which is subject to business performance and regulatory approval. Domestic Franchise Supports Funding: Fitch expects the bank to maintain a steady funding and liquidity profile, anchored by its substantial domestic franchise. Fitch forecasts the gross loan/customer deposit ratio to increase over the next 12-18 months, as loan growth is likely to outpace customer deposit growth. Customer deposits accounted for 81% of funding, while term funding from international financial institutions constituted another 12% at end-2024 (2023: 12%). State Support Likely: The equalisation of the GSR with the sovereign rating reflects its assessment that the sovereign has a higher propensity to provide extraordinary support to Khan Bank than to other domestic systemically important banks (D-SIBs). This is driven by Khan Bank's systemic importance as the largest bank in Mongolia with a substantial share of customer deposits. Mongolia's re-capitalisation law provides grounds for sovereign support as well as for a bail-in, should any D-SIB need it. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Khan Bank's Long-Term IDRs would only be downgraded if both its VR and the GSR are downgraded. A sovereign rating downgrade is highly likely to lead to a corresponding downgrade of Khan Bank's GSR, Long-Term IDRs and VR, given the bank's substantial direct and indirect exposure to sovereign credit. Khan Bank's VR could also be downgraded if its business profile were to be compromised by a structural weakening of its franchise, if it had a much larger risk appetite, and if a weaker economic environment leads to deterioration, in a combination of the following metrics: - Impaired loans/gross loans increasing above 8% for a sustained period (end-2024: 4.7%); - Operating profit/risk-weighted assets falling below 2% for a sustained period (2024: 6.2%); and - The FCC ratio falling below 16% without a credible path to return to above this level (end-2024: 18.2%). The GSR could be downgraded if Fitch assesses that the sovereign's ability to provide support has weakened or if Fitch views that the state's propensity to provide support has diminished. This could be indicated by a significant decline in the bank's systemic importance and deposit market share, although this is not its base case. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Khan Bank's Long-Term IDRs would be upgraded if its VR or GSR, or both, were upgraded. Khan Bank's VR is sensitive to developments in Mongolia's OE. A sovereign rating upgrade, combined with steady progress towards a stronger legal and regulatory framework, could open up the possibility of a higher OE score. This, in tandem with the bank demonstrating above-average risk controls and sustained improvements in financial performance, could lead to an upgrade of the VR. The GSR is equalised with the sovereign rating. It can be upgraded only if the sovereign rating is upgraded and if Fitch believes that the propensity of sovereign support has not diminished. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Khan Bank JSC LT IDR B+ Affirmed B+ ST IDR B Affirmed B LC LT IDR B+ Affirmed B+ Viability b+ Affirmed b+ Government Support b+ Affirmed b+ XACBANK JSC: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed Mongolia-based XacBank JSC's Long-Term Issuer Default Ratings (IDRs) at 'B+' and Viability Rating (VR) at 'b+'. The Outlook is Stable. Fitch has also affirmed the Government Support Rating (GSR) at 'b'. Key Rating Drivers Intrinsic Profile Drives Ratings: XacBank's IDRs are driven by its standalone credit strength, which is represented by its VR. The VR takes into account the 'b+' operating environment (OE) score, reflecting economic fluctuations in Mongolia and capturing the associated risks of the sovereign. Fitch expects the bank to sustain its intrinsic credit profile in line with Mongolia's economic growth over the medium term. Favourable OE: Fitch anticipates favourable business prospects for the banking sector, driven by Mongolia's strong medium-term economic growth. Robust mining activities, faster construction of infrastructure projects and rising per capita income support such prospects. Fitch also expects the authorities to remain committed to upholding the banking sector's stability, including adoption of international prudential standards such as the Basel framework, to strengthen banks' capital management. Moderate Domestic Franchise: XacBank's business profile score captures the bank's moderate franchise in Mongolia, with total asset market share of about 9% at end-1H25. Fitch believes the bank's business profile benefits from the governance and oversight provided by a shareholding structure that is the most diverse among local banks. However, the bank remains small among 'b' category peers, as indicated by its total operating income, which is the core metric for business profile assessment under Fitch's Bank Rating Criteria. Robust Growth: Fitch expects XacBank to maintain its underwriting standards and risk controls, although rapid loan growth could cause latent risks to build up in the medium term if it persists. XacBank's loans rose by 34% in 2024 (system: 35%), supported by solid business momentum in line with the country's steady economic growth. The bank's asset quality has held up well over the past few years and it has maintained a capital ratio that is above those of close peers, even with rapid loan growth, reflecting the bank's internal capital generation capacity. Asset Quality Remains Intact: Fitch expects XacBank's asset quality to remain intact in the near term, despite pressure from challenges in consumer lending. Asset quality continues to benefit from consistent risk controls, with an impaired-loan ratio of 2% by end-2024, well below the system average of about 5%. Loan-loss allowance coverage remained at 78% by end-2024, and Fitch expects the bank to maintain at least a similar level of coverage in light of potential asset quality deterioration. Sustained Profitability: Fitch expects XacBank's profitability to be sustained by steady economic growth in the medium term. Fitch expects pressure on the net interest margin from tighter monetary policies, including higher reserve requirements, and XacBank's continued use of long-term funding from international institutions to support growth. XacBank's operating profit/risk-weighted assets is likely to decline over the next two years, as faster growth in risk-weighted assets offsets the increase in earnings. Capital Buffer Larger than Peers': Fitch believes XacBank has a higher capital buffer than peers to withstand risks to asset quality, and Fitch expects the bank to maintain an adequate capital buffer notwithstanding relatively rapid growth. This is supported by sustained profitability and a moderate dividend payout policy. XacBank's Fitch Core Capital (FCC) ratio declined to 20% by end-2024 from 22% at end-2023, in line with its expectation. Complementary Foreign Funding: The funding and liquidity score is in line with the sovereign rating, reflecting the high correlation between the bank's funding and liquidity profile and developments in the sovereign credit profile. Funding from international financial institutions rose by 37% in 2024, accounting for 29% of XacBank's total funding. Fitch believes these institutions' willingness to provide funding to XacBank is partly driven by the medium-term prospects of Mongolia and its government. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A sovereign rating downgrade is highly likely to lead to a corresponding downgrade in XacBank's Long-Term IDRs and VR, given the bank's substantial exposure to the sovereign directly and indirectly. XacBank's Long-Term IDRs could also be downgraded if the VR is downgraded, such as if there is a material deterioration in its risk profile, which could be reflected in excessively rapid growth or a material shift to higher-risk sectors. A downgrade could also arise from a weaker economic environment that leads to a deterioration in a combination of the following financial metrics: - Impaired loans/gross loans increasing to and sustained above 8% (end-2024: 2.0%); - Operating profit/risk-weighted assets falling to and staying below 2% (2024: 6.7%); and - The FCC ratio declining below 16% (end-2024: 20.4%) without a credible path to return to above this level. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade XacBank's IDRs are driven by its VR, which is sensitive to developments in Mongolia's OE. A sovereign rating upgrade, combined with steady and significant progress towards a stronger legal and regulatory framework, could lead to a higher OE assessment. This could lead to an upgrade of the VR if the bank also demonstrates above-average risk controls and sustained financial performance. The 'b' GSR is a notch below the sovereign rating. This reflects Fitch's view that the government has the propensity to provide extraordinary support, as the bank is one of the country's domestic systemically important banks (D-SIBs), but support cannot be relied upon because of the significant uncertainty around the state's ability to provide timely support to XacBank. Mongolia's recapitalisation law provides grounds for sovereign support as well as for a bail-in should any D-SIB need it, but XacBank may not have high priority as the smallest of five designated D-SIBs. The bank's GSR is sensitive to changes in the sovereign rating and its assessment of the sovereign's propensity to provide support to XacBank, which could be triggered by a significant change in the bank's systemic importance. A one-notch change in the GSR in either direction will not affect the Long-Term IDRs, which are driven by the VR. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- XacBank JSC LT IDR B+ Affirmed B+ ST IDR B Affirmed B LC LT IDR B+ Affirmed B+ Viability b+ Affirmed b+ Government Support b Affirmed b ===================== N E W Z E A L A N D ===================== 8 HOMES: Creditors' Proofs of Debt Due on Sept. 30 -------------------------------------------------- Creditors of 8 Homes Limited and A & G Telecom Limited are required to file their proofs of debt by Sept. 30, 2025, to be included in the company's dividend distribution. 8 Homes commenced wind-up proceedings on Aug. 22, 2025. A & G Telecom commenced wind-up proceedings on Aug. 27, 2025. The company's liquidators are: Pritesh Patel PO Box 23296 Manukau City Auckland 2241 EDGE OF THE ALPS: Court to Hear Wind-Up Petition on Sept. 22 ------------------------------------------------------------ A petition to wind up the operations of Edge Of The Alps Limited will be heard before the High Court at Greymouth on Sept. 22, 2025, at 11:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on July 22, 2025. The Petitioner's solicitor is: Kelly King Inland Revenue, Legal Services 663 Coloumbo Street Christchurch Central Christchurch NEW TRENDS: Creditors' Proofs of Debt Due on Sept. 30 ----------------------------------------------------- Creditors of New Trends Homes Limited, M3LKR Telecommunication Limited, Elliot Village Limited and DSHS Food Limited are required to file their proofs of debt by Sept. 30, 2025, to be included in the company's dividend distribution. New Trends Homes commenced wind-up proceedings on Aug. 20, 2025. M3LKR Telecommunication commenced wind-up proceedings on Aug. 24, 2025. Elliot Village commenced wind-up proceedings on Aug. 22, 2025. DSHS Food commenced wind-up proceedings on Aug. 26, 2025. The company's liquidators are: Daran Nair Heiko Draht Nair Draht Limited 97 Great South Road Epsom Auckland 1051 PR TWINS: Court to Hear Wind-Up Petition on Oct. 28 --------------------------------------------------- A petition to wind up the operations of PR Twins Construction Limited will be heard before the High Court at Whangarei on Oct. 28, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on July 22, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 SHERGILL TRANSPORT: Creditors' Proofs of Debt Due on Oct. 10 ------------------------------------------------------------ Creditors of Shergill Transport Limited are required to file their proofs of debt by Oct. 10, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 21, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 ================= S I N G A P O R E ================= 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 DINO EXPRESS: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on Aug. 22, 2025, to wind up the operations of Dino Express Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 SENIOR MARKETING: Creditors' Proofs of Debt Due on Oct. 1 --------------------------------------------------------- Creditors of Senior Marketing System Asia Pte. Ltd. are required to file their proofs of debt by Oct. 1, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 25, 2025. The company's liquidator is: Mitani Masatoshi c/o 10 Anson Road #14-06 International Plaza Singapore 079903 VILMA OIL: Creditors' Proofs of Debt Due on Sept. 29 ---------------------------------------------------- Creditors of Vilma Oil Singapore Pte. Ltd. are required to file their proofs of debt by Sept. 29, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 22, 2025. The company's liquidator is: Cheong Beng Sheng, Dean c/o Guardian Advisory Pte Ltd 531A Upper Cross Street #03-118 Hong Lim Complex Singapore 051531 YELLOW ROAD: Court to Hear Wind-Up Petition on Sept. 19 ------------------------------------------------------- A petition to wind up the operations of Yellow Road Rangers Pte. Ltd. will be heard before the High Court of Singapore on Sept. 19, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Aug. 27, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 ============= V I E T N A M ============= VINFAST AUTO: Net Loss Widens to US$815MM in Qtr Ended June 30 -------------------------------------------------------------- Reuters reports that Vietnamese electric vehicle maker VinFast on Sept. 4 reported a wider second-quarter net loss as it stepped up spending on expansion and marketing to support its ambitious growth strategy. The EV maker reported a net loss of $812 million for the quarter ended June 30, 15% wider than the previous three months, Reuters discloses. Revenue rose 1.9% from the prior quarter and 91.6% year-on-year to $663 million. That took first-half deliveries to 72,167, leaving it with significant work to do to reach its 200,000 unit annual sales target. "Normally deliveries in the first half of the year accounted for about 30% of the total," Chairperson Thuy Le told Reuters. "We still have a lot to deliver toward the end of the year, both in Vietnam and in international markets including Indonesia, the Philippines, India and (the) North American market." Reuters relates that the company, which transitioned to producing exclusively electric vehicles in 2022, said it is confident in meeting its delivery targets for 2025 and reaffirmed its commitment to break even by the end of 2026. "In any business at the beginning, you have to take some losses, but the gross margin is improving, and we are still heading toward breakeven," Reuters quotes Le as saying. The group last month spun off its research and development assets to its founder and CEO Pham Nhat Vuong for $1.5 billion to support its expansion plans, recalls Reuters. It has ramped up promotional activities in Vietnam, while shifting to a dealership-based model to cut costs and accelerate expansion. It recently opened a new assembly plant in India, and has plans to establish another facility in Indonesia which is scheduled for the technical start of production by the end of the year, Le said. About VinFast Auto VinFast Auto Ltd. (NASDAQ: VFS) -- https://vinfastauto.us/ -- is an automotive manufacturer, engages in Automobiles and E-scooter related business in Vietnam and the United States. The company operates through Automobiles, E-scooter, Spare Parts, and Aftermarket Services segments. The Automobiles segment offers design, development, manufacturing, and sale of cars and electric buses. The E-scooter segment provides design, development, manufacturing, and sales of e-scooters. The Spare Parts, and Aftermarket Services segment engages in sale of spare parts and aftermarket services for automobiles and e-scooters. VinFast Auto Ltd. is based in Hai Phong City, Vietnam. The company operates as a subsidiary of Vingroup Joint Stock Company. VinFast Auto's working capital deficit was VND106.7 million at December 31, 2024. The deficit was VND101.4 million at December 31, 2023. At December 31, 2024, the Company had total current assets of VND64.8 million and total current liabilities of VND171.5 million. At December 31, 2023, the Company had total current assets of VND50.6 million and total current liabilities of VND152.0 million. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***